Exhibit 99.2
Equity One, Inc.
Supplemental Information Package
Supplemental Information Package
June 30, 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
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
June 30, 2005
(unaudited)
TABLE OF CONTENTS
Page | ||||
DISCLOSURES | 3 | |||
FINANCIAL HIGHLIGHTS — OPERATING RATIOS | 4 | |||
FINANCIAL HIGHLIGHTS — DEBT RATIOS — QUARTERLY BREAKOUT | 5 | |||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA) | 6 | |||
NET OPERATING INCOME | 7 | |||
MARKET CAPITALIZATION — QUARTERLY BREAKOUT | 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 | 13 | |||
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS — QUARTERLY BREAKOUT | 14 | |||
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION | 15 | |||
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION — QUARTERLY BREAKOUT | 16 | |||
CONSOLIDATED BALANCE SHEETS | 17 | |||
DEBT SUMMARY | 18 | |||
DEBT MATURITIES | 22 | |||
PROPERTY STATUS REPORT | 23 | |||
ANNUAL MINIMUM RENT BY STATE | 32 | |||
LEASING ACTIVITY AND OCCUPANCY STATISTICS | 33 | |||
TENANT CONCENTRATION SCHEDULES | 35 | |||
SHOPPING CENTER LEASE EXPIRATION SCHEDULES | 37 | |||
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS | 41 | |||
REAL ESTATE ACQUISITIONS AND DISPOSITIONS | 42 | |||
ANALYST COVERAGE | 43 |
EQUITY ONE, INC. AND SUBSIDIARIES
DISCLOSURES
As of June 30, 2005
DISCLOSURES
As of June 30, 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 June 30, 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 June 30, 2005
(in thousands, except per share data)
FINANCIAL HIGHLIGHTS — OPERATING RATIOS
As of June 30, 2005
(in thousands, except per share data)
For the | ||||||||||||||||||||
For the three months ended | For the six months ended | year ended | ||||||||||||||||||
Jun 30, 2005 | Jun 30, 2004 | Jun 30, 2005 | Jun 30, 2004 | Dec 31, 2004 | ||||||||||||||||
Selected Operating Items: | ||||||||||||||||||||
Total rental revenue* | $ | 64,890 | $ | 59,430 | $ | 127,567 | $ | 114,814 | $ | 239,087 | ||||||||||
Property operating expenses* | 16,039 | 15,246 | 31,902 | 29,758 | 63,395 | |||||||||||||||
General & administrative expenses (G&A)* | 4,370 | 3,809 | 8,710 | 7,261 | 16,601 | |||||||||||||||
Net income | $ | 25,143 | $ | 18,535 | $ | 46,933 | $ | 37,222 | $ | 76,628 | ||||||||||
Net income per diluted share | 0.34 | 0.26 | 0.63 | 0.55 | 1.37 | |||||||||||||||
Income from continuing operations | $ | 12,960 | $ | 9,223 | $ | 25,866 | $ | 19,639 | $ | 43,048 | ||||||||||
Income from continuing operations per diluted share | 0.18 | 0.13 | 0.35 | 0.28 | 0.61 | |||||||||||||||
Funds from operations (FFO) | $ | 32,351 | $ | 28,347 | $ | 62,999 | $ | 55,246 | $ | 113,471 | ||||||||||
FFO per diluted share | 0.43 | 0.40 | 0.85 | 0.78 | 1.58 | |||||||||||||||
Funds available for distribution (FAD) | $ | 24,200 | $ | 23,011 | $ | 48,335 | $ | 45,864 | $ | 92,613 | ||||||||||
FAD per diluted share | 0.32 | 0.32 | 0.65 | 0.64 | 1.29 | |||||||||||||||
Total dividends paid per share | $ | 0.29 | $ | 0.28 | $ | 0.58 | $ | 0.56 | $ | 1.13 | ||||||||||
Operating Ratios: | ||||||||||||||||||||
Net operating income margin (see page 7)* | 75.3 | % | 74.3 | % | 75.0 | % | 74.1 | % | 73.5 | % | ||||||||||
Expense recovery ratio (expense recoveries/operating expenses)* | 85.9 | % | 77.7 | % | 83.9 | % | 79.2 | % | 79.2 | % | ||||||||||
EBITDA margin (see page 6)* | 69.2 | % | 68.0 | % | 68.7 | % | 67.9 | % | 66.3 | % | ||||||||||
EBITDA to interest coverage ratio* | 3.5 | 3.4 | 3.5 | 3.5 | 3.4 | |||||||||||||||
G&A as % of total revenues* | 6.6 | % | 6.4 | % | 6.7 | % | 6.3 | % | 6.9 | % | ||||||||||
G&A as % of total assets (annualized) | 0.87 | % | 0.81 | % | 0.86 | % | 0.77 | % | 0.83 | % | ||||||||||
Dividend / FFO payout ratio | 67.4 | % | 70.0 | % | 68.2 | % | 71.8 | % | 71.5 | % | ||||||||||
FFO multiple (annualized if < 12 months) | 13.2 | 11.3 | 13.4 | 11.6 | 15.0 | |||||||||||||||
Dividend / FAD payout ratio | 90.6 | % | 87.5 | % | 89.2 | % | 87.5 | % | 87.6 | % | ||||||||||
FAD multiple (annualized if < 12 months) | 17.7 | 14.1 | 17.5 | 14.1 | 18.4 |
* | The indicated line item includes amounts reported in discontinued operations (except for any gain/(loss) on the disposal of income producing property). |
Page 4
EQUITY ONE, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS — DEBT RATIOS — QUARTERLY BREAKOUT
As of June 30, 2005
(in thousands, except per share data)
FINANCIAL HIGHLIGHTS — DEBT RATIOS — QUARTERLY BREAKOUT
As of June 30, 2005
(in thousands, except per share data)
As of | |||||||||||||||||||||||||||
Jun 30, 2005 | Mar 31, 2005 | Dec 31, 2004 | Sep 30, 2005 | Jun 30, 2004 | Mar 31, 2004 | ||||||||||||||||||||||
Fixed rate debt | $ | 701,513 | $ | 733,982 | $ | 742,317 | $ | 730,739 | $ | 747,741 | $ | 720,263 | |||||||||||||||
Fixed rate debt — swapped to variable rate | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |||||||||||||||||||||
Variable rate debt — swapped to fixed rate | — | — | — | — | 20,000 | 20,000 | |||||||||||||||||||||
Variable rate debt — unhedged | 184,161 | 144,763 | 147,000 | 64,000 | 71,616 | 30,879 | |||||||||||||||||||||
Total debt* | $ | 985,674 | $ | 978,745 | $ | 989,317 | $ | 894,739 | $ | 939,357 | $ | 871,142 | |||||||||||||||
% Fixed rate debt | 71.17 | % | 74.99 | % | 75.03 | % | 81.67 | % | 79.60 | % | 82.68 | % | |||||||||||||||
% Fixed rate debt — swapped to variable rate | 10.15 | % | 10.22 | % | 10.11 | % | 11.18 | % | 10.65 | % | 11.48 | % | |||||||||||||||
% Variable rate debt — swapped to fixed rate | — | — | — | — | 2.13 | % | 2.30 | % | |||||||||||||||||||
% Variable rate debt — unhedged | 18.68 | % | 14.79 | % | 14.86 | % | 7.15 | % | 7.62 | % | 3.54 | % | |||||||||||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||||||||
% Variable rate debt — total | 28.83 | % | 25.01 | % | 24.97 | % | 18.33 | % | 18.27 | % | 15.02 | % | |||||||||||||||
Secured mortgage debt | $ | 454,203 | $ | 488,817 | $ | 495,056 | $ | 480,739 | $ | 497,741 | $ | 470,263 | |||||||||||||||
Unsecured debt | 531,471 | 489,928 | 494,261 | 414,000 | 441,616 | 400,879 | |||||||||||||||||||||
Total debt* | $ | 985,674 | $ | 978,745 | $ | 989,317 | $ | 894,739 | $ | 939,357 | $ | 871,142 | |||||||||||||||
% Secured mortgage debt | 46.08 | % | 49.94 | % | 50.04 | % | 53.73 | % | 52.99 | % | 53.98 | % | |||||||||||||||
% Unsecured debt | 53.92 | % | 50.06 | % | 49.96 | % | 46.27 | % | 47.01 | % | 46.02 | % | |||||||||||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||||||||
Total market capitalization (from page 8) | $ | 2,690,123 | $ | 2,515,416 | $ | 2,746,539 | $ | 2,321,138 | $ | 2,235,352 | $ | 2,242,810 | |||||||||||||||
% Secured mortgage debt | 16.88 | % | 19.43 | % | 18.02 | % | 20.71 | % | 22.27 | % | 20.97 | % | |||||||||||||||
% Unsecured debt | 19.76 | % | 19.48 | % | 18.00 | % | 17.84 | % | 19.76 | % | 17.87 | % | |||||||||||||||
Total debt : Total market capitalization | 36.64 | % | 38.91 | % | 36.02 | % | 38.55 | % | 42.02 | % | 38.84 | % | |||||||||||||||
Weighted-average interest rate on secured mortgage debt | 7.24 | % | 7.26 | % | 7.26 | % | 7.22 | % | 7.25 | % | 7.40 | % | |||||||||||||||
Weighted-average interest rate on senior unsecured notes** | 5.08 | % | 5.10 | % | 5.12 | % | 5.14 | % | 5.16 | % | 5.18 | % | |||||||||||||||
Weighted-average interest rate on revolving credit facilities | 3.69 | % | 3.19 | % | 2.80 | % | 2.13 | % | 2.05 | % | 2.15 | % | |||||||||||||||
Weighted-average maturity on mortgage debt | 5.8 years | 5.6 years | 5.8 years | 5.9 years | 6.1 years | 6.4 years | |||||||||||||||||||||
Weighted-average maturity on senior unsecured notes | 3.3 years | 3.5 years | 3.7 years | 3.9 years | 4.2 years | 4.5 years | |||||||||||||||||||||
* | excluding unamortized premium/discount | |
** | excluding the effect of interest rate swaps |
Page 5
EQUITY ONE, INC. AND SUBSIDIARIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)
For the quarter ended June 30, 2005
(in thousands, except per share data)
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the | ||||||||||||||||||||
For the three months ended | For the six months ended | year ended | ||||||||||||||||||
Jun 30, 2005 | Jun 30, 2004 | Jun 30, 2005 | Jun 30, 2004 | Dec 31, 2004 | ||||||||||||||||
Net income | $ | 25,143 | $ | 18,535 | $ | 46,933 | $ | 38,774 | $ | 97,804 | ||||||||||
Minority interest* | 46 | 188 | 96 | 403 | 689 | |||||||||||||||
Interest expense* | 13,084 | 11,902 | 25,281 | 22,476 | 47,129 | |||||||||||||||
(Gain)/loss on disposal of income producing property | (3,757 | ) | 483 | (5,372 | ) | (1,552 | ) | (22,176 | ) | |||||||||||
Amortization of deferred financing fees* | 370 | 404 | 749 | 670 | 1,459 | |||||||||||||||
Rental property depreciation and amortization* | 10,938 | 9,089 | 21,384 | 17,521 | 37,023 | |||||||||||||||
EBITDA* | $ | 45,824 | $ | 40,601 | $ | 89,071 | $ | 78,292 | $ | 161,928 | ||||||||||
Interest expense* | $ | 13,084 | $ | 11,902 | $ | 25,281 | $ | 22,476 | $ | 47,129 | ||||||||||
EBITDA : interest coverage ratio* | 3.5 | 3.4 | 3.5 | 3.5 | 3.4 | |||||||||||||||
Revenue | ||||||||||||||||||||
Total rental revenue* | $ | 64,890 | $ | 59,430 | $ | 127,567 | $ | 114,814 | $ | 239,087 | ||||||||||
Investment income | 1,215 | 194 | 1,924 | 402 | 2,346 | |||||||||||||||
Other income | 128 | 59 | 192 | 123 | 537 | |||||||||||||||
Total revenue* | $ | 66,233 | $ | 59,683 | $ | 129,683 | $ | 115,339 | $ | 241,970 | ||||||||||
EBITDA margin (EBITDA/total revenue)* | 69.2 | % | 68.0 | % | 68.7 | % | 67.9 | % | 66.9 | % | ||||||||||
Total market capitalization (see page 8) | $ | 2,690,123 | $ | 2,235,352 | $ | 2,690,123 | $ | 2,235,352 | $ | 2,746,539 | ||||||||||
Total market capitalization to EBITDA multiple* | 14.7 | 13.8 | 15.1 | 14.3 | 17.0 |
* | The indicated line item includes amounts reported in discontinued operations (except for any gain/(loss) on the disposal of income producing property). |
Page 6
EQUITY ONE, INC. AND SUBSIDIARIES
NET OPERATING INCOME
For the quarter ended June 30, 2005
(in thousands, except per share data)
NET OPERATING INCOME
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the three months ended | Percent | For the six months ended | Percent | |||||||||||||||||||||
Jun 30, 2005 | Jun 30, 2004 | Change | Jun 30, 2005 | Jun 30, 2004 | Change | |||||||||||||||||||
Net operating income (1) | ||||||||||||||||||||||||
Total rental revenue | 64,890 | 59,430 | 9.2 | % | 127,567 | 114,814 | 11.1 | % | ||||||||||||||||
Property operating expenses (2) | 16,039 | 15,246 | 5.2 | % | 31,902 | 29,758 | 7.2 | % | ||||||||||||||||
Net operating income | 48,851 | 44,184 | 10.6 | % | 95,665 | 85,056 | 12.5 | % | ||||||||||||||||
NOI margin (NOI/total rental revenue) | 75.3 | % | 74.3 | % | 75.0 | % | 74.1 | % | ||||||||||||||||
Net operating income (NOI) from continuing operations | ||||||||||||||||||||||||
Total rental revenue | $ | 47,972 | $ | 40,763 | 17.7 | % | $ | 94,310 | $ | 80,084 | 17.8 | % | ||||||||||||
Property operating expenses (2) | 12,041 | 10,788 | 11.6 | % | 23,366 | 21,139 | 10.5 | % | ||||||||||||||||
Net operating income | $ | 35,931 | $ | 29,975 | 19.9 | % | $ | 70,944 | $ | 58,945 | 20.4 | % | ||||||||||||
NOI margin (NOI/total rental revenue) | 74.9 | % | 73.5 | % | 75.2 | % | 73.6 | % | ||||||||||||||||
Same property NOI (3) | ||||||||||||||||||||||||
Total rental revenue | $ | 57,814 | $ | 53,224 | 8.6 | % | $ | 106,031 | $ | 99,233 | 6.9 | % | ||||||||||||
Property operating expenses | 16,435 | 15,804 | 4.0 | % | 30,243 | 28,946 | 4.5 | % | ||||||||||||||||
Net operating income | $ | 41,379 | $ | 37,420 | 10.6 | % | $ | 75,788 | $ | 70,287 | 7.8 | % | ||||||||||||
Growth in same property NOI | 10.6 | % | 7.8 | % | ||||||||||||||||||||
Growth in same property NOI, excluding termination fees | 4.4 | % | 4.0 | % | ||||||||||||||||||||
Number of properties included in analysis | 162 | 155 | ||||||||||||||||||||||
Same property occupancy | 93.6 | % | 94.3 | % | 93.5 | % | 94.3 | % |
(1) | Amounts included in discontinued operations have been included for purposes of this presentation of net operating income. | |
(2) | Net of intercompany expenses. | |
(3) | 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 — QUARTERLY BREAKOUT
As of June 30, 2005
(in thousands, except per share data)
MARKET CAPITALIZATION — QUARTERLY BREAKOUT
As of June 30, 2005
(in thousands, except per share data)
As of | ||||||||||||||||||||||||
Jun 30, 2005 | Mar 31, 2005 | Dec 31, 2004 | Sep 30, 2004 | Jun 30, 2004 | Mar 31, 2004 | |||||||||||||||||||
Closing market price of common stock | $ | 22.70 | $ | 20.59 | $ | 23.73 | $ | 19.62 | $ | 18.08 | $ | 19.22 | ||||||||||||
Dividend yield (based on current annualized dividend) | 5.11 | % | 5.63 | % | 4.89 | % | 5.71 | % | 6.19 | % | 5.83 | % | ||||||||||||
Dividends paid per share | $ | 0.29 | $ | 0.29 | $ | 0.29 | $ | 0.28 | $ | 0.28 | $ | 0.28 | ||||||||||||
Net book value per share (fully diluted, end of period) | $ | 12.73 | $ | 12.64 | $ | 12.54 | $ | 12.35 | $ | 11.86 | $ | 11.87 | ||||||||||||
Liquidity | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 5,122 | $ | 10,722 | $ | 5,814 | $ | 1,901 | ||||||||||||
Revolving credit facilities | ||||||||||||||||||||||||
Gross potential available under current credit facilities | 345,000 | 345,000 | 345,000 | 345,000 | 345,000 | 345,000 | ||||||||||||||||||
less: Outstanding balance | (179,387 | ) | (144,763 | ) | (147,000 | ) | (64,000 | ) | (80,541 | ) | (50,879 | ) | ||||||||||||
Holdback for letters of credit | (1,283 | ) | (1,289 | ) | (1,339 | ) | (1,378 | ) | (1,456 | ) | (1,378 | ) | ||||||||||||
Net potential available under credit facilities | $ | 164,330 | $ | 198,948 | $ | 196,661 | $ | 279,622 | $ | 263,003 | $ | 292,743 | ||||||||||||
Equity market capitalization (end of period) | ||||||||||||||||||||||||
Common stock shares (in thousands) | ||||||||||||||||||||||||
Basic common shares | 74,029.497 | 73,561.218 | 72,904.922 | 72,069.799 | 70,241.851 | 69,580.460 | ||||||||||||||||||
Diluted common shares | ||||||||||||||||||||||||
Unvested restricted common shares | 582.787 | 576.122 | 692.699 | 700.632 | 513.131 | 524.799 | ||||||||||||||||||
Walden Woods shares | 93.656 | 93.656 | 93.656 | 93.656 | 93.656 | 93.656 | ||||||||||||||||||
IRT Partners operating partnership units | — | — | — | — | 734.266 | 734.266 | ||||||||||||||||||
Common stock options (treasury method, closing price) | 379.914 | 400.907 | 575.229 | 383.661 | 419.820 | 532.424 | ||||||||||||||||||
Fully diluted common shares | 75,085.854 | 74,631.903 | 74,266.506 | 73,247.748 | 72,002.724 | 71,465.605 | ||||||||||||||||||
Total debt (excluding unamortized premium/discount) | $ | 985,674 | $ | 978,745 | $ | 989,317 | $ | 894,739 | $ | 939,357 | $ | 871,142 | ||||||||||||
Cash and cash equivalents | — | — | (5,122 | ) | (10,722 | ) | (5,814 | ) | (1,901 | ) | ||||||||||||||
Net debt | 985,674 | 978,745 | 984,195 | 884,017 | 933,543 | 869,241 | ||||||||||||||||||
Equity market capitalization (fully diluted, end of period) | 1,704,449 | 1,536,671 | 1,762,344 | 1,437,121 | 1,301,809 | 1,373,569 | ||||||||||||||||||
Total market capitalization | $ | 2,690,123 | $ | 2,515,416 | $ | 2,746,539 | $ | 2,321,138 | $ | 2,235,352 | $ | 2,242,810 | ||||||||||||
Net debt to total market capitalization | 36.6 | % | 38.9 | % | 35.8 | % | 38.1 | % | 41.8 | % | 38.8 | % | ||||||||||||
Gross real estate and securities investments | $ | 2,044,861 | $ | 2,016,111 | $ | 2,006,266 | $ | 1,865,041 | $ | 1,885,082 | $ | 1,795,632 | ||||||||||||
Net debt to gross real estate and securities investments | 48.2 | % | 48.5 | % | 49.1 | % | 47.4 | % | 49.5 | % | 48.4 | % |
Page 8
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the quarter ended June 30, 2005
(in thousands, except per share data)
CONSOLIDATED STATEMENTS OF OPERATIONS
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the three months ended | Percent | For the six months ended | Percent | |||||||||||||||||||||
Jun 30, 2005 | Jun 30, 2004 | Change | Jun 30, 2005 | Jun 30, 2004 | Change | |||||||||||||||||||
Rental revenue: | ||||||||||||||||||||||||
Minimum rents | $ | 36,102 | $ | 32,225 | $ | 71,917 | $ | 61,974 | ||||||||||||||||
Expense recoveries | 9,950 | 7,996 | 19,356 | 16,366 | ||||||||||||||||||||
Termination fees | 1,598 | 292 | 1,727 | 361 | ||||||||||||||||||||
Percentage rent | 322 | 250 | 1,310 | 1,383 | ||||||||||||||||||||
Total rental revenue | 47,972 | 40,763 | 17.7 | % | 94,310 | 80,084 | 17.8 | % | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Property operating expenses | 12,041 | 10,788 | 23,366 | 21,139 | ||||||||||||||||||||
Rental property depreciation and amortization | 7,776 | 6,377 | 15,332 | 12,245 | ||||||||||||||||||||
General and administrative expenses | 4,365 | 3,806 | 8,701 | 7,255 | ||||||||||||||||||||
Total costs and expenses | 24,182 | 20,971 | 15.3 | % | 47,399 | 40,639 | 16.6 | % | ||||||||||||||||
Income before other income and expenses, minority interest and discontinued operations | 23,790 | 19,792 | 46,911 | 39,445 | ||||||||||||||||||||
Other income and expenses: | ||||||||||||||||||||||||
Interest expense | (11,772 | ) | (10,278 | ) | (22,345 | ) | (19,355 | ) | ||||||||||||||||
Amortization of deferred financing fees | (355 | ) | (367 | ) | (720 | ) | (597 | ) | ||||||||||||||||
Investment income | 1,215 | 194 | 1,924 | 402 | ||||||||||||||||||||
Other income | 128 | 59 | 192 | 123 | ||||||||||||||||||||
Income before minority interest and discontinued operations | 13,006 | 9,400 | 25,962 | 20,018 | ||||||||||||||||||||
Minority interest | (46 | ) | (177 | ) | (96 | ) | (379 | ) | ||||||||||||||||
Income from continuing operations | 12,960 | 9,223 | 40.5 | % | 25,866 | 19,639 | 31.7 | % | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from rental properties sold or held for sale | 8,426 | 9,806 | 15,695 | 17,607 | ||||||||||||||||||||
Gain (loss) on disposal of income producing properties | 3,757 | (483 | ) | 5,372 | 1,552 | |||||||||||||||||||
Minority interest | — | (11 | ) | — | (24 | ) | ||||||||||||||||||
Income from discontinued operations | 12,183 | 9,312 | 21,067 | 19,135 | ||||||||||||||||||||
Net income | $ | 25,143 | $ | 18,535 | 35.7 | % | $ | 46,933 | $ | 38,774 | 21.0 | % | ||||||||||||
Basic earnings per share | ||||||||||||||||||||||||
Income from continuing operations | $ | 0.18 | $ | 0.13 | 38.5 | % | $ | 0.35 | $ | 0.28 | 25.0 | % | ||||||||||||
Income from discontinued operations | 0.16 | 0.14 | 0.29 | 0.28 | ||||||||||||||||||||
Net income | $ | 0.34 | $ | 0.27 | 25.9 | % | $ | 0.64 | $ | 0.56 | 14.3 | % | ||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||
Income from continuing operations | $ | 0.18 | $ | 0.13 | 38.5 | % | $ | 0.35 | $ | 0.28 | 25.0 | % | ||||||||||||
Income from discontinued operations | 0.16 | 0.13 | 0.28 | 0.27 | ||||||||||||||||||||
Net income | $ | 0.34 | $ | 0.26 | 30.8 | % | $ | 0.63 | $ | 0.55 | 14.5 | % | ||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||
Basic | 73,636 | 69,711 | 73,341 | 69,413 | ||||||||||||||||||||
Diluted | 74,656 | 71,419 | 74,377 | 71,211 | ||||||||||||||||||||
Page 9
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS — QUARTERLY BREAKOUT
For the quarter ended June 30, 2005
(in thousands, except per share data)
CONSOLIDATED STATEMENTS OF OPERATIONS — QUARTERLY BREAKOUT
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the three months ended | |||||||||||||||||||||||||
Jun 30, 2005 | Mar 31, 2005 | Dec 31, 2004 | Sep 30, 2004 | Jun 30, 2004 | Mar 31, 2004 | ||||||||||||||||||||
Rental revenue: | |||||||||||||||||||||||||
Minimum rents | $ | 36,102 | $ | 35,815 | $ | 35,340 | $ | 32,593 | $ | 32,225 | $ | 29,776 | |||||||||||||
Expense recoveries | 9,950 | 9,406 | 9,540 | 9,294 | 7,996 | 8,371 | |||||||||||||||||||
Termination fees | 1,598 | 129 | 2,896 | 136 | 289 | 46 | |||||||||||||||||||
Percentage rent | 322 | 988 | 40 | 240 | 250 | 1,133 | |||||||||||||||||||
Total rental revenue | 47,972 | 46,338 | 47,816 | 42,263 | 40,760 | 39,326 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Property operating expenses | 12,041 | 11,325 | 12,144 | 11,490 | 10,788 | 10,351 | |||||||||||||||||||
Rental property depreciation and amortization | 7,776 | 7,556 | 7,450 | 6,539 | 6,377 | 5,868 | |||||||||||||||||||
General and administrative expenses | 4,365 | 4,336 | 5,612 | 3,718 | 3,806 | 3,450 | |||||||||||||||||||
Total costs and expenses | 24,182 | 23,217 | 25,206 | 21,747 | 20,971 | 19,669 | |||||||||||||||||||
Income before other income and expenses, minority interest and discontinued operations | 23,790 | 23,121 | 22,610 | 20,516 | 19,789 | 19,657 | |||||||||||||||||||
Other income and expenses: | |||||||||||||||||||||||||
Interest expense | (11,772 | ) | (10,573 | ) | (10,616 | ) | (10,524 | ) | (10,278 | ) | (9,078 | ) | |||||||||||||
Amortization of deferred financing fees | (355 | ) | (365 | ) | (369 | ) | (370 | ) | (367 | ) | (230 | ) | |||||||||||||
Investment income | 1,215 | 709 | 734 | 1,210 | 194 | 208 | |||||||||||||||||||
Other income | 128 | 64 | 241 | 174 | 59 | 64 | |||||||||||||||||||
Income before minority interest and discontinued operations | 13,006 | 12,956 | 12,600 | 11,006 | 9,397 | 10,621 | |||||||||||||||||||
Minority interest | (46 | ) | (50 | ) | (47 | ) | (150 | ) | (177 | ) | (202 | ) | |||||||||||||
Income from continuing operations | 12,960 | 12,906 | 12,553 | 10,856 | 9,220 | 10,419 | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
Income from rental properties sold or held for sale | 8,426 | 7,269 | 7,368 | 7,719 | 9,809 | 7,798 | |||||||||||||||||||
Gain (loss) on disposal of income producing properties | 3,757 | 1,615 | 8,409 | 12,215 | (483 | ) | 2,035 | ||||||||||||||||||
Minority interest | — | — | — | (89 | ) | (11 | ) | (13 | ) | ||||||||||||||||
Income from discontinued operations | 12,183 | 8,884 | 15,777 | 19,845 | 9,315 | 9,820 | |||||||||||||||||||
Net income | $ | 25,143 | $ | 21,790 | $ | 28,330 | $ | 30,701 | $ | 18,535 | $ | 20,239 | |||||||||||||
Basic earnings per share | |||||||||||||||||||||||||
Income from continuing operations | $ | 0.18 | $ | 0.17 | $ | 0.17 | $ | 0.15 | $ | 0.13 | $ | 0.15 | |||||||||||||
Income from discontinued operations | 0.16 | 0.13 | 0.22 | 0.28 | 0.14 | 0.14 | |||||||||||||||||||
Net income | $ | 0.34 | $ | 0.30 | $ | 0.39 | $ | 0.43 | $ | 0.27 | $ | 0.29 | |||||||||||||
Diluted earnings per share | |||||||||||||||||||||||||
Income from continuing operations | $ | 0.18 | $ | 0.17 | $ | 0.18 | $ | 0.15 | $ | 0.13 | $ | 0.15 | |||||||||||||
Income from discontinued operations | 0.16 | 0.12 | 0.21 | 0.28 | 0.13 | 0.14 | |||||||||||||||||||
Net income | $ | 0.34 | $ | 0.29 | $ | 0.39 | $ | 0.43 | $ | 0.26 | $ | 0.29 | |||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||
Basic | 73,636 | 73,043 | 72,315 | 70,626 | 69,711 | 69,115 | |||||||||||||||||||
Diluted | 74,656 | 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 June 30, 2005
(in thousands, except per share data)
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the three months ended | For the six months ended | |||||||||||||||||||||||||||||||||||||||
Jun 30, 2005 | Jun 30, 2005 | |||||||||||||||||||||||||||||||||||||||
As | Discontinued Operations | Pre SFAS | As | Discontinued Operations | Pre SFAS | |||||||||||||||||||||||||||||||||||
Reported | Total | Held for Sale | Sold | No. 144 | Reported | Total | Held for Sale | Sold | No. 144 | |||||||||||||||||||||||||||||||
Rental revenue: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents | $ | 36,102 | $ | 11,958 | $ | 11,970 | $ | (12 | ) | $ | 48,060 | $ | 71,917 | $ | 24,234 | $ | 23,817 | $ | 417 | $ | 96,151 | |||||||||||||||||||
Expense recoveries | 9,950 | 3,834 | 3,871 | (37 | ) | 13,784 | 19,356 | 7,413 | 7,316 | 97 | 26,769 | |||||||||||||||||||||||||||||
Termination fees | 1,598 | 1,114 | 1,114 | — | 2,712 | 1,727 | 1,453 | 1,453 | — | 3,180 | ||||||||||||||||||||||||||||||
Percentage rent | 322 | 12 | 12 | — | 334 | 1,310 | 157 | 153 | 4 | 1,467 | ||||||||||||||||||||||||||||||
Total rental revenue | 47,972 | 16,918 | 16,967 | (49 | ) | 64,890 | 94,310 | 33,257 | 32,739 | 518 | 127,567 | |||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 12,041 | 3,998 | 4,024 | (26 | ) | 16,039 | 23,366 | 8,536 | 8,297 | 239 | 31,902 | |||||||||||||||||||||||||||||
Rental property depreciation and amortization | 7,776 | 3,162 | 3,139 | 23 | 10,938 | 15,332 | 6,052 | 5,951 | 101 | 21,384 | ||||||||||||||||||||||||||||||
General and administrative expenses | 4,365 | 5 | 5 | — | 4,370 | 8,701 | 9 | 9 | — | 8,710 | ||||||||||||||||||||||||||||||
Total costs and expenses | 24,182 | 7,165 | 7,168 | (3 | ) | 31,347 | 47,399 | 14,597 | 14,257 | 340 | 61,996 | |||||||||||||||||||||||||||||
Income before other income and expenses, minority interest and discontinued operations | 23,790 | 9,753 | 9,799 | (46 | ) | 33,543 | 46,911 | 18,660 | 18,482 | 178 | 65,571 | |||||||||||||||||||||||||||||
Other income and expenses: | ||||||||||||||||||||||||||||||||||||||||
Interest expense | (11,772 | ) | (1,312 | ) | (1,305 | ) | (7 | ) | (13,084 | ) | (22,345 | ) | (2,936 | ) | (2,808 | ) | (128 | ) | (25,281 | ) | ||||||||||||||||||||
Amortization of deferred financing fees | (355 | ) | (15 | ) | (15 | ) | — | (370 | ) | (720 | ) | (29 | ) | (29 | ) | — | (749 | ) | ||||||||||||||||||||||
Investment income | 1,215 | — | — | — | 1,215 | 1,924 | — | — | — | 1,924 | ||||||||||||||||||||||||||||||
Other income | 128 | — | — | — | 128 | 192 | — | — | — | 192 | ||||||||||||||||||||||||||||||
Income before minority interest and discontinued operations | 13,006 | 8,426 | 8,479 | (53 | ) | 21,432 | 25,962 | 15,695 | 15,645 | 50 | 41,657 | |||||||||||||||||||||||||||||
Minority interest | (46 | ) | — | — | — | (46 | ) | (96 | ) | — | — | — | (96 | ) | ||||||||||||||||||||||||||
Income from continuing operations | 12,960 | 8,426 | 8,479 | (53 | ) | 21,386 | 25,866 | 15,695 | 15,645 | 50 | 41,561 | |||||||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||||||||||
Income from rental properties sold or held for sale | 8,426 | (8,426 | ) | (8,479 | ) | 53 | — | 15,695 | (15,695 | ) | (15,645 | ) | (50 | ) | — | |||||||||||||||||||||||||
Gain on disposal of income producing properties | 3,757 | — | — | — | 3,757 | 5,372 | — | — | — | 5,372 | ||||||||||||||||||||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Income from discontinued operations | 12,183 | (8,426 | ) | (8,479 | ) | 53 | 3,757 | 21,067 | (15,695 | ) | (15,645 | ) | (50 | ) | 5,372 | |||||||||||||||||||||||||
Net income | $ | 25,143 | $ | — | $ | — | $ | — | $ | 25,143 | $ | 46,933 | $ | — | $ | — | $ | — | $ | 46,933 | ||||||||||||||||||||
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
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended June 30, 2005
(in thousands, except per share data)
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the three months ended | For the six months ended | |||||||||||||||||||||||||||||||||||||||
Jun 30, 2004 | Jun 30, 2004 | |||||||||||||||||||||||||||||||||||||||
As | Discontinued Operations | Pre SFAS | As | Discontinued Operations | Pre SFAS | |||||||||||||||||||||||||||||||||||
Reported | Total | Held for Sale | Sold | No. 144 | Reported | Total | Held for Sale | Sold | No. 144 | |||||||||||||||||||||||||||||||
Rental revenue: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents | $ | 32,225 | $ | 13,798 | $ | 11,375 | $ | 2,423 | $ | 46,023 | $ | 61,974 | $ | 26,226 | $ | 21,324 | $ | 4,902 | $ | 88,200 | ||||||||||||||||||||
Expense recoveries | 7,996 | 3,846 | 3,452 | 394 | 11,842 | 16,366 | 7,210 | 6,229 | 981 | 23,576 | ||||||||||||||||||||||||||||||
Termination fees | 292 | 814 | 28 | 786 | 1,106 | 361 | 840 | 44 | 796 | 1,201 | ||||||||||||||||||||||||||||||
Percentage rent | 250 | 209 | 35 | 174 | 459 | 1,383 | 454 | 234 | 220 | 1,837 | ||||||||||||||||||||||||||||||
Total rental revenue | 40,763 | 18,667 | 14,890 | 3,777 | 59,430 | 80,084 | 34,730 | 27,831 | 6,899 | 114,814 | ||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 10,788 | 4,458 | 3,851 | 607 | 15,246 | 21,139 | 8,619 | 7,253 | 1,366 | 29,758 | ||||||||||||||||||||||||||||||
Rental property depreciation and amortization | 6,377 | 2,712 | 2,362 | 350 | 9,089 | 12,245 | 5,276 | 4,531 | 745 | 17,521 | ||||||||||||||||||||||||||||||
General and administrative expenses | 3,806 | 3 | 3 | — | 3,809 | 7,255 | 6 | 6 | — | 7,261 | ||||||||||||||||||||||||||||||
Total costs and expenses | 20,971 | 7,173 | 6,216 | 957 | 28,144 | 40,639 | 13,901 | 11,790 | 2,111 | 54,540 | ||||||||||||||||||||||||||||||
Income before other income and expenses, minority interest and discontinued operations | 19,792 | 11,494 | 8,674 | 2,820 | 31,286 | 39,445 | 20,829 | 16,041 | 4,788 | 60,274 | ||||||||||||||||||||||||||||||
Other income and expenses: | ||||||||||||||||||||||||||||||||||||||||
Interest expense | (10,278 | ) | (1,624 | ) | (1,255 | ) | (369 | ) | (11,902 | ) | (19,355 | ) | (3,121 | ) | (2,381 | ) | (740 | ) | (22,476 | ) | ||||||||||||||||||||
Amortization of deferred financing fees | (367 | ) | (37 | ) | (7 | ) | (30 | ) | (404 | ) | (597 | ) | (73 | ) | (13 | ) | (60 | ) | (670 | ) | ||||||||||||||||||||
Investment income | 194 | — | — | — | 194 | 402 | — | — | — | 402 | ||||||||||||||||||||||||||||||
Other income | 59 | — | — | — | 59 | 123 | — | — | — | 123 | ||||||||||||||||||||||||||||||
Equity in loss of joint ventures | — | (27 | ) | — | (27 | ) | (27 | ) | — | (28 | ) | — | (28 | ) | (28 | ) | ||||||||||||||||||||||||
Income before minority interest and discontinued operations | 9,400 | 9,806 | 7,412 | 2,394 | 19,206 | 20,018 | 17,607 | 13,647 | 3,960 | 37,625 | ||||||||||||||||||||||||||||||
Minority interest | (177 | ) | (11 | ) | — | (11 | ) | (188 | ) | (379 | ) | (24 | ) | — | (24 | ) | (403 | ) | ||||||||||||||||||||||
Income from continuing operations | 9,223 | 9,795 | 7,412 | 2,383 | 19,018 | 19,639 | 17,583 | 13,647 | 3,936 | 37,222 | ||||||||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||||||||||
Income from rental properties sold or held for sale | 9,806 | (9,806 | ) | (7,412 | ) | (2,394 | ) | — | 17,607 | (17,607 | ) | (13,647 | ) | (3,960 | ) | — | ||||||||||||||||||||||||
Gain on disposal of income producing properties | (483 | ) | — | — | — | (483 | ) | 1,552 | — | — | — | 1,552 | ||||||||||||||||||||||||||||
Minority interest | (11 | ) | 11 | — | 11 | — | (24 | ) | 24 | — | 24 | — | ||||||||||||||||||||||||||||
Income from discontinued operations | 9,312 | (9,795 | ) | (7,412 | ) | (2,383 | ) | (483 | ) | 19,135 | (17,583 | ) | (13,647 | ) | (3,936 | ) | 1,552 | |||||||||||||||||||||||
Net income | $ | 18,535 | $ | — | $ | — | $ | — | $ | 18,535 | $ | 38,774 | $ | — | $ | — | $ | — | $ | 38,774 | ||||||||||||||||||||
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 12
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the quarter ended June 30, 2005
(in thousands, except per share data)
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the | ||||||||||||||||||||
For the three months ended | For the six months ended | year ended | ||||||||||||||||||
Jun 30, 2005 | Jun 30, 2004 | Jun 30, 2005 | Jun 30, 2004 | Dec 31, 2004 | ||||||||||||||||
Net income | $ | 25,143 | $ | 18,535 | $ | 46,933 | $ | 38,774 | $ | 97,804 | ||||||||||
Adjustments: | ||||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 10,938 | 9,089 | 21,384 | 17,521 | 37,023 | |||||||||||||||
Gain on disposal of income producing properties | (3,757 | ) | 483 | (5,372 | ) | (1,552 | ) | (22,176 | ) | |||||||||||
Minority interest | 27 | 174 | 54 | 373 | 623 | |||||||||||||||
Other items: | ||||||||||||||||||||
Pro-rata share of real estate depreciation from joint ventures | — | 66 | — | 130 | 197 | |||||||||||||||
Funds from operations | $ | 32,351 | $ | 28,347 | $ | 62,999 | $ | 55,246 | $ | 113,471 | ||||||||||
Increase | 14.1 | % | 14.0 | % | ||||||||||||||||
Earnings per diluted share* | $ | 0.34 | $ | 0.26 | $ | 0.63 | $ | 0.55 | $ | 1.37 | ||||||||||
Adjustments: | ||||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 0.14 | 0.13 | 0.29 | 0.25 | 0.52 | |||||||||||||||
Gain on disposal of income producing properties | (0.05 | ) | 0.01 | (0.07 | ) | (0.02 | ) | (0.31 | ) | |||||||||||
Other items: | ||||||||||||||||||||
Pro-rata share of real estate depreciation from joint ventures | — | — | — | — | — | |||||||||||||||
Funds from operations per diluted share | $ | 0.43 | $ | 0.40 | $ | 0.85 | $ | 0.78 | $ | 1.58 | ||||||||||
Increase | 7.5 | % | 9.0 | % |
* | Earnings per diluted share include 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 FROM OPERATIONS — QUARTERLY BREAKOUT
For the quarter ended June 30, 2005
(in thousands, except per share data)
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS — QUARTERLY BREAKOUT
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the three months ended | ||||||||||||||||||||||||
Jun 30, 2005 | Mar 31, 2005 | Dec 31, 2004 | Sep 30, 2004 | Jun 30, 2004 | Mar 31, 2004 | |||||||||||||||||||
Net income | $ | 25,143 | $ | 21,790 | $ | 28,330 | $ | 30,701 | $ | 18,535 | $ | 20,239 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 10,938 | 10,446 | 10,226 | 9,276 | 9,089 | 8,432 | ||||||||||||||||||
(Gain) loss on disposal of income producing properties | (3,757 | ) | (1,615 | ) | (8,409 | ) | (12,215 | ) | 483 | (2,035 | ) | |||||||||||||
Minority interest | 27 | 28 | 27 | 223 | 174 | 199 | ||||||||||||||||||
Other items: | ||||||||||||||||||||||||
Pro-rata share of real estate depreciation from joint ventures | — | — | — | 65 | 66 | 65 | ||||||||||||||||||
Funds from operations | $ | 32,351 | $ | 30,649 | $ | 30,174 | $ | 28,050 | $ | 28,347 | $ | 26,900 | ||||||||||||
Sequential increase (decrease) | 5.6 | % | 1.6 | % | 7.6 | % | (1.0 | %) | 5.4 | % | ||||||||||||||
Earnings per diluted share* | $ | 0.34 | $ | 0.29 | $ | 0.39 | $ | 0.43 | $ | 0.26 | $ | 0.29 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.12 | ||||||||||||||||||
(Gain) loss on disposal of income producing properties | (0.05 | ) | (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 | $ | 0.43 | $ | 0.41 | $ | 0.41 | $ | 0.39 | $ | 0.40 | $ | 0.38 | ||||||||||||
Sequential increase (decrease) | 4.9 | % | — | 5.1 | % | (2.5 | %) | 5.3 | % | |||||||||||||||
* | Earnings per diluted share include the add-back of those minority interests which are convertible to shares of our common stock |
Page 14
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION
For the quarter ended June 30, 2005
(in thousands, except per share data)
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the | ||||||||||||||||||||
For the three months ended | For the six months ended | year ended | ||||||||||||||||||
Jun 30, 2005 | Jun 30, 2004 | Jun 30, 2005 | Jun 30, 2004 | Dec 31, 2004 | ||||||||||||||||
Funds from operations | $ | 32,351 | $ | 28,347 | $ | 63,000 | $ | 55,247 | $ | 113,471 | ||||||||||
Adjust for certain non-cash items: | ||||||||||||||||||||
Amortization of deferred financing fees | 370 | 404 | 749 | 670 | 1,459 | |||||||||||||||
Amortization of above/below market rent intangibles | (364 | ) | (15 | ) | (512 | ) | (17 | ) | (192 | ) | ||||||||||
Amortization of restricted stock | 1,466 | 1,378 | 2,952 | 2,550 | 5,163 | |||||||||||||||
Straight line rents | (1,086 | ) | (1,070 | ) | (2,353 | ) | (1,614 | ) | (3,835 | ) | ||||||||||
Capitalized interest | (790 | ) | (720 | ) | (1,423 | ) | (1,532 | ) | (3,204 | ) | ||||||||||
Amortization of debt premium/discount | (1,335 | ) | (1,247 | ) | (2,621 | ) | (2,462 | ) | (4,958 | ) | ||||||||||
Total non-cash items | (1,739 | ) | (1,270 | ) | (3,208 | ) | (2,405 | ) | (5,567 | ) | ||||||||||
Adjust for recurring capital expenditures: | ||||||||||||||||||||
Tenant improvements | (2,374 | ) | (409 | ) | (2,739 | ) | (639 | ) | (1,504 | ) | ||||||||||
Leasing commissions and costs | (881 | ) | (967 | ) | (2,392 | ) | (1,136 | ) | (2,744 | ) | ||||||||||
Other capital expenditures | (502 | ) | (285 | ) | (916 | ) | (526 | ) | (1,236 | ) | ||||||||||
Total recurring capital expenditures | (3,757 | ) | (1,661 | ) | (6,047 | ) | (2,301 | ) | (5,484 | ) | ||||||||||
Funds available for distribution before debt payments | 26,855 | 25,416 | 53,745 | 50,541 | 102,420 | |||||||||||||||
Scheduled debt payments | (2,655 | ) | (2,405 | ) | (5,410 | ) | (4,677 | ) | (9,807 | ) | ||||||||||
Funds available for distribution | $ | 24,200 | $ | 23,011 | $ | 48,335 | $ | 45,864 | $ | 92,613 | ||||||||||
Increase | 5.2 | % | 5.4 | % | ||||||||||||||||
Funds available for distribution per diluted share | $ | 0.32 | $ | 0.32 | $ | 0.65 | $ | 0.64 | $ | 1.29 | ||||||||||
Increase | — | 1.6 | % | |||||||||||||||||
Cash dividends | $ | 21,575 | $ | 19,725 | $ | 43,001 | $ | 39,355 | $ | 80,903 | ||||||||||
Page 15
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION — QUARTERLY BREAKOUT
For the quarter ended June 30, 2005
(in thousands, except per share data)
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION — QUARTERLY BREAKOUT
For the quarter ended June 30, 2005
(in thousands, except per share data)
For the three months ended | ||||||||||||||||||||||||
Jun 30, 2005 | Mar 31, 2005 | Dec 31, 2004 | Sep 30, 2004 | Jun 30, 2004 | Mar 31, 2004 | |||||||||||||||||||
Funds from operations | $ | 32,351 | $ | 30,649 | $ | 30,174 | $ | 28,050 | $ | 28,347 | $ | 26,900 | ||||||||||||
Adjust for certain non-cash items: | ||||||||||||||||||||||||
Amortization of deferred financing fees | 370 | 379 | 381 | 409 | 404 | 266 | ||||||||||||||||||
Amortization of above/below market rent intangibles | (364 | ) | (148 | ) | (127 | ) | (48 | ) | (15 | ) | (2 | ) | ||||||||||||
Amortization of restricted stock | 1,466 | 1,486 | 1,363 | 1,368 | 1,378 | 1,172 | ||||||||||||||||||
Straight line rents | (1,086 | ) | (1,267 | ) | (1,120 | ) | (1,100 | ) | (1,070 | ) | (544 | ) | ||||||||||||
Capitalized interest | (790 | ) | (633 | ) | (996 | ) | (676 | ) | (720 | ) | (812 | ) | ||||||||||||
Amortization of debt premium/discount | (1,335 | ) | (1,286 | ) | (1,265 | ) | (1,230 | ) | (1,247 | ) | (1,215 | ) | ||||||||||||
Total non-cash items | (1,739 | ) | (1,469 | ) | (1,764 | ) | (1,277 | ) | (1,270 | ) | (1,135 | ) | ||||||||||||
Adjust for recurring capital expenditures: | ||||||||||||||||||||||||
Tenant improvements | (2,374 | ) | (365 | ) | (570 | ) | (295 | ) | (409 | ) | (230 | ) | ||||||||||||
Leasing commissions and costs | (881 | ) | (1,511 | ) | (737 | ) | (871 | ) | (967 | ) | (169 | ) | ||||||||||||
Other capital expenditures | (502 | ) | (414 | ) | (305 | ) | (405 | ) | (285 | ) | (241 | ) | ||||||||||||
Total recurring capital expenditures | (3,757 | ) | (2,290 | ) | (1,612 | ) | (1,571 | ) | (1,661 | ) | (640 | ) | ||||||||||||
Funds available for distribution before debt payments | 26,855 | 26,890 | 26,798 | 25,202 | 25,416 | 25,125 | ||||||||||||||||||
Scheduled debt payments | (2,655 | ) | (2,755 | ) | (2,600 | ) | (2,514 | ) | (2,405 | ) | (2,272 | ) | ||||||||||||
Funds available for distribution | $ | 24,200 | $ | 24,135 | $ | 24,198 | $ | 22,688 | $ | 23,011 | $ | 22,853 | ||||||||||||
Sequential increase (decrease) | 0.0 | % | (0.3 | %) | 6.7 | % | (1.4 | %) | 0.7 | % | ||||||||||||||
Funds available for distribution per diluted share | $ | 0.32 | $ | 0.33 | $ | 0.33 | $ | 0.31 | $ | 0.32 | $ | 0.32 | ||||||||||||
Sequential increase (decrease) | (3.0 | %) | — | 6.5 | % | (3.1 | %) | — | ||||||||||||||||
Cash dividends | $ | 21,575 | $ | 21,426 | $ | 21,276 | $ | 20,272 | $ | 19,725 | $ | 19,630 | ||||||||||||
Page 16
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
As of | ||||||||||||||||||||||||
Jun 30, 2005 | Mar 31, 2005 | Dec 31, 2004 | Sep 30, 2004 | Jun 30, 2004 | Mar 31, 2004 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Properties | ||||||||||||||||||||||||
Income producing | $ | 1,488,652 | $ | 1,911,819 | $ | 1,915,216 | $ | 1,777,783 | $ | 1,780,145 | $ | 1,740,063 | ||||||||||||
Less: accumulated depreciation | (86,123 | ) | (104,718 | ) | (95,934 | ) | (86,871 | ) | (78,492 | ) | (74,485 | ) | ||||||||||||
Rental property | 1,402,529 | 1,807,101 | 1,819,282 | 1,690,912 | 1,701,653 | 1,665,578 | ||||||||||||||||||
Construction in progress and land held for development | 52,818 | 50,026 | 41,759 | 44,652 | 38,803 | 54,338 | ||||||||||||||||||
Property held for sale | 432,936 | 9,199 | 12,646 | 12,232 | 44,185 | 1,231 | ||||||||||||||||||
Properties, net | 1,888,283 | 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 | 12,643 | 10,204 | 15,699 | 12,135 | 9,403 | 8,919 | ||||||||||||||||||
Securities | 52,303 | 44,593 | 35,756 | 29,405 | 18,287 | — | ||||||||||||||||||
Goodwill | 13,807 | 13,807 | 14,020 | 14,184 | 14,477 | 14,578 | ||||||||||||||||||
Other assets | 48,333 | 57,719 | 48,008 | 61,014 | 46,958 | 45,554 | ||||||||||||||||||
Total | $ | 2,015,369 | $ | 1,992,649 | $ | 1,992,292 | $ | 1,875,256 | $ | 1,879,580 | $ | 1,792,099 | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Mortgage notes payable | $ | 454,203 | $ | 488,817 | $ | 495,056 | $ | 480,739 | $ | 497,741 | $ | 470,263 | ||||||||||||
Unsecured revolving credit facilities | 179,387 | 144,763 | 147,000 | 64,000 | 80,541 | 50,879 | ||||||||||||||||||
Unsecured senior notes payable | 347,310 | 345,165 | 347,261 | 350,000 | 350,000 | 350,000 | ||||||||||||||||||
Payable for securities | 4,774 | — | — | — | 11,075 | — | ||||||||||||||||||
Total debt | 985,674 | 978,745 | 989,317 | 894,739 | 939,357 | 871,142 | ||||||||||||||||||
Unamortized premium/discount on notes payable | 18,984 | 20,318 | 21,603 | 20,354 | 21,585 | 23,894 | ||||||||||||||||||
Total notes payable | 1,004,658 | 999,063 | 1,010,920 | 915,093 | 960,942 | 895,036 | ||||||||||||||||||
Accounts payable and other liabilities | 53,446 | 48,787 | 48,587 | 54,521 | 52,192 | 36,639 | ||||||||||||||||||
Total liabilities | 1,058,104 | 1,047,850 | 1,059,507 | 969,614 | 1,013,134 | 931,675 | ||||||||||||||||||
Minority interest | 1,437 | 1,417 | 1,397 | 1,388 | 12,400 | 12,444 | ||||||||||||||||||
Stockholders’ equity | 955,828 | 943,382 | 931,388 | 904,254 | 854,046 | 847,980 | ||||||||||||||||||
Total | $ | 2,015,369 | $ | 1,992,649 | $ | 1,992,292 | $ | 1,875,256 | $ | 1,879,580 | $ | 1,792,099 | ||||||||||||
Page 17
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of June 30, 2005
(in thousands)
DEBT SUMMARY
As of June 30, 2005
(in thousands)
Maturity | Jun 30, 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 | NA | |||||||||
Elmwood Oaks | 06/01/05 | 8.375% | — | 7,500 | NA | |||||||||||
Benchmark Crossing (2) | 08/01/05 | 9.250% | — | 3,226 | NA | |||||||||||
Sterling Plaza (2) | 09/01/05 | 8.750% | — | 3,874 | NA | |||||||||||
Woodruff (2) | 09/10/05 | 7.580% | — | 2,969 | NA | |||||||||||
Townsend Square (2) | 10/01/05 | 8.500% | — | 4,768 | NA | |||||||||||
Green Oaks (2) | 11/01/05 | 8.375% | — | 2,937 | NA | |||||||||||
Melbourne Plaza (2) | 11/01/05 | 8.375% | — | 1,698 | NA | |||||||||||
Walden Woods | 08/01/06 | 7.875% | 2,212 | 2,272 | 0.22 | % | ||||||||||
Big Curve (3) | 10/01/06 | 9.190% | — | 5,310 | NA | |||||||||||
Highland Square | 12/01/06 | 8.870% | 3,900 | 3,951 | 0.39 | % | ||||||||||
Park Northern | 12/01/06 | 8.370% | 2,128 | 2,182 | 0.21 | % | ||||||||||
Crossroads Square | 12/01/06 | 8.440% | 12,226 | 12,324 | 1.22 | % | ||||||||||
Rosemeade | 12/01/07 | 8.295% | 3,070 | 3,109 | 0.31 | % | ||||||||||
Colony Plaza | 01/01/08 | 7.540% | 2,954 | 2,976 | 0.29 | % | ||||||||||
Parkwood | 01/01/08 | 7.280% | 6,063 | 6,110 | 0.60 | % | ||||||||||
Richwood | 01/01/08 | 7.280% | 3,123 | 3,147 | 0.31 | % | ||||||||||
Commonwealth | 02/15/08 | 7.000% | 2,574 | 2,636 | 0.26 | % | ||||||||||
Mariners Crossing | 03/01/08 | 7.080% | 3,306 | 3,332 | 0.33 | % | ||||||||||
Pine Island/Ridge Plaza | 07/01/08 | 6.910% | 24,390 | 24,582 | 2.43 | % | ||||||||||
Forestwood | 01/01/09 | 5.070% | 7,045 | 7,128 | 0.70 | % | ||||||||||
Shoppes of North Port | 02/08/09 | 6.650% | 3,956 | 4,008 | 0.39 | % | ||||||||||
Prosperity Centre | 03/01/09 | 7.875% | 5,827 | 6,022 | 0.58 | % | ||||||||||
Shoppes of Ibis | 09/01/09 | 6.730% | 5,594 | 5,687 | 0.56 | % | ||||||||||
Tamarac Town Square | 10/01/09 | 9.190% | 6,076 | 6,122 | 0.60 | % | ||||||||||
Park Promenade | 02/01/10 | 8.100% | 6,207 | 6,241 | 0.62 | % |
Page 18
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of June 30, 2005
(in thousands)
DEBT SUMMARY
As of June 30, 2005
(in thousands)
Maturity | Jun 30, 2005 | Dec 31, 2004 | Percent of total | |||||||||||||||||
Debt Instrument | date | Rate (1) | balance | balance | indebtedness | |||||||||||||||
Skipper Palms | 03/01/10 | 8.625 | % | $ | 3,510 | $ | 3,526 | 0.35 | % | |||||||||||
Jonathan’s Landing | 05/01/10 | 8.050 | % | 2,850 | 2,868 | 0.28 | % | |||||||||||||
Bluff’s Square | 06/01/10 | 8.740 | % | 9,959 | 10,005 | 0.99 | % | |||||||||||||
Kirkman Shoppes | 06/01/10 | 8.740 | % | 9,405 | 9,448 | 0.94 | % | |||||||||||||
Ross Plaza | 06/01/10 | 8.740 | % | 6,559 | 6,589 | 0.65 | % | |||||||||||||
Boynton Plaza | 07/01/10 | 8.030 | % | 7,384 | 7,423 | 0.73 | % | |||||||||||||
Pointe Royale | 07/15/10 | 7.950 | % | 4,153 | 4,284 | 0.41 | % | |||||||||||||
Westgate | 07/31/10 | 4.880 | % | 29,393 | 29,625 | 2.93 | % | |||||||||||||
Shops at Skylake | 08/01/10 | 7.650 | % | 14,074 | 14,266 | 1.40 | % | |||||||||||||
Parkwest Crossing | 09/01/10 | 8.100 | % | 4,660 | 4,684 | 0.46 | % | |||||||||||||
Spalding Village | 09/01/10 | 8.190 | % | 10,068 | 10,231 | 1.00 | % | |||||||||||||
Minyards | 11/01/10 | 8.320 | % | 2,453 | 2,473 | 0.24 | % | |||||||||||||
Charlotte Square | 02/01/11 | 9.190 | % | 3,515 | 3,550 | 0.35 | % | |||||||||||||
Forest Village | 04/01/11 | 7.270 | % | 4,415 | 4,441 | 0.44 | % | |||||||||||||
Boca Village | 05/01/11 | 7.200 | % | 8,163 | 8,211 | 0.81 | % | |||||||||||||
MacLand Pointe | 05/01/11 | 7.250 | % | 5,765 | 5,798 | 0.57 | % | |||||||||||||
Pine Ridge Square | 05/01/11 | 7.020 | % | 7,229 | 7,273 | 0.72 | % | |||||||||||||
Sawgrass Promenade | 05/01/11 | 7.200 | % | 8,163 | 8,211 | 0.81 | % | |||||||||||||
Presidential Markets | 06/01/11 | 7.650 | % | 27,016 | 27,159 | 2.69 | % | |||||||||||||
Lake Mary | 11/01/11 | 7.250 | % | 24,147 | 24,282 | 2.40 | % | |||||||||||||
Lake St. Charles | 11/01/11 | 7.130 | % | 3,812 | 3,833 | 0.38 | % | |||||||||||||
Belfair Towne Village | 12/01/11 | 7.320 | % | 11,092 | 11,197 | 1.10 | % | |||||||||||||
Marco Town Center | 01/01/12 | 6.700 | % | 8,496 | 8,578 | 0.85 | % | |||||||||||||
Riverside Square | 03/01/12 | 9.190 | % | 7,532 | 7,589 | 0.75 | % | |||||||||||||
Sparkleberry Square (4) | 11/30/12 | 6.170 | % | 6,591 | 6,655 | 0.66 | % | |||||||||||||
Cashmere | 11/01/12 | 5.880 | % | 5,087 | 5,141 | 0.51 | % | |||||||||||||
Eastwood | 11/01/12 | 5.880 | % | 6,062 | 6,126 | 0.60 | % |
Page 19
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of June 30, 2005
(in thousands)
DEBT SUMMARY
As of June 30, 2005
(in thousands)
Maturity | Jun 30, 2005 | Dec 31, 2004 | Percent of total | |||||||||||||||||
Debt Instrument | date | Rate (1) | balance | balance | indebtedness | |||||||||||||||
Meadows | 11/01/12 | 5.870 | % | $ | 6,371 | $ | 6,438 | 0.63 | % | |||||||||||
Lutz Lake | 12/01/12 | 6.280 | % | 7,500 | 7,500 | 0.75 | % | |||||||||||||
Summerlin Square | 02/01/14 | 6.750 | % | 3,477 | 3,622 | 0.35 | % | |||||||||||||
Bird Ludlum | 02/15/15 | 7.680 | % | 9,369 | 9,690 | 0.93 | % | |||||||||||||
Treasure Coast | 04/01/15 | 8.000 | % | 4,388 | 4,532 | 0.44 | % | |||||||||||||
Shoppes of Silverlakes | 07/01/15 | 7.750 | % | 2,545 | 2,627 | 0.25 | % | |||||||||||||
Medford | 02/01/16 | 8.690 | % | 5,362 | 5,512 | 0.53 | % | |||||||||||||
Swampscott | 02/01/16 | 8.690 | % | 2,330 | 2,395 | 0.23 | % | |||||||||||||
Plymouth | 02/01/16 | 8.690 | % | 3,919 | 4,029 | 0.39 | % | |||||||||||||
Grassland Crossing | 12/01/16 | 7.870 | % | 5,744 | 5,827 | 0.57 | % | |||||||||||||
Mableton Crossing | 08/15/18 | 6.850 | % | 4,012 | 4,062 | 0.40 | % | |||||||||||||
Sparkleberry Square (4) | 06/30/20 | 6.750 | % | 7,770 | 7,918 | 0.77 | % | |||||||||||||
BridgeMill | 05/05/21 | 7.940 | % | 9,309 | 9,395 | 0.93 | % | |||||||||||||
Westport Plaza | 08/24/23 | 7.490 | % | 4,830 | 4,876 | 0.48 | % | |||||||||||||
Chastain Square | 02/28/24 | 6.500 | % | 3,770 | 3,821 | 0.38 | % | |||||||||||||
Daniel Village | 02/28/24 | 6.500 | % | 4,121 | 4,177 | 0.41 | % | |||||||||||||
Douglas Commons | 02/28/24 | 6.500 | % | 4,910 | 4,976 | 0.49 | % | |||||||||||||
Fairview Oaks | 02/28/24 | 6.500 | % | 4,647 | 4,710 | 0.46 | % | |||||||||||||
Madison Centre | 02/28/24 | 6.500 | % | 3,770 | 3,821 | 0.38 | % | |||||||||||||
Paulding Commons | 02/28/24 | 6.500 | % | 6,401 | 6,487 | 0.64 | % | |||||||||||||
Siegen Village | 02/28/24 | 6.500 | % | 4,165 | 4,221 | 0.41 | % | |||||||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500 | % | 3,289 | 3,332 | 0.33 | % | |||||||||||||
Total mortgage debt (66 loans) | 5.8 years | 7.240 | % | 454,203 | 495,056 | 45.21 | % | |||||||||||||
Net interest premium/discount | (wtd-avg maturity) | (wtd-avg interest rate) | 11,809 | 12,721 | 1.18 | % | ||||||||||||||
Total mortgage debt (including net interest premium/discount) | $ | 466,012 | $ | 507,777 | 46.39 | % | ||||||||||||||
Page 20
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of June 30, 2005
(in thousands)
DEBT SUMMARY
As of June 30, 2005
(in thousands)
Maturity | Jun 30, 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 | 4.98 | % | |||||||||||
7.25% senior notes | 08/15/07 | 7.250 | % | 75,000 | 75,000 | 7.47 | % | |||||||||||||
3.875% senior notes (5) | 04/15/09 | 3.875 | % | 200,000 | 200,000 | 19.91 | % | |||||||||||||
Fair value of interest rate swap | 04/15/09 | 6-month Libor + 0.4375% | (2,690 | ) | (2,739 | ) | -0.27 | % | ||||||||||||
7.84% senior notes | 01/23/12 | 7.840 | % | 25,000 | 25,000 | 2.49 | % | |||||||||||||
Total unsecured senior notes payable | 3.3 years | 5.080 | % | 347,310 | 347,261 | 34.57 | % | |||||||||||||
Net interest premium/discount | (wtd-avg maturity) | (wtd-avg interest rate) | 7,175 | 8,882 | 0.71 | % | ||||||||||||||
Total unsecured senior notes payable (including net interest premium/discount) | $ | 354,485 | $ | 356,143 | 35.28 | % | ||||||||||||||
Revolving credit facilities | ||||||||||||||||||||
$340MM Wells Fargo Unsecured | 02/12/06 | 3.690 | % | 178,500 | 147,000 | 17.77 | % | |||||||||||||
$5MM City National Bank Unsecured | 11/11/05 | 4.340 | % | 887 | — | 0.09 | % | |||||||||||||
Total revolving credit facilities | $ | 179,387 | $ | 147,000 | 17.86 | % | ||||||||||||||
Payable for securities | $ | 4,774 | $ | — | 0.48 | % | ||||||||||||||
Total debt | 985,674 | 989,317 | 98.11 | % | ||||||||||||||||
Net interest premium/discount | 18,984 | 21,603 | 1.89 | % | ||||||||||||||||
Total debt (including net interest premium/discount) | $ | 1,004,658 | $ | 1,010,920 | 100.00 | % | ||||||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||||||
Moody’s | Baa3 (Positive) | Baa3 (Stable) | ||||||||||||||||||
S&P | BBB- (Stable) | BBB- (Stable) | ||||||||||||||||||
Page 21
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT MATURITIES
As of June 30, 2005
(in thousands)
DEBT MATURITIES
As of June 30, 2005
(in thousands)
Secured Debt | Unsecured Debt | |||||||||||||||||||||||
Maturity schedule | Scheduled | Balloon | Revolving | Senior | Percent of | |||||||||||||||||||
by year | amortization | payments (6) | Credit Facilities (6) | Notes (7) | Total | debt maturing | ||||||||||||||||||
2005 | $ | 5,206 | $ | — | $ | 5,661 | $ | — | $ | 10,867 | 1.1 | % | ||||||||||||
2006 | 10,957 | 19,699 | 178,500 | 50,000 | 259,156 | 26.2 | % | |||||||||||||||||
2007 | 11,252 | 2,864 | — | 75,000 | 89,116 | 9.0 | % | |||||||||||||||||
2008 | 11,391 | 40,104 | — | — | 51,495 | 5.2 | % | |||||||||||||||||
2009 | 11,125 | 24,332 | — | 200,000 | 235,457 | 23.8 | % | |||||||||||||||||
2010 | 10,224 | 98,471 | — | — | 108,695 | 11.0 | % | |||||||||||||||||
2011 | 8,490 | 93,433 | — | — | 101,923 | 10.3 | % | |||||||||||||||||
2012 | 7,324 | 40,056 | — | 25,000 | 72,380 | 7.3 | % | |||||||||||||||||
2013 | 7,020 | — | — | — | 7,020 | 0.7 | % | |||||||||||||||||
2014 | 7,110 | — | — | — | 7,110 | 0.7 | % | |||||||||||||||||
Thereafter | 35,130 | 10,015 | — | — | 45,145 | 4.6 | % | |||||||||||||||||
Total | $ | 125,229 | $ | 328,974 | $ | 184,161 | $ | 350,000 | $ | 988,364 | 100.0 | % | ||||||||||||
(1) | The rate in effect on June 30, 2005. | |
(2) | These loans have been paid off prior to the stated maturity without incurring any pre-payment penalties. | |
(3) | This loan was assumed by the buyer in connection with the sale of this property. | |
(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 six-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. | |
(6) | 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. Includes amounts payable for securities. | |
(7) | Excludes the adjustment attributable to the fair value of the associated interest rate swap. |
Page 22
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 (6/1/2017) | Rite Aid | $ | 9.72 | ||||||||||||||||||||||||||||
West Gate Plaza | Mobile | 1974, 1995 / 1985 | 64,378 | 96.9 | % | 7 | 2 | 44,000 | Winn-Dixie (7/19/2015) | Rite Aid | 7.00 | |||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (2) | 129,215 | 98.5 | % | 20 | 2 | 81,912 | 0 | $ | 8.38 | |||||||||||||||||||||||||||||||
ARIZONA (1) | ||||||||||||||||||||||||||||||||||||||||
** | Park Northern | Phoenix | 1982 / 1996 | 126,852 | 83.3 | % | 20 | 5 | 51,511 | Safeway (5/31/2008) | Chuck E Cheese, Life Skills Center | 6.76 | ||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ARIZONA (1) | 126,852 | 83.3 | % | 20 | 5 | 51,511 | 0 | $ | 6.76 | |||||||||||||||||||||||||||||||
FLORIDA (77) | ||||||||||||||||||||||||||||||||||||||||
North Florida (13) | ||||||||||||||||||||||||||||||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1998 | 100,559 | 97.9 | % | 24 | 1 | 39,795 | Publix (10/31/2008) | JoAnn Fabrics, Dollar Tree | 10.39 | |||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||
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 (2/28/2018) | 8.41 | ||||||||||||||||||||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 93.9 | % | 14 | 3 | 37,866 | Publix (4/30/2020) | 10.52 | ||||||||||||||||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 74,546 | 82.3 | % | 10 | 3 | 45,500 | Winn-Dixie (5/31/2015) | 7.44 | ||||||||||||||||||||||||||||||
Mandarin Landing | Jacksonville | 1976 / 2000 | 141,565 | 90.4 | % | 34 | 3 | 34,400 | Publix (2/14/2007) | Office Depot | 10.05 | |||||||||||||||||||||||||||||
Medical & Merchants | Jacksonville | 1993 | 152,761 | 97.9 | % | 15 | 2 | 55,999 | Publix (2/10/2013) | Memorial Health Group, Blockbuster | 12.08 | |||||||||||||||||||||||||||||
Middle Beach | Panama City Beach | 1994 | 69,277 | 100.0 | % | 9 | 0 | 56,077 | Publix (9/30/2014) | Movie Gallery | 9.53 | |||||||||||||||||||||||||||||
Monument Point | Jacksonville | 1985 / 1997 | 75,128 | 98.0 | % | 11 | 1 | 46,772 | Winn-Dixie (3/27/2010) | CVS Pharmacy | 6.61 | |||||||||||||||||||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 100.0 | % | 19 | 0 | 39,795 | Publix (3/11/2010) | Beall’s | 7.12 | |||||||||||||||||||||||||||||
** | Parkmore Plaza | Milton | 1986 | 159,067 | 79.4 | % | 12 | 2 | Bealls, Big Lots | 4.52 | ||||||||||||||||||||||||||||||
** | Pensacola Plaza | Pensacola | 1985 | 56,098 | 100.0 | % | 3 | 0 | 42,848 | FoodWorld (12/31/2009) | 4.52 | |||||||||||||||||||||||||||||
South Beach | Jacksonville Beach | 1990, 1991 | 289,964 | 95.3 | % | 44 | 7 | 29,000 | Food Lion (3/31/2010) | Home Depot, Stein Mart, Bealls | 9.64 | |||||||||||||||||||||||||||||
Central Florida (11) | ||||||||||||||||||||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 123,133 | 99.2 | % | 28 | 1 | 54,230 | Publix (11/30/2007) | Blockbuster | 11.88 | |||||||||||||||||||||||||||||
Conway Crossing | Orlando | 2002 | 76,321 | 100.0 | % | 18 | 0 | 44,271 | Publix (4/30/2022) | 11.73 | ||||||||||||||||||||||||||||||
Eastwood | Orlando | 1997 | 69,037 | 100.0 | % | 13 | 0 | 51,512 | Publix (11/1/2017) | 11.43 |
Page 23
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 | 90.2 | % | 20 | 7 | 15,872 | Save-a-Lot (5/31/2013) | Accent Marketing, Goodwill | $ | 5.78 | |||||||||||||||||||||||||
Hunters Creek | Orlando | 1998 | 68,032 | 100.0 | % | 9 | 0 | 51,255 | Winn-Dixie (9/23/2018) | 10.92 | ||||||||||||||||||||||||||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 86.1 | % | 28 | 2 | 18.12 | ||||||||||||||||||||||||||||||
Lake Mary | Orlando | 1988 / 2001 | 342,384 | 99.0 | % | 67 | 19 | 63,139 | Albertsons (6/30/2012) | Kmart, Lifestyle Fitness, Sunstar Movie Theatres | 11.40 | |||||||||||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 125,818 | 94.7 | % | 24 | 2 | 55,000 | Publix* (2/9/2007) | Orange County Library, Blockbuster, Goodwill | 9.04 | |||||||||||||||||||||||||||
Town & Country | Kissimmee | 1993 | 72,043 | 98.3 | % | 12 | 1 | 52,883 | Albertsons (10/31/2018) | 7.32 | ||||||||||||||||||||||||||||
Unigold | Winter Park | 1987 | 117,527 | 100.0 | % | 25 | 0 | 52,500 | Winn-Dixie (4/30/2007) | Blockbuster, Lifestyle Family Fitness | 11.15 | |||||||||||||||||||||||||||
Walden Woods | Plant City | 1985 / 1998, 2003 | 75,874 | 82.9 | % | 12 | 1 | Dollar Tree, Aaron Rents, Dollar General | 6.71 | |||||||||||||||||||||||||||||
Florida West Coast (17) | ||||||||||||||||||||||||||||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 103,986 | 93.9 | % | 19 | 5 | 52,610 | Publix (11/30/2021) | Bealls Outlet, West Marine | 9.65 | |||||||||||||||||||||||||||
Carrollwood | Tampa | 1970 / 2002 | 94,203 | 89.8 | % | 29 | 7 | 27,887 | Publix (11/30/2022) | Floors Today | 12.24 | |||||||||||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 95.0 | % | 22 | 4 | 44,024 | Publix* (1/31/2011) | Pet Supermarket | 7.89 | |||||||||||||||||||||||||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 100.0 | % | 18 | 0 | 48,890 | Publix (5/27/2012) | CVS Pharmacy | 11.17 | |||||||||||||||||||||||||||
Lake St. Charles | Tampa | 1999 | 57,015 | 100.0 | % | 8 | 0 | 46,295 | Kash n’ Karry (6/30/2019) | 9.84 | ||||||||||||||||||||||||||||
Lutz Lake | Lutz | 2002 | 64,985 | 97.8 | % | 14 | 1 | 44,270 | Publix (5/31/2022) | 13.66 | ||||||||||||||||||||||||||||
Marco Town Center | Marco Island | 2001 | 109,830 | 98.2 | % | 41 | 2 | 27,887 | Publix (1/31/2018) | West Marine | 17.49 | |||||||||||||||||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 85,507 | 98.5 | % | 14 | 2 | 48,315 | Kash n’ Karry (8/15/2020) | 8.38 | ||||||||||||||||||||||||||||
Pavilion | Naples | 1982 | 167,745 | 90.7 | % | 37 | 5 | 50,795 | Publix (2/28/2013) | Pavillion 6 Theatre, Anthony’s | 14.43 | |||||||||||||||||||||||||||
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 83.5 | % | 14 | 11 | 44,270 | Publix (2/28/2021) | 10.47 | ||||||||||||||||||||||||||||
Ross Plaza | Tampa | 1984 / 1996 | 85,359 | 93.6 | % | 17 | 2 | Ross Dress for Less, Laminate Kingdom | 9.93 | |||||||||||||||||||||||||||||
Seven Hills | Spring Hill | 1991 | 64,590 | 100.0 | % | 12 | 0 | 48,890 | Publix (9/25/2011) | 9.84 | ||||||||||||||||||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 100.0 | % | 22 | 0 | 48,890 | Publix (12/11/2011) | Bealls Outlet | 9.99 | |||||||||||||||||||||||||||
Skipper Palms | Tampa | 1984 | 88,000 | 89.3 | % | 14 | 3 | 53,440 | Winn-Dixie (5/31/2016) | 8.56 | ||||||||||||||||||||||||||||
Summerlin Square | Fort Myers | 1986 / 1998 | 109,156 | 89.4 | % | 20 | 8 | 45,500 | Winn-Dixie (6/4/2006) | CVS Pharmacy, West Marine | 9.98 | |||||||||||||||||||||||||||
Venice Plaza | Venice | 1971/ 1979 / 1999 | 148,779 | 84.2 | % | 14 | 2 | 42,582 | Kash n’ Karry (9/30/2018) | TJ Maxx, Blockbuster | 5.51 | |||||||||||||||||||||||||||
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 | 5.12 |
Page 24
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 | 99.5 | % | 47 | 1 | 39,795 | Publix (10/22/2006) | Walgreens | $ | 12.12 | ||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 100.0 | % | 18 | 0 | 59,448 | Albertsons (4/30/2025) | 8.35 | ||||||||||||||||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0 | % | 12 | 0 | 53,850 | Albertsons | Blockbuster | 20.03 | |||||||||||||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 97.1 | % | 33 | 1 | 42,112 | Publix (9/30/2007) | Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster | 10.12 | |||||||||||||||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 100.0 | % | 19 | 0 | Wal-Mart* (Bealls Outlet) | 8.13 | |||||||||||||||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 100.0 | % | 32 | 0 | 39,795 | Publix (3/23/2017) | Bealls Outlet, Books-A-Million | 9.90 | |||||||||||||||||||||||||||||
Salerno Village | Stuart | 1987 | 79,903 | 97.4 | % | 18 | 2 | 45,802 | Winn-Dixie (3/23/2024) | CVS Pharmacy | 10.29 | |||||||||||||||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 93.0 | % | 20 | 5 | 59,450 | Winn-Dixie (4/12/2015) | TJ Maxx | 8.63 | |||||||||||||||||||||||||||||
South Florida / Atlantic Coast (28) | ||||||||||||||||||||||||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,282 | 97.9 | % | 44 | 1 | 44,400 | Winn-Dixie (12/31/2007) | CVS Pharmacy, Blockbuster, Goodwill | 15.03 | |||||||||||||||||||||||||||||
Boca Village | Boca Raton | 1978 | 93,428 | 100.0 | % | 22 | 0 | 36,000 | Publix (3/31/2007) | CVS Pharmacy | 15.60 | |||||||||||||||||||||||||||||
Boynton Plaza | Boynton Beach | 1978 / 1999 | 99,324 | 100.0 | % | 29 | 0 | 37,664 | Publix (8/31/2008) | CVS Pharmacy, Hollywood Video | 11.17 | |||||||||||||||||||||||||||||
Countryside Shops | Cooper City | 1986, 1988, 1991 | 179,561 | 98.6 | % | 45 | 1 | 39,795 | Publix (12/4/2010) | CVS Pharmacy, Stein Mart | 12.76 | |||||||||||||||||||||||||||||
Crossroads Square | Ft. Lauderdale | 1973 | 270,206 | 98.2 | % | 24 | 3 | Lowe’s, CVS Pharmacy, 99 Cent Stuff | 7.83 | |||||||||||||||||||||||||||||||
CVS Plaza | Miami | 2004 | 29,204 | 95.5 | % | 8 | 1 | CVS Pharmacy | 13.92 | |||||||||||||||||||||||||||||||
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 (12/5/2014) | Bealls Outlet, World Savings Bank | 12.13 | |||||||||||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 95.9 | % | 19 | 2 | 42,323 | Publix (9/13/2015) | Blockbuster | 13.01 | |||||||||||||||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 99.2 | % | 24 | 2 | 39,473 | Winn-Dixie (2/15/2011) | Kmart, Rite Aid* (Family Dollar), Hollywood Video | 7.14 | |||||||||||||||||||||||||||||
Meadows | Miami | 1997 | 75,524 | 100.0 | % | 21 | 0 | 47,955 | Publix (7/9/2017) | 11.74 | ||||||||||||||||||||||||||||||
Oakbrook Square | Palm Beach Gardens | 1974 / 2000, 2003 | 212,074 | 91.8 | % | 27 | 3 | 44,400 | Publix (11/30/2020) | Stein Mart, Homegoods, CVS, Basset Furniture | 13.58 | |||||||||||||||||||||||||||||
Pine Island | Davie | 1983 / 1999 | 254,907 | 99.3 | % | 46 | 1 | 39,943 | Publix (11/30/2013) | Home Depot Expo, Bealls Outlet | 10.31 | |||||||||||||||||||||||||||||
Pine Ridge Square | Coral Springs | 1986 / 1998, 1999 | 117,399 | 98.3 | % | 33 | 2 | 17,441 | Fresh Market (6/30/2009) | Bed Bath & Beyond, Off Main Furniture, Blockbuster | 13.66 | |||||||||||||||||||||||||||||
Plaza Alegre | Miami | 2003 | 91,611 | 98.7 | % | 20 | 1 | 44,271 | Publix (3/14/2023) | Goodwill, Blockbuster | 14.30 | |||||||||||||||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 209,863 | 98.2 | % | 24 | 1 | 45,350 | Winn-Dixie (2/18/2011) | Best Buy, CVS Pharmacy* (Anna’s Linens) | 6.27 |
Page 25
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 | 9.55 | ||||||||||||||||||||||||||||||
Riverside Square | Coral Springs | 1987 | 107,941 | 96.1 | % | 34 | 2 | 39,795 | Publix (2/18/2007) | Tuesday Morning | 13.45 | |||||||||||||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 95.8 | % | 27 | 2 | 36,464 | Publix (12/15/2009) | Walgreens, Blockbuster | 10.67 | |||||||||||||||||||||||||||||
Sheridan | Hollywood | 1973 / 1991 | 455,843 | 99.3 | % | 63 | 2 | 65,537 | Publix (10/9/2011) | Ross, Bed Bath & Beyond, Blockbuster, Office Depot, AMC Theater, CVS, LA Fitness | 12.48 | |||||||||||||||||||||||||||||
Shoppes of Ibis | West Palm Beach | 1999 | 79,420 | 100.0 | % | 18 | 0 | 51,420 | Publix (4/30/2019) | 12.72 | ||||||||||||||||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995, 1997 | 126,788 | 99.1 | % | 39 | 1 | 47,813 | Publix (6/14/2015) | Blockbuster | 16.28 | |||||||||||||||||||||||||||||
Shops at Skylake | North Miami Beach | 1999-2005 | 247,919 | 99.6 | % | 48 | 1 | 51,420 | Publix (7/31/2019) | Goodwill, L.A. Fitness, Blockbuster | 15.74 | |||||||||||||||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 127,635 | 89.3 | % | 31 | 9 | 37,764 | Publix (12/15/2014) | 10.82 | ||||||||||||||||||||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 99.0 | % | 27 | 1 | 46,216 | Winn-Dixie (10/31/2016) | Navarro Pharmacy | 11.15 | |||||||||||||||||||||||||||||
Westport Plaza | Davie | 2002 | 36,212 | 100.0 | % | 5 | 0 | 27,887 | Publix (11/30/2022) | Blockbuster | 16.77 | |||||||||||||||||||||||||||||
Young Circle | Hollywood | 1962 / 1997 | 65,834 | 100.0 | % | 10 | 0 | 23,124 | Publix (11/30/2016) | Walgreens | 15.14 | |||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (77) | 9,090,759 | 96.0 | % | 1,760 | 164 | 2,879,416 | 53,850 | $ | 10.89 | |||||||||||||||||||||||||||||||
GEORGIA (23) | ||||||||||||||||||||||||||||||||||||||||
Atlanta (18) | ||||||||||||||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 90.7 | % | 25 | 6 | 37,888 | Publix (1/31/2020) | 15.02 | ||||||||||||||||||||||||||||||
Butler Creek | Acworth | 1990 | 95,597 | 95.4 | % | 16 | 3 | 59,997 | Kroger (6/30/2018) | 10.79 | ||||||||||||||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 98.7 | % | 27 | 1 | 37,366 | Publix (5/31/2024) | 16.41 | ||||||||||||||||||||||||||||||
** | Commerce Crossing | Commerce | 1988 | 100,668 | 41.4 | % | 7 | 4 | 32,000 | Ingles (9/26/2009) | 4.69 | |||||||||||||||||||||||||||||
Douglas Commons | Douglasville | 1988 | 97,027 | 100.0 | % | 17 | 0 | 59,431 | Kroger (8/31/2013) | 9.90 | ||||||||||||||||||||||||||||||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 100.0 | % | 13 | 0 | 54,498 | Kroger (9/30/2016) | Blockbuster | 11.33 | |||||||||||||||||||||||||||||
Grassland Crossing | Alpharetta | 1996 | 90,906 | 93.2 | % | 11 | 3 | 70,086 | Kroger (6/30/2016) | 11.56 | ||||||||||||||||||||||||||||||
Hamilton Ridge | Buford | 2002 | 89,496 | 94.9 | % | 18 | 2 | 54,166 | Kroger (11/30/2022) | 12.80 | ||||||||||||||||||||||||||||||
Mableton Crossing | Mableton | 1997 | 86,819 | 97.2 | % | 16 | 1 | 63,419 | Kroger (8/31/2017) | 10.27 | ||||||||||||||||||||||||||||||
Macland Pointe | Marietta | 1992-1993 | 79,699 | 100.0 | % | 17 | 0 | 55,999 | Publix (12/29/2012) | 9.79 | ||||||||||||||||||||||||||||||
Market Place | Norcross | 1976 | 77,706 | 96.3 | % | 20 | 3 | Peachtree Cinema | 10.99 |
Page 26
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 | 96.4 | % | 27 | 3 | 49,700 | Kroger (2/28/2011) | Kmart | $ | 8.04 | ||||||||||||||||||||||||||||||
Powers Ferry Plaza | Marietta | 1979, 1987 / 1998 | 86,473 | 93.2 | % | 21 | 4 | Micro Center | 10.52 | |||||||||||||||||||||||||||||||||
Presidential Markets | Snellville | 1993-2000 | 396,408 | 98.5 | % | 33 | 2 | 56,146 | Publix (12/31/2019) | Bed Bath & Beyond, GAP, TJ Maxx, Shoe Carnival, Borders, Ross Dress for Less, Marshalls, Carmike Cinema, Office Depot | 10.39 | |||||||||||||||||||||||||||||||
Shops of Huntcrest | Lawrenceville | 2003 | 97,040 | 100.0 | % | 26 | 0 | 54,340 | Publix (1/31/2023) | 13.57 | ||||||||||||||||||||||||||||||||
Wesley Chapel Crossing | Decatur | 1989 | 170,792 | 42.7 | % | 20 | 5 | 32,000 | Ingles* (9/25/2009) | CVS Pharmacy | 7.99 | |||||||||||||||||||||||||||||||
West Towne Square | Rome | 1988 | 89,596 | 87.3 | % | 14 | 4 | Big Lots, Eckerd* | 5.74 | |||||||||||||||||||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 100.0 | % | 27 | 0 | 18.12 | ||||||||||||||||||||||||||||||||||
Central Georgia (3) | ||||||||||||||||||||||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 95.4 | % | 35 | 4 | 45,971 | Bi-Lo (3/25/2022) | Eckerd, St. Joseph Home Health Care | 7.92 | |||||||||||||||||||||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 58.7 | % | 20 | 9 | 59,431 | Kroger (5/31/2014) | JC Penney, Blockbuster | 8.23 | |||||||||||||||||||||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 100.0 | % | 8 | 0 | 32,960 | Harris Teeter* (Omni Fitness) (4/1/2011) | 9.56 | ||||||||||||||||||||||||||||||||
South Georgia (2) | ||||||||||||||||||||||||||||||||||||||||||
** | Colony Square | Fitzgerald | 1987 | 50,000 | 71.6 | % | 2 | 5 | 32,200 | Food Lion (Harvey’s) (12/31/2007) | 5.86 | |||||||||||||||||||||||||||||||
McAlpin Square | Savannah | 1979 | 176,807 | 94.4 | % | 25 | 2 | 43,600 | Kroger (8/31/2015) | US Post Office, Big Lots, In Fashion Menswear Outlet | 7.50 | |||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (23) | 2,730,854 | 87.3 | % | 445 | 61 | 931,198 | 0 | $ | 10.11 | |||||||||||||||||||||||||||||||||
KENTUCKY (1) | ||||||||||||||||||||||||||||||||||||||||||
** | Scottsville Square | Bowling Green | 1986 | 38,450 | 48.0 | % | 8 | 4 | Hancock Fabrics | 6.95 | ||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS KENTUCKY (1) | 38,450 | 48.0 | % | 8 | 4 | 0 | 0 | $ | 6.95 | |||||||||||||||||||||||||||||||||
LOUISIANA (14) | ||||||||||||||||||||||||||||||||||||||||||
** | Ambassador Row | Lafayette | 1980, 1991 | 193,978 | 84.3 | % | 22 | 4 | Conn’s Appliances, Big Lots, Chuck E Cheese, Goody’s | 8.78 | ||||||||||||||||||||||||||||||||
** | Ambassador Row Courtyard | Lafayette | 1986, 1991 / 2005 | 146,697 | 84.6 | % | 19 | 5 | Bed. Bath & Beyond, Marshall’s, Hancock Fabrics | 9.52 | ||||||||||||||||||||||||||||||||
** | Bluebonnet Village | Baton Rouge | 1983 | 90,215 | 98.4 | % | 19 | 1 | 33,387 | Matherne’s (11/30/2010) | Ace Hardware | 8.18 | ||||||||||||||||||||||||||||||
** | Boulevard | Lafayette | 1976, 1994 | 68,012 | 96.8 | % | 14 | 1 | Piccadilly, Harbor Freight Tools, Golfballs.com | 7.35 | ||||||||||||||||||||||||||||||||
** | Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 94.6 | % | 10 | 1 | 33,387 | Winn-Dixie (1/31/2008) | Dollar General | 5.90 | ||||||||||||||||||||||||||||||
** | Crossing | Slidell | 1988, 1993 | 113,989 | 94.7 | % | 13 | 2 | 58,432 | Save A Center (9/29/2009) | A-1 Home Appliance, Piccadilly | 5.47 | ||||||||||||||||||||||||||||||
** | Elmwood Oaks | Harahan | 1989 | 133,995 | 88.4 | % | 9 | 2 | Academy Sports, Dollar Tree, Advance Auto* (Goodwill) | 9.56 | ||||||||||||||||||||||||||||||||
** | Grand Marche (ground lease) | Lafayette | 1969 | 200,585 | 100.0 | % | 1 | 0 | Academy Sports, JoAnn Fabrics | 0.14 |
Page 27
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 (6/30/2010) | Fred’s, Howard Brothers* | $ | 3.52 | |||||||||||||||||||||||||||
** | Sherwood South | Baton Rouge | 1972, 1988, 1992 | 77,107 | 74.4 | % | 8 | 2 | Burke’s Outlet, Harbor Freight Tools, Blockbuster | 7.43 | ||||||||||||||||||||||||||||||
** | Siegen Village | Baton Rouge | 1988 | 170,416 | 99.5 | % | 19 | 1 | Office Depot, Big Lots, Dollar Tree, Stage, Party City | 8.41 | ||||||||||||||||||||||||||||||
** | Tarpon Heights | Galliano | 1982 | 56,605 | 90.9 | % | 7 | 3 | CVS Pharmacy, Stage, Dollar General | 4.68 | ||||||||||||||||||||||||||||||
** | Village at Northshore | Slidell | 1988 | 144,638 | 97.6 | % | 12 | 1 | Marshalls, Dollar Tree, Kirschman’s, Bed Bath & Beyond, Office Depot | 8.41 | ||||||||||||||||||||||||||||||
** | Wal-Mart Mathews | Mathews | 1985 | 54,223 | 100.0 | % | 1 | 0 | Wal-Mart | 2.90 | ||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (14) | 1,620,565 | 92.9 | % | 161 | 24 | 153,298 | 0 | $ | 6.46 | |||||||||||||||||||||||||||||||
MASSACHUSETTS (6) | ||||||||||||||||||||||||||||||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0 | % | 1 | 0 | 66,108 | Star Market (1/2/2016) | 23.90 | ||||||||||||||||||||||||||||||
Medford Shaw’s Supermarket | Medford | 1995 | 60,356 | 100.0 | % | 1 | 0 | 60,356 | Shaw’s (1/1/2016) | 21.37 | ||||||||||||||||||||||||||||||
Plymouth Shaw’s Supermarket | Plymouth | 1993 | 59,726 | 100.0 | % | 1 | 0 | 59,726 | Shaw’s (1/1/2016) | 15.79 | ||||||||||||||||||||||||||||||
Quincy Star Market | Quincy | 1965 / 1995 | 100,741 | 100.0 | % | 1 | 0 | 100,741 | Star Market (1/2/2016) | 15.43 | ||||||||||||||||||||||||||||||
Swampscott Whole Foods | Swampscott | 1967 / 2005 | 35,907 | 100.0 | % | 1 | 0 | 35,907 | Whole Foods (1/1/2016) | 21.00 | ||||||||||||||||||||||||||||||
West Roxbury Shaw’s Plaza | West Roxbury | 1973 / 1995 | 68,141 | 100.0 | % | 7 | 0 | 54,928 | Shaw’s (1/2/2016) | 21.28 | ||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (6) | 390,979 | 100.0 | % | 12 | 0 | 377,766 | 0 | $ | 19.37 | |||||||||||||||||||||||||||||||
MISSISSIPPI (1) | ||||||||||||||||||||||||||||||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 100.0 | % | 7 | 0 | Rite Aid, Big Lots | 5.77 | |||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 100.0 | % | 7 | 0 | 0 | 0 | $ | 5.77 | |||||||||||||||||||||||||||||||
NORTH CAROLINA (12) | ||||||||||||||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 163,642 | 94.7 | % | 21 | 3 | Belk’s, Goody’s, Dollar Tree | 6.02 | |||||||||||||||||||||||||||||||
Chestnut Square | Brevard | 1985 | 39,640 | 83.9 | % | 4 | 3 | 21,000 | Food Lion* (9/28/2010) | Dollar General | 5.45 | |||||||||||||||||||||||||||||
Galleria | Wrightsville Beach | 1986, 1990 | 92,114 | 91.5 | % | 32 | 6 | 28,000 | Harris Teeter (4/5/2006) | Eckerd | 9.57 | |||||||||||||||||||||||||||||
Parkwest Crossing | Durham | 1990 | 85,602 | 98.4 | % | 16 | 1 | 38,052 | Food Lion (12/14/2010) | 10.18 | ||||||||||||||||||||||||||||||
** | Plaza North | Hendersonville | 1986 | 47,240 | 94.9 | % | 7 | 2 | 25,590 | Bi-Lo* (8/31/2006) | CVS Pharmacy | 7.02 | ||||||||||||||||||||||||||||
Providence Square | Charlotte | 1973 | 85,930 | 90.2 | % | 18 | 7 | 35,702 | Harris Teeter* (4/30/2006) | Eckerd | 8.16 | |||||||||||||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 127,498 | 96.5 | % | 11 | 2 | 53,538 | Kroger (12/31/2014) | Upchurch Drugs, Blockbuster | 7.18 |
Page 28
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 (2/11/2023) | $ | 10.07 | |||||||||||||||||||||||||||||
** | 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 | 5.48 | ||||||||||||||||||||||||||||
** | Thomasville Commons | Thomasville | 1991 | 148,754 | 100.0 | % | 13 | 0 | 32,000 | Ingles (9/29/2012) | Kmart, CVS Pharmacy | 6.00 | ||||||||||||||||||||||||||||
Willowdaile Shopping Center | Durham | 1986 | 121,376 | 92.3 | % | 23 | 5 | 53,368 | Harris Teeter (5/14/2009) | Eckerd* (Family Dollar) | 10.20 | |||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 1,135,128 | 95.3 | % | 173 | 32 | 347,412 | 0 | $ | 7.35 | |||||||||||||||||||||||||||||||
SOUTH CAROLINA (8) | ||||||||||||||||||||||||||||||||||||||||
Belfair Towne Village | Bluffton | 2000-2003 | 125,389 | 100.0 | % | 29 | 0 | 55,696 | Kroger (10/31/2019) | Blockbuster | 14.10 | |||||||||||||||||||||||||||||
** | Lancaster Plaza | Lancaster | 1971 / 1990 | 77,400 | 32.6 | % | 2 | 2 | 19,200 | Bi-Lo (9/30/2010) | 2.86 | |||||||||||||||||||||||||||||
** | Lancaster Shopping Center | Lancaster | 1963, 1987 | 29,047 | 100.0 | % | 2 | 0 | Sweet Union Furniture | 2.07 | ||||||||||||||||||||||||||||||
North Village Center | North Myrtle Beach | 1984 | 60,356 | 96.8 | % | 12 | 2 | 24,806 | Bi-Lo (5/31/2009) | Dollar General, Gold’s Gym | 8.61 | |||||||||||||||||||||||||||||
Sparkleberry Square | Columbia | 1997 / 2004 | 339,051 | 98.4 | % | 23 | 3 | 67,943 | Kroger (8/31/2017) | Kohl’s, Ross Dress for Less, Circuit City, Bed Bath & Beyond, Petsmart, Pier One | 11.14 | |||||||||||||||||||||||||||||
Spring Valley | Columbia | 1978 / 1997 | 75,415 | 95.2 | % | 15 | 3 | 45,070 | Bi-Lo (12/31/2017) | 9.10 | ||||||||||||||||||||||||||||||
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 | 100.0 | % | 10 | 0 | 47,955 | Publix (8/6/2015) | Blockbuster | 10.09 | |||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8) | 839,178 | 92.5 | % | 95 | 10 | 260,670 | 0 | $ | 10.07 | |||||||||||||||||||||||||||||||
TENNESSEE (1) | ||||||||||||||||||||||||||||||||||||||||
Smyrna Village | Smyrna | 1992 | 83,334 | 96.6 | % | 11 | 1 | 59,214 | Kroger (2/29/2012) | 8.33 | ||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (1) | 83,334 | 96.6 | % | 11 | 1 | 59,214 | 0 | $ | 8.33 | |||||||||||||||||||||||||||||||
TEXAS (32) | ||||||||||||||||||||||||||||||||||||||||
Houston (17) | ||||||||||||||||||||||||||||||||||||||||
** | Barker Cypress | Houston | 1999 | 66,945 | 90.9 | % | 13 | 4 | 41,320 | H.E.B. (1/31/2014) | 12.50 | |||||||||||||||||||||||||||||
** | Beechcrest | Houston | 1981 / 2001 | 90,647 | 98.7 | % | 14 | 1 | 40,345 | Randall’s* (6/24/2016) | Walgreens* | 8.66 | ||||||||||||||||||||||||||||
** | 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 | 19.01 |
Page 29
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 | 1994 | 133,984 | 98.2 | % | 31 | 2 | JoAnn Fabrics, Dollar Tree, 24 Hour Fitness | $ | 12.37 | |||||||||||||||||||||||||||||||
** | Forestwood | Houston | 1993 | 88,760 | 100.0 | % | 16 | 0 | 59,334 | Kroger (7/31/2013) | Blockbuster | 11.35 | ||||||||||||||||||||||||||||||
** | Grogan’s Mill | The Woodlands | 1986 | 118,493 | 97.4 | % | 25 | 1 | 56,558 | Randall’s* (99¢ Store) (6/24/2016) | Petco. Blockbuster | 12.21 | ||||||||||||||||||||||||||||||
** | Hedwig | Houston | 1974 | 69,504 | 74.3 | % | 12 | 2 | Ross Dress for Less | 14.91 | ||||||||||||||||||||||||||||||||
** | Highland Square | Sugarland | 1998 | 64,171 | 91.4 | % | 24 | 4 | 17.15 | |||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||
** | Market at First Colony | Sugarland | 1988 | 107,301 | 98.1 | % | 34 | 1 | 62,000 | Kroger | TJ Maxx, CVS Pharmacy | 16.27 | ||||||||||||||||||||||||||||||
** | Mason Park | Katy | 1998 | 160,047 | 73.5 | % | 34 | 5 | 58,890 | Kroger | Walgreens* (Eloise Collectibles), Palais Royal, Petco | 12.27 | ||||||||||||||||||||||||||||||
** | Mission Bend | Houston | 1980 / 1999 | 131,575 | 88.1 | % | 25 | 2 | 46,112 | Randall’s (6/24/2016) | Remarkable Furniture | 8.98 | ||||||||||||||||||||||||||||||
** | 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) | 11.24 | |||||||||||||||||||||||||||||||
** | Sutherland Lumber | Marble Falls | 1985 | 53,571 | 100.0 | % | 1 | 0 | Sutherland Lumber | 2.82 | ||||||||||||||||||||||||||||||||
** | 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 | 12.22 | ||||||||||||||||||||||||||||||
** | 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 | 69.7 | % | 24 | 10 | 58,000 | Kroger | 10.85 | |||||||||||||||||||||||||||||||
** | Melbourne Plaza | Hurst | 1983 | 47,517 | 92.9 | % | 16 | 2 | 11.60 | |||||||||||||||||||||||||||||||||
** | 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 | 92.2 | % | 18 | 2 | 62,000 | Albertsons | Hollywood Video | 13.33 | ||||||||||||||||||||||||||||||
** | Richwood | Richardson | 1984 | 54,871 | 93.4 | % | 24 | 3 | 61,877 | Albertsons | Blockbuster | 12.67 | ||||||||||||||||||||||||||||||
** | Rosemeade | Carrollton | 1986 | 51,231 | 30.9 | % | 7 | 11 | Blockbuster | 14.09 | ||||||||||||||||||||||||||||||||
** | Southlake Village | Southlake | 1996 | 118,092 | 90.2 | % | 20 | 2 | 60,932 | Kroger (10/31/2021) | 13.04 | |||||||||||||||||||||||||||||||
** | Sterling Plaza | Irving | 1989 | 65,765 | 93.1 | % | 14 | 2 | Bank One, Irving City Library, 99 Cent Only Store | 14.32 | ||||||||||||||||||||||||||||||||
** | Townsend Square | Desoto | 1990 | 146,953 | 84.3 | % | 31 | 7 | 60,349 | Albertsons | Bealls, Victory Gym, Dollar General | 8.90 | ||||||||||||||||||||||||||||||
** | Village by the Park | Arlngton | 1988 | 44,523 | 96.6 | % | 9 | 1 | Petco, Movie Trading | 18.11 |
Page 30
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of June 30, 2005
PROPERTY STATUS REPORT
As of June 30, 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 | 1989 | 195,438 | 94.3 | % | 34 | 4 | Beall’s, Big Lots, Burke’s Outlet, Dollar Tree, FWL Furniture | $ | 8.26 | |||||||||||||||||||||||||||||||
** | Blanco Village | San Antonio | 2000 | 108,325 | 100.0 | % | 16 | 0 | 74,627 | H.E.B. (4/30/2015) | 15.98 | |||||||||||||||||||||||||||||||
** | 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 | 92.3 | % | 560 | 71 | 807,295 | 426,116 | $ | 11.49 | |||||||||||||||||||||||||||||||||
VIRGINA (2) | ||||||||||||||||||||||||||||||||||||||||||
** | Smyth Valley Crossing | Marion | 1989 | 126,841 | 100.0 | % | 14 | 0 | 32,000 | Ingles (9/25/2010) | Wal-Mart | 5.96 | ||||||||||||||||||||||||||||||
** | Waterlick Plaza | Lynchburg | 1973, 1988 | 98,694 | 97.4 | % | 21 | 2 | 30,780 | Kroger (3/18/2008) | CVS Pharmacy*, Dollar Tree | 8.00 | ||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (2) | 225,535 | 98.8 | % | 35 | 2 | 62,780 | 0 | $ | 6.84 | |||||||||||||||||||||||||||||||||
TOTAL CORE SHOPPING CENTER PORTFOLIO (180) | 19,448,212 | 93.7 | % | 3,307 | 376 | 6,012,472 | 479,966 | $ | 10.32 | |||||||||||||||||||||||||||||||||
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 acres | |||||||||||||||||||||||||||||||||||||||
Winchester Plaza | Huntsville, AL | 2005-06 Development | 33.0 acres | |||||||||||||||||||||||||||||||||||||||
TOTAL DEVELOPMENTS & REDEVELOPMENTS (6) | 2,136 | 100.0 | % | 1 | 0 | 0 | 0 | $ | 20.33 | |||||||||||||||||||||||||||||||||
TOTAL RETAIL PROPERTIES (186) | 19,450,348 | 93.7 | % | 3,308 | 376 | 6,012,472 | 479,966 | $ | 10.32 | |||||||||||||||||||||||||||||||||
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 | 97.0 | % | 523 | 16 | |||||||||||||||||||||||||||||||||||
GRAND TOTAL (189) | 19,696,147 | 93.6 | % | 3,835 | 399 | 6,012,472 | 479,966 | |||||||||||||||||||||||||||||||||||
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 ( ). | |
** | Indicates properties that were classified as held for sale as of June 30, 2005. |
Page 31
EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
As of June 30, 2005
ANNUAL MINIMUM RENT BY STATE
As of June 30, 2005
State | Count | Total SF | # Leased | # Vacant | Leased % | AMR | ||||||||||||||||||
Florida | 78 | 9,092,895 | 1,761 | 164 | 96.0 | % | $ | 94,984,019 | ||||||||||||||||
Texas | 32 | 2,970,506 | 560 | 71 | 92.3 | % | 31,504,714 | |||||||||||||||||
Georgia | 23 | 2,730,854 | 445 | 61 | 87.3 | % | 24,113,711 | |||||||||||||||||
Louisiana | 14 | 1,620,565 | 161 | 24 | 92.9 | % | 9,733,932 | |||||||||||||||||
North Carolina | 12 | 1,135,128 | 173 | 32 | 95.3 | % | 7,945,772 | |||||||||||||||||
South Carolina | 8 | 839,178 | 95 | 10 | 92.5 | % | 7,814,471 | |||||||||||||||||
Massachusetts | 6 | 390,979 | 12 | 0 | 100.0 | % | 7,571,871 | |||||||||||||||||
Virginia | 2 | 225,535 | 35 | 2 | 98.8 | % | 1,525,141 | |||||||||||||||||
Alabama | 2 | 129,215 | 20 | 2 | 98.5 | % | 1,066,626 | |||||||||||||||||
Arizona | 1 | 126,852 | 20 | 5 | 83.3 | % | 714,411 | |||||||||||||||||
Tennessee | 1 | 83,334 | 11 | 1 | 96.6 | % | 670,482 | |||||||||||||||||
Mississippi | 1 | 66,857 | 7 | 0 | 100.0 | % | 386,004 | |||||||||||||||||
Kentucky | 1 | 38,450 | 8 | 4 | 48.0 | % | 128,163 | |||||||||||||||||
Total | 181 | 19,450,348 | 3,308 | 376 | 93.7 | % | $ | 188,159,317 |
Note: | Excludes five development parcels and three commercial properties. |
Page 32
EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
For the three months ended June 30, 2005
LEASING ACTIVITY
For the three months ended June 30, 2005
Renewals
Average | Average | Annualized | ||||||||
Average | Expiring | New | Minimum | |||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||
89 | 203,395 | 2,285 | $13.14 | $13.65 | $2,775,989 | |||||
% Increase psf | 3.9% | |||||||||
Net Increase (AMR) | $ 104,243 | |||||||||
New Leases
Average | Annualized | |||||||||
Average | New | Minimum | ||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||
82 | 511,440 | 6,237 | $7.57 | $3,873,109 | ||||||
Lost Leases
Average | Annualized | |||||||
Average | Expiring | Minimum | ||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||
77 | 712,015 | 9,247 | $6.34 | $4,516,171 |
Note: | Includes six Anchor lease terminations representing $2.2 million of AMR on 472,296 square feet in connection with which we received $2.7 million of lease termination payments. |
Net Absorption | (200,575 | ) | New Leases — Lost Leases | |||||||
Leasing Spread | 19.4 | % | New Leases versus Lost Leases (rate psf) |
Net AMR Gain | ($538,819) | |||||||
Page 33
EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
For the six months ended June 30, 2005
LEASING ACTIVITY
For the six months ended June 30, 2005
Renewals
Average | Average | Annualized | ||||||||
Average | Expiring | New | Minimum | |||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||
178 | 399,271 | 2,243 | $14.18 | $14.81 | $5,914,418 | |||||
% Increase psf | 4.4% | |||||||||
Net Increase (AMR) | $ 254,441 | |||||||||
New Leases
Average | Annualized | |||||||||
Average | New | Minimum | ||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||
168 | 851,720 | 5,070 | $9.39 | $7,997,144 | ||||||
Lost Leases
Average | Annualized | |||||||
Average | Expiring | Minimum | ||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||
159 | 1,028,649 | 6,469 | $7.52 | $7,739,623 |
Note: | Includes six Anchor lease terminations representing $2.2 million of AMR on 472,296 square feet in connection with which we received $2.7 million of lease termination payments. |
Net Absorption | (176,929 | ) | New Leases — Lost Leases | |||
Leasing Spread | 24.9 | % | New Leases versus Lost Leases (rate psf) |
Net AMR Gain | $511,962 | |||||||
Page 34
EQUITY ONE, INC. AND SUBSIDIARIES
OCCUPANCY STATISTICS
For the three months ended June 30, 2005
OCCUPANCY STATISTICS
For the three months ended June 30, 2005
Note: Reflects those properties held in the core portfolio at the end of each indicated quarter.
Note: Reflects 153 properties owned by Equity One in each of the previous nine quarters.
Page 35
EQUITY ONE, INC. AND SUBSIDIARIES
SAME PROPERTY OCCUPANCY STATISTICS — STATE BREAKOUT
For the three months ended June 30, 2005
SAME PROPERTY OCCUPANCY STATISTICS — STATE BREAKOUT
For the three months ended June 30, 2005
Note: The charts reflect a state-by-state breakdown of 153 properties owned by Equity One in each of the previous nine quarters.
Page 36
EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
As of June 30, 2005
TENANT CONCENTRATION SCHEDULE
As of June 30, 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 | 49 | 2,164,544 | 11.1 | % | $ | 15,614,741 | 8.3 | % | $ | 7.21 | ||||||||||||||
Kroger | 17 | 962,697 | 4.9 | % | 7,998,271 | 4.3 | % | 8.31 | ||||||||||||||||
Albertsons/Shaw’s | 9 | 570,286 | 2.9 | % | 7,567,853 | 4.0 | % | 13.27 | ||||||||||||||||
Winn Dixie | 16 | 730,442 | 3.8 | % | 5,059,331 | 2.7 | % | 6.93 | ||||||||||||||||
H.E. Butt Grocery | 4 | 256,262 | 1.3 | % | 2,775,355 | 1.5 | % | 10.83 | ||||||||||||||||
Blockbuster | 29 | 170,092 | 0.9 | % | 2,691,745 | 1.4 | % | 15.83 | ||||||||||||||||
CVS Pharmacy | 20 | 204,389 | 1.1 | % | 2,233,007 | 1.2 | % | 10.93 | ||||||||||||||||
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 | ||||||||||||||||
Food Lion/Kash N’ Karry | 9 | 292,256 | 1.5 | % | 1,965,651 | 1.0 | % | 6.73 | ||||||||||||||||
Sub-total top ten tenants | 166 | 5,888,351 | 30.3 | % | $ | 50,210,351 | 26.7 | % | $ | 8.53 | ||||||||||||||
Remaining tenants | 3,142 | 12,342,976 | 63.5 | % | 137,948,966 | 73.3 | % | 11.18 | ||||||||||||||||
Sub-total all tenants | 3,308 | 18,231,327 | 93.7 | % | $ | 188,159,317 | 100.0 | % | $ | 10.32 | ||||||||||||||
Vacant | 376 | 1,219,021 | 6.3 | % | NA | NA | NA | |||||||||||||||||
Total including vacant | 3,684 | 19,450,348 | 100.0 | % | $ | 188,159,317 | 100.0 | % | $ | 9.67 | ||||||||||||||
Note: Excludes five development parcels and three commercial properties.
Page 37
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of June 30, 2005
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of June 30, 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 | 135 | 283,474 | 1.5 | % | $ | 3,294,707 | 1.7 | % | $ | 11.62 | ||||||||||||||
2005 | 373 | 1,009,811 | 5.2 | % | 10,843,411 | 5.5 | % | 10.74 | ||||||||||||||||
2006 | 689 | 2,007,074 | 10.3 | % | 25,238,748 | 12.8 | % | 12.57 | ||||||||||||||||
2007 | 664 | 2,109,808 | 10.8 | % | 26,256,010 | 13.3 | % | 12.44 | ||||||||||||||||
2008 | 521 | 1,763,832 | 9.1 | % | 22,170,166 | 11.3 | % | 12.57 | ||||||||||||||||
2009 | 363 | 1,751,799 | 9.0 | % | 19,043,711 | 9.7 | % | 10.87 | ||||||||||||||||
2010 | 247 | 1,334,407 | 6.9 | % | 14,652,314 | 7.4 | % | 10.98 | ||||||||||||||||
2011 | 50 | 935,763 | 4.8 | % | 7,530,255 | 3.8 | % | 8.05 | ||||||||||||||||
2012 | 49 | 930,787 | 4.8 | % | 7,819,781 | 4.0 | % | 8.40 | ||||||||||||||||
2013 | 34 | 664,694 | 3.4 | % | 6,160,217 | 3.1 | % | 9.27 | ||||||||||||||||
2014 | 34 | 761,949 | 3.9 | % | 6,297,603 | 3.2 | % | 8.27 | ||||||||||||||||
Thereafter | 149 | 4,677,929 | 24.1 | % | 47,478,113 | 24.2 | % | 10.15 | ||||||||||||||||
Sub-total / average | 3,308 | 18,231,327 | 93.7 | % | $ | 196,785,036 | 100.0 | % | $ | 10.79 | ||||||||||||||
Vacant | 376 | 1,219,021 | 6.3 | % | NA | NA | NA | |||||||||||||||||
Total / average | 3,684 | 19,450,348 | 100.0 | % | $ | 196,785,036 | 100.0 | % | $ | 10.12 | ||||||||||||||
Square feet
Note: Excludes five development parcels and three commercial properties.
Page 38
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of June 30, 2005
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of June 30, 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 | 6 | 117,156 | 1.0 | % | 484,828 | 0.5 | % | 4.14 | ||||||||||||||||
2006 | 27 | 649,078 | 5.4 | % | 4,099,640 | 4.5 | % | 6.32 | ||||||||||||||||
2007 | 32 | 811,439 | 6.7 | % | 5,586,166 | 6.1 | % | 6.88 | ||||||||||||||||
2008 | 28 | 686,603 | 5.7 | % | 4,536,759 | 5.0 | % | 6.61 | ||||||||||||||||
2009 | 39 | 1,006,539 | 8.3 | % | 6,480,620 | 7.1 | % | 6.44 | ||||||||||||||||
2010 | 37 | 871,491 | 7.2 | % | 5,589,626 | 6.1 | % | 6.41 | ||||||||||||||||
2011 | 21 | 848,161 | 7.0 | % | 5,558,674 | 6.1 | % | 6.55 | ||||||||||||||||
2012 | 22 | 829,581 | 6.8 | % | 5,570,295 | 6.1 | % | 6.71 | ||||||||||||||||
2013 | 15 | 589,538 | 4.9 | % | 4,590,453 | 5.0 | % | 7.79 | ||||||||||||||||
2014 | 15 | 684,976 | 5.7 | % | 4,689,677 | 5.1 | % | 6.85 | ||||||||||||||||
Thereafter | 96 | 4,474,352 | 36.9 | % | 43,797,273 | 48.1 | % | 9.79 | ||||||||||||||||
Sub-total / average | 341 | 11,603,508 | 95.8 | % | $ | 91,259,822 | 100.0 | % | $ | 7.86 | ||||||||||||||
Vacant | 19 | 513,985 | 4.2 | % | NA | NA | NA | |||||||||||||||||
Total / average | 360 | 12,117,493 | 100.0 | % | $ | 91,259,822 | 100.0 | % | $ | 7.53 | ||||||||||||||
Square feet
Note: Excludes five development parcels and three commercial properties.
Page 39
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of June 30, 2005
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of June 30, 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 | 132 | 248,880 | 3.4 | % | $ | 3,018,896 | 2.9 | % | $ | 12.13 | ||||||||||||||
2005 | 367 | 892,655 | 12.2 | % | 10,358,583 | 9.8 | % | 11.60 | ||||||||||||||||
2006 | 662 | 1,357,996 | 18.5 | % | 21,139,108 | 20.0 | % | 15.57 | ||||||||||||||||
2007 | 632 | 1,298,369 | 17.7 | % | 20,669,844 | 19.6 | % | 15.92 | ||||||||||||||||
2008 | 493 | 1,077,229 | 14.7 | % | 17,633,407 | 16.7 | % | 16.37 | ||||||||||||||||
2009 | 324 | 745,260 | 10.1 | % | 12,563,091 | 11.9 | % | 16.86 | ||||||||||||||||
2010 | 210 | 462,916 | 6.3 | % | 9,062,688 | 8.6 | % | 19.58 | ||||||||||||||||
2011 | 29 | 87,602 | 1.2 | % | 1,971,581 | 1.9 | % | 22.51 | ||||||||||||||||
2012 | 27 | 101,206 | 1.4 | % | 2,249,486 | 2.1 | % | 22.23 | ||||||||||||||||
2013 | 19 | 75,156 | 1.0 | % | 1,569,764 | 1.5 | % | 20.89 | ||||||||||||||||
2014 | 19 | 76,973 | 0.9 | % | 1,607,926 | 1.5 | % | 20.89 | ||||||||||||||||
Thereafter | 53 | 203,577 | 2.8 | % | 3,680,840 | 3.5 | % | 18.08 | ||||||||||||||||
Sub-total / average | 2,967 | 6,627,819 | 90.4 | % | $ | 105,525,214 | 100.0 | % | $ | 15.92 | ||||||||||||||
Vacant | 357 | 705,036 | 9.6 | % | NA | NA | NA | |||||||||||||||||
Total / average | 3,324 | 7,332,855 | 100.0 | % | $ | 105,525,214 | 100.0 | % | $ | 14.39 | ||||||||||||||
Square feet
Note: Excludes five development parcels and three commercial properties.
Page 40
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of June 30, 2005
(in thousands, except square footage data)
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of June 30, 2005
(in thousands, except square footage data)
Target | Estimated | Funded as of | Balance | |||||||||||||||
Project | Location | Project Description | Completion Date | Cost Including Land | 6/30/2005 | 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 | $ | 1,370 | $ | 2,030 | |||||||||
Shops at Skylake | N. Miami Beach, FL | Add additional space to existing development | First quarter 2006 | 5,599 | 2,264 | 3,335 | ||||||||||||
Sunlake | Tampa, FL | 155 acre mixed-use development project | TBD | 23,602 | 13,108 | 10,494 | ||||||||||||
Waterstone | Homestead, FL | Develop a supermarket anchored center | Third quarter 2005 | 9,635 | 8,945 | 690 | ||||||||||||
Westridge | McDonough, GA | Develop a supermarket anchored center | First quarter 2006 | 9,000 | 2,286 | 6,714 | ||||||||||||
Winchester Plaza | Huntsville, AL | Develop a supermarket anchored center. | Second Quarter 2006 | 8,055 | 2,413 | 5,642 | ||||||||||||
Subtotal — Developments | 59,291 | 30,386 | 28,905 | |||||||||||||||
Major Redevelopments | ||||||||||||||||||
Spalding Village | Griffin, GA | Reconfigure the former K Mart space into multi-tenant space; Approx. 20,000 sq ft has been leased and prospecting for new tenants for the remainder of the space. | Third Quarter 2005/ TBD | 3,586 | 3,046 | 540 | ||||||||||||
Subtotal — Major Redevelopments | 3,586 | 3,046 | 540 | |||||||||||||||
Out parcel Developments/Expansions | ||||||||||||||||||
Belfair Towne Village | Bluffton, SC | Prospecting for new tenant(s) on land held for development/expansion | TBD | 2,582 | 1,423 | 1,159 | ||||||||||||
Cashmere Corners | Port St. Lucie, FL | Prospecting for one or more tenants for out parcels | TBD | 503 | 503 | — | ||||||||||||
Forest Village | Tallahassee, FL | Prospecting for new tenant(s) on land held for development/expansion | TBD | 1,750 | 1,750 | — | ||||||||||||
Mariners Crossing | Spring Hill, FL | The development of a Goodyear out parcel is underway; one other out pacel is planned | Fourth quarter 2005 | 1,654 | 549 | 1,105 | ||||||||||||
Riverview | Durham, NC | Develop a 5,000 sf ft building on an out parcel | Second quarter 2006 | 620 | 179 | 441 | ||||||||||||
West Roxbury | West Roxbury, MA | Prospecting for one or more tenants for out parcels | Fourth quarter 2005 | 1,480 | 555 | 925 | ||||||||||||
Westport | Davie, FL | Prospecting for one or more tenants for out parcels | TBD | 571 | 571 | — | ||||||||||||
Windy Hill | North Myrtle Beach, SC | Construction of additional 4,000 sq ft out parcel building has commenced. | Fourth quarter 2005 | 660 | 176 | 484 | ||||||||||||
Young Circle | Hollywood, FL | Future mixed-use development | TBD | 9,580 | 9,580 | — | ||||||||||||
Subtotal — Out parcel Developments/Expansions | 19,400 | 15,286 | 4,114 | |||||||||||||||
All other development activity | 4,241 | 4,100 | 141 | |||||||||||||||
Total Development Activity — Continuing Operations | 86,518 | 52,818 | 33,700 | |||||||||||||||
Development activity for properties held for sale | 9,646 | 9,646 | — | |||||||||||||||
Total — All Development Activity | $ | 96,164 | $ | 62,464 | $ | 33,700 | ||||||||||||
Page 41
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
As of June 30, 2005
(in thousands, except square footage data)
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
As of June 30, 2005
(in thousands, except square footage data)
2005 Acquisition Activity
Date Purchased | Property Name | City | State | Square Feet/ | Purchase | |||||||||
Acres | Price | |||||||||||||
Feb. 1, 2005 | Sunlake Development Parcel | Tampa | FL | 155 acres | $ | 12,600 | ||||||||
Feb. 28, 2005 | Winchester Plaza | Huntsville | AL | 33 acres | 2,326 | |||||||||
May 19, 2005 | Young Circle | Hollywood | FL | 65,834 | 22,000 | |||||||||
Total | $ | 36,926 | ||||||||||||
2005 Disposition Activity
Date Sold | Property Name | City | State | Square Feet/ | Sales | Gain on Sale | ||||||||||||
Acres | Price | |||||||||||||||||
Jan. 31, 2005 | North River Village | North Ellenton | FL | 177,128 | $ | 14,880 | $ | 1,615 | ||||||||||
April 6, 2005 | Big Curve | Yuma | AZ | 126,402 | 13,640 | 3,757 | ||||||||||||
Total | $ | 28,520 | $ | 5,372 | ||||||||||||||
Properties Held for Sale as of June 30, 2005
Property Name | City | State | ||||||||||||||||
45 property portfolio sale | TX/LA | |||||||||||||||||
15 property portfolio sale | Various | |||||||||||||||||
Park Northern | Phoenix | AZ | ||||||||||||||||
Waterlick | Lynchburg | VA | ||||||||||||||||
Total |
Page 42
EQUITY ONE, INC. AND SUBSIDIARIES
ANALYST COVERAGE
As of June 30, 2005
ANALYST COVERAGE
As of June 30, 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 | ||||
703-469-1115 | 212-622-6530 | 410-454-4143 | ||||
Raymond James & Associates | Stifel, Nicolaus & Company, Inc. | UBS Securities LLC | ||||
Paul D. Puryear | Philip Martin | Ian C. Weissman | ||||
727-567-2253 | 312-454-3985 | 212-713-8602 | ||||
Ken Avalos | ||||||
727-567-2660 |
Page 43