Equity One (EQY) 8-K Equity One Reports a 7.9% Increase in First Quarter 2005 FFO per Share

Exhibit 99.2

Equity One, Inc.
Supplemental Information Package

March 31, 2005

Equity One, Inc.
1600 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, 2005
(unaudited)

TABLE OF CONTENTS

	Page
DISCLOSURES		3
FINANCIAL HIGHLIGHTS — OPERATING RATIOS		4
FINANCIAL HIGHLIGHTS — DEBT RATIOS		5
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)		6
NET OPERATING INCOME		7
MARKET CAPITALIZATION		8
CONSOLIDATED STATEMENTS OF OPERATIONS		9
CONSOLIDATED STATEMENTS OF OPERATIONS — QUARTERLY BREAKOUT		10
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS		11
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS		12
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS — QUARTERLY BREAKOUT		13
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION		14
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION — QUARTERLY BREAKOUT		15
CONSOLIDATED BALANCE SHEETS		16
DEBT SUMMARY		17
DEBT MATURITIES		21
PROPERTY STATUS REPORT		22
ANNUAL MINIMUM RENT BY STATE		31
LEASING ACTIVITY AND OCCUPANCY STATISTICS		32
TENANT CONCENTRATION SCHEDULES		35
SHOPPING CENTER LEASE EXPIRATION SCHEDULES		36
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS		39
REAL ESTATE ACQUISITIONS AND DISPOSITIONS		40
ANALYST COVERAGE		41

EQUITY ONE, INC. AND SUBSIDIARIES
DISCLOSURES
As of March 31, 2005

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, Massachusetts 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 space; 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, 2004 andForm 10-Q for the period ended March 31, 2005 should be read in conjunction with the above information. The results of operations of any property acquired are included in our financial statements since the date of its acquisition.

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 included in earnings on a net basis. 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 periods.

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

We believe Funds from Operations (FFO) (combined with the primary GAAP presentations) is a useful supplemental measure of our operating performance that is a recognized metric used extensively by the real estate industry, particularly REITs. NAREIT stated in its April 2002 White Paper on FFO, “Historical cost accounting for real estate assets implicity assumes that the value of real estate assets diminishes predictably over time.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 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 operating performance. 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, including the ability to make distributions, (iii) is not an alternative to cashflow as measure of liquidity, and (iv) 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
FINANCIAL HIGHLIGHTS — OPERATING RATIOS
As of March 31, 2005
(in thousands, except per share data)

							For the
	For the three months ended						year ended
	Mar 31, 2005			Mar 31, 2004			Dec 31, 2004
Operating items:
Total rental revenue	$	62,110		$	52,264		$	228,921
Property operating expenses	$	15,597		$	13,753		$	60,814
General & administrative expenses (G&A)	$	4,340		$	3,452		$	16,601
Income from continuing operations	$	20,073		$	16,652		$	70,736
Net income	$	21,790		$	20,239		$	97,804
Income from continuing operations per diluted share	$	0.27		$	0.24		$	1.00
Net income per diluted share	$	0.29		$	0.29		$	1.37
Funds from operations (FFO)	$	30,649		$	26,900		$	113,471
FFO per diluted share	$	0.41		$	0.38		$	1.58
Funds available for distribution (FAD)	$	24,135		$	22,853		$	92,613
FAD per diluted share	$	0.33		$	0.32		$	1.29
Total dividends paid per share	$	0.29		$	0.28		$	1.13
Operating Ratios:
Net operating income margin		74.9	%		73.7	%		73.4	%
EBITDA margin		69.1	%		67.6	%		66.3	%
Expense recovery ratio (expense recoveries/operating expeneses)		82.4	%		81.1	%		79.8	%
EBITDA to interest coverage ratio		3.6			3.5			3.4
G&A as % of total rental revenues		6.9	%		6.2	%		7.3	%
(G&A) as % of total assets (annualized)		0.87	%		0.77	%		0.83	%
Dividend / FFO payout ratio		70.7	%		73.7	%		71.5	%
FFO multiple (annualized if < 12 months)		12.6			12.6			15.0
Dividend / FAD payout ratio		87.9	%		87.5	%		87.6	%
FAD multiple (annualized if < 12 months)		15.6			15.0			18.4

Page 4

EQUITY ONE, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS — DEBT RATIOS
As of March 31, 2005
(in thousands, except per share data)

	As of						As of
	Mar 31, 2005			Mar 31, 2004			Dec 31, 2004
Debt Ratios:
Fixed rate debt	$	733,982		$	720,263		$	745,056
Fixed rate debt — swapped to variable rate		100,000			100,000			100,000
Variable rate debt — swapped to fixed rate		—			20,000			—
Variable rate debt — unhedged		144,763			30,879			147,000
Total debt (excluding unamortized premium/discount)	$	978,745		$	871,142		$	992,056
% Fixed rate debt		74.99	%		82.68	%		75.10	%
% Fixed rate debt — swapped to variable rate		10.22	%		11.48	%		10.08	%
% Variable rate debt — swapped to fixed rate		—			2.30	%		—
% Variable rate debt — unhedged		14.79	%		3.54	%		14.82	%
% Variable rate debt — total		25.01	%		15.02	%		24.90	%
Weighted-average interest rate on mortgage debt		7.26	%		7.40	%		7.26	%
Weighted-average interest rate on senior unsecured notes		5.10	%		5.18	%		5.12	%
Weighted-average interest rate on revolving credit facilities		3.19	%		2.15	%		2.80	%
Weighted-average maturity on mortgage debt	5.6		years	6.4		years	5.8		years
Weighted-average maturity on senior unsecured notes	3.5		years	4.5		years	3.7		years

Page 5

EQUITY ONE, INC. AND SUBSIDIARIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)
For the quarter ended March 31, 2005
(in thousands, except per share data)

							For the
	For the three months ended						year ended
	Mar 31, 2005			Mar 31, 2004			Dec 31, 2004
Income from continuing operations	$	20,073		$	16,652		$	70,736
Minority Interest		50			202			576
Interest expense		12,076			10,204			45,920
Amortization of deferred financing fees		379			236			1,370
Rental property depreciation and amortization, excluding discontinued operations		10,368			8,037			35,787
EBITDA	$	42,946		$	35,331		$	154,389
Interest expense	$	12,076		$	10,204		$	45,920
Total rental revenue	$	62,110		$	52,264		$	228,921
EBITDA : interest coverage ratio		3.6			3.5			3.4
EBITDA margin (EBITDA/total rental revenue)		69.1	%		67.6	%		66.3	%

Page 6

EQUITY ONE, INC. AND SUBSIDIARIES
NET OPERATING INCOME
For the quarter ended March 31, 2005
(in thousands, except per share data)

	For the three months ended						Percent
	Mar 31, 2005			Mar 31, 2004			Change
Net operating income (NOI) from continuing operations
Total rental revenue	$	62,110		$	52,264			18.8	%
Property operating expenses (1)		15,597			13,753			13.4	%
Net operating income	$	46,513		$	38,511			20.8	%
NOI margin (NOI/total rental revenue)		74.9	%		73.7	%
Same property NOI (2)
Total rental revenue	$	52,222		$	49,653			5.2	%
Property operating expenses		14,925			14,196			-5.1	%
Net operating income	$	37,297		$	35,457			5.2	%
Growth in same property NOI		5.2	%
Growth in same property NOI, excluding termination fees		4.1	%
Number of properties included in analysis		156			156
Same property occupancy		94.8	%		93.7	%

(1)	Net of intercompany expenses.
(2)	Excludes the effects of straight line rent, and prior year expense recoveries and adjustments, if any.

Page 7

EQUITY ONE, INC. AND SUBSIDIARIES
MARKET CAPITALIZATION
As of March 31, 2005
(in thousands, except per share data)

	As of
	Mar 31, 2005			Dec 31, 2004
Closing market price of common stock	$	20.59		$	23.73
Dividend yield (based on current annualized dividend)		5.63	%		4.89	%
Dividends paid per share	$	0.29		$	1.13
Net book value per share (fully diluted, end of period)	$	12.64		$	12.54
Liquidity
Cash and cash equivalents	$	—		$	5,122
Revolving credit facilities
Gross potential available under current credit facilities		345,000			345,000
less: Outstanding balance		(144,763	)		(147,000	)
Holdback for letters of credit		(1,289	)		(1,339	)
Net available under credit facilities	$	198,948		$	196,661
Equity market capitalization (end of period)
Common stock shares (in thousands)
Basic common stock shares		73,561.218			72,904.922
Diluted common shares
Unvested restricted common shares		576.122			692.699
Walden Woods shares		93.656			93.656
Common stock options (treasury method, closing price)		400.907			575.229
Fully diluted common stock shares		74,631.903			74,266.506
Total debt (excluding unamortized premium/discount)	$	978,745		$	989,317
Cash and cash equivalents		—			(5,122	)
Net debt		978,745			984,195
Equity market capitalization (fully diluted, end of period)		1,536,671			1,762,344
Total market capitalization	$	2,515,416		$	2,746,539
Net debt to total market capitalization		38.9	%		35.8	%
Gross real estate and securities investments	$	2,015,718		$	2,005,825
Net debt to gross real estate and securities investments		48.6	%		49.1	%

Page 8

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the quarter ended March 31, 2005
(in thousands, except per share data)

	For the three months ended						Percent
	Mar 31, 2005			Mar 31, 2004			Change
Rental revenue:
Minimum rents	$	47,662		$	39,724
Expense recoveries		12,851			11,148
Termination fees		468			59
Percentage rent		1,129			1,333
Total rental revenue		62,110			52,264			18.8	%
Costs and expenses:
Property operating expenses		15,597			13,753
Rental property depreciation and amortization		10,368			8,037
General and administrative expenses		4,340			3,452
Total costs and expenses		30,305			25,242			20.1	%
Income before other income and expenses, minority interest and discontinued operations		31,805			27,022
Other income and expenses:
Interest expense		(12,076	)		(10,204	)
Amortization of deferred financing fees		(379	)		(236	)
Investment income		709			208
Other income		64			64
Income before minority interest and discontinued operations		20,123			16,854
Minority interest		(50	)		(202	)
Income from continuing operations		20,073			16,652			20.5	%
Discontinued operations:
Income from rental properties sold or held for sale		102			1,565
Gain on disposal of income producing properties		1,615			2,035
Minority interest		—			(13	)
Income from discontinued operations		1,717			3,587
Net income	$	21,790		$	20,239			7.7	%
Basic earnings per share
Income from continuing operations	$	0.28		$	0.24			16.7	%
Income from discontinued operations		0.02			0.05
Net income	$	0.30		$	0.29			3.4	%
Diluted earnings per share
Income from continuing operations	$	0.27		$	0.24			12.5	%
Income from discontinued operations		0.02			0.05
Net income	$	0.29		$	0.29			0.0	%
Weighted average shares outstanding
Basic		73,043			69,115
Diluted		74,193			71,021

Page 9

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS — QUARTERLY BREAKOUT
For the quarter ended March 31, 2005
(in thousands, except per share data)

	For the three months ended
	Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Rental revenue:
Minimum rents	$	47,662		$	47,284		$	44,348		$	43,600		$	39,724
Expense recoveries		12,851			13,206			12,747			11,448			11,148
Termination fees		468			2,927			166			320			59
Percentage rent		1,129			44			282			285			1,333
Total rental revenue		62,110			63,461			57,543			55,653			52,264
Costs and expenses:
Property operating expenses		15,597			16,703			15,719			14,639			13,753
Rental property depreciation and amortization		10,368			10,111			8,900			8,739			8,037
General and administrative expenses		4,340			5,618			3,722			3,809			3,452
Total costs and expenses		30,305			32,432			28,341			27,187			25,242
Income before other income and expenses, minority interest and discontinued operations		31,805			31,029			29,202			28,466			27,022
Other income and expenses:
Interest expense		(12,076	)		(12,134	)		(12,049	)		(11,533	)		(10,204	)
Amortization of deferred financing fees		(379	)		(381	)		(379	)		(374	)		(236	)
Investment income		709			734			1,210			194			208
Other income		64			240			174			59			64
Income before minority interest and discontinued operations		20,123			19,488			18,158			16,812			16,854
Minority interest		(50	)		(47	)		(150	)		(177	)		(202	)
Income from continuing operations		20,073			19,441			18,008			16,635			16,652
Discontinued operations:
Income from rental properties sold or held for sale		102			479			567			2,394			1,565
Gain on disposal of income producing properties		1,615			8,409			12,215			(483	)		2,035
Minority interest		—			—			(89	)		(11	)		(13	)
Income from discontinued operations		1,717			8,888			12,693			1,900			3,587
Net income	$	21,790		$	28,329		$	30,701		$	18,535		$	20,239
Basic earnings per share
Income from continuing operations	$	0.28		$	0.27		$	0.25		$	0.24		$	0.24
Income from discontinued operations		0.02			0.12			0.18			0.03			0.05
Net income	$	0.30		$	0.39		$	0.43		$	0.27		$	0.29
Diluted earnings per share
Income from continuing operations	$	0.27		$	0.27		$	0.25		$	0.24		$	0.24
Income from discontinued operations		0.02			0.12			0.18			0.02			0.05
Net income	$	0.29		$	0.39		$	0.43		$	0.26		$	0.29
Weighted average shares outstanding
Basic		73,043			72,315			70,626			69,711			69,115
Diluted		74,193			73,616			72,327			71,419			71,021

Note: All prior period figures have been restated to reflect the effects of reporting for discontinued operations.

Page 10

EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended March 31, 2005
(in thousands, except per share data)

	For the three months ended									For the three months ended
	Mar 31, 2005									Mar 31, 2004
	As			Discontinued			Pre SFAS			As			Discontinued			Pre SFAS
	Reported			Operations			No. 144			Reported			Operations			No. 144
Rental revenue:
Minimum rents	$	47,662		$	429		$	48,091		$	39,724		$	2,480		$	42,204
Expense recoveries		12,851			134			12,985			11,148			586			11,734
Termination fees		468			—			468			59			10			69
Percentage rent		1,129			4			1,133			1,333			45			1,378
Total rental revenue		62,110			567			62,677			52,264			3,121			55,385
Costs and expenses:
Property operating expenses		15,597			266			15,863			13,753			759			14,512
Rental property depreciation and amortization		10,368			78			10,446			8,037			395			8,432
General and administrative expenses		4,340			—			4,340			3,452			—			3,452
Total costs and expenses		30,305			344			30,649			25,242			1,154			26,396
Income before other income and expenses, minority interest and discontinued operations		31,805			223			32,028			27,022			1,967			28,989
Other income and expenses:
Interest expense		(12,076	)		(121	)		(12,197	)		(10,204	)		(371	)		(10,575	)
Amortization of deferred financing fees		(379	)		—			(379	)		(236	)		(30	)		(266	)
Investment income		709			—			709			208			—			208
Other income		64			—			64			64			—			64
Equity in (loss) income of joint ventures		—			—			—			—			(1	)		(1	)
Income before minority interest and discontinued operations		20,123			102			20,225			16,854			1,565			18,419
Minority interest		(50	)		—			(50	)		(202	)		(13	)		(215	)
Income from continuing operations		20,073			102			20,175			16,652			1,552			18,204
Discontinued operations:
Income from rental properties sold or held for sale		102			(102	)		—			1,565			(1,565	)		—
Gain on disposal of income producing properties		1,615			—			1,615			2,035			—			2,035
Minority interest		—			—			—			(13	)		13			—
Income from discontinued operations		1,717			(102	)		1,615			3,587			(1,552	)		2,035
Net income	$	21,790		$	—		$	21,790		$	20,239		$	—		$	20,239

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 11

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the quarter ended March 31, 2005
(in thousands, except per share data)

							For the
	For the three months ended						year ended
	Mar 31, 2005			Mar 31, 2004			Dec 31, 2004
Net income	$	21,790		$	20,239		$	97,804
Adjustments:
Rental property depreciation and amortization, including discontinued operations		10,446			8,432			37,023
Gain on disposal of income producing properties		(1,615	)		(2,035	)		(22,176	)
Minority interest		28			199			623
Other items:
Pro-rata share of real estate depreciation from joint ventures		—			65			197
Funds from operations	$	30,649		$	26,900		$	113,471
Increase		13.9	%
Earnings per diluted share*	$	0.29		$	0.29		$	1.37
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.14			0.12			0.52
Gain on disposal of income producing properties		(0.02	)		(0.03	)		(0.31	)
Other items:
Pro-rata share of real estate depreciation from joint ventures		—			—			—
Funds from operations per diluted share	$	0.41		$	0.38		$	1.58
Increase		7.9	%

* Earnings per diluted share reflect the add-back of those minority interests which are convertible to shares of our common stock.

Page 12

EQUITY ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS - QUARTERLY BREAKOUT

For the quarter ended March 31, 2005

(in thousands, except per share data)

	For the three months ended
	Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Net income	$	21,790		$	28,329		$	30,701		$	18,535		$	20,239
Adjustments:
Rental property depreciation and amortization, including discontinued operations		10,446			10,226			9,276			9,089			8,432
(Gain) loss on disposal of income producing properties		(1,615	)		(8,409	)		(12,215	)		483			(2,035	)
Minority interest		28			27			223			174			199
Other items:
Pro-rata share of real estate depreciation from joint ventures		—			—			66			66			65
Funds from operations	$	30,649		$	30,173		$	28,051		$	28,347		$	26,900
Sequential increase (decrease)		1.6	%		7.6	%		-1.0	%		5.4	%
Earnings per diluted share*	$	0.29		$	0.39		$	0.43		$	0.26		$	0.29
Adjustments:
Rental property depreciation and amortization, including discontinued operations		0.14			0.14			0.13			0.13			0.12
(Gain) loss on disposal of income producing properties		(0.02	)		(0.12	)		(0.17	)		0.01			(0.03	)
Other items:
Pro-rata share of real estate depreciation from joint ventures		—			—			—			—			—
Funds from operations per diluted share	$	0.41		$	0.41		$	0.39		$	0.40		$	0.38
Sequential increase (decrease)		0.0	%		5.1	%		-2.5	%		5.3	%

* Earnings per diluted share reflect the add-back of those minority interests which are convertible to shares of our common stock

Page 13

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION
For the quarter ended March 31, 2005
(in thousands, except per share data)

							For the
	For the three months ended						year ended
	Mar 31, 2005			Mar 31, 2004			Dec 31, 2004
Funds from operations	$	30,649		$	26,900		$	113,471
Adjust for certain non-cash items:
Amortization of deferred financing fees		379			266			1,459
Amortization of above/below market rent intangibles		(148	)		(2	)		(192	)
Amortization of restricted stock		1,486			1,172			5,163
Straight line rents		(1,267	)		(544	)		(3,835	)
Capitalized interest		(633	)		(812	)		(3,204	)
Amortization of debt premium/discount		(1,286	)		(1,215	)		(4,958	)
Total non-cash items		(1,469	)		(1,135	)		(5,567	)
Adjust for recurring capital expenditures:
Tenant improvements		(365	)		(230	)		(1,504	)
Leasing commissions and costs		(1,511	)		(169	)		(2,744	)
Other capital expenditures		(414	)		(241	)		(1,236	)
Total recurring capital expenditures		(2,290	)		(640	)		(5,484	)
Funds available for distribution before debt payments	$	26,890		$	25,125		$	102,420
Scheduled debt payments		(2,755	)		(2,272	)		(9,807	)
Funds available for distribution	$	24,135		$	22,853		$	92,613
Increase		5.6	%
Funds available for distribution per diluted share	$	0.33		$	0.32		$	1.29
Increase		3.1	%
Cash Dividends	$	21,426		$	19,630		$	80,903

Page 14

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION — QUARTERLY BREAKOUT
For the quarter ended March 31, 2005
(in thousands, except per share data)

	For the three months ended
	Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 31, 2004
Funds from operations	$	30,649		$	30,173		$	28,051		$	28,347		$	26,900
Adjust for certain non-cash items:
Amortization of deferred financing fees		379			381			409			404			266
Amortization of above/below market rent intangibles		(148	)		(127	)		(48	)		(15	)		(2	)
Amortization of restricted stock		1,486			1,363			1,368			1,260			1,172
Straight line rents		(1,267	)		(1,120	)		(1,100	)		(1,070	)		(544	)
Capitalized interest		(633	)		(996	)		(676	)		(720	)		(812	)
Amortization of debt premium/discount		(1,286	)		(1,265	)		(1,230	)		(1,247	)		(1,215	)
Total non-cash items		(1,469	)		(1,764	)		(1,277	)		(1,388	)		(1,135	)
Adjust for recurring capital expenditures:
Tenant improvements		(365	)		(570	)		(295	)		(409	)		(230	)
Leasing commissions and costs		(1,511	)		(737	)		(871	)		(967	)		(169	)
Other capital expenditures		(414	)		(305	)		(405	)		(285	)		(241	)
Total recurring capital expenditures		(2,290	)		(1,612	)		(1,571	)		(1,661	)		(640	)
Funds available for distribution before debt payments	$	26,890		$	26,797		$	25,203		$	25,298		$	25,125
Scheduled debt payments		(2,755	)		(2,600	)		(2,514	)		(2,405	)		(2,272	)
Funds available for distribution	$	24,135		$	24,197		$	22,689		$	22,893		$	22,853
Sequential increase(decrease)		-0.3	%		6.6	%		-0.9	%		0.2	%
Funds available for distribution per diluted share	$	0.33		$	0.33		$	0.31		$	0.32		$	0.32
Sequential increase(decrease)		0.0	%		6.5	%		-3.1	%		0.0	%
Cash Dividends	$	21,426		$	21,276		$	20,272		$	19,725		$	19,630

Page 15

EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of March 31, 2005
(in thousands, except per share data)

	As of
	Mar 31, 2005			Dec 31, 2004			Sep 30, 2004			Jun 30, 2004			Mar 30, 2004
Assets
Properties
Income producing	$	1,911,819		$	1,915,216		$	1,777,783		$	1,780,145		$	1,740,063
Less: accumulated depreciation		(104,718	)		(95,934	)		(86,871	)		(78,492	)		(74,485	)
Rental property		1,807,101			1,819,282			1,690,912			1,701,653			1,665,578
Construction in progress and land held for development		50,026			41,759			44,652			38,803			54,338
Property held for sale		9,199			12,646			12,232			44,185			1,231
Properties, net		1,866,326			1,873,687			1,747,796			1,784,641			1,721,147
Cash and cash equivalents		—			5,122			1,988			—			17
Cash held in escrow		—			—			8,734			5,814			1,884
Accounts and other receivables, net		10,204			15,699			12,135			9,403			8,919
Securities		44,593			35,756			29,405			18,287			—
Goodwill		13,807			14,020			14,184			14,477			14,578
Other assets		57,719			48,008			61,014			46,958			45,554
Total	$	1,992,649		$	1,992,292		$	1,875,256		$	1,879,580		$	1,792,099
Liabilities and stockholders’ equity
Liabilities
Mortgage notes payable	$	488,817		$	495,056		$	480,739		$	497,741		$	470,263
Unsecured revolving credit facilities		144,763			147,000			64,000			80,541			50,879
Unsecured senior notes payable		345,165			347,261			350,000			350,000			350,000
Margin payable for securities		—			—			—			11,075			—
Total debt		978,745			989,317			894,739			939,357			871,142
Unamortized premium/discount on notes payable		20,318			21,603			20,354			21,585			23,894
Total notes payable		999,063			1,010,920			915,093			960,942			895,036
Accounts payable and other liabilities		48,787			48,587			54,521			52,192			36,639
Total liabilities		1,047,850			1,059,507			969,614			1,013,134			931,675
Minority interest		1,417			1,397			1,388			12,400			12,444
Stockholders’ equity		943,382			931,388			904,254			854,046			847,980
Total	$	1,992,649		$	1,992,292		$	1,875,256		$	1,879,580		$	1,792,099

Page 16

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of March 31, 2005
(in thousands)

	Maturity					Mar 31, 2005		Dec 31, 2004		Percent of total
Debt Instrument	date		Rate (1)			balance		balance		indebtedness
Mortgage debt
Lantana Village		03/15/05		6.950	%	$	—	$	3,512		0.00	%
Elmwood Oaks		06/01/05		8.375	%		7,500		7,500		0.75	%
Benchmark Crossing		08/01/05		9.250	%		3,202		3,226		0.32	%
Sterling Plaza		09/01/05		8.750	%		3,844		3,874		0.38	%
Woodruff		09/10/05		7.580	%		2,935		2,969		0.29	%
Townsend Square		10/01/05		8.500	%		4,747		4,768		0.48	%
Green Oaks		11/01/05		8.375	%		2,915		2,937		0.29	%
Melbourne Plaza		11/01/05		8.375	%		1,685		1,698		0.17	%
Walden Woods		08/01/06		7.875	%		2,242		2,272		0.22	%
Big Curve		10/01/06		9.190	%		5,277		5,310		0.53	%
Highland Square		12/01/06		8.870	%		3,926		3,951		0.39	%
Park Northern		12/01/06		8.370	%		2,156		2,182		0.22	%
Crossroads Square		12/01/06		8.440	%		12,275		12,324		1.23	%
Rosemeade		12/01/07		8.295	%		3,089		3,109		0.31	%
Colony Plaza		01/01/08		7.540	%		2,964		2,976		0.30	%
Parkwood		01/01/08		7.280	%		6,085		6,110		0.61	%
Richwood		01/01/08		7.280	%		3,135		3,147		0.31	%
Commonwealth		02/15/08		7.000	%		2,606		2,636		0.26	%
Mariners Crossing		03/01/08		7.080	%		3,319		3,332		0.33	%
Pine Island/Ridge Plaza		07/01/08		6.910	%		24,482		24,582		2.45	%
Forestwood		01/01/09		5.070	%		7,087		7,128		0.71	%
Shoppes of North Port		02/08/09		6.650	%		3,982		4,008		0.40	%
Prosperity Centre		03/01/09		7.875	%		5,926		6,022		0.59	%
Shoppes of Ibis		09/01/09		6.730	%		5,641		5,687		0.56	%
Tamarac Town Square		10/01/09		9.190	%		6,099		6,122		0.61	%
Park Promenade		02/01/10		8.100	%		6,223		6,241		0.62	%
Skipper Palms		03/01/10		8.625	%		3,517		3,526		0.35	%

Page 17

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of March 31, 2005
(in thousands)

	Maturity					Mar 31, 2005		Dec 31, 2004		Percent of total
Debt Instrument	date		Rate (1)			balance		balance		indebtedness
Jonathan’s Landing		05/01/10		8.050	%	$	2,859	$	2,868		0.29	%
Bluff’s Square		06/01/10		8.740	%		9,980		10,005		1.00	%
Kirkman Shoppes		06/01/10		8.740	%		9,424		9,448		0.94	%
Ross Plaza		06/01/10		8.740	%		6,573		6,589		0.66	%
Boynton Plaza		07/01/10		8.030	%		7,402		7,423		0.74	%
Pointe Royale		07/15/10		7.950	%		4,219		4,284		0.42	%
Westgate		07/31/10		4.880	%		29,506		29,625		2.95	%
Shops at Skylake		08/01/10		7.650	%		14,171		14,266		1.42	%
Parkwest Crossing		09/01/10		8.100	%		4,671		4,684		0.47	%
Spalding Village		09/01/10		8.190	%		10,151		10,231		1.02	%
Minyards		11/01/10		8.320	%		2,462		2,473		0.25	%
Charlotte Square		02/01/11		9.190	%		3,533		3,550		0.35	%
Forest Village		04/01/11		7.270	%		4,427		4,441		0.44	%
Boca Village		05/01/11		7.200	%		8,185		8,211		0.82	%
MacLand Pointe		05/01/11		7.250	%		5,780		5,798		0.58	%
Pine Ridge Square		05/01/11		7.020	%		7,250		7,273		0.73	%
Sawgrass Promenade		05/01/11		7.200	%		8,185		8,211		0.82	%
Presidential Markets		06/01/11		7.650	%		27,082		27,159		2.71	%
Lake Mary		11/01/11		7.250	%		24,210		24,282		2.42	%
Lake St. Charles		11/01/11		7.130	%		3,822		3,833		0.38	%
Belfair Towne Village		12/01/11		7.320	%		11,145		11,197		1.12	%
Marco Town Center		01/01/12		6.700	%		8,536		8,578		0.85	%
Riverside Square		03/01/12		9.190	%		7,561		7,589		0.76	%
Sparkleberry Square (2)		11/30/12		6.170	%		6,622		6,655		0.66	%
Cashmere		11/01/12		5.880	%		5,115		5,141		0.51	%
Eastwood		11/01/12		5.880	%		6,095		6,126		0.61	%
Meadows		11/01/12		5.870	%		6,405		6,438		0.64	%
Lutz Lake		12/01/12		6.280	%		7,500		7,500		0.75	%

Page 18

EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of March 31, 2005
(in thousands)

	Maturity						Mar 31, 2005		Dec 31, 2004		Percent of total
Debt Instrument	date			Rate (1)			balance		balance		indebtedness
Summerlin Square		02/01/14			6.750	%	$	3,550	$	3,622		0.36	%
Bird Ludlum		02/15/15			7.680	%		9,531		9,690		0.95	%
Treasure Coast		04/01/15			8.000	%		4,461		4,532		0.45	%
Shoppes of Silverlakes		07/01/15			7.750	%		2,586		2,627		0.26	%
Medford		02/01/16			8.690	%		5,438		5,512		0.54	%
Swampscott		02/01/16			8.690	%		2,362		2,395		0.24	%
Plymouth		02/01/16			8.690	%		3,974		4,029		0.40	%
Grassland Crossing		12/01/16			7.870	%		5,786		5,827		0.58	%
Mableton Crossing		08/15/18			6.850	%		4,037		4,062		0.40	%
Sparkleberry Square (2)		06/30/20			6.750	%		7,845		7,918		0.79	%
BridgeMill		05/05/21			7.940	%		9,352		9,395		0.94	%
Westport Plaza		08/24/23			7.490	%		4,853		4,876		0.49	%
Chastain Square		02/28/24			6.500	%		3,796		3,821		0.38	%
Daniel Village		02/28/24			6.500	%		4,149		4,177		0.42	%
Douglas Commons		02/28/24			6.500	%		4,944		4,976		0.49	%
Fairview Oaks		02/28/24			6.500	%		4,679		4,710		0.47	%
Madison Centre		02/28/24			6.500	%		3,796		3,821		0.38	%
Paulding Commons		02/28/24			6.500	%		6,444		6,487		0.65	%
Siegen Village		02/28/24			6.500	%		4,193		4,221		0.42	%
Wesley Chapel Crossing		02/28/24			6.500	%		3,311		3,332		0.33	%
Total mortgage debt (74 loans)		5.6	years		7.26	%	$	488,817	$	495,056		48.93	%
Net interest premium/discount	(wtd-avg maturity)			(wtd-avg interest rate)				12,284		12,721		1.23	%
Total mortgage debt (including net interest premium/discount)							$	501,101	$	507,777		50.16	%

Page 19

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT SUMMARY

As of March 31, 2005

(in thousands)

	Maturity					Mar 31, 2005			Dec 31, 2004			Percent of total
Debt Instrument	date		Rate (1)			balance			balance			indebtedness
Unsecured senior notes payable
7.77% senior notes		04/01/06		7.770	%	$	50,000		$	50,000			5.00	%
7.25% senior notes		08/15/07		7.250	%		75,000			75,000			7.51	%
3.875% senior notes (3)		04/15/09		3.875	%		200,000			200,000			20.02	%
Fair value of interest rate swap							(4,835	)		(2,739	)		-0.48	%
7.84% senior notes		01/23/12		7.840	%		25,000			25,000			2.50	%
Total unsecured senior notes payable	3.5 years			5.10	%		345,165			347,261			34.55	%
Net interest premium/discount	(wtd-avg maturity)		(wtd-avg interest rate)				8,034			8,882			0.80	%
Total unsecured senior notes payable (including net interest premium/discount)						$	353,199		$	356,143			35.35	%
Revolving credit facilities
$340MM Wells Fargo Unsecured		02/12/06		3.19	%		144,000			147,000			14.41	%
$5MM City National Bank Unsecured		11/11/05		3.89	%		763			—			0.08	%
Total revolving credit facilities						$	144,763		$	147,000			14.49	%
Total debt						$	978,745		$	989,317			97.97	%
Net interest premium/discount							20,318			21,603			2.03	%
Total debt (including net interest premium/discount)						$	999,063		$	1,010,920			100.00	%
Senior Unsecured Debt Ratings
Moody’s						Baa3 (Stable)			Baa3 (Stable)
S&P						BBB- (Stable)			BBB- (Stable)

Page 20

EQUITY ONE, INC. AND SUBSIDIARIES

DEBT MATURITIES

As of March 31, 2005

(in thousands)

	Secured Debt				Unsecured Debt
Maturity schedule	Scheduled		Balloon		Revolving		Senior				Percent of
by year	amortization		payments (4)		Credit Facilities (4)		Notes(5)		Total		debt maturing
2005	$	8,054	$	26,595	$	763	$	—	$	35,412		3.6	%
2006		11,069		24,758		144,000		50,000		229,827		23.4	%
2007		11,252		2,864		—		75,000		89,116		9.1	%
2008		11,391		40,104		—		—		51,495		5.2	%
2009		11,125		24,332		—		200,000		235,457		23.9	%
2010		10,224		98,471		—		—		108,695		11.1	%
2011		8,490		93,433		—		—		101,923		10.4	%
2012		7,324		40,056		—		25,000		72,380		7.4	%
2013		7,020		—		—		—		7,020		0.7	%
2014		7,110		—		—		—		7,110		0.7	%
Thereafter		35,130		10,015		—		—		45,145		4.6	%
Total	$	128,189	$	360,628	$	144,763	$	350,000	$	983,580		100.0	%

(1)	The rate in effect on March 31, 2005.
(2)	The Sparkleberry property is encumbered by two separate mortgages.
(3)	$100M of the outstanding balance has been swapped to a floating interest rate based on 6 month LIBOR in arrears, plus 0.4375%. The indicated rate and weighted average rate for the unsecured notes does not reflect the effect of the interest rate swap.
(4)	Represents the entire principal balance of a maturing loan on the maturity date. Credit facilities are shown as due on the initial maturity dates, though certain extension options are available.
(5)	Excludes the adjustment attributable to the fair value of the associated interest rate swap.

Page 21

EQUITY ONE, INC. AND SUBSIDIARIES

PROPERTY STATUS REPORT

As of March 31, 2005

		Year	Total					number				Supermarket anchor					Average
		built /	square footage		Percent			of tenants				owned		shadow	name		base rent
Property	City	renovated	owned		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	$	9.71
															(6/1/2017)
West Gate Plaza	Mobile	1974, 1995 / 1985		64,378		96.9	%		7	2	44,000				Winn-Dixie	Rite Aid		6.99
															(7/19/2015)
TOTAL SHOPPING CENTERS ALABAMA (2)				129,215		98.5	%		20	2	81,912		0				$	8.37
ARIZONA (2)
**Big Curve	Yuma	1969 / 1996		126,402		95.3	%		31	2			60,000		Albertsons	Millers Outpost, Beall's Outlet		9.80
Park Northern	Phoenix	1982 / 1996		126,852		95.8	%		23	2	51,511				Safeway	Bealls, Chuck E Cheese, Life Skills Center		6.92
															(5/31/2008)
TOTAL SHOPPING CENTERS ARIZONA (2)				253,254		95.6	%		54	4	51,511		60,000				$	8.35
FLORIDA (76)
North Florida (13)
Atlantic Village	Atlantic Beach	1984 / 1998		100,559		97.9	%		24	1	39,795				Publix	JoAnn Fabrics, Dollar Tree		10.07
															(10/31/2008)
Beauclerc Village	Jacksonville	1962 / 1988		70,429		86.9	%		10	1						Big Lots, Goodwill, Bealls Outlet		7.76
Commonwealth	Jacksonville	1984 / 1998		81,467		95.6	%		15	1	48,997				Winn-Dixie/Save Rite			8.35
															(2/28/2018)
Forest Village	Tallahassee	2000		71,526		93.9	%		14	3	37,866				Publix			10.50
															(4/30/2020)
Ft. Caroline	Jacksonville	1985 / 1995		74,546		80.7	%		9	4	45,500				Winn-Dixie			7.42
															(5/31/2015)
Mandarin Landing	Jacksonville	1976 / 2000		141,565		91.6	%		35	2	34,400				Publix	Office Depot		9.98
															(2/14/2007)
Medical & Merchants	Jacksonville	1993		152,761		97.9	%		15	2	55,999				Publix	Memorial Health Group, Blockbuster		11.94
															(2/10/2013)
Middle Beach	Panama City Beach	1994		69,277		100.0	%		9	0	56,077				Publix	Movie Gallery		9.48
															(9/30/2014)
Monument Point	Jacksonville	1985 / 1997		75,128		100.0	%		12	0	46,772				Winn-Dixie	CVS Pharmacy		6.75
															(3/27/2010)
Oak Hill	Jacksonville	1985 / 1997		78,492		100.0	%		19	0	39,795				Publix			7.11
															(3/11/2010)
Parkmore Plaza	Milton	1986		159,067		97.9	%		11	2						Wal-Mart*(Bealls), Big Lots		4.46
Pensacola Plaza	Pensacola	1985		56,098		91.4	%		2	1	42,848				FoodWorld			4.27
															(12/31/2009)
South Beach	Jacksonville Beach	1990, 1991		289,964		95.3	%		44	7	29,000				Food Lion	Home Depot, Stein Mart, Bealls		9.55
															(3/31/2010)
Central Florida (11)
Alafaya Commons	Orlando	1987		123,133		98.3	%		28	1	54,230				Publix	Blockbuster		11.84
															(11/30/2007)
Conway Crossing	Orlando	2002		76,321		100.0	%		18	0	44,271				Publix			11.68
															(4/30/2022)
Eastwood	Orlando	1997		69,037		100.0	%		13	0	51,512				Publix			11.41
															(11/1/2017)

Page 22

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2005

		Year	Total					number				Supermarket anchor				Average
		built /	square footage		Percent			of tenants				owned	shadow	name		base rent
Property	City	renovated	owned		leased			leased		vacant		SF	SF	expiration date	Other anchor tenants	per leased SF
Eustis Square	Eustis	1983 / 1997 / 2004		126,791		77.6	%		18	9	15,872			Save-a-Lot	Accent Marketing, Goodwill	$	5.81
														(5/31/2013)
Hunters Creek	Orlando	1998		68,032		100.0	%		9	0	51,255			Winn-Dixie			10.92
														(9/23/2018)
Kirkman Shoppes	Orlando	1973		88,820		98.6	%		29	1					CVS Pharmacy		16.17
Lake Mary	Orlando	1988 / 2001		342,384		98.5	%		65	21	63,139			Albertsons	Kmart, Lifestyle Fitness, Sunstar Movie		11.31
														(6/30/2012)	Theatres
Park Promenade	Orlando	1987 / 2000		125,818		95.4	%		24	2	55,000			Publix*	Orange County Library, Blockbuster,		8.88
														(2/9/2007)	Goodwill
Town & Country	Kissimmee	1993		72,043		100.0	%		13	0	52,883			Albertsons			7.26
														(10/31/2018)
Unigold	Winter Park	1987		117,527		100.0	%		25	0	52,500			Winn-Dixie	Blockbuster, Lifestyle Family Fitness		11.32
														(4/30/2007)
Walden Woods	Plant City	1985 / 1998, 2003		75,874		82.9	%		12	1					Dollar Tree, Aaron Rents, Dollar General		6.65
Florida West Coast (17)
Bay Pointe Plaza	St. Petersburg	1984 / 2002		103,986		91.4	%		17	7	52,610			Publix	Bealls Outlet, West Marine		9.59
														(11/30/2021)
Carrollwood	Tampa	1970 / 2002		94,203		87.8	%		29	7	27,887			Publix	Floors Today		12.30
														(11/30/2022)
Charlotte Square	Port Charlotte	1980		96,188		95.0	%		22	4	44,024			Publix	Pet Supermarket		7.75
														(1/31/2011)
Chelsea Place	New Port Richey	1992		81,144		100.0	%		18	0	48,890			Publix	CVS Pharmacy		11.14
														(5/27/2012)
Lake St. Charles	Tampa	1999		57,015		100.0	%		8	0	46,295			Kash n’ Karry			9.84
														(6/30/2019)
Lutz Lake	Lutz	2002		64,985		98.3	%		14	1	44,270			Publix			13.70
														(5/31/2022)
Marco Town Center	Marco Island	2001		109,830		96.4	%		40	4	27,887			Publix	West Marine		16.76
														(1/31/2018)
Mariners Crossing	Spring Hill	1989 / 1999		85,507		96.1	%		13	3	48,315			Kash n’ Karry			8.30
														(8/15/2020)
Pavilion	Naples	1982		167,745		91.5	%		39	4	50,795			Publix	Pavillion 6 Theatre, Anthony’s		14.49
														(2/28/2013)
Regency Crossing	Port Richey	1986 / 2001		85,864		84.5	%		15	10	44,270			Publix			10.37
														(2/28/2021)
Ross Plaza	Tampa	1984 / 1996		85,359		98.3	%		17	2					Ross Dress for Less, Laminate Kingdom		10.22
Seven Hills	Spring Hill	1991		64,590		100.0	%		12	0	48,890			Publix			9.80
														(9/25/2011)
Shoppes of North Port	North Port	1991		84,705		100.0	%		22	0	48,890			Publix	Bealls Outlet		9.94
														(12/11/2011)
Skipper Palms	Tampa	1984		88,000		92.9	%		14	3	53,440			Winn-Dixie			8.57
														(5/31/2016)
Summerlin Square	Fort Myers	1986 / 1998		109,156		90.3	%		21	7	45,500			Winn-Dixie	CVS Pharmacy, West Marine		9.97
														(6/4/2006)
Venice Plaza	Venice	1971/ 1979 / 1999		148,779		84.2	%		14	2	42,582			Kash n’ Karry	TJ Maxx, Blockbuster		5.51
														(9/30/2018)
Venice Shopping Center	Venice	1968 / 2000		111,934		91.4	%		13	2	44,271			Publix	Beall’s Outlet, Dollar Tree, Wachovia Bank		5.10
														(12/31/2026)

Page 23

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2005

		Year	Total					number				Supermarket anchor					Average
		built /	square footage		Percent			of tenants				owned		shadow	name		base rent
Property	City	renovated	owned		leased			leased		vacant		SF		SF	expiration date	Other anchor tenants	per leased SF
Florida Treasure Coast (8)
Bluffs Square	Jupiter	1986		132,395		98.2	%		46	2	39,795				Publix	Walgreens	$	12.27
															(10/22/2006)
Cashmere Corners	Port St. Lucie	2001		89,234		100.0	%		18	0	59,448				Albertsons			7.97
															(4/30/2025)
Jonathan’s Landing	Jupiter	1997		26,820		100.0	%		12	0			53,850		Albertsons	Blockbuster		18.79
New Smyrna Beach	New Smyrna Beach	1987		118,451		97.1	%		33	1	42,112				Publix	Walgreens* (Bealls Outlet), Bealls Home		10.10
															(9/30/2007)	Outlet, Blockbuster
Old King Commons	Palm Coast	1988		84,759		100.0	%		19	0						Wal-Mart* (Bealls Outlet)		8.07
Ryanwood	Vero Beach	1987		114,925		99.2	%		31	1	39,795				Publix	Bealls Outlet, Books-A-Million		9.79
															(3/23/2017)
Salerno Village	Stuart	1987		79,903		95.9	%		17	3	45,802				Winn-Dixie	CVS Pharmacy		10.13
															(3/23/2024)
Treasure Coast	Vero Beach	1983		133,781		94.5	%		21	4	59,450				Winn-Dixie	TJ Maxx		8.68
															(4/12/2015)
South Florida / Atlantic Coast (27)
Bird Ludlum	Miami	1988 / 1998		192,282		96.3	%		43	3	44,400				Winn-Dixie	CVS Pharmacy, Blockbuster, Goodwill		15.18
															(12/31/2007)
Boca Village	Boca Raton	1978		93,428		100.0	%		22	0	36,000				Publix	CVS Pharmacy		15.46
															(3/31/2007)
Boynton Plaza	Boynton Beach	1978 / 1999		99,324		100.0	%		29	0	37,664				Publix	CVS Pharmacy, Hollywood Video		11.11
															(8/31/2008)
Countryside Shops	Cooper City	1986, 1988, 1991		179,561		98.6	%		45	1	39,795				Publix	CVS Pharmacy, Stein Mart		12.55
															(12/4/2010)
Crossroads Square	Ft. Lauderdale	1973		270,206		98.2	%		24	3						Lowe’s, CVS Pharmacy, 99 Cent Stuff		7.82
CVS Plaza	Miami	2004		27,904		90.7	%		7	2						CVS Pharmacy		16.17
El Novillo	Miami Beach	1970 / 2000		10,000		100.0	%		1	0						Jumbo Buffet		15.49
Greenwood	Palm Springs	1982, 1994		132,325		92.1	%		31	7	50,032				Publix	Bealls Outlet, World Savings Bank		12.09
															(12/5/2014)
Lago Mar	Miami	1995		82,613		95.9	%		18	3	42,323				Publix	Blockbuster		11.71
															(9/13/2015)
Lantana Village	Lantana	1976 / 1999		181,780		99.2	%		24	2	39,473				Winn-Dixie	Kmart,Rite Aid* (FamilyDollar), Hollywood		6.76
															(2/15/2011)	Video
Meadows	Miami	1997		75,524		100.0	%		20	0	47,955				Publix			12.66
															(7/9/2017)
Oakbrook Square	Palm Beach Gardens	1974 / 2000, 2003		212,074		91.3	%		26	4	44,400				Publix	SteinMart, Homegoods, CV S, Basset		13.52
															(11/30/2020)	Furniture
Pine Island	Davie	1983 / 1999		254,907		99.3	%		46	1	39,943				Publix	Home Depot Expo, Bealls Outlet		10.06
															(11/30/2013)
Pine Ridge Square	Coral Springs	1986 / 1998, 1999		117,399		99.1	%		34	1	17,441				Fresh Market	Bed Bath & Beyond, Off Ma in Furniture,		13.67
															(6/30/2009)	Blockbuster
Plaza Alegre	Miami	2003		91,611		96.1	%		19	2	44,271				Publix	Goodwill, Blockbuster		14.66
															(3/14/2023)
Point Royale	Miami	1970 / 2000		209,863		97.2	%		23	2	45,350				Winn-Dixie	Best Buy, CVS Pharmacy* (Anna’s Linens)		6.37
															(2/18/2011)

Page 24

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2005

		Year	Total					number					Supermarket anchor					Average
		built /	square footage		Percent			of tenants					owned		shadow	name		base rent
Property	City	renovated	owned		leased			leased			vacant		SF		SF	expiration date	Other anchor tenants	per leased SF
Prosperity Centre	Palm Beach Gardens	1993		122,106		100.0	%		9			0					Office Depot, Barnes & Noble, Bed Bath
																	& Beyond, Carmine’s, TJ Maxx	$	15.60
Ridge Plaza	Davie	1984 / 1999		155,204		98.7	%		28			1			(see Pine Island)		AMC Theater, Kabooms, Wachovia* (United
																	Collection), Uncle Funny's, Round Up		9.50
Riverside Square	Coral Springs	1987		107,941		94.7	%		33			3		39,795		Publix	Tuesday Morning		13.60
																(2/18/2007)
Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		90.0	%		25			4		36,464		Publix	Walgreens, Blockbuster		10.80
																(12/15/2009)
Sheridan	Hollywood	1973 / 1991		455,843		98.8	%		62			3		65,537		Publix	Ross, Bed Bath & Beyond,
																(10/9/2011)	Blockbuster, Office Depot, AMC Theater,
																	CVS, LA Fitness		13.82
Shoppes of Ibis	West Palm Beach	1999		79,420		100.0	%		18			0		51,420		Publix			12.71
																(4/30/2019)
Shoppes of Silverlakes	Pembroke Pines	1995, 1997		126,788		99.1	%		39			1		47,813		Publix	Blockbuster		16.32
																(6/14/2015)
Shops at Skylake	North Miami Beach	1999-2005		247,919		99.6	%		49			1		51,420		Publix (7/31/2019)	Goodwill, L.A. Fitness, Blockbuster		14.99
Tamarac Town Square	Tamarac	1987		127,635		88.5	%		31			9		37,764		Publix			10.78
																(12/15/2014)
West Lakes Plaza	Miami	1984 / 2000		100,747		100.0	%		27			0		46,216		Winn-Dixie	Navarro Pharmacy		11.11
																(10/31/2016)
Westport Plaza	Davie	2002		36,212		100.0	%		5			0		27,887		Publix	Blockbuster		16.77
																(11/30/2022)
TOTAL SHOPPING CENTERS FLORIDA (76)				9,023,625		96.0	%		1,736			179		2,856,292	53,850			$	10.83
GEORGIA (23)
Atlanta (18)
BridgeMill	Canton	2000		89,102		90.7	%		25			5		37,888		Publix			14.95
																(1/31/2020)
Butler Creek	Acworth	1990		95,597		97.0	%		17			2		59,997		Kroger			10.85
																(6/30/2018)
Chastain Square	Atlanta	1981 / 2001		91,637		98.7	%		27			1		37,366		Publix			16.32
																(5/31/2024)
Commerce Crossing	Commerce	1988		100,668		92.1	%		8			2		32,000		Ingles	Wal-Mart*		4.01
																(9/26/2009)
Douglas Commons	Douglasville	1988		97,027		100.0	%		17			0		59,431		Kroger			9.84
																(8/31/2013)
Fairview Oaks	Ellenwood	1997		77,052		100.0	%		13	��		0		54,498		Kroger	Blockbuster		11.33
																(9/30/2016)
Grassland Crossing	Alpharetta	1996		90,906		93.2	%		11			3		70,086		Kroger			11.56
																(6/30/2016)
Hamilton Ridge	Buford	2002		89,496		93.3	%		18			3		54,166		Kroger			12.75
																(11/30/2022)
Mableton Crossing	Mableton	1997		86,819		95.5	%		15			1		63,419		Kroger			10.25
																(8/31/2017)
Macland Pointe	Marietta	1992-1993		79,699		100.0	%		17			0		55,999		Publix			9.79
																(12/29/2012)
Market Place	Norcross	1976		77,706		96.3	%		20			3					Peachtree Cinema		9.56

Page 25

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2005

		Year	Total					number				Supermarket anchor					Average
		built /	square footage		Percent			of tenants				owned		shadow	name		base rent
Property	City	renovated	owned		leased			leased		vacant		SF		SF	expiration date	Other anchor tenants	per leased SF
Paulding Commons	Dallas	1991		192,391		96.6	%		28		3		49,700		Kroger	Kmart	$	8.04
															(2/28/2011)
Powers Ferry Plaza	Marietta	1979, 1987 / 1998		86,473		94.5	%		22		3					Micro Center		10.55
Presidential Markets	Snellville	1993-2000		396,408		99.0	%		34		1		56,146		Publix (12/31/2019)	Bed Bath & Beyond, GAP, TJ Maxx,		10.37
																Shoe Carnival, Borders, Ross Dress for
																Less, Marshalls, Carmike Cinema, Office Depot
Shops of Huntcrest	Lawrenceville	2003		97,040		100.0	%		26		0		54,340		Publix			13.47
															(1/31/2023)
Wesley Chapel Crossing	Decatur	1989		170,792		96.0	%		21		4		32,000		Ingles*	Wal-Mart*, CVS Pharmacy		6.18
															(9/25/2009)
West Towne Square	Rome	1988		89,596		87.3	%		14		4					Big Lots, Eckerd*		5.73
Williamsburg @ Dunwoody	Dunwoody	1983		44,928		100.0	%		27		0							17.66
Central Georgia (3)
Daniel Village	Augusta	1956 / 1997		171,932		95.9	%		36		3		45,971		Bi-Lo	Eckerd, St. Joseph Home Health Care		7.98
															(3/25/2022)
Spalding Village	Griffin	1989		235,318		59.8	%		21		7		59,431		Kroger	JC Penney, Blockbuster		7.77
															(5/31/2014)
Walton Plaza	Augusta	1990		43,460		100.0	%		8		0		32,960		Harris Teeter* /Omni Fitness			9.56
															(4/1/2011)
South Georgia (2)
Colony Square	Fitzgerald	1987		50,000		83.6	%		4		4		32,200		Food Lion			6.49
															(12/31/2007)
McAlpin Square	Savannah	1979		176,807		92.6	%		24		3		43,600		Kroger (8/31/2015)	US Post Office, Big Lots, In Fashion Menswear Outlet		7.42
TOTAL SHOPPING CENTERS GEORGIA (23)				2,730,854		92.8	%		453		52		931,198	0			$	9.69
KENTUCKY (1)
Scottsville Square	Bowling Green	1986		38,450		45.4	%		7		5					Hancock Fabrics		6.77
TOTAL SHOPPING CENTERS KENTUCKY (1)				38,450		45.4	%		7		5		0	0			$	6.77
LOUISIANA (14)
Ambassador Row	Lafayette	1980, 1991		193,978		84.3	%		22		4					Conn’s Appliances, Big Lots, Chuck E		8.75
																Cheese, Goody’s
Ambassador Row Courtyard	Lafayette	1986, 1991 / 2005		146,697		93.0	%		20		4					Bed. Bath & Beyond, Marshall’s, Hancock		9.29
																Fabrics
Bluebonnet Village	Baton Rouge	1983		90,215		98.4	%		19		1		33,387		Matherne’s			8.16
															(11/30/2010)
Boulevard	Lafayette	1976, 1994		68,012		95.1	%		13		2					Piccadilly, Harbor Freight Tools,		7.20
																Golfballs.com
Country Club Plaza	Slidell	1982 / 1994		64,686		94.6	%		10		1		33,387		Winn-Dixie	Dollar General		5.86
															(1/31/2008)
Crossing	Slidell	1988, 1993		113,989		97.4	%		14		1		58,432		Save A Center (9/29/2009)	A-1 Home Appliance, Piccadilly		5.65
Elmwood Oaks	Harahan	1989		133,995		95.7	%		8		1					Wal-Mart* (Academy Sports, Dollar		9.87
																Tree), Advance Auto* (Goodwill)
Grand Marche (ground lease)	Lafayette	1969		200,585		100.0	%		1		0					Academy Sports, JoAnn Fabrics		0.14

Page 26

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2005

		Year	Total					number				Supermarket anchor					Average
		built /	square footage		Percent			of tenants				owned		shadow	name		base rent
Property	City	renovated	owned		leased			leased		vacant		SF		SF	expiration date	Other anchor tenants	per leased SF
Plaza Acadienne	Eunice	1980		105,419		96.2	%		7		1		28,092		Super 1 Store	Fred’s, Howard Brothers*	$	3.52
															(6/30/2010)
Sherwood South	Baton Rouge	1972, 1988, 1992		77,107		70.8	%		9		1					Burke’s Outlet, Harbor Freight Tools, Blockbuster		7.30
Siegen Village	Baton Rouge	1988		170,416		99.5	%		19		1					Office Depot, Big Lots, Dollar Tree, Stage, Party City		8.40
Tarpon Heights	Galliano	1982		56,605		92.0	%		8		2					CVS Pharmacy, Stage, Dollar General		4.75
Village at Northshore	Slidell	1988		144,638		97.6	%		12		1					Marshalls, Dollar Tree, Kirschman’s,		8.40
																Bed Bath & Beyond, Office Depot
Wal-Mart Mathews	Mathews	1985		54,223		100.0	%		1		0					Wal-Mart		2.90
TOTAL SHOPPING CENTERS LOUISIANA (14)				1,620,565		94.3	%		163		20		153,298	0			$	6.51
MASSACHUSETTS (6)
Cambridge Star Market	Cambridge	1953 / 1997		66,108		100.0	%		1		0		66,108		Star Market			23.90
															(1/2/2016)
Medford Shaw’s Supermarket	Medford	1995		60,356		100.0	%		1		0		60,356		Shaw’s			21.37
															(1/1/2016)
Plymouth Shaw’s Supermarket	Plymouth	1993		59,726		100.0	%		1		0		59,726		Shaw’s			15.79
															(1/1/2016)
Quincy Star Market	Quincy	1965 / 1995		100,741		100.0	%		1		0		100,741		Star Market			15.43
															(1/2/2016)
Swampscott Whole Foods	Swampscott	1967 / 2005		35,907		100.0	%		1		0		35,907		Whole Foods			21.00
															(1/1/2016)
West Roxbury Shaw’s Plaza	West Roxbury	1973 / 1995		68,141		97.8	%		6		1		54,928		Shaw’s			21.13
															(1/2/2016)
TOTAL SHOPPING CENTERS MASSACHUSETTS (6)				390,979		99.6	%		11		1		377,766	0			$	19.33
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987		66,857		100.0	%		7		0					Rite Aid, Big Lots		5.76
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857		100.0	%		7		0		0	0			$	5.76
NORTH CAROLINA (12)
Centre Pointe Plaza	Smithfield	1989		163,642		95.7	%		20		3					Wal-Mart* (Belk’s, Goody’s), Dollar Tree		5.53
Chestnut Square	Brevard	1985		39,640		83.9	%		4		3		21,000		Food Lion*	Eckerd* (Dollar General)		6.40
															(9/28/2010)
Galleria	Wrightsville Beach	1986, 1990		92,114		91.5	%		32		6		28,000		Harris Teeter	Eckerd		9.57
															(4/5/2006)
Parkwest Crossing	Durham	1990		85,602		97.5	%		16		1		38,052		Food Lion			10.12
															(12/14/2010)
Plaza North	Hendersonville	1986		47,240		94.9	%		7		2		25,590		Bi-Lo*	CVS Pharmacy		7.02
															(8/31/2006)
Providence Square	Charlotte	1973		85,930		92.0	%		19		6		35,702		Harris Teeter*	Eckerd		8.24
															(4/30/2006)
Riverview Shopping Center	Durham	1973 / 1995		127,498		91.8	%		10		2		53,538		Kroger (12/31/2014)	Upchurch Drugs, Blockbuster		7.38

Page 27

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2005

		Year	Total						number				Supermarket anchor					Average
		built /	square footage			Percent			of tenants				owned		shadow	name		base rent
Property	City	renovated	owned			leased			leased		vacant		SF		SF	expiration date	Other anchor tenants	per leased SF
Salisbury Marketplace	Salisbury	1987		79,732			93.9	%		17		3		31,762		Food Lion		$	9.98
																(2/11/2023)
Shelby Plaza	Shelby	1972		103,200			100.0	%		8		0					Big Lots, Aaron Rents* (Hancock Fabrics), Tractor Supply Company		3.16
Stanley Market Place	Stanley	1980, 1987		40,400			100.0	%		3		0		28,400		Winn-Dixie (10/31/2006)	Family Dollar		5.47
Thomasville Commons	Thomasville	1991		148,754			100.0	%		13		0		32,000		Ingles	Kmart, CVS Pharmacy		6.00
																(9/29/2012)
Willowdale Shopping Center	Durham	1986		121,376			93.9	%		24		4		53,368		Harris Teeter	Eckerd* (Family Dollar)		10.20
																(5/14/2009)
TOTAL SHOPPING CENTERS NORTH CAROLINA (12)				1,135,128			95.1	%		173		30		347,412	0			$	7.32
SOUTH CAROLINA (8)
Belfair Towne Village	Bluffton	2000-2003		125,389			100.0	%		29		0		55,696		Kroger	Blockbuster		14.03
																(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 Center	Lancaster	1963, 1987		29,047			17.2	%		1		1							6.00
North Village Center	North Myrtle Beach	1984		60,356			96.8	%		12		2		24,806		Bi-Lo	Dollar General, Gold’s Gym		8.33
																(5/31/2009)
Sparkleberry Square	Columbia	1997 / 2004		339,051			98.4	%		23		2		67,943		Kroger	City, Bed Bath & Beyond		11.16
																(8/31/2017)
Spring Valley	Columbia	1978 / 1997		75,415			94.2	%		15		2		45,070		Bi-Lo			9.05
																(12/31/2017)
Windy Hill	North Myrtle Beach	1968 / 1988		64,465			100.0	%		2		0					Rose’s Store, Family Dollar Store		5.49
Woodruff	Greenville	1995		68,055			98.7	%		9		1		47,955		Publix	Blockbuster		10.03
																(8/6/2015)
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8)				839,178	��		94.8	%		94		9		260,670	0			$	9.76
TENNESSEE (1)
Smyrna Village	Smyrna	1992		83,334			94.8	%		10		2		59,214		Kroger			8.27
																(2/29/2012)
TOTAL SHOPPING CENTERS TENNESSEE (1)				83,334			94.8	%		10		2		59,214	0			$	8.27
TEXAS (32)
Houston (17)
Barker Cypress	Houston	1999		66,945			90.9	%		13		4		41,320		H.E.B.			12.47
																(1/31/2014)
Beechcrest	Houston	1981 / 2001		90,647			98.7	%		14		1		40,345		Randall’s*	Walgreens*		8.75
																(6/24/2016)
Benchmark Crossing	Houston	1986		58,384			100.0	%		5		0					Bally’s Fitness		12.70
Bissonnet	Houston	1999		15,542			73.6	%		7		1			63,000	Kroger	Blockbuster		16.35
Colony Plaza	Sugarland	1997		26,513			95.0	%		14		1							18.80

Page 28

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2005

		Year	Total					number				Supermarket anchor						Average
		built /	square footage		Percent			of tenants				owned		shadow		name		base rent
Property	City	renovated	owned		leased			leased		vacant		SF		SF		expiration date	Other anchor tenants	per leased SF
Copperfield	Houston, TX	1994		133,984		98.2	%		31		2							JoAnn Fabrics, Dollar Tree, 24 Hour Fitness	$	12.32
Forestwood	Houston	1993		88,760		100.0	%		16		0		59,334				Kroger (7/31/2013)	Blockbuster		11.30
Grogan’s Mill	The Woodlands	1986		118,493		97.4	%		25		1		56,558				Randall’s* (99¢ Store)(6/24/2016)	Petco. Blockbuster		12.60
Hedwig	Houston	1974		69,504		70.8	%		11		2							Ross Dress for Less		14.56
Highland Square	Sugarland	1998		64,171		93.9	%		25		3									17.16
Market at First Colony	Sugarland	1988		107,301		98.1	%		34		1				62,000		Kroger	TJ Maxx, CVS Pharmacy		16.24
Mason Park	Katy	1998		160,047		73.6	%		33		6				58,890		Kroger	Walgreens* (Eloise Collectibles), Palais Royal, Petco		12.33
Mission Bend	Houston	1980 / 1999		131,575		85.5	%		24		3		46,112				Randall’s (6/24/2016)	Remarkable Furniture		9.00
Spring Shadows	Houston	1999		106,995		96.1	%		17		1		65,161				H.E.B. (4/30/2023)			9.64
Steeplechase	Jersey Village	1985		105,152		96.9	%		23		2		56,208				Randall’s (6/24/2016)			11.22
Wal-Mart Marble Falls	Marble Falls	1985		53,571		100.0	%		1		0							Wal-Mart* (Sutherland Lumber)		3.27
Westgate	Houston	1996 / 1998		298,354		100.0	%		25		0		75,154				H.E.B. (12/31/2015)	Kohl’s, Oshman’s Sporting Goods, Office Max, Pier One Imports		11.75
Dallas (12)
Creekside	Arlington	1997 / 1998		101,016		100.0	%		17		0		60,932				Kroger(11/30/2021)	Hollywood Video		12.04
DeSoto Shopping Center	DeSoto	1996		69,090		100.0	%		5		0		58,960				Tom Thumb(11/15/2021)	Blockbuster		9.53
Green Oaks	Arlington	1983		65,091		77.0	%		25		9				58,000		Kroger			11.00
Melbourne Plaza	Hurst	1983		47,517		92.0	%		16		2									11.61
Minyards	Garland	2000		65,295		100.0	%		2		0		58,695				Minyards/Sack N Save (4/30/2020)			6.12
Parkwood	Plano	1985		81,590		92.4	%		18		2				62,000		Albertsons	Hollywood Video		13.38
Richwood	Richardson	1984		54,871		95.8	%		25		2				61,877		Albertsons	Blockbuster		12.60
Rosemeade	Carrollton	1986		51,231		44.9	%		8		10							Blockbuster		12.81
Southlake Village	Southlake	1996		118,092		87.1	%		19		3		60,932				Kroger(10/31/2021)			12.81
Sterling Plaza	Irving	1989		65,765		96.7	%		15		1							Bank One, Irving City Library, 99 Cent Only Store		14.27
Townsend Square	Desoto	1990		146,953		84.3	%		31		7				60,349		Albertsons	Bealls, Victory Gym, Dollar General		8.88
Village by the Park	Arlngton	1988		44,523		86.3	%		7		3							Petco, Movie Trading		16.25

Page 29

EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2005

		Year	Total						number				Supermarket anchor						Average
		built /	square footage			Percent			of tenants				owned		shadow		name		base rent
Property	City	renovated	owned			leased			leased		vacant		SF		SF		expiration date	Other anchor tenants	per leased SF
San Antonio (3)
Bandera Festival	San Antonio, TX	1989		195,438			90.4	%		32		6						Beall’s, Big Lots, Burke’s Outlet, Dollar Tree, FWL Furniture	$	8.06
Blanco Village	San Antonio	2000		108,325			100.0	%		16		0		74,627			H.E.B. (4/30/2015)			15.97
Wurzbach	San Antonio	1979		59,771			100.0	%		3		0		52,957			Albertsons* (1/31/2010)			3.04
TOTAL SHOPPING CENTERS TEXAS (32)				2,970,506			92.1	%		557		73		807,295		426,116			$	11.45
VIRGINA (2)
Smyth Valley Crossing	Marion	1989		126,841			100.0	%		14		0		32,000			Ingles (9/25/2010)	Wal-Mart		5.93
Waterlick Plaza	Lynchburg	1973, 1988		98,694			98.4	%		22		1		30,780			Kroger (3/18/2008)	CVS Pharmacy*, Dollar Tree		8.01
TOTAL SHOPPING CENTERS VIRGINIA (2)				225,535			99.3	%		36		1		62,780		0			$	6.83
TOTAL CORE SHOPPING CENTER PORTFOLIO (180)				19,507,480			94.8	%		3,321		378		5,989,348		539,966			$	10.20
DEVELOPMENTS & REDEVELOPMENTS (6)
Homestead Gas Station	Homestead, FL	1959		2,136			100.0	%		1		0								20.33
Shops at St. Lucie	Port St. Lucie, FL	2005 Development		4.0	acres
Sunlake Development Parcel	Tampa, FL	TBD		155.0	acres
Waterstone	Homestead, FL	2005 Development		12.0	acres
Westridge	McDonough, GA	2005-06 Development		13.5
Winchester Plaza	Huntsville, AL	TBD		33.0	acres
TOTAL DEVELOPMENTS & REDEVELOPMENTS (6)				2,136			100.0	%		1		0		0		0			$	20.33
TOTAL RETAIL PROPERTIES (186)				19,509,616			94.8	%		3,322		378		5,989,348		539,966			$	10.20
OTHER PROPERTIES (3)
4101 South I-85 Industrial	Charlotte, NC	1956, 1963		188,513			81.7	%		3		6
Pinhook Office Building	Lafayette, LA	1979, 1992		4,406			49.5	%		1		1
Mandarin Mini-storage	Jacksonville, FL	1982		52,880			97.8	%		527		12
GRAND TOTAL (189)				19,755,415			94.8	%		3,853		397		5,989,348		539,966

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 ( ).
**	Big Curve Shopping Center in Yuma, Arizona was sold on April 6, 2005 and was classifed as held for sale as of March 31, 2005.

Page 30

EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
As of March 31, 2005

State	Count		Total SF		# Leased		# Vacant		Leased %			AMR
Florida		77		9,025,761		1,737		179		96.0	%	$	93,806,715
Texas		32		2,970,506		557		73		92.1	%		31,346,272
Georgia		23		2,730,854		453		52		92.8	%		24,576,473
Louisiana		14		1,620,565		163		20		94.3	%		9,937,442
North Carolina		12		1,135,128		173		30		95.1	%		7,907,862
South Carolina		8		839,178		94		9		94.8	%		7,770,075
Massachusetts		6		390,979		11		1		99.6	%		7,529,871
Arizona		2		253,254		54		4		95.6	%		2,022,036
Virginia		2		225,535		36		1		99.3	%		1,529,643
Alabama		2		129,215		20		2		98.5	%		1,065,162
Tennessee		1		83,334		10		2		94.8	%		653,772
Mississippi		1		66,857		7		0		100.0	%		385,404
Kentucky		1		38,450		7		5		45.4	%		118,163
Total		181		19,509,616		3,322		378		94.8	%	$	188,648,890

Note: Excludes five development parcels and three commercial properties.

Page 31

EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
For the three months ended March 31, 2005

Renewals

					Average		Average			Annualized
			Average		Expiring		New			Minimum
# of Leases	Square Feet		Size		Rent psf		Rent psf			Rent
89		195,876		2,201	$	15.26	$	16.02		$	3,138,429
					% Increase psf			5.0	%
					Net Increase (AMR)					$	150,198

New Leases

					Average		Annualized
			Average		New		Minimum
# of Leases	Square Feet		Size		Rent psf		Rent
86		340,280		3,957	$	12.12	$	4,124,035

Lost Leases

						Average			Annualized
				Average		Expiring			Minimum
# of Leases	Square Feet			Size		Rent psf			Rent
82		316,634			3,861	$	10.18		$	3,223,452
Net Absorption		23,646		New Leases — Lost Leases
Leasing Spread		19.1	%	New Leases versus Lost Leases (rate psf)
								Net AMR Gain	$	1,050,781
Retention Ratio		65.9	%	Renewals / (Renewals + Non-renewing Expired Leases)

Page 32

EQUITY ONE, INC. AND SUBSIDIARIES
SAME PROPERTY OCCUPANCY STATISTICS
For the three months ended March 31, 2005

Note: The charts reflect 154 core operating properties owned by Equity One in each of the previous eight quarters.

Page 33

EQUITY ONE, INC. AND SUBSIDIARIES
SAME PROPERTY OCCUPANCY STATISTICS — STATE BREAKOUT
For the three months ended March 31, 2005

Note: The charts reflect 154 core operating properties owned by Equity One in each of the previous eight quarters.

Page 34

EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
As of March 31, 2005

										% of total			Average annual
	Number				% of total			Annualized		annualized			minimum
	of		Square		square			minimum		minimum			rent per
Tenant	stores		feet		feet			rent		rent			square foot
Top ten tenants
Publix		48		2,141,420		11.0	%	$	15,484,741		8.2	%	$	7.23
Kroger		17		962,697		4.9	%		7,998,271		4.2	%		8.31
Albertsons/Shaw’s		9		570,286		2.9	%		7,567,853		4.0	%		13.27
Winn Dixie		16		730,442		3.7	%		5,059,331		2.7	%		6.93
Wal-Mart		9		646,682		3.3	%		2,940,519		1.6	%		4.55
H.E. Butt Grocery		4		256,262		1.3	%		2,775,355		1.5	%		10.83
Blockbuster		29		170,092		0.9	%		2,688,217		1.4	%		15.80
CVS Pharmacy		21		214,989		1.1	%		2,258,977		1.2	%		10.51
Bed Bath & Beyond		7		227,689		1.2	%		2,192,531		1.2	%		9.63
Safeway/Randalls		6		309,694		1.6	%		2,111,866		1.1	%		6.82
Sub-total top ten tenants		166		6,230,253		31.9	%	$	51,077,661		27.1	%	$	8.20
Remaining tenants		3,156		12,256,332		62.9	%		137,571,229		72.9	%		11.22
Sub-total all tenants		3,322		18,486,585		94.8	%	$	188,648,890		100.0	%	$	10.20
Vacant		380		1,023,031		5.2	%		NA		NA			NA
Total including vacant		3,700		19,509,616		100.0	%	$	188,648,890		100.0	%	$	9.67

Note: Excludes five development parcels and three commercial properties.

Page 35

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2005

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		230,866		1.2	%	$	2,722,698		1.4	%	$	11.79
2005		556		1,518,140		7.8	%		16,804,141		8.6	%		11.07
2006		684		2,018,242		10.4	%		25,326,482		12.9	%		12.55
2007		670		2,152,479		11.0	%		26,561,476		13.5	%		12.34
2008		449		1,664,193		8.5	%		20,186,644		10.3	%		12.13
2009		359		1,930,811		9.9	%		19,741,197		10.1	%		10.22
2010		175		1,126,738		5.8	%		11,532,100		5.9	%		10.23
2011		47		927,128		4.8	%		7,408,521		3.8	%		7.99
2012		46		848,130		4.3	%		7,355,828		3.7	%		8.67
2013		34		664,694		3.4	%		6,160,217		3.1	%		9.27
2014		36		772,289		4.0	%		6,443,268		3.3	%		8.34
Thereafter		152		4,632,875		23.7	%		46,419,448		23.6	%		10.02
Sub-total / average		3,322		18,486,585		94.8	%	$	196,662,020		100.0	%	$	10.64
Vacant		378		1,023,031		5.2	%		NA		NA			NA
Total / average		3,700		19,509,616		100.0	%	$	196,662,020		100.0	%	$	10.08

Note: Excludes five development parcels and three commercial properties.

Page 36

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2005

ANCHOR TENANTS (SF >= 10,000)

												Percent				Average
					Percent							of				annual
					of				Annualized			total				minimum
	Number				total				minimum			annualized				rent per
	of		Square		square				rent at			minimum				square
Date	tenants		feet		feet				expiration			rent				foot
M-T-M		3		34,594		0.3	%		$	275,811			0.3	%		$	7.97
2005		18		365,305		3.0	%			1,410,920			1.6	%			3.86
2006		28		668,355		5.5	%			4,232,261			4.6	%			6.33
2007		32		819,711		6.8	%			5,594,629			6.1	%			6.83
2008		28		713,626		5.9	%			4,644,079			5.1	%			6.51
2009		39		1,181,247		9.7	%			7,202,196			7.9	%			6.10
2010		30		744,237		6.2	%			4,948,649			5.4	%			6.65
2011		21		848,161		7.0	%			5,583,083			6.1	%			6.58
2012		20		750,305		6.2	%			5,167,199			5.7	%			6.89
2013		15		589,538		4.9	%			4,590,453			5.0	%			7.79
2014		15		684,976		5.6	%			4,689,677			5.1	%			6.85
Thereafter		93		4,411,177		36.4	%			43,009,469			47.0	%			9.75
Sub-total / average		342		11,811,232		97.4	%		$	91,348,426			100.0	%		$	7.73
Vacant		15		316,788		2.6	%	NA			NA				NA
Total / average		357		12,128,020		100.0	%		$	91,348,426			100.0	%		$	7.53

Note: Excludes five development parcels and three commercial properties.

Page 37

d

EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2005

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		111		196,272		2.7	%	$	2,446,887		2.3	%	$	12.47
2005		538		1,152,835		15.6	%		15,393,221		14.6	%		13.35
2006		656		1,349,887		18.3	%		21,094,221		20.0	%		15.63
2007		638		1,332,768		18.1	%		20,966,847		19.9	%		15.73
2008		421		950,567		12.9	%		15,542,565		14.8	%		16.35
2009		320		749,564		10.1	%		12,539,001		11.9	%		16.73
2010		145		382,501		5.2	%		6,583,451		6.3	%		17.21
2011		26		78,967		1.1	%		1,825,438		1.7	%		23.12
2012		26		97,825		1.3	%		2,188,629		2.1	%		22.37
2013		19		75,156		1.0	%		1,569,764		1.5	%		20.89
2014		21		87,313		1.1	%		1,753,591		1.7	%		20.08
Thereafter		59		221,698		3.0	%		3,409,979		3.2	%		15.38
Sub-total / average		2,980		6,675,353		90.4	%	$	105,313,594		100.0	%	$	15.78
Vacant		363		706,243		9.6	%		NA		NA			NA
Total / average		3,343		7,381,596		100.0	%	$	105,313,594		100.0	%	$	14.27

Note: Excludes five development parcels and three commercial properties.

Page 38

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of March 31, 2005
(in thousands, except square footage data)

				Estimated
			Target	Cost Including		Funded as of		Balance
Project	Location	Project Description	Completion Date	Land		3/31/2005		to Complete
Developments
Shops at St. Lucie	Port St. Lucie, FL	Develop a 20,000 sf retail center. Prospecting for new tenant(s)	Fourth quarter 2005	$	3,400	$	1,268	$	2,132
Shops at Skylake	N. Miami Beach, FL	Add additional space to existing development	First quarter 2006		5,603		2,103		3,500
Sunlake Development Parcel	Tampa, FL	155 acre development project	TBD		23,602		12,770		10,832
Waterstone	Homestead, FL	Develop a supermarket anchored center	Fourth quarter 2005		9,635		7,988		1,647
Westridge	McDonough, GA	Develop a supermarket anchored center	Third quarter 2006		9,000		2,148		6,852
Winchester Plaza	Huntsville, AL	Develop a supermarket anchored center. This is in the preplanning stages	TBD		1,843		1,843		—
Subtotal — Developments					53,083		28,120		24,963
Major Redevelopments
Spalding Village	Griffin, GA	Reconfigure the former K Mart into multi-tenant space; Prospecting for new tenants	TBD		3,586		3,000		586
Subtotal — Major Redevelopments					3,586		3,000		586
Out parcel Developments/Expansions
Belfair Towne Village	Bluffton, SC	Prospecting for new tenant(s) on land held for development/expansion	TBD		2,582		1,403		1,179
Blanco Village	San Antonio, TX	Prospecting for new tenant(s) on land held for development/expansion	TBD		4,929		3,132		1,797
Bluebonnet Village	Baton Rouge, LA	Prospecting for new tenant(s) on land held for development/expansion	Fourth quarter 2005		2,221		983		1,238
Cashmere Corners	Port St. Lucie, FL	Prospecting for one or more tenants for out parcels	TBD		496		496		—
Creekside	Arlington, TX	Prospecting for one or more tenants for out parcels	TBD		1,212		621		591
Copperfield	Houston, TX	Prospecting for one or more tenants for out parcels	Fourth quarter 2005		2,270		1,138		1,132
Forest Village	Tallahassee, FL	Prospecting for new tenant(s) on land held for development/expansion	TBD		1,724		1,724		—
Mariners Crossing	Spring Hill, FL	This consists of two outparcels. The development of one out parcel for Goodyear is commencing.	Fourth quarter 2005		1,654		524		1,130
Riverview	Durham, NC	Develop a 5,000 sf ft building on an out parcel	First quarter 2006		620		153		467
West Roxbury	West Roxbury, MA	Prospecting for one or more tenants for out parcels	Fourth quarter 2005		1,480		500		980
Westgate	Houston, TX	Prospecting for one or more tenants for out parcels	TBD		721		721		—
Westport	Davie, FL	Prospecting for one or more tenants for out parcels	TBD		571		571		—
Windy Hill	North Myrtle Beach, SC	Prospecting for one or more tenants for out parcels	Fourth quarter 2005		660		167		493
Subtotal — Out parcel Developments/Expansions					21,140		12,133		9,007
All other development activity					6,773		6,773		—
Total — All Development Activity				$	84,582	$	50,026	$	34,556

Page 39

EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
As of March 31, 2005
(in thousands, except square footage data)

2005 Acquisition Activity

				Square Feet/	Purchase
Date Purchased	Property Name	City	State	Acres	Price
Feb. 1, 2005	Sunlake Development Parcel	Tampa	FL	155 acres		12,600
Feb. 28, 2005	Winchester Plaza	Huntsville	AL	33 acres		1,827
Total					$	14,427

2005 Disposition Activity

				Square Feet/		Sales
Date Sold	Property Name	City	State	Acres		Price		Gain on Sale
Jan. 31, 2005	North River Village	North Ellenton	FL		177,128	$	14,880	$	1,615

Properties Held for Sale as of March 31, 2005

			Square Feet/
Property Name	City	State	Acres
Big Curve	Yuma	AZ	126,402 Sold in April 2005

Page 40

EQUITY ONE, INC. AND SUBSIDIARIES
ANALYST COVERAGE
As of March 31, 2005

BB&T Capital Markets	Bear Stearns & Co. Inc.	Credit Suisse First Boston	Deutsche Bank Securities Inc.
Stephanie M. Krewson	Ross Smotrich	Andrew Rosivach	Louis W. Taylor
804-782-8784	212-272-8046	212-325-6205	212-250-4912
Rob Whittemore	Amy L. Young, CFA	Jessica Tully	Christopher A. Capalongo
804-782-8796	212-272-3523	404-897-2820	212-250-7726
Friedman Billings Ramsey	JP Morgan Securities Inc.	Legg Mason Wood Walker, Inc.	McDonald Investments Inc.
Paul Morgan	Michael W. Meuller, CFA	David M. Fick, CPA	Richard C. Moore II, CFA
703-469-1255	212-622-6689	410-454-5018	216-443-2815
Michael Blank	Joshua Bederman	Nathen Isbee	Richard D. Sweigard
703-469-1115	212-622-6530	410-454-4143	216-563-2501
Raymond James & Associates	Stifel, Nicolaus & Company, Inc.	UBS Securities LLC
Paul D. Puryear	Philip Martin	Ian C. Weissman
727-567-2253	314-342-2000	212-713-8602
Ken Avalos
727-567-2660

Page 41