Table of Contents
Exhibit 99.2
Equity One, Inc.
Supplemental Information Package
March 31, 2004
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
March 31, 2004
(unaudited)
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Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
for the periods ended March 31, 2004 and 2003
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 ‘sForm 10-K for the year ended December 31, 2003 andForm 10-Q for the quarter ended March 31, 2004 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 since February 12, 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 impariment 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.
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EQUITY ONE, INC. AND SUBSIDIARIES
for the periods ended March 31, 2004 and 2003
(in thousands, except per share data)
Three months ended | ||||||||
Mar 31, 2004 | Mar 31, 2003 | |||||||
Total dividends paid per share | $ | 0.28 | $ | 0.27 | ||||
Funds from operations per share (FFO) | $ | 0.38 | $ | 0.36 | ||||
Dividend / FFO payout ratio | 73.7 | % | 75.0 | % | ||||
FFO multiple (annualized if < 12 months) | 12.6 | 10.6 | ||||||
Funds available for distribution per share (FAD) | $ | 0.32 | $ | 0.30 | ||||
Dividend / FAD payout ratio | 87.5 | % | 90.0 | % | ||||
FAD multiple (annualized if < 12 months) | 15.0 | 12.7 | ||||||
Income before minority interest | $ | 20,454 | $ | 12,485 | ||||
Income from discontinued operations | (2,109 | ) | (1,068 | ) | ||||
Loss on extinguishment of debt | — | 623 | ||||||
Interest expense | 10,575 | 7,650 | ||||||
Amortization of deferred financing fees | 266 | 284 | ||||||
Rental property depreciation and amortization, excluding discontinued operations | 8,432 | 4,946 | ||||||
Pro-rata share from unconsolidated joint ventures | ||||||||
Depreciation and amortization | 65 | 161 | ||||||
Interest expense | 139 | 139 | ||||||
EBITDA | $ | 37,822 | $ | 25,220 | ||||
Interest expense, including joint venture interest | $ | 10,714 | $ | 7,789 | ||||
EBITDA : interest coverage ratio | 3.5 | 3.2 | ||||||
EBITDA margin (EBITDA/total rental revenue) | 68.4 | % | 67.1 | % | ||||
Net operating income (NOI) from continuing operations | ||||||||
Total rental revenue | $ | 55,294 | $ | 37,596 | ||||
Property operating expenses (1) | 14,458 | 10,904 | ||||||
Net operating income | $ | 40,836 | $ | 26,692 | ||||
NOI margin (NOI/total rental revenue) | 73.9 | % | 71.0 | % | ||||
(1) net of intercompany expenses. | ||||||||
Same property NOI (2) | ||||||||
Total rental revenue | $ | 24,458 | $ | 24,024 | ||||
Property operating expenses | 7,282 | 7,440 | ||||||
Net operating income | $ | 17,176 | $ | 16,584 | ||||
Growth in same property NOI | 3.6 | % | ||||||
Growth in same property NOI, excluding termination fees | 3.3 | % | ||||||
Same property occupancy | 91.6 | % | 88.6 | % | ||||
(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 | $ | 3,452 | $ | 2,242 | ||||
as % of total revenues | 6.22 | % | 5.88 | % | ||||
as % of total assets (annualized) | 0.77 | % | 0.60 | % |
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EQUITY ONE, INC. AND SUBSIDIARIES
as of March 31, 2004 and December 31, 2003
(in thousands, except per share data)
Mar 31, 2004 | Dec 31, 2003 | |||||||
Closing market price | $ | 19.22 | $ | 16.88 | ||||
Dividend yield (based on current annualized dividend) | 5.83 | % | 6.64 | % | ||||
Book value per share (fully diluted, end of period) | $ | 11.87 | $ | 11.77 | ||||
Liquidity | ||||||||
Cash and cash equivalents | $ | 17 | $ | 966 | ||||
Cash held in escrow | $ | 1,884 | $ | — | ||||
Revolving credit facilities | ||||||||
Gross available under current credit facilities | 345,000 | 345,000 | ||||||
less: Outstanding balance | (50,879 | ) | (162,000 | ) | ||||
Holdback for letters of credit | (1,378 | ) | (1,378 | ) | ||||
Net available under credit facilities | $ | 292,743 | $ | 181,622 | ||||
Equity capitalization (end of period) | ||||||||
Common stock shares (in thousands) | ||||||||
Basic common stock shares | 69,580.460 | 68,704.279 | ||||||
Diluted common shares | ||||||||
Unvested restricted common shares | 524.799 | 649.133 | ||||||
Walden Woods shares | 93.656 | 93.656 | ||||||
IRT Partners operating partnership units | 734.266 | 734.266 | ||||||
Common stock options (treasury method, closing price) | 532.424 | 370.164 | ||||||
Fully diluted common stock shares | 71,465.605 | 70,551.498 | ||||||
Total debt (excluding unamortized premium/discount) | $ | 871,142 | $ | 771,103 | ||||
Cash and cash equivalents, cash held in escrow | (1,901 | ) | (966 | ) | ||||
Net debt | 869,241 | 770,137 | ||||||
Equity market capitalization (fully diluted, end of period) | 1,373,569 | 1,190,909 | ||||||
Total market capitalization | $ | 2,242,810 | $ | 1,961,046 | ||||
Net debt to total market capitalization | 38.8 | % | 39.3 | % | ||||
Gross real estate investments | $ | 1,795,632 | $ | 1,683,705 | ||||
Net debt to gross real estate investments | 48.4 | % | 45.7 | % | ||||
Fixed rate debt | $ | 720,263 | $ | 609,103 | ||||
Fixed rate debt — swapped to variable rate | 100,000 | — | ||||||
Variable rate debt — swapped to fixed rate | 20,000 | 70,000 | ||||||
Variable rate debt — unhedged | 30,879 | 92,000 | ||||||
Total debt (excluding unamortized premium/discount) | $ | 871,142 | $ | 771,103 | ||||
% Fixed rate debt | 82.7 | % | 79.0 | % | ||||
% Fixed rate debt — swapped to variable rate | 11.5 | % | 0.0 | % | ||||
% Variable rate debt — swapped to fixed rate | 2.3 | % | 9.1 | % | ||||
% Variable rate debt — unhedged | 3.5 | % | 11.9 | % | ||||
% Variable rate debt — Total | 15.0 | % | 11.9 | % | ||||
Weighted-average interest rate on mortgage debt | 7.40 | % | 7.45 | % | ||||
Weighted-average interest rate on senior unsecured notes | 5.18 | % | 7.55 | % | ||||
Weighted-average interest rate on revolving credit facilities | 2.15 | % | 2.06 | % |
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EQUITY ONE, INC. AND SUBSIDIARIES
for the periods ended March 31, 2004 and 2003
(in thousands, except per share data)
Three months ended | ||||||||
Mar 31, 2004 | Mar 31, 2003 | |||||||
Rental revenue: | ||||||||
Minimum rents | $ | 42,174 | $ | 28,586 | ||||
Expense recoveries | 11,673 | 7,943 | ||||||
Termination fees | 69 | 59 | ||||||
Percentage rent payments | 1,378 | 1,008 | ||||||
Total rental revenue | 55,294 | 37,596 | ||||||
Costs and expenses: | ||||||||
Property operating expenses | 14,458 | 10,904 | ||||||
Interest expense | 10,575 | 7,650 | ||||||
Amortization of deferred financing fees | 266 | 284 | ||||||
Rental property depreciation and amortization | 8,432 | 4,946 | ||||||
General and administrative expenses | 3,452 | 2,242 | ||||||
Total costs and expenses | 37,183 | 26,026 | ||||||
Income before other income and expenses, discontinued operations and minority interest | 18,111 | 11,570 | ||||||
Other income and expenses: | ||||||||
Investment income | 171 | 441 | ||||||
Other income | 64 | 63 | ||||||
Equity in loss of joint ventures | (1 | ) | (34 | ) | ||||
Loss on extinguishment of debt | — | (623 | ) | |||||
Income before discontinued operations and minority interest | 18,345 | 11,417 | ||||||
Discontinued operations: | ||||||||
Income from operations of sold properties | 74 | 565 | ||||||
Gain on disposal of income producing properties | 2,035 | 503 | ||||||
Income from discontinued operations | 2,109 | 1,068 | ||||||
Income before minority interest | 20,454 | 12,485 | ||||||
Minority interest | (215 | ) | (141 | ) | ||||
Net income | $ | 20,239 | $ | 12,344 | ||||
Basic earnings per share | ||||||||
Income before discontinued operations | $ | 0.26 | $ | 0.24 | ||||
Income from discontinued operations | 0.03 | 0.02 | ||||||
Net income | $ | 0.29 | $ | 0.26 | ||||
Diluted earnings per share | ||||||||
Income before discontinued operations | $ | 0.26 | $ | 0.24 | ||||
Income from discontinued operations | 0.03 | 0.02 | ||||||
Net income | $ | 0.29 | $ | 0.26 | ||||
Weighted average shares outstanding | ||||||||
Basic | 69,115 | 47,163 | ||||||
Diluted | 71,021 | 48,475 | ||||||
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EQUITY ONE, INC. AND SUBSIDIARIES
for the periods ended March 31, 2004 and 2003
(in thousands, except per share data)
Three months ended | ||||||||||||
Mar 31, 2004 | ||||||||||||
As | Discontinued | Pre SFAS | ||||||||||
Reported | Operations | No. 144 | ||||||||||
Rental revenue: | ||||||||||||
Minimum rents | $ | 42,174 | $ | 30 | $ | 42,204 | ||||||
Expense recoveries | 11,673 | 61 | 11,734 | |||||||||
Termination fees | 69 | — | 69 | |||||||||
Percentage rent payments | 1,378 | — | 1,378 | |||||||||
Total rental revenue | 55,294 | 91 | 55,385 | |||||||||
Costs and expenses: | ||||||||||||
Property operating expenses | 14,458 | 54 | 14,512 | |||||||||
Interest expense | 10,575 | — | 10,575 | |||||||||
Amortization of deferred financing fees | 266 | — | 266 | |||||||||
Rental property depreciation and amortization | 8,432 | — | 8,432 | |||||||||
General and administrative expenses | 3,452 | — | 3,452 | |||||||||
Total costs and expenses | 37,183 | 54 | 37,237 | |||||||||
Income before other income and expenses, discontinued operations and minority interest | 18,111 | 37 | 18,148 | |||||||||
Other income and expenses: | ||||||||||||
Investment income | 171 | 37 | 208 | |||||||||
Other income | 64 | — | 64 | |||||||||
Equity in (loss) income of joint ventures | (1 | ) | — | (1 | ) | |||||||
Loss on extinguishment of debt | — | — | — | |||||||||
Income before discontinued operations and minority interest | 18,345 | 74 | 18,419 | |||||||||
Discontinued operations: | ||||||||||||
Income from operations of sold properties | 74 | (74 | ) | — | ||||||||
Gain on disposal of income producing properties | 2,035 | — | 2,035 | |||||||||
Total income from discontinued operations | 2,109 | (74 | ) | 2,035 | ||||||||
Income before minority interest | 20,454 | — | 20,454 | |||||||||
Minority interest | (215 | ) | — | (215 | ) | |||||||
Net income | $ | 20,239 | — | $ | 20,239 | |||||||
[Continued from above table, first column(s) repeated]
Three months ended | ||||||||||||
Mar 31, 2003 | ||||||||||||
As | Discontinued | Pre SFAS | ||||||||||
Reported | Operations | No. 144 | ||||||||||
Rental revenue: | ||||||||||||
Minimum rents | $ | 28,586 | $ | 583 | $ | 29,169 | ||||||
Expense recoveries | 7,943 | 66 | 8,009 | |||||||||
Termination fees | 59 | — | 59 | |||||||||
Percentage rent payments | 1,008 | 5 | 1,013 | |||||||||
Total rental revenue | 37,596 | 654 | 38,250 | |||||||||
Costs and expenses: | ||||||||||||
Property operating expenses | 10,904 | 154 | 11,058 | |||||||||
Interest expense | 7,650 | 69 | 7,719 | |||||||||
Amortization of deferred financing fees | 284 | 1 | 285 | |||||||||
Rental property depreciation and amortization | 4,946 | 100 | 5,046 | |||||||||
General and administrative expenses | 2,242 | — | 2,242 | |||||||||
Total costs and expenses | 26,026 | 324 | 26,350 | |||||||||
Income before other income and expenses, discontinued operations and minority interest | 11,570 | 330 | 11,900 | |||||||||
Other income and expenses: | ||||||||||||
Investment income | 441 | 90 | 531 | |||||||||
Other income | 63 | — | 63 | |||||||||
Equity in (loss) income of joint ventures | (34 | ) | 145 | 111 | ||||||||
Loss on extinguishment of debt | (623 | ) | — | (623 | ) | |||||||
Income before discontinued operations and minority interest | 11,417 | 565 | 11,982 | |||||||||
Discontinued operations: | ||||||||||||
Income from operations of sold properties | 565 | (565 | ) | — | ||||||||
Gain on disposal of income producing properties | 503 | — | 503 | |||||||||
Total income from discontinued operations | 1,068 | (565 | ) | 503 | ||||||||
Income before minority interest | 12,485 | — | 12,485 | |||||||||
Minority interest | (141 | ) | — | (141 | ) | |||||||
Net income | $ | 12,344 | — | $ | 12,344 | |||||||
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.
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EQUITY ONE, INC. AND SUBSIDIARIES
for the periods ended March 31, 2004 and 2003
(in thousands, except per share data)
Three months ended | ||||||||
Mar 31, 2004 | Mar 31, 2003 | |||||||
Funds from Operations | ||||||||
Net income | $ | 20,239 | $ | 12,344 | ||||
Adjustments: | ||||||||
Rental property depreciation and amortization, including discontinued operations | 8,432 | 5,046 | ||||||
Gain on disposal of income producing properties | (2,035 | ) | (503 | ) | ||||
Minority interest | 199 | 131 | ||||||
Other items: | ||||||||
Interest on convertible partnership units | — | 65 | ||||||
Pro-rata share of real estate depreciation from joint ventures | 65 | 161 | ||||||
Funds from operations | $ | 26,900 | $ | 17,244 | ||||
Increase | 56.0 | % | ||||||
Earnings per diluted share | $ | 0.29 | $ | 0.26 | ||||
Adjustments: | ||||||||
Rental property depreciation and amortization, including discontinued operations | 0.12 | 0.11 | ||||||
Gain on disposal of income producing properties | (0.03 | ) | (0.01 | ) | ||||
Minority interest | 0.00 | 0.00 | ||||||
Other items: | ||||||||
Pro-rata share of real estate depreciation from joint ventures | 0.00 | 0.00 | ||||||
Funds from operations per diluted share | $ | 0.38 | $ | 0.36 | ||||
Increase | 5.6 | % | ||||||
Funds Available for Distribution | ||||||||
Funds from operations | $ | 26,900 | $ | 17,244 | ||||
Adjust for non-cash items | ||||||||
Amortization of deferred financing fees | 266 | 284 | ||||||
Amortization of restricted stock | 1,172 | 480 | ||||||
Straight line rents | (544 | ) | (333 | ) | ||||
Capitalized interest | (812 | ) | (684 | ) | ||||
Amortization of debt premium/discount | (1,215 | ) | (329 | ) | ||||
Total non-cash items | (1,133 | ) | (582 | ) | ||||
Adjust for recurring capital expenditures | ||||||||
Tenant improvements | (230 | ) | (268 | ) | ||||
Leasing commissions and costs | (169 | ) | (213 | ) | ||||
Other capital expenditures | (241 | ) | (104 | ) | ||||
Total recurring capital expenditures | (640 | ) | (585 | ) | ||||
Funds available for distribution before debt payments | $ | 25,127 | $ | 16,077 | ||||
Scheduled debt payments | (2,272 | ) | (1,740 | ) | ||||
Funds available for distribution | $ | 22,855 | $ | 14,337 | ||||
Increase | 59.4 | % | ||||||
Funds available for distribution per diluted share | $ | 0.32 | $ | 0.30 | ||||
Increase | 6.7 | % | ||||||
Cash Dividends | $ | 19,630 | $ | 16,130 | ||||
Weighted average diluted shares | 71,021 | 48,475 | ||||||
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EQUITY ONE, INC. AND SUBSIDIARIES
as of March 31, 2004 and December 31, 2003
(in thousands, except per share data)
Mar 31, 2004 | Dec 31, 2003 | |||||||
Assets | ||||||||
Properties | ||||||||
Income producing | $ | 1,740,063 | $ | 1,594,579 | ||||
Less: accumulated depreciation | (74,485 | ) | (66,406 | ) | ||||
Rental property | 1,665,578 | 1,528,173 | ||||||
Construction in progress and land held for development | 54,338 | 74,686 | ||||||
Property held for sale | 1,231 | 14,440 | ||||||
Properties, net | 1,721,147 | 1,617,299 | ||||||
Cash and cash equivalents | 17 | 966 | ||||||
Cash held in escrow | 1,884 | — | ||||||
Accounts and other receivables, net | 8,919 | 13,492 | ||||||
Investments in and advances to joint ventures | 2,860 | 2,861 | ||||||
Goodwill | 14,578 | 14,014 | ||||||
Other assets | 42,694 | 28,754 | ||||||
Total | $ | 1,792,099 | $ | 1,677,386 | ||||
Liabilities and stockholders’ equity | ||||||||
Liabilities | ||||||||
Mortgage notes payable | $ | 470,263 | $ | 459,103 | ||||
Unsecured revolving credit facilities | 50,879 | 162,000 | ||||||
Unsecured senior notes payable | 350,000 | 150,000 | ||||||
Total debt | 871,142 | 771,103 | ||||||
Unamortized premium/discount on notes payable | 23,894 | 24,218 | ||||||
Total notes payable | 895,036 | 795,321 | ||||||
Accounts payable and accrued expenses | 23,996 | 25,211 | ||||||
Tenant security deposits | 8,171 | 7,706 | ||||||
Other liabilities | 4,472 | 5,924 | ||||||
Total liabilities | 931,675 | 834,162 | ||||||
Minority interest | 12,444 | 12,672 | ||||||
Stockholders’ equity | ||||||||
Common stock | 701 | 694 | ||||||
Additional paid-in capital | 856,720 | 843,678 | ||||||
Retained earnings | 609 | — | ||||||
Accumulated other comprehensive loss | (1,007 | ) | (122 | ) | ||||
Unamortized restricted stock compensation | (8,455 | ) | (10,091 | ) | ||||
Notes receivable from issuance of common stock | (588 | ) | (3,607 | ) | ||||
Total stockholders’ equity | 847,980 | 830,552 | ||||||
Total | $ | 1,792,099 | $ | 1,677,386 | ||||
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EQUITY ONE, INC. AND SUBSIDIARIES
as of March 31, 2004
(in thousands)
Maturity | Mar 31, 2004 | Dec 31, 2003 | ||||||||||||||
Property | date | Rate (1) | balance | balance | ||||||||||||
Fixed rate mortgage debt | ||||||||||||||||
Middle Beach | 08/15/04 | 7.375 | % | $ | 2,778 | $ | 2,808 | |||||||||
Lantana Village | 02/15/05 | 6.950 | % | 3,631 | 3,669 | |||||||||||
Woodruff | 05/10/05 | 7.580 | % | 3,065 | 3,096 | |||||||||||
Elmwood Oaks | 06/01/05 | 8.375 | % | 7,500 | 7,500 | |||||||||||
Benchmark Crossing | 08/01/05 | 9.250 | % | 3,292 | 3,313 | |||||||||||
Sterling Plaza | 09/01/05 | 8.750 | % | 3,956 | 3,982 | |||||||||||
Townsend Square | 10/01/05 | 8.500 | % | 4,829 | 4,848 | |||||||||||
Green Oaks | 11/01/05 | 8.375 | % | 3,002 | 3,022 | |||||||||||
Melbourne Plaza | 11/01/05 | 8.375 | % | 1,735 | 1,747 | |||||||||||
Walden Woods | 08/01/06 | 7.875 | % | 2,359 | 2,387 | |||||||||||
Big Curve | 10/01/06 | 9.190 | % | 5,406 | 5,437 | |||||||||||
Highland Square | 12/01/06 | 8.870 | % | 4,024 | 4,047 | |||||||||||
Park Northern | 12/01/06 | 8.370 | % | 2,259 | 2,284 | |||||||||||
Crossroads Square | 12/01/06 | 8.440 | % | 12,465 | 12,510 | |||||||||||
Rosemeade | 12/01/07 | 8.295 | % | 3,162 | 3,179 | |||||||||||
Colony Plaza | 01/01/08 | 7.540 | % | 3,005 | 3,015 | |||||||||||
Parkwood (2) | 01/01/08 | 7.280 | % | 6,174 | 6,196 | |||||||||||
Richwood (2) | 01/01/08 | 7.280 | % | 3,181 | 3,192 | |||||||||||
Commonwealth | 02/15/08 | 7.000 | % | 2,726 | 2,754 | |||||||||||
Mariners Crossing | 03/01/08 | 7.080 | % | 3,368 | 3,380 | |||||||||||
Pine Island/Ridge Plaza | 07/01/08 | 6.910 | % | 24,849 | 24,938 | |||||||||||
Forestwood | 01/01/09 | 5.070 | % | 7,247 | 7,286 | |||||||||||
Shoppes of North Port | 02/08/09 | 6.650 | % | 4,084 | 4,108 | |||||||||||
Prosperity Centre | 03/01/09 | 7.875 | % | 6,301 | 6,390 | |||||||||||
North Village Center | 03/15/09 | 8.130 | % | — | 1,463 | |||||||||||
Shoppes of Ibis | 09/01/09 | 6.730 | % | 5,821 | 5,865 | |||||||||||
Tamarac Town Square | 10/01/09 | 9.190 | % | 6,186 | 6,206 | |||||||||||
Park Promenade | 02/01/10 | 8.100 | % | 6,287 | 6,302 | |||||||||||
Skipper Palms | 03/01/10 | 8.625 | % | 3,549 | 3,556 | |||||||||||
Jonathan’s Landing | 05/01/10 | 8.050 | % | 2,893 | 2,901 | |||||||||||
Bluff’s Square | 06/01/10 | 8.740 | % | 10,065 | 10,086 | |||||||||||
Kirkman Shoppes | 06/01/10 | 8.740 | % | 9,505 | 9,524 | |||||||||||
Ross Plaza | 06/01/10 | 8.740 | % | 6,629 | 6,642 | |||||||||||
Boynton Plaza | 07/01/10 | 8.030 | % | 7,476 | 7,494 | |||||||||||
Pointe Royale | 07/15/10 | 7.950 | % | 4,473 | 4,533 | |||||||||||
Plymouth Park East 1 (3) | 08/01/10 | 8.250 | % | 149 | 150 | |||||||||||
Plymouth Park East 2 (3) | 08/01/10 | 8.250 | % | 448 | 451 | |||||||||||
Plymouth Park North (3) | 08/01/10 | 8.250 | % | 7,987 | 8,043 | |||||||||||
Plymouth Park South (3) | 08/01/10 | 8.250 | % | 597 | 601 | |||||||||||
Plymouth Park Story North (3) | 08/01/10 | 8.250 | % | 367 | 370 | |||||||||||
Plymouth Park West (3) | 08/01/10 | 8.250 | % | 2,387 | 2,404 |
Page 10
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2004
(in thousands)
Maturity | Mar 31, 2004 | Dec 31, 2003 | ||||||||||||||
Property | date | Rate (1) | balance | balance | ||||||||||||
Shops at Skylake | 08/01/10 | 7.650 | % | $ | 14,540 | $ | 14,628 | |||||||||
Parkwest Crossing | 09/01/10 | 8.100 | % | 4,717 | 4,728 | |||||||||||
Spalding Village | 09/01/10 | 8.190 | % | 10,463 | 10,537 | |||||||||||
Minyards | 11/01/10 | 8.320 | % | 2,501 | 2,511 | |||||||||||
Charlotte Square | 02/01/11 | 9.190 | % | 3,599 | 3,614 | |||||||||||
Forest Village | 04/01/11 | 7.270 | % | 4,476 | 4,488 | |||||||||||
Boca Village | 05/01/11 | 7.200 | % | 8,276 | 8,298 | |||||||||||
MacLand Pointe | 05/01/11 | 7.250 | % | 5,844 | 5,859 | |||||||||||
Pine Ridge Square | 05/01/11 | 7.020 | % | 7,333 | 7,354 | |||||||||||
Sawgrass Promenade | 05/01/11 | 7.200 | % | 8,276 | 8,298 | |||||||||||
Presidential Markets | 06/01/11 | 7.650 | % | 27,354 | 27,420 | |||||||||||
Lake Mary | 11/01/11 | 7.250 | % | 24,466 | 24,529 | |||||||||||
Lake St. Charles | 11/01/11 | 7.130 | % | 3,863 | 3,873 | |||||||||||
Belfair Towne Village | 12/01/11 | 7.320 | % | 11,347 | 11,379 | |||||||||||
Marco Town Center | 01/01/12 | 6.700 | % | 8,693 | 8,731 | |||||||||||
Riverside Square | 03/01/12 | 9.190 | % | 7,668 | 7,694 | |||||||||||
Sparkleberry Square 1 (4) | 10/31/12 | 6.170 | % | 6,746 | — | |||||||||||
Cashmere | 11/01/12 | 5.880 | % | 5,219 | 5,245 | |||||||||||
Eastwood | 11/01/12 | 5.880 | % | 6,219 | 6,250 | |||||||||||
Meadows | 11/01/12 | 5.870 | % | 6,536 | 6,568 | |||||||||||
Lutz Lake | 12/01/12 | 6.280 | % | 7,500 | 7,500 | |||||||||||
Summerlin Square | 02/01/14 | 6.750 | % | 3,831 | 3,898 | |||||||||||
Bird Ludlum | 02/15/15 | 7.680 | % | 10,149 | 10,296 | |||||||||||
Treasure Coast | 04/01/15 | 8.000 | % | 4,738 | 4,804 | |||||||||||
Shoppes of Silverlakes | 07/01/15 | 7.750 | % | 2,744 | 2,781 | |||||||||||
Grassland Crossing | 12/01/16 | 7.870 | % | 5,947 | 5,985 | |||||||||||
Mableton Crossing | 08/15/18 | 6.850 | % | 4,134 | 4,157 | |||||||||||
Sparkleberry Square 2 (4) | 06/30/20 | 6.750 | % | 8,130 | — | |||||||||||
BridgeMill | 05/05/21 | 7.940 | % | 9,516 | 9,555 | |||||||||||
Chastain Square | 02/28/24 | 6.500 | % | 3,894 | 3,918 | |||||||||||
Daniel Village | 02/28/24 | 6.500 | % | 4,256 | 4,282 | |||||||||||
Douglas Commons | 02/28/24 | 6.500 | % | 5,071 | 5,102 | |||||||||||
Fairview Oaks | 02/28/24 | 6.500 | % | 4,800 | 4,829 | |||||||||||
Madison Centre | 02/28/24 | 6.500 | % | 3,894 | 3,918 | |||||||||||
Paulding Commons | 02/28/24 | 6.500 | % | 6,610 | 6,651 | |||||||||||
Siegen Village | 02/28/24 | 6.500 | % | 4,301 | 4,328 | |||||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500 | % | 3,395 | 3,416 | |||||||||||
Total fixed rate mortgage debt (77 loans) | 6.35 years | 7.40 | % | $ | 470,263 | $ | 459,103 | |||||||||
Interest premium | (wtd-avg maturity) | (wtd-avg rate) | 12,525 | 11,779 | ||||||||||||
Total fixed rate mortgage debt (including interest premium) | $ | 482,788 | $ | 470,882 |
Page 11
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2004
(in thousands)
Maturity | Mar 31, 2004 | Dec 31, 2003 | ||||||||||||||
Property | date | Rate (1) | balance | balance | ||||||||||||
Fixed rate unsecured senior notes payable | ||||||||||||||||
7.77% senior notes | 04/01/06 | 7.77 | % | $ | 50,000 | $ | 50,000 | |||||||||
7.25% senior notes | 08/15/07 | 7.25 | % | 75,000 | 75,000 | |||||||||||
3.875% senior notes (5) | 04/15/09 | 3.875 | % | 200,000 | — | |||||||||||
7.84% senior notes | 01/23/12 | 7.84 | % | 25,000 | 25,000 | |||||||||||
Total fixed rate unsecured senior notes payable | 4.49 years | 5.18 | % | 350,000 | 150,000 | |||||||||||
Net Interest Premium/Discount | (wtd-avg rate) | 11,369 | 12,439 | |||||||||||||
Total fixed rate unsecured senior notes payable (including interest premium) | $ | 361,369 | $ | 162,439 | ||||||||||||
Total fixed rate debt | $ | 820,263 | $ | 609,103 | ||||||||||||
Net Interest Premium/Discount | 23,894 | 24,218 | ||||||||||||||
Total fixed rate debt (including interest premium) | $ | 844,157 | $ | 633,321 | ||||||||||||
Revolving credit facilities | ||||||||||||||||
$340MM Wells Fargo Unsecured (6) | 02/12/06 | 2.08 | % | 48,000 | 162,000 | |||||||||||
$5MM City National Bank Unsecured (7) | 08/13/04 | 3.34 | % | 2,879 | — | |||||||||||
Total revolving credit facilities | $ | 50,879 | $ | 162,000 | ||||||||||||
Total debt | $ | 871,142 | $ | 771,103 | ||||||||||||
Net Interest Premium/Discount | 23,894 | 24,218 | ||||||||||||||
Total debt (including net interest premium/discount) | $ | 895,036 | $ | 795,321 | ||||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||
Moody’s | Baa3 (Stable) | Baa3 (Stable) | ||||||||||||||
S&P | BBB- (Stable) | BBB- (Stable) |
Page 12
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of March 31, 2004
(in thousands)
Secured Debt | Unsecured Debt | |||||||||||||||||||
Maturity schedule | Scheduled | Balloon | Revolving | Senior | ||||||||||||||||
by year | amortization | payments (8) | Credit Facilities (8) | Notes | Total | |||||||||||||||
2004 | $ | 7,248 | $ | 2,727 | $ | 2,879 | $ | — | $ | 12,854 | ||||||||||
2005 | 9,954 | 30,093 | — | 40,047 | ||||||||||||||||
2006 | 10,170 | 24,758 | 48,000 | 50,000 | 132,928 | |||||||||||||||
2007 | 10,290 | 2,864 | — | 75,000 | 88,154 | |||||||||||||||
2008 | 10,365 | 40,104 | — | — | 50,469 | |||||||||||||||
2009 | 10,024 | 24,332 | — | 200,000 | 234,356 | |||||||||||||||
2010 | 9,049 | 80,848 | — | — | 89,897 | |||||||||||||||
2011 | 7,230 | 93,433 | — | — | 100,663 | |||||||||||||||
2012 | 5,952 | 40,056 | — | 25,000 | 71,008 | |||||||||||||||
2013 | 5,525 | — | — | — | 5,525 | |||||||||||||||
Thereafter | 36,447 | 8,794 | — | — | 45,241 | |||||||||||||||
Total | $ | 122,254 | $ | 348,009 | $ | 50,879 | $ | 350,000 | $ | 871,142 | ||||||||||
(1) | The rate in effect on March 31, 2004. | |||
(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 Sparkleberry property is encumbered by two separate mortgages. | |||
(5) | $100M of the outstanding balance has been swapped to a floating interest rate based on the 6 month LIBOR, in arrears, plus 0.4375% | |||
(6) | The indicated rate includes the effect of interest rate swaps. | |||
(7) | The rate in effect at March 31, 2004 based on the one month LIBOR plus 2.25% | |||
(8) | 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. |
Page 13
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EQUITY ONE, INC. AND SUBSIDIARIES
as of March 31, 2004
number | Supermarket anchor | |||||||||||||||||||||||||||||||||||
Year | Total | of tenants | Average | |||||||||||||||||||||||||||||||||
built / | square | Percent | owned | shadow | name | base rent | ||||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||||||||||||||||
ALABAMA (2) | ||||||||||||||||||||||||||||||||||||
Madison Centre | Madison | 1997 | 64,837 | 100.0 | % | 13 | 0 | 37,912 | Publix | Rite Aid | $ | 9.66 | ||||||||||||||||||||||||
(6/1/2017) | ||||||||||||||||||||||||||||||||||||
West Gate Plaza | Mobile | 1974, 1995 / 1985 | 64,378 | 99.2 | % | 8 | 1 | 44,000 | Winn-Dixie (7/19/2015) | Rite Aid | 7.12 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (2) | 129,215 | 99.6 | % | 21 | 1 | 81,912 | 0 | $ | 8.40 | |||||||||||||||||||||||||||
ARIZONA (2) | ||||||||||||||||||||||||||||||||||||
Big Curve | Yuma | 1969 / 1996 | 126,402 | 71.2 | % | 29 | 4 | 60,000 | Albertsons | Miller’s Outpost | 11.14 | |||||||||||||||||||||||||
Park Northern | Phoenix | 1982 / 1996 | 126,852 | 94.1 | % | 22 | 3 | 51,511 | Safeway (5/31/2008) | Bealls, Chuck E Cheese, Life Skills Center | 6.80 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ARIZONA (2) | 253,254 | 82.7 | % | 51 | 7 | 51,511 | 60,000 | $ | 8.67 | |||||||||||||||||||||||||||
FLORIDA (73) | ||||||||||||||||||||||||||||||||||||
North Florida (13) | ||||||||||||||||||||||||||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1998 | 100,559 | 94.0 | % | 24 | 1 | 39,795 | Publix (10/31/2008) | JoAnn Fabrics, Dollar Tree | 10.18 | |||||||||||||||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 70,429 | 83.5 | % | 9 | 2 | Big Lots, Goodwill, Bealls Outlet | 7.45 | |||||||||||||||||||||||||||
Commonwealth | Jacksonville | 1984 / 1998 | 81,467 | 95.6 | % | 15 | 1 | 48,997 | Winn-Dixie/Save Rite | 8.31 | ||||||||||||||||||||||||||
(2/28/2018) | ||||||||||||||||||||||||||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 96.5 | % | 15 | 2 | 37,866 | Publix | 10.40 | ||||||||||||||||||||||||||
(4/30/2020) | �� | |||||||||||||||||||||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 74,546 | 94.6 | % | 10 | 3 | 45,500 | Winn-Dixie (5/31/2015) | Eckerd* (Bealls Outlet) | 7.31 | |||||||||||||||||||||||||
Losco | Jacksonville | 2000 | 8,700 | 100.0 | % | 7 | 0 | 45,820 | Winn-Dixie | 18.97 | ||||||||||||||||||||||||||
Mandarin Landing | Jacksonville | 1976 / 2000 | 141,565 | 97.5 | % | 35 | 2 | 34,400 | Publix (2/14/2007) | Office Depot, Eckerd | 9.16 | |||||||||||||||||||||||||
Middle Beach | Panama City Beach | 1994 | 69,277 | 100.0 | % | 9 | 0 | 56,077 | Publix (9/30/2014) | Movie Gallery | 9.35 | |||||||||||||||||||||||||
Monument Point | Jacksonville | 1985 / 1997 | 75,128 | 100.0 | % | 12 | 0 | 46,772 | Winn-Dixie | Eckerd | 6.67 | |||||||||||||||||||||||||
(3/27/2005) | ||||||||||||||||||||||||||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 100.0 | % | 19 | 0 | 39,795 | Publix | Walgreens* | 6.92 | |||||||||||||||||||||||||
(5/11/2005) | ||||||||||||||||||||||||||||||||||||
Parkmore Plaza | Milton | 1986 | 159,067 | 97.2 | % | 11 | 2 | Wal-Mart*(Bealls), Big Lots | 4.47 | |||||||||||||||||||||||||||
Pensacola Plaza | Pensacola | 1985 | 56,098 | 91.4 | % | 2 | 1 | 42,848 | FoodWorld | 4.27 | ||||||||||||||||||||||||||
(12/31/2005) | ||||||||||||||||||||||||||||||||||||
South Beach | Jacksonville Beach | 1990, 1991 | 289,964 | 93.2 | % | 40 | 10 | 29,000 | Food Lion (3/31/2010) | Kmart, Stein Mart, Bealls | 9.04 | |||||||||||||||||||||||||
Central Florida (9) | ||||||||||||||||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 123,133 | 93.4 | % | 26 | 3 | 54,230 | Publix | Blockbuster | 11.71 | |||||||||||||||||||||||||
(11/30/2007) | ||||||||||||||||||||||||||||||||||||
Conway Crossing | Orlando | 2002 | 76,321 | 98.0 | % | 17 | 1 | 44,271 | Publix | 11.31 | ||||||||||||||||||||||||||
(4/30/2022) | ||||||||||||||||||||||||||||||||||||
Eastwood | Orlando | 1997 | 69,037 | 100.0 | % | 13 | 0 | 51,512 | Publix | 11.24 | ||||||||||||||||||||||||||
(11/1/2017) | ||||||||||||||||||||||||||||||||||||
Hunters Creek | Orlando | 1998 | 68,032 | 100.0 | % | 9 | 0 | 51,255 | Winn-Dixie | 10.79 | ||||||||||||||||||||||||||
(9/23/2018) | ||||||||||||||||||||||||||||||||||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 94.7 | % | 29 | 1 | Eckerd | 15.80 | |||||||||||||||||||||||||||
Lake Mary | Orlando | 1988 / 2001 | 342,384 | 97.4 | % | 65 | 3 | 63,139 | Albertsons (6/30/2012) | Kmart, Euro Fitness, Sun Star Theatres | 10.99 | |||||||||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 125,818 | 96.0 | % | 24 | 2 | 55,000 | Publix* (2/9/2007) | Orange County Library, Blockbuster, Goodwill | 9.20 | |||||||||||||||||||||||||
Town & Country | Kissimmee | 1993 | 72,043 | 100.0 | % | 13 | 0 | 52,883 | Albertsons | 7.22 | ||||||||||||||||||||||||||
(10/31/2018) | ||||||||||||||||||||||||||||||||||||
Unigold | Winter Park | 1987 | 106,185 | 87.3 | % | 18 | 4 | 52,500 | Winn-Dixie | Blockbuster | 10.06 | |||||||||||||||||||||||||
(4/30/2007) | ||||||||||||||||||||||||||||||||||||
Florida West Coast (17) | ||||||||||||||||||||||||||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 103,986 | 90.7 | % | 17 | 7 | 52,610 | Publix (11/30/2021) | Eckerd* (Bealls Outlet), West Marine | 9.58 | |||||||||||||||||||||||||
Carrollwood | Tampa | 1970 / 2002 | 94,203 | 86.4 | % | 28 | 8 | 27,887 | Publix | Eckerd | 10.98 | |||||||||||||||||||||||||
(11/30/2022) | ||||||||||||||||||||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 97.5 | % | 25 | 2 | 44,024 | Publix | Pet Supermarket | 7.69 | |||||||||||||||||||||||||
(1/31/2011) | ||||||||||||||||||||||||||||||||||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 100.0 | % | 18 | 0 | 48,890 | Publix | Eckerd | 10.90 | |||||||||||||||||||||||||
(5/27/2012) | ||||||||||||||||||||||||||||||||||||
Lake St. Charles | Tampa | 1999 | 57,015 | 100.0 | % | 8 | 0 | 46,295 | Kash n’ Karry | 9.78 | ||||||||||||||||||||||||||
(6/30/2019) | ||||||||||||||||||||||||||||||||||||
Lutz Lake | Lutz | 2002 | 64,985 | 100.0 | % | 15 | 0 | 44,270 | Publix | 13.70 | ||||||||||||||||||||||||||
(5/31/2022) | ||||||||||||||||||||||||||||||||||||
Marco Town Center | Marco Island | 2001 | 109,830 | 94.4 | % | 39 | 6 | 27,887 | Publix | West Marine | 15.62 | |||||||||||||||||||||||||
(1/31/2018) | ||||||||||||||||||||||||||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 85,507 | 94.6 | % | 13 | 3 | 48,315 | Kash n’ Karry | 8.05 | ||||||||||||||||||||||||||
(4/30/2020) | ||||||||||||||||||||||||||||||||||||
North River Village | Ellenton | 1988, 1993 | 177,128 | 100.0 | % | 16 | 0 | 42,112 | Publix (7/20/2008) | Kmart, Walgreens* (Dollar Tree), Bealls | 7.25 | |||||||||||||||||||||||||
Pavilion | Naples | 1982 | 161,245 | 91.7 | % | 36 | 5 | 50,795 | Publix (2/28/2013) | Pavillion 6 Theatre, Anthony’s | 13.77 | |||||||||||||||||||||||||
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 87.4 | % | 16 | 9 | 44,270 | Publix | 10.64 | ||||||||||||||||||||||||||
(2/28/2021) | ||||||||||||||||||||||||||||||||||||
Ross Plaza | Tampa | 1984 / 1996 | 85,359 | 96.5 | % | 17 | 3 | Walgreens*, Ross Dress for Less | 9.46 | |||||||||||||||||||||||||||
Seven Hills | Spring Hill | 1991 | 64,590 | 100.0 | % | 12 | 0 | 48,890 | Publix | 9.69 | ||||||||||||||||||||||||||
(9/25/2011) | ||||||||||||||||||||||||||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 98.2 | % | 21 | 1 | 48,890 | Publix | Bealls Outlet | 9.30 | |||||||||||||||||||||||||
(12/11/2011) |
Page 14
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2004
number | ||||||||||||||||||||||||||||||||||||
Year | Total | of tenants | Supermarket anchor | Average | ||||||||||||||||||||||||||||||||
built / | square | Percent | owned | shadow | name | base rent | ||||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||||||||||||||||
Florida West Coast (continued) | ||||||||||||||||||||||||||||||||||||
Skipper Palms | Tampa | 1984 | 88,000 | 92.9 | % | 14 | 3 | 53,440 | Winn-Dixie | $ | 8.49 | |||||||||||||||||||||||||
(5/31/2016) | ||||||||||||||||||||||||||||||||||||
Summerlin Square | Fort Myers | 1986 / 1998 | 109,156 | 86.9 | % | 20 | 7 | 45,500 | Winn-Dixie | Eckerd, West Marine | 9.97 | |||||||||||||||||||||||||
(6/4/2006) | ||||||||||||||||||||||||||||||||||||
Venice Shopping Center | Venice | 1968 / 2000 | 111,934 | 91.4 | % | 13 | 2 | 44,271 | Publix (12/31/2026) | Beall’s Outlet, Dollar Tree, Wachovia Bank | 5.05 | |||||||||||||||||||||||||
Florida Treasure Coast (8) | ||||||||||||||||||||||||||||||||||||
Bluffs Square | Jupiter | 1986 | 132,395 | 99.1 | % | 46 | 2 | 39,795 | Publix | Walgreens | 11.73 | |||||||||||||||||||||||||
(10/22/2006) | ||||||||||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 100.0 | % | 18 | 0 | 59,448 | Albertsons | 8.00 | ||||||||||||||||||||||||||
(4/30/2025) | ||||||||||||||||||||||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0 | % | 12 | 0 | 53,850 | Albertsons | Blockbuster | 18.46 | |||||||||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 97.0 | % | 32 | 2 | 42,112 | Publix (9/30/2007) | Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster | 10.00 | |||||||||||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 100.0 | % | 19 | 0 | Wal-Mart* (Bealls Outlet) | 7.94 | |||||||||||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 99.0 | % | 31 | 1 | 39,795 | Publix | Bealls Outlet, Books-A-Million | 9.51 | |||||||||||||||||||||||||
(3/23/2017) | ||||||||||||||||||||||||||||||||||||
Salerno Village | Stuart | 1987 | 76,303 | 96.6 | % | 15 | 3 | 49,002 | Winn-Dixie | Eckerd | 9.59 | |||||||||||||||||||||||||
(3/23/2024) | ||||||||||||||||||||||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 93.0 | % | 20 | 5 | 59,450 | Winn-Dixie | TJ Maxx | 8.56 | |||||||||||||||||||||||||
(4/12/2015) | ||||||||||||||||||||||||||||||||||||
South Florida / Atlantic Coast (26) | ||||||||||||||||||||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,282 | 97.9 | % | 46 | 2 | 44,400 | Winn-Dixie | Eckerd, Blockbuster, Goodwill | 14.81 | |||||||||||||||||||||||||
(12/31/2007) | ||||||||||||||||||||||||||||||||||||
Boca Village | Boca Raton | 1978 | 93,428 | 100.0 | % | 22 | 0 | 36,000 | Publix | Eckerd | 15.17 | |||||||||||||||||||||||||
(3/31/2007) | ||||||||||||||||||||||||||||||||||||
Boynton Plaza | Boynton Beach | 1978 / 1999 | 99,324 | 94.0 | % | 27 | 2 | 37,664 | Publix | Eckerd, Hollywood Video | 10.72 | |||||||||||||||||||||||||
(8/31/2008) | ||||||||||||||||||||||||||||||||||||
Countryside Shops | Cooper City | 1986, 1988, 1991 | 179,561 | 100.0 | % | 46 | 0 | 39,795 | Publix | Eckerd, Stein Mart | 12.34 | |||||||||||||||||||||||||
(12/4/2005) | ||||||||||||||||||||||||||||||||||||
Crossroads Square | Ft. Lauderdale | 1973 | 269,653 | 91.2 | % | 21 | 7 | Lowe’s, Eckerd, Goodyear | 7.31 | |||||||||||||||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0 | % | 1 | 0 | Jumbo Buffet | 15.05 | |||||||||||||||||||||||||||
Epsilon | W. Palm Beach | 1925 / 1997 | 18,707 | 54.6 | % | 4 | 1 | 16.11 | ||||||||||||||||||||||||||||
Greenwood | Palm Springs | 1982, 1994 | 132,325 | 89.6 | % | 30 | 5 | 50,032 | Publix | Bealls Outlet, World Savings Bank | 11.85 | |||||||||||||||||||||||||
(12/5/2014) | ||||||||||||||||||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 89.6 | % | 18 | 3 | 42,323 | Publix | Blockbuster | 13.09 | |||||||||||||||||||||||||
(9/13/2015) | ||||||||||||||||||||||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 99.6 | % | 25 | 1 | 39,473 | Winn-Dixie | Kmart, Rite Aid* (Dollar Store), | 6.34 | |||||||||||||||||||||||||
(2/15/2011) | Hollywood Video | |||||||||||||||||||||||||||||||||||
Meadows | Miami | 1997 | 75,524 | 100.0 | % | 20 | 0 | 47,955 | Publix | 12.47 | ||||||||||||||||||||||||||
(7/9/2017) | ||||||||||||||||||||||||||||||||||||
Pine Island | Davie | 1983 / 1999 | 254,907 | 97.9 | % | 44 | 3 | 39,943 | Publix | Home Depot Expo, Bealls Outlet | 9.78 | |||||||||||||||||||||||||
(11/30/2013) | ||||||||||||||||||||||||||||||||||||
Pine Ridge Square | Coral Springs | 1986 / 1998, 1999 | 117,399 | 99.2 | % | 34 | 1 | 17,441 | Fresh Market (6/30/2009) | Bed Bath & Beyond, Off Main Furniture, Blockbuster | 13.15 | |||||||||||||||||||||||||
Plaza Alegre | Miami | 2003 | 91,611 | 94.8 | % | 18 | 3 | 44,271 | Publix | Goodwill, Blockbuster | 14.73 | |||||||||||||||||||||||||
(3/14/2023) | ||||||||||||||||||||||||||||||||||||
Plaza Del Rey | Miami | 1985 / 1996 | 50,146 | 100.0 | % | 23 | 0 | Navarro Pharmacy | 13.01 | |||||||||||||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 209,863 | 93.9 | % | 23 | 3 | 45,350 | Winn-Dixie | Best Buy, Eckerd* (Anna’s Linens) | 6.53 | |||||||||||||||||||||||||
(2/18/2011) | ||||||||||||||||||||||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,106 | 100.0 | % | 9 | 0 | Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine’s, TJ Maxx | 15.53 | |||||||||||||||||||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 95.7 | % | 25 | 4 | (see Pine Island) | AMC Theater, Kabooms, Wachovia* (United Collection), Uncle Funny’s, Round Up | 8.63 | ||||||||||||||||||||||||||
Riverside Square | Coral Springs | 1987 | 107,941 | 95.2 | % | 33 | 3 | 39,795 | Publix | Tuesday Morning | 13.23 | |||||||||||||||||||||||||
(2/18/2007) | ||||||||||||||||||||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 92.7 | % | 27 | 1 | 36,464 | Publix | Walgreens, Blockbuster | 10.59 | |||||||||||||||||||||||||
(11/30/2004) | ||||||||||||||||||||||||||||||||||||
Sheridan | Hollywood | 1973 / 1991 | 455,864 | 95.8 | % | 60 | 6 | 65,537 | Publix (10/9/2011) | Ross, Bed Bath & Beyond, Office Depot, AMC Theater, Eckerd, Blockbuster | 13.35 | |||||||||||||||||||||||||
Shoppes of Ibis | West Palm Beach | 1999 | 79,420 | 100.0 | % | 18 | 0 | 51,420 | Publix (4/30/2019) | 12.10 | ||||||||||||||||||||||||||
Shops at Skylake | North Miami Beach | 1999-2003 | 219,199 | 99.5 | % | 44 | 2 | 51,420 | Publix (7/31/2019) | Goodwill, L.A. Fitness, Blockbuster | 15.52 | |||||||||||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995, 1997 | 126,788 | 93.9 | % | 36 | 4 | 47,813 | Publix | Blockbuster | 16.28 | |||||||||||||||||||||||||
(6/14/2015) | ||||||||||||||||||||||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 127,635 | 80.7 | % | 26 | 13 | 37,764 | Publix | 10.43 | ||||||||||||||||||||||||||
(12/15/2014) | ||||||||||||||||||||||||||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 100.0 | % | 27 | 0 | 46,216 | Winn-Dixie | Navarro Pharmacy | 10.91 | |||||||||||||||||||||||||
(10/31/2016) | ||||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (73) | 8,447,217 | 95.5 | % | 1,650 | 171 | 2,714,864 | 99,670 | $ | 10.54 | |||||||||||||||||||||||||||
GEORGIA (24) | ||||||||||||||||||||||||||||||||||||
Atlanta (18) | ||||||||||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 96.3 | % | 28 | 2 | 37,888 | Publix | 14.99 | ||||||||||||||||||||||||||
(1/31/2020) | ||||||||||||||||||||||||||||||||||||
Butler Creek | Acworth | 1990 | 95,597 | 95.8 | % | 18 | 2 | 59,997 | Kroger | 10.71 | ||||||||||||||||||||||||||
(6/30/2018) | ||||||||||||||||||||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 97.8 | % | 27 | 1 | 37,366 | Publix | 16.17 | ||||||||||||||||||||||||||
(5/31/2024) | ||||||||||||||||||||||||||||||||||||
Commerce Crossing | Commerce | 1988 | 100,668 | 90.4 | % | 7 | 3 | 32,000 | Ingles | Wal-Mart* | 4.03 | |||||||||||||||||||||||||
(9/26/2009) |
Page 15
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2004
number | ||||||||||||||||||||||||||||||||||||
Year | Total | of tenants | Supermarket anchor | Average | ||||||||||||||||||||||||||||||||
built / | square | Percent | owned | shadow | name | base rent | ||||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||||||||||||||||
Atlanta (continued) | ||||||||||||||||||||||||||||||||||||
Douglas Commons | Douglasville | 1988 | 97,027 | 96.0 | % | 16 | 4 | 59,431 | Kroger | $ | 9.91 | |||||||||||||||||||||||||
(8/31/2013) | ||||||||||||||||||||||||||||||||||||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 100.0 | % | 13 | 0 | 54,498 | Kroger | Blockbuster | 11.19 | |||||||||||||||||||||||||
(9/30/2016) | ||||||||||||||||||||||||||||||||||||
Grassland Crossing | Alpharetta | 1996 | 90,906 | 92.1 | % | 10 | 4 | 70,086 | Kroger | 11.39 | ||||||||||||||||||||||||||
(6/30/2016) | ||||||||||||||||||||||||||||||||||||
Hamilton Ridge | Buford | 2002 | 89,496 | 94.3 | % | 18 | 3 | 54,166 | Kroger | 12.91 | ||||||||||||||||||||||||||
(11/30/2022) | ||||||||||||||||||||||||||||||||||||
Mableton Crossing | Mableton | 1997 | 86,819 | 98.6 | % | 16 | 2 | 63,419 | Kroger | 10.04 | ||||||||||||||||||||||||||
(8/31/2017) | ||||||||||||||||||||||||||||||||||||
Macland Pointe | Marietta | 1992, 1993 | 79,699 | 86.4 | % | 12 | 5 | 55,999 | Publix | 9.58 | ||||||||||||||||||||||||||
(12/29/2012) | ||||||||||||||||||||||||||||||||||||
Market Place | Norcross | 1976 | 77,706 | 95.7 | % | 20 | 3 | Peachtree Cinema | 8.06 | |||||||||||||||||||||||||||
Paulding Commons | Dallas | 1991 | 192,391 | 100.0 | % | 31 | 0 | 49,700 | Kroger | Kmart | 8.07 | |||||||||||||||||||||||||
(2/28/2011) | ||||||||||||||||||||||||||||||||||||
Powers Ferry Plaza | Marietta | 1979, 1987 / 1998 | 86,473 | 87.5 | % | 21 | 3 | Micro Center | 10.52 | |||||||||||||||||||||||||||
Presidential Markets | Snellville | 1993-2000 | 396,408 | 97.5 | % | 39 | 1 | 56,146 | Publix (12/31/2019) | Bed Bath & Beyond, GAP, Shoe Carnival, Marshalls, Carmike Cinema, Office Depot | 10.23 | |||||||||||||||||||||||||
Shops of Huntcrest | Lawrenceville | 2003 | 97,040 | 94.8 | % | 23 | 3 | 54,340 | Publix | 12.15 | ||||||||||||||||||||||||||
(1/31/2023) | ||||||||||||||||||||||||||||||||||||
Wesley Chapel Crossing | Decatur | 1989 | 170,792 | 99.3 | % | 24 | 1 | 32,000 | Ingles | Wal-Mart, CVS Pharmacy | 6.74 | |||||||||||||||||||||||||
(9/25/2009) | ||||||||||||||||||||||||||||||||||||
West Towne Square | Rome | 1988 | 89,596 | 88.6 | % | 15 | 3 | Big Lots, Eckerd* | 5.74 | |||||||||||||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 95.3 | % | 26 | 1 | Blockbuster | 17.40 | |||||||||||||||||||||||||||
Central Georgia (4) | ||||||||||||||||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 93.5 | % | 35 | 4 | 45,971 | Bi-Lo | Eckerd, St. Joseph Home Health Care | 7.79 | |||||||||||||||||||||||||
(3/25/2022) | ||||||||||||||||||||||||||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 61.3 | % | 24 | 4 | 59,431 | Kroger | JC Penney, Blockbuster | 7.78 | |||||||||||||||||||||||||
(5/31/2014) | ||||||||||||||||||||||||||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 100.0 | % | 8 | 0 | 32,960 | Harris Teeter* (Omni Fitness) | 9.57 | ||||||||||||||||||||||||||
(4/1/2011) | ||||||||||||||||||||||||||||||||||||
Watson Central | Warner Robins | 1989 | 227,747 | 85.6 | % | 12 | 15 | 45,000 | �� | Winn-Dixie* | Wal-Mart* (Big Lots) | 4.98 | ||||||||||||||||||||||||
(12/5/2010) | ||||||||||||||||||||||||||||||||||||
South Georgia (2) | ||||||||||||||||||||||||||||||||||||
Colony Square | Fitzgerald | 1987 | 50,000 | 75.2 | % | 4 | 4 | 32,200 | Food Lion | 6.29 | ||||||||||||||||||||||||||
(12/31/2007) | ||||||||||||||||||||||||||||||||||||
McAlpin Square | Savannah | 1979 | 176,807 | 94.4 | % | 24 | 4 | 43,600 | Kroger | US Post Office, Big Lots, In Fashion | 7.31 | |||||||||||||||||||||||||
(8/31/2015) | Menswear Outlet | |||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (24) | 2,958,601 | 91.6 | % | 471 | 72 | 976,198 | 0 | $ | 9.22 | |||||||||||||||||||||||||||
KENTUCKY (1) | ||||||||||||||||||||||||||||||||||||
Scottsville Square | Bowling Green | 1986 | 38,450 | 72.8 | % | 7 | 5 | Hancock Fabrics, Zap Zone | 6.58 | |||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS KENTUCKY (1) | 38,450 | 72.8 | % | 7 | 5 | 0 | 0 | $ | 6.58 | |||||||||||||||||||||||||||
LOUISIANA (15) | ||||||||||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980, 1991 | 193,978 | 97.3 | % | 22 | 3 | Hobby Lobby*, Conn’s Appliances, Big Lots, Chuck E Cheese | 7.95 | |||||||||||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 90,215 | 80.0 | % | 18 | 3 | 33,387 | Matheme’s | 8.28 | ||||||||||||||||||||||||||
(11/30/2010) | ||||||||||||||||||||||||||||||||||||
Boulevard | Lafayette | 1976, 1994 | 68,012 | 61.5 | % | 10 | 5 | Piccadilly, Harbor Freight Tools | 8.17 | |||||||||||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 89.6 | % | 8 | 3 | 33,387 | Winn-Dixie | Dollar General | 5.66 | |||||||||||||||||||||||||
(1/31/2008) | ||||||||||||||||||||||||||||||||||||
Crossing | Slidell | 1988, 1993 | 113,989 | 98.7 | % | 14 | 1 | 58,432 | Albertsons | A-1 Home Appliance, Piccadilly | 5.63 | |||||||||||||||||||||||||
(9/29/2009) | ||||||||||||||||||||||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 133,995 | 92.9 | % | 7 | 2 | Wal-Mart* (Academy Sports, Dollar Tree), | 9.59 | |||||||||||||||||||||||||||
Advance Auto* (Goodwill) | ||||||||||||||||||||||||||||||||||||
Grand Marche (ground lease) | Lafayette | 1969 | 200,585 | 100.0 | % | 1 | 0 | Academy Sports, JoAnn Fabrics | 0.14 | |||||||||||||||||||||||||||
Millervillage | Baton Rouge | 1983, 1992 | 94,559 | 36.5 | % | 11 | 3 | Rite Aid | 8.17 | |||||||||||||||||||||||||||
Pinhook Plaza | Lafayette | 1979, 1992 | 194,725 | 23.5 | % | 16 | 15 | Rite Aid | 7.47 | |||||||||||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 105,419 | 96.2 | % | 7 | 1 | 28,092 | Super 1 Store | Fred’s, Howard Brothers* | 3.51 | |||||||||||||||||||||||||
(6/30/2005) | ||||||||||||||||||||||||||||||||||||
Sherwood South | Baton Rouge | 1972, 1988, 1992 | 77,107 | 97.7 | % | 9 | 1 | 22,500 | Piggly Wiggly* (2/28/2007) | Burke’s Outlet, Harbor Freight Tools, Blockbuster | 6.14 | |||||||||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 93.0 | % | 18 | 5 | Office Depot, Big Lots, Dollar Tree, | 8.22 | |||||||||||||||||||||||||||
Stage, Party City | ||||||||||||||||||||||||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 92.0 | % | 8 | 2 | Eckerd, Stage, Dollar General | 4.74 | |||||||||||||||||||||||||||
Village at Northshore | Slidell | 1988 | 144,638 | 100.0 | % | 13 | 0 | Marshalls, Dollar Tree, Kirschman’s, Bed Bath & Beyond | 8.43 | |||||||||||||||||||||||||||
Wal-Mart Mathews | Mathews | 1985 | 54,223 | 100.0 | % | 1 | 0 | Wal-Mart | 2.90 | |||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (15) | 1,763,152 | 83.1 | % | 163 | 44 | 175,798 | 0 | $ | 6.14 | |||||||||||||||||||||||||||
MISSISSIPPI (1) | ||||||||||||||||||||||||||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 100.0 | % | 7 | 0 | Rite Aid, Big Lots | 5.72 | |||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 100.0 | % | 7 | 0 | 0 | 0 | $ | 5.72 | |||||||||||||||||||||||||||
Page 16
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2004
number | ||||||||||||||||||||||||||||||||||||
Year | Total | of tenants | Supermarket anchor | Average | ||||||||||||||||||||||||||||||||
built / | square | Percent | owned | shadow | name | base rent | ||||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||||||||||||||||
NORTH CAROLINA (12) | ||||||||||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 163,642 | 76.4 | % | 18 | 2 | Wal-Mart* (Belk’s, Goody’s), Dollar Tree | $ | 5.73 | ||||||||||||||||||||||||||
Chestnut Square | Brevard | 1985 | 39,640 | 87.9 | % | 5 | 2 | 21,000 | Food Lion* | Eckerd* (Dollar General) | 6.73 | |||||||||||||||||||||||||
(9/28/2010) | ||||||||||||||||||||||||||||||||||||
Galleria | Wrightsville Beach | 1986, 1990 | 92,114 | 92.6 | % | 31 | 7 | 28,000 | Harris Teeter | Eckerd | 9.57 | |||||||||||||||||||||||||
(4/5/2006) | ||||||||||||||||||||||||||||||||||||
Parkwest Crossing | Durham | 1990 | 85,602 | 100.0 | % | 17 | 0 | 38,052 | Food Lion | 10.22 | ||||||||||||||||||||||||||
(12/14/2010) | ||||||||||||||||||||||||||||||||||||
Plaza North | Hendersonville | 1986 | 47,240 | 94.9 | % | 7 | 2 | 25,590 | Bi-Lo* | CVS Pharmacy | 7.19 | |||||||||||||||||||||||||
(8/31/2006) | ||||||||||||||||||||||||||||||||||||
Providence Square | Charlotte | 1973 | 85,930 | 94.1 | % | 20 | 5 | 35,702 | Harris Teeter* | Eckerd | 8.22 | |||||||||||||||||||||||||
(4/30/2006) | ||||||||||||||||||||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 127,498 | 91.8 | % | 10 | 2 | 53,538 | Kroger (12/31/2014) | Upchurch Drugs, Riverview Furniture, Blockbuster | 7.30 | |||||||||||||||||||||||||
Salisbury | Salisbury | 1987 | 82,578 | 95.2 | % | 16 | 1 | 37,308 | Food Lion | CVS Pharmacy* | 9.22 | |||||||||||||||||||||||||
Marketplace | (2/11/2023) | |||||||||||||||||||||||||||||||||||
Shelby Plaza | Shelby | 1972 | 103,200 | 92.2 | % | 7 | 1 | Big Lots, Aaron Rents* (Hancock Fabrics) | 3.14 | |||||||||||||||||||||||||||
Stanley Market Place | Stanley | 1980, 1987 | 40,400 | 100.0 | % | 3 | 0 | 28,400 | Winn-Dixie | Family Dollar | 5.46 | |||||||||||||||||||||||||
(10/31/2006) | ||||||||||||||||||||||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 97.6 | % | 11 | 1 | 32,000 | Ingles | Kmart, CVS Pharmacy | 5.84 | |||||||||||||||||||||||||
(9/29/2012) | ||||||||||||||||||||||||||||||||||||
Willowdale Shopping Center | Durham | 1986 | 120,984 | 91.7 | % | 22 | 5 | 27,985 | Harris Teeter (5/14/2004) | Carmike Cinemas, Eckerd* (Family Dollar) | 8.75 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 1,137,582 | 91.8 | % | 167 | 28 | 327,575 | 0 | $ | 7.23 | |||||||||||||||||||||||||||
SOUTH CAROLINA (7) | ||||||||||||||||||||||||||||||||||||
Belfair Towne | Bluffton | 2000-2003 | 125,389 | 94.4 | % | 26 | 3 | 55,696 | Kroger | Blockbuster | 13.92 | |||||||||||||||||||||||||
Village | (10/31/2019) | |||||||||||||||||||||||||||||||||||
Lancaster Plaza | Lancaster | 1971 / 1990 | 77,400 | 91.5 | % | 3 | 1 | 19,200 | Bi-Lo | 1.44 | ||||||||||||||||||||||||||
(9/30/2010) | ||||||||||||||||||||||||||||||||||||
Lancaster Shopping | Lancaster | 1963, 1987 | 29,047 | 17.2 | % | 1 | 1 | 6.00 | ||||||||||||||||||||||||||||
Center | ||||||||||||||||||||||||||||||||||||
North Village Center | North Myrtle Beach | 1984 | 60,356 | 100.0 | % | 14 | 0 | 24,806 | Bi-Lo (5/31/2004) | Dollar General, Gold’s Gym | 8.27 | |||||||||||||||||||||||||
Sparkleberry Square | Columbia | 1997 / 2004 | 339,051 | 90.4 | % | 20 | 5 | 67,943 | Kroger | Kohl’s, Ross Dress for Less, Circuit | 10.87 | |||||||||||||||||||||||||
(8/31/2017) | City, Bed Bath & Beyond | |||||||||||||||||||||||||||||||||||
Spring Valley | Columbia | 1978 / 1997 | 75,415 | 95.8 | % | 16 | 1 | 45,070 | Bi-Lo | Eckerd | 9.12 | |||||||||||||||||||||||||
Woodruff | Greenville | 1995 | 68,055 | 98.2 | % | 9 | 1 | 47,955 | Publix | Blockbuster | 10.01 | |||||||||||||||||||||||||
(8/6/2015) | ||||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (7) | 774,713 | 90.4 | % | 89 | 12 | 260,670 | 0 | $ | 9.91 | |||||||||||||||||||||||||||
TENNESSEE (2) | ||||||||||||||||||||||||||||||||||||
Forrest Gallery | Tullahoma | 1987 | 214,450 | 95.6 | % | 26 | 4 | 48,780 | Kroger | Wal-Mart* (Tractor Supply, Goodwill, | 5.54 | |||||||||||||||||||||||||
(1/31/2008) | Hastings Music | |||||||||||||||||||||||||||||||||||
Smyrna Village | Smyrna | 1992 | 83,334 | 94.8 | % | 10 | 2 | 59,214 | Kroger | 8.23 | ||||||||||||||||||||||||||
(2/29/2012) | ||||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (2) | 297,784 | 95.4 | % | 36 | 6 | 107,994 | 0 | $ | 6.29 | |||||||||||||||||||||||||||
TEXAS (32) | ||||||||||||||||||||||||||||||||||||
Houston (15) | ||||||||||||||||||||||||||||||||||||
Barker Cypress | Houston | 1999 | 66,945 | 97.4 | % | 15 | 2 | 41,320 | H.E.B. | 12.57 | ||||||||||||||||||||||||||
(1/31/2014) | ||||||||||||||||||||||||||||||||||||
Beechcrest | Houston | 1981 / 2001 | 90,647 | 100.0 | % | 15 | 0 | 40,345 | Randall’s* (Viet Ho) | Walgreens* | 8.96 | |||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||||
Benchmark Crossing | Houston | 1986 | 58,384 | 100.0 | % | 5 | 0 | Bally’s Fitness | 12.29 | |||||||||||||||||||||||||||
Bissonnet | Houston | 1999 | 15,542 | 73.6 | % | 7 | 1 | 63,000 | Kroger | Blockbuster | 16.26 | |||||||||||||||||||||||||
Colony Plaza | Sugarland | 1997 | 26,513 | 94.0 | % | 14 | 1 | 18.32 | ||||||||||||||||||||||||||||
Forestwood | Houston | 1993 | 88,760 | 100.0 | % | 16 | 0 | 59,334 | Kroger | Blockbuster | 11.25 | |||||||||||||||||||||||||
(7/31/2013) | ||||||||||||||||||||||||||||||||||||
Grogan’s Mill | The Woodlands | 1986 | 118,493 | 94.0 | % | 22 | 4 | 56,558 | Randall’s* (99¢ Store) | Petco. Blockbuster | 11.85 | |||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||||
Hedwig | Houston | 1974 | 69,504 | 74.5 | % | 11 | 2 | Ross Dress for Less | 14.38 | |||||||||||||||||||||||||||
Highland Square | Sugarland | 1998 | 64,171 | 99.7 | % | 26 | 1 | 17.09 | ||||||||||||||||||||||||||||
Market at First Colony | Sugarland | 1988 | 107,301 | 92.3 | % | 33 | 2 | 62,000 | Kroger | TJ Maxx, Eckerd | 15.46 | |||||||||||||||||||||||||
Mason Park | Katy | 1998 | 160,047 | 75.9 | % | 35 | 4 | 58,890 | Kroger | Walgreens* (Eloise Collectibles), Palais | 12.13 | |||||||||||||||||||||||||
Royal, Petco | ||||||||||||||||||||||||||||||||||||
Mission Bend | Houston | 1980 / 1999 | 131,575 | 91.2 | % | 24 | 3 | 46,112 | Randall’s | Remarkable Furniture | 9.04 | |||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||||
Spring Shadows | Houston | 1999 | 106,995 | 93.2 | % | 15 | 3 | 65,161 | H.E.B. | 9.47 | ||||||||||||||||||||||||||
(4/30/2023) | ||||||||||||||||||||||||||||||||||||
Steeplechase | Jersey Village | 1985 | 105,152 | 94.6 | % | 23 | 3 | 56,208 | Randall’s | 11.25 | ||||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||||
Wal-Mart Marble Falls | Marble Falls | 1985 | 53,571 | 100.0 | % | 1 | 0 | Wal-Mart* (Sutherland Lumber) | 3.27 |
Page 17
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of March 31, 2004
number | ||||||||||||||||||||||||||||||||||||
Year | Total | of tenants | Supermarket anchor | Average | ||||||||||||||||||||||||||||||||
built / | square | Percent | owned | shadow | name | base rent | ||||||||||||||||||||||||||||||
Property | City | renovated | footage | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |||||||||||||||||||||||||
Dallas (15) | ||||||||||||||||||||||||||||||||||||
Creekside | Arlington | 1997 /1998 | 101,016 | 100.0 | % | 17 | 0 | 60,932 | Kroger (11/30/2021) | Hollywood Video | $ | 11.92 | ||||||||||||||||||||||||
Green Oaks | Arlington | 1983 | 65,091 | 85.2 | % | 28 | 6 | 58,000 | Kroger | 11.04 | ||||||||||||||||||||||||||
Melbourne Plaza | Hurst | 1983 | 47,517 | 88.7 | % | 15 | 3 | 11.30 | ||||||||||||||||||||||||||||
Minyards | Garland | 2000 | 65,295 | 100.0 | % | 2 | 0 | 58,695 | Minyards/Sack N Save | 6.12 | ||||||||||||||||||||||||||
(4/30/2020) | ||||||||||||||||||||||||||||||||||||
Parkwood | Plano | 1985 | 81,590 | 94.0 | % | 18 | 2 | 62,000 | Albertsons | Planet Pizza | 13.22 | |||||||||||||||||||||||||
Plymouth Park East | Irving | 1970 | 56,435 | 97.3 | % | 9 | 1 | 42,130 | Kroger (11/30/2010) | 4.29 | ||||||||||||||||||||||||||
Plymouth Park North | Irving | 1970 | 444,541 | 59.3 | % | 44 | 11 | Dollar General, Thrift Store, Post Office, Chateau Theatre, Levines, Blockbuster | 6.82 | |||||||||||||||||||||||||||
Plymouth Park South | Irving | 1970 | 49,102 | 74.8 | % | 3 | 4 | Betcha Bingo | 6.56 | |||||||||||||||||||||||||||
Plymouth Park West | Irving | 1970 | 178,930 | 91.7 | % | 13 | 2 | Bargain City, Dollar Store, Fashion Depot | 3.64 | |||||||||||||||||||||||||||
Richwood | Richardson | 1984 | 54,871 | 80.8 | % | 21 | 7 | 61,877 | Albertsons | Blockbuster | 12.64 | |||||||||||||||||||||||||
Rosemeade | Carrollton | 1986 | 51,231 | 62.5 | % | 13 | 5 | Blockbuster | 12.99 | |||||||||||||||||||||||||||
Sterling Plaza | Irving | 1989 | 65,765 | 100.0 | % | 16 | 0 | Bank One, Irving City Library | 13.98 | |||||||||||||||||||||||||||
Townsend Square | Desoto | 1990 | 146,953 | 84.3 | % | 31 | 7 | 60,349 | Albertsons | Bealls, Victory Gym, Dollar General | 8.84 | |||||||||||||||||||||||||
Village by the Park | Arlngton | 1988 | 44,523 | 92.4 | % | 9 | 1 | Petco, Movie Trading | 16.55 | |||||||||||||||||||||||||||
Village Center | Southlake | 1996 | 118,092 | 96.4 | % | 20 | 2 | 60,932 | Kroger | 12.83 | ||||||||||||||||||||||||||
(10/31/2021) | ||||||||||||||||||||||||||||||||||||
San Antonio (2) | ||||||||||||||||||||||||||||||||||||
Blanco Village | San Antonio | 2000 | 108,325 | 100.0 | % | 16 | 0 | 74,627 | H.E.B. | 15.70 | ||||||||||||||||||||||||||
(4/30/2015) | ||||||||||||||||||||||||||||||||||||
Wurzbach | San Antonio | 1979 | 59,771 | 100.0 | % | 3 | 0 | 52,957 | Albertsons* | 2.86 | ||||||||||||||||||||||||||
(12/31/2004) | ||||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS TEXAS (32) | 3,002,648 | 86.9 | % | 540 | 77 | 715,311 | 426,116 | $ | 10.37 | |||||||||||||||||||||||||||
VIRGINA (2) | ||||||||||||||||||||||||||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 100.0 | % | 14 | 0 | 32,000 | Ingles (9/25/2010) | Wal-Mart | 5.86 | |||||||||||||||||||||||||
Waterlick Plaza | Lynchburg | 1973, 1988 | 98,694 | 79.7 | % | 20 | 4 | 30,780 | Kroger | CVS Pharmacy | 8.67 | |||||||||||||||||||||||||
(3/18/2008) | ||||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (2) | 225,535 | 91.1 | % | 34 | 4 | 62,780 | 0 | $ | 6.94 | |||||||||||||||||||||||||||
TOTAL STABILIZED SHOPPING CENTERS (173) | 19,095,008 | 91.8 | % | 3,236 | 427 | 5,474,613 | 585,786 | $ | 9.55 | |||||||||||||||||||||||||||
DEVELOPMENTS & REDEVELOPMENTS (14) | ||||||||||||||||||||||||||||||||||||
Ambassador Row Courtyard | Lafayette, LA | 1986, 1991 | 158,783 | 80.1 | % | 19 | 11 | Marshalls, Bed Bath & Body, Hancock Fabrics | 8.69 | |||||||||||||||||||||||||||
Bandera Festival | San Antonio, TX | 1989 | 195,438 | 65.0 | % | 31 | 4 | Bealls, Eckerd* (Scrapbook Heaven), Blockbuster, Dollar Tree | 10.53 | |||||||||||||||||||||||||||
Shop at St. Lucie (f/k/a Cashmere) | Port St. Lucie, FL | 2004-2005 Development | 4.0 acres | |||||||||||||||||||||||||||||||||
Copperfield | Houston, TX | 1994 | 132,960 | 72.7 | % | 29 | 4 | JoAnn Fabrics, Dollar Tree | 11.33 | |||||||||||||||||||||||||||
CVS Plaza | Miami, FL | 2004 Development | 31,804 | 34.6 | % | 1 | 10 | CVS Pharmacy | 12.47 | |||||||||||||||||||||||||||
East Bay Plaza | Largo, FL | 1985 / 1997 | 85,426 | 76.6 | % | 20 | 3 | 53,000 | Albertsons | Family Dollar, Hollywood Video, Harbor Freight Tools | 9.30 | |||||||||||||||||||||||||
Eustis Square | Eustis, FL | 1983 / 1997 | 126,791 | 67.0 | % | 16 | 11 | 15,872 | Save-a-Lot (5/31/2013) | Walgreens* (Bealls Outlet), Accent Marketing Services | 6.49 | |||||||||||||||||||||||||
Gulf Gate Plaza | Naples, FL | 1969, 1974/ 2004 Redev. | 204,551 | 66.1 | % | 15 | 8 | Bealls Outlet, JoAnn Fabrics, Dockside Improvement, Big Lots | 6.67 | |||||||||||||||||||||||||||
Miramar Outparcel | Miramar, FL | Under contract to be sold | 2.0 acres | |||||||||||||||||||||||||||||||||
Oakbrook | Palm Beach Gdns, FL | 1974 / 2000, 2003 Redev. | 212,074 | 68.0 | % | 22 | 10 | 44,400 | Publix (10/31/2020) | Eckerd, Duffy's, Stein Mart | 13.79 | |||||||||||||||||||||||||
Venice Plaza | Venice, FL | 1971/ 1979 / 1999 | 157,940 | 65.2 | % | 14 | 3 | 42,582 | Kash n’ Karry | TJ Maxx, Blockbuster | 5.37 | |||||||||||||||||||||||||
(9/30/2018) | ||||||||||||||||||||||||||||||||||||
Walden Woods | Plant City, FL | 1985 / 1998, 2003 Redev. | 72,950 | 83.6 | % | 11 | 2 | Walgreens, Dollar Tree, Aaron Rents | 6.49 | |||||||||||||||||||||||||||
Waterstone | Homestead, FL | 2004-05 Development | 12.0 acres | |||||||||||||||||||||||||||||||||
Westridge | McDonough, GA | 2005-06 Development | 13.5 acres | |||||||||||||||||||||||||||||||||
TOTAL DEVELOPMENTS & REDEVELOPMENTS (14) | 1,378,717 | 69.3 | % | 178 | 66 | 102,854 | 53,000 | $ | 9.08 | |||||||||||||||||||||||||||
TOTAL RETAIL PROPERTIES (187) | 20,473,725 | 90.2 | % | 3,414 | 493 | 5,577,467 | 638,786 | $ | 9.52 | |||||||||||||||||||||||||||
OTHER PROPERTIES (2) | ||||||||||||||||||||||||||||||||||||
4101 South I-85 Industrial | Charlotte, NC | 1956, 1963 | 188,513 | 81.7 | % | 3 | 6 | |||||||||||||||||||||||||||||
Mandarin Mini-storage | Jacksonville, FL | 1982 | 52,880 | 96.2 | % | 517 | 17 | |||||||||||||||||||||||||||||
GRAND TOTAL (189) | 20,715,118 | 90.2 | % | 3,934 | 516 | 5,577,467 | 638,786 | |||||||||||||||||||||||||||||
Total square footage does not include shadow anchor square footage which is not owned or controlled by Equity One.
* Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ).
Page 18
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
as of March 31, 2004
State | Count | Total SF | # Leased | # Vacant | Leased % | AMR | ||||||||||||||||||
Florida | 80 | 9,338,753 | 1,749 | 218 | 92.8 | % | $ | 90,207,670 | ||||||||||||||||
Texas | 34 | 3,331,046 | 600 | 85 | 85.0 | % | 29,490,519 | |||||||||||||||||
Georgia | 24 | 2,958,601 | 471 | 72 | 91.6 | % | 25,011,913 | |||||||||||||||||
Louisiana | 16 | 1,921,935 | 182 | 55 | 82.8 | % | 10,099,376 | |||||||||||||||||
North Carolina | 12 | 1,137,582 | 167 | 28 | 91.8 | % | 7,545,327 | |||||||||||||||||
South Carolina | 7 | 774,713 | 89 | 12 | 90.4 | % | 6,937,985 | |||||||||||||||||
Arizona | 2 | 253,254 | 51 | 7 | 82.7 | % | 1,815,184 | |||||||||||||||||
Tennessee | 2 | 297,784 | 36 | 6 | 95.4 | % | 1,786,231 | |||||||||||||||||
Alabama | 2 | 129,215 | 21 | 1 | 99.6 | % | 1,080,867 | |||||||||||||||||
Virginia | 2 | 225,535 | 34 | 4 | 91.1 | % | 1,425,402 | |||||||||||||||||
Mississippi | 1 | 66,857 | 7 | 0 | 100.0 | % | 382,536 | |||||||||||||||||
Kentucky | 1 | 38,450 | 7 | 5 | 72.8 | % | 184,215 | |||||||||||||||||
Total | 183 | 20,473,725 | 3,414 | 493 | 90.2 | % | $ | 175,967,225 |
Page 19
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
for the three months ended March 31, 2004
Renewals
Average | Average | Annualized | ||||||||||||||||||
Average | Expiring | New | Minimum | |||||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||||||||||||
82 | 245,395 | 2,993 | $ | 12.07 | $ | 12.61 | $ | 3,094,830 | ||||||||||||
% Increase psf | 4.5 | % | ||||||||||||||||||
Net Increase (AMR) | $ | 132,052 |
New Leases (effective in the first quarter)
Average | Annualized | |||||||||||||||
Average | New | Minimum | ||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||
109 | 538,262 | 4,938 | $ | 9.87 | $ | 5,313,299 |
Lost Leases
Average | Annualized | |||||||||||||||
Average | Expiring | Minimum | ||||||||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||||||||
87 | 377,948 | 4,344 | $ | 8.80 | $ | 3,325,700 |
Net Absorption Leasing Spread | 160,314 12.2% | New Leases - Lost Leases New Leases versus Lost Leases (rate psf) |
Net Gain/(Loss) of AMR $2,119,651
Retention Ratio | 39.4% | Renewals / (Renewals + Lost Leases) |
Page 20
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
as of March 31, 2004
% 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 | 47 | 2,099,646 | 10.3 | % | $ | 14,868,948 | 8.4 | % | $ | 7.08 | ||||||||||||||
Kroger | 19 | 1,057,057 | 5.2 | % | 8,376,987 | 4.8 | % | 7.92 | ||||||||||||||||
Winn Dixie | 17 | 778,642 | 3.8 | % | 5,282,349 | 3.0 | % | 6.78 | ||||||||||||||||
Wal-Mart | 11 | 834,994 | 4.1 | % | 3,687,045 | 2.1 | % | 4.42 | ||||||||||||||||
Kmart | 6 | 524,937 | 2.6 | % | 2,795,865 | 1.6 | % | 5.33 | ||||||||||||||||
Eckerd | 27 | 267,696 | 1.3 | % | 2,469,476 | 1.4 | % | 9.22 | ||||||||||||||||
Blockbuster | 28 | 165,358 | 0.8 | % | 2,401,419 | 1.4 | % | 14.52 | ||||||||||||||||
Bed Bath & Beyond | 7 | 227,689 | 1.1 | % | 2,192,856 | 1.2 | % | 9.63 | ||||||||||||||||
Food Lion/Kash n’ Karry | 8 | 297,802 | 1.5 | % | 1,962,601 | 1.1 | % | 6.59 | ||||||||||||||||
H.E. Butt Grocery | 3 | 181,108 | 0.9 | % | 1,793,855 | 1.0 | % | 9.90 | ||||||||||||||||
Sub-total top ten tenants | 173 | 6,434,929 | 31.4 | % | $ | 45,831,401 | 26.0 | % | $ | 7.12 | ||||||||||||||
Remaining tenants | 3,241 | 12,042,585 | 58.8 | % | 130,135,824 | 74.0 | % | 10.81 | ||||||||||||||||
Sub-total all tenants | 3,414 | 18,477,514 | 90.2 | % | $ | 175,967,225 | 100.0 | % | $ | 9.52 | ||||||||||||||
Vacant | 493 | 1,996,211 | 9.8 | % | NA | |||||||||||||||||||
Total including vacant | 3,907 | 20,473,725 | 100.0 | % | $ | 175,967,225 | 100.0 | % | $ | 8.59 | ||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.
Page 21
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
EXPIRING SQUARE FOOTAGE BY TENANT TYPE
as of March 31, 2004
Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.
Page 22
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
as of March 31, 2004
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 | 114 | 335,873 | 1.6 | % | $ | 2,735,385 | 1.5 | % | $ | 8.14 | ||||||||||||||
2004 | 565 | 1,399,597 | 6.8 | % | 15,800,939 | 8.7 | % | 11.29 | ||||||||||||||||
2005 | 709 | 2,007,541 | 9.8 | % | 23,469,145 | 12.9 | % | 11.69 | ||||||||||||||||
2006 | 668 | 2,063,195 | 10.1 | % | 24,868,735 | 13.6 | % | 12.05 | ||||||||||||||||
2007 | 476 | 1,984,209 | 9.7 | % | 22,220,567 | 12.2 | % | 11.20 | ||||||||||||||||
2008 | 396 | 1,671,034 | 8.2 | % | 19,355,821 | 10.6 | % | 11.58 | ||||||||||||||||
2009 | 158 | 1,402,228 | 6.8 | % | 11,187,158 | 6.1 | % | 7.98 | ||||||||||||||||
2010 | 64 | 649,985 | 3.2 | % | 6,183,622 | 3.4 | % | 9.51 | ||||||||||||||||
2011 | 45 | 1,038,481 | 5.1 | % | 7,565,843 | 4.2 | % | 7.29 | ||||||||||||||||
2012 | 40 | 867,934 | 4.2 | % | 7,319,080 | 4.0 | % | 8.43 | ||||||||||||||||
2013 | 32 | 555,807 | 2.7 | % | 4,590,041 | 2.5 | % | 8.26 | ||||||||||||||||
Thereafter | 147 | 4,501,630 | 22.0 | % | 37,010,507 | 20.3 | % | 8.22 | ||||||||||||||||
Sub-total / average | 3,414 | 18,477,514 | 90.2 | % | $ | 182,306,843 | 100.0 | % | $ | 9.87 | ||||||||||||||
Vacant | 493 | 1,996,211 | 9.8 | % | NA | NA | NA | |||||||||||||||||
Total / average | 3,907 | 20,473,725 | 100.0 | % | $ | 182,306,843 | 100.0 | % | $ | 8.90 | ||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.
Page 23
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of March 31, 2004
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 | 5 | 130,729 | 1.0 | % | $ | 506,000 | 0.0 | % | $ | 0.00 | ||||||||||||||
2004 | 15 | 367,151 | 2.9 | % | 1,715,161 | 2.3 | % | 4.67 | ||||||||||||||||
2005 | 27 | 551,953 | 4.4 | % | 2,940,937 | 3.9 | % | 5.33 | ||||||||||||||||
2006 | 30 | 721,681 | 5.7 | % | 499,886 | 0.7 | % | 0.69 | ||||||||||||||||
2007 | 37 | 965,901 | 7.7 | % | 6,269,326 | 8.3 | % | 6.49 | ||||||||||||||||
2008 | 32 | 780,082 | 6.2 | % | 4,932,060 | 6.5 | % | 6.32 | ||||||||||||||||
2009 | 30 | 1,060,589 | 8.4 | % | 6,260,720 | 8.3 | % | 5.90 | ||||||||||||||||
2010 | 19 | 524,248 | 4.2 | % | 3,770,540 | 5.0 | % | 7.19 | ||||||||||||||||
2011 | 23 | 964,431 | 7.7 | % | 5,927,277 | 7.9 | % | 6.15 | ||||||||||||||||
2012 | 20 | 787,899 | 6.3 | % | 5,619,863 | 7.5 | % | 7.13 | ||||||||||||||||
2013 | 13 | 474,518 | 3.8 | % | 3,003,353 | 4.0 | % | 6.33 | ||||||||||||||||
Thereafter | 92 | 4,331,223 | 34.4 | % | 33,939,044 | 45.0 | % | 7.84 | ||||||||||||||||
Sub-total / average | 343 | 11,660,405 | 92.5 | % | $ | 75,384,167 | 99.3 | % | $ | 6.46 | ||||||||||||||
Vacant | 32 | 945,074 | 7.5 | % | NA | NA | NA | |||||||||||||||||
Total / average | 375 | 12,605,479 | 100.0 | % | $ | 75,384,167 | 99.3 | % | $ | 5.98 | ||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.
Page 24
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
as of March 31, 2004
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 | 109 | 205,144 | 2.6 | % | $ | 2,229,385 | 2.1 | % | $ | 10.87 | ||||||||||||||
2004 | 550 | 1,032,446 | 13.1 | % | 14,085,778 | 13.2 | % | 13.64 | ||||||||||||||||
2005 | 682 | 1,455,588 | 18.5 | % | 20,528,208 | 19.2 | % | 14.10 | ||||||||||||||||
2006 | 638 | 1,341,514 | 17.0 | % | 24,368,849 | 22.8 | % | 18.17 | ||||||||||||||||
2007 | 439 | 1,018,308 | 12.9 | % | 15,951,241 | 14.9 | % | 15.66 | ||||||||||||||||
2008 | 364 | 890,952 | 11.3 | % | 14,423,761 | 13.5 | % | 16.19 | ||||||||||||||||
2009 | 128 | 341,639 | 4.3 | % | 4,926,438 | 4.6 | % | 14.42 | ||||||||||||||||
2010 | 45 | 125,737 | 1.6 | % | 2,413,082 | 2.3 | % | 19.19 | ||||||||||||||||
2011 | 22 | 74,050 | 0.9 | % | 1,638,566 | 1.5 | % | 22.13 | ||||||||||||||||
2012 | 20 | 80,035 | 1.0 | % | 1,699,217 | 1.6 | % | 21.23 | ||||||||||||||||
2013 | 19 | 81,289 | 1.0 | % | 1,586,688 | 1.5 | % | 19.52 | ||||||||||||||||
Thereafter | 55 | 170,407 | 2.2 | % | 3,071,463 | 2.9 | % | 18.02 | ||||||||||||||||
Sub-total / average | 3,071 | 6,817,109 | 86.6 | % | $ | 106,922,676 | 100.0 | % | $ | 15.68 | ||||||||||||||
Vacant | 461 | 1,051,137 | 13.4 | % | NA | NA | NA | |||||||||||||||||
Total / average | 3,532 | 7,868,246 | 100.0 | % | $ | 106,922,676 | 100.0 | % | $ | 13.59 | ||||||||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property, and four development land parcels.
Page 25
Table of Contents
EQUITY ONE, INC. AND SUBSIDIARIES
(in thousands, except square footage data)
Estimated | ||||||||||||||||||
Target | Cost Including | Funded as of | Balance | |||||||||||||||
Project | Location | Project Description | Completion Date | Land | 3/31/2004 | to Complete | ||||||||||||
Developments | ||||||||||||||||||
Shops at St. Lucie (f/k/a Cashmere) | Port St. Lucie, FL | Develop a 20,000 sf retail center | TBD | $ | 3,127 | $ | 1,157 | $ | 1,970 | |||||||||
CVS Plaza | Miami, FL | Lease up the balance of this CVS drug-store anchored retail center. | Third quarter 2004 | 4,095 | 3,769 | 326 | ||||||||||||
Salerno | Stuart, FL | Lease up the balance of this redeveloped Winn Dixie supermarket-anchored retail center. | Second quarter 2004 | 3,850 | 3,655 | 195 | ||||||||||||
Waterstone | Homestead, FL | Develop a supermarket anchored center | Second quarter 2005 | 9,000 | 2,304 | 6,696 | ||||||||||||
Westridge | McDonough, GA | Develop a supermarket anchored center | First Quarter 2006 | 9,000 | 1,836 | 7,164 | ||||||||||||
Subtotal - Developments | 29,072 | 12,721 | 16,351 | |||||||||||||||
Major Redevelopments | ||||||||||||||||||
Ambassador Row Courtyard | Lafayette, LA | Reconfigure part of existing center; add an outparcel and 4,000 square feet of new space | Second quarter 2004 | 2,057 | 1,032 | 1,025 | ||||||||||||
Bandera Festival | San Antonio, TX | Lease up the balance of the reconfigured former K Mart space | Third quarter 2004 | 4,012 | 3,742 | 270 | ||||||||||||
Centre Point | Smithfield, NC | Lease up the balance of the reconfigured former Winn Dixie space | Fourth quarter 2004 | 1,776 | 1,613 | 163 | ||||||||||||
Copperfield | Houston, TX | Lease up the balance of the reconfigured former Gerland space; identify tenant for vacant parcel | Third quarter 2004 | 4,397 | 2,652 | 1,745 | ||||||||||||
East Bay Plaza | Largo, FL | Lease up the balance of the reconfigured former Scotty’s space | Third quarter 2004 | 793 | 613 | 180 | ||||||||||||
Eustis Square | Eustis, FL | Lease up the balance of the reconfigured former Publix space | Third quarter 2004 | 1,089 | 790 | 299 | ||||||||||||
Gulf Gate | Naples, FL | Lease up the balance of the reconfigured former Publix space; center was substantially refurbished | Fourth quarter 2004 | 1,075 | 896 | 179 | ||||||||||||
Oakbrook Square | North Palm Beach, FL | Lease up the balance of the reconfigured Jacobsen space; reconstruction and new outparcel completed | Second quarter 2004 | 5,225 | 5,108 | 117 | ||||||||||||
Plymouth Park North | Irving, TX | Prospecting for tenants to fill the former Fazio | TBD | 8,089 | 6,921 | 1,168 | ||||||||||||
Spalding Village | Griffin, GA | Reconfigure the former K Mart into multi-tenant space | TBD | 3,586 | 2,822 | 764 | ||||||||||||
Unigold | Winter Park, FL | Complete lease-up of new outparcel and new local space | Second quarter 2004 | 1,906 | 1,850 | 56 | ||||||||||||
Venice Plaza | Venice, FL | Expand and reconfigure existing TJ Maxx | Fourth quarter 2004 | 1,471 | 1,093 | 378 | ||||||||||||
Walden Woods | Plant City, FL | Lease up the balance of the reconfigured former Winn Dixie space | Second quarter 2004 | 1,228 | 1,036 | 192 | ||||||||||||
Subtotal - Major Redevelopments | 36,704 | 30,168 | 6,536 | |||||||||||||||
Outparcel Developments/Expansions | ||||||||||||||||||
Belfair | Bluffton, SC | Prospecting for new tenant(s) on land held for development/expansion | TBD | 1,302 | 1,302 | — | ||||||||||||
Blanco | San Antonio, TX | Prospecting for new tenant(s) on land held for development/ expansion | TBD | 2,906 | 2,906 | — | ||||||||||||
Bluebonnet Village | Baton Rouge, LA | Prospecting for new tenant(s) on land held for development/ expansion | TBD | 504 | 504 | — | ||||||||||||
Cashmere Corners | Port St. Lucie, FL | Prospecting for one or more tenants for out parcels | TBD | 466 | 466 | — | ||||||||||||
Creekside | Arlington, TX | Prospecting for one or more tenants for out parcels | TBD | 919 | 919 | — | ||||||||||||
Skylake | Miami Beach, FL | Add additional space to existing development | Fourth quarter 2004 | 6,081 | 3,145 | 2,936 | ||||||||||||
St. Charles | Riverview, FL | Prospecting for a tenant for existing out parcel | TBD | 206 | 206 | — | ||||||||||||
Subtotal - Outparcel Developments/Expansions | 12,384 | 9,448 | 2,936 | |||||||||||||||
All other development activity | 2,377 | 2,001 | 376 | |||||||||||||||
Total - All Development Activity | $ | 80,537 | $ | 54,338 | $ | 26,199 | ||||||||||||
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EQUITY ONE, INC. AND SUBSIDIARIES
(in thousands, except square footage data)
2004 Acquisition Activity
Square Feet/ | Purchase | |||||||||||||||
Date Purchased | Property Name | City | State | Acres | Price | |||||||||||
Feb. 3, 2004 | Bluebonnet Outparcel | Baton Rouge | LA | 0.9 acres | $ | 500 | ||||||||||
Feb. 4, 2004 | Pavilion Shopping Center | Naples | FL | 161,245 | 24,200 | |||||||||||
March 24, 2004 | Village Center | Southland | TX | 118,092 | 17,475 | |||||||||||
March 24, 2004 | Creekside Plaza | Arlington | TX | 101,016 | 14,025 | |||||||||||
March 31, 2004 | Sparkleberry | Columbia | SC | 339,051 | 45,150 | |||||||||||
March 31, 2004 | Venice Shopping Center | Venice | FL | 111,934 | 6,447 | |||||||||||
Total | $ | 107,797 | ||||||||||||||
2004 Disposition Activity
Square Feet/ | Sales | |||||||||||||||||||
Date Sold | Property Name | City | State | Acres | Price | Gain on Sale | ||||||||||||||
Feb. 23, 2004 | Southwest Walgreens | Phoenix | AZ | 93,402 | $ | 6,650 | $ | 2,035 | ||||||||||||
Total | $ | 6,650 | $ | 2,035 | ||||||||||||||||
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EQUITY ONE, INC. AND SUBSIDIARIES
(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 March 31, 2004. The property is encumbered by an 8.54% fixed-rate mortgage loan with a balance of $12,849 as of March 31, 2004, 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. |
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EQUITY ONE, INC. AND SUBSIDIARIES
BB&T Capital Markets | Legg Mason Wood Walker, Inc. | |||||||
Stephanie M. Krewson | David M. Fick, CPA | |||||||
804-782-8784 | 410-454-5018 | |||||||
Chris J. Woronka | Nathen Isbee | |||||||
804-782-8804 | 410-454-4143 | |||||||
Bear Stearns & Co. Inc. | McDonald Investments Inc. | |||||||
Ross Smotrich | Richard C. Moore II CFA | |||||||
212-272-8046 | 216-443-2815 | |||||||
Amy L. Young, CFA | Richard D. Sweigard | |||||||
212-272-3523 | 216-563-2501 | |||||||
Deutsche Bank Securities Inc. | Raymond James & Associates, Inc. | |||||||
Louis W. Taylor | Paul D. Puryear | |||||||
212-250-4912 | 727-567-2253 | |||||||
Christopher A. Capalongo | Ken Avalos | |||||||
212-250-7726 | 727-567-2660 | |||||||
JP Morgan Securities Inc. | UBS Securities LLC | |||||||
Michael W. Meuller, CFA | Keith A. Mills | |||||||
212-622-6689 | 212-713-3098 | |||||||
Joshua Bederman | Ian C. Weissman | |||||||
212-622-6530 | 212-713-8602 |
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