Exhibit 99.2
Equity One, Inc.
Supplemental Information Package
December 31, 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
December 31, 2003
(unaudited)
TABLE OF CONTENTS
Page | ||||
DISCLOSURES | 3 | |||
SUMMARY OPERATING INFORMATION | 4 | |||
SUMMARY BALANCE SHEET INFORMATION | 5 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | 6 | |||
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS | 7 | |||
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS | 9 | |||
CONSOLIDATED BALANCE SHEETS | 10 | |||
DEBT SUMMARY | 11 | |||
PROPERTY STATUS REPORT | 15 | |||
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 |
EQUITY ONE, INC. AND SUBSIDIARIES
DISCLOSURES
for the periods ended December 31, 2003 and 2002
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 | ||
The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company ‘s Form 10-K for the year ended December 31, 2003 and Forms 10-Q for the quarters ended March 31, June 30, and September 30, 2003 should be read in conjunction with the above information. 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 December 31, 2003. | ||
Use of EBITDA as a Non-GAAP Financial Measure | ||
EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We compute EBITDA as the sum of net income before extraordinary items, depreciation and amortization, income taxes, interest expense, gain (loss) on disposal of income producing properties, and impairment of real estate. Given the nature of the Company’s business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to Earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in Earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of operations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are not included within Earnings. Accordingly, we believe that the use of EBITDA as opposed to Earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated period. EBITDA should not be considered as an alternative to Earnings as an indicator of our financial performance, or as an alternative to cash flow from operating activities as a measure of our liquidity. Our computation of EBITDA may differ from the methodology utilized by other companies to calculate EBITDA. Investors are cautioned that items excluded from EBITDA are significant components in understanding and assessing the Company’s financial performance. | ||
Use of Funds from Operations as a Non-GAAP Financial Measure | ||
Funds from Operations (FFO) is a widely used performance measure for real estate companies and is provided as a supplemental measure of operating performance. FFO (combined with the primary GAAP presentations) is a useful supplemental measure that is a recognized metric used extensively by the real estate industry, in particulat REIT’s. Accounting for real estate using historical cost accounting under accounting principles generally accepted in the United States (GAAP) assumes that the value of real estate diminishes predictably over time. NAREIT stated in its April 2002 White Paper on Funds from Operations “since real estate values...have historically risen or fallen with market conditions many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” FFO, as defined by NAREIT, is “net income (computed in accordance with GAAP), excluding (gains or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.” | ||
We believe that financial analysts, investors and stockholders are better served by the clearer presentation of comparable period operating results generated from our FFO measure. Our method of calculating FFO may be different from methods used by other REITs and accordingly, may not be comparable to such other REITs. FFO is presented to assist investors in analyzing our performance and to provide an indication of our ability to fund capital expenditures, distribution requirements and other cash needs. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs and liquidity, including the ability to make distributions, and (iii) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income is the most directly comparable GAAP measure to FFO. |
Page 3
EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION
for the periods ended December 31, 2003 and 2002
(in thousands, except per share data)
Three months ended | Twelve months ended | |||||||||||||||||
Dec 31, 2003 | Dec 31, 2002 | Dec 31, 2003 | Dec 31, 2002 | |||||||||||||||
Total dividends paid per share | $ | 0.28 | $ | 0.27 | $ | 1.10 | $ | 1.08 | ||||||||||
Funds from operations per share | $ | 0.38 | $ | 0.29 | $ | 1.46 | $ | 1.36 | ||||||||||
Dividend / FFO payout ratio | 73.7 | % | 93.1 | % | 75.3 | % | 79.4 | % | ||||||||||
FFO multiple (annualized if < 12 months) | 11.1 | 11.5 | 11.6 | 9.8 | ||||||||||||||
Adjusted funds from operations per share | $ | 0.33 | $ | 0.25 | $ | 1.32 | $ | 1.26 | ||||||||||
Dividend / AFFO payout ratio | 84.8 | % | 108.0 | % | 83.3 | % | 85.7 | % | ||||||||||
AFFO multiple (annualized if < 12 months) | 12.8 | 13.4 | 12.8 | 10.6 | ||||||||||||||
Income before minority interest | $ | 17,900 | $ | 7,328 | 64,450 | 40,035 | ||||||||||||
Income from discontinued operations | (814 | ) | (1,885 | ) | (5,894 | ) | (12,681 | ) | ||||||||||
(Gain) loss on extinguishment of debt | — | — | 623 | (1,520 | ) | |||||||||||||
Interest expense | 9,229 | 5,724 | 37,826 | 22,106 | ||||||||||||||
Amortization of deferred financing fees | 258 | 244 | 1,111 | 884 | ||||||||||||||
Rental property depreciation and amortization, excluding discontinued operations | 8,216 | 3,416 | 27,598 | 13,303 | ||||||||||||||
Pro-rata share from unconsolidated joint ventures | ||||||||||||||||||
Depreciation and amortization | 70 | 181 | 453 | 647 | ||||||||||||||
Interest expense | 141 | 363 | 1,030 | 1,467 | ||||||||||||||
EBITDA | $ | 35,000 | $ | 15,371 | $ | 127,197 | $ | 64,241 | ||||||||||
Interest expense, including joint venture interest | $ | 9,370 | $ | 6,087 | $ | 38,856 | $ | 23,573 | ||||||||||
EBITDA : interest coverage ratio | 3.7 | 2.5 | 3.3 | 2.7 | ||||||||||||||
EBITDA margin (EBITDA/total rental revenues) | 64.6 | % | 58.1 | % | 67.0 | % | 65.0 | % | ||||||||||
Net operating income (NOI) from continuing operations | ||||||||||||||||||
Total rental revenue | $ | 54,215 | $ | 26,450 | $ | 189,976 | $ | 98,904 | ||||||||||
Property operating expenses (1) | 17,006 | 8,405 | 54,866 | 30,763 | ||||||||||||||
Net operating income | $ | 37,209 | $ | 18,045 | $ | 135,110 | $ | 68,141 | ||||||||||
NOI margin (NOI/total rental income) | 68.6 | % | 68.2 | % | 71.1 | % | 68.9 | % | ||||||||||
(1) net of intercompany expenses. | ||||||||||||||||||
Same property NOI (2) | ||||||||||||||||||
Total rental revenue | $ | 24,588 | $ | 23,616 | $ | 89,048 | $ | 85,975 | ||||||||||
Property operating expenses | 8,297 | 7,996 | 27,802 | 27,046 | ||||||||||||||
Net operating income | $ | 16,291 | $ | 15,620 | $ | 61,246 | $ | 58,929 | ||||||||||
Growth in same property NOI | 4.3 | % | 3.9 | % | ||||||||||||||
Growth in same property NOI, excluding termination fees | 1.0 | % | 3.0 | % | ||||||||||||||
Same property occupancy | 90.4 | % | 90.4 | % | 89.9 | % | 90.2 | % | ||||||||||
(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 | $ | 3,108 | $ | 1,638 | $ | 11,046 | $ | 6,649 | ||||||||||
as % of total revenues | 5.66 | % | 6.08 | % | 5.76 | % | 6.54 | % | ||||||||||
as % of total assets (annualized) | 0.74 | % | 0.91 | % | 0.66 | % | 1.23 | % |
Page 4
EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION
as of December 31, 2003 and December 31, 2002
(in thousands, except per share data)
Dec 31, 2003 | Dec 31, 2002 | |||||||||||
Closing market price | $ | 16.88 | $ | 13.35 | ||||||||
Dividend yield (based on current annualized dividend) | 6.64 | % | 8.09 | % | ||||||||
Book value per share (fully diluted, end of period) | $ | 11.77 | $ | 10.00 | ||||||||
Liquidity | ||||||||||||
Cash and cash equivalents | $ | 966 | $ | 2,944 | ||||||||
Cash held in escrow | $ | — | $ | 5,933 | ||||||||
Revolving credit facilities | ||||||||||||
Gross available under current credit facilities | 345,000 | 81,703 | ||||||||||
less: Outstanding balance | (162,000 | ) | (23,000 | ) | ||||||||
Holdback for letters of credit | (1,378 | ) | (1,073 | ) | ||||||||
Escrowed for tax and insurance | — | (186 | ) | |||||||||
Net available under credit facilities | $ | 181,622 | $ | 57,444 | ||||||||
Equity capitalization (end of period) | ||||||||||||
Common stock shares (in thousands) | ||||||||||||
Basic common stock shares | 68,704.279 | 34,210.147 | ||||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares | 649.133 | 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) | 370.164 | 113.248 | ||||||||||
Fully diluted common stock shares | 70,551.498 | 35,009.236 | ||||||||||
Total debt (excluding unamortized premium) | $ | 771,103 | $ | 355,143 | ||||||||
Cash and cash equivalents, cash held in escrow | (966 | ) | (8,877 | ) | ||||||||
Securities held for sale | — | (921 | ) | |||||||||
Net debt | 770,137 | 345,345 | ||||||||||
Equity market capitalization (fully diluted, end of period) | 1,190,909 | 467,373 | ||||||||||
Total market capitalization | $ | 1,961,046 | $ | 812,718 | ||||||||
Net debt to total market capitalization | 39.3 | % | 42.5 | % | ||||||||
Gross real estate investments | $ | 1,683,705 | $ | 718,864 | ||||||||
Net debt to gross real estate investments | 45.7 | % | 48.0 | % | ||||||||
Fixed rate debt (excluding unamortized premium) | $ | 609,103 | $ | 307,508 | ||||||||
Variable rate debt - hedged | 70,000 | — | ||||||||||
Variable rate debt - unhedged | 92,000 | 47,635 | ||||||||||
Total debt | $ | 771,103 | $ | 355,143 | ||||||||
% Fixed rate debt | 79.0 | % | 86.6 | % | ||||||||
% Variable rate debt - hedged | 9.1 | % | 0.0 | % | ||||||||
% Variable rate debt - unhedged | 11.9 | % | 13.4 | % | ||||||||
Weighted-average interest rate on mortgage debt | 7.45 | % | 7.52 | % | ||||||||
Weighted-average interest rate on senior unsecured notes | 7.55 | % | N/A | |||||||||
Weighted-average interest rate on revolving credit facilities | 2.06 | % | N/A |
Page 5
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the periods ended December 31, 2003 and 2002
(in thousands, except per share data)
Three months ended | Twelve months ended | ||||||||||||||||
Dec 31, 2003 | Dec 31, 2002 | Dec 31, 2003 | Dec 31, 2002 | ||||||||||||||
Rental revenue: | |||||||||||||||||
Minimum rents | $ | 40,431 | $ | 18,767 | $ | 144,997 | $ | 72,802 | |||||||||
Expense recoveries | 13,132 | 6,063 | 41,740 | 22,689 | |||||||||||||
Termination fees | 580 | 1,439 | 1,382 | 1,938 | |||||||||||||
Percentage rent payments | 72 | 181 | 1,857 | 1,475 | |||||||||||||
Total rental revenue | 54,215 | 26,450 | 189,976 | 98,904 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Property operating expenses | 17,006 | 8,405 | 54,866 | 30,763 | |||||||||||||
Interest expense | 9,229 | 5,724 | 37,826 | 22,106 | |||||||||||||
Amortization of deferred financing fees | 258 | 244 | 1,111 | 884 | |||||||||||||
Rental property depreciation and amortization | 8,216 | 3,416 | 27,598 | 13,303 | |||||||||||||
Litigation settlement | — | 2,067 | — | 2,067 | |||||||||||||
General and administrative expenses | 3,108 | 1,638 | 11,046 | 6,649 | |||||||||||||
Total costs and expenses | 37,817 | 21,494 | 132,447 | 75,772 | |||||||||||||
Income before other income and expenses, income taxes, discontinued operations and minority interest | 16,398 | 4,956 | 57,529 | 23,132 | |||||||||||||
Other income and expenses: | |||||||||||||||||
Investment income | 148 | 375 | 1,089 | 1,632 | |||||||||||||
Other income | 548 | 117 | 687 | 1,085 | |||||||||||||
Equity in loss of joint ventures | (8 | ) | (5 | ) | (126 | ) | (15 | ) | |||||||||
Gain (loss) on extinguishment of debt | — | — | (623 | ) | 1,520 | ||||||||||||
Income before income taxes, discontinued operations and minority interest | 17,086 | 5,443 | 58,556 | 27,354 | |||||||||||||
Income tax benefit (expense) | |||||||||||||||||
Current | 117 | — | — | — | |||||||||||||
Deferred | (117 | ) | — | — | — | ||||||||||||
Total income tax benefit (expense) | — | — | — | — | |||||||||||||
Discontinued operations: | |||||||||||||||||
Income from operations of sold properties | 814 | 815 | 2,811 | 3,417 | |||||||||||||
Gain on disposal of income producing properties | — | 1,070 | 3,083 | 9,264 | |||||||||||||
Total income from discontinued operations | 814 | 1,885 | 5,894 | 12,681 | �� | ||||||||||||
Income before minority interest | 17,900 | 7,328 | 64,450 | 40,035 | |||||||||||||
Minority interest | (197 | ) | (25 | ) | (803 | ) | (101 | ) | |||||||||
Net income | $ | 17,703 | $ | 7,303 | $ | 63,647 | $ | 39,934 | |||||||||
Basic earnings per share | |||||||||||||||||
Income before discontinued operations | $ | 0.25 | $ | 0.16 | $ | 0.96 | $ | 0.84 | |||||||||
Income from discontinued operations | 0.01 | 0.05 | 0.10 | 0.38 | |||||||||||||
Net income | $ | 0.26 | $ | 0.21 | $ | 1.06 | $ | 1.22 | |||||||||
Diluted earnings per share | |||||||||||||||||
Income before discontinued operations | $ | 0.25 | $ | 0.16 | $ | 0.95 | $ | 0.82 | |||||||||
Income from discontinued operations | 0.01 | 0.05 | 0.10 | 0.38 | |||||||||||||
Net income | $ | 0.26 | $ | 0.21 | $ | 1.05 | $ | 1.20 | |||||||||
Weighted average shares outstanding | |||||||||||||||||
Basic | 67,858 | 34,046 | 59,998 | 32,662 | |||||||||||||
Diluted | 69,748 | 34,894 | 61,665 | 33,443 | |||||||||||||
Page 6
EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended December 31, 2003
(in thousands, except per share data)
Three months ended | Twelve months ended | ||||||||||||||||||||||||
Dec 31, 2003 | Dec 31, 2003 | ||||||||||||||||||||||||
As | Discontinued | Pre SFAS | As | Discontinued | Pre SFAS | ||||||||||||||||||||
Reported | Operations | No. 144 | Reported | Operations | No. 144 | ||||||||||||||||||||
Rental revenue: | |||||||||||||||||||||||||
Minimum rents | $ | 40,431 | $ | 718 | $ | 41,149 | $ | 144,997 | $ | 3,092 | $ | 148,089 | |||||||||||||
Expense recoveries | 13,132 | 470 | 13,602 | 41,740 | 829 | 42,569 | |||||||||||||||||||
Termination fees | 580 | — | 580 | 1,382 | — | 1,382 | |||||||||||||||||||
Percentage rent payments | 72 | — | 72 | 1,857 | 14 | 1,871 | |||||||||||||||||||
Total rental revenue | 54,215 | 1,188 | 55,403 | 189,976 | 3,935 | 193,911 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Property operating expenses | 17,006 | 258 | 17,264 | 54,866 | 980 | 55,846 | |||||||||||||||||||
Interest expense | 9,229 | 32 | 9,261 | 37,826 | 360 | 38,186 | |||||||||||||||||||
Amortization of deferred financing fees | 258 | — | 258 | 1,111 | 1 | 1,112 | |||||||||||||||||||
Rental property depreciation and amortization | 8,216 | 84 | 8,300 | 27,598 | 409 | 28,007 | |||||||||||||||||||
General and administrative expenses | 3,108 | — | 3,108 | 11,046 | — | 11,046 | |||||||||||||||||||
Total costs and expenses | 37,817 | 374 | 38,191 | 132,447 | 1,750 | 134,197 | |||||||||||||||||||
Income before other income and expenses, discontinued operations and minority interest | 16,398 | 814 | 17,212 | 57,529 | 2,185 | 59,714 | |||||||||||||||||||
Other income and expense: | |||||||||||||||||||||||||
Investment income | 148 | — | 148 | 1,089 | — | 1,089 | |||||||||||||||||||
Other income | 548 | — | 548 | 687 | — | 687 | |||||||||||||||||||
Equity in income (loss) of joint ventures | (8 | ) | — | (8 | ) | (126 | ) | 626 | 500 | ||||||||||||||||
Loss on extinguishment of debt | — | — | — | (623 | ) | — | (623 | ) | |||||||||||||||||
Income before discontinued operations and minority interest | 17,086 | 814 | 17,900 | 58,556 | 2,811 | 61,367 | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
Income from operations of sold properties | 814 | (814 | ) | — | 2,811 | (2,811 | ) | — | |||||||||||||||||
Gain on disposal of income producing properties | — | — | — | 3,083 | — | 3,083 | |||||||||||||||||||
Income from discontinued operations | 814 | (814 | ) | — | 5,894 | (2,811 | ) | 3,083 | |||||||||||||||||
Income before minority interest | 17,900 | — | 17,900 | 64,450 | — | 64,450 | |||||||||||||||||||
Minority interest | (197 | ) | — | (197 | ) | (803 | ) | — | (803 | ) | |||||||||||||||
Net income | $ | 17,703 | — | $ | 17,703 | $ | 63,647 | — | $ | 63,647 | |||||||||||||||
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
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
for the periods ended December 31, 2002
(in thousands, except per share data)
Three months ended | Twelve months ended | |||||||||||||||||||||||||
Dec 31, 2002 | Dec 31, 2002 | |||||||||||||||||||||||||
As | Discontinued | Pre SFAS | As | Discontinued | Pre SFAS | |||||||||||||||||||||
Reported | Operations | No. 144 | Reported | Operations | No. 144 | |||||||||||||||||||||
Rental revenue: | ||||||||||||||||||||||||||
Minimum rents | $ | 18,767 | $ | 539 | $ | 19,306 | $ | 72,802 | $ | 3,809 | $ | 76,611 | ||||||||||||||
Expense recoveries | 6,063 | 184 | 6,247 | 22,689 | 780 | 23,469 | ||||||||||||||||||||
Termination fees | 1,439 | 271 | 1,710 | 1,938 | 297 | 2,235 | ||||||||||||||||||||
Percentage rent payments | 181 | — | 181 | 1,475 | 32 | 1,507 | ||||||||||||||||||||
Total rental revenue | 26,450 | 994 | 27,444 | 98,904 | 4,918 | 103,822 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Property operating expenses | 8,405 | 207 | 8,612 | 30,763 | 1,229 | 31,992 | ||||||||||||||||||||
Interest expense | 5,724 | — | 5,724 | 22,106 | 262 | 22,368 | ||||||||||||||||||||
Amortization of deferred financing fees | 244 | — | 244 | 884 | 67 | 951 | ||||||||||||||||||||
Rental property depreciation and amortization | 3,416 | 90 | 3,506 | 13,303 | 507 | 13,810 | ||||||||||||||||||||
Litigation settlement | 2,067 | — | 2,067 | 2,067 | — | 2,067 | ||||||||||||||||||||
General and administrative expenses | 1,638 | — | 1,638 | 6,649 | — | 6,649 | ||||||||||||||||||||
Total costs and expenses | 21,494 | 297 | 21,791 | 75,772 | 2,065 | 77,837 | ||||||||||||||||||||
Income before other income and expenses, discontinued operations and minority interest | 4,956 | 697 | 5,653 | 23,132 | 2,853 | 25,985 | ||||||||||||||||||||
Other income and expenses: | ||||||||||||||||||||||||||
Investment income | 375 | — | 375 | 1,632 | — | 1,632 | ||||||||||||||||||||
Other income | 117 | — | 117 | 1,085 | — | 1,085 | ||||||||||||||||||||
Equity in income (loss) of joint ventures | (5 | ) | 118 | 113 | (15 | ) | 564 | 549 | ||||||||||||||||||
Gain on extinguishment of debt | — | — | — | 1,520 | — | 1,520 | ||||||||||||||||||||
Income before discontinued operations and minority interest | 5,443 | 815 | 6,258 | 27,354 | 3,417 | 30,771 | ||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
Income from operations of sold properties | 815 | (815 | ) | — | 3,417 | (3,417 | ) | — | ||||||||||||||||||
Gain on disposal of income producing properties | 1,070 | — | 1,070 | 9,264 | — | 9,264 | ||||||||||||||||||||
Total income from discontinued operations | 1,885 | (815 | ) | 1,070 | 12,681 | (3,417 | ) | 9,264 | ||||||||||||||||||
Income before minority interest | 7,328 | — | 7,328 | 40,035 | — | 40,035 | ||||||||||||||||||||
Minority interest | (25 | ) | — | (25 | ) | (101 | ) | — | (101 | ) | ||||||||||||||||
Net income | $ | 7,303 | $ | — | $ | 7,303 | $ | 39,934 | $ | — | $ | 39,934 | ||||||||||||||
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 8
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
for the periods ended December 31, 2003 and 2002
(in thousands, except per share data)
Three months ended | Twelve months ended | |||||||||||||||||
Dec 31, 2003 | Dec 31, 2002 | Dec 31, 2003 | Dec 31, 2002 | |||||||||||||||
Funds from Operations | ||||||||||||||||||
Net income | $ | 17,703 | $ | 7,303 | $ | 63,647 | $ | 39,934 | ||||||||||
Adjustments: | ||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 8,300 | 3,506 | 28,007 | 13,810 | ||||||||||||||
Gain on disposal of income producing properties | — | (1,070 | ) | (3,083 | ) | (9,264 | ) | |||||||||||
Minority interest | 197 | 25 | 803 | 101 | ||||||||||||||
Other items: | ||||||||||||||||||
Interest on convertible partnership units | — | 65 | 43 | 259 | ||||||||||||||
Pro-rata share of real estate depreciation from joint ventures | 70 | 181 | 453 | 647 | ||||||||||||||
Funds from operations (FFO) | $ | 26,270 | $ | 10,010 | $ | 89,870 | $ | 45,487 | ||||||||||
Increase | 162.4 | % | 97.6 | % | ||||||||||||||
Earnings per diluted share | $ | 0.26 | $ | 0.21 | $ | 1.05 | $ | 1.20 | ||||||||||
Adjustments: | ||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 0.12 | 0.10 | 0.45 | 0.41 | ||||||||||||||
Gain on disposal of income producing properties | — | (0.03 | ) | (0.05 | ) | (0.27 | ) | |||||||||||
Minority interest | — | — | 0.01 | — | ||||||||||||||
Other items: | ||||||||||||||||||
Pro-rata share of real estate depreciation from joint ventures | — | 0.01 | — | 0.02 | ||||||||||||||
Funds from operations per diluted share | $ | 0.38 | $ | 0.29 | $ | 1.46 | $ | 1.36 | ||||||||||
Increase | 31.0 | % | 7.4 | % | ||||||||||||||
Adjusted funds from operations (AFFO) | ||||||||||||||||||
Funds from operations | $ | 26,270 | $ | 10,010 | $ | 89,870 | $ | 45,487 | ||||||||||
less: | ||||||||||||||||||
Straight line rents | 763 | 323 | 1,974 | 636 | ||||||||||||||
Recurring capital expenditures | ||||||||||||||||||
Tenant improvements | 157 | 511 | 960 | 974 | ||||||||||||||
Leasing commissions and costs | 954 | 299 | 2,382 | 803 | ||||||||||||||
Other capital expenditures | 1,353 | 292 | 2,979 | 886 | ||||||||||||||
Total recurring capital expenditures | 2,464 | 1,102 | 6,321 | 2,663 | ||||||||||||||
Adjusted funds from operations | $ | 23,043 | $ | 8,585 | $ | 81,575 | $ | 42,188 | ||||||||||
Increase | 168.4 | % | 93.4 | % | ||||||||||||||
AFFO per share (diluted) | $ | 0.33 | $ | 0.25 | $ | 1.32 | $ | 1.26 | ||||||||||
Increase | 32.0 | % | 4.8 | % | ||||||||||||||
Weighted average diluted shares | 69,478 | 34,894 | 61,665 | 33,443 |
Page 9
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
as of December 31, 2003 and December 31, 2002
(in thousands, except per share data)
Dec 31, 2003 | Dec 31, 2002 | ||||||||||
Assets | |||||||||||
Properties | |||||||||||
Income producing | $ | 1,594,579 | $ | 682,941 | |||||||
Less: accumulated depreciation | (66,406 | ) | (40,433 | ) | |||||||
Rental property | 1,528,173 | 642,508 | |||||||||
Construction in progress and land held for development | 74,686 | 35,923 | |||||||||
Property held for sale | 14,440 | — | |||||||||
Properties, net | 1,617,299 | 678,431 | |||||||||
Cash and cash equivalents | 966 | 2,944 | |||||||||
Cash held in escrow | — | 5,933 | |||||||||
Accounts and other receivables, net | 13,492 | 7,053 | |||||||||
Investments in and advances to joint ventures | 2,861 | 10,021 | |||||||||
Goodwill | 14,014 | 2,276 | |||||||||
Other assets | 28,754 | 23,411 | |||||||||
Total | $ | 1,677,386 | $ | 730,069 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Liabilities | |||||||||||
Mortgage notes payable | $ | 459,103 | $ | 332,143 | |||||||
Unsecured revolving credit facilities | 162,000 | — | |||||||||
Secured revolving credit facilities | — | 23,000 | |||||||||
Unsecured senior notes payable | 150,000 | — | |||||||||
Total debt | 771,103 | 355,143 | |||||||||
Unamortized premium on notes payable | 24,218 | — | |||||||||
Total notes payable | 795,321 | 355,143 | |||||||||
Accounts payable and accrued expenses | 25,211 | 14,760 | |||||||||
Tenant security deposits | 7,706 | 4,342 | |||||||||
Other liabilities | 5,924 | 1,724 | |||||||||
Total liabilities | 834,162 | 375,969 | |||||||||
Minority interest | 12,672 | 3,869 | |||||||||
Stockholders’ equity | |||||||||||
Common stock | 694 | 345 | |||||||||
Additional paid-in capital | 843,678 | 355,450 | |||||||||
Retained earnings | — | 5,969 | |||||||||
Accumulated other comprehensive loss | (122 | ) | (46 | ) | |||||||
Unamortized restricted stock compensation | (10,091 | ) | (4,375 | ) | |||||||
Notes receivable from issuance of common stock | (3,607 | ) | (7,112 | ) | |||||||
Total stockholders’ equity | 830,552 | 350,231 | |||||||||
Total | $ | 1,677,386 | $ | 730,069 | |||||||
Page 10
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2003
(in thousands)
Maturity | Dec 31, 2003 | Dec 31, 2002 | |||||||||||||||
Property | date | Rate (1) | balance | balance | |||||||||||||
Fixed rate mortgage debt | |||||||||||||||||
Middle Beach | 08/15/04 | 7.375 | % | $ | 2,808 | $ | — | ||||||||||
Lantana Village | 02/15/05 | 6.950 | % | 3,669 | 3,816 | ||||||||||||
Woodruff | 05/10/05 | 7.580 | % | 3,096 | — | ||||||||||||
Elmwood Oaks | 06/01/05 | 8.375 | % | 7,500 | — | ||||||||||||
Benchmark Crossing | 08/01/05 | 9.250 | % | 3,313 | 3,393 | ||||||||||||
Sterling Plaza | 09/01/05 | 8.750 | % | 3,982 | 4,083 | ||||||||||||
Townsend Square | 10/01/05 | 8.500 | % | 4,848 | 4,922 | ||||||||||||
Green Oaks | 11/01/05 | 8.375 | % | 3,022 | 3,100 | ||||||||||||
Melbourne Plaza | 11/01/05 | 8.375 | % | 1,747 | 1,792 | ||||||||||||
Oak Hill (*) | 01/01/06 | 7.625 | % | — | 2,016 | ||||||||||||
Walden Woods | 08/01/06 | 7.875 | % | 2,387 | 2,492 | ||||||||||||
Big Curve | 10/01/06 | 9.190 | % | 5,437 | 5,552 | ||||||||||||
Highland Square | 12/01/06 | 8.870 | % | 4,047 | 4,135 | ||||||||||||
Park Northern | 12/01/06 | 8.370 | % | 2,284 | 2,377 | ||||||||||||
Crossroads Square f/k/a University Mall | 12/01/06 | 8.440 | % | 12,510 | 12,680 | ||||||||||||
Rosemeade | 12/01/07 | 8.295 | % | 3,179 | 3,244 | ||||||||||||
Colony Plaza | 01/01/08 | 7.540 | % | 3,015 | 3,053 | ||||||||||||
Parkwood (2) | 01/01/08 | 7.280 | % | 6,196 | 6,277 | ||||||||||||
Richwood (2) | 01/01/08 | 7.280 | % | 3,192 | 3,234 | ||||||||||||
Commonwealth | 02/15/08 | 7.000 | % | 2,754 | 2,864 | ||||||||||||
Mariners Crossing | 03/01/08 | 7.080 | % | 3,380 | 3,425 | ||||||||||||
Pine Island/Ridge Plaza | 07/01/08 | 6.910 | % | 24,938 | 25,274 | ||||||||||||
Forestwood | 01/01/09 | 5.070 | % | 7,286 | 7,425 | ||||||||||||
Shoppes of North Port | 02/08/09 | 6.650 | % | 4,108 | 4,201 | ||||||||||||
Prosperity Centre | 03/01/09 | 7.875 | % | 6,390 | 6,730 | ||||||||||||
North Village Center | 03/15/09 | 8.130 | % | 1,463 | — | ||||||||||||
Shoppes of Ibis | 09/01/09 | 6.730 | % | 5,865 | 6,031 | ||||||||||||
Tamarac Town Square | 10/01/09 | 9.190 | % | 6,206 | — | ||||||||||||
Park Promenade | 02/01/10 | 8.100 | % | 6,302 | 6,360 | ||||||||||||
Skipper Palms | 03/01/10 | 8.625 | % | 3,556 | 3,585 | ||||||||||||
Jonathan’s Landing | 05/01/10 | 8.050 | % | 2,901 | 2,932 | ||||||||||||
Bluff’s Square | 06/01/10 | 8.740 | % | 10,086 | 10,162 | ||||||||||||
Kirkman Shoppes | 06/01/10 | 8.740 | % | 9,524 | 9,596 | ||||||||||||
Ross Plaza | 06/01/10 | 8.740 | % | 6,642 | 6,693 | ||||||||||||
Boynton Plaza | 07/01/10 | 8.030 | % | 7,494 | 7,561 | ||||||||||||
Pointe Royale | 07/15/10 | 7.950 | % | 4,533 | 4,763 | ||||||||||||
Plymouth Park East 1 (3) | 08/01/10 | 8.250 | % | 150 | 154 | ||||||||||||
Plymouth Park East 2 (3) | 08/01/10 | 8.250 | % | 451 | 463 | ||||||||||||
Plymouth Park North (3) | 08/01/10 | 8.250 | % | 8,043 | 8,260 | ||||||||||||
Plymouth Park South (3) | 08/01/10 | 8.250 | % | 601 | 617 | ||||||||||||
Plymouth Park Story North (3) | 08/01/10 | 8.250 | % | 370 | 380 | ||||||||||||
Plymouth Park West (3) | 08/01/10 | 8.250 | % | 2,404 | 2,468 |
Page 11
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2003
(in thousands)
Maturity | Dec 31, 2003 | Dec 31, 2002 | |||||||||||||||
Property | date | Rate (1) | balance | balance | |||||||||||||
Shops at Skylake | 08/01/10 | 7.650 | % | $ | 14,628 | $ | 14,964 | ||||||||||
Parkwest Crossing | 09/01/10 | 8.100 | % | 4,728 | — | ||||||||||||
Spalding Village | 09/01/10 | 8.190 | % | 10,537 | — | ||||||||||||
Minyards | 11/01/10 | 8.320 | % | 2,511 | 2,546 | ||||||||||||
Charlotte Square | 02/01/11 | 9.190 | % | 3,614 | — | ||||||||||||
Forest Village | 04/01/11 | 7.270 | % | 4,488 | 4,533 | ||||||||||||
Boca Village | 05/01/11 | 7.200 | % | 8,298 | 8,382 | ||||||||||||
MacLand Pointe | 05/01/11 | 7.250 | % | 5,859 | — | ||||||||||||
Pine Ridge Square | 05/01/11 | 7.020 | % | 7,354 | — | ||||||||||||
Sawgrass Promenade | 05/01/11 | 7.200 | % | 8,298 | 8,382 | ||||||||||||
Presidential Markets | 06/01/11 | 7.650 | % | 27,420 | — | ||||||||||||
Plaza Del Rey (*) | 09/01/11 | 8.125 | % | — | 2,202 | ||||||||||||
Lake Mary | 11/01/11 | 7.250 | % | 24,529 | 24,763 | ||||||||||||
Lake St. Charles | 11/01/11 | 7.130 | % | 3,873 | 3,911 | ||||||||||||
Belfair Towne Village | 12/01/11 | 7.320 | % | 11,379 | — | ||||||||||||
Marco Town Center | 01/01/12 | 6.700 | % | 8,731 | 8,875 | ||||||||||||
Riverside Square | 03/01/12 | 9.190 | % | 7,694 | — | ||||||||||||
Cashmere | 11/01/12 | 5.880 | % | 5,245 | 5,343 | ||||||||||||
Eastwood | 11/01/12 | 5.880 | % | 6,250 | 6,366 | ||||||||||||
Meadows | 11/01/12 | 5.870 | % | 6,568 | 6,690 | ||||||||||||
Lutz Lake | 12/01/12 | 6.280 | % | 7,500 | — | ||||||||||||
Summerlin Square | 02/01/14 | 6.750 | % | 3,898 | 4,156 | ||||||||||||
Bird Ludlum | 02/15/15 | 7.680 | % | 10,296 | 10,857 | ||||||||||||
Treasure Coast | 04/01/15 | 8.000 | % | 4,804 | — | ||||||||||||
Shoppes of Silverlakes | 07/01/15 | 7.750 | % | 2,781 | — | ||||||||||||
West Lakes Plaza (*) | 06/01/16 | 7.875 | % | — | 4,979 | ||||||||||||
Grassland Crossing | 12/01/16 | 7.870 | % | 5,985 | — | ||||||||||||
Mableton Crossing | 08/15/18 | 6.850 | % | 4,157 | — | ||||||||||||
Atlantic Village (*) | 11/01/18 | 6.850 | % | — | 4,449 | ||||||||||||
BridgeMill | 05/05/21 | 7.940 | % | 9,555 | — | ||||||||||||
Chastain Square | 02/28/24 | 6.500 | % | 3,918 | — | ||||||||||||
Daniel Village | 02/28/24 | 6.500 | % | 4,282 | — | ||||||||||||
Douglas Commons | 02/28/24 | 6.500 | % | 5,102 | — | ||||||||||||
Fairview Oaks | 02/28/24 | 6.500 | % | 4,829 | — | ||||||||||||
Madison Centre | 02/28/24 | 6.500 | % | 3,918 | — | ||||||||||||
Paulding Commons | 02/28/24 | 6.500 | % | 6,651 | — | ||||||||||||
Siegen Village | 02/28/24 | 6.500 | % | 4,328 | — | ||||||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500 | % | 3,416 | — | ||||||||||||
Total fixed rate mortgage debt (76 loans) | 6.48 years | 7.45 | % | $ | 459,103 | $ | 307,508 | ||||||||||
Interest premium | (wtd-avg maturity) | (wtd-avg rate) | 11,779 | — | |||||||||||||
Total fixed rate mortgage debt (including interest premium) | $ | 470,882 | $ | 307,508 |
Page 12
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2003
(in thousands)
Maturity | Dec 31, 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 | 3.96 years | 7.55 | % | 150,000 | — | ||||||||||||
Interest Premium | (wtd-avg rate) | 12,439 | — | ||||||||||||||
Total fixed rate unsecured senior notes payable (including interest premium) | $ | 162,439 | $ | — | |||||||||||||
Total fixed rate debt | $ | 609,103 | $ | 307,508 | |||||||||||||
Interest Premium | 24,218 | — | |||||||||||||||
Total fixed rate debt (including interest premium) | $ | 633,321 | $ | 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 | 2.06 | % | 162,000 | — | ||||||||||||
$5MM City National Bank Unsecured | 08/13/04 | NA | — | — | |||||||||||||
Wells Fargo Secured (**) | 02/26/05 | NA | — | 23,000 | |||||||||||||
Total revolving credit facilities | $ | 162,000 | $ | 23,000 | |||||||||||||
Total variable rate debt | $ | 162,000 | $ | 47,635 | |||||||||||||
Total debt | $ | 771,103 | $ | 355,143 | |||||||||||||
Interest Premium | 24,218 | — | |||||||||||||||
Total debt (including interest premium) | $ | 795,321 | $ | 355,143 | |||||||||||||
Senior Unsecured Debt Ratings | |||||||||||||||||
Moody’s | Baa3 (Stable) | NA | |||||||||||||||
S&P | BBB- (Stable) | NA |
Page 13
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2003
(in thousands)
Secured Debt | Unsecured Debt | ||||||||||||||||||||
Maturity schedule | Scheduled | Balloon | Revolving | Senior | |||||||||||||||||
by year | amortization | payments (5) | Credit Facilities (5) | Notes | Total | ||||||||||||||||
2004 | 9,432 | 2,727 | — | — | 12,159 | ||||||||||||||||
2005 | 9,777 | 30,093 | — | — | 39,870 | ||||||||||||||||
2006 | 9,985 | 24,758 | 162,000 | 50,000 | 246,743 | ||||||||||||||||
2007 | 10,097 | 2,864 | — | 75,000 | 87,961 | ||||||||||||||||
2008 | 10,166 | 40,104 | — | — | 50,270 | ||||||||||||||||
2009 | 9,550 | 24,332 | — | — | 33,882 | ||||||||||||||||
2010 | 8,452 | 80,848 | — | — | 89,300 | ||||||||||||||||
2011 | 6,592 | 93,433 | — | — | 100,025 | ||||||||||||||||
2012 | 5,290 | 34,683 | — | 25,000 | 64,973 | ||||||||||||||||
Thereafter | 37,127 | 8,793 | — | — | 45,920 | ||||||||||||||||
Total | $ | 116,468 | $ | 342,635 | $ | 162,000 | $ | 150,000 | $ | 771,103 | |||||||||||
(1) | The rate in effect on December 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) | 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 14
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2003
number | |||||||||||||||||||||||||
Year | Total | of tenants | |||||||||||||||||||||||
built / | square | Percent | |||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | |||||||||||||||||||
ALABAMA (2) | |||||||||||||||||||||||||
Madison Centre | Madison | 1997 | 64,837 | 96.3 | % | 11 | 1 | ||||||||||||||||||
West Gate Plaza | Mobile | 1974, 1995 / 1985 | 64,378 | 99.2 | % | 8 | 1 | ||||||||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (2) | 129,215 | 97.8 | % | 19 | 2 | ||||||||||||||||||||
ARIZONA (2) | |||||||||||||||||||||||||
Big Curve | Yuma | 1969 / 1996 | 126,402 | 93.4 | % | 30 | 3 | ||||||||||||||||||
Park Northern | Phoenix | 1982 / 1996 | 126,852 | 94.1 | % | 22 | 3 | ||||||||||||||||||
TOTAL SHOPPING CENTERS ARIZONA (2) | 253,254 | 93.7 | % | 52 | 6 | ||||||||||||||||||||
FLORIDA (71) | |||||||||||||||||||||||||
North Florida (13) | |||||||||||||||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1998 | 100,559 | 94.0 | % | 24 | 1 | ||||||||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 70,429 | 83.5 | % | 9 | 2 | ||||||||||||||||||
Commonwealth | Jacksonville | 1984 / 1998 | 81,467 | 95.6 | % | 15 | 1 | ||||||||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 96.5 | % | 15 | 2 | ||||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 74,546 | 88.2 | % | 8 | 5 | ||||||||||||||||||
Losco | Jacksonville | 2000 | 8,700 | 100.0 | % | 7 | 0 | ||||||||||||||||||
Mandarin Landing | Jacksonville | 1976 / 2000 | 141,565 | 96.9 | % | 34 | 3 | ||||||||||||||||||
Middle Beach | Panama City Beach | 1994 | 69,277 | 100.0 | % | 9 | 0 | ||||||||||||||||||
Monument Point | Jacksonville | 1985 / 1997 | 75,128 | 100.0 | % | 12 | 0 | ||||||||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 100.0 | % | 19 | 0 | ||||||||||||||||||
Parkmore Plaza | Milton | 1986 | 159,067 | 98.5 | % | 12 | 1 | ||||||||||||||||||
Pensacola Plaza | Pensacola | 1985 | 56,098 | 91.4 | % | 2 | 1 | ||||||||||||||||||
South Beach | Jacksonville Beach | 1990, 1991 | 289,964 | 95.9 | % | 43 | 7 | ||||||||||||||||||
Central Florida (9) | |||||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 123,133 | 92.4 | % | 25 | 4 | ||||||||||||||||||
Conway Crossing | Orlando | 2002 | 76,321 | 98.0 | % | 17 | 1 | ||||||||||||||||||
Eastwood | Orlando | 1997 | 69,037 | 100.0 | % | 13 | 0 | ||||||||||||||||||
Hunters Creek | Orlando | 1998 | 68,032 | 96.2 | % | 8 | 3 | ||||||||||||||||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 94.7 | % | 29 | 1 | ||||||||||||||||||
Lake Mary | Orlando | 1988 / 2001 | 342,384 | 96.5 | % | 63 | 24 | ||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 125,818 | 97.9 | % | 25 | 1 | ||||||||||||||||||
Town & Country | Kissimmee | 1993 | 72,043 | 100.0 | % | 13 | 0 | ||||||||||||||||||
Unigold | Winter Park | 1987 | 106,185 | 88.8 | % | 19 | 1 | ||||||||||||||||||
Florida West Coast (15) | |||||||||||||||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 103,986 | 92.1 | % | 18 | 6 | ||||||||||||||||||
Carrollwood | Tampa | 1970 / 2002 | 94,203 | 85.4 | % | 28 | 8 | ||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 98.1 | % | 26 | 1 | ||||||||||||||||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 100.0 | % | 18 | 0 | ||||||||||||||||||
Lake St. Charles | Tampa | 1999 | 57,015 | 97.9 | % | 7 | 1 | ||||||||||||||||||
Lutz Lake | Lutz | 2002 | 64,985 | 100.0 | % | 15 | 0 | ||||||||||||||||||
Marco Town Center | Marco Island | 2001 | 109,830 | 94.4 | % | 39 | 6 | ||||||||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 85,507 | 94.6 | % | 13 | 3 | ||||||||||||||||||
North River Village | Ellenton | 1988, 1993 | 177,128 | 100.0 | % | 16 | 0 | ||||||||||||||||||
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 87.8 | % | 17 | 7 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Supermarket anchor | |||||||||||||||||||||
Average | |||||||||||||||||||||
owned | shadow | name | base rent | ||||||||||||||||||
Property | SF | SF | expiration date | Other anchor tenants | per leased SF | ||||||||||||||||
ALABAMA (2) | |||||||||||||||||||||
Madison Centre | 37,912 | Publix (6/1/2017) | Rite Aid | $ | 9.57 | ||||||||||||||||
West Gate Plaza | 44,000 | Winn-Dixie (7/19/2015) | Rite Aid | 7.12 | |||||||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (2) | 81,912 | 0 | $ | 8.33 | |||||||||||||||||
ARIZONA (2) | |||||||||||||||||||||
Big Curve | 60,000 | Albertsons (Michaels) | Walgreens, Miller’s Outpost | 9.84 | |||||||||||||||||
Park Northern | 51,511 | Safeway (5/31/2008) | Bealls, Chuck E Cheese, Life Skills Center | 6.80 | |||||||||||||||||
TOTAL SHOPPING CENTERS ARIZONA (2) | 51,511 | 60,000 | $ | 8.31 | |||||||||||||||||
FLORIDA (71) | |||||||||||||||||||||
North Florida (13) | |||||||||||||||||||||
Atlantic Village | 39,795 | Publix (10/31/2008) | JoAnn Fabrics | 9.85 | |||||||||||||||||
Beauclerc Village | Big Lots, Goodwill, Bealls Outlet | 7.23 | |||||||||||||||||||
Commonwealth | 48,997 | Winn-Dixie/Save Rite (2/28/2018) | 8.30 | ||||||||||||||||||
Forest Village | 37,866 | Publix (4/30/2020) | 10.39 | ||||||||||||||||||
Ft. Caroline | 45,500 | Winn-Dixie (5/31/2015) | Eckerd* (Bealls Outlet) | 7.16 | |||||||||||||||||
Losco | 45,820 | Winn-Dixie | 17.31 | ||||||||||||||||||
Mandarin Landing | 34,400 | Publix (2/14/2007) | Office Depot, Eckerd | 9.10 | |||||||||||||||||
Middle Beach | 56,077 | Publix (9/30/2014) | Movie Gallery | 9.35 | |||||||||||||||||
Monument Point | 46,772 | Winn-Dixie (3/27/2005) | Eckerd | 6.64 | |||||||||||||||||
Oak Hill | 39,795 | Publix (5/11/2005) | Walgreens* | 6.90 | |||||||||||||||||
Parkmore Plaza | Wal-Mart*(Bealls), Big Lots | 4.56 | |||||||||||||||||||
Pensacola Plaza | 42,848 | FoodWorld (12/31/2005) | 4.27 | ||||||||||||||||||
South Beach | 29,000 | Food Lion (3/31/2010) | Kmart, Stein Mart, Bealls | 9.15 | |||||||||||||||||
Central Florida (9) | |||||||||||||||||||||
Alafaya Commons | 54,230 | Publix (11/30/2007) | 11.62 | ||||||||||||||||||
Conway Crossing | 44,271 | Publix (4/30/2022) | 11.31 | ||||||||||||||||||
Eastwood | 51,512 | Publix (11/1/2017) | 11.19 | ||||||||||||||||||
Hunters Creek | 51,255 | Winn-Dixie (9/23/2018) | 10.49 | ||||||||||||||||||
Kirkman Shoppes | Eckerd | 15.43 | |||||||||||||||||||
Lake Mary | 63,139 | Albertsons (6/30/2012) | Kmart, Euro Fitness, Sun Star Theatres | 11.19 | |||||||||||||||||
Park Promenade | 55,000 | Publix* (2/9/2007) | Orange County Library, Blockbuster, Goodwill | 9.41 | |||||||||||||||||
Town & Country | 52,883 | Albertsons (10/31/2018) | 7.19 | ||||||||||||||||||
Unigold | 52,500 | Winn-Dixie (4/30/2007) | 10.14 | ||||||||||||||||||
Florida West Coast (75) | |||||||||||||||||||||
Bay Pointe Plaza | 52,610 | Publix (11/30/2021) | Eckerd* (Bealls Outlet), West Marine | 9.60 | |||||||||||||||||
Carrollwood | 27,887 | Publix (11/30/2022) | Eckerd | 10.86 | |||||||||||||||||
Charlotte Square | 44,024 | Publix (1/31/2011) | Seafood Buffet, Pet Supermarket | 7.87 | |||||||||||||||||
Chelsea Place | 48,890 | Publix (5/27/2012) | Eckerd | 10.96 | |||||||||||||||||
Lake St. Charles | 46,295 | Kash n’ Karry (6/30/2019) | 9.67 | ||||||||||||||||||
Lutz Lake | 44,270 | Publix (5/31/2022) | 13.66 | ||||||||||||||||||
Marco Town Center | 27,887 | Publix (1/31/2018) | 15.54 | ||||||||||||||||||
Mariners Crossing | 48,315 | Kash n’ Karry (4/30/2020) | 7.75 | ||||||||||||||||||
North River Village | 42,112 | Publix (7/20/2008) | Kmart, Walgreens* (Dollar Tree), Bealls Outlet | 7.23 | |||||||||||||||||
Regency Crossing | 44,270 | Publix (2/28/2021) | 10.82 |
Page 15
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2003
number | |||||||||||||||||||||||||
Year | Total | of tenants | |||||||||||||||||||||||
built / | square | Percent | |||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | |||||||||||||||||||
Florida West Coast (continued) | |||||||||||||||||||||||||
Ross Plaza | Tampa | 1984/1996 | 85,359 | 96.5 | % | 17 | 3 | ||||||||||||||||||
Seven Hills | Spring Hill | 1991 | 64,590 | 100.0 | % | 12 | 0 | ||||||||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 98.2 | % | 21 | 1 | ||||||||||||||||||
Skipper Palms | Tampa | 1984 | 88,000 | 94.3 | % | 15 | 2 | ||||||||||||||||||
Summerlin Square | Fort Myers | 1986/1998 | 109,156 | 85.4 | % | 20 | 8 | ||||||||||||||||||
Florida Treasure Coast (8) | |||||||||||||||||||||||||
Bluffs Square | Jupiter | 1986 | 132,395 | 99.5 | % | 47 | 1 | ||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 100.0 | % | 18 | 0 | ||||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0 | % | 12 | 0 | ||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 96.5 | % | 31 | 3 | ||||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 100.0 | % | 19 | 0 | ||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 99.0 | % | 31 | 1 | ||||||||||||||||||
Salerno Village | Stuart | 1987 | 58,804 | 94.3 | % | 15 | 4 | ||||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 93.0 | % | 20 | 5 | ||||||||||||||||||
South Florida / Atlantic Coast (26) | |||||||||||||||||||||||||
Bird Ludlum | Miami | 1988/1998 | 192,282 | 96.7 | % | 45 | 2 | ||||||||||||||||||
Boca Village | Boca Raton | 1978 | 93,428 | 97.6 | % | 21 | 1 | ||||||||||||||||||
Boynton Plaza | Boynton Beach | 1978/1999 | 99,324 | 93.1 | % | 26 | 3 | ||||||||||||||||||
Countryside Shops | Cooper City | 1986, 1988, 1991 | 179,561 | 100.0 | % | 46 | 0 | ||||||||||||||||||
Crossroads Square | Ft. Lauderdale | 1973 | 269,653 | 89.2 | % | 20 | 8 | ||||||||||||||||||
El Novillo | Miami Beach | 1970/2000 | 10,000 | 100.0 | % | 1 | 0 | ||||||||||||||||||
Epsilon | W. Palm Beach | 1925/1997 | 18,707 | 24.6 | % | 3 | 2 | ||||||||||||||||||
Greenwood | Palm Springs | 1982, 1994 | 132,325 | 92.0 | % | 30 | 5 | ||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 92.3 | % | 19 | 2 | ||||||||||||||||||
Lantana Village | Lantana | 1976/1999 | 175,480 | 99.0 | % | 23 | 3 | ||||||||||||||||||
Meadows | Miami | 1997 | 75,524 | 98.7 | % | 19 | 1 | ||||||||||||||||||
Pine Island | Davie | 1983/1999 | 254,907 | 96.8 | % | 43 | 3 | ||||||||||||||||||
Pine Ridge Square | Coral Springs | 1986/1998, 1999 | 117,399 | 99.2 | % | 34 | 1 | ||||||||||||||||||
Plaza Alegre | Miami | 2003 | 91,611 | 94.8 | % | 18 | 3 | ||||||||||||||||||
Plaza Del Rey | Miami | 1985/1996 | 50,146 | 100.0 | % | 23 | 0 | ||||||||||||||||||
Point Royale | Miami | 1970/2000 | 209,863 | 93.9 | % | 23 | 3 | ||||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,106 | 100.0 | % | 9 | 0 | ||||||||||||||||||
Ridge Plaza | Davie | 1984/1999 | 155,204 | 94.5 | % | 25 | 4 | ||||||||||||||||||
Riverside Square | Coral Springs | 1987 | 110,541 | 91.7 | % | 32 | 4 | ||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982/1998 | 107,092 | 92.7 | % | 27 | 2 | ||||||||||||||||||
Sheridan | Hollywood | 1973/1991 | 455,864 | 97.2 | % | 60 | 6 | ||||||||||||||||||
Shoppes of Ibis | West Palm Beach | 1999 | 79,420 | 100.0 | % | 18 | 0 | ||||||||||||||||||
Shops at Skylake | North Miami Beach | 1999-2003 | 174,199 | 99.4 | % | 43 | 3 | ||||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995, 1997 | 126,788 | 99.0 | % | 36 | 1 | ||||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 127,635 | 79.9 | % | 26 | 13 | ||||||||||||||||||
West Lakes Plaza | Miami | 1984/2000 | 100,747 | 100.0 | % | 27 | 0 | ||||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (71) | 8,107,839 | 95.5 | % | 1,593 | 188 | ||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Supermarket anchor | |||||||||||||||||||||
Average | |||||||||||||||||||||
owned | shadow | name | base rent | ||||||||||||||||||
Property | SF | SF | expiration date | Other anchor tenants | per leased SF | ||||||||||||||||
Florida West Coast (continued) | |||||||||||||||||||||
Ross Plaza | Walgreens*, Ross Dress for Less | $ | 9.46 | ||||||||||||||||||
Seven Hills | 48,890 | Publix (9/25/2011) | 9.64 | ||||||||||||||||||
Shoppes of North Port | 48,890 | Publix (12/11/2011) | Bealls Outlet | 9.70 | |||||||||||||||||
Skipper Palms | 53,440 | Winn-Dixie (5/31/2016) | 8.53 | ||||||||||||||||||
Summerlin Square | 45,500 | Winn-Dixie (6/4/2006) | Eckerd | 10.14 | |||||||||||||||||
Florida Treasure Coast (8) | |||||||||||||||||||||
Bluffs Square | 39,795 | Publix (10/22/2006) | Walgreens | 11.54 | |||||||||||||||||
Cashmere Corners | 59,448 | Albertsons (4/30/2025) | 7.94 | ||||||||||||||||||
Jonathan’s Landing | 53,850 | Albertsons | Blockbuster | 18.41 | |||||||||||||||||
New Smyrna Beach | 42,112 | Publix (9/30/2007) | Walgreens* (Bealls Outlet), Bealls Home Outlet | 9.98 | |||||||||||||||||
Old King Commons | Wal-Mart* (Scotty’s* (Staples)) | 7.92 | |||||||||||||||||||
Ryanwood | 39,795 | Publix (3/23/2017) | Bealls Outlet, Books-A-Million | 9.46 | |||||||||||||||||
Salerno Village | 31,503 | Winn-Dixie (9/21/2007) | Eckerd | 6.70 | |||||||||||||||||
Treasure Coast | 59,450 | Winn-Dixie (4/12/2015) | TJ Maxx | 8.55 | |||||||||||||||||
South Florida / Atlantic Coast (26) | |||||||||||||||||||||
Bird Ludlum | 44,400 | Winn-Dixie (12/31/2007) | Eckerd, Blockbuster, Goodwill | 14.24 | |||||||||||||||||
Boca Village | 36,000 | Publix (3/31/2007) | Eckerd | 14.65 | |||||||||||||||||
Boynton Plaza | 37,664 | Publix (8/31/2008) | Eckerd | 10.60 | |||||||||||||||||
Countryside Shops | 39,795 | Publix (12/4/2005) | Eckerd, Stein Mart | 12.19 | |||||||||||||||||
Crossroads Square | Lowe’s, Eckerd | 6.87 | |||||||||||||||||||
El Novillo | Jumbo Buffet | 15.05 | |||||||||||||||||||
Epsilon | 15.72 | ||||||||||||||||||||
Greenwood | 50,032 | Publix (12/5/2014) | Bealls, World Savings Bank | 11.67 | |||||||||||||||||
Lago Mar | 42,323 | Publix (9/13/2015) | 12.33 | ||||||||||||||||||
Lantana Village | 39,473 | Winn-Dixie (2/15/2011) | Kmart, Rite Aid* (Dollar Store) | 6.53 | |||||||||||||||||
Meadows | 47,955 | Publix (7/9/2017) | 12.33 | ||||||||||||||||||
Pine Island | 39,943 | Publix (11/30/2013) | Home Depot Expo, Bealls Outlet | 9.49 | |||||||||||||||||
Pine Ridge Square | 17,441 | Fresh Market (6/30/2009) | Bed Bath & Beyond, Off Main Furniture | 13.05 | |||||||||||||||||
Plaza Alegre | 44,271 | Publix (3/14/2023) | Goodwill | 14.73 | |||||||||||||||||
Plaza Del Rey | Navarro Pharmacy | 12.99 | |||||||||||||||||||
Point Royale | 45,350 | Winn-Dixie (2/18/2011) | Best Buy, Eckerd* (Linen Supermarket) | 6.53 | |||||||||||||||||
Prosperity Centre | Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine’s, TJ Maxx | 15.28 | |||||||||||||||||||
Ridge Plaza | (see Pine Island) | Publix | AMC Theater, Kabooms, Wachovia* (United Collection), Uncle Funny’s, Round Up | 8.89 | |||||||||||||||||
Riverside Square | 39,795 | Publix (2/18/2007) | Tuesday Morning | 13.35 | |||||||||||||||||
Sawgrass Promenade | 36,464 | Publix (11/30/2004) | Walgreens, Blockbuster | 10.79 | |||||||||||||||||
Sheridan | 65,537 | Publix (10/9/2011) | Ross, Bed Bath & Beyond, Office Depot, AMC Theater, Eckerd, Spirit of America* | 13.48 | |||||||||||||||||
Shoppes of Ibis | 51,420 | Publix (4/30/2019) | 12.40 | ||||||||||||||||||
Shops at Skylake | 51,420 | Publix (7/31/2019) | Goodwill, Blockbuster | 15.19 | |||||||||||||||||
Shoppes of Silverlakes | 47,813 | Publix (6/14/2015) | 16.06 | ||||||||||||||||||
Tamarac Town Square | 37,764 | Publix (12/15/2014) | 10.35 | ||||||||||||||||||
West Lakes Plaza | 46,216 | Winn-Dixie (10/31/2016) | Navarro Pharmacy | 10.87 | |||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (74) | 2,602,299 | 99,670 | $ | 10.45 | |||||||||||||||||
Page 16
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2003
number | |||||||||||||||||||||||||
Year | Total | of tenants | |||||||||||||||||||||||
built / | square | Percent | |||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | |||||||||||||||||||
GEORGIA (24) | |||||||||||||||||||||||||
Atlanta (18) | |||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 94.9 | % | 27 | 3 | ||||||||||||||||||
Butler Creek | Acworth | 1990 | 95,597 | 95.8 | % | 18 | 2 | ||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 91.1 | % | 22 | 5 | ||||||||||||||||||
Commerce Crossing | Commerce | 1988 | 100,668 | 90.4 | % | 7 | 3 | ||||||||||||||||||
Douglas Commons | Douglasville | 1988 | 97,027 | 97.5 | % | 17 | 2 | ||||||||||||||||||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 100.0 | % | 13 | 0 | ||||||||||||||||||
Grassland Crossing | Alpharetta | 1996 | 90,906 | 92.1 | % | 10 | 4 | ||||||||||||||||||
Hamilton Ridge | Buford | 2002 | 89,496 | 94.3 | % | 18 | 3 | ||||||||||||||||||
Mableton Crossing | Mableton | 1997 | 86,819 | 98.6 | % | 16 | 2 | ||||||||||||||||||
Macland Pointe | Marietta | 1992, 1993 | 79,699 | 86.4 | % | 12 | 5 | ||||||||||||||||||
Market Place | Norcross | 1976 | 77,706 | 97.6 | % | 21 | 2 | ||||||||||||||||||
Paulding Commons | Dallas | 1991 | 192,391 | 100.0 | % | 31 | 0 | ||||||||||||||||||
Powers Ferry Plaza | Marietta | 1979, 1987 / 1998 | 86,473 | 83.4 | % | 20 | 4 | ||||||||||||||||||
Presidential Markets | Snellville | 1993-2000 | 396,408 | 100.0 | % | 40 | 0 | ||||||||||||||||||
Shops of Huntcrest | Lawrenceville | 2003 | 97,040 | 89.7 | % | 19 | 7 | ||||||||||||||||||
Wesley Chapel Crossing | Decatur | 1989 | 170,792 | 99.3 | % | 24 | 1 | ||||||||||||||||||
West Towne Square | Rome | 1988 | 89,596 | 92.6 | % | 16 | 2 | ||||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 90.8 | % | 24 | 3 | ||||||||||||||||||
Central Georgia (4) | |||||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 91.9 | % | 33 | 6 | ||||||||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 61.0 | % | 24 | 4 | ||||||||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 100.0 | % | 8 | 0 | ||||||||||||||||||
Watson Central | Warner Robins | 1989 | 227,747 | 85.0 | % | 11 | 16 | ||||||||||||||||||
South Georgia (2) | |||||||||||||||||||||||||
Colony Square | Fitzgerald | 1987 | 50,000 | 96.4 | % | 7 | 1 | ||||||||||||||||||
McAlpin Square | Savannah | 1979 | 176,807 | 94.4 | % | 24 | 2 | ||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (24) | 2,958,601 | 91.8 | % | 462 | 77 | ||||||||||||||||||||
KENTUCKY (1) | |||||||||||||||||||||||||
Scottsville Square | Bowling Green | 1986 | 38,450 | 80.6 | % | 8 | 4 | ||||||||||||||||||
TOTAL SHOPPING CENTERS KENTUCKY (1) | 38,450 | 80.6 | % | 8 | 4 | ||||||||||||||||||||
LOUISIANA (15) | |||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980, 1991 | 193,978 | 98.5 | % | 23 | 2 | ||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 90,215 | 80.0 | % | 19 | 3 | ||||||||||||||||||
Boulevard | Lafayette | 1976, 1994 | 68,012 | 61.5 | % | 10 | 5 | ||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 94.6 | % | 10 | 1 | ||||||||||||||||||
Crossing | Slidell | 1988, 1993 | 113,989 | 98.7 | % | 14 | 1 | ||||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 133,995 | 92.9 | % | 7 | 2 | ||||||||||||||||||
Grand Marche (ground lease) | Lafayette | 1969 | 200,585 | 100.0 | % | 1 | 0 | ||||||||||||||||||
Millervillage | Baton Rouge | 1983, 1992 | 94,559 | 37.8 | % | 12 | 2 | ||||||||||||||||||
Pinhook Plaza | Lafayette | 1979, 1992 | 194,725 | 26.8 | % | 17 | 14 | ||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 105,419 | 100.0 | % | 8 | 0 | ||||||||||||||||||
Sherwood South | Baton Rouge | 1972, 1988, 1992 | 77,107 | 97.7 | % | 9 | 1 | ||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 174,578 | 90.8 | % | 18 | 4 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Supermarket anchor | |||||||||||||||||||||
Average | |||||||||||||||||||||
owned | shadow | name | base rent | ||||||||||||||||||
Property | SF | SF | expiration date | Other anchor tenants | per leased SF | ||||||||||||||||
GEORGIA (24) | |||||||||||||||||||||
Atlanta (18) | |||||||||||||||||||||
BridgeMill | 37,888 | Publix (1/31/2020) | $ | 14.87 | |||||||||||||||||
Butler Creek | 59,997 | Kroger (06/30/2018) | 10.60 | ||||||||||||||||||
Chastain Square | 37,366 | Publix (5/31/2024) | 15.84 | ||||||||||||||||||
Commerce Crossing | 32,000 | Ingles (9/26/2009) | Wal-Mart* | 4.03 | |||||||||||||||||
Douglas Commons | 59,431 | Kroger (8/31/2013) | 10.00 | ||||||||||||||||||
Fairview Oaks | 54,498 | Kroger (9/30/2016) | 11.14 | ||||||||||||||||||
Grassland Crossing | 70,086 | Kroger (6/30/2016) | 11.37 | ||||||||||||||||||
Hamilton Ridge | 54,166 | Kroger (11/30/2022) | 12.91 | ||||||||||||||||||
Mableton Crossing | 63,419 | Kroger (8/31/2017) | 10.03 | ||||||||||||||||||
Macland Pointe | 55,999 | Publix (12/29/2012) | 9.55 | ||||||||||||||||||
Market Place | Peachtree Cinema | 7.67 | |||||||||||||||||||
Paulding Commons | 49,700 | Kroger (2/28/2011) | Kmart | 8.07 | |||||||||||||||||
Powers Ferry Plaza | Micro Center | 10.42 | |||||||||||||||||||
Presidential Markets | 56,146 | Publix (12/31/2019) | Bed Bath & Beyond, GAP, Shoe Carnival, Marshalls, Carmike Cinema | 10.00 | |||||||||||||||||
Shops of Huntcrest | 54,340 | Publix (1/31/2023) | 12.25 | ||||||||||||||||||
Wesley Chapel Crossing | 32,000 | Ingles (9/25/2009) | Wal-Mart, CVS Pharmacy | 6.73 | |||||||||||||||||
West Towne Square | Big Lots, Eckerd* | 5.46 | |||||||||||||||||||
Williamsburg @ Dunwoody | 17.27 | ||||||||||||||||||||
Central Georgia (4) | |||||||||||||||||||||
Daniel Village | 45,971 | Bi-Lo (3/25/2022) | Eckerd, St. Joseph Home Health Care | 7.84 | |||||||||||||||||
Spalding Village | 59,431 | Kroger (5/31/2014) | JC Penney | 7.65 | |||||||||||||||||
Walton Plaza | 32,960 | Harris Teeter* (Omni Fitness)(4/1/2011) | 9.55 | ||||||||||||||||||
Watson Central | 45,000 | Winn-Dixie* (12/5/2010) | Wal-Mart* (Big Lots) | 4.85 | |||||||||||||||||
South Georgia (2) | |||||||||||||||||||||
Colony Square | 32,200 | Food Lion (12/31/2007) | 6.69 | ||||||||||||||||||
McAlpin Square | 43,600 | Kroger (8/31/2015) | US Post Office, Big Lots, In Fashion Menswear Outlet | 7.28 | |||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (24) | 976,198 | 0 | $ | 9.10 | |||||||||||||||||
KENTUCKY (1) | |||||||||||||||||||||
Scottsville Square | Hancock Fabrics, Zap Zone | 6.87 | |||||||||||||||||||
TOTAL SHOPPING CENTERS KENTUCKY (1) | 0 | 0 | $ | 6.87 | |||||||||||||||||
LOUISIANA (15) | |||||||||||||||||||||
Ambassador Row | Hobby Lobby*, Conn’s Appliances, Big Lots, Chuck E Cheese | 7.90 | |||||||||||||||||||
Bluebonnet Village | 33,387 | Matheme’s (11/30/2010) | 8.47 | ||||||||||||||||||
Boulevard | Piccadilly, Harbor Freight Tools | 8.15 | |||||||||||||||||||
Country Club Plaza | 33,387 | Winn-Dixie (1/31/2008) | Dollar General | 5.76 | |||||||||||||||||
Crossing | 58,432 | Albertsons (9/29/2009) | A-1 Home Appliance, Piccadilly | 5.62 | |||||||||||||||||
Elmwood Oaks | Wal-Mart* (Academy Sports, Dollar Tree), Advance Auto* (Goodwill) | 9.58 | |||||||||||||||||||
Grand Marche (ground lease) | Academy Sports, JoAnn Fabrics | 0.14 | |||||||||||||||||||
Millervillage | Rite Aid | 8.12 | |||||||||||||||||||
Pinhook Plaza | Rite Aid | 8.48 | |||||||||||||||||||
Plaza Acadienne | 28,092 | Super 1 Store (6/30/2005) | Fred’s, Howard Brothers* | 3.62 | |||||||||||||||||
Sherwood South | 22,500 | Piggly Wiggly* (2/28/2007) | Burke’s Outlet, Harbor Freight Tools, Blockbuster | 6.14 | |||||||||||||||||
Siegen Village | Office Depot, Big Lots, Dollar Tree, Stage, Party City | 8.15 |
Page 17
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2003
number | |||||||||||||||||||||||||
Year | Total | of tenants | |||||||||||||||||||||||
built / | square | Percent | |||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | |||||||||||||||||||
LOUISIANA (continued) | |||||||||||||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 96.5 | % | 9 | 1 | ||||||||||||||||||
Village at Northshore | Slidell | 1988 | 144,638 | 100.0 | % | 12 | 0 | ||||||||||||||||||
Wal-Mart Mathews | Mathews | 1985 | 54,223 | 100.0 | % | 1 | 0 | ||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (15) | 1,767,314 | 84.0 | % | 170 | 36 | ||||||||||||||||||||
MISSISSIPPI (1) | |||||||||||||||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 100.0 | % | 7 | 0 | ||||||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 1987 | 66,857 | 100.0 | % | 7 | 0 | |||||||||||||||||||
NORTH CAROLINA (12) | |||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 163,642 | 76.4 | % | 18 | 1 | ||||||||||||||||||
Chestnut Square | Brevard | 1985 | 39,640 | 96.0 | % | 6 | 1 | ||||||||||||||||||
Galleria | Wrightsville Beach | 1986, 1990 | 92,114 | 85.7 | % | 30 | 10 | ||||||||||||||||||
Parkwest Crossing | Durham | 1990 | 85,602 | 98.4 | % | 17 | 1 | ||||||||||||||||||
Plaza North | Hendersonville | 1986 | 47,240 | 97.5 | % | 8 | 1 | ||||||||||||||||||
Providence Square | Charlotte | 1973 | 85,930 | 94.1 | % | 20 | 5 | ||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 127,106 | 91.7 | % | 9 | 2 | ||||||||||||||||||
Salisbury Marketplace | Salisbury | 1987 | 82,578 | 95.2 | % | 16 | 1 | ||||||||||||||||||
Shelby Plaza | Shelby | 1972 | 103,200 | 92.2 | % | 7 | 1 | ||||||||||||||||||
Stanley Market Place | Stanley | 1980, 1987 | 40,400 | 100.0 | % | 3 | 0 | ||||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 100.0 | % | 12 | 0 | ||||||||||||||||||
Willowdale Shopping Center | Durham | 1986 | 120,984 | 91.7 | % | 22 | 4 | ||||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 1,137,190 | 91.8 | % | 168 | 27 | ||||||||||||||||||||
SOUTH CAROLINA (6) | |||||||||||||||||||||||||
Belfair Towne Village | Bluffton | 2000-2003 | 125,389 | 93.2 | % | 25 | 4 | ||||||||||||||||||
Lancaster Plaza | Lancaster | 1971 / 1990 | 77,400 | 91.5 | % | 3 | 1 | ||||||||||||||||||
Lancaster Shopping Center | Lancaster | 1963, 1987 | 29,047 | 17.2 | % | 1 | 1 | ||||||||||||||||||
North Village Center | North Myrtle Beach | 1984 | 60,356 | 100.0 | % | 14 | 0 | ||||||||||||||||||
Spring Valley | Columbia | 1978 / 1997 | 75,415 | 95.8 | % | 16 | 1 | ||||||||||||||||||
Woodruff | Greenville | 1995 | 68,055 | 98.2 | % | 9 | 1 | ||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (6) | 435,662 | 90.0 | % | 68 | 8 | ||||||||||||||||||||
TENNESSEE (2) | |||||||||||||||||||||||||
Forrest Gallery | Tullahoma | 1987 | 214,450 | 98.4 | % | 28 | 2 | ||||||||||||||||||
Smyrna Village | Smyrna | 1992 | 83,334 | 87.6 | % | 9 | 3 | ||||||||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (2) | 297,784 | 95.4 | % | 37 | 5 | ||||||||||||||||||||
TEXAS (30) | |||||||||||||||||||||||||
Houston (15) | |||||||||||||||||||||||||
Barker Cypress | Houston | 1999 | 66,945 | 93.5 | % | 13 | 4 | ||||||||||||||||||
Beechcrest | Houston | 1981 / 2001 | 90,647 | 100.0 | % | 16 | 0 | ||||||||||||||||||
Benchmark Crossing | Houston | 1986 | 58,384 | 100.0 | % | 5 | 0 | ||||||||||||||||||
Bissonnet | Houston | 1999 | 15,542 | 73.6 | % | 7 | 1 | ||||||||||||||||||
Colony Plaza | Sugarland | 1997 | 26,513 | 94.0 | % | 14 | 1 | ||||||||||||||||||
Forestwood | Houston | 1993 | 88,760 | 98.0 | % | 15 | 1 | ||||||||||||||||||
Grogan’s Mill | The Woodlands | 1986 | 118,493 | 94.0 | % | 22 | 4 | ||||||||||||||||||
Hedwig | Houston | 1974 | 69,504 | 74.5 | % | 11 | 2 | ||||||||||||||||||
Highland Square | Sugarland | 1998 | 64,171 | 99.7 | % | 26 | 1 | ||||||||||||||||||
Market at First Colony | Sugarland | 1988 | 107,301 | 97.0 | % | 34 | 1 | ||||||||||||||||||
Mason Park | Katy | 1998 | 160,047 | 74.3 | % | 33 | 6 | ||||||||||||||||||
Mission Bend | Houston | 1980/1999 | 131,575 | 93.1 | % | 25 | 2 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Supermarket anchor | |||||||||||||||||||||
Average | |||||||||||||||||||||
owned | shadow | name | base rent | ||||||||||||||||||
Property | SF | SF | expiration date | Other anchor tenants | per leased SF | ||||||||||||||||
LOUISIANA (continued) | |||||||||||||||||||||
Tarpon Heights | Eckerd, Stage, Dollar General | $ | 4.80 | ||||||||||||||||||
Village at Northshore | Service Merchandise* (Marshalls, Dollar Tree), Kirschman’s, Bed Bath & Beyond | 7.65 | |||||||||||||||||||
Wal-Mart Mathews | Wal-Mart | 2.90 | |||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (15) | 175,798 | 0 | $ | 6.10 | |||||||||||||||||
MISSISSIPPI (1) | |||||||||||||||||||||
Shipyard Plaza | Rite Aid, Big Lots | 5.72 | |||||||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 0 | 0 | $ | 5.72 | |||||||||||||||||
NORTH CAROLINA (12) | |||||||||||||||||||||
Centre Pointe Plaza | Wal-Mart* (Belk’s, Goody’s) | 5.71 | |||||||||||||||||||
Chestnut Square | 21,000 | Food Lion* (9/28/2010) | Eckerd* (Dollar General) | 6.88 | |||||||||||||||||
Galleria | 28,000 | Harris Teeter (4/5/2006) | Eckerd | 9.39 | |||||||||||||||||
Parkwest Crossing | 38,052 | (12/14/2010) | 10.01 | ||||||||||||||||||
Plaza North | 25,590 | Bi-Lo* (8/31/2006) | CVS Pharmacy | 7.26 | |||||||||||||||||
Providence Square | 35,702 | Harris Teeter* (4/30/2006) | Eckerd | 8.22 | |||||||||||||||||
Riverview Shopping Center | 53,538 | Kroger (12/31/2014) | Upchurch Drugs, Riverview Furniture | 7.20 | |||||||||||||||||
Salisbury Marketplace | 37,308 | Food Lion (2/11/2023) | CVS Pharmacy* | 9.22 | |||||||||||||||||
Shelby Plaza | Big Lots, Aaron Rents* (Hancock Fabrics) | 3.13 | |||||||||||||||||||
Stanley Market Place | 28,400 | Winn-Dixie (10/31/2006) | Family Dollar | 5.46 | |||||||||||||||||
Thomasville Commons | 32,000 | Ingles (9/29/2012) | Kmart, CVS Pharmacy | 6.02 | |||||||||||||||||
Willowdale Shopping Center | 27,985 | Harris Teeter (5/14/2004) | Carmike Cinemas, Eckerd* (Family Dollar) | 8.74 | |||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 327,575 | 0 | $ | 7.19 | |||||||||||||||||
SOUTH CAROLINA (6) | |||||||||||||||||||||
Belfair Towne Village | 55,696 | Kroger (10/31/2019) | 13.87 | ||||||||||||||||||
Lancaster Plaza | 19,200 | Bi-Lo (9/30/2010) | 1.44 | ||||||||||||||||||
Lancaster Shopping Center | 6.00 | ||||||||||||||||||||
North Village Center | 24,806 | Bi-Lo (5/31/2004) | Dollar General, Gold’s Gym | 8.22 | |||||||||||||||||
Spring Valley | 45,070 | Bi-Lo | Eckerd | 9.10 | |||||||||||||||||
Woodruff | 47,955 | Publix (8/6/2015) | 10.01 | ||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (6) | 192,727 | 0 | 9.12 | ||||||||||||||||||
TENNESSEE (2) | |||||||||||||||||||||
Forrest Gallery | 48,780 | Kroger (1/31/2008) | Wal-Mart* (Tractor Supply, Goodwill, Hastings Music) | 5.60 | |||||||||||||||||
Smyrna Village | 59,214 | Kroger (2/29/2012) | 7.98 | ||||||||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (2) | 107,994 | 0 | $ | 6.21 | |||||||||||||||||
TEXAS (30) | |||||||||||||||||||||
Houston (15) | |||||||||||||||||||||
Barker Cypress | 41,320 | H.E.B. (01/31/2014) | 12.44 | ||||||||||||||||||
Beechcrest | 40,345 | Randall’s* (Viet Ho) (6/24/2016) | Walgreens* | 8.93 | |||||||||||||||||
Benchmark Crossing | Bally's Fitness | 12.13 | |||||||||||||||||||
Bissonnet | 63,000 | Kroger | Blockbuster | 16.17 | |||||||||||||||||
Colony Plaza | Albertsons (Velocity Sports) | 18.27 | |||||||||||||||||||
Forestwood | 59,334 | Kroger (7/31/2013) | 11.34 | ||||||||||||||||||
Grogan’s Mill | 56,558 | Randall’s* (6/24/2016) | Petco | 11.85 | |||||||||||||||||
Hedwig | Ross Dress for Less | 14.31 | |||||||||||||||||||
Highland Square | 17.03 | ||||||||||||||||||||
Market at First Colony | 62,000 | Kroger | TJ Maxx, Eckerd | 15.91 | |||||||||||||||||
Mason Park | 58,890 | Kroger | Walgreens* (Eloise Collectibles), Palais Royal Petco | 11.89 | |||||||||||||||||
Mission Bend | 46,112 | Randall’s* (6/24/2016) | Remarkable Furniture | 9.02 |
Page 18
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2003
number | ||||||||||||||||||||||||||||||
Year | Total | of tenants | ||||||||||||||||||||||||||||
built / | square | Percent | ||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | ||||||||||||||||||||||||
Houston (continued) | ||||||||||||||||||||||||||||||
Spring Shadows | Houston | 1999 | 106,995 | 97.1 | % | 16 | 2 | |||||||||||||||||||||||
Steeplechase | Jersey Village | 1985 | 105,152 | 94.6 | % | 23 | 3 | |||||||||||||||||||||||
Wal-Mart Marble Falls | Marble Falls | 1985 | 53,571 | 100.0 | % | 1 | 0 | |||||||||||||||||||||||
Dallas (13) | ||||||||||||||||||||||||||||||
Green Oaks | Arlington | 1983 | 65,091 | 86.4 | % | 29 | 5 | |||||||||||||||||||||||
Melbourne Plaza | Hurst | 1983 | 47,517 | 89.2 | % | 15 | 3 | |||||||||||||||||||||||
Minyards | Garland | 2000 | 65,295 | 100.0 | % | 2 | 0 | |||||||||||||||||||||||
Parkwood | Plano | 1985 | 81,590 | 94.0 | % | 16 | 2 | |||||||||||||||||||||||
Plymouth Park East | Irving | 1970 | 56,435 | 97.3 | % | 9 | 1 | |||||||||||||||||||||||
Plymouth Park North | Irving | 1970 | 444,541 | 51.5 | % | 40 | 18 | |||||||||||||||||||||||
Plymouth Park South | Irving | 1970 | 49,102 | 74.8 | % | 3 | 4 | |||||||||||||||||||||||
Plymouth Park West | Irving | 1970 | 178,930 | 91.7 | % | 13 | 2 | |||||||||||||||||||||||
Richwood | Richardson | 1984 | 54,871 | 69.7 | % | 19 | 9 | |||||||||||||||||||||||
Rosemeade | Carrollton | 1986 | 51,234 | 65.3 | % | 14 | 4 | |||||||||||||||||||||||
Sterling Plaza | Irving | 1989 | 65,765 | 72.6 | % | 15 | 1 | |||||||||||||||||||||||
Townsend Square | Desoto | 1990 | 146,953 | 86.7 | % | 32 | 6 | |||||||||||||||||||||||
Village by the Park | Arlngton | 1988 | 44,523 | 92.4 | % | 9 | 1 | |||||||||||||||||||||||
San Antonio (2) | ||||||||||||||||||||||||||||||
Blanco Village | San Antonio | 2000 | 108,325 | 100.0 | % | 16 | 0 | |||||||||||||||||||||||
Wurzbach | San Antonio | 1979 | 59,771 | 100.0 | % | 3 | 0 | |||||||||||||||||||||||
TOTAL SHOPPING CENTERS TEXAS (30) | 2,783,543 | 84.3 | % | 496 | 84 | |||||||||||||||||||||||||
VIRGINA (2) | ||||||||||||||||||||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 100.0 | % | 14 | 0 | |||||||||||||||||||||||
Waterlick Plaza | Lynchburg | 1973, 1988 | 98,694 | 79.2 | % | 20 | 4 | |||||||||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (2) | 225,535 | 90.9 | % | 34 | 4 | |||||||||||||||||||||||||
TOTAL STABILIZED SHOPPING CENTERS (168) | 18,201,244 | 91.6 | % | 3,114 | 441 | |||||||||||||||||||||||||
DEVELOPMENTS & REDEVELOPMENTS (14) | ||||||||||||||||||||||||||||||
Ambassador Row Courtyard | Lafayette, LA | 1986, 1991 | 158,783 | 81.1 | % | 20 | 10 | |||||||||||||||||||||||
Bandera Festival | San Antonio, TX | 1989 | 195,438 | 52.9 | % | 28 | 6 | |||||||||||||||||||||||
Cashmere | Port St. Lucie, FL | 2004-2005 Development | 4.0 acres | |||||||||||||||||||||||||||
Copperfield | Houston, TX | 1994 | 132,960 | 58.8 | % | 29 | 4 | |||||||||||||||||||||||
CVS Plaza (f/k/a Coral Way N.E.) | Miami, FL | 2003-2004 Development | 4.0 acres | |||||||||||||||||||||||||||
East Bay Plaza | Largo, FL | 1985 / 1997 | 85,426 | 58.9 | % | 19 | 4 | |||||||||||||||||||||||
Eustis Square | Eustis, FL | 1983 / 1997 | 126,791 | 67.0 | % | 16 | 11 | |||||||||||||||||||||||
Gulf Gate Plaza | Naples, FL | 1969, 1974/2004 Redev. | 201,620 | 64.0 | % | 15 | 6 | |||||||||||||||||||||||
Miramar Outparcel** | Miramar, FL | 2003-2004 Development | 2.0 acres | |||||||||||||||||||||||||||
Oakbrook | Palm Beach Gdns, FL | 1974/ 2000, 2003 Redev. | 212,074 | 68.3 | % | 22 | 10 | |||||||||||||||||||||||
Venice Plaza | Venice, FL | 1971/ 1979/ 1999 | 159,473 | 64.6 | % | 14 | 4 | |||||||||||||||||||||||
Walden Woods | Plant City, FL | 1985 / 1998, 2003 Redev. | 74,336 | 82.0 | % | 11 | 2 | |||||||||||||||||||||||
Waterstone | Homestead, FL | 2004-2005 Development | 12.0 acres | |||||||||||||||||||||||||||
Westridge | McDonough, GA | 2004-2005 Development | 13.5 acres | |||||||||||||||||||||||||||
TOTAL DEVELOPMENTS & REDEVELOPMENTS (14) | 1,346,901 | 65.6 | % | 174 | 57 | |||||||||||||||||||||||||
TOTAL RETAIL PROPERTIES (182) | 19,548,145 | 89.8 | % | 3,288 | 498 | |||||||||||||||||||||||||
OTHER PROPERTIES (3) | ||||||||||||||||||||||||||||||
4101 South I-85 Industrial | Charlotte, NC | 1956, 1963 | 188,513 | 73.7 | % | 3 | 7 | |||||||||||||||||||||||
Mandarin Mini-storage | Jacksonville, FL | 1982 | 52,880 | 97.7 | % | 532 | 2 | |||||||||||||||||||||||
Southwest Walgreens** | Phoenix, AZ | 1975 / 1998 | 93,402 | 52.8 | % | 15 | 3 | |||||||||||||||||||||||
GRAND TOTAL (185) | 19,882,940 | 89.5 | % | 3,838 | 510 | |||||||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Supermarket anchor | |||||||||||||||||||||
Average | |||||||||||||||||||||
owned | shadow | name | base rent | ||||||||||||||||||
Property | SF | SF | expiration date | Other anchor tenants | per leased SF | ||||||||||||||||
Houston (continued) | |||||||||||||||||||||
Spring Shadows | 62,661 | H.E.B. (4/30/2023 | ) | $ | 9.54 | ||||||||||||||||
Steeplechase | 56,208 | Randall’s (6/24/2016) | 11.02 | ||||||||||||||||||
Wal-Mart Marble Falls | Wal-Mart* (Sutherland Lumber) | 3.27 | |||||||||||||||||||
Dallas (13) | |||||||||||||||||||||
Green Oaks | 58,000 | Kroger | 10.87 | ||||||||||||||||||
Melbourne Plaza | 11.12 | ||||||||||||||||||||
Minyards | 58,695 | Minyards/Sack N Save (4/30/2020) | 6.12 | ||||||||||||||||||
Parkwood | 62,000 | Albertsons | Planet Pizza | 13.20 | |||||||||||||||||
Plymouth Park East | 42,130 | Kroger (11/30/2010) | 4.29 | ||||||||||||||||||
Plymouth Park North | Blockbuster, Dollar General, Thrift Store, Post Office, Chateau Theatre, Levines | 7.18 | |||||||||||||||||||
Plymouth Park South | Betcha Bingo | 6.44 | |||||||||||||||||||
Plymouth Park West | Bargain City, Dollar Store, Fashion Depot | 3.52 | |||||||||||||||||||
Richwood | 61,877 | Albertsons | Blockbuster | 13.38 | |||||||||||||||||
Rosemeade | 58,900 | Kroger | Blockbuster | 12.90 | |||||||||||||||||
Sterling Plaza | Bank One, Irving City Library | 15.80 | |||||||||||||||||||
Townsend Square | 60,349 | Albertsons | Bealls, Victory Gym, Dollar General | 8.85 | |||||||||||||||||
Village by the Park | Petco, Movie Trading | 16.55 | |||||||||||||||||||
San Antonio (2) | |||||||||||||||||||||
Bandera Festival | Bealls, Eckerd* (Scrapbook Heaven), Blockbuster | 10.91 | |||||||||||||||||||
Blanco Village | 74,627 | H.E.B. (4/30/2015 | ) | 15.68 | |||||||||||||||||
Wurzbach | 52,957 | Albertsons* (12/31/2004) | 2.86 | ||||||||||||||||||
TOTAL SHOPPING CENTERS TEXAS (30) | 590,947 | 485,016 | $ | 10.26 | |||||||||||||||||
VIRGINA (2) | |||||||||||||||||||||
Smyth Valley Crossing | 32,000 | Ingles (9/25/2010) | Wal-Mart | 5.85 | |||||||||||||||||
Waterlick Plaza | 30,780 | Kroger (3/18/2008) | CVS Pharmacy | 8.72 | |||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (2) | 62,780 | 0 | $ | 6.94 | |||||||||||||||||
TOTAL STABILIZED SHOPPING CENTERS (168) | 5,169,741 | 644,686 | $ | 9.40 | |||||||||||||||||
DEVELOPMENTS & REDEVELOPMENTS (14) | |||||||||||||||||||||
Ambassador Row Courtyard | Marshalls, Bed Bath & Body, Hancock Fabrics | 8.75 | |||||||||||||||||||
Bandara Festival | Bealls, Eckerd* (Scrapbook Heaven), Blockbuster | 10.91 | |||||||||||||||||||
Cashmere | |||||||||||||||||||||
Copperfield | JoAnn Fabricks | 12.77 | |||||||||||||||||||
CVS Plaza (f/k/a Coral Way N.E.) | |||||||||||||||||||||
East Bay Plaza | 53,000 | Albertsons | Family Dollar, Hollywood Video | 10.00 | |||||||||||||||||
Eustis Square | 15,872 | Save-a-Lot (5/31/2013) | Wallgreens* (Bealls Outlet), Accent Marketing Services | 6.72 | |||||||||||||||||
Gulf Gate Plaza | Bealls Outlet, JoAnn Fabrics, Dockside Imp. | 6.50 | |||||||||||||||||||
Miramar Outparcel** | |||||||||||||||||||||
Oakbrook | 44,400 | Publix | Eckard, Duffy’s, Stein Mart | 13.41 | |||||||||||||||||
Venice Plaza | 42,582 | Kash n’ Karry (9/30/2018) | TJ Maxx | 5.23 | |||||||||||||||||
Walden Woods | Walgreens, Dollar Tree, Aaron Rents | 6.49 | |||||||||||||||||||
Waterstone | |||||||||||||||||||||
Westridge | |||||||||||||||||||||
TOTAL DEVELOPMENTS & REDEVELOPMENTS (8) | 102,854 | 53,000 | $ | 9.10 | |||||||||||||||||
TOTAL RETAIL PROPERTIES (182) | 5,272,595 | 697,686 | $ | 9.38 | |||||||||||||||||
OTHER PROPERTIES (3) | |||||||||||||||||||||
4101 South I-85 Industrial | |||||||||||||||||||||
Mandarin Mini-storage | |||||||||||||||||||||
Southwest Walgreens** | Walgreens | ||||||||||||||||||||
GRAND TOTAL (185) | 5,272,595 | 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 ( ). | |
** | Property is under contract to be sold |
Page 19
EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
as of December 31, 2003
State | Count | Total SF | # Leased | # Vacant | Leased % | AMR | ||||||||||||||||||
Florida | 77 | 8,967,559 | 1,690 | 225 | 92.8 | % | $ | 85,766,987 | ||||||||||||||||
Texas | 32 | 3,111,941 | 553 | 94 | 81.2 | % | 26,197,990 | |||||||||||||||||
Georgia | 24 | 2,958,601 | 462 | 77 | 91.8 | % | 24,721,341 | |||||||||||||||||
Louisiana | 16 | 1,926,097 | 190 | 46 | 83.8 | % | 10,186,629 | |||||||||||||||||
North Carolina | 12 | 1,137,190 | 168 | 27 | 91.8 | % | 7,507,083 | |||||||||||||||||
South Carolina | 6 | 435,662 | 68 | 8 | 90.0 | % | 3,576,072 | |||||||||||||||||
Arizona | 2 | 253,254 | 52 | 6 | 93.7 | % | 1,973,817 | |||||||||||||||||
Tennessee | 2 | 297,784 | 37 | 5 | 95.4 | % | 1,763,456 | |||||||||||||||||
Alabama | 2 | 129,215 | 19 | 2 | 97.8 | % | 1,052,067 | |||||||||||||||||
Virginia | 2 | 225,535 | 34 | 4 | 90.9 | % | 1,423,310 | |||||||||||||||||
Mississippi | 1 | 66,857 | 7 | 0 | 100.0 | % | 382,536 | |||||||||||||||||
Kentucky | 1 | 38,450 | 8 | 4 | 80.6 | % | 212,861 | |||||||||||||||||
Total | 177 | 19,548,145 | 3,288 | 498 | 89.8 | % | $ | 164,764,149 |
Page 20
EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the three months ended December 31, 2003
Renewals
Average | Average | Annualized | ||||||||||||||||||
Average | Expiring | New | Minimum | |||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||||||||||||
83 | 216,359 | 2,607 | $ | 12.33 | $ | 12.46 | $ | 2,696,069 | ||||||||||||
% Increase psf | 1.1 | % | ||||||||||||||||||
Net Increase (AMR) | $ | 29,203 |
New Leases (effective in the fourth quarter)
Average | Annualized | |||||||||||||||||||
Average | New | Minimum | ||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||||||
120 | 340,533 | 2,838 | $ | 10.89 | $ | 3,708,977 |
Lost Leases
Average | Annualized | ||||||||||||||||||||
Average | Expiring | Minimum | |||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | |||||||||||||||||
108 | 239,180 | 2,215 | $ | 13.43 | $ | 3,213,045 | |||||||||||||||
Net Absorption | 101,353 | New Leases - Lost Leases | |||||||||||||||||||
Net Gain/(Loss) of AMR | $ | 525,135 | |||||||||||||||||||
Retention Ratio | 47.5 | % | Renewals (Renewals + Lost Leases) |
Page 21
EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
for the twelve months ended December 31, 2003
Renewals
Average | Average | Annualized | ||||||||||||||||||
Average | Expiring | New | Minimum | |||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||||||||||||
284 | 674,889 | 2,376 | $ | 11.94 | $ | 12.30 | $ | 8,304,018 | ||||||||||||
% Increase psf | 3.1 | % | ||||||||||||||||||
Net Increase (AMR) | $ | 248,745 |
New Leases
Average | Annualized | |||||||||||||||||||
Average | New | Minimum | ||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||||||
367 | 1,144,882 | 3,120 | $ | 10.89 | $ | 12,470,255 |
Lost Leases
Average | Annualized | ||||||||||||||||||||
Average | Expiring | Minimum | |||||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | |||||||||||||||||
321 | 1,125,398 | 3,506 | $ | 9.99 | $ | 11,246,226 | |||||||||||||||
Net Absorption | 19,484 | New Leases - Lost Leases | |||||||||||||||||||
Net Gain/Loss) of AMR | $ | 1,472,774 | |||||||||||||||||||
Retention Ratio | 37.5 | % | Renewals / (Renewals + Lost Leases) |
Page 22
EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of December 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 | 45 | 2,004,580 | 10.3 | % | $ | 14,465,152 | 8.8 | % | $ | 7.22 | |||||||||||||||
Kroger | 16 | 863,800 | 4.4 | % | 6,641,730 | 4.0 | % | 7.69 | |||||||||||||||||
Winn Dixie | 17 | 761,143 | 3.9 | % | 4,949,604 | 3.0 | % | 6.50 | |||||||||||||||||
Wal-Mart | 11 | 834,994 | 4.3 | % | 3,687,045 | 2.2 | % | 4.42 | |||||||||||||||||
Kmart | 6 | 524,937 | 2.7 | % | 2,795,865 | 1.7 | % | 5.33 | |||||||||||||||||
Blockbuster | 28 | 164,370 | 0.8 | % | 2,473,635 | 1.5 | % | 15.05 | |||||||||||||||||
Eckerd | 27 | 267,696 | 1.4 | % | 2,340,273 | 1.4 | % | 8.74 | |||||||||||||||||
Food Lion/Kash n’ Karry | 8 | 297,802 | 1.5 | % | 1,962,601 | 1.2 | % | 6.59 | |||||||||||||||||
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 | 167 | 6,100,588 | 31.2 | % | $ | 43,039,791 | 26.1 | % | $ | 7.06 | |||||||||||||||
Remaining tenants | 3,121 | 11,460,644 | 58.6 | % | 121,724,358 | 73.9 | % | 10.62 | |||||||||||||||||
Sub-total all tenants | 3,288 | 17,561,232 | 89.8 | % | $ | 164,764,149 | 100.0 | % | $ | 9.38 | |||||||||||||||
Vacant | 498 | 1,986,913 | 10.2 | % | NA | ||||||||||||||||||||
Total including vacant | 3,786 | 19,548,145 | 100.0 | % | $ | 164,764,149 | 100.0 | % | $ | 8.43 | |||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.
Page 23
EQUITY ONE, INC. AND SUBSIDIARIES
EXPIRING SQUARE FOOTAGE BY TENANT TYPE
as of December 31, 2003
Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.
Page 24
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of December 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 | 139 | 256,499 | 1.3 | % | $ | 2,070,839 | 1.2 | % | $ | 8.07 | |||||||||||||||||
2004 | 683 | 1,832,226 | 9.4 | % | 20,380,475 | 12.0 | % | 11.12 | |||||||||||||||||||
2005 | 692 | 1,934,905 | 9.9 | % | 22,704,655 | 13.3 | % | 11.73 | |||||||||||||||||||
2006 | 636 | 2,010,762 | 10.3 | % | 23,909,760 | 14.0 | % | 11.89 | |||||||||||||||||||
2007 | 391 | 1,805,775 | 9.2 | % | 18,987,563 | 11.2 | % | 10.51 | |||||||||||||||||||
2008 | 370 | 1,552,500 | 7.9 | % | 17,767,725 | 10.4 | % | 11.44 | |||||||||||||||||||
2009 | 87 | 1,113,334 | 5.7 | % | 8,180,793 | 4.8 | % | 7.35 | |||||||||||||||||||
2010 | 65 | 658,679 | 3.4 | % | 6,267,312 | 3.7 | % | 9.51 | |||||||||||||||||||
2011 | 41 | 995,273 | 5.1 | % | 7,069,214 | 4.2 | % | 7.10 | |||||||||||||||||||
2012 | 35 | 855,976 | 4.4 | % | 6,935,610 | 4.1 | % | 8.10 | |||||||||||||||||||
2013 | 29 | 487,129 | 2.5 | % | 4,047,408 | 2.4 | % | 8.31 | |||||||||||||||||||
Thereafter | 120 | 4,058,174 | 20.8 | % | 31,960,513 | 18.8 | % | 7.88 | |||||||||||||||||||
Sub-total / average | 3,288 | 17,561,232 | 89.8 | % | $ | 170,281,867 | 100.0 | % | $ | 9.70 | |||||||||||||||||
Vacant | 498 | 1,986,913 | 10.2 | % | NA | NA | NA | ||||||||||||||||||||
Total / average | 3,786 | 19,548,145 | 100.0 | % | $ | 170,281,867 | 100.0 | % | $ | 8.71 | |||||||||||||||||
Annual Lease Expirations
Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.
Page 25
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of December 31, 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 | 0 | 0 | 0.0 | % | $ | 0 | 0.0 | % | $ | 0.00 | ||||||||||||||||||
2004 | 24 | 559,258 | 4.6 | % | 3,082,495 | 4.2 | % | 5.51 | ||||||||||||||||||||
2005 | 25 | 506,953 | 4.2 | % | 2,569,957 | 3.5 | % | 5.07 | ||||||||||||||||||||
2006 | 30 | 721,681 | 5.9 | % | 4,498,458 | 6.2 | % | 6.23 | ||||||||||||||||||||
2007 | 36 | 954,354 | 7.8 | % | 6,021,393 | 8.2 | % | 6.31 | ||||||||||||||||||||
2008 | 29 | 725,470 | 6.0 | % | 4,632,700 | 6.3 | % | 6.39 | ||||||||||||||||||||
2009 | 22 | 915,025 | 7.5 | % | 5,212,627 | 7.1 | % | 5.70 | ||||||||||||||||||||
2010 | 20 | 534,248 | 4.4 | % | 3,881,940 | 5.3 | % | 7.27 | ||||||||||||||||||||
2011 | 21 | 934,311 | 7.7 | % | 5,694,087 | 7.8 | % | 6.09 | ||||||||||||||||||||
2012 | 19 | 787,899 | 6.5 | % | 5,508,061 | 7.5 | % | 6.99 | ||||||||||||||||||||
2013 | 11 | 412,940 | 3.4 | % | 2,560,624 | 3.5 | % | 6.20 | ||||||||||||||||||||
Thereafter | 87 | 3,953,624 | 32.5 | % | 29,426,294 | 40.3 | % | 7.44 | ||||||||||||||||||||
Sub-total / average | 324 | 11,005,763 | 90.4 | % | $ | 73,088,636 | 100.0 | % | $ | 6.64 | ||||||||||||||||||
Vacant | 37 | 1,167,252 | 9.6 | % | NA | NA | NA | |||||||||||||||||||||
Total / average | 361 | 12,173,015 | 100.0 | % | $ | 73,088,636 | 100.0 | % | $ | 6.00 | ||||||||||||||||||
Annual Lease Expirations
Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.
Page 26
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of December 31, 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 | 139 | 256,499 | 3.5 | % | $ | 2,070,839 | 2.1 | % | $ | 8.07 | ||||||||||||||||||
2004 | 659 | 1,272,968 | 17.3 | % | 17,297,980 | 17.8 | % | 13.59 | ||||||||||||||||||||
2005 | 667 | 1,427,952 | 19.4 | % | 20,134,698 | 20.7 | % | 14.10 | ||||||||||||||||||||
2006 | 606 | 1,289,081 | 17.5 | % | 19,411,302 | 20.0 | % | 15.06 | ||||||||||||||||||||
2007 | 355 | 851,421 | 11.5 | % | 12,966,170 | 13.3 | % | 15.23 | ||||||||||||||||||||
2008 | 341 | 827,030 | 11.2 | % | 13,135,025 | 13.5 | % | 15.88 | ||||||||||||||||||||
2009 | 65 | 198,309 | 2.7 | % | 2,968,166 | 3.1 | % | 14.97 | ||||||||||||||||||||
2010 | 45 | 124,431 | 1.7 | % | 2,385,372 | 2.5 | % | 19.17 | ||||||||||||||||||||
2011 | 20 | 60,962 | 0.8 | % | 1,375,127 | 1.4 | % | 22.56 | ||||||||||||||||||||
2012 | 16 | 68,077 | 0.9 | % | 1,427,549 | 1.5 | % | 20.97 | ||||||||||||||||||||
2013 | 18 | 74,189 | 1.0 | % | 1,486,784 | 1.5 | % | 20.04 | ||||||||||||||||||||
Thereafter | 33 | 104,550 | 1.4 | % | 2,534,219 | 2.6 | % | 24.24 | ||||||||||||||||||||
Sub-total / average | 2,964 | 6,555,469 | 88.9 | % | $ | 97,193,231 | 100.0 | % | $ | 14.83 | ||||||||||||||||||
Vacant | 461 | 819,661 | 11.1 | % | NA | NA | NA | |||||||||||||||||||||
Total / average | 3,425 | 7,375,130 | 100.0 | % | $ | 97,193,231 | 100.0 | % | $ | 13.18 | ||||||||||||||||||
Annual Lease Expirations
Note: Excludes Mandarin mini-storage facility, the industrial property, SW Walgreens (held for sale) and five development parcels.
Page 27
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
as of December 31, 2003
(in thousands, except square footage data)
Estimated | |||||||||||||||||||||||||
Target | Cost Including | Funded as of | Balance | ||||||||||||||||||||||
Project | Location | Project Description | Completion Date | Land | 12/31/2003 | to Complete | |||||||||||||||||||
Developments | |||||||||||||||||||||||||
Cashmere | Port St. Lucie, FL | Develop a 20,000 sf retail center | TBD | $ | 3,127 | $ | 1,142 | $ | 1,985 | ||||||||||||||||
CVS Plaza | NE Miami, FL | Develop a drug-store anchored shopping center | First qtr 2004 | 5,513 | 4,614 | 899 | |||||||||||||||||||
Salerno | Stuart, FL | Construct an new and expanded Winn-Dixie and reconfigure remainder of the center | Fourth qtr 2004 | 6,372 | 5,177 | 1,195 | |||||||||||||||||||
Waterstone | Homestead, FL | Develop a supermarket anchored center | mid-2005 | 9,000 | 2,191 | 6,809 | |||||||||||||||||||
Westridge | McDonough, GA | Develop a supermarket anchored center with Publix. | late-2005 | 9,000 | 1,787 | 7,213 | |||||||||||||||||||
Subtotal - Developments | 33,012 | 14,911 | 18,101 | ||||||||||||||||||||||
Major Redevelopments | |||||||||||||||||||||||||
Ambassador Row Courtyards | Lafayette, LA | Reconfigure part of existing center and add outparcel and 4,000 sf of new space | Second qtr 2004 | 2,057 | 856 | 1,201 | |||||||||||||||||||
Bandera Festival | San Antonio, TX | Reconfigure the former K Mart into multi-tenant space | Third qtr 2004 | 5,665 | 5,070 | 595 | |||||||||||||||||||
Centre Point | Smithfield, NC | Reconfigure the former Winn Dixie into multi-tenant space | TBD | 1,776 | 1,576 | 200 | |||||||||||||||||||
Copperfield | Houston, TX | Reconfigure the former Gerland into multi-tenant space | Third qtr 2004 | 5,530 | 3,737 | 1,793 | |||||||||||||||||||
Crossroads | Pembroke Pines, FL | Reconfigure and refurbish the non-anchor portion of center | Second qtr 2004 | 8,455 | 7,717 | 738 | |||||||||||||||||||
East Bay Plaza | Largo, FL | Reconfigure the former Scotty’s into multi-tenant space | Third qtr 2004 | 793 | 433 | 360 | |||||||||||||||||||
Eustis Square | Eustis, FL | Reconfigure the former Publix into multi-tenant space | Third qtr 2004 | 1,624 | 1,324 | 300 | |||||||||||||||||||
Gulf Gate | Naples, FL | Reconfigure the former Publix into multi-tenant space; Refurbish center | Fourth qtr 2004 | 2,339 | 2,107 | 232 | |||||||||||||||||||
Oakbrook Square | North Palm Beach, FL | Divide former Jacobsen’s to multi-tenant use and reconfigure center | Third qtr 2004 | 6,149 | 5,784 | 365 | |||||||||||||||||||
Plymouth Park North | Irving, TX | Prospecting for tenants to fill the former Fazio | TBD | 8,089 | 6,089 | 2,000 | |||||||||||||||||||
Spalding Village | Griffin, GA | Reconfigure the former K Mart into multi-tenant space | TBD | 3,586 | 2,786 | 800 | |||||||||||||||||||
Unigold | Winter Park, FL | Add outparcel and local space to center | Second qtr 2004 | 1,406 | 416 | 990 | |||||||||||||||||||
Venice Plaza | Venice, FL | Expand and reconfigure existing TJ Maxx | Fourth qtr 2004 | 1,471 | 1,071 | 400 | |||||||||||||||||||
Walden Woods | Plant City, FL | Reconfigure the former Winn Dixie into multi-tenant space | Second qtr 2004 | 3,539 | 3,339 | 200 | |||||||||||||||||||
Subtotal - Major Redevelopments | 52,479 | 42,305 | 10,174 | ||||||||||||||||||||||
Outparcel Developments/Expansions | |||||||||||||||||||||||||
Belfair | Bluffton, SC | Prospecting for new tenant(s) on land held for development/expansion | TBD | 1,301 | 1,301 | — | |||||||||||||||||||
Blanco | San Antonio, TX | Prospecting for new tenant(s) on land held for development/expansion | TBD | 2,903 | 2,903 | — | |||||||||||||||||||
Cashmere Corners | Port St. Lucie, FL | Prospecting for one or more tenants for out parcels | TBD | 460 | 460 | — | |||||||||||||||||||
Lantana | Lantana, FL | Construction of a Hollywood Video out parcel | Fourth qtr 2004 | 500 | 180 | 320 | |||||||||||||||||||
Plaza Alegre | Miami, FL | Complete a ground-up development. Ground lease the two remaining out parcels | Second qtr 2004 | 754 | 454 | 300 | |||||||||||||||||||
Skylake | Miami Beach, FL | Add LA Fitness and additional space to existing development | First and fourth qtr 2004 | 12,000 | 8,408 | 3,592 | |||||||||||||||||||
St. Charles | Riverview, FL | Prospecting for a tenant for existing out parcel | TBD | 206 | 206 | — | |||||||||||||||||||
Subtotal - Outparcel Developments/Expansions | 18,124 | 13,912 | 4,212 | ||||||||||||||||||||||
All other development activity | 3,558 | 3,558 | — | ||||||||||||||||||||||
Total - All Development Activity | $ | 107,173 | $ | 74,686 | $ | 32,487 | |||||||||||||||||||
Page 28
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
as of December 31, 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 | Hollywood | FL | 451,294 | 75,325 | ||||||||||||||||
Jul-03 | Butler Creek | 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 | ||||||||||||||||
Nov-03 | BridgeMill | Canton | GA | 78,654 | 14,070 | ||||||||||||||||
Dec-03 | Belfair Towne Village | Bluffton | SC | 125,398 | 19,861 | ||||||||||||||||
Dec-03 | Middle Beach | Panama City Beach | FL | 69,227 | 7,637 | ||||||||||||||||
Dec-03 | Woodruff | Greenville | SC | 68,055 | 7,985 | ||||||||||||||||
Dec-03 | Hamilton Ridge | Buford | GA | 89,496 | 13,650 | ||||||||||||||||
Total | $ | 211,033 | |||||||||||||||||||
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 | Huntcrest Outparcels | 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 | |||||||||||||||||||
Nov-03 | Heritage Walk | Milledgeville | GA | 159,991 | 10,000 | — | * | ||||||||||||||||||
Dec-03 | Stadium Plaza | Phenix City | AL | 70,475 | 4,800 | — | * | ||||||||||||||||||
Total | $ | 33,315 | $ | 3,083 | |||||||||||||||||||||
* Properties acquired in connection with the IRT Property Company merger.
Page 29
EQUITY ONE, INC. AND SUBSIDIARIES
JOINT VENTURE INVESTMENTS
as of December 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 84% leased as of December 31, 2003. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,878 as of December 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. | ||
* | 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 December 31, 2003
*Data obtained from Yahoo Chart Services
Page 31