Equity One, Inc.
Supplemental Information Package
December 31, 2004
![](https://capedge.com/proxy/8-K/0001042810-05-000034/eqylogo.jpg)
Equity One, Inc.
1696 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Tel: (305) 947-1664 Fax: (305) 947-1734
www.equityone.net
Equity One, Inc.
SUPPLEMENTAL INFORMATION
December 31, 2004
(unaudited)
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EQUITY ONE, INC. AND SUBSIDIARIES
DISCLOSURES
for the periods ended December 31, 2004 and 2003
Forward Looking Statements
Certain information contained in this Supplemental Information Package constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Texas, Georgia, 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 's Form 10-K for the year ended December 31, 2003 and 2004 should be read in conjunction with the above information. On February 12, 2003, Equity One and IRT Property Company completed a statutory merger. The transaction has been accounted for as a purchase and the results of Equity One include the activity of the former IRT Property Company since February 12, 2003. Also, 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.
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||||||||
SUMMARY OPERATING INFORMATION | |||||||||||||||||||
for the periods ended December 31, 2004 and 2003 | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||
December 31, 2004 | December 31, 2003 | December 31, 2004 | December 31, 2003 | ||||||||||||||||
Total dividends paid per share | $ | 0.29 | $ | 0.28 | $ | 1.13 | $ | 1.10 | |||||||||||
Funds from operations per share (FFO) | $ | 0.41 | $ | 0.38 | $ | 1.58 | $ | 1.46 | |||||||||||
Dividend / FFO payout ratio | 70.7 | % | 73.7 | % | 71.5 | % | 75.3 | % | |||||||||||
FFO multiple (annualized if < 12 months) | 14.5 | 11.1 | 15.0 | 11.6 | |||||||||||||||
Funds available for distribution per share (FAD) | $ | 0.33 | $ | 0.27 | $ | 1.29 | $ | 1.13 | |||||||||||
Dividend / FAD payout ratio | 87.9 | % | 103.7 | % | 87.6 | % | 97.3 | % | |||||||||||
FAD multiple (annualized if < 12 months) | 18.0 | 15.6 | 18.4 | 14.9 | |||||||||||||||
Income before minority interest | $ | 28,377 | $ | 17,900 | 98,493 | 64,450 | |||||||||||||
Income from discontinued operations | (8,865 | ) | (1,880 | ) | (26,449 | ) | (9,883 | ) | |||||||||||
Loss on extinguishment of debt | - | - | - | 513 | |||||||||||||||
Interest expense | 12,218 | 8,996 | 46,413 | 36,814 | |||||||||||||||
Amortization of deferred financing fees | 381 | 228 | 1,370 | 992 | |||||||||||||||
Rental property depreciation and amortization, | |||||||||||||||||||
excluding discontinued operations | 10,156 | 7,905 | 35,910 | 26,411 | |||||||||||||||
Pro-rata share from unconsolidated joint ventures | |||||||||||||||||||
Depreciation and amortization | - | 70 | 197 | 453 | |||||||||||||||
Interest expense | - | 147 | 417 | 1,030 | |||||||||||||||
EBITDA | $ | 42,267 | $ | 33,360 | $ | 156,351 | $ | 120,780 | |||||||||||
Interest expense, including joint venture interest | $ | 12,218 | $ | 9,137 | $ | 46,830 | $ | 37,844 | |||||||||||
EBITDA : interest coverage ratio | 3.5 | 3.7 | 3.3 | 3.2 | |||||||||||||||
EBITDA margin (EBITDA/total rental revenue) | 66.3 | % | 64.7 | % | 68.6 | % | 67.0 | % | |||||||||||
Net operating income (NOI) from continuing operations | |||||||||||||||||||
Total rental revenue | $ | 63,733 | $ | 51,582 | $ | 229,857 | $ | 180,295 | |||||||||||
Property operating expenses (1) | 16,823 | 16,021 | 60,402 | 51,728 | |||||||||||||||
Net operating income | $ | 46,910 | $ | 35,561 | $ | 169,455 | $ | 128,567 | |||||||||||
NOI margin (NOI/total rental revenue) | 73.6 | % | 68.9 | % | 73.7 | % | 71.3 | % | |||||||||||
(1)net of intercompany expenses. | |||||||||||||||||||
Same property NOI (2) | |||||||||||||||||||
Total rental revenue | $ | 53,626 | $ | 51,256 | $ | 98,260 | $ | 96,728 | |||||||||||
Property operating expenses | 17,050 | 17,784 | 34,708 | 34,939 | |||||||||||||||
Net operating income | $ | 36,576 | $ | 33,472 | $ | 63,552 | $ | 61,789 | |||||||||||
Growth in same property NOI | 9.3 | % | 2.9 | % | |||||||||||||||
Growth in same property NOI, excluding termination fees | 2.4 | % | 3.8 | % | |||||||||||||||
Same property occupancy | 94.8 | % | 93.8 | % | 95.2 | % | 94.2 | % | |||||||||||
(2)Includes only those properties operated in the current and prior periods; excludes the effects of straight line rent, and prior year expense recoveries and adjustments. | |||||||||||||||||||
General & administrative expenses | $ | 5,618 | $ | 3,108 | $ | 16,601 | $ | 11,046 | |||||||||||
as % of total revenues | 8.68 | % | 5.95 | % | 7.13 | % | 6.07 | % | |||||||||||
as % of total assets (annualized) | 1.13 | % | 0.83 | % | 0.83 | % | 2.05 | % |
EQUITY ONE, INC. AND SUBSIDIARIES | ||||||||||
SUMMARY BALANCE SHEET INFORMATION | ||||||||||
as of December 31, 2004 and December 31, 2003 | ||||||||||
(in thousands, except per share data) | ||||||||||
September 30, 2004 | December 31, 2003 | |||||||||
Closing market price | $ | 23.73 | $ | 16.88 | ||||||
Dividend yield (based on current annualized dividend) | 4.89 | % | 6.64 | % | ||||||
Net Book value per share (fully diluted, end of period) | $ | 12.50 | $ | 11.77 | ||||||
Liquidity | ||||||||||
Cash and cash equivalents | $ | 5,122 | $ | 966 | ||||||
Revolving credit facilities | ||||||||||
Gross available under current credit facilities | 345,000 | 345,000 | ||||||||
less: Outstanding balance | (147,000 | ) | (162,000 | ) | ||||||
Holdback for letters of credit | (1,339 | ) | (1,378 | ) | ||||||
Net available under credit facilities | $ | 196,661 | $ | 181,622 | ||||||
Equity market capitalization (end of period) | ||||||||||
Common stock shares (in thousands) | ||||||||||
Basic common stock shares | 72,904.922 | 68,704.279 | ||||||||
Diluted common shares | ||||||||||
Unvested restricted common shares | 692.699 | 649.133 | ||||||||
Walden Woods shares (downREIT) | 93.656 | 93.656 | ||||||||
IRT Partners operating partnership units | - | 734.266 | ||||||||
Common stock options (treasury method, closing price) | 575.229 | 370.164 | ||||||||
Fully diluted common stock shares | 73,266.506 | 70,551.498 | ||||||||
Total debt (excluding unamortized premium/discount) | $ | 992,056 | $ | 771,103 | ||||||
Cash and cash equivalents, cash held in escrow | (5,122 | ) | (966 | ) | ||||||
Net debt | 986,934 | 770,137 | ||||||||
Equity market capitalization (fully diluted, end of period) | 1,762,344 | 1,190,909 | ||||||||
Total market capitalization | $ | 2,749,278 | $ | 1,961,046 | ||||||
Net debt to total market capitalization | 35.9 | % | 39.3 | % | ||||||
Gross real estate and securities investments | $ | 2,005,825 | $ | 1,683,705 | ||||||
Net debt to gross real estate and securities investments | 49.2 | % | 45.7 | % | ||||||
Fixed rate debt | $ | 745,056 | $ | 609,103 | ||||||
Fixed rate debt - swapped to variable rate | 100,000 | - | ||||||||
Variable rate debt - swapped to fixed rate | - | 70,000 | ||||||||
Variable rate debt - unhedged | 147,000 | 92,000 | ||||||||
Total debt (excluding unamortized premium/discount) | $ | 992,056 | $ | 771,103 | ||||||
% Fixed rate debt | 75.10 | % | 78.99 | % | ||||||
% Fixed rate debt - swapped to variable rate | 10.08 | % | - | % | ||||||
% Variable rate debt - swapped to fixed rate | - | % | 9.08 | % | ||||||
% Variable rate debt - unhedged | 14.82 | % | 11.93 | % | ||||||
% Variable rate debt - Total | 24.90 | % | 11.93 | % | ||||||
Weighted-average interest rate on mortgage debt | 7.26 | % | 7.45 | % | ||||||
Weighted-average interest rate on senior unsecured notes | 5.12 | % | 7.55 | % | ||||||
Weighted-average interest rate on revolving credit facilities | 2.80 | % | 2.06 | % |
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
for the periods ended December 31, 2004 and 2003 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
December 31, 2004 | December 31, 2003 | December 31, 2004 | December 31, 2003 | ||||||||||
Rental revenue: | |||||||||||||
Minimum rents | $ | 47,513 | $ | 38,445 | $ | 175,588 | $ | 137,284 | |||||
Expense recoveries | 13,257 | 12,500 | 48,789 | 39,908 | |||||||||
Termination fees | 2,919 | 575 | 3,536 | 1,363 | |||||||||
Percentage rent payments | 44 | 62 | 1,944 | 1,740 | |||||||||
Total rental revenue | 63,733 | 51,582 | 229,857 | 180,295 | |||||||||
Costs and expenses: | |||||||||||||
Property operating expenses | 16,823 | 16,021 | 60,402 | 51,728 | |||||||||
Rental property depreciation and amortization | 10,156 | 7,905 | 35,910 | 26,411 | |||||||||
General and administrative expenses | 5,618 | 3,108 | 16,601 | 11,046 | |||||||||
Total costs and expenses | 32,597 | 27,034 | 112,913 | 89,185 | |||||||||
Income before other income and expenses, | |||||||||||||
discontinued operations and minority interest | 31,136 | 24,548 | 116,944 | 91,110 | |||||||||
Other income and expenses: | |||||||||||||
Interest expense | (12,218 | ) | (8,996 | ) | (46,413 | ) | (36,814 | ) | |||||
Amortization of deferred financing fees | (381 | ) | (228 | ) | (1,370 | ) | (992 | ) | |||||
Investment income | 734 | 148 | 2,346 | 1,089 | |||||||||
Other income | 241 | 548 | 537 | 687 | |||||||||
Loss on extinguishment of debt | - | - | - | (513 | ) | ||||||||
Income before discontinued operations and | |||||||||||||
minority interest | 19,512 | 16,020 | 72,044 | 54,567 | |||||||||
Discontinued operations: | |||||||||||||
Income from operations of sold properties | 456 | 1,880 | 4,273 | 6,800 | |||||||||
Gain on disposal of income producing properties | 8,409 | - | 22,176 | 3,083 | |||||||||
Income from discontinued operations | 8,865 | 1,880 | 26,449 | 9,883 | |||||||||
Income before minority interest | 28,377 | 17,900 | 98,493 | 64,450 | |||||||||
Minority interest | (47 | ) | (197 | ) | (689 | ) | (803 | ) | |||||
Net income | $ | 28,330 | $ | 17,703 | $ | 97,804 | $ | 63,647 | |||||
Basic earnings per share | |||||||||||||
Income before discontinued operations | $ | 0.27 | $ | 0.23 | $ | 1.01 | $ | 0.90 | |||||
Income from discontinued operations | 0.12 | 0.03 | 0.38 | 0.16 | |||||||||
Net income | $ | 0.39 | $ | 0.26 | $ | 1.39 | $ | 1.06 | |||||
Diluted earnings per share | |||||||||||||
Income before discontinued operations | $ | 0.27 | $ | 0.23 | $ | 1.00 | $ | 0.89 | |||||
Income from discontinued operations | 0.12 | 0.03 | 0.37 | 0.16 | |||||||||
Net income | $ | 0.39 | $ | 0.26 | $ | 1.37 | $ | 1.05 | |||||
Weighted average shares outstanding | |||||||||||||
Basic | 72,315 | 67,858 | 70,447 | 59,998 | |||||||||
Diluted | 73,616 | 69,748 | 72,036 | 61,665 |
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||||||||
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS | |||||||||||||||||||
for the three and twelve months ended December 31, 2004 | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||
December 31, 2004 | December 31, 2004 | ||||||||||||||||||
As | Discontinued | Pre SFAS | As | Discontinued | Pre SFAS | ||||||||||||||
Reported | Operations | No. 144 | Reported | Operations | No. 144 | ||||||||||||||
Rental revenue: | |||||||||||||||||||
Minimum rents | $ | 47,513 | $ | 387 | $ | 47,900 | $ | 175,588 | $ | 6,763 | $ | 182,351 | |||||||
Expense recoveries | 13,257 | 165 | 13,422 | 48,789 | 1,387 | 50,176 | |||||||||||||
Termination fees | 2,919 | 8 | 2,927 | 3,536 | 827 | 4,363 | |||||||||||||
Percentage rent payments | 44 | 7 | 309 | 1,944 | 253 | 2,197 | |||||||||||||
Total rental revenue | 63,733 | 567 | 64,300 | 229,857 | 9,230 | 239,087 | |||||||||||||
Costs and expenses: | |||||||||||||||||||
Property operating expenses | 16,823 | 35 | 16,858 | 60,402 | 2,993 | 63,395 | |||||||||||||
Rental property depreciation and amortization | 10,156 | 70 | 10,226 | 35,910 | 1,113 | 37,023 | |||||||||||||
General and administrative expenses | 5,618 | - | 5,618 | 16,601 | - | 16,601 | |||||||||||||
Total costs and expenses | 32,597 | 105 | 32,702 | 112,913 | 4,106 | 117,019 | |||||||||||||
Income before other income and expenses, discontinued | |||||||||||||||||||
operations and minority interest | 31,136 | 462 | 31,598 | 116,944 | 5,124 | 122,068 | |||||||||||||
Other income and expenses: | |||||||||||||||||||
Interest expense | (12,218 | ) | (19 | ) | (12,237 | ) | (46,413 | ) | (716 | ) | (47,129 | ) | |||||||
Amortization of deferred financing fees | (381 | ) | - | (381 | ) | (1,370 | ) | (89 | ) | (1,459 | ) | ||||||||
Investment income | 734 | - | 734 | 2,346 | - | 2,346 | |||||||||||||
Other income | 241 | - | 241 | 537 | - | 537 | |||||||||||||
Equity in (loss) income of joint ventures | - | 13 | 13 | - | (46 | ) | (46 | ) | |||||||||||
Income before discontinued operations and | - | ||||||||||||||||||
minority interest | 19,512 | 456 | 19,968 | 72,044 | 4,273 | 76,317 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Income from operations of sold properties | 456 | (456 | ) | - | 4,273 | (4,273 | ) | - | |||||||||||
Gain on disposal of income producing properties | 8,409 | - | 8,409 | 22,176 | - | 22,176 | |||||||||||||
Total income from discontinued operations | 8,865 | (456 | ) | 8,409 | 26,449 | (4,273 | ) | 22,176 | |||||||||||
Income before minority interest | 28,377 | - | 28,377 | 98,493 | - | 98,493 | |||||||||||||
Minority interest | (47 | ) | - | (47 | ) | (689 | ) | - | (689 | ) | |||||||||
Net income | $ | 28,330 | $ | - | $ | 28,330 | $ | 97,804 | $ | - | $ | 97,804 | |||||||
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. |
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||||||||
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS | |||||||||||||||||||
for the three and twelve months ended December 31, 2004 | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
December 31, 2003 | December 31, 2003 | ||||||||||||||||||
As | Discontinued | Pre SFAS | As | Discontinued | Pre SFAS | ||||||||||||||
Reported | Operations | No. 144 | Reported | Operations | No. 144 | ||||||||||||||
Rental revenue: | �� | ||||||||||||||||||
Minimum rents | $ | 38,445 | $ | 2,704 | $ | 41,149 | $ | 137,284 | $ | 10,805 | $ | 148,089 | |||||||
Expense recoveries | 12,500 | 1,102 | 13,602 | 39,908 | 2,661 | 42,569 | |||||||||||||
Termination fees | 575 | 5 | 580 | 1,363 | 19 | 1,382 | |||||||||||||
Percentage rent payments | 62 | 10 | 72 | 1,740 | 131 | 1,871 | |||||||||||||
Total rental revenue | 51,582 | 3,821 | 55,403 | 180,295 | 13,616 | 193,911 | |||||||||||||
Costs and expenses: | |||||||||||||||||||
Property operating expenses | 16,021 | 1,243 | 17,264 | 51,728 | 4,118 | 55,846 | |||||||||||||
Rental property depreciation and amortization | 7,905 | 395 | 8,300 | 26,411 | 1,596 | 28,007 | |||||||||||||
General and administrative expenses | 3,108 | - | 3,108 | 11,046 | - | 11,046 | |||||||||||||
Total costs and expenses | 27,034 | 1,638 | 28,672 | 89,185 | 5,714 | 94,899 | |||||||||||||
Income before other income and expenses, discontinued | |||||||||||||||||||
operations and minority interest | 24,548 | 2,183 | 26,731 | 91,110 | 7,902 | 99,012 | |||||||||||||
Other income and expenses: | |||||||||||||||||||
Interest expense | (8,996 | ) | (265 | ) | (9,261 | ) | (36,814 | ) | (1,372 | ) | (38,186 | ) | |||||||
Amortization of deferred financing fees | (228 | ) | (30 | ) | (258 | ) | (992 | ) | (120 | ) | (1,112 | ) | |||||||
Investment income | 148 | - | 148 | 1,089 | - | 1,089 | |||||||||||||
Other income | 548 | - | 548 | 687 | - | 687 | |||||||||||||
Equity in (loss) income of joint ventures | - | (8 | ) | (8 | ) | - | 500 | 500 | |||||||||||
Loss on extinguishment of debt | - | - | - | (513 | ) | (110 | ) | (623 | ) | ||||||||||
Income before discontinued operations and | |||||||||||||||||||
minority interest | 16,020 | 1,880 | 17,900 | 54,567 | 6,800 | 61,367 | |||||||||||||
Discontinued operations: | |||||||||||||||||||
Income from operations of sold properties | 1,880 | (1,880 | ) | - | 6,800 | (6,800 | ) | - | |||||||||||
Gain on disposal of income producing properties | - | - | - | 3,083 | - | 3,083 | |||||||||||||
Total income from discontinued operations | 1,880 | (1,880 | ) | - | 9,883 | (6,800 | ) | 3,083 | |||||||||||
Income before minority interest | 17,900 | - | 17,900 | 64,450 | - | 64,450 | |||||||||||||
Minority interest | (197 | ) | - | (197 | ) | (803 | ) | - | (803 | ) | |||||||||
Net income | $ | 17,703 | $ | - | $ | 17,703 | $ | 63,647 | $ | - | $ | 63,647 | |||||||
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.
EQUITY ONE, INC. AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS and FUNDS AVAILABLE FOR DISTRIBUTION | ||||||||||||||||
for the periods ended December 31, 2004 and 2003 | ||||||||||||||||
(in thousands, except per share data) | �� | |||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, 2004 | December 31, 2003 | December 31, 2004 | December 31, 2003 | |||||||||||||
Funds from Operations | ||||||||||||||||
Net income | $ | 28,330 | $ | 17,703 | $ | 97,804 | $ | 63,647 | ||||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, | ||||||||||||||||
including discontinued operations | 10,226 | 8,300 | 37,023 | 28,007 | ||||||||||||
Gain on disposal of income producing properties | (8,409 | ) | - | (22,176 | ) | (3,083 | ) | |||||||||
Minority interest | 27 | 197 | 623 | 803 | ||||||||||||
Other items: | ||||||||||||||||
Interest on convertible partnership units | - | - | - | 43 | ||||||||||||
Pro-rata share of real estate depreciation | ||||||||||||||||
from joint ventures | - | 70 | 197 | 453 | ||||||||||||
Funds from operations | $ | 30,174 | $ | 26,270 | $ | 113,471 | $ | 89,870 | ||||||||
Increase | 14.9 | % | 26.3 | % | ||||||||||||
Earnings per diluted share* | $ | 0.39 | $ | 0.26 | $ | 1.37 | $ | 1.05 | ||||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 0.14 | 0.12 | 0.52 | 0.45 | ||||||||||||
Gain on disposal of income producing properties | (0.12 | ) | - | (0.31 | ) | (0.05 | ) | |||||||||
Other items: | ||||||||||||||||
Pro-rata share of real estate depreciation from joint ventures | - | - | - | - | ||||||||||||
Funds from operations per diluted share | $ | 0.41 | $ | 0.38 | $ | 1.58 | $ | 1.46 | ||||||||
Increase | 7.9 | % | 8.2 | % | ||||||||||||
*Earnings per diluted share reflect the add-back of interest on convertible partnership units and of those minority interestswhich are convertible to shares of our common stock. | ||||||||||||||||
Funds Available for Distribution | ||||||||||||||||
Funds from operations | $ | 30,194 | $ | 26,270 | $ | 113,537 | $ | 89,870 | ||||||||
Adjust for certain non-cash items: | ||||||||||||||||
Amortization of deferred financing fees | 381 | 258 | 1,459 | 1,112 | ||||||||||||
Amortization of restricted stock | 1,363 | 982 | 5,163 | 2,833 | ||||||||||||
Straight line rents | (1,120 | ) | (763 | ) | (3,835 | ) | (1,974 | ) | ||||||||
Capitalized interest | (996 | ) | (1,840 | ) | (3,204 | ) | (3,822 | ) | ||||||||
Amortization of debt premium/discount | (1,265 | ) | (1,119 | ) | (4,958 | ) | (3,584 | ) | ||||||||
Total adjusted for certain non-cash items | (1,637 | ) | (2,482 | ) | (5,375 | ) | (5,435 | ) | ||||||||
Adjust for recurring capital expenditures: | ||||||||||||||||
Tenant improvements | (570 | ) | (157 | ) | (1,504 | ) | (960 | ) | ||||||||
Leasing commissions and costs | (737 | ) | (954 | ) | (2,744 | ) | (2,382 | ) | ||||||||
Other capital expenditures | (305 | ) | (1,353 | ) | (1,236 | ) | (2,979 | ) | ||||||||
Total recurring capital expenditures | (1,612 | ) | (2,464 | ) | (5,484 | ) | (6,321 | ) | ||||||||
Funds available for distribution before debt payments | $ | 26,945 | $ | 21,324 | $ | 102,678 | $ | 78,114 | ||||||||
Scheduled debt payments | (2,600 | ) | (2,162 | ) | (9,807 | ) | (8,411 | ) | ||||||||
Funds available for distribution | $ | 24,345 | $ | 19,162 | $ | 92,871 | $ | 69,703 | ||||||||
Increase | 27.0 | % | 33.2 | % | ||||||||||||
Funds available for distribution per diluted share | $ | 0.33 | $ | 0.27 | $ | 1.29 | $ | 1.13 | ||||||||
Increase | 22.2 | % | 14.2 | % | ||||||||||||
Cash Dividends | $ | 21,277 | $ | 19,304 | $ | 80,904 | $ | 70,677 | ||||||||
Weighted average diluted shares | 73,616 | 69,748 | 72,036 | 61,665 | ||||||||||||
EQUITY ONE, INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
as of December 31 2004 and December 31, 2003 | ||||||||||
(in thousands, except per share data) | ||||||||||
December 31, 2004 | December 31, 2003 | |||||||||
Assets | ||||||||||
Properties | ||||||||||
Income producing | $ | 1,915,216 | $ | 1,594,579 | ||||||
Less: accumulated depreciation | (95,934 | ) | (66,406 | ) | ||||||
Rental property | 1,819,282 | 1,528,173 | ||||||||
Construction in progress and land held for development | 41,759 | 74,686 | ||||||||
Property held for sale | 12,646 | 14,440 | ||||||||
Properties, net | 1,873,687 | 1,617,299 | ||||||||
Cash and cash equivalents | 5,122 | 966 | ||||||||
Accounts and other receivables, net | 15,699 | 13,492 | ||||||||
Securities | 35,756 | - | ||||||||
Investments in joint ventures | 273 | 2,861 | ||||||||
Goodwill | 14,020 | 14,014 | ||||||||
Other assets | 47,735 | 28,754 | ||||||||
Total | $ | 1,992,292 | $ | 1,677,386 | ||||||
Liabilities and stockholders' equity | ||||||||||
Liabilities | ||||||||||
Mortgage notes payable | $ | 495,056 | $ | 459,103 | ||||||
Unsecured revolving credit facilities | 147,000 | 162,000 | ||||||||
Unsecured senior notes payable | 350,000 | 150,000 | ||||||||
Total debt | 992,056 | 771,103 | ||||||||
Unamortized premium/discount on notes payable | 21,603 | 24,218 | ||||||||
Total notes payable | 1,013,659 | 795,321 | ||||||||
Accounts payable and accrued expenses | 32,857 | 25,211 | ||||||||
Tenant security deposits | 8,559 | 7,706 | ||||||||
Other liabilities | 7,171 | 5,924 | ||||||||
Total liabilities | 1,062,246 | 834,162 | ||||||||
Minority interest | 1,397 | 12,672 | ||||||||
Stockholders' equity | ||||||||||
Common stock | 736 | 694 | ||||||||
Additional paid-in capital | 920,616 | 843,678 | ||||||||
Retained earnings | 17,481 | - | ||||||||
Accumulated other comprehensive income (loss) | 1,894 | (122 | ) | |||||||
Unamortized restricted stock compensation | (11,928 | ) | (10,091 | ) | ||||||
Notes receivable from issuance of common stock | (150 | ) | (3,607 | ) | ||||||
Total stockholders' equity | 928,649 | 830,552 | ||||||||
Total | $ | 1,992,292 | $ | 1,677,386 | ||||||
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||
DEBT SUMMARY | |||||||||||||
as of December 31, 2004 | |||||||||||||
(in thousands) | |||||||||||||
Maturity | Dec 30, 2004 | Dec 31, 2003 | |||||||||||
Debt Instruments | date | Rate (1) | balance | balance | |||||||||
Fixed rate mortgage debt | |||||||||||||
Middle Beach (2) | 09/01/04 | 7.375 | % | $ | - | $ | 2,807 | ||||||
Lantana Village | 03/15/05 | 6.950 | % | 3,512 | 3,669 | ||||||||
Woodruff | 05/10/05 | 7.580 | % | 2,969 | 3,096 | ||||||||
Elmwood Oaks | 06/01/05 | 8.375 | % | 7,500 | 7,500 | ||||||||
Benchmark Crossing | 08/01/05 | 9.250 | % | 3,226 | 3,313 | ||||||||
Sterling Plaza | 09/01/05 | 8.750 | % | 3,874 | 3,982 | ||||||||
Townsend Square | 10/01/05 | 8.500 | % | 4,768 | 4,848 | ||||||||
Green Oaks | 11/01/05 | 8.375 | % | 2,937 | 3,022 | ||||||||
Melbourne Plaza | 11/01/05 | 8.375 | % | 1,698 | 1,747 | ||||||||
Walden Woods | 08/01/06 | 7.875 | % | 2,272 | 2,387 | ||||||||
Big Curve | 10/01/06 | 9.190 | % | 5,310 | 5,437 | ||||||||
Highland Square | 12/01/06 | 8.870 | % | 3,951 | 4,047 | ||||||||
Park Northern | 12/01/06 | 8.370 | % | 2,182 | 2,284 | ||||||||
Crossroads Square | 12/01/06 | 8.440 | % | 12,324 | 12,510 | ||||||||
Rosemeade | 12/01/07 | 8.295 | % | 3,109 | 3,179 | ||||||||
Colony Plaza | 01/01/08 | 7.540 | % | 2,976 | 3,015 | ||||||||
Parkwood | 01/01/08 | 7.280 | % | 6,110 | 6,196 | ||||||||
Richwood | 01/01/08 | 7.280 | % | 3,147 | 3,192 | ||||||||
Commonwealth | 02/15/08 | 7.000 | % | 2,636 | 2,754 | ||||||||
Mariners Crossing | 03/01/08 | 7.080 | % | 3,332 | 3,380 | ||||||||
Pine Island/Ridge Plaza | 07/01/08 | 6.910 | % | 24,582 | 24,938 | ||||||||
Forestwood | 01/01/09 | 5.070 | % | 7,128 | 7,286 | ||||||||
Shoppes of North Port | 02/08/09 | 6.650 | % | 4,008 | 4,108 | ||||||||
Prosperity Centre | 03/01/09 | 7.875 | % | 6,022 | 6,390 | ||||||||
North Village Center (3) | 03/15/09 | 8.130 | % | - | 1,463 | ||||||||
Shoppes of Ibis | 09/01/09 | 6.730 | % | 5,687 | 5,865 | ||||||||
Tamarac Town Square | 10/01/09 | 9.190 | % | 6,122 | 6,206 | ||||||||
Park Promenade | 02/01/10 | 8.100 | % | 6,241 | 6,302 | ||||||||
Skipper Palms | 03/01/10 | 8.625 | % | 3,526 | 3,556 | ||||||||
Jonathan's Landing | 05/01/10 | 8.050 | % | 2,868 | 2,901 | ||||||||
Bluff's Square | 06/01/10 | 8.740 | % | 10,005 | 10,086 | ||||||||
Kirkman Shoppes | 06/01/10 | 8.740 | % | 9,448 | 9,524 | ||||||||
Ross Plaza | 06/01/10 | 8.740 | % | 6,589 | 6,642 | ||||||||
Boynton Plaza | 07/01/10 | 8.030 | % | 7,423 | 7,494 | ||||||||
Pointe Royale | 07/15/10 | 7.950 | % | 4,284 | 4,533 | ||||||||
Westgate | 07/31/10 | 4.880 | % | 29,625 | - | ||||||||
Plymouth Park East 1 (4) | 08/01/10 | 8.250 | % | - | 150 | ||||||||
Plymouth Park East 2 (4) | 08/01/10 | 8.250 | % | - | 451 | ||||||||
Plymouth Park North (4) | 08/01/10 | 8.250 | % | - | 8,043 | ||||||||
Plymouth Park South (4) | 08/01/10 | 8.250 | % | - | 601 | ||||||||
Plymouth Park Story North (4) | 08/01/10 | 8.250 | % | - | 370 | ||||||||
Plymouth Park West (4) | 08/01/10 | 8.250 | % | - | 2,404 |
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||
DEBT SUMMARY | |||||||||||||
as of December 31, 2004 | |||||||||||||
(in thousands) | |||||||||||||
Maturity | Dec 30, 2004 | Dec 31, 2003 | |||||||||||
Debt Instruments | date | Rate (1) | balance | balance | |||||||||
Shops at Skylake | 08/01/10 | 7.650 | % | $ | 14,266 | $ | 14,628 | ||||||
Parkwest Crossing | 09/01/10 | 8.100 | % | 4,684 | 4,728 | ||||||||
Spalding Village | 09/01/10 | 8.190 | % | 10,231 | 10,537 | ||||||||
Minyards | 11/01/10 | 8.320 | % | 2,473 | 2,511 | ||||||||
Charlotte Square | 02/01/11 | 9.190 | % | 3,550 | 3,614 | ||||||||
Forest Village | 04/01/11 | 7.270 | % | 4,441 | 4,488 | ||||||||
Boca Village | 05/01/11 | 7.200 | % | 8,211 | 8,298 | ||||||||
MacLand Pointe | 05/01/11 | 7.250 | % | 5,798 | 5,859 | ||||||||
Pine Ridge Square | 05/01/11 | 7.020 | % | 7,273 | 7,354 | ||||||||
Sawgrass Promenade | 05/01/11 | 7.200 | % | 8,211 | 8,298 | ||||||||
Presidential Markets | 06/01/11 | 7.650 | % | 27,159 | 27,420 | ||||||||
Lake Mary | 11/01/11 | 7.250 | % | 24,282 | 24,529 | ||||||||
Lake St. Charles | 11/01/11 | 7.130 | % | 3,833 | 3,873 | ||||||||
Belfair Towne Village | 12/01/11 | 7.320 | % | 11,197 | 11,379 | ||||||||
Marco Town Center | 01/01/12 | 6.700 | % | 8,578 | 8,731 | ||||||||
Riverside Square | 03/01/12 | 9.190 | % | 7,589 | 7,694 | ||||||||
Sparkleberry Square (5) | 11/30/12 | 6.170 | % | 6,655 | - | ||||||||
Cashmere | 11/01/12 | 5.880 | % | 5,141 | 5,245 | ||||||||
Eastwood | 11/01/12 | 5.880 | % | 6,126 | 6,250 | ||||||||
Meadows | 11/01/12 | 5.870 | % | 6,438 | 6,568 | ||||||||
Lutz Lake | 12/01/12 | 6.280 | % | 7,500 | 7,500 | ||||||||
Summerlin Square | 02/01/14 | 6.750 | % | 3,622 | 3,898 | ||||||||
Bird Ludlum | 02/15/15 | 7.680 | % | 9,690 | 10,296 | ||||||||
Treasure Coast | 04/01/15 | 8.000 | % | 4,532 | 4,804 | ||||||||
Shoppes of Silverlakes | 07/01/15 | 7.750 | % | 2,627 | 2,781 | ||||||||
Medford | 02/01/16 | 8.690 | % | 5,512 | - | ||||||||
Swampscott | 02/01/16 | 8.690 | % | 2,395 | - | ||||||||
Plymouth | 02/01/16 | 8.690 | % | 4,029 | - | ||||||||
Grassland Crossing | 12/01/16 | 7.870 | % | 5,827 | 5,985 | ||||||||
Mableton Crossing | 08/15/18 | 6.850 | % | 4,062 | 4,157 | ||||||||
Sparkleberry Square (5) | 06/30/20 | 6.750 | % | 7,918 | - | ||||||||
BridgeMill | 05/05/21 | 7.940 | % | 9,395 | 9,555 | ||||||||
Westport Plaza | 08/24/23 | 7.490 | % | 4,876 | - | ||||||||
Chastain Square | 02/28/24 | 6.500 | % | 3,821 | 3,918 | ||||||||
Daniel Village | 02/28/24 | 6.500 | % | 4,177 | 4,282 | ||||||||
Douglas Commons | 02/28/24 | 6.500 | % | 4,976 | 5,102 | ||||||||
Fairview Oaks | 02/28/24 | 6.500 | % | 4,710 | 4,829 | ||||||||
Madison Centre | 02/28/24 | 6.500 | % | 3,821 | 3,918 | ||||||||
Paulding Commons | 02/28/24 | 6.500 | % | 6,487 | 6,651 | ||||||||
Siegen Village | 02/28/24 | 6.500 | % | 4,221 | 4,328 | ||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500 | % | 3,332 | 3,417 | ||||||||
Total fixed rate mortgage debt (71 loans) | 5.81 years | 7.260 | % | $ | 495,056 | $ | 459,103 | ||||||
Net interest premium/discount | (wtd-avg maturity) | (wtd-avg rate) | 12,721 | 11,779 | |||||||||
Total fixed rate mortgage debt (including net interest premium/discount) | $ | 507,777 | $ | 470,882 | |||||||||
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||
DEBT SUMMARY | |||||||||||||
as of December 31, 2004 | |||||||||||||
(in thousands) | |||||||||||||
Maturity | Dec 30, 2004 | Dec 31, 2003 | |||||||||||
Property | date | Rate (1) | balance | balance | |||||||||
Fixed rate unsecured senior notes payable | |||||||||||||
7.77% senior notes | 04/01/06 | 7.770 | % | $ | 50,000 | $ | 50,000 | ||||||
7.25% senior notes | 08/15/07 | 7.250 | % | 75,000 | 75,000 | ||||||||
3.875% senior notes (6) | 04/15/09 | 3.875 | % | 200,000 | - | ||||||||
7.84% senior notes | 01/23/12 | 7.840 | % | 25,000 | 25,000 | ||||||||
Total fixed rate unsecured senior notes payable | 3.74 years | 5.124 | % | 350,000 | 150,000 | ||||||||
Net interest premium/discount | (wtd-avg maturity | ) | (wtd-avg rate | ) | 8,882 | 12,439 | |||||||
Total fixed rate unsecured senior notes payable (including net interest premium/discount) | $ | 358,882 | $ | 162,439 | |||||||||
Total fixed rate debt | $ | 845,056 | $ | 609,103 | |||||||||
Net interest premium/discount | 21,603 | 24,218 | |||||||||||
Total fixed rate debt (including net interest premium/discount) | $ | 866,659 | $ | 633,321 | |||||||||
Revolving credit facilities | |||||||||||||
$340MM Wells Fargo Unsecured | 02/12/06 | 2.798 | % | 147,000 | 162,000 | ||||||||
$5MM City National Bank Unsecured | 11/13/04 | Libor + 1 | % | - | - | ||||||||
Total revolving credit facilities | $ | 147,000 | $ | 162,000 | |||||||||
Total debt | $ | 992,056 | $ | 771,103 | |||||||||
Net interest premium/discount | 21,603 | 24,218 | |||||||||||
Total debt (including net interest premium/discount) | $ | 1,013,659 | $ | 795,321 | |||||||||
Senior Unsecured Debt Ratings | |||||||||||||
Moody's | Baa3 (Stable | ) | Baa3 (Stable | ) | |||||||||
S&P | BBB- (Stable | ) | BBB- (Stable | ) |
EQUITY ONE, INC. AND SUBSIDIARIES | ||||||||||||||||
DEBT SUMMARY | ||||||||||||||||
as of December 31, 2004 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Secured Debt | Unsecured Debt | |||||||||||||||
Maturity schedule | Scheduled | Balloon | Revolving | Senior | ||||||||||||
by year | amortization | payments (7) | Credit Facilities (7) | Notes | Total (7) | |||||||||||
2005 | $ | 10,809 | $ | 30,079 | $ | - | $ | - | $ | 40,888 | ||||||
2006 | 11,069 | 24,758 | 147,000 | 50,000 | 232,827 | |||||||||||
2007 | 11,252 | 2,864 | - | 75,000 | 88,116 | |||||||||||
2008 | 11,391 | 40,104 | - | - | 51,495 | |||||||||||
2009 | 11,125 | 24,332 | - | 200,000 | 235,457 | |||||||||||
2010 | 10,224 | 98,471 | - | - | 108,695 | |||||||||||
2011 | 8,489 | 93,433 | - | - | 101,922 | |||||||||||
2012 | 7,324 | 40,056 | - | 25,000 | 72,380 | |||||||||||
2013 | 7,020 | - | - | - | 7,020 | |||||||||||
2014 | 7,110 | 10,015 | - | - | 17,125 | |||||||||||
Thereafter | 35,131 | - | - | - | 35,131 | |||||||||||
Total | $ | 130,944 | $ | 364,112 | $ | 147,000 | $ | 350,000 | $ | 992,056 | ||||||
(1) | The rate in effect on December 31, 2004. | ||||||||
(2) | This loan was repaid in September 2004. | ||||||||
(3) | This loan was repaid in January 2004. | ||||||||
(4) | The buyer assumed the notes on the sale of the property in September 2004. | ||||||||
(5) | The Sparkleberry property is encumbered by two separate mortgages. | ||||||||
(6) | The $100M of the outstanding balance has been swapped to a floating interest rate based on 6 month LIBOR in arrears, plus 0.4375%. The indicated rate and weighted average rate for the unsecured notes does not reflect this interest rate swap. | ||||||||
(7) | 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. |
Number of tenants | Supermarket anchor | |||||||||||||||||||||||||||||||||
Property | City | Year built/ renovated | Total square footage | Percent leased | leased | vacant | owned SF | shadow SF | name expiration date | Other anchor tenants | Average base per leased SF | |||||||||||||||||||||||
ALABAMA (2) | ||||||||||||||||||||||||||||||||||
Madison Centre | Madison | 1997 | 64,837 | 100.0 | % | 13 | 0 | 37,912 | Publix | Rite Aid | $ | 9.71 | ||||||||||||||||||||||
(6/1/2017) | ||||||||||||||||||||||||||||||||||
West Gate Plaza | Mobile | 1974, 1995 / 1985 | 64,378 | 96.9 | % | 7 | 2 | 44,000 | Winn-Dixie | Rite Aid | 6.99 | |||||||||||||||||||||||
(7/19/2015) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (2) | 129,215 | 98.5 | % | 20 | 2 | 81,912 | 0 | $ | 8.37 | |||||||||||||||||||||||||
ARIZONA (2) | ||||||||||||||||||||||||||||||||||
Big Curve | Yuma | 1969 / 1996 | 126,402 | 95.3 | % | 31 | 2 | 60,000 | Albertsons | Miller's Outpost | 9.76 | |||||||||||||||||||||||
Park Northern | Phoenix | 1982 / 1996 | 126,852 | 95.8 | % | 23 | 2 | 51,511 | Safeway | Bealls, Chuck E Cheese, Life Skills Center | 6.62 | |||||||||||||||||||||||
(5/31/2008) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ARIZONA (2) | 253,254 | 95.6 | % | 54 | 4 | 51,511 | 60,000 | $ | 8.18 | |||||||||||||||||||||||||
FLORIDA (75) | ||||||||||||||||||||||||||||||||||
North Florida (13) | ||||||||||||||||||||||||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1998 | 100,559 | 95.9 | % | 24 | 2 | 39,795 | Publix | JoAnn Fabrics, Dollar Tree | 10.24 | |||||||||||||||||||||||
(10/31/2008) | ||||||||||||||||||||||||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 70,429 | 86.9 | % | 10 | 1 | Big Lots, Goodwill, Bealls Outlet | 7.76 | |||||||||||||||||||||||||
Commonwealth | Jacksonville | 1984 / 1998 | 81,467 | 95.6 | % | 15 | 1 | 48,997 | Winn-Dixie/ Save Rite | 8.35 | ||||||||||||||||||||||||
(2/28/2018) | ||||||||||||||||||||||||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 93.9 | % | 14 | 3 | 37,866 | Publix | 10.47 | ||||||||||||||||||||||||
(4/30/2020) | ||||||||||||||||||||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 74,546 | 80.7 | % | 9 | 4 | 45,500 | Winn-Dixie | 7.41 | ||||||||||||||||||||||||
(5/31/2015) | ||||||||||||||||||||||||||||||||||
Mandarin Landing | Jacksonville | 1976 / 2000 | 141,565 | 91.6 | % | 35 | 2 | 34,400 | Publix | Office Depot | 9.94 | |||||||||||||||||||||||
(2/14/2007) | ||||||||||||||||||||||||||||||||||
Medical & Merchants | Jacksonville | 1993 | 152,761 | 96.1 | % | 15 | 4 | 55,999 | Publix | Memorial Health Group, Blockbuster | 11.84 | |||||||||||||||||||||||
(2/10/2013) | ||||||||||||||||||||||||||||||||||
Middle Beach | Panama City Beach | 1994 | 69,277 | 100.0 | % | 9 | 0 | 56,077 | Publix | Movie Gallery | 9.47 | |||||||||||||||||||||||
(9/30/2014) | ||||||||||||||||||||||||||||||||||
Monument Point | Jacksonville | 1985 / 1997 | 75,128 | 100.0 | % | 12 | 0 | 46,772 | Winn-Dixie | CVS Pharmacy | 6.71 | |||||||||||||||||||||||
(3/27/2010) | ||||||||||||||||||||||||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 100.0 | % | 19 | 0 | 39,795 | Publix | Walgreens* | 7.01 | |||||||||||||||||||||||
(3/11/2010) | ||||||||||||||||||||||||||||||||||
Parkmore Plaza | Milton | 1986 | 159,067 | 97.9 | % | 11 | 2 | Wal-Mart*(Bealls), Big Lots | 4.47 | |||||||||||||||||||||||||
Pensacola Plaza | Pensacola | 1985 | 56,098 | 91.4 | % | 2 | 1 | 42,848 | FoodWorld | 4.27 | ||||||||||||||||||||||||
(12/31/2009) | ||||||||||||||||||||||||||||||||||
South Beach | Jacksonville Beach | 1990, 1991 | 289,964 | 93.6 | % | 42 | 9 | 29,000 | Food Lion | Kmart, Stein Mart, Bealls | 9.24 | |||||||||||||||||||||||
(3/31/2010) | ||||||||||||||||||||||||||||||||||
Central Florida (10) | ||||||||||||||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 123,133 | 98.3 | % | 28 | 1 | 54,230 | Publix | Blockbuster | 11.82 | |||||||||||||||||||||||
(11/30/2007) | ||||||||||||||||||||||||||||||||||
Conway Crossing | Orlando | 2002 | 76,321 | 100.0 | % | 18 | 0 | 44,271 | Publix | 11.69 | ||||||||||||||||||||||||
(4/30/2022) | ||||||||||||||||||||||||||||||||||
Eastwood | Orlando | 1997 | 69,037 | 100.0 | % | 13 | 0 | 51,512 | Publix | 11.35 | ||||||||||||||||||||||||
(11/1/2017) | ||||||||||||||||||||||||||||||||||
Hunters Creek | Orlando | 1998 | 68,032 | 100.0 | % | 9 | 0 | 51,255 | Winn-Dixie | 10.86 | ||||||||||||||||||||||||
(9/23/2018) | ||||||||||||||||||||||||||||||||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 98.6 | % | 29 | 1 | CVS Pharmacy | 16.08 | |||||||||||||||||||||||||
Lake Mary | Orlando | 1988 / 2001 | 342,384 | 96.6 | % | 62 | 25 | 63,139 | Albertsons | Kmart, Lifestyle Fitness, Sun Star Theatres | 11.18 | |||||||||||||||||||||||
(6/30/2012) | ||||||||||||||||||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 125,818 | 97.9 | % | 25 | 1 | 55,000 | Publix* | Orange County Library, Blockbuster, Goodwill | 8.91 | |||||||||||||||||||||||
(2/9/2007) | ||||||||||||||||||||||||||||||||||
Town & Country | Kissimmee | 1993 | 72,043 | 96.1 | % | 11 | 2 | 52,883 | Albertsons | 6.61 | ||||||||||||||||||||||||
(10/31/2018) | ||||||||||||||||||||||||||||||||||
Unigold | Winter Park | 1987 | 117,527 | 100.0 | % | 25 | 0 | 52,500 | Winn-Dixie | Blockbuster | 10.68 | |||||||||||||||||||||||
(4/30/2007) | ||||||||||||||||||||||||||||||||||
Walden Woods | Plant City, FL | 1985 / 1998, 2003 | 75,874 | 100.0 | % | 13 | 0 | Walgreens, Dollar Tree, Aaron Rents, Dollar General | 6.87 | |||||||||||||||||||||||||
Florida West Coast (18) | ||||||||||||||||||||||||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 103,986 | 89.5 | % | 16 | 8 | 52,610 | Publix | CVS Pharmacy* (Bealls Outlet), West Marine | 9.35 | |||||||||||||||||||||||
(11/30/2021) | ||||||||||||||||||||||||||||||||||
Carrollwood | Tampa | 1970 / 2002 | 94,203 | 87.8 | % | 29 | 7 | 27,887 | Publix | CVS Pharmacy | 11.23 | |||||||||||||||||||||||
(11/30/2022) | ||||||||||||||||||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 93.8 | % | 22 | 5 | 44,024 | Publix | Pet Supermarket | 7.78 | |||||||||||||||||||||||
(1/31/2011) | ||||||||||||||||||||||||||||||||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 100.0 | % | 18 | 0 | 48,890 | Publix | CVS Pharmacy | 11.10 | |||||||||||||||||||||||
(5/27/2012) | ||||||||||||||||||||||||||||||||||
Lake St. Charles | Tampa | 1999 | 57,015 | 100.0 | % | 8 | 0 | 46,295 | Kash n' Karry | 9.84 | ||||||||||||||||||||||||
(6/30/2019) | ||||||||||||||||||||||||||||||||||
Lutz Lake | Lutz | 2002 | 64,985 | 100.0 | % | 15 | 0 | 44,270 | Publix | 13.80 | ||||||||||||||||||||||||
(5/31/2022) | ||||||||||||||||||||||||||||||||||
Marco Town Center | Marco Island | 2001 | 109,830 | 96.4 | % | 41 | 4 | 27,887 | Publix | West Marine | 16.68 | |||||||||||||||||||||||
(1/31/2018) | ||||||||||||||||||||||||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 85,507 | 96.1 | % | 13 | 3 | 48,315 | Kash n' Karry | 8.26 | ||||||||||||||||||||||||
(8/15/2020) | ||||||||||||||||||||||||||||||||||
North River Village** | Ellenton | 1988, 1993 | 177,128 | 100.0 | % | 16 | 0 | 42,112 | Publix | Kmart, Walgreens* (Dollar Tree), Bealls Outlet | 7.30 | |||||||||||||||||||||||
(7/20/2008) | ||||||||||||||||||||||||||||||||||
Pavilion | Naples | 1982 | 167,745 | 91.2 | % | 38 | 4 | 50,795 | Publix | Pavillion 6 Theatre, Anthony's | 13.96 | |||||||||||||||||||||||
(2/28/2013) | ||||||||||||||||||||||||||||||||||
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 87.2 | % | 16 | 9 | 44,270 | Publix | 10.52 | ||||||||||||||||||||||||
(2/28/2021) | ||||||||||||||||||||||||||||||||||
Ross Plaza | Tampa | 1984 / 1996 | 85,359 | 97.0 | % | 17 | 3 | Ross Dress for Less | 10.38 | |||||||||||||||||||||||||
Seven Hills | Spring Hill | 1991 | 64,590 | 100.0 | % | 12 | 0 | 48,890 | Publix | 9.79 | ||||||||||||||||||||||||
(9/25/2011) | ||||||||||||||||||||||||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 100.0 | % | 22 | 0 | 48,890 | Publix | Bealls Outlet | 9.91 | |||||||||||||||||||||||
(12/11/2011) |
Number of tenants | Supermarket anchor | |||||||||||||||||||||||||||||||||
Property | City | Year built/ renovated | Total square footage | Percent leased | leased | vacant | owned SF | shadow SF | name expiration date | Other anchor tenants | Average base per leased SF | |||||||||||||||||||||||
Florida West Coast (continued) | ||||||||||||||||||||||||||||||||||
Skipper Palms | Tampa | 1984 | 88,000 | 92.9 | % | 14 | 3 | 53,440 | Winn-Dixie | $ | 8.55 | |||||||||||||||||||||||
(5/31/2016) | ||||||||||||||||||||||||||||||||||
Summerlin Square | Fort Myers | 1986 / 1998 | 109,156 | 90.3 | % | 21 | 7 | 45,500 | Winn-Dixie | CVS Pharmacy, West Marine | 9.97 | |||||||||||||||||||||||
(6/4/2006) | ||||||||||||||||||||||||||||||||||
Venice Plaza | Venice | 1971/1979/ 1999 | 157,940 | 79.4 | % | 14 | 2 | 42,582 | Kash n' Karry | TJ Maxx, Blockbuster | 5.50 | |||||||||||||||||||||||
(9/30/2018) | ||||||||||||||||||||||||||||||||||
Venice Shopping Center | Venice | 1968 / 2000 | 111,934 | 91.4 | % | 13 | 2 | 44,271 | Publix | Beall's Outlet, Dollar Tree, Wachovia Bank | 5.06 | |||||||||||||||||||||||
(12/31/2026) | ||||||||||||||||||||||||||||||||||
Florida Treasure Coast (8) | ||||||||||||||||||||||||||||||||||
Bluffs Square | Jupiter | 1986 | 132,395 | 98.2 | % | 46 | 2 | 39,795 | Publix | Walgreens | 12.08 | |||||||||||||||||||||||
(10/22/2006) | ||||||||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 100.0 | % | 18 | 0 | 59,448 | Albertsons | 8.12 | ||||||||||||||||||||||||
(4/30/2025) | ||||||||||||||||||||||||||||||||||
Jonathan's Landing | Jupiter | 1997 | 26,820 | 100.0 | % | 12 | 0 | 53,850 | Albertsons | Blockbuster | 18.64 | |||||||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 97.1 | % | 33 | 1 | 42,112 | Publix | Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster | 10.09 | |||||||||||||||||||||||
(9/30/2007) | ||||||||||||||||||||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 100.0 | % | 19 | 0 | Wal-Mart* (Bealls Outlet) | 8.03 | |||||||||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 99.2 | % | 31 | 1 | 39,795 | Publix | Bealls Outlet, Books-A-Million | 9.75 | |||||||||||||||||||||||
(3/23/2017) | ||||||||||||||||||||||||||||||||||
Salerno Village | Stuart | 1987 | 79,903 | 91.2 | % | 14 | 7 | 49,802 | Winn-Dixie | CVS Pharmacy | 10.30 | |||||||||||||||||||||||
(3/23/2024) | ||||||||||||||||||||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 94.5 | % | 21 | 4 | 59,450 | Winn-Dixie | TJ Maxx | 8.67 | |||||||||||||||||||||||
(4/12/2015) | ||||||||||||||||||||||||||||||||||
South Florida / Atlantic Coast (26) | ||||||||||||||||||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,282 | 96.7 | % | 44 | 2 | 44,400 | Winn-Dixie | CVS Pharmacy, Blockbuster, Goodwill | 15.12 | |||||||||||||||||||||||
(12/31/2007) | ||||||||||||||||||||||||||||||||||
Boca Village | Boca Raton | 1978 | 93,428 | 100.0 | % | 22 | 0 | 36,000 | Publix | CVS Pharmacy | 15.45 | |||||||||||||||||||||||
(3/31/2007) | ||||||||||||||||||||||||||||||||||
Boynton Plaza | Boynton Beach | 1978 / 1999 | 99,324 | 100.0 | % | 29 | 0 | 37,664 | Publix | CVS Pharmacy, Hollywood Video | 11.05 | |||||||||||||||||||||||
(8/31/2008) | ||||||||||||||||||||||||||||||||||
Countryside Shops | Cooper City | 1986, 1988, 1991 | 179,561 | 100.07 | % | 46 | 0 | 39,795 | Publix | CVS Pharmacy, Stein Mart | 12.74 | |||||||||||||||||||||||
(12/4/2005) | ||||||||||||||||||||||||||||||||||
Crossroads Square | Ft. Lauderdale | 1973 | 270,206 | 97.7 | % | 23 | 4 | Lowe's, CVS Pharmacy, Goodyear | 7.76 | |||||||||||||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0 | % | 1 | 0 | Jumbo Buffet | 15.49 | |||||||||||||||||||||||||
Greenwood | Palm Springs | 1982, 1994 | 132,325 | 91.7 | % | 31 | 5 | 50,032 | Publix | Bealls Outlet, World Savings Bank | 12.01 | |||||||||||||||||||||||
(12/5/2014) | ||||||||||||||||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 97.3 | % | 20 | 1 | 42,323 | Publix | Blockbuster | 12.24 | |||||||||||||||||||||||
(9/13/2015) | ||||||||||||||||||||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 96.7 | % | 23 | 4 | 39,473 | Winn-Dixie | Kmart, Rite Aid* (Dollar Store), Hollywood Video | 6.90 | |||||||||||||||||||||||
(2/15/2011) | ||||||||||||||||||||||||||||||||||
Meadows | Miami | 1997 | 75,524 | 100.0 | % | 20 | 0 | 47,955 | Publix | 12.36 | ||||||||||||||||||||||||
(7/9/2017) | ||||||||||||||||||||||||||||||||||
Oakbrook Square | Palm Beach Gdns | 1974/2000, 2003 | 212,074 | 90.2 | % | 25 | 5 | 44,400 | Publix | Stein Mart, Homegoods, CVS, Basset Funiture | 13.39 | |||||||||||||||||||||||
(11/30/2020) | ||||||||||||||||||||||||||||||||||
Pine Island | Davie | 1983 / 1999 | 254,907 | 100.0 | % | 47 | 0 | 39,943 | Publix | Home Depot Expo, Bealls Outlet | 10.06 | |||||||||||||||||||||||
(11/30/2013) | ||||||||||||||||||||||||||||||||||
Pine Ridge Square | Coral Springs | 1986 / 1998, 1999 | 117,399 | 98.5 | % | 33 | 2 | 17,441 | Fresh Market | Bed Bath & Beyond, Off Main Furniture, Blockbuster | 13.42 | |||||||||||||||||||||||
(6/30/2009) | ||||||||||||||||||||||||||||||||||
Plaza Alegre | Miami | 2003 | 91,611 | 96.1 | % | 19 | 2 | 44,271 | Publix | Goodwill, Blockbuster | 14.66 | |||||||||||||||||||||||
(3/14/2023) | ||||||||||||||||||||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 209,863 | 94.3 | % | 23 | 2 | 45,350 | Winn-Dixie | Best Buy, CVS Pharmacy* (Anna's Linens) | 6.58 | |||||||||||||||||||||||
(2/18/2011) | ||||||||||||||||||||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,106 | 100.0 | % | 9 | 0 | Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine's, TJ Maxx | 15.56 | |||||||||||||||||||||||||
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 | 9.38 | ||||||||||||||||||||||||
Riverside Square | Coral Springs | 1987 | 107,941 | 97.1 | % | 34 | 2 | 39,795 | Publix | Tuesday Morning | 13.64 | |||||||||||||||||||||||
(2/18/2007) | ||||||||||||||||||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 91.1 | % | 26 | 3 | 36,464 | Publix | Walgreens, Blockbuster | 10.83 | |||||||||||||||||||||||
(12/15/2009) | ||||||||||||||||||||||||||||||||||
Sheridan | Hollywood | 1973 / 1991 | 455,843 | 86.7 | % | 61 | 5 | 65,537 | Publix | Ross, Bed Bath & Beyond, Office Depot, AMC Theater, CVS Pharmacy, Blockbuster | 14.02 | |||||||||||||||||||||||
(10/9/2011) | ||||||||||||||||||||||||||||||||||
Shoppes of Ibis | West Palm Beach | 1999 | 79,420 | 100.0 | % | 18 | 0 | 51,420 | Publix | 12.71 | ||||||||||||||||||||||||
(4/30/2019) | ||||||||||||||||||||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995, 1997 | 126,788 | 99.1 | % | 39 | 1 | 47,813 | Publix | Blockbuster | 16.63 | |||||||||||||||||||||||
(6/14/2015) | ||||||||||||||||||||||||||||||||||
Shops at Skylake | North Miami Beach | 1999-2003 | 219,199 | 99.5 | % | 44 | 3 | 51,420 | Publix | Goodwill, L.A. Fitness, Blockbuster | 15.75 | |||||||||||||||||||||||
(7/30/2019) | ||||||||||||||||||||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 127,635 | 87.3 | % | 30 | 9 | 37,764 | Publix | 10.69 | ||||||||||||||||||||||||
(12/15/2014) | ||||||||||||||||||||||||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 100.0 | % | 27 | 0 | 46,216 | Winn-Dixie | Navarro Pharmacy | 11.07 | |||||||||||||||||||||||
(10/31/2016) | ||||||||||||||||||||||||||||||||||
Westport Plaza | Davie | 2002 | 36,212 | 100.0 | % | 5 | 0 | 27,887 | Publix | Blockbuster | 16.74 | |||||||||||||||||||||||
(11/30/2022) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (75) | 9,026,499 | 95.5 | % | 1,716 | 182 | 2,882,532 | 53,850 | $ | 10.75 | |||||||||||||||||||||||||
GEORGIA (23) | ||||||||||||||||||||||||||||||||||
Atlanta (18) | ||||||||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 93.0 | % | 26 | 4 | 37,888 | Publix | 14.91 | ||||||||||||||||||||||||
(1/31/2020) | ||||||||||||||||||||||||||||||||||
Butler Creek | Acworth | 1990 | 95,597 | 97.0 | % | 17 | 2 | 59,997 | Kroger | 10.76 | ||||||||||||||||||||||||
(6/30/2018) | ||||||||||||||||||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 96.5 | % | 26 | 2 | 37,366 | Publix | 16.23 | ||||||||||||||||||||||||
(5/31/2024) | ||||||||||||||||||||||||||||||||||
Commerce Crossing | Commerce | 1988 | 100,668 | 95.0 | % | 9 | 1 | 32,000 | Ingles | Wal-Mart* | 4.09 | |||||||||||||||||||||||
(9/26/2009) |
Number of tenants | Supermarket anchor | |||||||||||||||||||||||||||||||||
Property | City | Year built/ renovated | Total square footage | Percent leased | leased | vacant | owned SF | shadow SF | name expiration date | Other anchor tenants | Average base per leased SF | |||||||||||||||||||||||
Atlanta (continued) | ||||||||||||||||||||||||||||||||||
Douglas Commons | Douglasville | 1988 | 97,027 | 98.6 | % | 17 | 1 | 59,431 | Kroger | $ | 9.96 | |||||||||||||||||||||||
(8/31/2013) | ||||||||||||||||||||||||||||||||||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 100.0 | % | 13 | 0 | 54,498 | Kroger | Blockbuster | 11.27 | |||||||||||||||||||||||
(9/30/2016) | ||||||||||||||||||||||||||||||||||
Grassland Crossing | Alpharetta | 1996 | 90,906 | 93.3 | % | 11 | 3 | 70,086 | Kroger | 11.53 | ||||||||||||||||||||||||
(6/30/2016) | ||||||||||||||||||||||||||||||||||
Hamilton Ridge | Buford | 2002 | 89,496 | 96.4 | % | 19 | 2 | 54,166 | Kroger | 12.92 | ||||||||||||||||||||||||
(11/30/2022) | ||||||||||||||||||||||||||||||||||
Mableton Crossing | Mableton | 1997 | 86,819 | 95.5 | % | 15 | 1 | 63,419 | Kroger | 10.23 | ||||||||||||||||||||||||
(8/31/2017) | ||||||||||||||||||||||||||||||||||
Macland Pointe | Marietta | 1992, 1993 | 79,699 | 100.0 | % | 17 | 0 | 55,999 | Publix | 9.76 | ||||||||||||||||||||||||
(12/29/2012) | ||||||||||||||||||||||||||||||||||
Market Place | Norcross | 1976 | 77,706 | 96.0 | % | 20 | 3 | Peachtree Cinema | 9.45 | |||||||||||||||||||||||||
Paulding Commons | Dallas | 1991 | 192,391 | 98.3 | % | 30 | 1 | 49,700 | Kroger | Kmart | 8.08 | |||||||||||||||||||||||
(2/28/2011) | ||||||||||||||||||||||||||||||||||
Powers Ferry Plaza | Marietta | 1979, 1987 / 1998 | 86,473 | 87.4 | % | 21 | 4 | Micro Center | 10.66 | |||||||||||||||||||||||||
Presidential Markets | Snellville | 1993-2000 | 396,408 | 99.0 | % | 34 | 1 | 56,146 | Publix | Bed Bath & Beyond, GAP, TJ Maxx, Shoe Carnival, Borders, Ross Dress for Less, Marshalls, Carmike Cinema, Office Depot | 9.95 | |||||||||||||||||||||||
(12/31/2019) | ||||||||||||||||||||||||||||||||||
Shops of Huntcrest | Lawrenceville | 2003 | 97,040 | 98.5 | % | 25 | 1 | 54,340 | Publix | 13.42 | ||||||||||||||||||||||||
(1/31/2023) | ||||||||||||||||||||||||||||||||||
Wesley Chapel Crossing | Decatur | 1989 | 170,792 | 96.8 | % | 22 | 3 | 32,000 | Ingles | Wal-Mart, CVS Pharmacy | 6.55 | |||||||||||||||||||||||
(9/25/2009) | ||||||||||||||||||||||||||||||||||
West Towne Square | Rome | 1988 | 89,596 | 88.6 | % | 15 | 3 | Big Lots, Eckerd* | 5.77 | |||||||||||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 100.0 | % | 27 | 0 | 17.56 | ||||||||||||||||||||||||||
Central Georgia (3) | ||||||||||||||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 95.9 | % | 36 | 3 | 45,971 | Bi-Lo | Eckerd, St. Joseph Home Health Care | 7.90 | |||||||||||||||||||||||
(3/25/2022) | ||||||||||||||||||||||||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 60.3 | % | 22 | 6 | 59,431 | Kroger | JC Penney, Blockbuster | 7.72 | |||||||||||||||||||||||
(5/31/2014) | ||||||||||||||||||||||||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 100.0 | % | 8 | 0 | 32,960 | Harris Teeter* /Omni Fitness | 9.54 | ||||||||||||||||||||||||
(4/1/2011) | ||||||||||||||||||||||||||||||||||
South Georgia (2) | ||||||||||||||||||||||||||||||||||
Colony Square | Fitzgerald | 1987 | 50,000 | 83.6 | % | 4 | 4 | 32,200 | Food Lion | 6.47 | ||||||||||||||||||||||||
(12/31/2007) | ||||||||||||||||||||||||||||||||||
McAlpin Square | Savannah | 1979 | 176,807 | 93.0 | % | 24 | 3 | 43,600 | Kroger | US Post Office, Big Lots, In Fashion Menswear Outlet | 7.39 | |||||||||||||||||||||||
(8/31/2015) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (23) | 2,730,854 | 93.0 | % | 458 | 48 | 931,198 | 0 | $ | 9.63 | |||||||||||||||||||||||||
KENTUCKY (1) | ||||||||||||||||||||||||||||||||||
Scottsville Square | Bowling Green | 1986 | 38,450 | 41.6 | % | 6 | 6 | Hancock Fabrics, Zap Zone | 6.66 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS KENTUCKY (1) | 38,450 | 41.6 | % | 6 | 6 | 0 | 0 | $ | 6.66 | |||||||||||||||||||||||||
LOUISIANA (14) | ||||||||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980, 1991 | 193,978 | 96.1 | % | 21 | 4 | Hobby Lobby*, Conn's Appliances, Big Lots, Chuck E Cheese | 7.99 | |||||||||||||||||||||||||
Ambassador Row Courtyard | Lafayette | 1986, 1991 | 146,697 | 93.5 | % | 21 | 3 | Bed, Bath & Beyond, Marshall's | 9.33 | |||||||||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 90,215 | 98.4 | % | 19 | 1 | 33,387 | Matheme's | 8.10 | ||||||||||||||||||||||||
(11/30/2010) | ||||||||||||||||||||||||||||||||||
Boulevard | Lafayette | 1976, 1994 | 68,012 | 96.8 | % | 14 | 1 | Piccadilly, Harbor Freight Tools | 7.21 | |||||||||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 94.6 | % | 10 | 1 | 33,387 | Winn-Dixie | Dollar General | 5.86 | |||||||||||||||||||||||
(1/31/2008) | ||||||||||||||||||||||||||||||||||
Crossing | Slidell | 1988, 1993 | 113,989 | 97.4 | % | 14 | 1 | 58,432 | Save A Center | A-1 Home Appliance, Piccadilly | 5.65 | |||||||||||||||||||||||
(9/29/2009) | ||||||||||||||||||||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 133,995 | 92.9 | % | 7 | 2 | Wal-Mart* (Academy Sports, Dollar Tree), Advance Auto* (Goodwill) | 9.97 | |||||||||||||||||||||||||
Grand Marche (ground lease) | Lafayette | 1969 | 200,585 | 100.0 | % | 1 | 0 | Academy Sports, JoAnn Fabrics | 0.14 | |||||||||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 105,419 | 96.2 | % | 7 | 1 | 28,092 | Super 1 Store | Fred's, Howard Brothers* | 3.52 | |||||||||||||||||||||||
(6/30/2010) | ||||||||||||||||||||||||||||||||||
Sherwood South | Baton Rouge | 1972, 1988, 1992 | 77,107 | 97.7 | % | 9 | 1 | 22,500 | Piggly Wiggly* | Burke's Outlet, Harbor Freight Tools, Blockbuster | 6.15 | |||||||||||||||||||||||
(2/28/2007) | ||||||||||||||||||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 100.0 | % | 20 | 0 | Office Depot, Big Lots, Dollar Tree, Stage, Party City | 8.43 | |||||||||||||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 92.0 | % | 8 | 2 | CVS Pharmacy, Stage, Dollar General | 4.75 | |||||||||||||||||||||||||
Village at Northshore | Slidell | 1988 | 144,638 | 100.0 | % | 13 | 0 | Marshalls, Dollar Tree, Kirschman's, Bed Bath & Beyond | 8.50 | |||||||||||||||||||||||||
Wal-Mart Mathews | Mathews | 1985 | 54,223 | 100.0 | % | 1 | 0 | Wal-Mart | 2.90 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (14) | 1,620,565 | 97.1 | % | 165 | 17 | 175,798 | 0 | $ | 6.42 | |||||||||||||||||||||||||
MASSACHUSETTS (6) | ||||||||||||||||||||||||||||||||||
Cambridge Star Market | Cambridge | 1953/1997 | 66,108 | 100.0 | % | 1 | 0 | 66,108 | Star Markets | 23.90 | ||||||||||||||||||||||||
(1/1/2016) | ||||||||||||||||||||||||||||||||||
Medford Shaw's Supermarket | Medford | 1995 | 60,356 | 100.0 | % | 1 | 0 | 60,356 | Shaw's | 21.37 | ||||||||||||||||||||||||
�� | (1/1/2016) | |||||||||||||||||||||||||||||||||
Plymouth Shaw's Supermarket | Plymouth | 1993 | 59,726 | 100.0 | % | 1 | 0 | 59,726 | Shaw's | 15.79 | ||||||||||||||||||||||||
(1/1/2016) | ||||||||||||||||||||||||||||||||||
Quincy Star Market | Quincy | 1965/1995 | 100,741 | 100.0 | % | 1 | 0 | 100,741 | Star Markets | 15.43 | ||||||||||||||||||||||||
(1/2/2016) | ||||||||||||||||||||||||||||||||||
Swampscott Whole Foods | Swampscott | 1967 | 35,907 | 100.0 | % | 1 | 0 | 35,907 | Whole Foods | 21.00 | ||||||||||||||||||||||||
(1/1/2016) | ||||||||||||||||||||||||||||||||||
West Roxbury Shaw's Plaza | West Roxbury | 1973/1995 | 68,141 | 97.8 | % | 6 | 1 | 54,928 | Shaw's | 21.06 | ||||||||||||||||||||||||
(1/1/2016) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (6) | 390,979 | 99.6 | % | 11 | 1 | 377,766 | 0 | $ | 19.32 | |||||||||||||||||||||||||
Number of tenants | Supermarket anchor | |||||||||||||||||||||||||||||||||
Property | City | Year built/ renovated | Total square footage | Percent leased | leased | vacant | owned SF | shadow SF | name expiration date | Other anchor tenants | Average base per leased SF | |||||||||||||||||||||||
MISSISSIPPI (1) | ||||||||||||||||||||||||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 100.0 | % | 7 | 0 | Rite Aid, Big Lots | 5.76 | |||||||||||||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 100.0 | % | 7 | 0 | 0 | 0 | $ | 5.76 | |||||||||||||||||||||||||
NORTH CAROLINA (12) | ||||||||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 163,642 | 95.7 | % | 20 | 3 | Wal-Mart* (Belk's, Goody's), Dollar Tree | $ | 5.36 | ||||||||||||||||||||||||
Chestnut Square | Brevard | 1985 | 39,640 | 83.9 | % | 4 | 3 | 21,000 | Food Lion* | Eckerd* (Dollar General) | 6.38 | |||||||||||||||||||||||
(9/28/2010) | ||||||||||||||||||||||||||||||||||
Galleria | Wrightsville Beach | 1986, 1990 | 92,114 | 95.2 | % | 32 | 6 | 28,000 | Harris Teeter | Eckerd | 9.57 | |||||||||||||||||||||||
(4/5/2006) | ||||||||||||||||||||||||||||||||||
Parkwest Crossing | Durham | 1990 | 85,602 | 100.0 | % | 17 | 0 | 38,052 | Food Lion | 10.25 | ||||||||||||||||||||||||
(12/14/2010) | ||||||||||||||||||||||||||||||||||
Plaza North | Hendersonville | 1986 | 47,240 | 97.5 | % | 8 | 1 | 25,590 | Bi-Lo* | CVS Pharmacy | 7.09 | |||||||||||||||||||||||
(8/31/2006) | ||||||||||||||||||||||||||||||||||
Providence Square | Charlotte | 1973 | 85,930 | 85.8 | % | 18 | 7 | 35,702 | Harris Teeter* | Eckerd | 8.22 | |||||||||||||||||||||||
(4/30/2006) | ||||||||||||||||||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 127,498 | 91.8 | % | 10 | 2 | 53,538 | Kroger | Upchurch Drugs, Blockbuster | 7.36 | |||||||||||||||||||||||
(12/31/2014) | ||||||||||||||||||||||||||||||||||
Salisbury Marketplace | Salisbury | 1987 | 79,732 | 93.9 | % | 17 | 3 | 37,308 | Food Lion | 9.97 | ||||||||||||||||||||||||
(2/11/2023) | ||||||||||||||||||||||||||||||||||
Shelby Plaza | Shelby | 1972 | 103,200 | 100.0 | % | 8 | 0 | Big Lots, Aaron Rents* (Hancock Fabrics) | 3.15 | |||||||||||||||||||||||||
Stanley Market Place | Stanley | 1980, 1987 | 40,400 | 100.0 | % | 3 | 0 | 28,400 | Winn-Dixie | Family Dollar | 5.47 | |||||||||||||||||||||||
(10/31/2006) | ||||||||||||||||||||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 100.0 | % | 13 | 0 | 32,000 | Ingles | Kmart, CVS Pharmacy | 5.99 | |||||||||||||||||||||||
(9/29/2012) | ||||||||||||||||||||||||||||||||||
Willowdale Shopping Center | Durham | 1986 | 121,376 | 94.9 | % | 25 | 3 | 27,985 | Harris Teeter | Carmike Cinemas, Eckerd* (Family Dollar) | 11.49 | |||||||||||||||||||||||
(5/14/2009) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 1,135,128 | 95.3 | % | 175 | 28 | 327,575 | 0 | $ | 7.45 | |||||||||||||||||||||||||
SOUTH CAROLINA (8) | ||||||||||||||||||||||||||||||||||
Belfair Towne Village | Bluffton | 2000-2003 | 125,389 | 100.0 | % | 29 | 0 | 55,696 | Kroger | Blockbuster | 14.02 | |||||||||||||||||||||||
(10/31/2019) | ||||||||||||||||||||||||||||||||||
Lancaster Plaza | Lancaster | 1971/ 1990 | 77,400 | 91.5 | % | 3 | 1 | 19,200 | Bi-Lo | 1.44 | ||||||||||||||||||||||||
(9/30/2010) | ||||||||||||||||||||||||||||||||||
Lancaster Shopping Center | Lancaster | 1963, 1987 | 29,047 | 17.2 | % | 1 | 1 | 6.00 | ||||||||||||||||||||||||||
North Village Center | North Myrtle Beach | 1984 | 60,356 | 96.8 | % | 12 | 2 | 24,806 | Bi-Lo | Dollar General, Gold's Gym | 8.28 | |||||||||||||||||||||||
(5/31/2009) | ||||||||||||||||||||||||||||||||||
Sparkleberry Square | Columbia | 1997/ 2004 | 339,051 | 98.4 | % | 23 | 2 | 67,943 | Kroger | Kohl's, Ross Dress for Less, Circuit City, Bed Bath & Beyond | 11.16 | |||||||||||||||||||||||
(8/31/2017) | ||||||||||||||||||||||||||||||||||
Spring Valley | Columbia | 1978/ 1997 | 75,415 | 95.8 | % | 16 | 1 | 45,070 | Bi-Lo | Eckerd | 9.07 | |||||||||||||||||||||||
(12/31/2017) | ||||||||||||||||||||||||||||||||||
Windy Hill | North Myrtle Beach | 1968/ 1988 | 64,465 | 100.0 | % | 2 | 0 | Rose's Store, Family Dollar Store | 5.49 | |||||||||||||||||||||||||
Woodruff | Greenville | 1995 | 68,055 | 98.7 | % | 9 | 1 | 47,955 | Publix | Blockbuster | 10.03 | |||||||||||||||||||||||
(8/6/2015) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8) | 839,178 | 95.0 | % | 95 | 8 | 260,670 | 0 | $ | 9.76 | |||||||||||||||||||||||||
TENNESSEE (1) | ||||||||||||||||||||||||||||||||||
Smyrna Village | Smyrna | 1992 | 83,334 | 93.1 | % | 9 | 3 | 59,214 | Kroger | 8.20 | ||||||||||||||||||||||||
(2/29/2012) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (1) | 83,334 | 93.1 | % | 9 | 3 | 59,214 | 0 | $ | 8.20 | |||||||||||||||||||||||||
TEXAS (32) | ||||||||||||||||||||||||||||||||||
Houston (17) | ||||||||||||||||||||||||||||||||||
Barker Cypress | Houston | 1999 | 66,945 | 94.8 | % | 14 | 3 | 41,320 | H.E.B. | 12.56 | ||||||||||||||||||||||||
(1/31/2014) | ||||||||||||||||||||||||||||||||||
Beechcrest | Houston | 1981/ 2001 | 90,647 | 100.0 | % | 15 | 0 | 40,345 | Randall's* (Viet Ho) | Walgreens* | 8.83 | |||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||
Benchmark Crossing | Houston | 1986 | 58,384 | 100.0 | % | 5 | 0 | Bally's Fitness | 12.53 | |||||||||||||||||||||||||
Bissonnet | Houston | 1999 | 15,542 | 73.6 | % | 7 | 1 | 63,000 | Kroger | Blockbuster | 16.35 | |||||||||||||||||||||||
Colony Plaza | Sugarland | 1997 | 26,513 | 100.0 | % | 15 | 0 | 18.60 | ||||||||||||||||||||||||||
Copperfield | Houston, TX | 1994 | 133,984 | 95.4 | % | 30 | 3 | JoAnn Fabrics, Dollar Tree, 24 Hour Fitness | 12.15 | |||||||||||||||||||||||||
Forestwood | Houston | 1993 | 88,760 | 100.0 | % | 16 | 0 | 59,334 | Kroger | Blockbuster | 11.30 | |||||||||||||||||||||||
(7/31/2013) | ||||||||||||||||||||||||||||||||||
Grogan's Mill | The Woodlands | 1986 | 118,493 | 97.4 | % | 25 | 1 | 56,558 | Randall's* (99¢ Store) | Petco. Blockbuster | 12.18 | |||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||
Hedwig | Houston | 1974 | 69,504 | 78.8 | % | 11 | 2 | Ross Dress for Less | 15.01 | |||||||||||||||||||||||||
Highland Square | Sugarland | 1998 | 64,171 | 93.9 | % | 25 | 3 | 17.12 | ||||||||||||||||||||||||||
Market at First Colony | Sugarland | 1988 | 107,301 | 98.1 | % | 34 | 1 | 62,000 | Kroger | TJ Maxx, Eckerd | 16.19 | |||||||||||||||||||||||
Mason Park | Katy | 1998 | 160,047 | 73.6 | % | 33 | 6 | 58,890 | Kroger | Walgreens* (Eloise Collectibles), Palais Royal, Petco | 12.19 | |||||||||||||||||||||||
Mission Bend | Houston | 1980 / 1999 | 131,575 | 91.3 | % | 24 | 3 | 46,112 | Randall's | Remarkable Furniture | 8.83 | |||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||
Spring Shadows | Houston | 1999 | 106,995 | 96.1 | % | 17 | 1 | 65,161 | H.E.B. | 9.64 | ||||||||||||||||||||||||
(4/30/2023) | ||||||||||||||||||||||||||||||||||
Steeplechase | Jersey Village | 1985 | 105,152 | 96.9 | % | 23 | 2 | 56,208 | Randall's | 11.22 | ||||||||||||||||||||||||
(6/24/2016) | ||||||||||||||||||||||||||||||||||
Wal-Mart Marble Falls | Marble Falls | 1985 | 53,571 | 100.0 | % | 1 | 0 | Wal-Mart* (Sutherland Lumber) | 3.27 | |||||||||||||||||||||||||
Westgate | Houston | 1996 / 1998 | 298,354 | 100.0 | % | 25 | 0 | 75,154 | H.E.B. | Kohl's, Oshman's Sporting Goods, Office Max, Pier One Imports | 11.75 | |||||||||||||||||||||||
(12/31/2015) |
Number of tenants | Supermarket anchor | |||||||||||||||||||||||||||||||||
Property | City | Year built/ renovated | Total square footage | Percent leased | leased | vacant | owned SF | shadow SF | name expiration date | Other anchor tenants | Average base per leased SF |
Dallas (12) | ||||||||||||||||||||||||||||||||||
Creekside | Arlington | 1997 /1998 | 101,016 | 100.0 | % | 17 | 0 | 60,932 | Kroger | Hollywood Video | $ | 12.04 | ||||||||||||||||||||||
(11/30/2021) | ||||||||||||||||||||||||||||||||||
DeSoto Shoppoing Center | DeSoto | 1996 | 69,090 | 100.0 | % | 5 | 0 | 58,960 | Tom Thumb | Blockbuster | 9.53 | |||||||||||||||||||||||
(11/15/2021) | ||||||||||||||||||||||||||||||||||
Green Oaks | Arlington | 1983 | 65,091 | 81.7 | % | 26 | 8 | 58,000 | Kroger | 10.99 | ||||||||||||||||||||||||
Melbourne Plaza | Hurst | 1983 | 47,517 | 89.2 | % | 15 | 3 | 11.51 | ||||||||||||||||||||||||||
Minyards | Garland | 2000 | 65,295 | 100.0 | % | 2 | 0 | 58,695 | Minyards/Sack N Save | 6.12 | ||||||||||||||||||||||||
(4/30/2020) | ||||||||||||||||||||||||||||||||||
Parkwood | Plano | 1985 | 81,590 | 97.2 | % | 19 | 1 | 62,000 | Albertsons | Hollywood Video | 13.22 | |||||||||||||||||||||||
Richwood | Richardson | 1984 | 54,871 | 99.8 | % | 26 | 1 | 61,877 | Albertsons | Blockbuster | 12.53 | |||||||||||||||||||||||
Rosemeade | Carrollton | 1986 | 51,231 | 44.7 | % | 8 | 10 | Blockbuster | 13.07 | |||||||||||||||||||||||||
Southlake Village | Southlake | 1996 | 118,092 | 94.8 | % | 20 | 2 | 60,932 | Kroger | 12.74 | ||||||||||||||||||||||||
(10/31/2021) | ||||||||||||||||||||||||||||||||||
Sterling Plaza | Irving | 1989 | 65,765 | 96.7 | % | 15 | 1 | Bank One, Irving City Library, 99 cent Only Store | 14.25 | |||||||||||||||||||||||||
Townsend Square | Desoto | 1990 | 146,953 | 82.9 | % | 30 | 8 | 60,349 | Albertsons | Bealls, Victory Gym, Dollar General | 8.81 | |||||||||||||||||||||||
Village by the Park | Arlngton | 1988 | 44,523 | 86.3 | % | 7 | 3 | Petco, Movie Trading | 16.25 | |||||||||||||||||||||||||
San Antonio (3) | ||||||||||||||||||||||||||||||||||
Bandera Festival | San Antonio | 1989 | 195,438 | 91.5 | % | 33 | 5 | Beall's, Big Lots, Burke's Outlet, Dollar Tree, FWL Furniture | 8.12 | |||||||||||||||||||||||||
Blanco Village | San Antonio | 2000 | 108,325 | 100.0 | % | 16 | 0 | 74,627 | H.E.B. | 15.74 | ||||||||||||||||||||||||
(4/30/2015) | ||||||||||||||||||||||||||||||||||
Wurzbach | San Antonio | 1979 | 59,771 | 100.0 | % | 3 | 0 | 52,957 | Albertsons* | 3.04 | ||||||||||||||||||||||||
(12/31/2010) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS TEXAS (32) | 2,970,506 | 93.2 | % | 562 | 68 | 807,295 | 426,116 | $ | 11.41 | |||||||||||||||||||||||||
VIRGINA (2) | ||||||||||||||||||||||||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 100.0 | % | 14 | 0 | 32,000 | Ingles | Wal-Mart | 5.90 | |||||||||||||||||||||||
(9/25/2010) | ||||||||||||||||||||||||||||||||||
Waterlick Plaza | Lynchburg | 1973, 1988 | 98,694 | 95.1 | % | 21 | 3 | 30,780 | Kroger | CVS Pharmacy*, Dollar Tree | 7.96 | |||||||||||||||||||||||
(3/18/2008) | ||||||||||||||||||||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (2) | 225,535 | 97.8 | % | 35 | 3 | 62,780 | 0 | $ | 6.77 | |||||||||||||||||||||||||
TOTAL STABILIZED SHOPPING CENTERS (179) | 19,510,354 | 94.9 | % | 3,313 | 370 | 6,018,251 | 539,966 | $ | 10.14 | |||||||||||||||||||||||||
DEVELOPMENTS & REDEVELOPMENTS (6) | ||||||||||||||||||||||||||||||||||
CVS Plaza | Miami, FL | 2004 | 29,204 | 73.3 | % | 5 | 4 | CVS Pharmacy | 16.08 | |||||||||||||||||||||||||
Eustis Square | Eustis, FL | 1983 / 1997 | 126,791 | 77.6 | % | 18 | 9 | 15,872 | Save-a-Lot | Accent Marketing Services, Fred's | 5.73 | |||||||||||||||||||||||
(5/31/2013) | ||||||||||||||||||||||||||||||||||
Homestead Gas Station | Homestead, FL | 1959 | 2,136 | 100.0 | % | 1 | 0 | 19.36 | ||||||||||||||||||||||||||
Shops at St. Lucie | Port St. Lucie, FL | 2005 Development | 4.0 acres | |||||||||||||||||||||||||||||||
Waterstone | Homestead, FL | 2004-05 Development | 12.0 acres | |||||||||||||||||||||||||||||||
Westridge | McDonough, GA | 2005-06 Development | 13.5 acres | |||||||||||||||||||||||||||||||
TOTAL DEVELOPMENTS & REDEVELOPMENTS (6) | 158,131 | 77.1 | % | 24 | 13 | 15,872 | 0 | $ | 7.79 | |||||||||||||||||||||||||
TOTAL RETAIL PROPERTIES (185) | 19,668,485 | 94.8 | % | 3,337 | 383 | 6,034,123 | 539,966 | $ | 10.12 | |||||||||||||||||||||||||
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 | % | 518 | 16 | |||||||||||||||||||||||||||
GRAND TOTAL (188) | 19,914,284 | 94.6 | % | 3,859 | 406 | 6,034,123 | 539,966 | |||||||||||||||||||||||||||
Total square footage does not include shadow anchor square footage which is not owned or controlled by Equity One. | ||||||||||||||||||||||||||||||||||
*Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ). | ||||||||||||||||||||||||||||||||||
**Indicates properties that were classified as held for sale as of September 30, 2004. |
![](https://capedge.com/proxy/8-K/0001042810-05-000034/annualminrentbystate.jpg)
State | Count | Total SF | # Leased | # Vacant | Leased % | AMR | |
Florida | 78 | 9,184,630 | 1,740 | 195 | 94.9% | $ 93,497,995 | |
Texas | 32 | 2,970,506 | 562 | 68 | 93.2% | 31,590,924 | |
Georgia | 23 | 2,730,854 | 458 | 48 | 93.0% | 24,454,443 | |
Louisiana | 14 | 1,620,565 | 165 | 17 | 97.1% | 10,108,908 | |
North Carolina | 12 | 1,135,128 | 175 | 28 | 95.3% | 8,066,938 | |
South Carolina | 8 | 839,178 | 95 | 8 | 95.0% | 7,778,466 | |
Massachusetts | 6 | 390,979 | 11 | 1 | 99.6% | 7,525,074 | |
Arizona | 2 | 253,254 | 54 | 4 | 95.6% | 1,980,671 | |
Virginia | 2 | 225,535 | 35 | 3 | 97.8% | 1,494,215 | |
Alabama | 2 | 129,215 | 20 | 2 | 98.5% | 1,065,162 | |
Tennessee | 1 | 83,334 | 9 | 3 | 93.1% | 636,713 | |
Mississippi | 1 | 66,857 | 7 | 0 | 100.0% | 385,404 | |
Kentucky | 1 | 38,450 | 6 | 6 | 41.6% | 106,563 | |
Total | 182 | 19,668,485 | 3,337 | 383 | 94.8% | $ 188,691,476 | |
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels. |
EQUITYONE, INC. AND SUBSIDIARIES | |||||
LEASING ACTIVITY | |||||
for the three months ended December 31, 2004 | |||||
Renewals | |||||
Average | Average | Annualized | |||
Average | Expiring | New | Minimum | ||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent |
72 | 143,488 | 1,993 | $14.80 | $15.67 | $2,248,029 |
% Increase psf | 5.9% | ||||
Net Increase (AMR) | $123,721 | ||||
New Leases | |||||
Average | Annualized | ||||
Average | New | Minimum | |||
# of Leases | Square Feet | Size | Rent psf | Rent | |
104 | 409,501 | 3,938 | $9.92 | $4,062,021 | |
New Leases greater than or equal to 10,000 square feet | |||||
12 | 229,122 | 19,094 | $7.15 | $1,638,598 | |
New Leases less than 10,000 square feet | |||||
92 | 180,379 | 1,961 | $13.44 | $2,423,423 | |
Lost Leases | |||||
Average | Annualized | ||||
Average | Expiring | Minimum | |||
# of Leases | Square Feet | Size | Rent psf | Rent | |
73 | 292,157 | 4,002 | $10.81 | $3,157,482 | |
Lost Leases greater than or equal to 10,000 square feet | |||||
8 | 171,495 | 21,437 | $8.60 | $1,475,248 | |
Lost Leases less than 10,000 square feet | |||||
65 | 120,662 | 1,856 | $13.94 | $1,682,234 | |
Net Absorption | 117,344 | New Leases - Lost Leases | |||
Leasing Spread | -16.9% | New Leases versus Lost Leases (rate psf) - greater than or equal to 10,000 sf | |||
-3.6% | New Leases versus Lost Leases (rate psf) - under 10,000 sf | ||||
-8.2% | New Leases versus Lost Leases (rate psf) - all leases | ||||
Net AMR Gain | $1,028,260 | ||||
Retention Ratio | 62.4% | Renewals / (Renewals + Non-Renewing Expired Leases) | |||
EQUITY ONE, INC. AND SUBSIDIARIES | |||||
LEASING ACTIVITY | |||||
for the twelve months ended December 31, 2004 | |||||
Renewals | |||||
Average | Average | Annualized | |||
Average | Expiring | New | Minimum | ||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent |
362 | 796,994 | 2,202 | $13.36 | $13.96 | $11,128,639 |
% Increase psf | 4.5% | ||||
Net Increase (AMR) | $481,605 | ||||
New Leases | |||||
Average | Annualized | ||||
Average | New | Minimum | |||
# of Leases | Square Feet | Size | Rent psf | Rent | |
418 | 1,648,887 | 3,945 | $10.53 | $17,368,987 | |
New Leases greater than or equal to 10,000 square feet | |||||
38 | 827,182 | 21,768 | $7.53 | $6,228,552 | |
New Leases less than 10,000 square feet | |||||
380 | 821,705 | 2,162 | $13.56 | $11,140,435 | |
Lost Leases | |||||
Average | Annualized | ||||
Average | Expiring | Minimum | |||
# of Leases | Square Feet | Size | Rent psf | Rent | |
330 | 1,055,418 | 3,198 | $10.70 | $11,288,755 | |
Lost Leases greater than or equal to 10,000 square feet | |||||
18 | 418,086 | 23,227 | $6.09 | $2,546,051 | |
Lost Leases less than 10,000 square feet | |||||
312 | 637,332 | 2,043 | $13.72 | $8,742,704 | |
Net Absorption | 593,469 | New Leases - Lost Leases | |||
Leasing Spread | 23.6% | New Leases versus Lost Leases (rate psf) - greater than or equal to 10,000 sf | |||
-1.2% | New Leases versus Lost Leases (rate psf) - under 10,000 sf | ||||
-1.6% | New Leases versus Lost Leases (rate psf) - all leases | ||||
Net AMR Gain | $6,561,837 | ||||
Retention Ratio | 67.2% | Renewals / (Renewals + Non-Recurring Expired Leases) |
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||||||||
TENANT CONCENTRATION SCHEDULE | |||||||||||||||||||
as of December 31, 2004 | |||||||||||||||||||
Tenant | Number of stores | Square feet | % of total square feet | Annualized minimum rent | % of total annualized minimum rent | Average minimum rent | |||||||||||||
Top ten tenants | |||||||||||||||||||
Publix | 49 | 2,183,532 | 11.1 | % | $ | 15,722,674 | 8.3 | % | $ | 7.20 | |||||||||
Kroger | 17 | 962,697 | 4.9 | % | 7,998,271 | 4.2 | % | 8.31 | |||||||||||
Albertsons/Shaw's | 9 | 570,286 | 2.9 | % | $ | 7,567,853 | 4.0 | % | 13.27 | ||||||||||
Winn Dixie | 16 | 730,442 | 3.7 | % | 5,059,331 | 2.7 | % | 6.93 | |||||||||||
Wal-Mart | 9 | 646,682 | 3.3 | % | 2,940,519 | 1.6 | % | 4.55 | |||||||||||
Kmart | 6 | 524,937 | 2.7 | % | 2,795,865 | 1.5 | % | 5.33 | |||||||||||
H.E. Butt Grocery | 4 | 256,262 | 1.3 | % | 2,775,355 | 1.5 | % | 10.83 | |||||||||||
Blockbuster | 29 | 170,092 | 0.9 | % | 2,673,625 | 1.4 | % | 15.72 | |||||||||||
CVS Pharmacy | 23 | 235,345 | 1.2 | % | 2,348,791 | 1.2 | % | 9.98 | |||||||||||
Bed Bath & Beyond | 7 | 227,689 | 1.2 | % | 2,192,531 | 1.2 | % | 9.63 | |||||||||||
Sub-total top ten tenants | 169 | 6,507,964 | 33.1 | % | $ | 52,074,815 | 27.6 | % | $ | 8.00 | |||||||||
Remaining tenants | 3,168 | 12,132,104 | 61.6 | % | 136,616,661 | 72.4 | % | 11.26 | |||||||||||
Sub-total all tenants | 3,337 | 18,640,068 | 94.8 | % | $ | 188,691,476 | 100.0 | % | $ | 10.12 | |||||||||
Vacant | 383 | 1,028,417 | 5.2 | % | NA | NA | NA | ||||||||||||
Total including vacant | 3,720 | 19,668,485 | 100.0 | % | $ | 188,691,476 | 100.0 | % | $ | 9.59 | |||||||||
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels. | |||||||||||||||||||
EQUITY ONE, INC. AND SUBSIDIARIES | ||||||||
EXPIRING SQUARE FOOTAGE BY TENANT TYPE | ||||||||
as of September 30, 2004 | ||||||||
![](https://capedge.com/proxy/8-K/0001042810-05-000034/exp_sqftbytenanttype.jpg)
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels.
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||||||||
SHOPPING CENTER LEASE EXPIRATION SCHEDULE | |||||||||||||||||||
as of December 31, 2004 | |||||||||||||||||||
ALL TENANTS | |||||||||||||||||||
Date | Number of tenants | Square feet | Percent of total square feet | Annualized minimum rent at expiration | Percent of total annualized minimum rent | Average annual minimum rent per square foot | |||||||||||||
M-T-M | 127 | 380,432 | 1.9 | % | $ | 3,463,399 | 1.8 | % | $ | 9.10 | |||||||||
2005 | 691 | 1,938,316 | 9.9 | % | 22,730,802 | 11.5 | % | 11.73 | |||||||||||
2006 | 680 | 2,075,952 | 10.6 | % | 25,662,979 | 13.0 | % | 12.36 | |||||||||||
2007 | 669 | 2,167,412 | 11.0 | % | 26,518,888 | 13.5 | % | 12.24 | |||||||||||
2008 | 403 | 1,589,331 | 8.1 | % | 18,978,322 | 9.6 | % | 11.94 | |||||||||||
2009 | 361 | 1,927,224 | 9.8 | % | 19,720,921 | 10.0 | % | 10.23 | |||||||||||
2010 | 101 | 746,460 | 3.8 | % | 7,683,332 | 3.9 | % | 10.29 | |||||||||||
2011 | 44 | 907,595 | 4.6 | % | 7,098,986 | 3.6 | % | 7.82 | |||||||||||
2012 | 42 | 791,701 | 4.0 | % | 7,190,214 | 3.6 | % | 9.08 | |||||||||||
2013 | 34 | 664,694 | 3.4 | % | 6,160,217 | 3.1 | % | 9.27 | |||||||||||
2014 | 35 | 769,089 | 3.9 | % | 6,443,268 | 3.3 | % | 8.38 | |||||||||||
Thereafter | 150 | 4,681,862 | 23.8 | % | 45,433,214 | 23.1 | % | 9.70 | |||||||||||
Sub-total / average | 3,338 | 18,687,672 | 94.8 | % | $ | 197,084,542 | 100.0 | % | $ | 10.57 | |||||||||
Vacant | 383 | 1,028,417 | 5.2 | % | NA | NA | NA | ||||||||||||
Total / average | 3,720 | 19,668,485 | 100.0 | % | $ | 197,084,542 | 100.0 | % | $ | 10.02 |
![](https://capedge.com/proxy/8-K/0001042810-05-000034/annualleaseexp.jpg)
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels. | |||||||
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||||||||||||
SHOPPING CENTER LEASE EXPIRATION SCHEDULE | |||||||||||||||||||
as of December 31, 2004 | |||||||||||||||||||
ANCHOR TENANTS (SF >= 10,000) | |||||||||||||||||||
Date | Number of tenants | Square feet | Percent of total square feet | Annualized minimum rent at expiration | Percent of total annualized minimum rent | Average annual minimum rent per square foot | |||||||||||||
M-T-M | 6 | 141,085 | 1.1 | % | $ | 573,314 | 0.6 | % | $ | 4.06 | |||||||||
2005 | 26 | 553,843 | 4.5 | % | 2,773,580 | 3.0 | % | 5.01 | |||||||||||
2006 | 29 | 720,839 | 5.9 | % | 4,492,384 | 4.9 | % | 6.23 | |||||||||||
2007 | 33 | 833,921 | 6.8 | % | 5,664,629 | 6.2 | % | 6.79 | |||||||||||
2008 | 28 | 723,738 | 5.9 | % | 4,595,611 | 5.0 | % | 6.35 | |||||||||||
2009 | 38 | 1,167,037 | 9.5 | % | 7,099,310 | 7.8 | % | 6.08 | |||||||||||
2010 | 23 | 536,441 | 4.4 | % | 4,113,636 | 4.5 | % | 7.67 | |||||||||||
2011 | 20 | 831,311 | 6.8 | % | 5,385,087 | 5.9 | % | 6.48 | |||||||||||
2012 | 19 | 702,701 | 5.7 | % | 5,167,199 | 5.7 | % | 7.35 | |||||||||||
2013 | 15 | 589,538 | 4.8 | % | 4,590,453 | 5.0 | % | 7.79 | |||||||||||
2014 | 15 | 684,976 | 5.6 | % | 4,689,677 | 5.1 | % | 6.85 | |||||||||||
Thereafter | 92 | 4,418,531 | 36.0 | % | 42,217,118 | 46.2 | % | 9.55 | |||||||||||
Sub-total / average | 344 | 11,903,961 | 97.0 | % | $ | 91,361,998 | 100.0 | % | $ | 7.67 | |||||||||
Vacant | 14 | 367,940 | 3.0 | % | NA | NA | NA | ||||||||||||
Total / average | 358 | 12,271,901 | 100.0 | % | $ | 91,361,998 | 100.0 | % | $ | 7.44 |
![](https://capedge.com/proxy/8-K/0001042810-05-000034/annleaseexp2.jpg)
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels. |
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||
SHOPPING CENTER LEASE EXPIRATION SCHEDULE | |||||||
as of December 31, 2004 | |||||||
LOCAL TENANTS (SF < 10,000) | |||||||
Date | Number of tenants | Square feet | Percent of total square feet | Annualized minimum rent at expiration | Percent of total annualized minimum rent | Average annual minimum rent per square foot | |
M-T-M | 121 | 239,347 | 3.2% | $ 2,890,085 | 2.7% | $ 12.07 | |
2005 | 665 | 1,384,473 | 18.7% | 19,957,222 | 18.9% | 14.42 | |
2006 | 651 | 1,355,113 | 18.3% | 21,170,595 | 20.0% | 15.62 | |
2007 | 636 | 1,333,491 | 18.0% | 20,854,259 | 19.7% | 15.64 | |
2008 | 375 | 865,593 | 11.7% | 14,382,711 | 13.6% | 16.62 | |
2009 | 323 | 760,187 | 10.3% | 12,621,611 | 11.9% | 16.60 | |
2010 | 78 | 210,019 | 2.8% | 3,569,696 | 3.4% | 17.00 | |
2011 | 24 | 76,284 | 1.0% | 1,713,899 | 1.6% | 22.47 | |
2012 | 23 | 89,000 | 1.2% | 2,023,015 | 1.9% | 22.73 | |
2013 | 19 | 75,156 | 1.0% | 1,569,764 | 1.5% | 20.89 | |
2014 | 20 | 84,113 | 1.1% | 1,753,591 | 1.7% | 20.85 | |
Thereafter | 58 | 263,331 | 3.6% | 3,216,096 | 3.0% | 12.21 | |
Sub-total / average | 2,993 | 6,736,107 | 91.1% | $ 105,722,544 | 100.0% | $ 15.69 | |
Vacant | 369 | 660,477 | 8.9% | NA | NA | NA | |
Total / average | 3,362 | 7,396,584 | 100.0% | $ 105,722,544 | 100.0% | $ 14.29 |
![](https://capedge.com/proxy/8-K/0001042810-05-000034/annleaseexp3.jpg)
Note: Excludes Mandarin mini-storage facility, the industrial property, and three development land parcels.
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS | |||||||
as of December 31, 2004 | |||||||
(in thousands, except square footage data) | |||||||
Project | Location | Project Description | Target Completion Date | Estimated Cost Including Land | Funded as of 9/30/2004 | Balance to Complete | |||||||||||
Developments | |||||||||||||||||
Shops at St. Lucie | Port St. Lucie, FL | Develop a 20,000 sf retail center. Prospecting for new tenant(s) | TBD | $ | 3,127 | $ | 1,243 | $ | 1,884 | ||||||||
CVS Plaza | Miami, FL | Lease up the balance of this CVS drug-store anchored retail center | First quarter 2005 | 1,900 | 1,745 | 155 | |||||||||||
Shops at Skylake | N. Miami Beach, FL | Add additional space to existing development | First quarter 2005 & third quarter 2005 | 10,488 | 7,485 | 3,003 | |||||||||||
Waterstone | Homestead, FL | Develop a supermarket anchored center | Third quarter 2005 | 9,635 | 5,858 | 3,777 | |||||||||||
Westridge | McDonough, GA | Develop a supermarket anchored center | Late 2006 | 9,000 | 2,073 | 6,927 | |||||||||||
Subtotal - Developments | 34,150 | 18,404 | 15,746 | ||||||||||||||
Major Redevelopments | |||||||||||||||||
Centre Pointe Plaza | Smithfield, NC | Lease up the balance of the reconfigured former Winn Dixie space | First quarter 2005 | 1,127 | 1,088 | 39 | |||||||||||
Spalding Village | Griffin, GA | Reconfigure the former K Mart into multi-tenant space; Prospecting for new tenants | TBD | 3,586 | 2,956 | 630 | |||||||||||
Subtotal - Major Redevelopments | 4,713 | 4,044 | 669 | ||||||||||||||
Outparcel Developments/Expansions | |||||||||||||||||
Belfair Towne Village | Bluffton, SC | Prospecting for new tenant(s) on land held for development/expansion | Fourth quarter 2005 | 2,582 | 1,382 | 1,200 | |||||||||||
Blanco Village | San Antonio, TX | Prospecting for new tenant(s) on land held for development/expansion | Fourth quarter 2005 | 4,929 | 3,085 | 1,844 | |||||||||||
Bluebonnet Village | Baton Rouge, LA | Prospecting for new tenant(s) on land held for development/expansion | Third quarter 2005 | 2,221 | 967 | 1,254 | |||||||||||
Cashmere Corners | Port St. Lucie, FL | Prospecting for one or more tenants for out parcels | TBD | 489 | 489 | - | |||||||||||
Creekside | Arlington, TX | Prospecting for one or more tenants for out parcels | Fourth quarter 2005 | 1,212 | 612 | 600 | |||||||||||
Copperfield | Houston, TX | Prospecting for one or more tenants for out parcels | Fourth quarter 2005 | 2,270 | 1,089 | 1,181 | |||||||||||
Forest Village | Tallahassee, FL | Prospecting for new tenant(s) on land held for development/expansion | TBD | 1,699 | 1,699 | - | |||||||||||
Mariners | Spring Hill, FL | Develop out parcel for retail store | Second quarter 2005 | 1,460 | 506 | 954 | |||||||||||
West Roxbury | West Roxbury, MA | Prospecting for one or more tenants for out parcels | TBD | 1,480 | 480 | 1,000 | |||||||||||
Westgate | Houston, TX | Prospecting for one or more tenants for out parcels | TBD | 711 | 711 | - | |||||||||||
Westport | David, FL | Prospecting for one or more tenants for out parcels | TBD | 571 | 571 | - | |||||||||||
Windy Hill | North Myrtle Beach, SC | Propspecting for one or more tenants for out parcels | Fourth quarter 2005 | 660 | 160 | 500 | |||||||||||
Subtotal - Outparcel Developments/Expansions | 20,284 | 11,751 | 8,533 | ||||||||||||||
All other development activty | 7,560 | 7,560 | - | ||||||||||||||
Total - All Development Activity | $ | 66,707 | $ | 41,759 | $ | 24,948 |
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||
REAL ESTATE ACQUISITIONS AND DISPOSITIONS | |||||||
as of December 31, 2004 | |||||||
(in thousands, except square footage data) | |||||||
2004 Acquisition Activity | ||||||||||||||||
Date Purchased | Property Name | City | State | Square Feet/ Acres | Purchase Price | |||||||||||
Feb. 3, 2004 | Bluebonnet out parcel | Baton Rouge | LA | 0.9 acres | $ | 500 | ||||||||||
Feb. 4, 2004 | Pavilion Shopping Center | Naples | FL | 167,745 | 24,200 | |||||||||||
March 24, 2004 | Southlake Village | Southlake | TX | 118,092 | 17,475 | |||||||||||
March 24, 2004 | Creekside Plaza | Arlington | TX | 101,016 | 14,025 | |||||||||||
March 31, 2004 | Sparkleberry Square | Columbia | SC | 339,051 | 45,150 | |||||||||||
March 31, 2004 | Venice Shopping Center | Venice | FL | 111,934 | 6,447 | |||||||||||
April 8, 2004 | Windy Hill | North Myrtle Beach | SC | 64,465 | 2,895 | |||||||||||
April 29, 2004 | Hamilton out parcel | Buford | GA | 0.64 acres | 425 | |||||||||||
May 27, 2004 | Medical & Merchants at San Pablo | Jacksonville | FL | 152,761 | 21,980 | |||||||||||
June 2, 2004 | Westgate Marketplace | Houston | TX | 298,354 | 47,100 | |||||||||||
Oct. 7, 2004 | Boston portfolio (6 properties) | Boston area | MA | 390,979 | 119,750 | |||||||||||
Nov. 8, 2004 | Homestead Gas Station | Homestead | FL | 0.66 acres | 1,150 | |||||||||||
Nov. 11, 2004 | DeSoto Shopping Center | DeSoto | TX | 69,090 | 8,180 | |||||||||||
Dec. 17, 2004 | Westport Shopping Center | Davie | FL | 36,212 | 7,200 | |||||||||||
Dec. 24, 2004 | Devaney Parcel | West Roxbury | MA | 0.33 acres | 475 | |||||||||||
Total | $ | 316,952 | ||||||||||||||
2004 Disposition Activity | |||||||||||||||||||
Date Sold | Property Name | City | State | Square Feet/ Acres | Sales Price | Gain (Loss) on Sale | |||||||||||||
Feb. 23, 2004 | Southwest Walgreens | Phoenix | AZ | 93,402 | $ | 6,650 | $ | 2,060 | |||||||||||
June 29, 2004 | Watson Central | Warner Robbins | GA | 227,747 | $ | 6,000 | $ | (483 | ) | ||||||||||
July 13, 2004 | Plaza Del Rey | Miami | FL | 50,146 | $ | 9,000 | $ | 6,197 | |||||||||||
July 19, 2004 | Forrest Gallery | Tullahoma | TN | 214,450 | $ | 10,500 | $ | 1,560 | |||||||||||
July 30, 2004 | Epsilon (Clematis | West Palm Beach | FL | 18,707 | $ | 2,650 | $ | 1,176 | |||||||||||
Sept. 2, 2004 | Millervillage | Baton Rouge | LA | 94,559 | $ | 2,700 | $ | 1,130 | |||||||||||
Sept. 24, 2004 | Plymouth Park (4 centers) | Irving | TX | 728,566 | $ | 24,000 | $ | 2,142 | |||||||||||
Oct. 4, 2004 | East Bay Plaza | Largo | FL | 85,426 | $ | 5,600 | $ | 4,037 | |||||||||||
Oct. 4, 2004 | Losco Corners | Jacksonville | FL | 8,700 | $ | 1,650 | $ | 571 | |||||||||||
Oct. 4, 2004 | Gulf Gate Plaza | Naples | FL | 204,551 | $ | 10,000 | $ | 2,370 | |||||||||||
Nov. 15, 2004 | City Centre (JV)* | Palm Beach Gardens | FL | NA | $ | NA | $ | 578 | |||||||||||
Dec. 28, 2004 | Pinhook Plaza | Layfayette | LA | 194,725 | $ | 3,805 | $ | 838 | |||||||||||
Sale of income producing properties | 82,555 | 22,176 | |||||||||||||||||
Aug. 23, 2004 | Miramar out parcel | Miramar | FL | 2.0 acres | 1,500 | 158 | |||||||||||||
Total | $ | 84,055 | $ | 22,334 | |||||||||||||||
Properties Held for Sale as of December 31, 2004 |
Property Name | City | State | Square Feet/ Acres | ||||
North River Village | Ellenton | FL | 177,128 | Sold in January 2005 | |||
Total | 177,128 | ||||||
* Equity One held an unconsolidated 50% interest in this property. |
EQUITY ONE, INC. AND SUBSIDIARIES | ||||||||||
JOINT VENTURE INVESTMENTS | ||||||||||
as of December 31, 2004 | ||||||||||
(in thousands, except square footage data) | ||||||||||
Owned joint venture* | ||||||||||
1) | Parcel F | ||||||||
Palm Beach Gardens, Florida |
This joint venture owns a parcel of land for future development or sale. Equity One owns a 50% interest in the joint venture.
* | Equity One is not considered to be the primary beneficiary and, accordingly, uses the equity method of accounting for this joint venture. | ||||||||
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||
ANALYST COVERAGE | |||||||||
as of September 30, 2004 | |||||||||
BB&T Capital Markets | JP Morgan Securities Inc. | ||||||||
Stephanie M. Krewson | Michael W. Meuller, CFA | ||||||||
804-782-8784 | 212-622-6689 | ||||||||
Rob Whittemore | Joshua Bederman | ||||||||
804-782-8796 | 212-622-6530 | ||||||||
Bear Stearns & Co. Inc. | Legg Mason Wood Walker, Inc. | ||||||||
Ross Smotrich | David M. Fick, CPA | ||||||||
212-272-8046 | 410-454-5018 | ||||||||
Amy L. Young, CFA | Nathen Isbee | ||||||||
212-272-3523 | 410-454-4143 | ||||||||
Credit Suisse First Boston | McDonald Investments Inc. | ||||||||
Andrew Rosivach | Richard C. Moore II CFA | ||||||||
212-325-6205 | 216-443-2815 | ||||||||
Jessica Tully | Richard D. Sweigard | ||||||||
404-897-2820 | 216-563-2501 | ||||||||
Deutsche Bank Securities Inc. | Raymond James & Associates, Inc. | ||||||||
Louis W. Taylor | Paul D. Puryear | ||||||||
212-250-4912 | 727-567-2253 | ||||||||
Christopher A. Capalongo | Ken Avalos | ||||||||
212-250-7726 | 727-567-2660 | ||||||||
Friedman Billings Ramsey | Stifel, Nicolaus & Company, Inc. | ||||||||
Paul Morgan | Philip Martin | ||||||||
703-469-1255 | 314-342-2000 | ||||||||
Michael Blank | UBS Securities LLC | ||||||||
703-469-1115 | Ian C. Weissman | ||||||||
212-713-8602 |
EQUITY ONE, INC. AND SUBSIDIARIES | |||||||||
STOCK PRICE AND VOLUME STATISTICS | |||||||||
for the three months ended December 31, 2004 |
![](https://capedge.com/proxy/8-K/0001042810-05-000034/dailyhighlowclose.jpg)
![](https://capedge.com/proxy/8-K/0001042810-05-000034/dailytradingvolume.jpg)
* Data obtained from Yahoo Chart Services.