Equity One, Inc.
Supplemental Information Package
March 31, 2003
Equity One, Inc.
1696 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Tel: (305) 947-1664 Fax: (305) 947-1734 4
www.equityone.net
Equity One, Inc.
SUPPLEMENTAL INFORMATION
March 31, 2003
(unaudited)
TABLE OF CONTENTS
Page | ||||
SUMMARY OPERATING INFORMATION | 3 | |||
SUMMARY BALANCE SHEET INFORMATION | 4 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | 5 | |||
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS | 6 | |||
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS | 7 | |||
CONSOLIDATED BALANCE SHEETS | 8 | |||
DEBT SUMMARY | 9 | |||
PROPERTY STATUS REPORT | 13 | |||
ANNUAL MINIMUM RENT BY STATE | 19 | |||
LEASING ACTIVITY | 20 | |||
TENANT CONCENTRATION SCHEDULE | 21 | |||
SHOPPING CENTER LEASE EXPIRATION SCHEDULE | 22 | |||
REAL ESTATE DEVELOPMENTS | 23 | |||
REAL ESTATE ACQUISITIONS AND DISPOSITIONS | 24 | |||
JOINT VENTURE INVESTMENTS | 25 | |||
STOCK PRICE AND VOLUME STATISTICS | 26 |
Forward Looking Statements
Certain information contained in this Supplemental Information Package constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Georgia, Texas and the other states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant properties; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One’s filings with the Securities and Exchange Commission.
Basis of Presentation
On February 12, 2003, Equity One and IRT Property Company completed a statutory merger. The transaction has been accounted for as a purchase and the results of Equity One include the activity of the former IRT Property Company for the period from February 12, 2003 through March 31, 2003.
EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION
for the periods ended March 31, 2003 and 2002
(in thousands, except per share data)
Three months ended | |||||||||
Mar 31, 2003 | Mar 31, 2002 | ||||||||
Total dividends paid per share | $ | 0.27 | $ | 0.27 | |||||
Funds from operations per share | $ | 0.36 | $ | 0.36 | |||||
Dividend / FFO payout ratio | 75.0 | % | 75.0 | % | |||||
FFO multiple (annualized if < 12 months) | 10.6 | 9.3 | |||||||
Adjusted funds from operations per share | $ | 0.34 | $ | 0.34 | |||||
Dividend / AFFO payout ratio | 79.4 | % | 79.4 | % | |||||
AFFO multiple (annualized if < 12 months) | 11.2 | 9.9 | |||||||
Net Income | $ | 12,344 | $ | 13,267 | |||||
Income from discontinued operations | (702 | ) | (6,794 | ) | |||||
Minority interest in consolidated subsidiaries | 141 | 25 | |||||||
Loss on extinguishment of debt | 623 | — | |||||||
Interest expense | 7,719 | 6,112 | |||||||
Amortization of deferred financing fees | 286 | 208 | |||||||
Rental property depreciation and amortization | 5,013 | 3,288 | |||||||
EBITDA | $ | 25,424 | $ | 16,106 | |||||
Interest expense | $ | 7,719 | $ | 6,112 | |||||
EBITDA : interest coverage ratio | 3.3 | 2.6 | |||||||
EBITDA margin (EBITDA/total revenues) | 65.9 | % | 62.5 | % | |||||
Net operating income (NOI) from continuing operations Total rental income | $ | 38,014 | $ | 25,242 | |||||
Property operating expenses (1) | 11,054 | 7,790 | |||||||
Net operating income | $ | 26,960 | $ | 17,452 | |||||
NOI margin (NOI/total rental income) | 70.9 | % | 69.1 | % | |||||
(1) net of intercompany expenses. | |||||||||
Same property NOI (2) | |||||||||
Total rental revenue | $ | 22,894 | $ | 22,545 | |||||
Property operating expenses | 6,932 | 6,738 | |||||||
Net operating income | $ | 15,962 | $ | 15,807 | |||||
Growth in same property NOI | 1.0 | % | |||||||
Growth in same property NOI, excluding termination fees | 1.7 | % | |||||||
(2) Includes only those properties operated in the current and prior periods; excludes the effects of prior year expense recoveries and adjustments, if any. | |||||||||
General & administrative expenses | $ | 2,241 | $ | 2,008 | |||||
as % of total revenues | 5.80 | % | 7.80 | % | |||||
as % of total assets (annualized) | 0.60 | % | 1.18 | % |
Page 3
EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION
as of March 31, 2003 and December 31, 2002
(in thousands, except per share data)
Mar 31, 2003 | Dec 31, 2002 | |||||||||||
Closing market price | $ | 15.29 | $ | 13.35 | ||||||||
Dividend yield (based on current annualized dividend) | 7.06 | % | 8.09 | % | ||||||||
Book value per share (fully diluted, end of period) | $ | 11.10 | $ | 10.00 | ||||||||
Liquidity | ||||||||||||
Cash and cash equivalents | $ | 2,679 | $ | 2,944 | ||||||||
Cash held in escrow | $ | 12,910 | $ | 5,933 | ||||||||
Revolving credit facilities | ||||||||||||
Gross available under current credit facilities | 295,302 | 81,703 | ||||||||||
less: Outstanding balance | (169,000 | ) | (23,000 | ) | ||||||||
Holdback for letters of credit | (1,183 | ) | (1,073 | ) | ||||||||
Escrowed for tax and insurance | — | (186 | ) | |||||||||
Net available under credit facilities | $ | 125,119 | $ | 57,444 | ||||||||
Equity capitalization (end of period) | ||||||||||||
Common stock shares (in thousands) | ||||||||||||
Basic common stock shares | 59,334.587 | 34,210.147 | ||||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares | 420.635 | 330.335 | ||||||||||
Walden Woods shares | 93.656 | 93.656 | ||||||||||
Northport operating partnership units | 261.850 | 261.850 | ||||||||||
IRT Partners operating partnership units | 734.267 | — | ||||||||||
Common stock options (treasury method, closing price) | 374.143 | 113.248 | ||||||||||
Fully diluted common stock shares | 61,219.138 | 35,009.236 | ||||||||||
Total debt (excluding unamortized premium) | $ | 741,311 | $ | 355,143 | ||||||||
Cash and cash equivalents, cash held in escrow | (15,589 | ) | (8,877 | ) | ||||||||
Securities held for sale | (921 | ) | (921 | ) | ||||||||
Net debt | 724,801 | 345,345 | ||||||||||
Equity market capitalization (fully diluted, end of period) | 936,041 | 467,373 | ||||||||||
Total market capitalization | $ | 1,660,842 | $ | 812,718 | ||||||||
Net debt to total market capitalization | 43.6 | % | 42.5 | % | ||||||||
Gross real estate investments | $ | 1,450,735 | $ | 718,864 | ||||||||
Net debt to gross real estate investments | 50.0 | % | 48.0 | % | ||||||||
Fixed rate debt (excluding unamortized premium) | $ | 572,311 | $ | 307,508 | ||||||||
Variable rate debt — hedged | 70,000 | — | ||||||||||
Variable rate debt — unhedged | 99,000 | 47,635 | ||||||||||
Total debt | $ | 741,311 | $ | 355,143 | ||||||||
% Fixed rate debt | 77.2 | % | 86.6 | % | ||||||||
% Variable rate debt — hedged | 9.4 | % | 0.0 | % | ||||||||
% Variable rate debt — unhedged | 13.4 | % | 13.4 | % | ||||||||
Weighted-average interest rate on mortgage debt | 7.43 | % | 7.52 | % | ||||||||
Weighted-average interest rate on senior unsecured notes | 7.55 | % | N/A |
Page 4
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the periods ended March 31, 2003 and 2002
(in thousands, except per share data)
Three months ended | |||||||||
Mar 31, 2003 | Mar 31, 2002 | ||||||||
Rental income | |||||||||
Minimum rents | $ | 28,933 | $ | 17,968 | |||||
Expense recoveries | 8,009 | 6,210 | |||||||
Termination fees | 59 | 123 | |||||||
Percentage rent payments | 1,013 | 941 | |||||||
Total rental revenue | 38,014 | 25,242 | |||||||
Management fees | 63 | 98 | |||||||
Investment income | 531 | 413 | |||||||
Total revenues | 38,608 | 25,753 | |||||||
Costs and expenses | |||||||||
Property operating expenses | 11,054 | 7,790 | |||||||
Interest expense | 7,719 | 6,112 | |||||||
Amortization of deferred financing fees | 286 | 208 | |||||||
Rental property depreciation and amortization | 5,013 | 3,288 | |||||||
General and administrative expenses | 2,241 | 2,008 | |||||||
Total costs and expenses | 26,313 | 19,406 | |||||||
Income before equity in income of joint ventures, loss on extinguishment of debt and minority interest in consolidated subsidiaries | 12,295 | 6,347 | |||||||
Equity in income of joint ventures | 111 | 151 | |||||||
Loss on extinguishment of debt | (623 | ) | — | ||||||
Income before minority interest in consolidated subsidiaries | 11,783 | 6,498 | |||||||
Minority interest in consolidated subsidiaries | (141 | ) | (25 | ) | |||||
Income from continuing operations | 11,642 | 6,473 | |||||||
Discontinued operations | |||||||||
Income from operations of sold properties | 199 | 672 | |||||||
Gain on disposal of income producing properties | 503 | 6,122 | |||||||
Income from discontinued operations | 702 | 6,794 | |||||||
Net income | $ | 12,344 | $ | 13,267 | |||||
Basic earnings per share | |||||||||
Income from continuing operations | $ | 0.25 | $ | 0.22 | |||||
Income from discontinued operations | 0.01 | 0.23 | |||||||
Net income | $ | 0.26 | $ | 0.45 | |||||
Diluted earnings per share | |||||||||
Income from continuing operations | $ | 0.25 | $ | 0.22 | |||||
Income from discontinued operations | 0.01 | 0.22 | |||||||
Net income | $ | 0.26 | $ | 0.44 | |||||
Weighted average shares outstanding | |||||||||
Basic | 47,163 | 29,354 | |||||||
Diluted | 48,475 | 30,029 | |||||||
Page 5
EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended March 31, 2003 and 2002
(in thousands, except per share data)
Three months ended | Three months ended | ||||||||||||||||||||||||
Mar 31, 2003 | Mar 31, 2002 | ||||||||||||||||||||||||
As | Discontinued | Pre SFAS | As | Discontinued | Pre SFAS | ||||||||||||||||||||
Reported | Operations | No. 144 | Reported | Operations | No. 144 | ||||||||||||||||||||
Rental income | |||||||||||||||||||||||||
Minimum rents | $ | 28,933 | $ | 236 | $ | 29,169 | $ | 17,968 | $ | 757 | $ | 18,725 | |||||||||||||
Expense recoveries | 8,009 | — | 8,009 | 6,210 | 41 | 6,251 | |||||||||||||||||||
Termination fees | 59 | — | 59 | 123 | — | 123 | |||||||||||||||||||
Percentage rent payments | 1,013 | — | 1,013 | 941 | — | 941 | |||||||||||||||||||
Total rental income | 38,014 | 236 | 38,250 | 25,242 | 798 | 26,040 | |||||||||||||||||||
Management fees | 63 | — | 63 | 98 | — | 98 | |||||||||||||||||||
Investment income | 531 | — | 531 | 413 | — | 413 | |||||||||||||||||||
Total revenues | 38,608 | 236 | 38,844 | 25,753 | 798 | 26,551 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||
Property operating expenses | 11,054 | 4 | 11,058 | 7,790 | 85 | 7,875 | |||||||||||||||||||
Interest expense | 7,719 | — | 7,719 | 6,112 | — | 6,112 | |||||||||||||||||||
Amortization of deferred financing fees | 286 | — | 286 | 208 | — | 208 | |||||||||||||||||||
Rental property depreciation and amortization | 5,013 | 33 | 5,046 | 3,288 | 41 | 3,329 | |||||||||||||||||||
General and administrative expenses | 2,241 | — | 2,241 | 2,008 | — | 2,008 | |||||||||||||||||||
Total costs and expenses | 26,313 | 37 | 26,350 | 19,406 | 126 | 19,532 | |||||||||||||||||||
Income before equity in income of joint ventures, loss on extinguishment of debt and minority interest in consolidated subsidiaries | 12,295 | 199 | 12,494 | 6,347 | 672 | 7,019 | |||||||||||||||||||
Equity in income of joint ventures | 111 | — | 111 | 151 | — | 151 | |||||||||||||||||||
Loss on extinguishment of debt | (623 | ) | — | (623 | ) | — | — | — | |||||||||||||||||
Income before minority interest in consolidated subsidiaries | 11,783 | 199 | 11,982 | 6,498 | 672 | 7,170 | |||||||||||||||||||
Minority interest in consolidated subsidiaries | (141 | ) | — | (141 | ) | (25 | ) | — | (25 | ) | |||||||||||||||
Income from continuing operations | 11,642 | 199 | 11,841 | 6,473 | 672 | 7,145 | |||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||
Income from operations of sold properties | 199 | (199 | ) | — | 672 | (672 | ) | — | |||||||||||||||||
Gain on disposal of income producing properties | 503 | — | 503 | 6,122 | — | 6,122 | |||||||||||||||||||
Income from discontinued operations | 702 | (199 | ) | 503 | 6,794 | (672 | ) | 6,122 | |||||||||||||||||
Net income | $ | 12,344 | $ | — | $ | 12,344 | $ | 13,267 | $ | — | $ | 13,267 | |||||||||||||
The Company adopted SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“SFAS No. 144”), effective January 1, 2002. This standard requires that operating results of income producing real estate assets that are sold be included in discontinued operations in the statement of earnings for all periods presented. The above table presents the results as reported pursuant to SFAS No. 144, results of the assets sold and the results before the impact of SFAS No. 144.
Page 6
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
for the periods ended March 31, 2003 and 2002
(in thousands, except per share data)
Three months ended | |||||||||||||
Mar 31, 2003 | Mar 31, 2002 | ||||||||||||
Net income | $ | 12,344 | $ | 13,267 | |||||||||
Rental property depreciation and amortization | 5,046 | 3,329 | |||||||||||
Gain on sale of disposal of real estate | (503 | ) | (6,122 | ) | |||||||||
Interest on convertible partnership units | 65 | 65 | |||||||||||
Minority interest in earnings of consolidated subsidiary | 141 | 25 | |||||||||||
Share of real estate depreciation in joint ventures | 161 | 174 | |||||||||||
Funds from operations | $ | 17,254 | $ | 10,738 | |||||||||
Increase | 60.7 | % | |||||||||||
FFO per share (diluted) | $ | 0.36 | $ | 0.36 | |||||||||
Increase | 0.0 | % | |||||||||||
Adjusted funds from operations (AFFO) | |||||||||||||
Funds from operations | $ | 17,254 | $ | 10,738 | |||||||||
less: | |||||||||||||
Straight line rent adjustment | 333 | 32 | |||||||||||
Recurring capital expenditures | |||||||||||||
Tenant improvements | 268 | 253 | |||||||||||
Leasing commissions and fees | 213 | 122 | |||||||||||
Other capital expenditures | 104 | 222 | |||||||||||
Total recurring capital expenditures | 585 | 597 | |||||||||||
Adjusted funds from operations | $ | 16,336 | $ | 10,109 | |||||||||
Increase | 61.6 | % | |||||||||||
AFFO per share (diluted) | $ | 0.34 | $ | 0.34 | |||||||||
Increase | 0.0 | % | |||||||||||
Weighted average diluted shares | 48,475 | 30,029 |
Page 7
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
as of March 31, 2003 and December 31, 2002
(in thousands, except per share data)
Mar 31, 2003 | Dec 31, 2002 | ||||||||||
Assets | |||||||||||
Properties | |||||||||||
Income producing | $ | 1,407,823 | $ | 682,941 | |||||||
Less: accumulated depreciation | (45,203 | ) | (40,433 | ) | |||||||
Rental property | 1,362,620 | 642,508 | |||||||||
Construction in progress and land held for development | 37,244 | 35,923 | |||||||||
Property held for sale | 5,668 | — | |||||||||
Properties, net | 1,405,532 | 678,431 | |||||||||
Cash and cash equivalents | 2,679 | 2,944 | |||||||||
Cash held in escrow | 12,910 | 5,933 | |||||||||
Accounts and other receivables, net | 7,236 | 7,053 | |||||||||
Investments in and advances to joint ventures | 9,832 | 10,021 | |||||||||
Goodwill, net | 22,535 | 2,276 | |||||||||
Other assets | 28,484 | 23,411 | |||||||||
Total assets | $ | 1,489,208 | $ | 730,069 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Liabilities | |||||||||||
Mortgage notes payable | $ | 422,311 | $ | 332,143 | |||||||
Revolving credit facilities | 169,000 | 23,000 | |||||||||
Senior unsecured notes payable | 150,000 | — | |||||||||
Total debt | 741,311 | 355,143 | |||||||||
Unamortized interest premium on notes payable | 21,982 | — | |||||||||
Total debt (including interest premium) | 763,293 | 355,143 | |||||||||
Accounts payable and accrued expenses | 21,695 | 14,760 | |||||||||
Tenant security deposits | 6,806 | 4,342 | |||||||||
Other liabilities | 2,112 | 1,724 | |||||||||
Total liabilities before minority interest | 793,906 | 375,969 | |||||||||
Minority interest in consolidated subsidiaries | 15,793 | 3,869 | |||||||||
Stockholders’ equity | |||||||||||
Common stock | 598 | 345 | |||||||||
Additional paid-in capital | 689,855 | 355,450 | |||||||||
Retained earnings | 2,183 | 5,969 | |||||||||
Accumulated other comprehensive loss | (47 | ) | (46 | ) | |||||||
Unamortized restricted stock compensation | (5,968 | ) | (4,375 | ) | |||||||
Note receivable from issuance of common stock | (7,112 | ) | (7,112 | ) | |||||||
Total stockholders’ equity | 679,509 | 350,231 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,489,208 | $ | 730,069 | |||||||
Page 8
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2003
(in thousands)
Maturity | March 31, 2003 | Dec 31, 2002 | |||||||||||||||
Property | date | Rate (1) | balance | balance | |||||||||||||
Fixed rate mortgage debt | |||||||||||||||||
Lantana Village | 02/15/05 | 6.950 | % | $ | 3,780 | $ | 3,816 | ||||||||||
Elmwood Oaks | 06/01/05 | 8.380 | % | 7,500 | — | ||||||||||||
Benchmark Crossing | 08/01/05 | 9.250 | % | 3,374 | 3,393 | ||||||||||||
Sterling Plaza | 09/01/05 | 8.750 | % | 4,059 | 4,083 | ||||||||||||
Townsend Square | 10/01/05 | 8.500 | % | 4,904 | 4,922 | ||||||||||||
Green Oaks | 11/01/05 | 8.375 | % | 3,081 | 3,100 | ||||||||||||
Melbourne Plaza | 11/01/05 | 8.375 | % | 1,781 | 1,792 | ||||||||||||
Oak Hill (*) | 01/01/06 | 7.625 | % | — | 2,016 | ||||||||||||
Walden Woods | 08/01/06 | 7.875 | % | 2,467 | 2,492 | ||||||||||||
Big Curve | 10/01/06 | 9.190 | % | 5,524 | 5,552 | ||||||||||||
Highland Square | 12/01/06 | 8.870 | % | 4,114 | 4,135 | ||||||||||||
Park Northern | 12/01/06 | 8.370 | % | 2,355 | 2,377 | ||||||||||||
University Mall | 12/01/06 | 8.440 | % | 12,639 | 12,680 | ||||||||||||
Rosemeade | 12/01/07 | 8.295 | % | 3,228 | 3,244 | ||||||||||||
Colony Plaza | 01/01/08 | 7.540 | % | 3,043 | 3,053 | ||||||||||||
Parkwood (2) | 01/01/08 | 7.280 | % | 6,256 | 6,277 | ||||||||||||
Richwood (2) | 01/01/08 | 7.280 | % | 3,223 | 3,234 | ||||||||||||
Commonwealth | 02/15/08 | 7.000 | % | 2,837 | 2,864 | ||||||||||||
Mariners Crossing | 03/01/08 | 7.080 | % | 3,414 | 3,425 | ||||||||||||
Pine Island/Ridge Plaza | 07/01/08 | 6.910 | % | 25,187 | 25,274 | ||||||||||||
Forestwood | 01/01/09 | 5.070 | % | 7,400 | 7,425 | ||||||||||||
Shoppes of North Port | 02/08/09 | 6.650 | % | 4,178 | 4,201 | ||||||||||||
Prosperity Centre | 03/01/09 | 7.875 | % | 6,648 | 6,730 | ||||||||||||
North Village Center | 03/15/09 | 8.130 | % | 1,625 | — | ||||||||||||
Shoppes of Ibis | 09/01/09 | 6.730 | % | 5,990 | 6,031 | ||||||||||||
Tamarac Town Square | 10/01/09 | 9.190 | % | 6,265 | — | ||||||||||||
Park Promenade | 02/01/10 | 8.100 | % | 6,344 | 6,360 | ||||||||||||
Skipper Palms | 03/01/10 | 8.625 | % | 3,577 | 3,585 | ||||||||||||
Jonathan’s Landing | 05/01/10 | 8.050 | % | 2,924 | 2,932 | ||||||||||||
Bluff’s Square | 06/01/10 | 8.740 | % | 10,141 | 10,162 | ||||||||||||
Kirkman Shoppes | 06/01/10 | 8.740 | % | 9,576 | 9,596 | ||||||||||||
Ross Plaza | 06/01/10 | 8.740 | % | 6,679 | 6,693 | ||||||||||||
Boynton Plaza | 07/01/10 | 8.030 | % | 7,542 | 7,561 | ||||||||||||
Pointe Royale | 07/15/10 | 7.950 | % | 4,707 | 4,763 | ||||||||||||
Plymouth Park East 1 (3) | 08/01/10 | 8.250 | % | 153 | 154 | ||||||||||||
Plymouth Park East 2 (3) | 08/01/10 | 8.250 | % | 460 | 463 | ||||||||||||
Plymouth Park North (3) | 08/01/10 | 8.250 | % | 8,207 | 8,260 | ||||||||||||
Plymouth Park South (3) | 08/01/10 | 8.250 | % | 613 | 617 | ||||||||||||
Plymouth Park Story North (3) | 08/01/10 | 8.250 | % | 377 | 380 | ||||||||||||
Plymouth Park West (3) | 08/01/10 | 8.250 | % | 2,453 | 2,468 |
Page 9
DEBT SUMMARY
as of March 31, 2003
(in thousands)
Maturity | March 31, 2003 | Dec 31, 2002 | |||||||||||||||
Property | date | Rate (1) | balance | balance | |||||||||||||
Shops at Skylake | 08/01/10 | 7.650 | % | $ | 14,883 | $ | 14,964 | ||||||||||
Parkwest Crossing | 09/01/10 | 8.100 | % | 4,758 | — | ||||||||||||
Spalding Village | 09/01/10 | 8.190 | % | 10,751 | — | ||||||||||||
Minyards | 11/01/10 | 8.320 | % | 2,536 | 2,546 | ||||||||||||
Charlotte Square | 02/01/11 | 9.190 | % | 3,659 | — | ||||||||||||
Forest Village | 04/01/11 | 7.270 | % | 4,521 | 4,533 | ||||||||||||
Boca Village | 05/01/11 | 7.200 | % | 8,359 | 8,382 | ||||||||||||
Heritage Walk | 05/01/11 | 7.250 | % | 7,082 | — | ||||||||||||
MacLand Pointe | 05/01/11 | 7.250 | % | 5,902 | — | ||||||||||||
Pine Ridge Square | 05/01/11 | 7.020 | % | 7,410 | — | ||||||||||||
Sawgrass Promenade | 05/01/11 | 7.200 | % | 8,359 | 8,382 | ||||||||||||
Plaza Del Rey (*) | 09/01/11 | 8.125 | % | — | 2,202 | ||||||||||||
Lake Mary | 11/01/11 | 7.250 | % | 24,700 | 24,763 | ||||||||||||
Lake St. Charles | 11/01/11 | 7.130 | % | 3,901 | 3,911 | ||||||||||||
Marco Town Center | 01/01/12 | 6.700 | % | 8,838 | 8,875 | ||||||||||||
Riverside Square | 03/01/12 | 9.190 | % | 7,766 | — | ||||||||||||
Cashmere | 11/01/12 | 5.880 | % | 5,318 | 5,343 | ||||||||||||
Eastwood | 11/01/12 | 5.880 | % | 6,337 | 6,366 | ||||||||||||
Meadows | 11/01/12 | 5.870 | % | 6,660 | 6,690 | ||||||||||||
Lutz Lake | 12/01/12 | 6.280 | % | 7,500 | — | ||||||||||||
Village at Northshore | 07/01/13 | 9.000 | % | 4,348 | — | ||||||||||||
Summerlin Square | 02/01/14 | 6.750 | % | 4,093 | 4,156 | ||||||||||||
Bird Ludlum | 02/15/15 | 7.680 | % | 10,721 | 10,857 | ||||||||||||
Treasure Coast | 04/01/15 | 8.000 | % | 4,994 | — | ||||||||||||
Shoppes of Silverlakes | 07/01/15 | 7.750 | % | 2,889 | — | ||||||||||||
West Lakes Plaza (*) | 06/01/16 | 7.875 | % | — | 4,979 | ||||||||||||
Grassland Crossing | 12/01/16 | 7.870 | % | 6,095 | — | ||||||||||||
Mableton Crossing | 08/15/18 | 6.850 | % | 4,224 | — | ||||||||||||
Atlantic Village (*) | 11/01/18 | 6.850 | % | — | 4,449 | ||||||||||||
Chastain Square | 02/28/24 | 6.500 | % | 3,986 | — | ||||||||||||
Daniel Village | 02/28/24 | 6.500 | % | 4,357 | — | ||||||||||||
Douglas Commons | 02/28/24 | 6.500 | % | 5,191 | — | ||||||||||||
Fairview Oaks | 02/28/24 | 6.500 | % | 4,913 | — | ||||||||||||
Madison Centre | 02/28/24 | 6.500 | % | 3,986 | — | ||||||||||||
Paulding Commons | 02/28/24 | 6.500 | % | 6,768 | — | ||||||||||||
Siegen Village | 02/28/24 | 6.500 | % | 4,404 | — | ||||||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500 | % | 3,477 | — | ||||||||||||
Total fixed rate mortgage debt (73 loans) | 6.98 years | 7.43 | % | $ | 422,311 | $ | 307,508 | ||||||||||
Interest premium | (wtd-avg maturity) | (wtd-avg rate) | 7,137 | — | |||||||||||||
Total fixed rate mortgage debt (including interest premium) | $ | 429,448 | $ | 307,508 |
Page 10
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2003
(in thousands)
Maturity | March 31, 2003 | Dec 31, 2002 | |||||||||||||||
Property | date | Rate (1) | balance | balance | |||||||||||||
Fixed rate senior unsecured notes payable | |||||||||||||||||
7.77% senior notes | 04/01/06 | 7.77 | % | $ | 50,000 | $ | — | ||||||||||
7.25% senior notes | 08/15/07 | 7.25 | % | 75,000 | — | ||||||||||||
7.84% senior notes | 01/23/12 | 7.84 | % | 25,000 | — | ||||||||||||
Total fixed rate senior unsecured notes payable | 4.71 years | 7.55 | % | 150,000 | — | ||||||||||||
Interest Premium | (wtd-avg rate) | 14,845 | — | ||||||||||||||
Total fixed rate senior unsecured notes payable (including interest premium) | $ | 164,845 | $ | — | |||||||||||||
Total fixed rate debt | $ | 572,311 | $ | 307,508 | |||||||||||||
Interest Premium | 21,982 | — | |||||||||||||||
Total fixed rate debt (including interest premium) | $ | 594,293 | $ | 307,508 | |||||||||||||
Variable rate mortgage debt Comerica (**) | 02/28/04 | LIBOR + 150 | — | 24,635 | |||||||||||||
Total variable rate mortgage debt | $ | — | $ | 24,635 | |||||||||||||
Revolving credit facilities | |||||||||||||||||
$340MM Wells Fargo Unsecured | 02/12/06 | LIBOR + 100 | 169,000 | — | |||||||||||||
$5MM City National Bank Unsecured | 08/13/03 | LIBOR + 225 | — | — | |||||||||||||
Bank Leumi (**) | 03/17/03 | LIBOR + 125 | — | — | |||||||||||||
Wells Fargo (**) | 02/26/05 | LIBOR + 125 | — | 23,000 | |||||||||||||
Total revolving credit facilities | $ | 169,000 | $ | 23,000 | |||||||||||||
Total variable rate debt | $ | 169,000 | $ | 47,635 | |||||||||||||
Total debt | $ | 741,311 | $ | 355,143 | |||||||||||||
Interest Premium | 21,982 | — | |||||||||||||||
Total debt (including interest premium) | $ | 763,293 | $ | 355,143 | |||||||||||||
Senior Unsecured Debt Ratings | |||||||||||||||||
Moody’s | Baa3 | NA | |||||||||||||||
S&P | BBB- | NA |
Page 11
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2003
(in thousands)
Maturity schedule | Scheduled | Balloon | ||||||||||||
by year | amortization | payments(4) | Total | |||||||||||
2003 | $ | 6,284 | $ | — | $ | 6,284 | ||||||||
2004 | 8,980 | — | 8,980 | |||||||||||
2005 | 9,440 | 27,180 | 36,620 | |||||||||||
2006 | 9,686 | 243,758 | 253,444 | |||||||||||
2007 | 9,779 | 77,864 | 87,643 | |||||||||||
2008 | 9,831 | 40,104 | 49,935 | |||||||||||
2009 | 9,190 | 24,332 | 33,522 | |||||||||||
2010 | 8,070 | 80,848 | 88,918 | |||||||||||
2011 | 6,379 | 65,570 | 71,949 | |||||||||||
2012 | 5,573 | 59,683 | 65,256 | |||||||||||
Thereafter | 33,727 | 5,033 | 38,760 | |||||||||||
Total | $ | 116,939 | $ | 624,372 | $ | 741,311 | ||||||||
(1) | The rate in effect on March 31, 2003. | |
(2) | The mortgage balances for Parkwood and Richwood represent the future minimum lease payments (net of imputed interest) attributable to lease payments on these two properties, both of which are owned pursuant to capital lease obligations. | |
(3) | All of the Plymouth loans are with Sun Life of Canada. In the case of Plymouth Park North and East, the collateral has been split into two parts; hence the two individual loans. | |
(4) | Represents the entire principal balance of a maturing loan on the maturity date. Credit facilities are shown as due on the initial maturity dates, though certain extension options are available. | |
(*) This loan was repaid in full, subject to a prepayment penalty in January 2003. | ||
(**) Concurrent with the IRT merger this revolving credit facility or variable rate loan was repaid. |
Page 12
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2003
Year | Total | # of tenants | Supermarket anchor | Average | |||||||||||||||||||||||||||||||||||||||||
built / | square | Percent | owned | shadow | name | base rent | |||||||||||||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | exp date | Other anchor tenants | per leased SF | ||||||||||||||||||||||||||||||||||
ALABAMA (3) | |||||||||||||||||||||||||||||||||||||||||||||
Madison Centre | Madison | 1997 | 64,837 | 96.3 | % | 11 | 1 | 37,912 | Publix | Rite Aid | 9.53 | ||||||||||||||||||||||||||||||||||
(6/1/2017 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Stadium Plaza | Phenix City | 1988 | 70,475 | 100.0 | % | 20 | 0 | 30,625 | Piggly Wiggly | CVS Drugs | 7.50 | ||||||||||||||||||||||||||||||||||
(1/31/2008 | ) | ||||||||||||||||||||||||||||||||||||||||||||
West Gate Plaza | Mobile | 1974, 1995 / 1985 | 64,378 | 100.0 | % | 9 | 0 | 44,000 | Winn-Dixie | Rite Aid | 7.11 | ||||||||||||||||||||||||||||||||||
(7/19/2015 | ) | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (3) | 199,690 | 98.8 | % | 40 | 1 | 112,537 | 0 | $ | 8.02 | ||||||||||||||||||||||||||||||||||||
ARIZONA (3) | |||||||||||||||||||||||||||||||||||||||||||||
Big Curve | Yuma | 1969 / 1996 | 126,402 | 96.8 | % | 30 | 2 | 60,000 | Albertsons | Walgreens, Miller’s Outpost | $ | 9.59 | |||||||||||||||||||||||||||||||||
Park Northern | Phoenix | 1982 / 1996 | 126,852 | 92.9 | % | 21 | 4 | 51,511 | Safeway | Bealls, Showbiz Pizza | 6.44 | ||||||||||||||||||||||||||||||||||
(5/31/2008 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Southwest Walgreens | Phoenix | 1975 / 1998 | 93,518 | 52.8 | % | 15 | 3 | Walgreens | 10.56 | ||||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ARIZONA (3) | 346,772 | 83.5 | % | 66 | 9 | 51,511 | 60,000 | $ | 8.47 | ||||||||||||||||||||||||||||||||||||
FLORIDA (72) | |||||||||||||||||||||||||||||||||||||||||||||
North Florida (12) | |||||||||||||||||||||||||||||||||||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1998 | 100,559 | 90.2 | % | 23 | 2 | 39,795 | Publix | Jo-Ann’s Fabrics | 10.03 | ||||||||||||||||||||||||||||||||||
(10/31/2008 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 70,429 | 100.0 | % | 11 | 1 | Big Lots, Goodwill, Bealls Outlet | 7.63 | ||||||||||||||||||||||||||||||||||||
Commonwealth | Jacksonville | 1984 / 1998 | 81,467 | 100.0 | % | 16 | 0 | 48,997 | Winn-Dixie | 8.07 | |||||||||||||||||||||||||||||||||||
(2/28/2018 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 91.5 | % | 15 | 2 | 37,866 | Publix | 10.33 | |||||||||||||||||||||||||||||||||||
(4/30/2020 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 74,546 | 100.0 | % | 13 | 0 | 45,500 | Winn-Dixie | Eckerds* (Bealls Outlet) | 6.89 | ||||||||||||||||||||||||||||||||||
(5/31/2015 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Losco | Jacksonville | 2000 | 8,700 | 100.0 | % | 8 | 0 | 45,820 | Winn-Dixie | 16.55 | |||||||||||||||||||||||||||||||||||
Mandarin Landing | Jacksonville | 1976 / 2000 | 141,565 | 92.8 | % | 31 | 6 | 34,400 | Publix | Office Depot, Eckerds | 8.44 | ||||||||||||||||||||||||||||||||||
(2/14/2007 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Monument Point | Jacksonville | 1985 / 1997 | 76,628 | 100.0 | % | 14 | 0 | 46,772 | Winn-Dixie | Eckerds | 6.34 | ||||||||||||||||||||||||||||||||||
(3/27/2005 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 100.0 | % | 19 | 0 | 39,795 | Publix | Walgreens* (Bonus Dollar) | 6.82 | ||||||||||||||||||||||||||||||||||
(5/11/2005 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Parkmore Plaza | Milton | 1986 | 159,067 | 97.7 | % | 11 | 2 | Wal-Mart*(Bealls), Big Lots | 4.36 | ||||||||||||||||||||||||||||||||||||
Pensacola Plaza | Pensacola | 1985 | 56,098 | 91.4 | % | 2 | 1 | 42,848 | FoodWorld | 4.27 | |||||||||||||||||||||||||||||||||||
(12/31/2005 | ) | ||||||||||||||||||||||||||||||||||||||||||||
South Beach | Jacksonville Beach | 1990, 1991 | 289,964 | 97.5 | % | 44 | 6 | 29,000 | Food Lion | K-Mart, Stein Mart, Bealls | 9.28 | ||||||||||||||||||||||||||||||||||
(3/31/2010 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Central Florida (9) | |||||||||||||||||||||||||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 120,586 | 94.1 | % | 27 | 2 | 54,230 | Publix | 11.47 | |||||||||||||||||||||||||||||||||||
(11/30/2007 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Conway | Orlando | 2002 | 72,721 | 94.1 | % | 14 | 3 | 44,271 | Publix | 11.51 | |||||||||||||||||||||||||||||||||||
(11/1/2017 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Shoppes of Eastwood | Orlando | 1997 | 69,037 | 100.0 | % | 13 | 0 | 51,512 | Publix | 11.05 | |||||||||||||||||||||||||||||||||||
(4/30/2022 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Eustis Square | Eustis | 1983 / 1997 | 126,791 | 87.2 | % | 18 | 9 | 38,520 | Publix* | Bealls, Walgreens* (Bealls Outlet) | 3.06 | ||||||||||||||||||||||||||||||||||
(3/31/2003 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 96.1 | % | 30 | 2 | Eckerds | 15.56 | ||||||||||||||||||||||||||||||||||||
Lake Mary | Orlando | 1988 / 2001 | 342,384 | 99.1 | % | 67 | 22 | 63,139 | Albertsons | K-Mart, Euro Fitness, Sun Star Theatres | 11.66 | ||||||||||||||||||||||||||||||||||
(6/30/2012 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 125,818 | 97.9 | % | 26 | 1 | 55,000 | Publix | Orange County Library, Blockbuster | 9.12 | ||||||||||||||||||||||||||||||||||
(2/9/2007 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Town & Country | Kissimmee | 1993 | 71,283 | 100.0 | % | 12 | 0 | 52,883 | Albertsons | Eckerds | 7.10 | ||||||||||||||||||||||||||||||||||
(10/31/2018 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Unigold | Winter Park | 1987 | 102,985 | 96.9 | % | 18 | 2 | 52,500 | Winn-Dixie | World Gym | 10.20 | ||||||||||||||||||||||||||||||||||
(4/30/2007 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Florida West Coast (18) | |||||||||||||||||||||||||||||||||||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 97,390 | 90.0 | % | 17 | 7 | 46,014 | Publix | Eckerds* (Bealls), West Marine | 10.11 | ||||||||||||||||||||||||||||||||||
(11/30/2021 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Carrollwood | Tampa | 1970 / 2002 | 93,644 | 85.3 | % | 28 | 7 | 27,887 | Publix | Eckerds | 10.81 | ||||||||||||||||||||||||||||||||||
(11/30/2022 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 98.1 | % | 25 | 2 | 44,024 | Publix | Seafood Buffet | 7.58 | ||||||||||||||||||||||||||||||||||
(1/31/2011 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 98.3 | % | 17 | 1 | 48,890 | Publix | Eckerds | 10.72 | ||||||||||||||||||||||||||||||||||
(5/27/2012 | ) | ||||||||||||||||||||||||||||||||||||||||||||
East Bay Plaza | Largo | 1985 / 1997 | 85,426 | 57.2 | % | 19 | 3 | 53,000 | Albertsons | Family Dollar, Hollywood Video | 9.74 | ||||||||||||||||||||||||||||||||||
Gulf Gate Plaza | Naples | 1969, 1974 | 195,011 | 77.7 | % | 16 | 5 | 29,120 | Publix | Bealls, JoAnn Fabrics, Dockside Imp., | |||||||||||||||||||||||||||||||||||
(5/31/2003 | ) | Price Cutter | 5.75 | ||||||||||||||||||||||||||||||||||||||||||
Lake St. Charles | Tampa | 1999 | 57,015 | 100.0 | % | 8 | 0 | 46,295 | Kash ’N Karry | 9.74 | |||||||||||||||||||||||||||||||||||
(6/30/2019 | ) |
Page 13
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2003
Year | Total | Supermarket anchor | Average | |||||||||||||||||||||||||||||||||
built/ | square | Percent | # of tenants | owned | shadow | name | base rent | |||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | exp date | Other anchor tenants | per leased SF | |||||||||||||||||||||||||
Florida West Coast (continued) | ||||||||||||||||||||||||||||||||||||
Lutz Lake | Lutz | 2002 | 64,985 | 100.0 | % | 15 | 0 | 44,270 | Publix | $13.56 | ||||||||||||||||||||||||||
(5/31/2022) | ||||||||||||||||||||||||||||||||||||
Marco Town Center | Marco Island | 2001 | 109,430 | 92.0 | % | 36 | 9 | 27,887 | Publix | 16.51 | ||||||||||||||||||||||||||
(1/31/2018) | ||||||||||||||||||||||||||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 85,507 | 92.4 | % | 12 | 3 | 48,315 | Kash ‘N Karry | 7.88 | ||||||||||||||||||||||||||
(4/30/2020) | ||||||||||||||||||||||||||||||||||||
North River Village Center | Ellenton | 1988, 1993 | 177,128 | 100.0 | % | 16 | 0 | 42,112 | Publix | K-Mart, Walgreens* (Dollar Tree), Bealls | 7.19 | |||||||||||||||||||||||||
(7/20/2008) | ||||||||||||||||||||||||||||||||||||
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 93.6 | % | 19 | 5 | Publix | 10.61 | |||||||||||||||||||||||||||
(2/28/2021) | ||||||||||||||||||||||||||||||||||||
Ross Plaza | Tampa | 1984 / 1996 | 85,359 | 85.7 | % | 17 | 3 | Walgreens*, Ross Dress for Less | 9.81 | |||||||||||||||||||||||||||
Seven Hills | Spring Hill | 1991 | 64,590 | 100.0 | % | 12 | 0 | 48,890 | Publix | 9.53 | ||||||||||||||||||||||||||
(9/25/2011) | ||||||||||||||||||||||||||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 100.0 | % | 22 | 0 | 48,890 | Publix | Bealls Outlet | 9.44 | |||||||||||||||||||||||||
(12/11/2011) | ||||||||||||||||||||||||||||||||||||
Skipper Palms | Tampa | 1984 | 86,944 | 94.2 | % | 15 | 2 | 53,440 | Winn-Dixie | 8.54 | ||||||||||||||||||||||||||
(5/31/2016) | ||||||||||||||||||||||||||||||||||||
Summerlin Square | Fort Myers | 1986 / 1998 | 109,156 | 91.9 | % | 22 | 6 | 45,500 | Winn-Dixie | Eckerds | 9.41 | |||||||||||||||||||||||||
(6/4/2006) | ||||||||||||||||||||||||||||||||||||
Venice Plaza | Venice | 1971, 1979 / 1999 | 155,987 | 92.9 | % | 14 | 3 | 42,582 | Kash N’ Karry | TJ Maxx, Appliance Elec Depot | 4.57 | |||||||||||||||||||||||||
(9/30/2018) | ||||||||||||||||||||||||||||||||||||
Florida Treasure Coast (8) | �� | |||||||||||||||||||||||||||||||||||
Bluffs Square | Jupiter | 1986 | 132,395 | 93.9 | % | 49 | 2 | 39,795 | Publix | Walgreens | 11.60 | |||||||||||||||||||||||||
(10/22/2006) | ||||||||||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 92.7 | % | 17 | 1 | 59,448 | Albertsons | 7.07 | ||||||||||||||||||||||||||
(4/30/2025) | ||||||||||||||||||||||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0 | % | 12 | 0 | 53,850 | Albertsons | Blockbuster | 18.05 | |||||||||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 94.0 | % | 30 | 4 | 42,112 | Publix | Walgreens* (Bealls), Burke’s | 9.99 | |||||||||||||||||||||||||
(9/30/2007) | ||||||||||||||||||||||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 97.0 | % | 17 | 2 | Wal-Mart* (Scotty’s, Staples) | 7.61 | |||||||||||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 96.5 | % | 30 | 2 | 39,795 | Publix | Bealls Outlet, Books-A-Million | 9.17 | |||||||||||||||||||||||||
(3/23/20170 | ||||||||||||||||||||||||||||||||||||
Salerno Village | Stuart | 1987 | 58,804 | 95.6 | % | 15 | 3 | 31,503 | Winn Dixie | Eckerds | 6.60 | |||||||||||||||||||||||||
(9/21/2007) | ||||||||||||||||||||||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 94.2 | % | 20 | 5 | 59,450 | Winn Dixie | TJ Maxx | 8.53 | |||||||||||||||||||||||||
(4/12/2015) | ||||||||||||||||||||||||||||||||||||
South Florida / Atlantic Coast (25) | ||||||||||||||||||||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,282 | 98.5 | % | 48 | 1 | 44,400 | Winn-Dixie | Eckerds, Blockbuster, Goodwill | 14.61 | |||||||||||||||||||||||||
(12/31/2007) | ||||||||||||||||||||||||||||||||||||
Boca Village | Boca Raton | 1978 | 93,428 | 97.6 | % | 21 | 1 | 36,000 | Publix | Eckerds | 14.29 | |||||||||||||||||||||||||
(3/31/2007) | ||||||||||||||||||||||||||||||||||||
Boynton Plaza | Boynton Beach | 1978 / 1999 | 99,324 | 88.6 | % | 25 | 5 | 37,664 | Publix | Eckerds | 10.06 | |||||||||||||||||||||||||
(8/31/2003) | ||||||||||||||||||||||||||||||||||||
Countryside Shops | Cooper City | 1986, 1988, 1991 | 173,161 | 97.6 | % | 41 | 3 | 39,795 | Publix | Eckerds*, Stein Mart | 12.52 | |||||||||||||||||||||||||
(12/4/2005) | ||||||||||||||||||||||||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0 | % | 1 | 0 | Jumbo Buffet | 14.63 | |||||||||||||||||||||||||||
Epsilon | W. Palm Beach | 1925 / 1997 | 18,707 | 54.6 | % | 4 | 1 | Dax Bar & Grill | 16.40 | |||||||||||||||||||||||||||
Greenwood | Palm Springs | 1982, 1994 | 128,532 | 89.8 | % | 27 | 7 | 50,032 | Publix | Bealls, World Savings Bank | 12.06 | |||||||||||||||||||||||||
(12/5/2014) | ||||||||||||||||||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 91.1 | % | 18 | 3 | 42,323 | Publix | 11.91 | ||||||||||||||||||||||||||
(9/13/2015) | ||||||||||||||||||||||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 175,480 | 97.0 | % | 23 | 2 | 39,473 | Winn-Dixie | K-Mart, Rite Aid* (Dollar Store) | 9.57 | |||||||||||||||||||||||||
(2/15/2011) | ||||||||||||||||||||||||||||||||||||
Meadows | Miami | 1997 | 75,524 | 95.2 | % | 19 | 2 | 47,955 | Publix | 11.73 | ||||||||||||||||||||||||||
(7/9/2017) | ||||||||||||||||||||||||||||||||||||
Pine Island | Davie | 1983 / 1999 | 254,907 | 96.1 | % | 44 | 3 | 39,943 | Publix | Home Depot Expo, Rite Aid* (Bealls Outlet) | 9.21 | |||||||||||||||||||||||||
(11/30/2013) | ||||||||||||||||||||||||||||||||||||
Pine Ridge Square | Coral Springs | 1986 / 1998, 1999 | 117,399 | 98.2 | % | 33 | 2 | 17,441 | Fresh Market | Bed Bath & Beyond, Off Main Furniture | 12.69 | |||||||||||||||||||||||||
(6/30/2009) | ||||||||||||||||||||||||||||||||||||
Plaza Del Rey | Miami | 1985 / 1996 | 50,146 | 100.0 | % | 23 | 0 | Navarro Pharmacy | 12.53 | |||||||||||||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 209,863 | 93.9 | % | 23 | 3 | 45,350 | Winn-Dixie | Best Buy, Eckerds* (Linen Supermarket) | 6.49 | |||||||||||||||||||||||||
(2/18/2011) | ||||||||||||||||||||||||||||||||||||
Pompano | Pompano Beach | 1968 / 2001 | 80,697 | 100.0 | % | 1 | 0 | Lowe’s | 6.69 | |||||||||||||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,106 | 100.0 | % | 9 | 0 | Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine’s, TJ Maxx | 14.80 | |||||||||||||||||||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 97.6 | % | 26 | 3 | AMC Theater, Kabooms, Republic Security Bank, Uncle Funny’s, Round Up | 6.66 | |||||||||||||||||||||||||||
Riverside Square | Coral Springs | 1987 | 103,241 | 91.1 | % | 30 | 3 | 39,795 | Publix | 13.67 | ||||||||||||||||||||||||||
(2/18/2007) | ||||||||||||||||||||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 99.1 | % | 28 | 1 | 36,464 | Publix | Walgreens, Blockbuster | 11.36 | |||||||||||||||||||||||||
(11/30/2004) |
Page 14
Year | Total | Supermarket anchor | Average | |||||||||||||||||||||||||||||||
built/ | square | Percent | # of tenants | owned | shadow | name | base rent | |||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | exp date | Other anchor tenants | per leased SF | |||||||||||||||||||||||
South Florida / Atlantic Coast (continued) | ||||||||||||||||||||||||||||||||||
Shoppes of Ibis | West Palm Beach | 1999 | 79,420 | 100.0 | % | 18 | 0 | 51,420 | Publix | $12.22 | ||||||||||||||||||||||||
(4/30/2019) | ||||||||||||||||||||||||||||||||||
Shops at Skylake | North Miami Beach | 1999 / 2000-01 | 174,199 | 99.4 | % | 44 | 1 | 51,420 | Publix | Goodwill, Blockbuster | 15.15 | |||||||||||||||||||||||
(7/31/2019) | ||||||||||||||||||||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995, 1997 | 126,638 | 94.4 | % | 34 | 4 | 47,813 | Publix | 15.22 | ||||||||||||||||||||||||
(6/14/2015) | ||||||||||||||||||||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 124,685 | 84.9 | % | 27 | 11 | 37,764 | Publix | 10.72 | ||||||||||||||||||||||||
(12/15/2014) | ||||||||||||||||||||||||||||||||||
University Mall | Ft. Lauderdale | 1973 | 249,508 | 89.6 | % | 17 | 8 | Eckerds, Lowe’s (under construction) | 5.76 | |||||||||||||||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 100.0 | % | 27 | 0 | 46,216 | Winn-Dixie | Navarro Pharmacy | 10.74 | |||||||||||||||||||||||
(10/31/2016) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (72) | 8,009,011 | 94.6 | % | 1,563 | 200 | 2,400,245 | 196,940 | $9.81 | ||||||||||||||||||||||||||
Georgia (20) | ||||||||||||||||||||||||||||||||||
Atlanta (13) | ||||||||||||||||||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 87,815 | 94.4 | % | 24 | 2 | 37,366 | Publix | 16.39 | ||||||||||||||||||||||||
(5/31/2024) | ||||||||||||||||||||||||||||||||||
Commerce Crossing | Georgia | 1988 | 100,668 | 90.4 | % | 7 | 3 | 32,000 | Ingles | Wal-Mart | 4.01 | |||||||||||||||||||||||
(9/26/2009) | ||||||||||||||||||||||||||||||||||
Douglas Commons | Douglasville | 1988 | 97,027 | 95.7 | % | 17 | 2 | 59,431 | Kroger | 9.83 | ||||||||||||||||||||||||
(8/31/2013) | ||||||||||||||||||||||||||||||||||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 100.0 | % | 13 | 0 | 54,498 | Kroger | 11.05 | ||||||||||||||||||||||||
(9/30/2016) | ||||||||||||||||||||||||||||||||||
Grassland Crossing | Alpharetta | 1996 | 90,906 | 95.9 | % | 13 | 1 | 70,086 | Kroger | 11.36 | ||||||||||||||||||||||||
(6/30/2016) | ||||||||||||||||||||||||||||||||||
Mableton Crossing | Mableton | 1997 | 86,819 | 94.5 | % | 15 | 2 | 63,419 | Kroger | 9.98 | ||||||||||||||||||||||||
(8/31/2017) | ||||||||||||||||||||||||||||||||||
Macland Pointe | Marietta | 1992, 1993 | 79,699 | 96.6 | % | 15 | 2 | 55,999 | Publix | 10.04 | ||||||||||||||||||||||||
(12/29/2012) | ||||||||||||||||||||||||||||||||||
Market Place | Norcross | 1976 | 73,686 | 42.1 | % | 17 | 5 | 14.77 | ||||||||||||||||||||||||||
Paulding Commons | Dallas | 1991 | 192,391 | 98.4 | % | 29 | 2 | 49,700 | Kroger | K-Mart | 7.92 | |||||||||||||||||||||||
(2/28/2011) | ||||||||||||||||||||||||||||||||||
Powers Ferry Plaza | Marietta | 1979, 1987 / 1998 | 83,101 | 84.2 | % | 20 | 2 | Micro Center | 10.82 | |||||||||||||||||||||||||
Wesley Chapel Crossing | Decatur | 1989 | 170,792 | 99.3 | % | 24 | 1 | 32,000 | Ingles | Wal-Mart, CVS Drugs | 6.71 | |||||||||||||||||||||||
(9/25/2009) | ||||||||||||||||||||||||||||||||||
West Towne Square | Rome | 1988 | 89,596 | 91.3 | % | 16 | 2 | Big Lots, Eckerds* | 5.95 | |||||||||||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 88.0 | % | 23 | 4 | 16.93 | ||||||||||||||||||||||||||
Central Georgia (5) | ||||||||||||||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 90.9 | % | 30 | 8 | 45,971 | Bi-Lo | Eckerds*, St. Joseph Home Health | 7.90 | |||||||||||||||||||||||
(3/25/2022) | ||||||||||||||||||||||||||||||||||
Heritage Walk | Milledgeville | 1991, 1992 | 159,991 | 100.0 | % | 12 | 0 | 46,676 | Kroger | K-Mart | 6.44 | |||||||||||||||||||||||
(3/312020) | ||||||||||||||||||||||||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 98.4 | % | 26 | 3 | 59,431 | Kroger | K-Mart, JC Penney | 7.39 | |||||||||||||||||||||||
(5/31/2014) | ||||||||||||||||||||||||||||||||||
Watson Central | Warner Robins | 1989 | 227,747 | 89.0 | % | 12 | 17 | 45,000 | Winn-Dixie* | Wal-Mart*, Cory Everson Aerobics | 5.07 | |||||||||||||||||||||||
(12/5/2010) | ||||||||||||||||||||||||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 100.0 | % | 7 | 0 | 32,960 | Harris Teeter* | Harris Teeter (Omni Fitness) | 9.02 | |||||||||||||||||||||||
(4/1/2011) | ||||||||||||||||||||||||||||||||||
South Georgia (2) | ||||||||||||||||||||||||||||||||||
Colony Square | Fitzgerald | 1987 | 50,000 | 96.4 | % | 7 | 1 | 32,200 | Food Lion | 6.67 | ||||||||||||||||||||||||
(12/31/2007) | ||||||||||||||||||||||||||||||||||
McAlphin Square | Savannah | 1979 | 176,807 | 90.9 | % | 22 | 3 | 43,600 | Kroger | US Post Office, Big Lots | 7.00 | |||||||||||||||||||||||
(8/31/2015) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (20) | 2,339,735 | 92.9 | % | 349 | 60 | 760,337 | 0 | $8.24 | ||||||||||||||||||||||||||
KENTUCKY (1) | ||||||||||||||||||||||||||||||||||
Scottsville Square | Bowling Green | 1986 | 38,450 | 80.6 | % | 8 | 4 | Hancock Fabrics, Zap Zone | 5.32 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS KENTUCKY (1) | 38,450 | 80.6 | % | 8 | 4 | 0 | 0 | $5.32 | ||||||||||||||||||||||||||
LOUISIANA (16) | ||||||||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980, 1991 | 193,982 | 99.3 | % | 22 | 2 | Hobby Lobby, Conn’s Appliance, Big Lots, | ||||||||||||||||||||||||||
Chuck E Cheese’s | 7.69 | |||||||||||||||||||||||||||||||||
Ambassador Row Courtyards | Lafayette | 1986, 1991 | 155,483 | 67.9 | % | 20 | 9 | Marshalls, Bed Bath & Body, Gateway | 10.88 | |||||||||||||||||||||||||
Computers, Hancock Fabrics | ||||||||||||||||||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 90,215 | 89.9 | % | 16 | 4 | 33,387 | Matheme’s | Rite Aid* | 7.45 | |||||||||||||||||||||||
(11/30/2010) | ||||||||||||||||||||||||||||||||||
The Boulevard | Lafayette | 1976, 1994 | 68,012 | 67.0 | % | 12 | 3 | Piccadilly | 8.33 | |||||||||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 92.3 | % | 8 | 2 | 33,387 | Winn-Dixie | 5.66 | ||||||||||||||||||||||||
(1/31/2008) |
Page 15
Year | Total | Supermarket anchor | Average | |||||||||||||||||||||||||||||||
built/ | square | Percent | # of tenants | owned | shadow | name | base rent | |||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | exp date | Other anchor tenants | per leased SF | |||||||||||||||||||||||
LOUISIANA (continued) | ||||||||||||||||||||||||||||||||||
The Crossing | Slidell | 1988, 1993 | 113,989 | 100.0 | % | 14 | 0 | 58,432 | Albertsons | Campo Electric, Piccadilly | $5.44 | |||||||||||||||||||||||
(9/29/2009) | ||||||||||||||||||||||||||||||||||
10.34 | ||||||||||||||||||||||||||||||||||
Elmwood Oaks | Hanahan | 1989 | 130,284 | 100.0 | % | 7 | 0 | Wal-Mart*, The Wherehouse, Advance Auto* (Goodwill) | ||||||||||||||||||||||||||
Grand Marche | Lafayette | 1969 | 200,585 | 100.0 | % | 1 | 0 | Piggly Wiggly | Academy Sports | 0.14 | ||||||||||||||||||||||||
Millervillage | Baton Rouge | 1983, 1992 | 94,559 | 33.5 | % | 10 | 4 | Rite Aid | 8.25 | |||||||||||||||||||||||||
Pinhook Plaza | Lafayette | 1979, 1992 | 194,725 | 70.2 | % | 21 | 10 | Rite Aid | 5.88 | |||||||||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 105,419 | 100.0 | % | 8 | 0 | 28,092 | Super 1 Store | Fred’s, Howard Brothers | 3.57 | |||||||||||||||||||||||
(6/30/2005) | ||||||||||||||||||||||||||||||||||
Sherwood South | Baton Rouge | 1972, 1988, 1992 | 77,107 | 97.7 | % | 9 | 1 | 22,500 | Piggly Wiggly | Burke’s Outlet, Harbor Freight Tools, Blockbuster | 6.14 | |||||||||||||||||||||||
(2/28/2007) | ||||||||||||||||||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 174,578 | 43.8 | % | 11 | 7 | Office Depot, Party City | 9.61 | |||||||||||||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 50.4 | % | 8 | 1 | Eckerds | 5.88 | |||||||||||||||||||||||||
Village at Northshore | Slidell | 1988 | 144,638 | 100.0 | % | 12 | 0 | Service Merchandise* (Marshalls), Kirshman’s, Bed Bath & Beyond | 7.57 | |||||||||||||||||||||||||
Wal-Mart Stores, Inc. | Mathews | 1985 | 54,223 | 100.0 | % | 1 | 0 | Wal-Mart | 2.90 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (16) | 1,919,090 | 82.4 | % | 180 | 43 | 175,798 | 0 | $6.32 | ||||||||||||||||||||||||||
MISSISSIPPI (1) | ||||||||||||||||||||||||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 100.0 | % | 7 | 0 | Rite Aid, Big Lots | 6.04 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 100.0 | % | 7 | 0 | 0 | 0 | $6.04 | ||||||||||||||||||||||||||
NORTH CAROLINA (12) | ||||||||||||||||||||||||||||||||||
Centre Pointe Plaza | Asheville | 1989 | 163,642 | 76.4 | % | 18 | 1 | Wal-Mart* (Belk’s, Goody’s) | 5.67 | |||||||||||||||||||||||||
Chestnut Square | Brevard | 1985 | 39,640 | 96.0 | % | 6 | 1 | 21,000 | Food Lion | Eckerds* (Dollar General) | 6.11 | |||||||||||||||||||||||
(9/28/2010) | ||||||||||||||||||||||||||||||||||
The Galleria | Wrightsville Beach | 1986, 1990 | 92,344 | 87.7 | % | 31 | 12 | 28,000 | Harris Tweeter | Eckerds | 9.40 | |||||||||||||||||||||||
(4/5/2005) | ||||||||||||||||||||||||||||||||||
Parkwest Crossing | Durham | 1990 | 85,602 | 98.4 | % | 18 | 1 | 38,052 | Food Lion | 9.79 | ||||||||||||||||||||||||
(12/14/2010) | ||||||||||||||||||||||||||||||||||
Plaza North | Hendersonville | 1986 | 47,240 | 94.9 | % | 7 | 2 | 25,590 | Bi-Lo | CVS Drugs | 6.17 | |||||||||||||||||||||||
(8/31/2006) | ||||||||||||||||||||||||||||||||||
Providence Square | Charlotte | 1973 | 85,930 | 94.1 | % | 20 | 6 | 35,702 | Harris Teeter | Eckerds | 8.05 | |||||||||||||||||||||||
(4/30/2006) | ||||||||||||||||||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 130,058 | 85.1 | % | 8 | 3 | 53,538 | Kroger | Upchurch Drugs, Riverview Furniture | 7.18 | |||||||||||||||||||||||
(12/31/2014) | ||||||||||||||||||||||||||||||||||
Salisbury Marketplace | Salisbury | 1987 | 82,578 | 89.2 | % | 15 | 3 | 37,308 | Food Lion | CVS Drugs | 9.18 | |||||||||||||||||||||||
(2/11/2023) | ||||||||||||||||||||||||||||||||||
Shelby Plaza | Shelby | 1972 | 103,000 | 100.0 | % | 7 | 0 | Big Lots, Aaron Rents* (Hancock Fabrics) | 3.09 | |||||||||||||||||||||||||
Stanley Market Place | Stanley | 1980, 1987 | 40,400 | 100.0 | % | 3 | 0 | 28,400 | Winn-Dixie | Family Dollar | 5.45 | |||||||||||||||||||||||
(2/28/2007) | ||||||||||||||||||||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 100.0 | % | 12 | 0 | 32,000 | Ingles | K-Mart, CVS Drugs | 6.00 | |||||||||||||||||||||||
(9/25/2012) | ||||||||||||||||||||||||||||||||||
Willowdale Shopping Center | Durham | 1986 | 120,815 | 89.9 | % | 21 | 5 | Harris Teeter | Carmike Cinemas, Eckerds* (Family Dollar) | 8.58 | ||||||||||||||||||||||||
(5/14/2004) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 1,140,003 | 91.1 | % | 166 | 34 | 299,590 | 0 | $7.01 | ||||||||||||||||||||||||||
SOUTH CAROLINA (4) | ||||||||||||||||||||||||||||||||||
Lancaster Plaza | Lancaster | 1971 / 1990 | 77,400 | 91.5 | % | 3 | 1 | 19,200 | Bi-Lo | 1.44 | ||||||||||||||||||||||||
(9/30/2010) | ||||||||||||||||||||||||||||||||||
Lancaster Shopping Center | Lancaster | 1963, 1987 | 29,047 | 17.2 | % | 1 | 2 | 6.00 | ||||||||||||||||||||||||||
North Village Center | Durham | 1984 | 60,356 | 100.0 | % | 14 | 0 | 24,806 | Bi-Lo | Dollar General, World Gym | 8.09 | |||||||||||||||||||||||
(5/31/2004) | ||||||||||||||||||||||||||||||||||
Spring Valley | Columbia | 1978 / 1997 | 75,415 | 98.4 | % | 16 | 1 | 45,070 | Bi-Lo | Eckerds | 8.93 | |||||||||||||||||||||||
(12/31/2017) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (4) | 242,218 | 86.9 | % | 34 | 4 | 89,076 | 0 | $6.10 | ||||||||||||||||||||||||||
TENNESSEE (2) | ||||||||||||||||||||||||||||||||||
Forrest Gallery | Tullahoma | 1987 | 214,450 | 95.4 | % | 26 | 3 | 48,780 | Kroger | Wal-Mart* (Tractor Supply, Goodwill) | 5.45 | |||||||||||||||||||||||
(1/31/2008) | ||||||||||||||||||||||||||||||||||
Smyrna Village | Smyrna | 1992 | 83,334 | 84.8 | % | 9 | 4 | 59,214 | Kroger | 8.21 | ||||||||||||||||||||||||
(2/29/2012) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (2) | 297,784 | 92.5 | % | 35 | 7 | 107,994 | 0 | $6.16 |
Page 16
Year | Total | Supermarket anchor | Average | |||||||||||||||||||||||||||||||||
built/ | square | Percent | # of tenants | owned | shadow | name | base rent | |||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | exp date | Other anchor tenants | per leased SF | |||||||||||||||||||||||||
TEXAS (32) | ||||||||||||||||||||||||||||||||||||
Houston (16) | ||||||||||||||||||||||||||||||||||||
Barker Cypress | Houston | 1999 | 66,945 | 93.5 | % | 13 | 3 | 41,320 | H.E.B | $11.67 | ||||||||||||||||||||||||||
(01/31/2014) | ||||||||||||||||||||||||||||||||||||
Beechcrest | Houston | 1981 / 2001 | 90,797 | 98.0 | % | 14 | 1 | 40,345 | Randall’s* (Viet Ho) | Walgreens* | 8.81 | |||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||||
Benchmark Crossing | Houston | 1986 | 58,384 | 100.0 | % | 5 | 0 | Bally’s Fitness | 12.13 | |||||||||||||||||||||||||||
Bissonnet | Houston | 1999 | 15,542 | 100.0 | % | 8 | 0 | 63,000 | Kroger | Blockbuster | 14.50 | |||||||||||||||||||||||||
Colony Plaza | Sugarland | 1997 | 26,513 | 95.5 | % | 14 | 1 | Albertsons | 18.14 | |||||||||||||||||||||||||||
Copperfield | Houston | 1994 | 134,845 | 57.3 | % | 28 | 5 | JoAnn’s Fabrics | 12.01 | |||||||||||||||||||||||||||
Forestwood | Houston | 1993 | 88,760 | 98.0 | % | 15 | 1 | 59,334 | Kroger | 10.79 | ||||||||||||||||||||||||||
(7/31/2013) | ||||||||||||||||||||||||||||||||||||
Grogan’s Mill | The Woodlands | 1986 | 118,493 | 96.9 | % | 23 | 3 | 56,558 | Randall’s* | Petco | 12.10 | |||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||||
Hedwig | Houston | 1974 | 69,504 | 94.2 | % | 12 | 1 | Warehouse Music, Ross Dress for Less | 13.50 | |||||||||||||||||||||||||||
Highland Square | Sugarland | 1998 | 64,171 | 96.8 | % | 25 | 2 | 16.53 | ||||||||||||||||||||||||||||
Market at First Colony | Sugarland | 1988 | 107,301 | 100.0 | % | 35 | 0 | 62,000 | Kroger | TJ Maxx, Eckerds | 15.67 | |||||||||||||||||||||||||
Mason Park | Katy | 1998 | 160,047 | 76.8 | % | 33 | 6 | 58,890 | Kroger | Walgreens* (Eloise Collectibles), Palais Royal, Petco | 11.58 | |||||||||||||||||||||||||
Mission Bend | Houston | 1980 / 1999 | 131,575 | 94.7 | % | 26 | 1 | 46,112 | Randall’s | 8.43 | ||||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||||
Spring Shadows | Houston | 1999 | 39,611 | 81.7 | % | 13 | 3 | 62,661 | H.E.B | 15.38 | ||||||||||||||||||||||||||
Steeplechase | Jersey Village | 1985 | 105,152 | 100.0 | % | 26 | 0 | 56,208 | Randall’s | 11.27 | ||||||||||||||||||||||||||
Wal-Mart Stores, Inc. | Marble Falls | 1985 | 53,571 | 100.0 | % | 1 | 0 | Wal-Mart* (Sutherland Lumber) | 3.27 | |||||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||||
Dallas (13) | ||||||||||||||||||||||||||||||||||||
Green Oaks | Arlington | 1983 | 65,091 | 83.3 | % | 28 | 5 | 58,000 | Kroger | 10.54 | ||||||||||||||||||||||||||
Melbourne Plaza | Hurst | 1983 | 47,517 | 90.1 | % | 15 | 3 | 10.32 | ||||||||||||||||||||||||||||
Minyards | Garland | 2000 | 65,295 | 100.0 | % | 2 | 0 | 58,695 | Minyards/Sack N Save | 10.32 | ||||||||||||||||||||||||||
(12/31/2029) | ||||||||||||||||||||||||||||||||||||
Parkwood | Plano | 1985 | 81,590 | 100.0 | % | 20 | 0 | 62,000 | Albertsons | Planet Pizza | 13.18 | |||||||||||||||||||||||||
Plymouth Park East | Irving | 1970 | 56,435 | 97.3 | % | 9 | 1 | 42,130 | Kroger | 4.17 | ||||||||||||||||||||||||||
(11/30/2010) | ||||||||||||||||||||||||||||||||||||
Plymouth Park North | Irving | 1970 | 444,193 | 52.7 | % | 39 | 20 | Blockbuster, Dollar General, Thrift Store, Post Office, Chateau Theatre, Levines | 6.46 | |||||||||||||||||||||||||||
Plymouth Park South | Irving | 1970 | 49,102 | 85.8 | % | 4 | 3 | Betcha Bingo | 6.98 | |||||||||||||||||||||||||||
Plymouth Park West | Irving | 1970 | 178,930 | 95.6 | % | 14 | 1 | Bargain City | 3.69 | |||||||||||||||||||||||||||
Richwood | Richardson | 1984 | 54,872 | 80.9 | % | 22 | 6 | 61,877 | Albertsons | Blockbuster | 12.62 | |||||||||||||||||||||||||
Rosemeade | Carrollton | 1986 | 49,554 | 63.6 | % | 15 | 3 | 58,900 | Kroger | Gold’s Gym, Blockbuster | 13.42 | |||||||||||||||||||||||||
Sterling Plaza | Irving | 1989 | 65,205 | 100.0 | % | 16 | 0 | Bank One, Warehouse Entertainment | 14.20 | |||||||||||||||||||||||||||
Townsend Square | Desoto | 1990 | 142,978 | 83.5 | % | 31 | 7 | 60,349 | Albertsons | Bealls, Victory Gym, Tutor Time | 8.92 | |||||||||||||||||||||||||
Village by the Park | Arlington | 1988 | 44,387 | 92.1 | % | 8 | 2 | Petco | 13.21 | |||||||||||||||||||||||||||
San Antonio(3) | ||||||||||||||||||||||||||||||||||||
Bandera Festival | San Antonio | 1989 | 189,438 | 50.9 | % | 26 | 6 | Bealls, Eckerds* (Scrapbook Heaven), Blockbuster | 10.62 | |||||||||||||||||||||||||||
Blanco Village | San Antonio | 2000 | 108,325 | 100.0 | % | 16 | 0 | 74,627 | H.E.B | 15.68 | ||||||||||||||||||||||||||
(4/30/2015) | ||||||||||||||||||||||||||||||||||||
Wurzbach | San Antonio | 1979 | 59,771 | 100.0 | % | 3 | 0 | 52,957 | Albertsons* | 16.25 | ||||||||||||||||||||||||||
(12/31/2004) | ||||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS TEXAS (32) | 3,033,894 | 82.9 | % | 559 | 84 | 528,286 | 547,677 | | $10.62 |
Page 17
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2003
Year | Total | Supermarket anchor | Average | |||||||||||||||||||||||||||||||
built/ | square | Percent | # of tenants | owned | shadow | name | base rent | |||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | exp date | Other anchor tenants | per leased SF | |||||||||||||||||||||||
VIRGINA (2) | ||||||||||||||||||||||||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 100.0 | % | 14 | 0 | 32,000 | Ingles | Wal-Mart | $5.81 | |||||||||||||||||||||||
(9/25/2010) | ||||||||||||||||||||||||||||||||||
Waterlick Plaza | Lynchburg | 1973, 1988 | 98,694 | 80.8 | % | 21 | 3 | 30,780 | Kroger (3/18/2008) | CVS Drugs | 8.60 | |||||||||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (2) | 225,535 | 91.6 | % | 35 | 3 | 62,780 | 0 | $6.89 | ||||||||||||||||||||||||||
TOTAL STABILIZED SHOPPING CENTERS (168) | 17,859,039 | 90.5 | % | 3,042 | 449 | 4,588,154 | 804,617 | $8.99 | ||||||||||||||||||||||||||
DEVELOPMENTS AND REDEVELOPMENTS (9) | ||||||||||||||||||||||||||||||||||
Cashmere | Port St. Lucie, FL | 2003 Dev | 4.0 acres | |||||||||||||||||||||||||||||||
Coral Way N.E | Miami, FL | 2003 Dev | 4.0 acres | |||||||||||||||||||||||||||||||
Homestead | Homestead, FL | 2004 Dev | 12.0 acres | |||||||||||||||||||||||||||||||
Miramar Outparcels | Miramar, FL | Held for sale | 2.0 acres | |||||||||||||||||||||||||||||||
Oakbrook | Palm Beach Gdns, FL | 1974 / 2000, 2003 Redev | 210,115 | 44.8 | % | 14 | 21 | 44,400 | Publix (10/31/2020) | Eckerds, Duffy’s, Steinmart (opening May 2003) | 13.44 | |||||||||||||||||||||||
Plaza Alegre | Miami, FL | 2003 Dev | 88,111 | 65.4 | % | 10 | 11 | 44,271 | Publix (1/31/2023) | Goodwill | 8.65 | |||||||||||||||||||||||
Shops of Huntcrest | Lawrenceville, GA | 2003 Dev | 97,040 | 66.0 | % | 5 | 24 | 54,340 | Publix (1/31/2023) | 17.06 | ||||||||||||||||||||||||
Walden Woods | Plant City, FL | 1985 / 1998, 2003 Redev | 74,336 | 37.3 | % | 9 | 2 | Walgreens | 8.65 | |||||||||||||||||||||||||
Westridge | Henry County, GA | 2004 Dev | 13.5 acres | |||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS & DEVELOPMENTS (177) | 18,328,641 | 89.5 | % | 3,080 | 507 | 4,731,165 | 804,617 | $9.05 | ||||||||||||||||||||||||||
OTHER PROPERTIES (2) | ||||||||||||||||||||||||||||||||||
4101 South I-85 Industrial | Charlotte, NC | 1956, 1963 | 188,514 | 78.8 | % | 5 | 5 | |||||||||||||||||||||||||||
Mandarin Mini-storage | Jacksonville, FL | 1982 | 52,880 | 98.1 | % | 524 | 10 | |||||||||||||||||||||||||||
GRAND TOTAL (179) | 18,570,035 | 89.4 | % | 3,609 | 522 | 4,731,165 | 804,617 | |||||||||||||||||||||||||||
Total square footage does not include shadow anchor square footage which is not owned or controlled by Equity One.
* | Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ). |
Page 18
EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
as of March 31, 2003
State | Count | SF | Leased | Vacant | Leased % | AMR | |||||||||||||||||||
Florida | 72 | 8,009,011 | 1,563 | 200 | 94.6 | % | $ | 74,411,870 | |||||||||||||||||
Texas | 32 | 3,033,894 | 559 | 84 | 82.9 | % | 26,723,554 | ||||||||||||||||||
Georgia | 20 | 2,339,735 | 349 | 60 | 92.9 | % | 17,918,845 | ||||||||||||||||||
Louisiana | 16 | 1,919,090 | 180 | 43 | 82.4 | % | 10,003,993 | ||||||||||||||||||
North Carolina | 12 | 1,140,003 | 166 | 34 | 91.1 | % | 7,288,087 | ||||||||||||||||||
Arizona | 3 | 346,772 | 66 | 9 | 83.5 | % | 2,454,363 | ||||||||||||||||||
Tennessee | 2 | 297,784 | 35 | 7 | 92.5 | % | 1,695,841 | ||||||||||||||||||
Alabama | 3 | 199,690 | 40 | 1 | 98.8 | % | 1,581,325 | ||||||||||||||||||
Virginia | 2 | 225,535 | 35 | 3 | 91.6 | % | 1,422,412 | ||||||||||||||||||
South Carolina | 4 | 242,218 | 34 | 4 | 86.9 | % | 1,282,989 | ||||||||||||||||||
Mississippi | 1 | 66,857 | 7 | 0 | 100.0 | % | 403,816 | ||||||||||||||||||
Kentucky | 1 | 38,450 | 8 | 4 | 80.6 | % | 164,911 | ||||||||||||||||||
Total | 168 | 17,859,039 | 3,042 | 449 | 90.5 | % | $ | 145,352,005 |
Note: Chart excludes Mandarin Mini-storage, Industrial property and 9 development/redevelopment properties.
Page 19
EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
as of March 31, 2003
Renewals
Average | Average | Annualized | ||||||||||||||||||
Average | Expiring | New | Minimum | |||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||||||||||||
75 | 202,226 | 2,696 | $ | 10.23 | $ | 10.64 | $ | 2,151,211 | ||||||||||||
% Increase psf | 4.0 | % | ||||||||||||||||||
Net Increase (AMR) | $ | 82,877 |
New Leases
Average | Annualized | |||||||||||||||
Average | New | Minimum | ||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||
67 | 202,823 | 3,027 | $ | 11.45 | $ | 2,323,080 |
Lost Leases
Average | Annualized | ||||||||||||||||||||
Average | Expiring | Minimum | |||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | |||||||||||||||||
54 | 153,865 | 2,849 | $ | 11.43 | $ | 1,757,954 | |||||||||||||||
Net Absorption | 48,958 | New Leases - Lost Leases | Net Gain (AMR) | $ | 565,126 | ||||||||||||||||
Retention Ratio | 56.8 | % | Renewals / (Renewals + Lost Leases) |
Page 20
EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of March 31, 2003
% of total | |||||||||||||||||||||||||
Number | % of total | Annualized | annualized | Average | |||||||||||||||||||||
of | Square | square | minimum | minimum | minimum | ||||||||||||||||||||
Tenant | stores | feet | feet | rent | rent | rent | |||||||||||||||||||
Top ten tenants | |||||||||||||||||||||||||
Publix | 42 | 1,802,021 | 9.8 | % | $ | 12,640,967 | 8.5 | % | $ | 7.01 | |||||||||||||||
Kroger | 14 | 740,617 | 4.0 | % | 5,485,054 | 3.7 | % | 7.41 | |||||||||||||||||
Winn Dixie | 16 | 709,888 | 3.9 | % | 4,526,751 | 3.0 | % | 6.38 | |||||||||||||||||
K mart | 8 | 697,895 | 3.8 | % | 3,721,827 | 2.5 | % | 5.33 | |||||||||||||||||
Wal-Mart | 11 | 727,200 | 4.0 | % | 3,678,195 | 2.5 | % | 5.06 | |||||||||||||||||
Blockbuster | 24 | 141,479 | 0.8 | % | 2,044,966 | 1.4 | % | 14.45 | |||||||||||||||||
Food Lion/ Kash N’ Karry | 8 | 297,802 | 1.6 | % | 1,948,574 | 1.3 | % | 6.54 | |||||||||||||||||
Eckerd | 26 | 251,428 | 1.4 | % | 1,914,684 | 1.3 | % | 7.62 | |||||||||||||||||
Safeway/ Randall’s | 5 | 250,734 | 1.4 | % | 1,616,186 | 1.1 | % | 6.45 | |||||||||||||||||
Bed, Bath & Beyond | 4 | 133,038 | 0.7 | % | 1,455,913 | 1.0 | % | 10.94 | |||||||||||||||||
Sub-total top ten tenants | 158 | 5,752,102 | 31.4 | % | $ | 39,033,117 | 26.3 | % | $ | 6.79 | |||||||||||||||
Remaining tenants | 2,922 | 10,652,821 | 58.1 | % | 109,414,625 | 73.7 | % | 10.27 | |||||||||||||||||
Sub-total all tenants | 3,080 | 16,404,923 | 89.5 | % | $ | 148,447,742 | 100.0 | % | $ | 9.05 | |||||||||||||||
Vacant | 507 | 1,923,718 | 10.5 | % | NA | ||||||||||||||||||||
Total including vacant | 3,587 | 18,328,641 | 100.0 | % | $ | 148,447,742 | 100.0 | % | $ | 8.10 | |||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property and the five pending developments.
Page 21
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of March 31, 2003
ALL TENANTS
Percent | Average | |||||||||||||||||||||||||||
Percent | of | annual | ||||||||||||||||||||||||||
of | Annualized | total | minimum | |||||||||||||||||||||||||
Number | total | minimum | annualized | rent per | ||||||||||||||||||||||||
of | Square | square | rent at | minimum | square | |||||||||||||||||||||||
Date | tenants | feet | feet | expiration | rent | foot | ||||||||||||||||||||||
M-T-M | 81 | 269,339 | 1.5 | % | $ | 2,363,806 | 1.5 | % | $ | 8.78 | ||||||||||||||||||
2003 | 483 | 1,340,245 | 7.3 | % | 14,120,651 | 9.3 | % | 10.54 | ||||||||||||||||||||
2004 | 635 | 1,667,688 | 9.1 | % | 19,411,494 | 12.7 | % | 11.64 | ||||||||||||||||||||
2005 | 664 | 1,896,420 | 10.3 | % | 21,334,887 | 14.0 | % | 11.25 | ||||||||||||||||||||
2006 | 436 | 1,794,314 | 9.8 | % | 18,526,991 | 12.1 | % | 10.33 | ||||||||||||||||||||
2007 | 361 | 1,700,772 | 9.3 | % | 17,513,005 | 11.5 | % | 10.30 | ||||||||||||||||||||
2008 | 141 | 1,033,624 | 5.6 | % | 9,766,416 | 6.4 | % | 9.45 | ||||||||||||||||||||
2009 | 50 | 936,978 | 5.1 | % | 6,294,128 | 4.1 | % | 6.72 | ||||||||||||||||||||
2010 | 50 | 694,893 | 3.8 | % | 4,719,785 | 3.1 | % | 6.79 | ||||||||||||||||||||
2011 | 32 | 797,744 | 4.4 | % | 5,336,990 | 3.5 | % | 6.69 | ||||||||||||||||||||
2012 | 28 | 511,136 | 2.8 | % | 4,884,283 | 3.2 | % | 9.56 | ||||||||||||||||||||
Thereafter | 119 | 3,761,770 | 20.5 | % | 28,342,263 | 18.6 | % | 7.53 | ||||||||||||||||||||
Sub-total / average | 3,080 | 16,404,923 | 89.5 | % | $ | 152,614,699 | 100.0 | % | $ | 9.30 | ||||||||||||||||||
Vacant | 507 | 1,923,718 | 10.5 | % | NA | NA | NA | |||||||||||||||||||||
Total / average | 3,587 | 18,328,641 | 100.0 | % | $ | 152,614,699 | 100.0 | % | $ | 8.33 | ||||||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property and the
five pending developments.
Page 22
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
as of March 31, 2003
(in thousands, except square footage data)
1) | Coral Way, N.E. |
Miami, Florida |
We own a 4.0 acre parcel at the northeast corner of S.W. 147th Avenue and Coral Way across the street from Plaza Allegre, upon which we expect to commence construction of a 25,000 square foot drug-store anchored shopping center in the third quarter of 2003 with a target completion in the first quarter of 2004. This land parcel is reflected as a development property. |
2) | University Mall |
Pembroke Pines, Florida |
We have executed a ground lease with Lowe’s to accommodate their construction of a 177,000 square foot home improvement store on this mostly vacant property. Lowe’s will pay all the development and construction costs related to their store and the associated site area and parking. In conjunction with the Lowe’s lease, we will spend approximately $4,300 to redevelop the remainder of the property. The current configuration of the property is listed on the Property Status Report. |
3) | Oakbrook Square |
Palm Beach Gardens, Florida |
This property is a 225,000 square foot shopping center anchored by Publix. Jacobson’s closed their 90,000 square foot store in October 2002. Stein Mart has executed a lease to occupy 41,000 square feet of this space in the second quarter of 2003, and the balance is out for leasing. Redevelopment is currently underway to reconfigure a portion of the retail space, add additional parking and develop a 6,000 square foot outparcel, all at an estimated total cost of $3,000. The current configuration of the property is listed on the Property Status Report. |
4) | Salerno Village |
Stuart, Florida |
We intend to redevelop this supermarket-anchored shopping center which we purchased in May 2002. Winn Dixie, the existing supermarket, has executed a new 20-year lease for 45,802 square feet, an increase from their current 31,503 square foot store. The redevelopment will cost approximately $6,000, will commence in the third quarter of 2003, and is expected to be completed in early 2004. The current configuration of the property is listed on the Property Status Report. |
5) | Homestead |
Homestead, Florida |
We own a 12 acre site adjacent to a master planned community in Homestead, Florida, approximately 25 miles south of Miami. We expect to develop a supermarket-anchored shopping center on this site in 2005. The land parcel is reflected as a development property. |
6) | Shops at Skylake |
North Miami Beach, Florida |
We plan to complete the final phase of Skylake totaling approximately 120,000 square feet in the first quarter of 2004 at an additional cost of approximately $7,000. To date, we have executed a lease with LA Fitness Sports Clubs for a 45,000 square foot health club and 30,000 square feet is out for local tenant leasing. The current configuration of the property is listed on the Property Status Report. |
7) | Cashmere |
Port St. Lucie, Florida |
This is a four acre site adjacent to our Cashmere Corners retail center. In April 2003 we will commence construction of 20,000 square feet of retail space. The project is expected to be completed in November 2003 at an a cost of approximately $1,800. This development is not reflected on the December 31, 2002 Property Status Report, although the land parcel is listed as a development property. |
8) | Miramar Outparcels |
Miramar, Florida |
We own one outparcel which is under contract to be sold in the second quarter of 2003. The land parcel is reflected as a development property. |
9) | Westridge |
Henry County, Georgia |
We own a 13.5 acre site adjacent to a master planned community in Henry County, Georgia. We expect to develop a supermarket anchored center on this site in late 2004. The land parcel is reflected as a development property. |
10) | Walden Woods |
Plant City, FL |
We intend to redevelop approximately 45,000 square feet of this property in 2003, following the termination by a dark Winn Dixie of their existing lease in December 2002. The current configuration is reflected on the Property Status Report. |
11) | Plaza Alegre |
Miami, Florida |
We have completed construction in March 2003 of this shopping center located at the southeast corner of S.W. 147th Avenue and Coral Way in southwest Miami-Dade County. Plaza Allegre will feature a 44,000 square foot Publix supermarket, a 14,000 square foot Goodwill Superstore, 26,000 square feet of local retail space and two out parcels. We are in the process of completing the lease-up of the loacal space. |
12) | Shops at Huntcrest |
Lawrenceville, GA |
This Publix-anchored shopping center development was substantially completed in January 2003. We are in the process of completing the lease-up of the loacal space. |
Page 23
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
as of March 31, 2003
(in thousands, except square footage data)
Acquisition Activity
Other than the IRT Property Company merger, the only other acquisition was a 13.5-acre parcel of land that is being held for future development.
Disposition Activity
Square | Sales | |||||||||||||||||||
Date Sold | Property Name | City | State | Footage | Price | Gain on Sale | ||||||||||||||
March 5, 2003 | Eckerds | Leesburg | FL | 10,908 | $ | 2,715 | $ | 178 | ||||||||||||
March 5, 2003 | Eckerds | Melbourne | FL | 12,739 | 4,050 | 325 | ||||||||||||||
Total | 23,647 | $ | 6,765 | $ | 503 | |||||||||||||||
Page 24
EQUITY ONE, INC. AND SUBSIDIARIES
JOINT VENTURE INVESTMENTS
as of March 31, 2003
(in thousands, except square footage data)
Owned joint ventures *
1) | City Centre |
2) | City Centre Parcel F |
Palm Beach Gardens, Florida |
City Centre is a 93,565 square foot office/retail center that was 93% leased as of March 31, 2003. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,954 as of March 31, 2003, which matures in April 2010. This property includes a parcel of land slated for future office development which is held in a separate joint venture. Equity One owns a 50% interest in both joint ventures. |
3) | Park Place |
Plano, Texas |
Park Place is a 112,478 square foot retail center that was 100% leased as of March 31, 2003. The development plan calls for the construction of two additional phases totaling 29,000 square feet at a cost of $2,600, with completion targeted for December 2003. The property is encumbered by a $15,000 interest-only loan bearing interest at LIBOR + 140, which matures in April 2005, which we have guaranteed. Equity One owns a 50.1% interest in this joint venture. |
4) | Oaks Square |
Gainesville, Florida |
Oaks Square is a 119,355 square foot retail center that was 100% leased as of March 31, 2003. The property is encumbered by a 7.63% fixed-rate mortgage loan with a balance of $16,599 as of March 31, 2003, which matures in December 2010. Equity One owns a 50% interest in this joint venture. |
* Equity One accounts for these four joint venture interests using the equity method as we do not consider ourselves to be in control of the major business decisions. |
Page 25
EQUITY ONE, INC. AND SUBSIDIARIES
STOCK PRICE AND VOLUME STATISTICS
for the three months ended March 31, 2003
*Data obtained from Yahoo Chart Services
Page 26