Equity One, Inc. |
Supplemental Information Package |
March 31, 2001 |
Equity One, Inc. 1696 N.E. Miami Gardens Drive North Miami Beach, FL 33179 Tel: (305) 947-1664 Fax: (305) 947-1734 |
Equity One, Inc. |
Supplemental Information |
March 31, 2001 |
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TABLE OF CONTENTS Page |
1. Summary Operating Information 1 |
2. Summary Balance Sheet Information 2 |
3. Consolidated Statement of Earnings 3 |
4. Consolidated Statement of Funds from Operations 4 |
5. Condensed Consolidated Balance Sheet 5 |
6. Summary of Mortgage Debt 6 |
7. Property Status Report 7 |
8. Real Estate Developments and Other Activity 8 |
9. Tenant Concentration Schedule 9 |
10. Lease Expiration Schedule 10 |
11. Stock Price and Volume Statistics 11 |
Forward Looking Statements. |
"Certain information contained in this Supplemental Information Package may contain forward-looking statements regarding company and property performance within the meaning of the Private securities Litigation Reform Act of 1995. Future results could vary materially from actual results depending on risks and uncertainties inherent in general and local real estate conditions, or competitive factors specific to the markets in which the Company operates. The Company assumes no obligation to update this information. For more details, please refer to Equity One's SEC filings, including the most recent report on Form 10-K and on Form 10-Q." |
Equity One, Inc. | ||||
Summary Operating Information | ||||
as of March 31, 2001 | ||||
(in thousands, except per share data) | ||||
3 Months Ended | ||||
Mar 31, 2001 | Mar 31, 2000 | |||
Fully Diluted Funds from Operations | ||||
per Share | $ 0.33 | $ 0.32 | ||
Total Dividends Paid per Share | $ 0.26 | $ 0.26 | ||
Dividend / FFO Payout Ratio | 78.8% | 81.3% | ||
Weighted Average Shares Outstanding | ||||
Basic | 12,706 | 11,299 | ||
Diluted | 13,232 | 11,479 | ||
EBITDA | $ 6,376 | $ 5,353 | ||
Interest Expense and | ||||
Financing Fee Amortization | $ 2,082 | $ 1,726 | ||
EBITDA Interest Coverage Ratio | 3.1 | 3.1 | ||
EBITDA Margin (EBITDA/Total Revenues) | 64.9% | 66.0% | ||
Property Net Operating Income (NOI) | ||||
Total Rental Income | $ 9,165 | $ 8,034 | ||
Operating Expenses (1) | 2,733 | 2,178 | ||
Net Operating Income | $ 6,432 | $ 5,856 | ||
NOI Margin (NOI/Total Rental Income) | 70.2% | 72.9% | ||
Same Property NOI | ||||
Total Rental Income | $ 8,397 | $ 8,034 | ||
Operating Expenses | 2,418 | 2,365 | ||
Net Operating Income | $ 5,979 | $ 5,669 | ||
Growth in Same Property NOI | 5.5% | |||
General & Administrative Expenses | $ 718 | $ 573 | ||
as % of Total Revenues | 7.3% | 7.1% | ||
(1) | Net of intercompany expenses which have been eliminated. |
Equity One, Inc. | ||||||||
Summary Balance Sheet Information | ||||||||
as of March 31, 2001 | ||||||||
(in thousands, except per share data) | ||||||||
Mar 31, 2001 | Dec 31, 2000 | |||||||
Closing Market Price | $ 10.490 | $ 9.875 | ||||||
Dividend Yield (based on current annualized dividend) | 9.91% | 10.53% | ||||||
Book Value per share (fully diluted, end of period) | $ 7.845 | $ 7.933 | ||||||
Liquidity | ||||||||
Cash and Cash Equivalents | $ 783 | $ 322 | ||||||
Line of Credit | ||||||||
Gross Available under Fully Authorized Line (1) | $ 20,641 | $ 20,641 | ||||||
Outstanding Balance | 3,772 | 4,243 | ||||||
Holdback for Letters of Credit | 1,114 | 1,580 | ||||||
Escrowed for Tax and Insurance | 440 | 440 | ||||||
Net Available under Line of Credit | $ 15,314 | $ 14,378 | ||||||
Equity Capitalization (end of period) | ||||||||
Common Stock (in thousands) | ||||||||
Common Stock Outstanding Shares | 12,800.746 | 12,799.481 | ||||||
Unvested Restricted Shares | 159.354 | 79.820 | ||||||
Operating Partnership Units | 261.850 | 261.850 | ||||||
Common Stock Options (Treasury Method, closing stock price) | 50.887 | 0.000 | ||||||
Fully Diluted Common Stock | 13,272.837 | 13,141.151 | ||||||
Net Debt (adjusted for Cash and Escrowed Loan Proceeds) | $ 124,175 | $ 121,323 | ||||||
Equity Market Capitalization (fully diluted, end of period) | 139,232 | 129,769 | ||||||
Total Market Capitalization | $ 263,407 | $ 251,092 | ||||||
Debt to Total Market Capitalization | 47.1% | 48.3% | ||||||
Gross Real Estate Investments | $ 247,444 | $ 243,062 | ||||||
- Accumulated Depreciation | (17,044) | (15,836) | ||||||
Net Real Estate Investments | $ 230,400 | $ 227,226 | ||||||
Debt to Gross Real Estate Investment | 50.2% | 49.9% | ||||||
Fixed Rate Mortgage Debt | $ 125,540 | $ 121,675 | ||||||
Variable Rate Debt | 3,772 | 4,243 | ||||||
Total Debt | $ 129,312 | $ 125,918 | ||||||
% Fixed Rate Debt | 97.1% | 96.6% | ||||||
% Variable Rate Debt | 2.9% | 3.4% | ||||||
Weighted-average Interest Rate on Fixed Rate Debt | 7.47% | 7.48% | ||||||
(1) | Increases in the borrowing limit are subject to the posting of additional collateral. |
Equity One, Inc. | ||||||||||
Consolidated Statement of Earnings | ||||||||||
as of March 31, 2001 | ||||||||||
(in thousands, except per share data) | ||||||||||
3 Months Ended | ||||||||||
Mar 31, 2001 | Mar 31, 2000 | |||||||||
Revenues | ||||||||||
Income from Rental Properties | ||||||||||
Minimum Rental | $ 7,044 | $ 6,107 | ||||||||
Expense Recoveries | 1,816 | 1,673 | ||||||||
Percentage Rent Payments | 305 | 254 | ||||||||
Total Rental Income | $ 9,165 | $ 8,034 | ||||||||
Gain on Sale of Real Estate | 0 | 0 | ||||||||
Gain on Sale of Securities | 0 | 0 | ||||||||
Management Fee Income | 526 | 31 | ||||||||
Dividend & Interest Income | 136 | 39 | ||||||||
Total Revenues | $ 9,827 | $ 8,104 | ||||||||
Expenses | ||||||||||
Operating Expenses | $ 2,733 | $ 2,178 | ||||||||
Depreciation & Amortization | 1,220 | 980 | ||||||||
Interest Expense & Fee Amortization | 2,082 | 1,726 | ||||||||
General & Administrative | 718 | 573 | ||||||||
Minority Interest | 0 | 24 | ||||||||
Total Expenses | $ 6,753 | $ 5,481 | ||||||||
Net Income | ||||||||||
Earnings from Operations | $ 3,074 | $ 2,623 | ||||||||
Gain on Sale of Real Estate | 0 | 0 | ||||||||
Gain on Sale of Securities | 0 | 0 | ||||||||
Extraordinary Item | 0 | 0 | ||||||||
Total Net Income | $ 3,074 | $ 2,623 | ||||||||
Per Share | ||||||||||
Basic | ||||||||||
Earnings from Operations | $ 0.24 | $ 0.23 | ||||||||
Gain on Sale of Real Estate | 0.00 | 0.00 | ||||||||
Gain on Sale of Securities | 0.00 | 0.00 | ||||||||
Extraordinary Item | 0.00 | 0.00 | ||||||||
Total Basic Earnings | $ 0.24 | $ 0.23 | ||||||||
Diluted | ||||||||||
Earnings from Operations | $ 0.23 | $ 0.23 | ||||||||
Gain on Sale of Real Estate | 0.00 | 0.00 | ||||||||
Gain on Sale of Securities | 0.00 | 0.00 | ||||||||
Extraordinary Item | 0.00 | 0.00 | ||||||||
Total Diluted Earnings | $ 0.23 | $ 0.23 | ||||||||
Weighted Average Shares Outstanding | ||||||||||
Basic | 12,706 | 11,299 | ||||||||
Diluted | 13,232 | 11,479 |
Equity One, Inc. | |||||||
Consolidated Statement of Funds from Operations | |||||||
as of March 31, 2001 | |||||||
(in thousands, except per share data) | |||||||
3 Months Ended | |||||||
Mar 31, 2001 | Mar 31, 2000 | ||||||
Net Income from Operations | $ 3,074 | $ 2,623 | |||||
Depreciation of Real Estate | 1,195 | 961 | |||||
Amortization of Capitalized Leasing Fees | 21 | 26 | |||||
Interest on Convertible Partnership Units | 64 | 0 | |||||
Minority Interest | 0 | 24 | |||||
Funds from Operations | $ 4,354 | $ 3,634 | |||||
Increase | 19.8% | ||||||
FFO per share (diluted) | $ 0.33 | $ 0.32 | |||||
Increase | 3.1% | ||||||
Adjusted Funds from Operations (AFFO) | |||||||
Funds from Operations | $ 4,354 | $ 3,634 | |||||
less: | |||||||
Straight Line Rent Adjustment | $ 32 | $ 32 | |||||
Recurring Capital Expenditures | |||||||
Tenant Improvements | 46 | 31 | |||||
Leasing Commissions and Fees | 49 | 111 | |||||
Other Capital Expenditures | 48 | 222 | |||||
Total Recurring Capital Expenditures | $ 143 | $ 364 | |||||
Adjusted Funds from Operations | $ 4,179 | $ 3,238 | |||||
Increase | 29.1% | ||||||
AFFO per share (diluted) | $ 0.32 | $ 0.28 | |||||
Increase | 12.0% | ||||||
Mortgage Principal Payments | $ 835 | $ 675 | |||||
Weighted Average Diluted Shares | 13,232 | 11,479 |
Equity One, Inc. | |||||||
Condensed Consolidated Balance Sheet | |||||||
as of March 31, 2001 | |||||||
(in thousands, except per share data) | |||||||
Mar 31, 2001 | Dec 31, 2000 | ||||||
Assets | |||||||
Rental Properties and Developments | |||||||
Land, Buildings and Equipment | $ 219,932 | $ 216,698 | |||||
Building Improvements | 9,263 | 8,228 | |||||
Land Held for Development | 10,977 | 11,008 | |||||
Construction in Progress | 7,272 | 7,128 | |||||
Subtotal | 247,444 | 243,062 | |||||
Less: Accumulated Depreciation | (17,044) | (15,836) | |||||
Rental Properties and Developments, Net | 230,400 | 227,226 | |||||
Cash and Cash Equivalents | 783 | 322 | |||||
Restricted Cash | 4,356 | 4,273 | |||||
Securities Available for Sale | 1,564 | 1,403 | |||||
Accounts and Other Receivables, Net | 913 | 2,234 | |||||
Due from Related Parties | 12 | 47 | |||||
Deposits | 1,505 | 822 | |||||
Prepaid and Other Assets | 1,185 | 667 | |||||
Deferred Expenses, Net | 1,401 | 1,404 | |||||
Goodwill, Net | 631 | 644 | |||||
Total Assets | $ 242,750 | $ 239,042 | |||||
Liabilities and Shareholders' Equity | |||||||
Liabilities | |||||||
Mortgage Notes Payable | $ 125,540 | $ 121,675 | |||||
Credit Agreement | 3,772 | 4,243 | |||||
Accounts Payable and Accrued Expenses | 3,067 | 2,857 | |||||
Tenant Security Deposits | 1,666 | 1,476 | |||||
Deferred Rental Income | 709 | 662 | |||||
Minority Interest in Equity of Consolidated Subsidiary | 3,869 | 3,875 | |||||
Total Liabilities | 138,623 | 134,788 | |||||
Shareholders' Equity | |||||||
Common Stock, $0.01 par value | 129 | 128 | |||||
Additional Paid-in Capital | 106,171 | 105,368 | |||||
Retained Earnings | 131 | 423 | |||||
Accumulated Other Comprehensive Income | (150) | (311) | |||||
Unamortized Restricted Stock Compensation | (1,609) | (809) | |||||
Note Receivable from Issuance of Common Stock | (545) | (545) | |||||
Total Shareholders' Equity | 104,127 | 104,254 | |||||
Total Liabilities and Shareholders' Equity | $ 242,750 | $ 239,042 |
Equity One, Inc. | |||||||||
Summary of Mortgage Debt | |||||||||
as of March 31, 2001 | |||||||||
(in thousands) | |||||||||
Loan Closing/ Refinanc-ing Date (1) | Original Loan Amount (2) | Amorti- zation Period | |||||||
Maturity Date | Loan Term (3) | Mar 31, 2001 Balance | |||||||
Property | Rate (4) | ||||||||
Atlantic Village | 10/30/98 | $ 5,000 | 11/01/18 | 20 | 20 | 6.850% | $ 4,704 | ||
Bird Ludlum (5) | 02/19/97 | 13,400 | 02/15/15 | 18 | 18 | 7.680% | 11,743 | ||
Commonwealth | 02/15/98 | 3,300 | 02/15/08 | 10 | 20 | 7.000% | 3,039 | ||
Eustis Square | 10/22/93 | 5,942 | 07/01/02 | 9 | 25 | 9.000% | 4,658 | ||
Forest Edge | 05/01/96 | 2,099 | 10/01/02 | 6 | 14 | 6.900% | 1,721 | ||
Forest Village | 03/08/01 | 4,700 | 04/01/11 | 10 | 30 | 7.270% | 4,700 | ||
Ft. Caroline | 03/29/95 | 2,500 | 03/01/09 | 14 | 20 | 9.350% | 2,156 | ||
Lake Mary (6) | 11/09/95 | 13,423 | 12/01/10 | 15 | 20 | 7.850% | 10,141 | ||
Lantana | 02/19/98 | 4,400 | 02/15/05 | 7 | 20 | 6.950% | 4,050 | ||
Mariners Crossing | 09/01/00 | 3,516 | 03/01/08 | 8 | 30 | 7.080% | 3,496 | ||
Oak Hill | 12/07/95 | 2,500 | 01/01/06 | 10 | 20 | 7.625% | 2,163 | ||
Park Promenade | 01/31/00 | 6,500 | 02/01/10 | 10 | 30 | 8.100% | 6,448 | ||
Pine Island/Ridge Plaza | 08/01/99 | 26,234 | 07/01/08 | 9 | 30 | 6.910% | 25,804 | ||
Plaza del Rey | 08/01/96 | 3,050 | 09/01/11 | 15 | 15 | 8.125% | 2,484 | ||
Pointe Royale | 07/28/95 | 6,000 | 07/15/10 | 15 | 20 | 7.950% | 5,123 | ||
Shoppes of North Port | 12/05/00 | 4,370 | 09/01/10 | 10 | 23 | 6.650% | 4,350 | ||
Shops at Skylake | 07/06/00 | 16,350 | 08/01/10 | 10 | 25 | 7.650% | 16,220 | ||
Summerlin Square | 01/25/99 | 5,000 | 02/01/14 | 15 | 15 | 6.750% | 4,569 | ||
Walden Woods | 01/01/99 | 2,835 | 08/01/06 | 8 | 15 | 7.875% | 2,659 | ||
West Lake (7) | 05/22/97 | 5,902 | 06/01/16 | 19 | 20 | 7.875% | 5,312 | ||
Sub-total | $ 137,021 | $ 125,540 | |||||||
7.70 years weighted-average life | |||||||||
7.475% weighted-average fixed rate | |||||||||
Line of Credit (8) | 02/04/99 | $ 35,000 | 02/04/02 | 3 | NA | L+225 | $ 3,772 | ||
Total Mortgage Debt | $ 129,312 | ||||||||
Maturity Schedule by Year | Scheduled Amorti-zation | Balloon Payments (9) | |||||||
Total | |||||||||
2001 | 2,614 | 0 | 2,614 | ||||||
2002 | 3,581 | 9,684 | 13,265 | (includes current balance on the | |||||
2003 | 3,636 | 0 | 3,636 | ||||||
2004 | 3,913 | 0 | 3,913 | ||||||
2005 | 4,072 | 3,498 | 7,570 | ||||||
2006 | 4,203 | 3,784 | 7,987 | ||||||
2007 | 4,451 | 0 | 4,451 | ||||||
2008 | 4,355 | 28,474 | 32,829 | ||||||
2009 | 4,294 | 1,280 | 5,574 | ||||||
2010 | 3,965 | 27,180 | 31,145 | ||||||
Thereafter | 12,038 | 4,290 | 16,328 | ||||||
Total | $ 51,122 | $ 78,190 | $ 129,312 | ||||||
(1) | The more recent of the loan closing/assumption date and the date of any subsequent additional funding. | ||||||||
(2) | The principal amount on the loan closing/assumption date, adjusted to reflect any subsequent additional funding. | ||||||||
(3) | The term in years from the more recent of the loan closing/assumption date or the date of any subsequent additional funding. | ||||||||
(4) | The fixed rate in effect on March 31, 2001. | ||||||||
(5) | On 2/19/97, the amortized loan balance of $13,191 (on an original loan of $14,000 on 8/11/94) was increased to $13,400. | ||||||||
(6) | On 12/13/00, an additional paydown of $1,450 was made to the lender on account of the General Cinema termination payment. | ||||||||
(7) | On 5/22/97, the amortized loan balance of $5,422 (on an original loan of $5,491 on 10/1/96) was increased to $5,902. | ||||||||
(8) | The $35,000 Line was authorized to $20,641 as of March 31, 2001, with increases subject to the posting of additional collateral. | ||||||||
The Line is secured by Mandarin Landing and Mini-storage, Skylake Phase III land, the EQY Building, Beauclerc Village and East Bay Plaza. | |||||||||
(9) | Represents the entire principal balance of a maturing loan on the maturity date. |
Equity One, Inc. | ||||||||||||
Property Status Report | ||||||||||||
as of March 31, 2001 | ||||||||||||
Year Built or Acquired | Total Square Footage | Percent Occupied | Supermarket Anchor | |||||||||
# of Tenants | SquareFeet | Name Exp Date | Average Base Rent per Occ SF | |||||||||
Property | City | Occp'd | Va- cant | Other Major Tenants | ||||||||
NORTH FLORIDA (9) | ||||||||||||
Atlantic Village | Atlantic Beach | 1995 A | 100,559 | 96.2% | 24 | 1 | 39,795 | Publix | Jo-Ann Fabrics, Rent Way, | $ 9.89 | ||
(10/31/08) | Dollar Tree | |||||||||||
Beauclerc Village | Jacksonville | 1998 A | 71,127 | 56.6% | 8 | 4 | Big Lots, Walgreens*, | 6.69 | ||||
Pizza Hut | ||||||||||||
Commonwealth | Jacksonville | 1994 A | 81,467 | 95.2% | 15 | 2 | 48,997 | Winn-Dixie | Rent-A-Center, Pizza Hut, | 7.97 | ||
(2/28/18) | Subway | |||||||||||
Ft. Caroline | Jacksonville | 1994 A | 74,546 | 92.7% | 9 | 4 | 45,500 | Winn-Dixie | Eckerds*, McDonalds | 7.15 | ||
(5/31/15) | ||||||||||||
Forest Village | Tallahassee | 2000 B | 71,526 | 93.3% | 16 | 1 | 37,866 | Publix | Video Warehouse, Waffle House | 9.73 | ||
(4/30/20) | ||||||||||||
Losco | Jacksonville | 2000 B | 8,700 | 63.2% | 5 | 2 | Winn Dixie | 18.96 | ||||
(not owned by EQY) | ||||||||||||
Mandarin Landing | Jacksonville | 1999 A | 141,565 | 99.2% | 36 | 1 | 34,400 | Publix | Office Depot, Aqua Zoo, Eckerds | 8.77 | ||
(2/14/02) | ||||||||||||
Monument Point | Jacksonville | 1997 A | 75,128 | 100.0% | 14 | 0 | 46,772 | Winn-Dixie | Eckerds, Hallmark | 6.48 | ||
(3/27/05) | ||||||||||||
Oak Hill | Jacksonville | 1995 A | 78,492 | 92.0% | 16 | 3 | 39,795 | Publix | Walgreens* (Bonus Dollar) | 6.30 | ||
(5/11/05) | ||||||||||||
CENTRAL FLORIDA (5) | ||||||||||||
Eustis Square | Eustis | 1993 A | 126,791 | 94.1% | 21 | 7 | 38,520 | Publix | GNC, Walgreens* (Bealls Outlet) | 6.81 | ||
(11/30/04) | Walmart, Dollar Tree | |||||||||||
Forest Edge | Orlando | 1996 A | 68,631 | 100.0% | 12 | 0 | 42,075 | Winn-Dixie | Autozone, Rent-A-Center | 7.00 | ||
(8/8/07) | ||||||||||||
Lake Mary | Orlando | 1995 A | 303,500 | 97.4% | 58 | 4 | 63,139 | Albertson's | K-Mart, Sun Star Theatres, Chili's, | 11.17 | ||
(6/30/12) | Burger King, NationsBank | |||||||||||
Park Promenade | Orlando | 1999 A | 125,818 | 100.0% | 28 | 0 | 55,000 | Publix | Blockbuster, Radio Shack, Orange | 9.17 | ||
(2/9/07) | County Library, Goodwill, KFC | |||||||||||
Walden Woods | Plant City | 1999 A | 75,336 | 98.7% | 10 | 1 | 46,636 | Winn-Dixie* | Walgreens | 6.57 | ||
(11/30/08) | ||||||||||||
FLORIDA WEST COAST (4) | ||||||||||||
East Bay Plaza | Largo | 1993 A | 85,426 | 80.2% | 17 | 6 | Albertson's | Hollywood Video, Scotty's*, | $ 7.61 | |||
(not owned by EQY) | Mail Boxes, Etc. | |||||||||||
Mariners Crossing | Spring Hill | 2000 A | 85,507 | 100.0% | 15 | 0 | 48,315 | Kash 'N Karry | Movie Gallery, Dollar General, | 7.92 | ||
(4/30/20) | Play it Again Sports | |||||||||||
Shoppes of North Port | North Port | 2000 A | 84,705 | 100.0% | 22 | 0 | 48,890 | Publix | Beall's Outlet, GNC, Subway | 9.26 | ||
(12/11/11) | ||||||||||||
Summerlin Square | Fort Myers | 1998 A | 109,156 | 94.1% | 23 | 4 | 45,500 | Winn-Dixie | Eckerds, Perkins, Mobil Oil, | 10.24 | ||
(6/4/06) | Century 21 | |||||||||||
SOUTH FLORIDA (8) | ||||||||||||
Bird Ludlum | Miami | 1994 A | 192,282 | 95.5% | 48 | 5 | 44,400 | Winn-Dixie | McDonalds, Blockbuster, Eckerds, | 13.51 | ||
(12/31/07) | Bank of America, Vision Works, Radio Shack | |||||||||||
Lantana Village | Lantana | 1998 A | 176,110 | 98.0% | 25 | 2 | 39,473 | Winn-Dixie | K-Mart, Family Dollar, Subway, | 6.26 | ||
(2/15/11) | Denny's, Burger King, GNC | |||||||||||
Pine Island | Davie | 1999 A | 254,907 | 100.0% | 48 | 0 | 39,943 | Publix | Home Depot Expo, Bealls Outlet, | 8.97 | ||
(11/30/13) | Radio Shack, Rite Aid, KFC | |||||||||||
Plaza Del Rey | Miami | 1991 A | 50,146 | 100.0% | 21 | 0 | Navarro Pharmacy, Discount Auto, | 12.70 | ||||
Rent-A-Center | ||||||||||||
Point Royale | Miami | 1995 A | 209,863 | 93.4% | 25 | 3 | 45,350 | Winn-Dixie | Best Buy, Eckerd's, Dollar Tree, | 6.29 | ||
(2/18/11) | Hollywood Video, Pizza Hut | |||||||||||
Ridge Plaza | Davie | 1999 A | 155,204 | 94.0% | 26 | 2 | see Pine Island | AMC Theater, Kabooms, Republic | 8.59 | |||
Security Bank, Uncle Funny's | ||||||||||||
Shops at Skylake | North | 1997 A | 174,199 | 95.9% | 39 | 6 | 51,420 | Publix | Radio Shack, Blockbuster, First | 15.10 | ||
Miami Beach | 1999-2000 B | (7/31/19) | Union, Goodwill, Washington Mutual | |||||||||
West Lakes Plaza | Miami | 1996 A | 100,747 | 100.0% | 27 | 0 | 46,216 | Winn-Dixie | Navarro Pharmacy, Rent A Center, | 10.50 | ||
(10/31/16) | Lady of America Fitness, GNC | |||||||||||
TOTAL SHOPPING CENTERS (26) | 3,081,438 | 95.4% | 608 | 58 | 948,002 | $ 9.21 | ||||||
OTHER COMMERCIAL PROPERTIES (3) | ||||||||||||
El Novillo | Miami Beach | 1988 A | 10,000 | 100.0% | 1 | 0 | Jumbo Buffet | $ 13.67 | ||||
Epsilon | W. Palm Beach | 1995 A | 18,707 | 100.0% | 5 | 0 | Fat Tuesday's, Jester.com | 14.30 | ||||
EQY Building | Miami Beach | 1991 A | 28,780 | 75.7% | 10 | 1 | Gambro, South Beach Medical | 15.87 | ||||
TOTAL SHOPPING CTRS & COMMERCIAL PPTYS (29) | 3,138,925 | 95.3% | 624 | 59 | 948,002 | $ 9.31 | ||||||
Mandarin Mini-storage | Jacksonville | 1994 A | 52,880 | 95.1% | 508 | 26 | NA | |||||
Montclair Apartments | Miami Beach | 1998 A | 9,375 | 95.0% | 19 | 1 | NA | |||||
GRAND TOTAL (31) | 3,201,180 | 1,151 | 86 | 948,002 | ||||||||
* Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ). |
Equity One, Inc. | |||||||||||||
Real Estate Development Activity and Other Holdings | |||||||||||||
as of March 31, 2001 | |||||||||||||
1) | Shops at Skylake | ||||||||||||
North Miami Beach, Florida | |||||||||||||
An incremental 24,000 square feet has been completed as of March 31, 2001, bringing total square footage to 174,199 square feet. | |||||||||||||
The new space has been fully leased to two tenants. | |||||||||||||
This new construction is reflected on the March 31, 2001 Property Status Report. | |||||||||||||
2) | Lake Mary Shopping Center | ||||||||||||
Lake Mary, Florida | |||||||||||||
Initial design work has commenced on a 45,000 square foot addition which will house a fitness center (lease is signed), as well as several other in-line tenants. This addition is not reflected on the March 31, 2001 Property Status Report. | |||||||||||||
3) | Coral Way, South East | ||||||||||||
Miami, Florida | |||||||||||||
A site plan for the 10-acre parcel at the southeast corner of Coral Way and S.W. 147 Avenue in Miami has received preliminary approval from a major supermarket. Equity One holds an option to purchase this parcel. This new development is not reflected on the March 31, 2001 Property Status Report. | |||||||||||||
4) | Pompano Beach | ||||||||||||
Pompano Beach, FL | |||||||||||||
On January 31, 2001, Equity One closed on a $2.9 million acquisition of a retail property consisting of a vacant 75,000 square foot former Mervyns department store on a parcel of land totaling 10 acres, located adjacent to the Pompano Fashion Mall in Pompano Beach, Florida. Subsequent to the closing, we executed a 10-year ground lease agreement with Lowe's Cos., and granted Lowe's an option to purchase the property, which they may exercise any time between November 1, 2002 and February 1, 2003. This property is not reflected on the March 31, 2001 Property Status Report. |
Equity One, Inc. | |||||||
Shopping Center & Commercial Property Tenant Concentration Schedule | |||||||
as of March 31, 2001 | |||||||
Tenant | Number Of Stores | Square Feet | % of Total Square Feet | Annualized Minimum Rent | % of Total Annualized Minimum Rent | Average Minimum Rent | |
Top Ten Tenants | |||||||
Winn Dixie | 10 | 450,919 | 14.4% | $ 2,844,985 | 10.2% | $ 6.31 | |
Publix | 9 | 385,629 | 12.3% | 2,698,676 | 9.7% | 7.00 | |
K Mart | 2 | 171,289 | 5.5% | 814,754 | 2.9% | 4.76 | |
Albertsons | 1 | 63,139 | 2.0% | 568,251 | 2.0% | 9.00 | |
Eckerd | 6 | 59,424 | 1.9% | 480,886 | 1.7% | 8.09 | |
AMC Theatre | 1 | 27,000 | 0.9% | 378,000 | 1.4% | 14.00 | |
Best Buy | 1 | 91,472 | 2.9% | 388,756 | 1.4% | 4.25 | |
Walgreens | 4 | 46,193 | 1.5% | 361,082 | 1.3% | 7.82 | |
Home Depot Expo | 1 | 86,156 | 2.7% | 323,085 | 1.2% | 3.75 | |
Kash N' Karry | 1 | 48,315 | 1.5% | 321,344 | 1.2% | 6.65 | |
Sub-total Top Ten Tenants | 36 | 1,429,536 | 45.5% | $ 9,179,818 | 33.0% | $ 6.42 | |
Remaining Tenants | 588 | 1,560,687 | 49.7% | 18,659,514 | 67.0% | 11.96 | |
Sub-total All Tenants | 624 | 2,990,223 | 95.3% | $ 27,839,333 | 100.0% | $ 9.31 | |
Vacant | 59 | 148,702 | 4.7% | 0 | 0.0% | 0.00 | |
Total including Vacant | 683 | 3,138,925 | 100.0% | $ 27,839,333 | 100.0% | $ 8.87 |
Equity One, Inc. | |||||||
Shopping Center and Commercial Property Lease Expiration Schedule | |||||||
as of March 31, 2001 | |||||||
Date | Number of Tenants (1) | Square Feet | Percent Of Total Square Feet | Annualized Minimum Rent at Expiration (2) | Percent Of Total Annualized Minimum Rent | Average Annual Minimum Rent per Square Foot | |
M-T-M | 7 | 8,966 | 0.3% | $ 95,384 | 0.3% | $ 10.64 | |
2001 | 88 | 184,072 | 5.9% | 1,996,794 | 6.8% | 10.85 | |
2002 | 112 | 258,768 | 8.2% | 2,869,278 | 9.8% | 11.09 | |
2003 | 122 | 237,839 | 7.6% | 3,277,366 | 11.2% | 13.78 | |
2004 | 95 | 306,206 | 9.8% | 3,231,229 | 11.1% | 10.55 | |
2005 | 87 | 337,341 | 10.7% | 3,459,501 | 11.8% | 10.26 | |
2006 | 40 | 265,370 | 8.5% | 2,695,285 | 9.2% | 10.16 | |
2007 | 15 | 204,939 | 6.5% | 2,041,182 | 7.0% | 9.96 | |
2008 | 11 | 131,652 | 4.2% | 1,266,969 | 4.3% | 9.62 | |
2009 | 6 | 68,870 | 2.2% | 929,891 | 3.2% | 13.50 | |
2010 | 8 | 124,650 | 4.0% | 805,967 | 2.8% | 6.47 | |
Thereafter | 28 | 861,550 | 27.4% | 6,533,399 | 22.4% | 7.58 | |
Sub-total / Average | 619 | 2,990,223 | 95.3% | $ 29,202,246 | 100.0% | $ 9.77 | |
Vacant | 59 | 148,702 | 4.7% | 0 | NA | NA | |
Total / Average | 678 | 3,138,925 | 100.0% | $ 29,202,246 | 100.0% | $ 9.31 | |
(1) | Includes 5 tenants who use 0 square feet but pay rent under various usage agreements. | ||||||
Excludes 5 tenants who use 0 square feet and do not pay rent, but make certain other payments (i.e. CAM or RE Tax). | |||||||
(2) | Includes the rent from 5 tenants who use 0 square feet but pay rent under various usage agreements. |
Equity One, Inc. | |||
Stock Price and Volume Statistics * | |||
as of March 31, 2001 |