| Equity One, Inc |
| Ratio of Earnings to Fixed Charges |
| For the six months ended June 30, 2005 and the years ended December 31, 2004, 2003, 2002, 2001 & 2000 |
| Six months | ||||||||||||||||||||||||
| ended | For the years ended December 31, | |||||||||||||||||||||||
| June 30, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
| Net Income | $ | 46,933 | $ | 97,804 | $ | 63,647 | $ | 39,934 | $ | 18,721 | $ | 12,555 | ||||||||||||
| Adjustments: | ||||||||||||||||||||||||
| Minority Interest | 96 | 576 | 756 | 101 | 1726 | 603 | ||||||||||||||||||
| Income from discontinued operations | (14,642 | ) | (44,323 | ) | (23,859 | ) | (27,112 | ) | (5,760 | ) | (1,171 | ) | ||||||||||||
| Distributed Income of Equity Investees | 0 | 3,119 | 5,424 | 871 | 287 | 2,057 | ||||||||||||||||||
| Total Adjustments | (14,546 | ) | (40,628 | ) | (17,679 | ) | (26,140 | ) | (3,747 | ) | 1,489 | |||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest Expense | 22,740 | 41,450 | 32,628 | 15,965 | 18,606 | 12,216 | ||||||||||||||||||
| Capitalized Interest | 1,423 | 3,204 | 3,822 | 2,375 | 2,102 | 2,181 | ||||||||||||||||||
| Amortization of Market Value Adj | 2,621 | 4,958 | 3,584 | — | — | — | ||||||||||||||||||
| Amortization of Loan Fees | 719 | 1,335 | 902 | 627 | 1,052 | 242 | ||||||||||||||||||
| Total Fixed Charges | 27,503 | 50,947 | 40,936 | 18,967 | 21,760 | 14,639 | ||||||||||||||||||
| Less: interest capitalized | (1,423 | ) | (3,204 | ) | (3,822 | ) | (2,375 | ) | (2,102 | ) | (2,181 | ) | ||||||||||||
| Earnings, as defined | $ | 58,467 | $ | 104,919 | $ | 83,082 | $ | 30,386 | $ | 34,632 | $ | 26,502 | ||||||||||||
| Divide by Fixed Charges | $ | 27,503 | $ | 50,947 | $ | 40,936 | $ | 18,967 | $ | 21,760 | $ | 14,639 | ||||||||||||
| Ratio of earnings to fixed charges | 2.13 | 2.06 | 2.03 | 1.60 | 1.59 | 1.81 | ||||||||||||||||||
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