EXHIBIT 99.2
Equity One, Inc.
Supplemental Information Package
September 30, 2003
Equity One, Inc.
1696 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Tel: (305) 947-1664 Fax: (305) 947-1734
www.equityone.net
Equity One, Inc.
SUPPLEMENTAL INFORMATION
September 30, 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 | 8 | |||
CONSOLIDATED BALANCE SHEETS | 9 | |||
DEBT SUMMARY | 10 | |||
PROPERTY STATUS REPORT | 14 | |||
ANNUAL MINIMUM RENT BY STATE | 20 | |||
LEASING ACTIVITY | 21 | |||
TENANT CONCENTRATION SCHEDULE | 23 | |||
SHOPPING CENTER LEASE EXPIRATION SCHEDULES | 25 | |||
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS | 28 | |||
REAL ESTATE ACQUISITIONS AND DISPOSITIONS | 29 | |||
JOINT VENTURE INVESTMENTS | 30 | |||
STOCK PRICE AND VOLUME STATISTICS | 31 |
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, Texas, Georgia 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 September 30, 2003. |
EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION
for the periods ended September 30, 2003 and 2002
(in thousands, except per share data)
Three months ended | Nine months ended | |||||||||||||||||
Sep 30, 2003 | Sep 30, 2002 | Sep 30, 2003 | Sep 30, 2002 | |||||||||||||||
Total dividends paid per share | $ | 0.28 | $ | 0.27 | $ | 0.82 | $ | 0.81 | ||||||||||
Funds from operations per share | $ | 0.37 | $ | 0.39 | $ | 1.08 | $ | 1.08 | ||||||||||
Dividend / FFO payout ratio | 75.7 | % | 69.2 | % | 75.9 | % | 75.0 | % | ||||||||||
FFO multiple (annualized if < 12 months) | 11.5 | 9.0 | 11.8 | 6.5 | ||||||||||||||
Adjusted funds from operations per share | $ | 0.33 | $ | 0.37 | $ | 1.01 | $ | 1.02 | ||||||||||
Dividend / AFFO payout ratio | 84.8 | % | 73.0 | % | 81.2 | % | 79.4 | % | ||||||||||
AFFO multiple (annualized if < 12 months) | 12.9 | 9.5 | 12.6 | 6.9 | ||||||||||||||
Income before minority interest | $ | 17,476 | $ | 10,951 | 46,551 | 32,707 | ||||||||||||
Income from discontinued operations | (1,421 | ) | (1,617 | ) | (4,036 | ) | (10,439 | ) | ||||||||||
(Gain) loss on extinguishment of debt | — | (1,520 | ) | 623 | (1,520 | ) | ||||||||||||
Interest expense | 10,167 | 5,208 | 28,598 | 16,616 | ||||||||||||||
Amortization of deferred financing fees | 259 | 169 | 853 | 582 | ||||||||||||||
Rental property depreciation and amortization, excluding discontinued operations | 7,535 | 3,428 | 19,576 | 9,953 | ||||||||||||||
Pro-rata share from unconsolidated joint ventures | ||||||||||||||||||
Depreciation and amortization | 83 | 152 | 383 | 466 | ||||||||||||||
Interest expense | 189 | 367 | 889 | 1,103 | ||||||||||||||
EBITDA | $ | 34,288 | $ | 17,138 | $ | 93,437 | $ | 49,468 | ||||||||||
Interest expense, including joint venture interest | $ | 10,356 | $ | 5,575 | $ | 29,487 | $ | 17,719 | ||||||||||
EBITDA : interest coverage ratio | 3.3 | 3.1 | 3.2 | 2.8 | ||||||||||||||
EBITDA margin (EBITDA/total rental revenues) | 67.5 | % | 68.6 | % | 67.9 | % | 67.7 | % | ||||||||||
Net operating income (NOI) from continuing operations | ||||||||||||||||||
Total rental revenue | $ | 50,829 | $ | 24,987 | $ | 137,556 | $ | 73,042 | ||||||||||
Property operating expenses (1) | 14,136 | 7,414 | 38,416 | 21,554 | ||||||||||||||
Net operating income | $ | 36,693 | $ | 17,573 | $ | 99,140 | $ | 51,488 | ||||||||||
NOI margin (NOI/total rental income) | 72.2 | % | 70.3 | % | 72.1 | % | 70.5 | % |
(1) | net of intercompany expenses. |
Same property NOI (2) | ||||||||||||||||||
Total rental revenue | $ | 23,564 | $ | 22,767 | $ | 67,545 | $ | 65,997 | ||||||||||
Property operating expenses | 7,357 | 7,196 | 20,652 | 20,054 | ||||||||||||||
Net operating income | $ | 16,207 | $ | 15,571 | $ | 46,893 | $ | 45,943 | ||||||||||
Growth in same property NOI | 4.1 | % | 2.1 | % | ||||||||||||||
Growth in same property NOI, excluding termination fees | 4.8 | % | 1.9 | % | ||||||||||||||
Same property occupancy | 88.6 | % | 89.7 | % | 88.2 | % | 89.4 | % |
(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 | $ | 2,737 | $ | 1,435 | $ | 7,936 | $ | 5,020 | |||||||||
as % of total rental revenues | 5.38 | % | 5.74 | % | 5.77 | % | 6.87 | % | |||||||||
as % of total assets (annualized) | 0.67 | % | 0.80 | % | 0.65 | % | 0.93 | % |
Page 3
EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION
as of September 30, 2003 and December 31, 2002
(in thousands, except per share data)
Sep 30, 2003 | Dec 31, 2002 | |||||||||||
Closing market price | $ | 17.00 | $ | 13.35 | ||||||||
Dividend yield (based on current annualized dividend) | 6.59 | % | 8.09 | % | ||||||||
Book value per share (fully diluted, end of period) | $ | 11.69 | $ | 10.00 | ||||||||
Liquidity | ||||||||||||
Cash and cash equivalents | $ | — | $ | 2,944 | ||||||||
Cash held in escrow | $ | — | $ | 5,933 | ||||||||
Revolving credit facilities | ||||||||||||
Gross available under current credit facilities | 345,000 | 81,703 | ||||||||||
less: Outstanding balance | (138,000 | ) | (23,000 | ) | ||||||||
Holdback for letters of credit | (1,378 | ) | (1,073 | ) | ||||||||
Escrowed for tax and insurance | — | (186 | ) | |||||||||
Net available under credit facilities | $ | 205,622 | $ | 57,444 | ||||||||
Equity capitalization (end of period) | ||||||||||||
Common stock shares (in thousands) | ||||||||||||
Basic common stock shares | 67,641.248 | 34,210.147 | ||||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares | 675.094 | 330.335 | ||||||||||
Walden Woods shares | 93.656 | 93.656 | ||||||||||
Northport operating partnership units | — | 261.850 | ||||||||||
IRT Partners operating partnership units | 734.266 | — | ||||||||||
Common stock options (treasury method, closing price) | 429.934 | 113.248 | ||||||||||
Fully diluted common stock shares | 69,574.198 | 35,009.236 | ||||||||||
Total debt (excluding unamortized premium) | $ | 729,453 | $ | 355,143 | ||||||||
Cash and cash equivalents, cash held in escrow | — | (8,877 | ) | |||||||||
Securities held for sale | — | (912 | ) | |||||||||
Net debt | 729,453 | 345,354 | ||||||||||
Equity market capitalization (fully diluted, end of period) | 1,182,761 | 467,373 | ||||||||||
Total market capitalization | $ | 1,912,214 | $ | 812,727 | ||||||||
Net debt to total market capitalization | 38.1 | % | 42.5 | % | ||||||||
Gross real estate investments | $ | 1,610,695 | $ | 718,864 | ||||||||
Net debt to gross real estate investments | 45.3 | % | 48.0 | % | ||||||||
Fixed rate debt (excluding unamortized premium) | $ | 591,453 | $ | 307,508 | ||||||||
Variable rate debt — hedged | 70,000 | — | ||||||||||
Variable rate debt — unhedged | 68,000 | 47,635 | ||||||||||
Total debt | $ | 729,453 | $ | 355,143 | ||||||||
% Fixed rate debt | 81.1 | % | 86.6 | % | ||||||||
% Variable rate debt — hedged | 9.6 | % | 0.0 | % | ||||||||
% Variable rate debt — unhedged | 9.3 | % | 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 | |||||||||
Weighted-average interest rate on revolving credit facilities | 2.17 | % | N/A |
Page 4
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the periods ended September 30, 2003 and 2002
(in thousands, except per share data)
Three months ended | Nine months ended | ||||||||||||||||
Sep 30, 2003 | Sep 30, 2002 | Sep 30, 2003 | Sep 30, 2002 | ||||||||||||||
Rental revenue: | |||||||||||||||||
Minimum rents | $ | 39,503 | $ | 19,019 | $ | 105,708 | $ | 54,407 | |||||||||
Expense recoveries | 10,698 | 5,572 | 29,247 | 16,790 | |||||||||||||
Termination fees | 304 | 284 | 801 | 518 | |||||||||||||
Percentage rent payments | 324 | 112 | 1,800 | 1,327 | |||||||||||||
Total rental revenue | 50,829 | 24,987 | 137,556 | 73,042 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Property operating expenses | 14,136 | 7,414 | 38,416 | 21,554 | |||||||||||||
Interest expense | 10,167 | 5,208 | 28,598 | 16,616 | |||||||||||||
Amortization of deferred financing fees | 259 | 169 | 853 | 582 | |||||||||||||
Rental property depreciation and amortization | 7,535 | 3,428 | 19,576 | 9,953 | |||||||||||||
General and administrative expenses | 2,737 | 1,435 | 7,936 | 5,020 | |||||||||||||
Total costs and expenses | 34,834 | 17,654 | 95,379 | 53,725 | |||||||||||||
Income before other income and expenses, discontinued operations and minority interest | 15,995 | 7,333 | 42,177 | 19,317 | |||||||||||||
Other income and expenses: | |||||||||||||||||
Investment income | 66 | 452 | 940 | 1,257 | |||||||||||||
Other income | 48 | 48 | 138 | 183 | |||||||||||||
Equity in loss of joint ventures | (54 | ) | (19 | ) | (117 | ) | (9 | ) | |||||||||
Gain (loss) on extinguishment of debt | — | 1,520 | (623 | ) | 1,520 | ||||||||||||
Income before discontinued operations and minority interest | 16,055 | 9,334 | 42,515 | 22,268 | |||||||||||||
Discontinued operations: | |||||||||||||||||
Income from operations of sold properties | 212 | 526 | 953 | 2,245 | |||||||||||||
Gain on disposal of income producing properties | 1,209 | 1,091 | 3,083 | 8,194 | |||||||||||||
Total income from discontinued operations | 1,421 | 1,617 | 4,036 | 10,439 | |||||||||||||
Income before minority interest | 17,476 | 10,951 | 46,551 | 32,707 | |||||||||||||
Minority interest | (227 | ) | (25 | ) | (606 | ) | (76 | ) | |||||||||
Net income | $ | 17,249 | $ | 10,926 | $ | 45,945 | $ | 32,631 | |||||||||
Basic earnings per share Income before discontinued operations | $ | 0.25 | $ | 0.27 | $ | 0.73 | $ | 0.69 | |||||||||
Income from discontinued operations | 0.02 | 0.05 | 0.07 | 0.32 | |||||||||||||
Net income | $ | 0.27 | $ | 0.32 | $ | 0.80 | $ | 1.01 | |||||||||
Diluted earnings per share | |||||||||||||||||
Income before discontinued operations | $ | 0.25 | $ | 0.27 | $ | 0.72 | $ | 0.68 | |||||||||
Income from discontinued operations | 0.02 | 0.05 | 0.07 | $ | 0.32 | ||||||||||||
Net income | $ | 0.27 | $ | 0.32 | $ | 0.79 | $ | 1.00 | |||||||||
Weighted average shares outstanding | |||||||||||||||||
Basic | 63,777 | 33,926 | 57,348 | 32,195 | |||||||||||||
Diluted | 65,523 | 34,785 | 58,977 | 32,956 | |||||||||||||
Page 5
EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended September 30, 2003
(in thousands, except per share data)
Three months ended | Nine months ended | ||||||||||||||||||||||||
Sep 30, 2003 | Sep 30, 2003 | ||||||||||||||||||||||||
As | Discontinued | Pre SFAS | As | Discontinued | Pre SFAS | ||||||||||||||||||||
Reported | Operations | No. 144 | Reported | Operations | No. 144 | ||||||||||||||||||||
Rental revenue: | |||||||||||||||||||||||||
Minimum rents | $ | 39,503 | $ | 251 | $ | 39,754 | $ | 105,708 | $ | 886 | $ | 106,594 | |||||||||||||
Expense recoveries | 10,698 | 22 | 10,720 | 29,247 | 68 | 29,315 | |||||||||||||||||||
Termination fees | 304 | — | 304 | 801 | — | 801 | |||||||||||||||||||
Percentage rent payments | 324 | — | 324 | 1,800 | — | 1,800 | |||||||||||||||||||
Total rental revenue | 50,829 | 273 | 51,102 | 137,556 | 954 | 138,510 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Property operating expenses | 14,136 | 66 | 14,202 | 38,416 | 167 | 38,583 | |||||||||||||||||||
Interest expense | 10,167 | 131 | 10,298 | 28,598 | 328 | 28,926 | |||||||||||||||||||
Amortization of deferred financing fees | 259 | — | 259 | 853 | 1 | 854 | |||||||||||||||||||
Rental property depreciation and amortization | 7,535 | 39 | 7,574 | 19,576 | 130 | 19,706 | |||||||||||||||||||
General and administrative expenses | 2,737 | — | 2,737 | 7,936 | 7,936 | ||||||||||||||||||||
Total costs and expenses | 34,834 | 236 | 35,070 | 95,379 | 626 | 96,005 | |||||||||||||||||||
Income before other income and expenses, discontinued operations and minority interest | 15,995 | 37 | 16,032 | 42,177 | 328 | 42,505 | |||||||||||||||||||
Other income and expense: | |||||||||||||||||||||||||
Investment income | 66 | — | 66 | 940 | — | 940 | |||||||||||||||||||
Other income | 48 | — | 48 | 138 | — | 138 | |||||||||||||||||||
Equity in income (loss) of joint ventures | (54 | ) | 175 | 121 | (117 | ) | 625 | 508 | |||||||||||||||||
Loss on extinguishment of debt | — | — | — | (623 | ) | — | (623 | ) | |||||||||||||||||
Income before discontinued operations and minority interest | 16,055 | 212 | 16,267 | 42,515 | 953 | 43,468 | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
Income from operations of sold properties | 212 | (212 | ) | 953 | (953 | ) | |||||||||||||||||||
Gain on disposal of income producing properties | 1,209 | — | 1,209 | 3,083 | — | 3,083 | |||||||||||||||||||
Income from discontinued operations | 1,421 | (212 | ) | 1,209 | 4,036 | (953 | ) | 3,083 | |||||||||||||||||
Income before minority interest | 17,476 | — | 17,476 | 46,551 | — | 46,551 | |||||||||||||||||||
Minority interest | (227 | ) | — | (227 | ) | (606 | ) | — | (606 | ) | |||||||||||||||
Net income | $ | 17,249 | $ | — | $ | 17,249 | $ | 45,945 | $ | — | $ | 45,945 | |||||||||||||
Note: 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 or held for sale 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 or held for sale and the results before the impact of SFAS No. 144.
Page 6
EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended September 30, 2002
(in thousands, except per share data)
Three months ended | Nine months ended | |||||||||||||||||||||||||
Sep 30, 2002 | Sep 30, 2002 | |||||||||||||||||||||||||
As | Discontinued | Pre SFAS | As | Discontinued | Pre SFAS | |||||||||||||||||||||
Reported | Operations | No. 144 | Reported | Operations | No. 144 | |||||||||||||||||||||
Rental revenue: | ||||||||||||||||||||||||||
Minimum rents | $ | 19,019 | $ | 622 | $ | 19,641 | $ | 54,407 | $ | 2,812 | $ | 57,219 | ||||||||||||||
Expense recoveries | 5,572 | 120 | 5,692 | 16,790 | 432 | 17,222 | ||||||||||||||||||||
Termination fees | 284 | — | 284 | 518 | 25 | 543 | ||||||||||||||||||||
Percentage rent payments | 112 | — | 112 | 1,327 | — | 1,327 | ||||||||||||||||||||
Total rental revenue | 24,987 | 742 | 25,729 | 73,042 | 3,269 | 76,311 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Property operating expenses | 7,414 | 153 | 7,567 | 21,554 | 791 | 22,345 | ||||||||||||||||||||
Interest expense | 5,208 | 47 | 5,255 | 16,616 | 262 | 16,878 | ||||||||||||||||||||
Amortization of deferred financing fees | 169 | 59 | 228 | 582 | 67 | 649 | ||||||||||||||||||||
Rental property depreciation and amortization | 3,428 | 104 | 3,532 | 9,953 | 351 | 10,304 | ||||||||||||||||||||
General and administrative expenses | 1,435 | — | 1,435 | 5,020 | — | 5,020 | ||||||||||||||||||||
Total costs and expenses | 17,654 | 363 | 18,017 | 53,725 | 1,471 | 55,196 | ||||||||||||||||||||
Income before other income and expenses, discontinued operations and minority interest | 7,333 | 379 | 7,712 | 19,317 | 1,798 | 21,115 | ||||||||||||||||||||
Other income and expenses: | ||||||||||||||||||||||||||
Investment income | 452 | — | 452 | 1,257 | — | 1,257 | ||||||||||||||||||||
Other income | 48 | 2 | 50 | 183 | 2 | 185 | ||||||||||||||||||||
Equity in income (loss) of joint ventures | (19 | ) | 145 | 126 | (9 | ) | 445 | 436 | ||||||||||||||||||
Gain on extinguishment of debt | 1,520 | — | 1,520 | 1,520 | — | 1,520 | ||||||||||||||||||||
Income before discontinued operations and minority interest | 9,334 | 526 | 9,860 | 22,268 | 2,245 | 24,513 | ||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
Income from operations of sold properties | 526 | (526 | ) | — | 2,245 | (2,245 | ) | — | ||||||||||||||||||
Gain on disposal of income producing properties | 1,091 | — | 1,091 | 8,194 | — | 8,194 | ||||||||||||||||||||
Total income from discontinued operations | 1,617 | (526 | ) | 1,091 | 10,439 | (2,245 | ) | 8,194 | ||||||||||||||||||
Income before minority interest | 10,951 | — | 10,951 | 32,707 | — | 32,707 | ||||||||||||||||||||
Minority interest | (25 | ) | — | (25 | ) | (76 | ) | — | (76 | ) | ||||||||||||||||
Net income | $ | 10,926 | $ | — | $ | 10,926 | $ | 32,631 | $ | — | $ | 32,631 | ||||||||||||||
Note: 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 or held for sale 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 or held for sale and the results before the impact of SFAS No. 144.
Page 7
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
for the periods ended September 30, 2003 and 2002
(in thousands, except per share data)
Three months ended | Nine months ended | |||||||||||||||||||||
Sep 30, 2003 | Sep 30, 2002 | Sep 30, 2003 | Sep 30, 2002 | |||||||||||||||||||
Net income | $ | 17,249 | $ | 10,926 | $ | 45,945 | $ | 32,631 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 7,574 | 3,532 | 19,706 | 10,304 | ||||||||||||||||||
Gain on disposal of income producing properties | (1,209 | ) | (1,091 | ) | (3,083 | ) | (8,194 | ) | ||||||||||||||
Minority interest | 227 | 25 | 606 | 76 | ||||||||||||||||||
Other items: | ||||||||||||||||||||||
Interest on convertible partnership units | — | 64 | 43 | 194 | ||||||||||||||||||
Pro-rata share of real estate depreciation from joint ventures | 83 | 152 | 383 | 466 | ||||||||||||||||||
Funds from operations (FFO) | $ | 23,924 | $ | 13,608 | $ | 63,600 | $ | 35,477 | ||||||||||||||
Increase | 75.8 | % | 79.3 | % | ||||||||||||||||||
FFO per share (diluted) | $ | 0.37 | $ | 0.39 | $ | 1.08 | $ | 1.08 | ||||||||||||||
Decrease | -5.1 | % | 0.0 | % | ||||||||||||||||||
Adjusted funds from operations (AFFO) | ||||||||||||||||||||||
Funds from operations | $ | 23,924 | $ | 13,608 | $ | 63,600 | $ | 35,477 | ||||||||||||||
less: | ||||||||||||||||||||||
Straight line rents | 402 | 248 | 1,212 | 313 | ||||||||||||||||||
Recurring capital expenditures | ||||||||||||||||||||||
Tenant improvements | 372 | 120 | 707 | 463 | ||||||||||||||||||
Leasing commissions and costs | 897 | 162 | 1,428 | 504 | ||||||||||||||||||
Other capital expenditures | 626 | 76 | 933 | 594 | ||||||||||||||||||
Total recurring capital expenditures | 1,895 | 358 | 3,068 | 1,561 | ||||||||||||||||||
Adjusted funds from operations | $ | 21,627 | $ | 13,002 | $ | 59,320 | $ | 33,603 | ||||||||||||||
Increase | 66.3 | % | 76.5 | % | ||||||||||||||||||
AFFO per share (diluted) | $ | 0.33 | $ | 0.37 | $ | 1.01 | $ | 1.02 | ||||||||||||||
Decrease | -10.8 | % | -1.0 | % | ||||||||||||||||||
Weighted average diluted shares | 65,523 | 34,785 | 58,977 | 32,956 |
Page 8
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
as of September 30, 2003 and December 31, 2002
(in thousands, except per share data)
Sep 30, 2003 | Dec 31, 2002 | ||||||||||
Assets | |||||||||||
Properties | |||||||||||
Income producing | $ | 1,557,967 | $ | 682,941 | |||||||
Less: accumulated depreciation | (59,274 | ) | (40,433 | ) | |||||||
Rental property | 1,498,693 | 642,508 | |||||||||
Construction in progress and land held for development | 42,185 | 35,923 | |||||||||
Property held for sale | 10,543 | ||||||||||
Rental property | 1,498,693 | 642,508 | |||||||||
Properties, net | 1,551,421 | 678,431 | |||||||||
Cash and cash equivalents | — | 2,944 | |||||||||
Cash held in escrow | — | 5,933 | |||||||||
Accounts and other receivables, net | 10,105 | 7,053 | |||||||||
Investments in and advances to joint ventures | 2,869 | 10,021 | |||||||||
Goodwill | 22,535 | 2,276 | |||||||||
Other assets | 36,244 | 23,411 | |||||||||
Total | $ | 1,623,174 | $ | 730,069 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Liabilities | |||||||||||
Mortgage notes payable | $ | 441,453 | $ | 332,143 | |||||||
Unsecured revolving credit facilities | 138,000 | — | |||||||||
Secured revolving credit facilities | — | 23,000 | |||||||||
Unsecured senior notes payable | 150,000 | — | |||||||||
Total debt | 729,453 | 355,143 | |||||||||
Unamortized premium on notes payable | 23,047 | — | |||||||||
Total notes payable | 752,500 | 355,143 | |||||||||
Accounts payable and accrued expenses | 35,335 | 14,760 | |||||||||
Tenant security deposits | 7,054 | 4,342 | |||||||||
Other liabilities | 2,173 | 1,724 | |||||||||
Total liabilities | 797,062 | 375,969 | |||||||||
Minority interest | 12,755 | 3,869 | |||||||||
Stockholders’ equity | |||||||||||
Common stock | 683 | 345 | |||||||||
Additional paid-in capital | 828,147 | 355,450 | |||||||||
Retained earnings | 541 | 5,969 | |||||||||
Accumulated other comprehensive loss | (1,994 | ) | (46 | ) | |||||||
Unamortized restricted stock compensation | (10,413 | ) | (4,375 | ) | |||||||
Notes receivable from issuance of common stock | (3,607 | ) | (7,112 | ) | |||||||
Total stockholders’ equity | 813,357 | 350,231 | |||||||||
Total | $ | 1,623,174 | $ | 730,069 | |||||||
Page 9
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of September 30, 2003
(in thousands)
Maturity | Sep 30, 2003 | Dec 31, 2002 | |||||||||||||||
Property | date | Rate (1) | balance | balance | |||||||||||||
Fixed rate mortgage debt | |||||||||||||||||
Lantana Village | 02/15/05 | 6.950 | % | $ | 3,707 | $ | 3,816 | ||||||||||
Elmwood Oaks | 06/01/05 | 8.375 | % | 7,500 | — | ||||||||||||
Benchmark Crossing | 08/01/05 | 9.250 | % | 3,334 | 3,393 | ||||||||||||
Sterling Plaza | 09/01/05 | 8.750 | % | 4,008 | 4,083 | ||||||||||||
Townsend Square | 10/01/05 | 8.500 | % | 4,867 | 4,922 | ||||||||||||
Green Oaks | 11/01/05 | 8.375 | % | 3,042 | 3,100 | ||||||||||||
Melbourne Plaza | 11/01/05 | 8.375 | % | 1,758 | 1,792 | ||||||||||||
Oak Hill (*) | 01/01/06 | 7.625 | % | — | 2,016 | ||||||||||||
Walden Woods | 08/01/06 | 7.875 | % | 2,414 | 2,492 | ||||||||||||
Big Curve | 10/01/06 | 9.190 | % | 5,467 | 5,552 | ||||||||||||
Highland Square | 12/01/06 | 8.870 | % | 4,070 | 4,135 | ||||||||||||
Park Northern | 12/01/06 | 8.370 | % | 2,308 | 2,377 | ||||||||||||
Crossroads Square f/k/a University Mall | 12/01/06 | 8.440 | % | 12,554 | 12,680 | ||||||||||||
Rosemeade | 12/01/07 | 8.295 | % | 3,196 | 3,244 | ||||||||||||
Colony Plaza | 01/01/08 | 7.540 | % | 3,025 | 3,053 | ||||||||||||
Parkwood (2) | 01/01/08 | 7.280 | % | 6,217 | 6,277 | ||||||||||||
Richwood (2) | 01/01/08 | 7.280 | % | 3,203 | 3,234 | ||||||||||||
Commonwealth | 02/15/08 | 7.000 | % | 2,782 | 2,864 | ||||||||||||
Mariners Crossing | 03/01/08 | 7.080 | % | 3,392 | 3,425 | ||||||||||||
Pine Island/Ridge Plaza | 07/01/08 | 6.910 | % | 25,025 | 25,274 | ||||||||||||
Forestwood | 01/01/09 | 5.070 | % | 7,325 | 7,425 | ||||||||||||
Shoppes of North Port | 02/08/09 | 6.650 | % | 4,132 | 4,201 | ||||||||||||
Prosperity Centre | 03/01/09 | 7.875 | % | 6,478 | 6,730 | ||||||||||||
North Village Center | 03/15/09 | 8.130 | % | 1,518 | — | ||||||||||||
Shoppes of Ibis | 09/01/09 | 6.730 | % | 5,907 | 6,031 | ||||||||||||
Tamarac Town Square | 10/01/09 | 9.190 | % | 6,226 | — | ||||||||||||
Park Promenade | 02/01/10 | 8.100 | % | 6,317 | 6,360 | ||||||||||||
Skipper Palms | 03/01/10 | 8.625 | % | 3,564 | 3,585 | ||||||||||||
Jonathan’s Landing | 05/01/10 | 8.050 | % | 2,909 | 2,932 | ||||||||||||
Bluff’s Square | 06/01/10 | 8.740 | % | 10,106 | 10,162 | ||||||||||||
Kirkman Shoppes | 06/01/10 | 8.740 | % | 9,543 | 9,596 | ||||||||||||
Ross Plaza | 06/01/10 | 8.740 | % | 6,656 | 6,693 | ||||||||||||
Boynton Plaza | 07/01/10 | 8.030 | % | 7,511 | 7,561 | ||||||||||||
Pointe Royale | 07/15/10 | 7.950 | % | 4,592 | 4,763 | ||||||||||||
Plymouth Park East 1 (3) | 08/01/10 | 8.250 | % | 151 | 154 | ||||||||||||
Plymouth Park East 2 (3) | 08/01/10 | 8.250 | % | 454 | 463 | ||||||||||||
Plymouth Park North (3) | 08/01/10 | 8.250 | % | 8,099 | 8,260 | ||||||||||||
Plymouth Park South (3) | 08/01/10 | 8.250 | % | 605 | 617 | ||||||||||||
Plymouth Park Story North (3) | 08/01/10 | 8.250 | % | 372 | 380 | ||||||||||||
Plymouth Park West (3) | 08/01/10 | 8.250 | % | 2,420 | 2,468 |
Page 10
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of September 30, 2003
(in thousands)
Maturity | Sep 30, 2003 | Dec 31, 2002 | |||||||||||||||
Property | date | Rate(1) | balance | balance | |||||||||||||
Shops at Skylake | 08/01/10 | 7.650 | % | $ | 14,715 | $ | 14,964 | ||||||||||
Parkwest Crossing | 09/01/10 | 8.100 | % | 4,739 | — | ||||||||||||
Spalding Village | 09/01/10 | 8.190 | % | 10,610 | — | ||||||||||||
Minyards | 11/01/10 | 8.320 | % | 2,520 | 2,546 | ||||||||||||
Charlotte Square | 02/01/11 | 9.190 | % | 3,629 | — | ||||||||||||
Forest Village | 04/01/11 | 7.270 | % | 4,500 | 4,533 | ||||||||||||
Boca Village | 05/01/11 | 7.200 | % | 8,320 | 8,382 | ||||||||||||
Heritage Walk | 05/01/11 | 7.250 | % | 7,050 | — | ||||||||||||
MacLand Pointe | 05/01/11 | 7.250 | % | 5,875 | — | ||||||||||||
Pine Ridge Square | 05/01/11 | 7.020 | % | 7,374 | — | ||||||||||||
Sawgrass Promenade | 05/01/11 | 7.200 | % | 8,320 | 8,382 | ||||||||||||
Presidential Markets | 06/01/11 | 7.650 | % | 27,485 | |||||||||||||
Plaza Del Rey (*) | 09/01/11 | 8.125 | % | — | 2,202 | ||||||||||||
Lake Mary | 11/01/11 | 7.250 | % | 24,590 | 24,763 | ||||||||||||
Lake St. Charles | 11/01/11 | 7.130 | % | 3,883 | 3,911 | ||||||||||||
Marco Town Center | 01/01/12 | 6.700 | % | 8,768 | 8,875 | ||||||||||||
Riverside Square | 03/01/12 | 9.190 | % | 7,718 | — | ||||||||||||
Cashmere | 11/01/12 | 5.880 | % | 5,270 | 5,343 | ||||||||||||
Eastwood | 11/01/12 | 5.880 | % | 6,279 | 6,366 | ||||||||||||
Meadows | 11/01/12 | 5.870 | % | 6,599 | 6,690 | ||||||||||||
Lutz Lake | 12/01/12 | 6.280 | % | 7,500 | — | ||||||||||||
Summerlin Square | 02/01/14 | 6.750 | % | 3,964 | 4,156 | ||||||||||||
Bird Ludlum | 02/15/15 | 7.680 | % | 10,440 | 10,857 | ||||||||||||
Treasure Coast | 04/01/15 | 8.000 | % | 4,869 | — | ||||||||||||
Shoppes of Silverlakes | 07/01/15 | 7.750 | % | 2,818 | — | ||||||||||||
West Lakes Plaza (*) | 06/01/16 | 7.875 | % | — | 4,979 | ||||||||||||
Grassland Crossing | 12/01/16 | 7.870 | % | 6,022 | — | ||||||||||||
Mableton Crossing | 08/15/18 | 6.850 | % | 4,179 | — | ||||||||||||
Atlantic Village (*) | 11/01/18 | 6.850 | % | — | 4,449 | ||||||||||||
Chastain Square | 02/28/24 | 6.500 | % | 3,941 | — | ||||||||||||
Daniel Village | 02/28/24 | 6.500 | % | 4,308 | — | ||||||||||||
Douglas Commons | 02/28/24 | 6.500 | % | 5,132 | — | ||||||||||||
Fairview Oaks | 02/28/24 | 6.500 | % | 4,857 | — | ||||||||||||
Madison Centre | 02/28/24 | 6.500 | % | 3,942 | — | ||||||||||||
Paulding Commons | 02/28/24 | 6.500 | % | 6,691 | — | ||||||||||||
Siegen Village | 02/28/24 | 6.500 | % | 4,354 | — | ||||||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500 | % | 3,438 | — | ||||||||||||
Total fixed rate mortgage debt (73 loans) | 6.61 years | 7.43 | % | $ | 441,453 | $ | 307,508 | ||||||||||
Interest premium | (wtd-avg maturity) | (wtd-avg rate) | 9,797 | - | |||||||||||||
Total fixed rate mortgage debt (including interest premium) | $ | 451,250 | $ | 307,508 | |||||||||||||
Page 11
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of September 30, 2003
(in thousands)
Maturity | Sep 30, 2003 | Dec 31, 2002 | |||||||||||||||
Property | date | Rate(1) | balance | balance | |||||||||||||
Fixed rate unsecured senior 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 unsecured senior notes payable | 4.21 years | 7.55 | % | 150,000 | — | ||||||||||||
Interest Premium | (wtd-avg rate) | 13,250 | — | ||||||||||||||
Total fixed rate unsecured senior notes payable (including interest premium) | $ | 163,250 | $ | - | |||||||||||||
Total fixed rate debt | $ | 591,453 | $ | 307,508 | |||||||||||||
Interest Premium | 23,047 | — | |||||||||||||||
Total fixed rate debt (including interest premium) | $ | 614,500 | $ | 307,508 | |||||||||||||
Variable rate mortgage debt | |||||||||||||||||
Comerica (**) | 02/28/04 | NA | — | 24,635 | |||||||||||||
Total variable rate mortgage debt | $ | — | $ | 24,635 | |||||||||||||
Revolving credit facilities | |||||||||||||||||
$340MM Wells Fargo Unsecured (4) | 02/12/06 | 2.17 | % | 138,000 | — | ||||||||||||
$5MM City National Bank Unsecured | 08/13/04 | NA | — | — | |||||||||||||
Wells Fargo Secured (**) | 02/26/05 | NA | — | 23,000 | |||||||||||||
Total revolving credit facilities | $ | 138,000 | $ | 23,000 | |||||||||||||
Total variable rate debt | $ | 138,000 | $ | 47,635 | |||||||||||||
Total debt | $ | 729,453 | $ | 355,143 | |||||||||||||
Interest Premium | 23,047 | — | |||||||||||||||
Total debt (including interest premium) | $ | 752,500 | $ | 355,143 | |||||||||||||
Senior Unsecured Debt Ratings | |||||||||||||||||
Moody’s | Baa3 (Stable) | NA | |||||||||||||||
S&P | BBB- (Stable) | NA |
Page 12
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of September 30, 2003
(in thousands)
Secured Debt | Unsecured Debt | ||||||||||||||||||||
Maturity schedule | Scheduled | Balloon | Revolving | Senior | |||||||||||||||||
by year | amortization | payments (5) | Credit Facilities | Notes | Total | ||||||||||||||||
2003 | $ | 2,156 | $ | — | $ | — | $ | — | $ | 2,156 | |||||||||||
2004 | 8,954 | — | — | — | 8,954 | ||||||||||||||||
2005 | 9,415 | 27,180 | — | — | 36,595 | ||||||||||||||||
2006 | 9,654 | 24,758 | 138,000 | 50,000 | 222,412 | ||||||||||||||||
2007 | 9,740 | 2,864 | — | 75,000 | 87,604 | ||||||||||||||||
2008 | 9,779 | 40,104 | — | — | 49,883 | ||||||||||||||||
2009 | 9,134 | 24,332 | — | — | 33,466 | ||||||||||||||||
2010 | 8,003 | 80,848 | — | — | 88,851 | ||||||||||||||||
2011 | 6,035 | 90,432 | — | — | 96,467 | ||||||||||||||||
2012 | 4,987 | 34,683 | — | 25,000 | 64,670 | ||||||||||||||||
Thereafter | 33,361 | 5,034 | — | — | 38,395 | ||||||||||||||||
Total | $ | 111,218 | $ | 330,235 | $ | 138,000 | $ | 150,000 | $ | 729,453 | |||||||||||
(1) | The rate in effect on September 30, 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) | The indicated rate includes the effect of interest rate swaps, if any. | |
(5) | 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 13
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of September 30, 2003
number | ||||||||||||||||||||||
of tenants | Supermarket anchor | |||||||||||||||||||||
Year | Total | Average | ||||||||||||||||||||
built/ | square | Percent | owned | shadow | name | base rent | ||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||
ALABAMA (3) | ||||||||||||||||||||||
Madison Centre | Madison | 1997 | 64,837 | 96.3% | 11 | 1 | 37,912 | Publix (6/1/2017) | Rite Aid | $9.56 | ||||||||||||
Stadium Plaza | Phenix City | 1988 | 70,475 | 100.0% | 21 | 0 | 30,625 | Piggly Wiggly (1/31/2008) | CVS Pharmacy | 7.63 | ||||||||||||
West Gate Plaza | Mobile | 1974, 1995 / 1985 | 64,378 | 100.0% | 9 | 0 | 44,000 | Winn-Dixie (7/19/2015) | Rite Aid | 7.14 | ||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (3) | 199,690 | 98.8% | 41 | 1 | 112,537 | 0 | $8.08 | |||||||||||||||
ARIZONA (3) | ||||||||||||||||||||||
Big Curve | Yuma | 1969 / 1996 | 126,402 | 93.4% | 30 | 3 | 60,000 | Albertsons | Walgreens* (Arizona Drug), Miller’s Outpost | 9.82 | ||||||||||||
Park Northern | Phoenix | 1982 / 1996 | 126,852 | 93.9% | 22 | 3 | 51,511 | Safeway (5/31/2008) | Bealls, Chuck E Cheese | 6.65 | ||||||||||||
Southwest Walgreens | Phoenix | 1975 / 1998 | 93,402 | 52.8% | 15 | 3 | Walgreens | 10.75 | ||||||||||||||
TOTAL SHOPPING CENTERS ARIZONA (3) | 346,656 | 82.6% | 67 | 9 | 51,511 | 60,000 | $8.66 | |||||||||||||||
FLORIDA (73) | ||||||||||||||||||||||
North Florida (12) | ||||||||||||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1998 | 100,559 | 90.2% | 23 | 2 | 39,795 | Publix (10/31/2008) | JoAnn Fabrics | 9.96 | ||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 70,429 | 86.9% | 10 | 1 | Big Lots, Goodwill, Bealls Outlet | 7.39 | ||||||||||||||
Commonwealth | Jacksonville | 1984 / 1998 | 81,467 | 95.6% | 15 | 1 | 48,997 | Winn-Dixie (2/28/2018) | 8.28 | |||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 96.5% | 15 | 2 | 37,866 | Publix (4/30/2020) | 10.18 | |||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 74,546 | 100.0% | 13 | 0 | 45,500 | Winn-Dixie (5/31/2015) | Eckerd* (Bealls Outlet) | 7.41 | ||||||||||||
Losco | Jacksonville | 2000 | 8,700 | 100.0% | 8 | 0 | 45,820 | Winn-Dixie | 18.75 | |||||||||||||
Mandarin Landing | Jacksonville | 1976 / 2000 | 141,565 | 96.3% | 34 | 3 | 34,400 | Publix (2/14/2007) | Office Depot, Eckerd | 9.07 | ||||||||||||
Monument Point | Jacksonville | 1985 / 1997 | 75,128 | 100.0% | 12 | 0 | 46,772 | Winn-Dixie (3/27/2005) | Eckerd | 6.80 | ||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 100.0% | 19 | 0 | 39,795 | Publix (5/11/2005) | Walgreens* (Bonus Dollar) | 6.86 | ||||||||||||
Parkmore Plaza | Milton | 1986 | 159,067 | 98.5% | 12 | 1 | Wal-Mart*(Bealls), Big Lots | 4.55 | ||||||||||||||
Pensacola Plaza | Pensacola | 1985 | 56,098 | 91.4% | 2 | 1 | 42,848 | FoodWorld (12/31/2005) | 4.27 | |||||||||||||
South Beach | Jacksonville Beach | 1990, 1991 | 289,964 | 95.5% | 43 | 7 | 29,000 | Food Lion (3/31/2010) | Kmart, Stein Mart, Bealls | 9.28 | ||||||||||||
Central Florida (10) | ||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 123,133 | 97.9% | 27 | 2 | 54,230 | Publix (11/30/2007) | 11.46 | |||||||||||||
Conway Crossing | Orlando | 2002 | 76,321 | 100.0% | 18 | 0 | 44,271 | Publix (4/30/2022) | 11.39 | |||||||||||||
Shoppes of Eastwood | Orlando | 1997 | 69,037 | 100.0% | 13 | 0 | 51,512 | Publix (11/1/2017) | 11.16 | |||||||||||||
Eustis Square | Eustis | 1983 / 1997 | 126,791 | 68.4% | 18 | 10 | 15,872 | Save-a-Lot (5/31/2013) | Walgreens* (Bealls Outlet) | 6.81 | ||||||||||||
Hunters Creek | Orlando | 1998 | 68,032 | 94.3% | 7 | 3 | 51,225 | Winn-Dixie (9/23/2018) | 10.32 | |||||||||||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 96.1% | 29 | 2 | Eckerd | 14.08 | ||||||||||||||
Lake Mary | Orlando | 1988 / 2001 | 342,384 | 96.5% | 62 | 25 | 63,139 | Albertsons (6/30/2012) | Kmart, Euro Fitness, Sun Star Theatres | 10.76 | ||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 125,818 | 97.0% | 24 | 2 | 55,000 | Publix (2/9/2007) | Orange County Library, Blockbuster, Goodwill | 9.36 | ||||||||||||
Town & Country | Kissimmee | 1993 | 72,043 | 100.0% | 13 | 0 | 52,883 | Albertsons (10/31/2018) | 7.18 | |||||||||||||
Unigold | Winter Park | 1987 | 106,185 | 100.0% | 21 | 0 | 52,500 | Winn-Dixie (4/30/2007) | World Gym | 9.85 | ||||||||||||
Florida West Coast (17) | ||||||||||||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 97,390 | 91.6% | 18 | 6 | 46,014 | Publix (11/30/2021) | Eckerd* (Bealls), West Marine | 10.29 | ||||||||||||
Carrollwood | Tampa | 1970 / 2002 | 94,203 | 86.5% | 29 | 7 | 27,887 | Publix (11/30/2022) | Eckerd | 10.79 | ||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 98.1% | 26 | 1 | 44,024 | Publix (1/31/2011) | Seafood Buffet | 7.83 | ||||||||||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 100.0% | 18 | 0 | 48,890 | Publix (5/27/2012) | Eckerd | 10.93 | ||||||||||||
East Bay Plaza | Largo | 1985 / 1997 | 85,426 | 57.2% | 19 | 3 | 53,000 | Albertsons | Family Dollar, Hollywood Video | 9.90 | ||||||||||||
Lake St. Charles | Tampa | 1999 | 57,015 | 97.9% | 7 | 1 | 46,295 | Kash n’ Karry (6/30/2019) | 9.64 | |||||||||||||
Lutz Lake | Lutz | 2002 | 64,985 | 100.0% | 15 | 0 | 44,270 | Publix | 13.61 |
Page 14
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of September 30, 2003
number | ||||||||||||||||||||||
of tenants | Supermarket anchor | |||||||||||||||||||||
Year | Total | Average | ||||||||||||||||||||
built/ | square | Percent | owned | shadow | name | base rent | ||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||
(5/31/2022) | ||||||||||||||||||||||
Florida West Coast (continued) | ||||||||||||||||||||||
Marco Town Center | Marco Island | 2001 | 109,830 | 94.4% | 39 | 6 | 27,887 | Publix (1/31/2018) | $16.05 | |||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 85,507 | 92.4% | 12 | 3 | 48,315 | Kash n’ Karry (4/30/2020) | 7.92 | |||||||||||||
North River Village Center | Ellenton | 1988, 1993 | 177,128 | 100.0% | 16 | 0 | 42,112 | Publix (7/20/2008) | Kmart, Walgreens* (Dollar Tree), Bealls | 7.23 | ||||||||||||
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 89.9% | 17 | 7 | 44,270 | Publix (2/28/2021) | 10.55 | |||||||||||||
Ross Plaza | Tampa | 1984 / 1996 | 85,359 | 90.4% | 18 | 2 | Walgreens*, Ross Dress for Less | 9.98 | ||||||||||||||
Seven Hills | Spring Hill | 1991 | 64,590 | 100.0% | 12 | 0 | 48,890 | Publix (9/25/2011) | 9.60 | |||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 100.0% | 22 | 0 | 48,890 | Publix (12/11/2011) | Bealls Outlet | 9.66 | ||||||||||||
Skipper Palms | Tampa | 1984 | 88,000 | 94.3% | 15 | 2 | 53,440 | Winn-Dixie (5/31/2016) | 8.51 | |||||||||||||
Summerlin Square | Fort Myers | 1986 / 1998 | 109,156 | 92.4% | 22 | 6 | 45,500 | Winn-Dixie (6/4/2006) | Eckerd | 10.16 | ||||||||||||
Venice Plaza | Venice | 1971, 1979 / 1999 | 159,473 | 63.6% | 13 | 5 | 42,582 | Kash n’ Karry (9/30/2018) | TJ Maxx | 5.18 | ||||||||||||
Florida Treasure Coast (8) | ||||||||||||||||||||||
Bluffs Square | Jupiter | 1986 | 132,395 | 97.4% | 46 | 4 | 39,795 | Publix (10/22/2006) | Walgreens | 11.44 | ||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 100.0% | 18 | 0 | 59,448 | Albertsons (4/30/2025) | 7.93 | |||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0% | 12 | 0 | 53,850 | Albertsons | Blockbuster | 18.41 | ||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 92.7% | 30 | 4 | 42,112 | Publix (9/30/2007) | Walgreens* (Bealls), Burke’s | 9.96 | ||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 100.0% | 19 | 0 | Wal-Mart* (Scotty’s, Staples) | 7.92 | ||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 99.0% | 31 | 1 | 39,795 | Publix (3/23/2017) | Bealls Outlet, Books-A-Million | 9.44 | ||||||||||||
Salerno Village | Stuart | 1987 | 58,804 | 95.6% | 15 | 3 | 31,503 | Winn Dixie (9/21/2007) | Eckerd | 6.60 | ||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 93.0% | 20 | 5 | 59,450 | Winn Dixie (4/12/2015) | TJ Maxx | 8.55 | ||||||||||||
South Florida / Atlantic Coast (26) | ||||||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,282 | 96.9% | 47 | 1 | 44,400 | Winn-Dixie (12/31/2007) | Eckerd, Blockbuster, Goodwill | 14.77 | ||||||||||||
Boca Village | Boca Raton | 1978 | 93,428 | 97.6% | 21 | 1 | 36,000 | Publix (3/31/2007) | Eckerd | 14.55 | ||||||||||||
Boynton Plaza | Boynton Beach | 1978 / 1999 | 99,324 | 87.3% | 25 | 4 | 37,664 | Publix (8/31/2003) | Eckerd | 9.85 | ||||||||||||
Countryside Shops | Cooper City | 1986, 1988, 1991 | 179,561 | 98.6% | 44 | 2 | 39,795 | Publix (12/4/2005) | Eckerd*, Stein Mart | 12.17 | ||||||||||||
Crossroads Square f/k/a University Mall | Ft. Lauderdale | 1973 | 262,247 | 86.7% | 17 | 10 | Lowe’s (under construction), Eckerd | 6.80 | ||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0% | 1 | 0 | Jumbo Buffet | 15.05 | ||||||||||||||
Epsilon | W. Palm Beach | 1925 / 1997 | 18,707 | 24.6% | 3 | 2 | 15.72 | |||||||||||||||
Greenwood | Palm Springs | 1982, 1994 | 132,325 | 91.3% | 29 | 6 | 50,032 | Publix (12/5/2014) | Bealls, World Savings Bank | 11.81 | ||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 92.3% | 19 | 2 | 42,323 | Publix (9/13/2015) | 12.64 | |||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 175,480 | 99.0% | 23 | 3 | 39,473 | Winn-Dixie (2/15/2011) | Kmart, Rite Aid* (Dollar Store) | 6.52 | ||||||||||||
Meadows | Miami | 1997 | 75,524 | 100.0% | 20 | 0 | 47,955 | Publix (7/9/2017) | 12.40 | |||||||||||||
Pine Island | Davie | 1983 / 1999 | 254,907 | 97.4% | 44 | 2 | 39,943 | Publix (11/30/2013) | Home Depot Expo, Rite Aid* (Bealls Outlet) | 9.38 | ||||||||||||
Pine Ridge Square | Coral Springs | 1986 / 1998, 1999 | 117,399 | 99.2% | 34 | 1 | 17,441 | Fresh Market (6/30/2009) | Bed Bath & Beyond, Off Main Furniture | 12.95 | ||||||||||||
Plaza Alegre | Miami | 2003 | 88,111 | 93.5% | 16 | 4 | 44,271 | Publix (3/14/2023) | Goodwill | 14.06 | ||||||||||||
Plaza Del Rey | Miami | 1985 / 1996 | 50,146 | 100.0% | 23 | 0 | Navarro Pharmacy | 12.96 | ||||||||||||||
Point Royale | Miami | 1970 / 2000 | 209,863 | 93.9% | 23 | 3 | 45,350 | Winn-Dixie (2/18/2011) | Best Buy, Eckerd* (Linen Supermarket) | 6.51 | ||||||||||||
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 | 95.4% | 25 | 4 | (see Pine Island) | Publix | AMC Theater, Kabooms, Republic Security Bank, Uncle Funny’s, Round Up | 8.91 | ||||||||||||
Riverside Square | Coral Springs | 1987 | 107,941 | 92.9% | 31 | 4 | 39,795 | Publix (2/18/2007) | 13.21 | |||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 93.7% | 27 | 2 | 36,464 | Publix (11/30/2004) | Walgreens, Blockbuster | 11.07 | ||||||||||||
Sheridan | Hollywood | 1973 / 1991 | 455,864 | 98.1% | 61 | 5 | 65,537 | Publix (10/9/2011) | Ross, Bed Bath & Beyond, Eckerd, Spirit of America* | 13.10 |
Page 15
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of September 30, 2003
number | ||||||||||||||||||||||
of tenants | Supermarket anchor | |||||||||||||||||||||
Year | Total | Average | ||||||||||||||||||||
built/ | square | Percent | owned | shadow | name | base rent | ||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration 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 (4/30/2019) | $12.38 | |||||||||||||
Shops at Skylake | North Miami Beach | 1999-2003 | 174,199 | 99.4% | 43 | 1 | 51,420 | Publix (7/31/2019) | Goodwill, Blockbuster | 15.14 | ||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995, 1997 | 126,638 | 97.8% | 35 | 2 | 47,813 | Publix (6/14/2015) | 15.86 | |||||||||||||
Tamarac Town Square | Tamarac | 1987 | 127,635 | 83.4% | 27 | 12 | 37,764 | Publix (12/15/2014) | 10.33 | |||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 100.0% | 27 | 0 | 46,216 | Winn-Dixie (10/31/2016) | Navarro Pharmacy | 10.81 | ||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (73) | 8,390,000 | 94.3% | 1,639 | 199 | 2,598,050 | 152,670 | $10.30 | |||||||||||||||
Georgia (23) | ||||||||||||||||||||||
Atlanta (16) | ||||||||||||||||||||||
Butler Creek | Acworth | 1990 | 95,597 | 98.7% | 19 | 1 | 59,997 | Kroger (06/30/2018) | 10.81 | |||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 87.7% | 21 | 7 | 37,366 | Publix (5/31/2024) | 15.67 | |||||||||||||
Commerce Crossing | Commerce | 1988 | 100,668 | 90.4% | 7 | 3 | 32,000 | Ingles (9/26/2009) | Wal-Mart* | 4.04 | ||||||||||||
Douglas Commons | Douglasville | 1988 | 97,027 | 98.6% | 18 | 1 | 59,431 | Kroger (8/31/2013) | 9.98 | |||||||||||||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 100.0% | 13 | 0 | 54,498 | Kroger (9/30/2016) | 11.10 | |||||||||||||
Grassland Crossing | Alpharetta | 1996 | 90,906 | 95.9% | 13 | 1 | 70,086 | Kroger (6/30/2016) | 11.58 | |||||||||||||
Mableton Crossing | Mableton | 1997 | 86,819 | 94.5% | 15 | 3 | 63,419 | Kroger (8/31/2017) | 10.03 | |||||||||||||
Macland Pointe | Marietta | 1992, 1993 | 79,699 | 96.6% | 15 | 2 | 55,999 | Publix (12/29/2012) | 10.02 | |||||||||||||
Market Place | Norcross | 1976 | 77,706 | 93.7% | 20 | 3 | Peachtree Cinema | 7.39 | ||||||||||||||
Paulding Commons | Dallas | 1991 | 192,391 | 100.0% | 31 | 0 | 49,700 | Kroger (2/28/2011) | Kmart | 8.19 | ||||||||||||
Powers Ferry Plaza | Marietta | 1979, 1987 / 1998 | 86,473 | 87.5% | 21 | 3 | Micro Center | 10.41 | ||||||||||||||
Presidential Markets | Snellville | 1993-2000 | 396,408 | 100.0% | 40 | 0 | 56,146 | Publix (12/31/2019) | Bed Bath & Beyond, GAP, Shoe Carnival, Marshalls | 10.20 | ||||||||||||
Shops of Huntcrest | Lawrenceville | 2003 | 97,040 | 88.5% | 18 | 8 | 54,340 | Publix (1/31/2023) | 12.13 | |||||||||||||
Wesley Chapel Crossing | Decatur | 1989 | 170,792 | 99.1% | 24 | 1 | 32,000 | Ingles (9/25/2009) | Wal-Mart, CVS Pharmacy | 6.72 | ||||||||||||
West Towne Square | Rome | 1988 | 89,596 | 88.6% | 15 | 3 | Big Lots, Eckerd* | 5.70 | ||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 92.9% | 24 | 3 | 17.51 | |||||||||||||||
Central Georgia (5) | ||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 91.9% | 33 | 6 | 45,971 | Bi-Lo (3/25/2022) | Eckerd*, St. Joseph Home Health Care | 7.81 | ||||||||||||
Heritage Walk | Milledgeville | 1991, 1992 | 159,991 | 100.0% | 12 | 0 | 46,676 | Kroger (3/312020) | Kmart | 6.04 | ||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 60.1% | 23 | 5 | 59,431 | Kroger (5/31/2014) | JC Penney | 7.74 | ||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 97.2% | 7 | 1 | 32,960 | Harris Teeter* (Omni Fitness) (4/1/2011) | 9.53 | |||||||||||||
Watson Central | Warner Robins | 1989 | 227,747 | 83.2% | 10 | 19 | 45,000 | Winn-Dixie* (12/5/2010) | Wal-Mart* (Big Lots) | 5.04 | ||||||||||||
South Georgia (2) | ||||||||||||||||||||||
Colony Square | Fitzgerald | 1987 | 50,000 | 96.4% | 7 | 1 | 32,200 | Food Lion (12/31/2007) | 6.69 | |||||||||||||
McAlphin Square | Savannah | 1979 | 176,807 | 94.4% | 24 | 2 | 43,600 | Kroger (8/31/2015) | US Post Office, Big Lots, In Fashion Menswear Outlet | 7.23 | ||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (23) | 2,939,994 | 92.0% | 430 | 73 | 930,820 | 0 | $8.71 | |||||||||||||||
KENTUCKY (1) | ||||||||||||||||||||||
Scottsville Square | Bowling Green | 1986 | 38,450 | 91.0% | 9 | 3 | Hancock Fabrics, Zap Zone | 6.76 | ||||||||||||||
TOTAL SHOPPING CENTERS KENTUCKY (1) | 38,450 | 91.0% | 9 | 3 | 0 | 0 | $6.76 | |||||||||||||||
LOUISIANA (16) | ||||||||||||||||||||||
Ambassador Row | Lafayette | 1980, 1991 | 193,978 | 98.5% | 23 | 2 | Hobby Lobby, Conn’s Appliances, Big Lots, Chuck E Cheese | 7.88 | ||||||||||||||
Ambassador Row Courtyards | Lafayette | 1986, 1991 | 158,783 | 81.2% | 20 | 10 | Marshalls, Bed Bath & Body, Hancock Fabrics | 8.61 | ||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 90,215 | 80.0% | 19 | 3 | 33,387 | Matheme’s (11/30/2010) | 8.47 | |||||||||||||
The Boulevard | Lafayette | 1976, 1994 | 68,012 | 59.7% | 9 | 6 | Piccadilly, Harbor Freight Tools | 8.12 |
Page 16
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of September 30, 2003
number | ||||||||||||||||||||||
of tenants | Supermarket anchor | |||||||||||||||||||||
Year | Total | Average | ||||||||||||||||||||
built/ | square | Percent | owned | shadow | name | base rent | ||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||
LOUISIANA (continued) | ||||||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 94.6% | 10 | 1 | 33,387 | Winn-Dixie (1/31/2008) | Dollar General | $5.76 | ||||||||||||
The Crossing | Slidell | 1988, 1993 | 113,989 | 97.4% | 13 | 2 | 58,432 | Albertsons (9/29/2009) | A-1 Home Appliance, Piccadilly | 5.50 | ||||||||||||
Elmwood Oaks | Harahan | 1989 | 133,995 | 91.0% | 7 | 1 | Wal-Mart* (Academy Sports, Dollar Tree), A-1 Appliance, Advance Auto* (Goodwill) | 9.00 | ||||||||||||||
Grand Marche | Lafayette | 1969 | 200,585 | 100.0% | 1 | 0 | Piggly Wiggly | Academy Sports | 0.14 | |||||||||||||
Millervillage | Baton Rouge | 1983, 1992 | 94,559 | 36.1% | 11 | 3 | Rite Aid | 8.19 | ||||||||||||||
Pinhook Plaza | Lafayette | 1979, 1992 | 194,725 | 31.4% | 20 | 11 | Rite Aid | 8.20 | ||||||||||||||
Plaza Acadienne | Eunice | 1980 | 105,419 | 100.0% | 8 | 0 | 28,092 | Super 1 Store (6/30/2005) | Fred’s, Howard Brothers | 3.58 | ||||||||||||
Sherwood South | Baton Rouge | 1972, 1988, 1992 | 77,107 | 97.7% | 9 | 1 | 22,500 | Piggly Wiggly (2/28/2007) | Burke’s Outlet, Harbor Freight Tools, Blockbuster | 6.14 | ||||||||||||
Siegen Village | Baton Rouge | 1988 | 174,578 | 90.8% | 18 | 4 | Office Depot, Big Lots, Stage, Party City | 8.26 | ||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 46.8% | 7 | 3 | Eckerd | 5.98 | ||||||||||||||
Village at Northshore | Slidell | 1988 | 144,638 | 100.0% | 12 | 0 | Service Merchandise* (Marshalls), Kirschman’s, Bed Bath & Beyond | 7.63 | ||||||||||||||
Wal-Mart Stores, Inc. | Mathews | 1985 | 54,223 | 100.0% | 1 | 0 | Wal-Mart | 2.90 | ||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (16) | 1,926,097 | 82.4% | 188 | 47 | 175,798 | 0 | $6.30 | |||||||||||||||
MISSISSIPPI (1) | ||||||||||||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 100.0% | 7 | 0 | Rite Aid, Big Lots | 5.72 | ||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 100.0% | 7 | 0 | 0 | 0 | $5.72 | |||||||||||||||
NORTH CAROLINA (12) | ||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 160,442 | 76.0% | 17 | 1 | Wal-Mart* (Belk’s, Goody’s) | 5.84 | ||||||||||||||
Chestnut Square | Brevard | 1985 | 39,640 | 96.0% | 6 | 1 | 21,000 | Food Lion (9/28/2010) | Eckerd* (Dollar General) | 6.88 | ||||||||||||
The Galleria | Wrightsville Beach | 1986, 1990 | 92,344 | 84.1% | 29 | 10 | 28,000 | Harris Teeter (4/5/2006) | Eckerd | 9.37 | ||||||||||||
Parkwest Crossing | Durham | 1990 | 85,602 | 98.4% | 18 | 2 | 38,052 | Food Lion (12/14/2010) | 9.84 | |||||||||||||
Plaza North | Hendersonville | 1986 | 47,240 | 94.9% | 7 | 2 | 25,590 | Bi-Lo (8/31/2006) | CVS Pharmacy | 7.24 | ||||||||||||
Providence Square | Charlotte | 1973 | 84,780 | 90.9% | 18 | 7 | 35,702 | Harris Teeter (4/30/2006) | Eckerd | 8.36 | ||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 132,106 | 88.3% | 9 | 3 | 53,538 | Kroger (12/31/2014) | Upchurch Drugs, Riverview Furniture | 7.13 | ||||||||||||
Salisbury Marketplace | Salisbury | 1987 | 82,578 | 94.1% | 15 | 2 | 37,308 | Food Lion (2/11/2023) | CVS Pharmacy | 9.12 | ||||||||||||
Shelby Plaza | Shelby | 1972 | 103,200 | 92.2% | 7 | 1 | Big Lots, Aaron Rents* (Hancock Fabrics) | 3.13 | ||||||||||||||
Stanley Market Place | Stanley | 1980, 1987 | 40,400 | 100.0% | 3 | 0 | 28,400 | Winn-Dixie (2/28/2006) | Family Dollar | 5.46 | ||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 100.0% | 12 | 0 | 32,000 | Ingles (9/29/2012) | Kmart, CVS Pharmacy | 6.02 | ||||||||||||
Willowdale Shopping Center | Durham | 1986 | 120,984 | 89.3% | 20 | 6 | 27,985 | Harris Teeter (5/14/2004) | Carmike Cinemas, Eckerd* (Family Dollar) | 8.70 | ||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 1,138,070 | 90.5% | 161 | 35 | 327,575 | 0 | $7.17 | |||||||||||||||
SOUTH CAROLINA (4) | ||||||||||||||||||||||
Lancaster Plaza | Lancaster | 1971 / 1990 | 77,400 | 91.5% | 3 | 1 | 19,200 | Bi-Lo (9/30/2010) | 1.44 | |||||||||||||
Lancaster Shopping Center | Lancaster | 1963, 1987 | 29,047 | 17.2% | 1 | 1 | 6.00 | |||||||||||||||
North Village Center | Durham | 1984 | 60,356 | 100.0% | 14 | 0 | 24,806 | Bi-Lo (5/31/2004) | Dollar General, Gold’s Gym | 8.17 | ||||||||||||
Spring Valley | Columbia | 1978 / 1997 | 75,415 | 93.6% | 15 | 2 | 45,070 | Bi-Lo (12/31/2017) | Eckerd | 9.11 | ||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (4) | 242,218 | 85.4% | 33 | 4 | 89,076 | 0 | $6.13 | |||||||||||||||
TENNESSEE (2) | ||||||||||||||||||||||
Forrest Gallery | Tullahoma | 1987 | 214,450 | 97.9% | 27 | 2 | 48,780 | Kroger (1/31/2008) | Wal-Mart* (Tractor Supply, Goodwill) | 5.58 | ||||||||||||
Smyrna Village | Smyrna | 1992 | 83,334 | 87.6% | 10 | 3 | 59,214 | Kroger (2/29/2012) | 7.97 | |||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (2) | 297,784 | 95.0% | 37 | 5 | 107,994 | 0 | $6.19 |
Page 17
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of September 30, 2003
number | ||||||||||||||||||||||
of tenants | Supermarket anchor | |||||||||||||||||||||
Year | Total | Average | ||||||||||||||||||||
built/ | square | Percent | owned | shadow | name | base rent | ||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||
TEXAS (32) | ||||||||||||||||||||||
Houston (16) | ||||||||||||||||||||||
Barker Cypress | Houston | 1999 | 66,945 | 97.8% | 15 | 2 | 41,320 | H.E.B. (01/31/2014) | $12.45 | |||||||||||||
Beechcrest | Houston | 1981 / 2001 | 90,797 | 100.0% | 15 | 0 | 40,345 | Randall’s* (Viet Ho) (6/24/2016) | Walgreens* (Dollar Store) | 9.24 | ||||||||||||
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 | 14.86 | ||||||||||||
Colony Plaza | Sugarland | 1997 | 26,513 | 89.4% | 13 | 2 | 18.53 | |||||||||||||||
Copperfield | Houston | 1994 | 134,845 | 55.3% | 28 | 6 | JoAnn Fabrics | 12.11 | ||||||||||||||
Forestwood | Houston | 1993 | 88,760 | 98.0% | 15 | 1 | 59,334 | Kroger (7/31/2013) | 11.28 | |||||||||||||
Grogan’s Mill | The Woodlands | 1986 | 118,493 | 98.0% | 24 | 2 | 56,558 | Randall’s* (6/24/2016) | Petco | 11.93 | ||||||||||||
Hedwig | Houston | 1974 | 69,504 | 80.3% | 12 | 1 | Ross Dress for Less | 14.67 | ||||||||||||||
Highland Square | Sugarland | 1998 | 64,171 | 99.7% | 26 | 1 | 17.26 | |||||||||||||||
Market at First Colony | Sugarland | 1988 | 107,301 | 97.0% | 34 | 1 | 62,000 | Kroger | TJ Maxx, Eckerd | 15.91 | ||||||||||||
Mason Park | Katy | 1998 | 160,047 | 74.4% | 33 | 6 | 58,890 | Kroger | Walgreens* (Eloise Collectibles), Palais Royal, Petco | 11.89 | ||||||||||||
Mission Bend | Houston | 1980 / 1999 | 131,575 | 93.1% | 25 | 2 | 46,112 | Randall’s (6/24/2016) | 8.97 | |||||||||||||
Spring Shadows | Houston | 1999 | 102,272 | 97.1% | 15 | 2 | 62,661 | H.E.B. (4/30/2023) | 9.60 | |||||||||||||
Steeplechase | Jersey Village | 1985 | 105,152 | 97.3% | 24 | 2 | 56,208 | Randall’s (6/24/2016) | 11.48 | |||||||||||||
Wal-Mart Stores, Inc. | Marble Falls | 1985 | 53,571 | 100.0% | 1 | 0 | Wal-Mart* (Sutherland Lumber) | 3.27 | ||||||||||||||
Dallas (13) | ||||||||||||||||||||||
Green Oaks | Arlington | 1983 | 65,091 | 87.1% | 29 | 5 | 58,000 | Kroger | 10.82 | |||||||||||||
Melbourne Plaza | Hurst | 1983 | 47,517 | 86.3% | 14 | 4 | 11.35 | |||||||||||||||
Minyards | Garland | 2000 | 65,295 | 100.0% | 2 | 0 | 58,695 | Minyards/Sack N Save (4/30/2020) | 6.12 | |||||||||||||
Parkwood | Plano | 1985 | 81,590 | 94.0% | 18 | 2 | 62,000 | Albertsons | Planet Pizza | 13.14 | ||||||||||||
Plymouth Park East | Irving | 1970 | 56,435 | 97.3% | 9 | 1 | 42,130 | Kroger (11/30/2010) | 4.21 | |||||||||||||
Plymouth Park North | Irving | 1970 | 444,541 | 50.2% | 39 | 19 | Blockbuster, Dollar General, Thrift Store, Post Office, Chateau Theatre, Levines | 7.31 | ||||||||||||||
Plymouth Park South | Irving | 1970 | 49,102 | 74.8% | 3 | 4 | Betcha Bingo | 6.44 | ||||||||||||||
Plymouth Park West | Irving | 1970 | 178,930 | 91.7% | 13 | 1 | Bargain City | 3.52 | ||||||||||||||
Richwood | Richardson | 1984 | 54,872 | 69.7% | 19 | 9 | 61,877 | Albertsons | Blockbuster | 13.23 | ||||||||||||
Rosemeade | Carrollton | 1986 | 51,234 | 67.5% | 15 | 3 | 58,900 | Kroger | Allure Health & Day Spa, Blockbuster | 12.85 | ||||||||||||
Sterling Plaza | Irving | 1989 | 65,765 | 72.6% | 15 | 1 | Bank One, Irving City Library | 15.75 | ||||||||||||||
Townsend Square | Desoto | 1990 | 146,278 | 84.5% | 32 | 6 | 60,349 | Albertsons | Bealls, Victory Gym, Dollar General | 8.89 | ||||||||||||
Village by the Park | Arlngton | 1988 | 44,538 | 92.4% | 9 | 1 | Petco | 16.55 | ||||||||||||||
San Antonio (3) | ||||||||||||||||||||||
Bandera Festival | San Antonio | 1989 | 195,438 | 51.9% | 27 | 7 | Bealls, Eckerd* (Scrapbook Heaven), Blockbuster | 10.88 | ||||||||||||||
Blanco Village | San Antonio | 2000 | 108,325 | 100.0% | 16 | 0 | 74,627 | H.E.B. (4/30/2015) | 15.68 | |||||||||||||
Wurzbach | San Antonio | 1979 | 59,771 | 100.0% | 3 | 0 | 52,957 | Albertsons* (12/31/2004) | 2.86 | |||||||||||||
TOTAL SHOPPING CENTERS TEXAS (32) | 3,108,594 | 81.3% | 556 | 91 | 590,947 | 485,016 | $10.42 |
Page 18
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of September 30, 2003
number | ||||||||||||||||||||||||
of tenants | Supermarket anchor | |||||||||||||||||||||||
Year | Total | Average | ||||||||||||||||||||||
built/ | square | Percent | owned | shadow | name | base rent | ||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||||
VIRGINA (2) | ||||||||||||||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 100.0% | 14 | 0 | 32,000 | Ingles (9/25/2010) | Wal-Mart | $5.84 | ||||||||||||||
Waterlick Plaza | Lynchburg | 1973, 1988 | 98,694 | 77.9% | 19 | 5 | 30,780 | Kroger (3/18/2008) | CVS Pharmacy | 8.70 | ||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (2) | 225,535 | 90.3% | 33 | 5 | 62,780 | 0 | $6.92 | |||||||||||||||||
TOTAL STABILIZED SHOPPING CENTERS (172) | 18,919,945 | 90.1% | 3,201 | 472 | 5,047,088 | 697,686 | $9.26 | |||||||||||||||||
DEVELOPMENTS AND REDEVELOPMENTS (8) | ||||||||||||||||||||||||
Cashmere | Port St. Lucie, FL | 4.0 acres | ||||||||||||||||||||||
CVS Plaza (f/k/a Coral Way N.E.) | Miami, FL | 2003 Dev | 4.0 acres | |||||||||||||||||||||
Gulf Gate Plaza | Naples, FL | 1969, 1974 | 201,620 | 46.0% | 14 | 7 | Bealls Outlet, JoAnn Fabrics, Dockside Imp | 6.97 | ||||||||||||||||
Homestead | Homestead, FL | 2005 Dev | 12.0 acres | |||||||||||||||||||||
Miramar Outparcel | Miramar, FL | Held for sale | 2.0 acres | |||||||||||||||||||||
Oakbrook | Palm Beach Gdns, FL | 1974 / 2000, 2003 Redev | 210,115 | 65.1% | 18 | 13 | 44,400 | Publix (10/31/2020) | Eckerd, Duffy’s, Stein Mart | 12.92 | ||||||||||||||
Walden Woods | Plant City, FL | 1985 / 1998, 2003 Redev | 74,336 | 64.3% | 10 | 3 | Walgreens, Dollar Tree | 6.91 | ||||||||||||||||
Westridge | McDonough, GA | �� | 2004 Dev | 13.5 acres | ||||||||||||||||||||
TOTAL SHOPPING CENTERS & DEVELOPMENTS (180) | 19,406,016 | 89.2% | 3,243 | 495 | 5,091,488 | 697,686 | $9.27 | |||||||||||||||||
OTHER PROPERTIES (2) | ||||||||||||||||||||||||
4101 South I-85 Industrial | Charlotte, NC | 1956, 1963 | 188,513 | 73.7% | 3 | 7 | 2.78 | |||||||||||||||||
Mandarin Mini-storage | Jacksonville, FL | 1982 | 52,880 | 98.1% | 526 | 8 | ||||||||||||||||||
GRAND TOTAL (182) | 19,647,409 | 89.1% | 3,772 | 510 | 5,091,488 | 697,686 | ||||||||||||||||||
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 19
EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
as of September 30, 2003
State | Count | Total SF | # Leased | # Vacant | Leased % | AMR | ||||||||||||||||||
Florida | 76 | 8,876,071 | 1,681 | 222 | 92.3 | % | $ | 84,230,258 | ||||||||||||||||
Texas | 32 | 3,108,594 | 556 | 91 | 81.3 | % | 26,319,418 | |||||||||||||||||
Georgia | 23 | 2,939,994 | 430 | 73 | 92.0 | % | 23,548,049 | |||||||||||||||||
Louisiana | 16 | 1,926,097 | 188 | 47 | 82.4 | % | 9,993,861 | |||||||||||||||||
North Carolina | 12 | 1,138,070 | 161 | 35 | 90.5 | % | 7,392,488 | |||||||||||||||||
Arizona | 3 | 346,656 | 67 | 9 | 82.6 | % | 2,480,680 | |||||||||||||||||
Tennessee | 2 | 297,784 | 37 | 5 | 95.0 | % | 1,751,979 | |||||||||||||||||
Alabama | 3 | 199,690 | 41 | 1 | 98.8 | % | 1,594,839 | |||||||||||||||||
Virginia | 2 | 225,535 | 33 | 5 | 90.3 | % | 1,410,360 | |||||||||||||||||
South Carolina | 4 | 242,218 | 33 | 4 | 85.4 | % | 1,268,456 | |||||||||||||||||
Mississippi | 1 | 66,857 | 7 | 0 | 100.0 | % | 382,536 | |||||||||||||||||
Kentucky | 1 | 38,450 | 9 | 3 | 91.0 | % | 236,591 | |||||||||||||||||
Total | 175 | 19,406,016 | 3,243 | 495 | 89.2 | % | $ | 160,609,515 |
Note: Excludes Mandarin mini-storage facility, the industrial property and the five pending developments.
Page 20
EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the three months ended September 30, 2003
Renewals
Average | Average | Annualized | ||||||||||||||||||
Average | Expiring | New | Minimum | |||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||||||||||||
74 | 143,043 | 1,933 | $ | 13.47 | $ | 14.16 | $ | 2,024,909 | ||||||||||||
% Increase psf | 5.1 | % | ||||||||||||||||||
Net Increase (AMR) | $ | 98,446 |
New Leases (effective in the third quarter)
Average | Annualized | |||||||||||||||||||
Average | New | Minimum | ||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||||||
112 | 350,742 | 3,132 | $ | 10.29 | $ | 3,607,676 |
Lost Leases
Average | Annualized | |||||||||||||||||||
Average | Expiring | Minimum | ||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||||||
71 | 242,819 | 3,420 | $ | 9.25 | $ | 2,245,068 | ||||||||||||||
Net Absorption | 107,923 | New Leases — Lost Leases | ||||||||||||||||||
Net Gain/(Loss) of AMR | $ | 1,461,054 | ||||||||||||||||||
Retention Ratio | 37.1 | % | Renewals / (Renewals + Lost Leases) |
Page 21
EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the nine months ended September 30, 2003
Renewals
Average | Average | Annualized | ||||||||||||||||||
Average | Expiring | New | Minimum | |||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||||||||||||
201 | 458,530 | 2,281 | $ | 11.75 | $ | 12.23 | $ | 5,607,949 | ||||||||||||
% Increase psf | 4.1 | % | ||||||||||||||||||
Net Increase (AMR) | $ | 219,542 |
New Leases
Average | Annualized | |||||||||||||||||||
Average | New | Minimum | ||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||||||
247 | 804,349 | 3,256 | $ | 10.89 | $ | 8,761,278 |
Lost Leases
Average | Annualized | |||||||||||||||||||
Average | Expiring | Minimum | ||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||||||
213 | 886,218 | 4,161 | $ | 9.06 | $ | 8,033,181 | ||||||||||||||
Net Absorption | (81,869 | ) | New Leases — Lost Leases | |||||||||||||||||
Net Gain/Loss) of AMR | $ | 947,639 | ||||||||||||||||||
Retention Ratio | 34.1 | % | Renewals / (Renewals + Lost Leases) |
Page 22
EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of September 30, 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 | 1,856,064 | 9.6 | % | $ | 13,255,590 | 8.3 | % | $ | 7.14 | |||||||||||||||
Kroger | 15 | 800,614 | 4.1 | % | 5,907,532 | 3.7 | % | 7.38 | |||||||||||||||||
Winn Dixie | 17 | 761,143 | 3.9 | % | 4,949,605 | 3.1 | % | 6.50 | |||||||||||||||||
Wal-Mart | 11 | 834,994 | 4.3 | % | 3,687,045 | 2.3 | % | 4.42 | |||||||||||||||||
Kmart | 7 | 611,416 | 3.2 | % | 3,254,442 | 2.0 | % | 5.32 | |||||||||||||||||
Blockbuster | 27 | 159,480 | 0.8 | % | 2,376,721 | 1.5 | % | 14.90 | |||||||||||||||||
Eckerd | 27 | 261,671 | 1.3 | % | 2,338,094 | 1.5 | % | 8.94 | |||||||||||||||||
Food Lion/Kash n’ Karry | 8 | 297,802 | 1.5 | % | 1,948,574 | 1.2 | % | 6.54 | |||||||||||||||||
Bed Bath & Beyond | 6 | 202,658 | 1.0 | % | 1,930,031 | 1.2 | % | 9.52 | |||||||||||||||||
H.E. Butt Grocery | 3 | 178,608 | 0.9 | % | 1,793,855 | 1.1 | % | 10.04 | |||||||||||||||||
Sub-total top ten tenants | 163 | 5,964,450 | 30.7 | % | $ | 41,441,489 | 25.8 | % | $ | 6.95 | |||||||||||||||
Remaining tenants | 3,080 | 11,353,015 | 58.5 | % | 119,168,026 | 74.2 | % | 10.50 | |||||||||||||||||
Sub-total all tenants | 3,243 | 17,317,465 | 89.2 | % | $ | 160,609,515 | 100.0 | % | $ | 9.27 | |||||||||||||||
Vacant | 495 | 2,088,551 | 10.8 | % | NA | ||||||||||||||||||||
Total including vacant | 3,738 | 19,406,016 | 100.0 | % | $ | 160,609,515 | 100.0 | % | $ | 8.28 | |||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property and the five pending developments.
Page 23
EQUITY ONE, INC. AND SUBSIDIARIES
EXPIRING SQUARE FOOTAGE BY TENANT TYPE
as of September 30, 2003
Note: Excludes Mandarin mini-storage facility, the industrial property and the five pending developments.
Page 24
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of September 30, 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 | 101 | 234,795 | 1.2 | % | $ | 2,148,448 | 1.3 | % | $ | 9.15 | ||||||||||||||||||
2003 | 192 | 493,668 | 2.5 | % | 5,219,325 | 3.1 | % | 10.57 | ||||||||||||||||||||
2004 | 677 | 1,802,904 | 9.3 | % | 20,188,046 | 12.1 | % | 11.20 | ||||||||||||||||||||
2005 | 673 | 1,882,472 | 9.7 | % | 21,810,839 | 13.1 | % | 11.59 | ||||||||||||||||||||
2006 | 587 | 1,941,768 | 10.0 | % | 22,634,361 | 13.6 | % | 11.66 | ||||||||||||||||||||
2007 | 376 | 1,787,344 | 9.2 | % | 18,875,077 | 11.4 | % | 10.56 | ||||||||||||||||||||
2008 | 301 | 1,442,601 | 7.4 | % | 15,585,970 | 9.4 | % | 10.80 | ||||||||||||||||||||
2009 | 61 | 1,044,419 | 5.4 | % | 7,305,524 | 4.4 | % | 6.99 | ||||||||||||||||||||
2010 | 55 | 595,555 | 3.1 | % | 5,603,577 | 3.4 | % | 9.41 | ||||||||||||||||||||
2011 | 41 | 995,273 | 5.1 | % | 7,159,339 | 4.3 | % | 7.19 | ||||||||||||||||||||
2012 | 34 | 840,813 | 4.3 | % | 6,641,706 | 4.0 | % | 7.90 | ||||||||||||||||||||
Thereafter | 145 | 4,255,853 | 21.9 | % | 33,102,949 | 19.9 | % | 7.78 | ||||||||||||||||||||
Sub-total / average | 3,243 | 17,317,465 | 89.2 | % | $ | 166,275,161 | 100.0 | % | $ | 9.60 | ||||||||||||||||||
Vacant | 495 | 2,088,551 | 10.8 | % | NA | NA | NA | |||||||||||||||||||||
Total / average | 3,738 | 19,406,016 | 100.0 | % | $ | 166,275,161 | 100.0 | % | $ | 8.57 | ||||||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property and the five pending developments.
Page 25
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of September 30, 2003
ANCHOR TENANTS (SF => 10,000)
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 | 3 | 66,884 | 0.6 | % | $ | 101,400 | 0.1 | % | $ | 1.52 | ||||||||||||||||||
2003 | 5 | 118,824 | 1.0 | % | 823,826 | 1.2 | % | 6.93 | ||||||||||||||||||||
2004 | 23 | 537,786 | 4.5 | % | 3,026,353 | 4.2 | % | 5.63 | ||||||||||||||||||||
2005 | 25 | 506,953 | 4.2 | % | 2,569,957 | 3.6 | % | 5.07 | ||||||||||||||||||||
2006 | 30 | 721,681 | 6.0 | % | 4,498,458 | 6.3 | % | 6.23 | ||||||||||||||||||||
2007 | 36 | 953,679 | 8.0 | % | 6,018,591 | 8.4 | % | 6.31 | ||||||||||||||||||||
2008 | 30 | 753,290 | 6.3 | % | 4,866,168 | 6.8 | % | 6.46 | ||||||||||||||||||||
2009 | 21 | 904,027 | 7.5 | % | 5,120,777 | 7.1 | % | 5.66 | ||||||||||||||||||||
2010 | 19 | 497,971 | 4.2 | % | 3,709,624 | 5.2 | % | 7.45 | ||||||||||||||||||||
2011 | 21 | 934,311 | 7.8 | % | 5,694,087 | 7.9 | % | 6.09 | ||||||||||||||||||||
2012 | 18 | 772,736 | 6.5 | % | 5,217,674 | 7.3 | % | 6.75 | ||||||||||||||||||||
Thereafter | 89 | 4,085,073 | 34.1 | % | 29,987,114 | 41.9 | % | 7.34 | ||||||||||||||||||||
Sub-total / average | 320 | 10,853,215 | 90.6 | % | $ | 71,634,029 | 100.0 | % | $ | 6.60 | ||||||||||||||||||
Vacant | 38 | 1,122,393 | 9.4 | % | NA | NA | NA | |||||||||||||||||||||
Total / average | 358 | 11,975,608 | 100.0 | % | $ | 71,634,029 | 100.0 | % | $ | 5.98 |
Note: Excludes Mandarin mini-storage facility, the industrial property and the five pending developments.
Page 26
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of September 30, 2003
LOCAL TENANTS (SF < 10,000)
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 | 98 | 167,911 | 2.3 | % | $ | 2,047,048 | 2.2 | % | $ | 12.19 | ||||||||||||||||||
2003 | 187 | 374,844 | 5.0 | % | 4,395,499 | 4.6 | % | 11.73 | ||||||||||||||||||||
2004 | 654 | 1,265,118 | 17.0 | % | 17,161,693 | 18.1 | % | 13.57 | ||||||||||||||||||||
2005 | 648 | 1,375,519 | 18.5 | % | 19,240,882 | 20.3 | % | 13.99 | ||||||||||||||||||||
2006 | 557 | 1,220,087 | 16.4 | % | 18,135,903 | 19.2 | % | 14.86 | ||||||||||||||||||||
2007 | 340 | 833,665 | 11.2 | % | 12,856,486 | 13.6 | % | 15.42 | ||||||||||||||||||||
2008 | 271 | 689,311 | 9.3 | % | 10,719,802 | 11.3 | % | 15.55 | ||||||||||||||||||||
2009 | 40 | 140,392 | 1.9 | % | 2,184,747 | 2.3 | % | 15.56 | ||||||||||||||||||||
2010 | 36 | 97,584 | 1.3 | % | 1,893,953 | 2.0 | % | 19.41 | ||||||||||||||||||||
2011 | 20 | 60,962 | 0.8 | % | 1,465,252 | 1.5 | % | 24.04 | ||||||||||||||||||||
2012 | 16 | 68,077 | 0.9 | % | 1,424,032 | 1.5 | % | 20.92 | ||||||||||||||||||||
Thereafter | 56 | 170,780 | 2.3 | % | 3,115,835 | 3.3 | % | 18.24 | ||||||||||||||||||||
Sub-total / average | 2,923 | 6,464,250 | 87.0 | % | $ | 94,641,132 | 100.0 | % | $ | 14.64 | ||||||||||||||||||
Vacant | 457 | 966,158 | 13.0 | % | NA | NA | NA | |||||||||||||||||||||
Total / average | 3,380 | 7,430,408 | 100.0 | % | $ | 94,641,132 | 100.0 | % | $ | 12.74 |
Note: Excludes Mandarin mini-storage facility, the industrial property and the five pending developments.
Page 27
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
as of September 30, 2003
(in thousands, except square footage data)
1) | CVS Plaza f/k/a Coral Way N.E.; Miami, Florida | |
We have commenced construction of a 25,000 square foot drug-store anchored shopping center at an estimated cost of $3,956 with a target completion in the first quarter of 2004. This development is located at the northeast corner of S.W. 147th Avenue and Coral Way across the street from Plaza Alegre, and is reflected as a development property. | ||
2) | Crossroads Square f/k/a 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 property. Lowe’s will pay all the development and construction costs related to their store and the associated site area and parking. Redevelopment is currently underway to reconfigure the remainder of the property and add a 13,000 square foot drug store at an estimated cost of $5,500. 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 and opened in the second quarter of 2003, 29,000 square feet has been leased to Homegoods and is expected to open in the second quarter of 2004 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 $4,060. The reconfigured property is listed on the Property Status Report as a development property. | ||
4) | Salerno Village; Stuart, Florida | |
We are redeveloping 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 $4,936, and is expected to be completed in the second quarter of 2004. The current configuration (pre-redevelopment) 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, but have not yet finalized the development plan or the associated budget. The land parcel is reflected as a development property. | ||
6) | Shops at Skylake (Phase III); North Miami Beach, Florida | |
We plan to complete the final phase of Skylake totaling approximately 120,000 square feet in the second quarter of 2004 at an additional cost of approximately $7,500. 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 L.A. Fitness space is under construction, with completion targeted for the first quarter of 2004. The current configuration of the property is listed on the Property Status Report. | ||
7) | Westridge; McDonough, 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, but have not yet finalized the development plan or the associated budget. The land parcel is reflected as a development property. | ||
8) | Walden Woods; Plant City, Florida | |
We have reconfigured approximately 46,500 squre feet of this property to accomodate a 20,000 square foot Dollar Store, that opened in the third quarter of 2003, a 13,000 square foot Aaron Rents, that is expected to open in the fourth quarter of 2003, and 13,500 square feet of local space at an estimated cost of $844. The reconfigured property is listed on the Property Status Report as a development property. | ||
9) | Gulf Gate; Naples, Florida | |
We are in the process of completely renovating this center and releasing 36,000 squre feet to accomodate Big Lots at an estimated cost of $1,017. The center is listed on the Property Status Report as a development property. | ||
10) | Ambassador Row Courtyard; Lafayette, Louisiana | |
We intend to redevelop a portion of this property in the fourth quarter of 2003 at a cost of approximately $1,201. The current configuration is reflected on the Property Status Report. | ||
11) | Cashmere; Port St. Lucie, Florida | |
This is a four acre site adjacent to our Cashmere Corners retail center. We expect to develop 20,000 square feet of retail space. We have not finalized the development plan or associated budget. The land parcel is reflected as a development property. |
Active Development and Redevelopment Cost Summary
as of September 30, 2003
Construction Costs | ||||||||||||
Estimated | Funded as of | Balance to | ||||||||||
Property | Cost | September 30, 2003 | Complete | |||||||||
CVS Plaza | $ | 3,956 | $ | 2,346 | $ | 1,610 | ||||||
Crossroads Square | 5,500 | 4,536 | 964 | |||||||||
Oakbrook Square | 4,060 | 2,962 | 1,098 | |||||||||
Salerno Village | 4,936 | 1,059 | 3,877 | |||||||||
Shops at Skylake Phase III | 7,500 | 3,455 | 4,045 | |||||||||
Walden Woods | 844 | 798 | 46 | |||||||||
Gulf Gate | 1,017 | 29 | 988 | |||||||||
Ambassador Row Courtyard | 1,201 | 7 | 1,194 | |||||||||
Total | $ | 29,014 | $ | 15,192 | $ | 13,822 | ||||||
Page 28
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
as of September 30, 2003
(in thousands, except square footage data)
Acquisition Activity (excluding the IRT merger)
Square Feet/ | Purchase | ||||||||||||||||||||
Date Purchased | Property Name | City | State | Acres | Price | ||||||||||||||||
Feb-03 | Westridge - land | McDonough | GA | 13.5 acres | $ | 1,688 | |||||||||||||||
May-03 | Spring Shadow - HEB Supermarket | Houston | TX | 62,661 | 3,500 | ||||||||||||||||
Jul-03 | Sheridan Plaza Shopping Center | Hollywood | FL | 451,294 | 75,325 | ||||||||||||||||
Jul-03 | Butler Creek Shopping Center | Acworth | GA | 95,597 | 12,100 | ||||||||||||||||
Jul-03 | Bandera Out-parcel | San Antonio | TX | 6,000 | 533 | ||||||||||||||||
Aug-03 | Presidential Markets | Atlanta | GA | 396,408 | 47,238 | ||||||||||||||||
Sep-03 | Hunters Creek Plaza | Orlando | FL | 68,032 | 7,446 | ||||||||||||||||
Total | $ | 147,830 | |||||||||||||||||||
Disposition Activity
Square Feet/ | Sales | ||||||||||||||||||||||||
Date Sold | Property Name | City | State | Acres | Price | Gain on Sale | |||||||||||||||||||
Mar-03 | Eckerd Melbourne | Melbourne | FL | 10,908 | $ | 2,715 | $ | 177 | |||||||||||||||||
Mar-03 | Eckerd Leesburg | Leesburg | FL | 12,739 | 4,050 | 326 | |||||||||||||||||||
Apr-03 | Pompano Lowe's | Pompano | FL | 80,697 | 3,400 | 470 | |||||||||||||||||||
May-03 | Shops at Huntcrest (2 out-parcels) | Lawrenceville | GA | 2.9 acres | 1,686 | — | |||||||||||||||||||
Jun-03 | Oak Square Joint Venture interest | Gainsville | FL | N/A | 2,230 | 901 | |||||||||||||||||||
Sep-03 | Park Place Joint Venture Interest | Plano | TX | N/A | 4,434 | 1,209 | |||||||||||||||||||
Total | $ | 18,515 | $ | 3,083 | |||||||||||||||||||||
Page 29
EQUITY ONE, INC. AND SUBSIDIARIES
JOINT VENTURE INVESTMENTS
as of September 30, 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 84% leased as of September 30, 2003. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,903 as of September 30, 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. | ||
* | Equity One accounts for these two joint venture interests using the equity method as we do not consider ourselves to be in control of the major business decisions. |
Sold joint ventures
1) | Park Place | |
Plano, Texas | ||
On September 30, 2003, the joint venture completed the sale of this property. Our pro rata share of the gain from the sale was $1,209. Equity One received a final distribution from the partnership of $6,440. | ||
2) | Oak Square | |
Gainesville, Florida | ||
On June 30, 2003, Equity One sold its 50% interest in this joint venture, received net proceeds of $2,230 and recorded a gain of $901 on the disposition. |
Page 30
EQUITY ONE, INC. AND SUBSIDIARIES
STOCK PRICE AND VOLUME STATISTICS
for the three months ended September 30, 2003
*Data obtained from Yahoo Chart Services
Page 31