Exhibit 99.2 | |||||
Equity One, Inc. | |||||
Supplemental Information Package | |||||
March 31, 2013 | |||||
Equity One, Inc. | |||||
1600 N.E. Miami Gardens Drive | |||||
North Miami Beach, Florida 33179 | |||||
Tel: (305) 947-1664 Fax: (305) 947-1734 | |||||
www.equityone.net | |||||
Equity One, Inc.
SUPPLEMENTAL INFORMATION
March 31, 2013
(unaudited)
TABLE OF CONTENTS | |
Page | |
Overview | |
Disclosures | |
Summary Financial Results and Ratios | |
Assets, Liabilities, and Equity | |
Condensed Consolidated Balance Sheets | |
Market Capitalization | |
Income, EBITDA, and FFO | |
Condensed Consolidated Statements of Income | |
Pro Forma Financial Information for Discontinued Operations | |
Net Operating Income | |
Adjusted EBITDA | |
Consolidated Statements of Funds from Operations | 11-12 |
Additional Disclosures | |
Leasing Data | |
Tenant Concentration - Top Twenty Five Tenants | |
Recent Leasing Activity | |
Shopping Center Lease Expiration Schedule | |
Property Data | |
Annual Minimum Rent of Operating Properties by Metro/Region | |
Property Status Report | 18-26 |
Real Estate Acquisitions and Dispositions | |
Real Estate Developments and Redevelopments | |
Debt Schedules | |
Debt Summary | |
Consolidated Debt Maturity Schedule | |
Consolidated Debt Summary | 31-32 |
Unconsolidated Joint Venture Supplemental Data | 33-35 |
Page 2
EQUITY ONE, INC.
DISCLOSURES
As of March 31, 2013
Forward Looking Statements
Certain information contained in this Supplemental Information Package constitutes 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 the states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; 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; changes in Equity One’s credit ratings; 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 and is unaudited information. The Company’s Form 10-K for the year ended December 31, 2012, should be read in conjunction with this Supplemental Information Package. The results of operations of any property acquired are included in our financial statements since the date of its acquisition, although such properties may be excluded from certain metrics disclosed in this Supplemental Information Package.
EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We make certain adjustments to EBITDA, which we refer to as adjusted EBITDA, to account for items we do not believe are representative of ongoing operating results. Given the nature of our business as a real estate owner and operator, we believe that the use of EBITDA and Adjusted EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of our operational performance because these computations exclude 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 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 and Adjusted 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 and Adjusted 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 and Adjusted EBITDA may differ from the methodology utilized by other companies. Investors are cautioned that items excluded from EBITDA and Adjusted 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 implicitly 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.” We also believe that Recurring FFO is a useful measure of our core operating performance that facilitates comparability of historical financial periods. FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding (gains or losses) from sales of, or any impairment charges related to, depreciable operating properties, 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.
FFO and Recurring FFO are presented to assist investors in analyzing our operating performance. Neither FFO nor Recurring FFO (i) represents cash flow from operations as defined by GAAP, (ii) is indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is an alternative to cash flow as a measure of liquidity, or (iv) should be considered as an alternative to net (loss) income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net (loss) income is the most directly comparable GAAP measure to FFO and Recurring FFO.
Page 3
EQUITY ONE, INC.
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three months ended March 31, 2013 and 2012 (unaudited)
(in thousands, except per share data)
For the three months ended | ||||||||
March 31, 2013 | March 31, 2012 | |||||||
Summary Financial Results | ||||||||
Total revenues* | $ | 88,448 | $ | 83,067 | ||||
Adjusted EBITDA* (see page 10) | $ | 55,775 | $ | 50,126 | ||||
Property net operating income* (see page 9) | $ | 64,011 | $ | 59,581 | ||||
General & administrative expenses (G&A)* - Adjusted (1) | $ | 8,593 | $ | 10,128 | ||||
Net income attributable to Equity One | $ | 24,593 | $ | 18,982 | ||||
Earnings per diluted share | $ | 0.21 | $ | 0.16 | ||||
Funds from operations (FFO) (see page 11) | $ | 39,969 | $ | 33,242 | ||||
FFO per diluted share (see page 12) | $ | 0.31 | $ | 0.27 | ||||
Recurring FFO (see page 11) | $ | 40,955 | $ | 34,135 | ||||
Recurring FFO per diluted share (see page 12) | $ | 0.32 | $ | 0.28 | ||||
Total dividends paid per share | $ | 0.22 | $ | 0.22 | ||||
Weighted average diluted shares used in EPS computations | 117,398 | 112,820 | ||||||
Weighted average diluted shares used in FFO computations (2) | 128,755 | 124,178 | ||||||
Weighted average diluted shares used in Recurring FFO computations (2) | 128,755 | 124,178 | ||||||
Summary Operating and Financial Ratios | ||||||||
Core shopping center portfolio occupancy at end of period (see pages 18-26) | 91.8 | % | 91.2 | % | ||||
Same-property shopping center portfolio occupancy at end of period (3) | 91.7 | % | 91.5 | % | ||||
Same-property NOI growth - cash basis (see page 9) | 3.0 | % | 4.5 | % | ||||
NOI margin (see page 9) | 72.7 | % | 72.4 | % | ||||
Expense recovery ratio* | 84.5 | % | 79.3 | % | ||||
New, renewal and option rent spread - cash basis (see page 15) | 10.0 | % | 3.5 | % | ||||
Adjusted G&A expense to total revenues (1) | 9.7 | % | 12.2 | % | ||||
Net debt to total market capitalization (see page 6) | 32.4 | % | 35.1 | % | ||||
Net debt to Adjusted EBITDA (see page 10) | 6.7 | 6.9 | ||||||
Adjusted EBITDA to interest expense* (see page 10) | 3.2 | 2.8 | ||||||
Adjusted EBITDA to fixed charges* (see page 10) | 2.9 | 2.5 |
* The indicated line item includes amounts reported in discontinued operations.
(1) G&A expenses for the three months ended March 31, 2013 and 2012 deducts $304,000 and $1.3 million, respectively, for external costs associated with acquisition and disposition related expenses.
(2) Weighted average diluted shares for the three months ended March 31, 2013 and 2012 are higher than the GAAP diluted weighted average shares as a result of the 11.4 million units held by Liberty International Holdings, Ltd. which are convertible into our common stock, and also as a result of employee stock options. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive.
(3) Information provided on a same property basis is provided for only those properties that were owned and operated for the entirety of both periods being compared, excludes properties that were redeveloped, expanded or under development and properties purchased or sold at any time during the periods being compared.
Page 4
EQUITY ONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2013 and December 31, 2012 and 2011 (unaudited)
(in thousands)
March 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Assets | ||||||||||||
Properties: | ||||||||||||
Income producing | $ | 3,110,334 | $ | 3,100,499 | $ | 2,777,587 | ||||||
Less: accumulated depreciation | (341,009 | ) | (326,165 | ) | (268,419 | ) | ||||||
Income producing properties, net | 2,769,325 | 2,774,334 | 2,509,168 | |||||||||
Construction in progress and land held for development | 98,485 | 108,721 | 111,844 | |||||||||
Properties held for sale | 36,949 | 123,949 | 188,870 | |||||||||
Properties, net | 2,904,759 | 3,007,004 | 2,809,882 | |||||||||
Cash and cash equivalents (1) | 25,141 | 27,858 | 103,524 | |||||||||
Accounts and other receivables, net | 11,866 | 14,320 | 17,790 | |||||||||
Investments in and advances to unconsolidated joint ventures | 71,710 | 72,171 | 50,158 | |||||||||
Loans receivable, net | 152,692 | 140,708 | 45,279 | |||||||||
Goodwill | 6,889 | 6,889 | 7,420 | |||||||||
Other assets | 242,799 | 233,718 | 188,518 | |||||||||
Total assets | $ | 3,415,856 | $ | 3,502,668 | $ | 3,222,571 | ||||||
Liabilities, redeemable noncontrolling interests and equity | ||||||||||||
Liabilities: | ||||||||||||
Mortgage notes payable | $ | 437,163 | $ | 439,156 | $ | 452,915 | ||||||
Unsecured senior notes payable | 731,136 | 731,136 | 691,136 | |||||||||
Term loan | 250,000 | 250,000 | — | |||||||||
Unsecured revolving credit facilities | 104,500 | 172,000 | 138,000 | |||||||||
1,522,799 | 1,592,292 | 1,282,051 | ||||||||||
Unamortized premium on notes payable, net | 6,487 | 7,058 | 8,043 | |||||||||
Total notes payable | 1,529,286 | 1,599,350 | 1,290,094 | |||||||||
Accounts payable and other liabilities | 260,930 | 260,759 | 222,688 | |||||||||
Liabilities associated with properties held for sale | 117 | 3,513 | 47,074 | |||||||||
Deferred tax liability | 12,070 | 12,016 | 14,709 | |||||||||
Total liabilities | 1,802,403 | 1,875,638 | 1,574,565 | |||||||||
Redeemable noncontrolling interests | 3,635 | 22,551 | 22,804 | |||||||||
Total stockholders’ equity of Equity One, Inc. | 1,402,095 | 1,396,726 | 1,417,316 | |||||||||
Noncontrolling interests | 207,723 | 207,753 | 207,886 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,415,856 | $ | 3,502,668 | $ | 3,222,571 | ||||||
(1) Includes restricted cash and cash held in escrow.
Page 5
EQUITY ONE, INC.
MARKET CAPITALIZATION
As of March 31, 2013 and December 31, 2012 and 2011 (unaudited)
(in thousands, except share data)
March 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Closing market price of common stock | $ | 23.97 | $ | 21.01 | $ | 16.98 | ||||||
Common stock shares | ||||||||||||
Basic common shares | 117,207.638 | 116,938.373 | 112,599.355 | |||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares | 155.147 | 119.442 | 107.888 | |||||||||
DownREIT units (convertible into shares) | 93.656 | 93.656 | 93.656 | |||||||||
Common stock options (treasury method, closing price) | 424.917 | 284.173 | 114.575 | |||||||||
Long term incentive plan performance awards (treasury method, closing price) | 245.981 | 213.006 | — | |||||||||
Convertible CapCo Partnership Units | 11,357.837 | 11,357.837 | 11,357.837 | |||||||||
Diluted common shares | 129,485.176 | 129,006.487 | 124,273.311 | |||||||||
Equity market capitalization | $ | 3,103,760 | $ | 2,710,426 | $ | 2,110,161 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) (1) | $ | 1,522,799 | $ | 1,595,110 | $ | 1,328,174 | ||||||
Cash and equivalents | (25,141 | ) | (27,858 | ) | (103,524 | ) | ||||||
Net debt (1) | $ | 1,497,658 | $ | 1,567,252 | $ | 1,224,650 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) (1) | $ | 1,522,799 | $ | 1,595,110 | $ | 1,328,174 | ||||||
Equity market capitalization | 3,103,760 | 2,710,426 | 2,110,161 | |||||||||
Total market capitalization | $ | 4,626,559 | $ | 4,305,536 | $ | 3,438,335 | ||||||
Net debt to total market capitalization at applicable market price | 32.4 | % | 36.4 | % | 35.6 | % | ||||||
Gross real estate investments (2) | $ | 3,398,460 | $ | 3,482,806 | $ | 3,131,599 | ||||||
Net debt to gross real estate investments | 44.1 | % | 45.0 | % | 39.1 | % | ||||||
(1) Includes $2.8 million and $39.4 million of secured mortgage debt related to assets held for sale as of December 31, 2012 and 2011, respectively.
(2) Includes investments in mezzanine and mortgage loans receivable.
Page 6
EQUITY ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the three months ended March 31, 2013 and 2012 (unaudited)
(in thousands, except per share amounts)
Three months ended | Percent Change | |||||||||
March 31, 2013 | March 31, 2012 | |||||||||
REVENUE: | ||||||||||
Minimum rent | $ | 64,156 | $ | 57,716 | ||||||
Expense recoveries | 19,801 | 17,124 | ||||||||
Percentage rent | 2,069 | 1,949 | ||||||||
Management and leasing services | 414 | 804 | ||||||||
Total revenue | 86,440 | 77,593 | 11.4 | % | ||||||
COSTS AND EXPENSES: | ||||||||||
Property operating | 23,348 | 21,006 | ||||||||
Depreciation and amortization | 23,021 | �� | 21,045 | |||||||
General and administrative | 8,897 | 11,382 | ||||||||
Total costs and expenses | 55,266 | 53,433 | 3.4 | % | ||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 31,174 | 24,160 | ||||||||
OTHER INCOME AND EXPENSE: | ||||||||||
Investment income | 2,204 | 1,445 | ||||||||
Equity in income (loss) of unconsolidated joint ventures | 435 | (188 | ) | |||||||
Other income | — | 45 | ||||||||
Interest expense | (17,445 | ) | (17,080 | ) | ||||||
Amortization of deferred financing fees | (606 | ) | (591 | ) | ||||||
Loss on extinguishment of debt | — | (93 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 15,762 | 7,698 | ||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | (95 | ) | 46 | |||||||
INCOME FROM CONTINUING OPERATIONS | 15,667 | 7,744 | 102.3 | % | ||||||
DISCONTINUED OPERATIONS: | ||||||||||
Operations of income producing properties | 428 | 1,614 | ||||||||
Gain on disposal of income producing properties | 11,196 | 14,269 | ||||||||
Impairment loss on income producing properties | — | (1,932 | ) | |||||||
INCOME FROM DISCONTINUED OPERATIONS | 11,624 | 13,951 | ||||||||
NET INCOME | 27,291 | 21,695 | 25.8 | % | ||||||
Net income attributable to noncontrolling interests | (2,698 | ) | (2,713 | ) | ||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 24,593 | $ | 18,982 | 29.6 | % | ||||
EARNINGS PER COMMON SHARE - BASIC: | ||||||||||
Continuing operations | $ | 0.11 | $ | 0.04 | ||||||
Discontinued operations | 0.10 | 0.12 | ||||||||
$ | 0.21 | $ | 0.16 | 31.3 | % | |||||
EARNINGS PER COMMON SHARE - DILUTED: | ||||||||||
Continuing operations | $ | 0.11 | $ | 0.04 | ||||||
Discontinued operations | 0.10 | 0.12 | ||||||||
$ | 0.21 | $ | 0.16 | 31.3 | % | |||||
Weighted average shares outstanding: | ||||||||||
Basic | 117,032 | 112,649 | ||||||||
Diluted | 117,398 | 112,820 |
Page 7
EQUITY ONE, INC.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the three months ended March 31, 2013 and 2012 (unaudited)
(in thousands)
Three months ended March 31, 2013 | Three months ended March 31, 2012 | ||||||||||||||||||||||
As Reported | Disc. Ops | Pre Disc. Ops | As Reported | Disc. Ops | Pre Disc. Ops | ||||||||||||||||||
REVENUE: | |||||||||||||||||||||||
Minimum rent | $ | 64,156 | $ | 1,502 | $ | 65,658 | $ | 57,716 | $ | 4,353 | $ | 62,069 | |||||||||||
Expense recoveries | 19,801 | 501 | 20,302 | 17,124 | 866 | 17,990 | |||||||||||||||||
Percentage rent | 2,069 | 5 | 2,074 | 1,949 | 255 | 2,204 | |||||||||||||||||
Management and leasing services | 414 | — | 414 | 804 | — | 804 | |||||||||||||||||
Total revenue | 86,440 | 2,008 | 88,448 | 77,593 | 5,474 | 83,067 | |||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Property operating | 23,348 | 675 | 24,023 | 21,006 | 1,676 | 22,682 | |||||||||||||||||
Depreciation and amortization | 23,021 | 218 | 23,239 | 21,045 | 932 | 21,977 | |||||||||||||||||
General and administrative | 8,897 | — | 8,897 | 11,382 | 13 | 11,395 | |||||||||||||||||
Total costs and expenses | 55,266 | 893 | 56,159 | 53,433 | 2,621 | 56,054 | |||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 31,174 | 1,115 | 32,289 | 24,160 | 2,853 | 27,013 | |||||||||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||||||||||
Investment income | 2,204 | 2 | 2,206 | 1,445 | 1 | 1,446 | |||||||||||||||||
Equity in income (loss) of unconsolidated joint ventures | 435 | — | 435 | (188 | ) | — | (188 | ) | |||||||||||||||
Other income | — | — | — | 45 | 96 | 141 | |||||||||||||||||
Interest expense | (17,445 | ) | (7 | ) | (17,452 | ) | (17,080 | ) | (616 | ) | (17,696 | ) | |||||||||||
Amortization of deferred financing fees | (606 | ) | — | (606 | ) | (591 | ) | (4 | ) | (595 | ) | ||||||||||||
Gain on sale of real estate | — | 11,196 | 11,196 | — | 14,269 | 14,269 | |||||||||||||||||
Loss on extinguishment of debt | — | (682 | ) | (682 | ) | (93 | ) | (716 | ) | (809 | ) | ||||||||||||
Impairment loss | — | — | — | — | (1,932 | ) | (1,932 | ) | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 15,762 | 11,624 | 27,386 | 7,698 | 13,951 | 21,649 | |||||||||||||||||
Income tax (expense) benefit of taxable REIT subsidiaries | (95 | ) | — | (95 | ) | 46 | — | 46 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 15,667 | 11,624 | 27,291 | 7,744 | 13,951 | 21,695 | |||||||||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||||||||||
Operations of income producing properties | 428 | (428 | ) | — | 1,614 | (1,614 | ) | — | |||||||||||||||
Gain on disposal of income producing properties | 11,196 | (11,196 | ) | — | 14,269 | (14,269 | ) | — | |||||||||||||||
Impairment loss on income producing properties | — | — | — | (1,932 | ) | 1,932 | — | ||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 11,624 | (11,624 | ) | — | 13,951 | (13,951 | ) | — | |||||||||||||||
NET INCOME | 27,291 | — | 27,291 | 21,695 | — | 21,695 | |||||||||||||||||
Net income attributable to noncontrolling interests | (2,698 | ) | — | (2,698 | ) | (2,713 | ) | — | (2,713 | ) | |||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 24,593 | $ | — | $ | 24,593 | $ | 18,982 | $ | — | $ | 18,982 |
Page 8
EQUITY ONE, INC.
NET OPERATING INCOME
For the three months ended March 31, 2013 and 2012 (unaudited)
(in thousands)
Three months ended | Percent Change | ||||||||
March 31, 2013 | March 31, 2012 | ||||||||
Total net operating income (1) | |||||||||
Total rental revenue | $ | 88,034 | $ | 82,263 | 7.0% | ||||
Property operating expenses | 24,023 | 22,682 | 5.9% | ||||||
Net operating income | $ | 64,011 | $ | 59,581 | 7.4% | ||||
NOI margin (NOI / Total rental revenue) | 72.7 | % | 72.4 | % | |||||
Same-property cash NOI (2) (3) | |||||||||
Total rental revenue | $ | 66,758 | $ | 65,048 | 2.6% | ||||
Property operating expenses (4) | 20,112 | 19,743 | 1.9% | ||||||
Net operating income | $ | 46,646 | $ | 45,305 | 3.0% | ||||
Growth in same-property NOI | 3.0 | % | |||||||
Number of properties included in analysis (3) | 126 |
(1) Amounts included in discontinued operations have been included for purposes of this presentation of net operating income ("NOI"). NOI is presented on a GAAP basis.
(2) Excludes the effects of straight-line rent, above/below market rents, lease termination fees, prior year expense recovery adjustments and other items that affect the comparability of the same-property results, if any.
(3) The same-property pool includes only those properties that were owned and operated for the entirety of both periods being compared and excludes developments and redevelopments, unconsolidated joint venture properties and any properties purchased or sold during the periods being compared.
(4) Property operating expenses include intercompany management fee expense.
Page 9
EQUITY ONE, INC.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION - (ADJUSTED EBITDA) (unaudited)
For the three months ended March 31, 2013 and 2012
(in thousands)
Three months ended | ||||||||
March 31, 2013 | March 31, 2012 | |||||||
Net income attributable to Equity One, Inc. | $ | 24,593 | $ | 18,982 | ||||
Depreciation and amortization | 23,239 | 21,977 | ||||||
Interest expense | 17,452 | 17,696 | ||||||
Amortization of deferred financing fees | 606 | 595 | ||||||
Loss on extinguishment of debt | 682 | 809 | ||||||
Acquisition/disposition costs (1) | 304 | 1,267 | ||||||
Impairment loss | — | 1,932 | ||||||
Gain on sale of depreciable real estate | (11,196 | ) | (13,086 | ) | ||||
Income tax (benefit) expense of taxable REIT subsidiaries | 95 | (46 | ) | |||||
Adjusted EBITDA | $ | 55,775 | $ | 50,126 | ||||
Interest expense | $ | 17,452 | $ | 17,696 | ||||
Adjusted EBITDA to interest expense | 3.2 | 2.8 | ||||||
Fixed charges | ||||||||
Interest expense | $ | 17,452 | $ | 17,696 | ||||
Scheduled principal amortization (2) | 2,006 | 2,220 | ||||||
Total fixed charges | $ | 19,458 | $ | 19,916 | ||||
Adjusted EBITDA to fixed charges | 2.9 | 2.5 | ||||||
Net debt to Adjusted EBITDA (3) | 6.7 | 6.9 | ||||||
Amounts reported above include discontinued operations.
(1) Amounts include external costs associated with acquired and disposed properties and acquisition/disposition related expenses during the period.
(2) Excludes balloon payments upon maturity.
(3) Adjusted EBITDA for the period has been annualized.
Page 10
EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the three months ended March 31, 2013 and 2012 (unaudited)
(in thousands)
Three months ended March 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Net income attributable to Equity One, Inc. | $ | 24,593 | $ | 18,982 | ||||
Adjustments: | ||||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 22,988 | 21,758 | ||||||
Earnings allocated to noncontrolling interest (2) | 2,499 | 2,499 | ||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 1,085 | 1,157 | ||||||
Impairments of depreciable real estate, net of tax (1) | — | 1,932 | ||||||
Gain on disposal of depreciable assets, net of tax (1) | (11,196 | ) | (13,086 | ) | ||||
Funds From Operations | 39,969 | 33,242 | ||||||
Transaction costs associated with acquisition and disposition activity, net of tax | 304 | 1,267 | ||||||
Loss on debt extinguishment, net of tax | 682 | 809 | ||||||
Gain on land sales (1) | — | (1,183 | ) | |||||
Recurring Funds From Operations | $ | 40,955 | $ | 34,135 |
(1) Includes amounts classified as discontinued operations.
(2) Represents earnings allocated to unissued shares held by Liberty International Holdings, Ltd. ("LIH"), which have been excluded for purposes of calculating earnings per diluted share for all periods presented. FFO and Recurring FFO calculations include earnings allocated to LIH and the respective weighted average share totals include the LIH shares outstanding as their inclusion is dilutive.
Page 11
EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the three months ended March 31, 2013 and 2012 (unaudited)
(in thousands, except per share data)
Three months ended March 31, | ||||||||
2013 | 2012 | |||||||
Earnings per diluted share attributable to Equity One, Inc. | $ | 0.21 | $ | 0.16 | ||||
Adjustments: | ||||||||
Rental property depreciation and amortization, net of noncontrolling interest | 0.18 | 0.18 | ||||||
Earnings allocated to noncontrolling interest (1) | 0.02 | 0.02 | ||||||
Net adjustment for rounding and earnings attributable to unvested shares (2) | (0.02 | ) | (0.01 | ) | ||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 0.01 | 0.01 | ||||||
Impairments of depreciable real estate, net of tax | — | 0.02 | ||||||
Gain on disposal of depreciable assets, net of tax | (0.09 | ) | (0.11 | ) | ||||
Funds From Operations per Diluted Share | $ | 0.31 | $ | 0.27 | ||||
Weighted Average Diluted Shares - Funds from Operations (3) | 128,755 | 124,178 | ||||||
Funds From Operations per Diluted Share | $ | 0.31 | $ | 0.27 | ||||
Loss on debt extinguishment, net of tax | 0.01 | 0.01 | ||||||
Transaction costs associated with acquisition and disposition activity, net of tax | — | 0.01 | ||||||
Gain on land sales | — | (0.01 | ) | |||||
Recurring Funds From Operations per Diluted Share | $ | 0.32 | $ | 0.28 | ||||
Weighted Average Diluted Shares - Recurring Funds from Operations (3) | 128,755 | 124,178 |
(1) Represents earnings allocated to unissued shares held by LIH, which have been excluded for purposes of calculating earnings per diluted share for all periods presented. FFO and Recurring FFO calculations include earnings allocated to LIH and the respective weighted average share totals include the LIH shares outstanding as their inclusion is dilutive.
(2) Represents an adjustment to compensate for the rounding of the individual calculations and to compensate for earnings allocated to unvested shares.
(3) Weighted average diluted shares used to calculate FFO per share and Recurring FFO per share for all the periods presented are higher than the GAAP diluted weighted average shares as a result of the dilutive impact of the 11.4 million joint venture units held by LIH which are convertible into our common stock, and also as a result of employee stock options. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive.
Page 12
EQUITY ONE, INC.
ADDITIONAL DISCLOSURES
For the three months ended March 31, 2013 and 2012 (unaudited)
(in thousands)
Three months ended | ||||||||
March 31, 2013 | March 31, 2012 | |||||||
Certain non-cash items: | ||||||||
Amortization of deferred financing fees | $ | 606 | $ | 595 | ||||
Accretion of below market lease intangibles, net | 2,918 | 2,948 | ||||||
Share-based compensation expense | 1,687 | 2,063 | ||||||
Straight line rent | 721 | 1,024 | ||||||
Capitalized interest | 831 | 1,143 | ||||||
Amortization of premium on notes payable, net | (594 | ) | (784 | ) | ||||
Certain capital expenditures: | ||||||||
Tenant improvements | $ | 2,138 | $ | 2,947 | ||||
Leasing commissions and costs | 1,837 | 1,365 | ||||||
Developments, redevelopments and expansions | 2,514 | 20,176 | ||||||
Maintenance capital expenditures | 248 | 2,676 | ||||||
Total tenant improvements and leasing costs | $ | 6,737 | $ | 27,164 | ||||
March 31, 2013 | December 31, 2012 | |||||||
Other assets: | ||||||||
Lease intangibles, net | $ | 126,091 | $ | 130,678 | ||||
Lease commissions, net | 36,795 | 36,327 | ||||||
Prepaid expenses and other receivables | 34,269 | 24,384 | ||||||
Straight-line rent receivable, net | 21,593 | 20,857 | ||||||
Deposits and mortgage escrow | 8,071 | 5,208 | ||||||
Deferred financing costs, net | 10,177 | 10,777 | ||||||
Furniture and fixtures, net | 2,876 | 2,519 | ||||||
Deferred tax asset | 2,927 | 2,968 | ||||||
Total other assets | $ | 242,799 | $ | 233,718 | ||||
Accounts payable and other liabilities: | ||||||||
Lease intangible liabilities, net | $ | 181,340 | $ | 185,494 | ||||
Mandatorily redeemable noncontrolling interests | 19,081 | — | ||||||
Prepaid rent | 5,329 | 10,916 | ||||||
Accounts payable and other | 55,180 | 64,349 | ||||||
Total accounts payable and other liabilities | $ | 260,930 | $ | 260,759 | ||||
Liquidity as of 3/31/13: | ||||||||
Cash and Cash Equivalents | $ | 24,699 | ||||||
Available under Lines of Credit | 448,500 | |||||||
Total Available Funds | $ | 473,199 |
Page 13
EQUITY ONE, INC.
TENANT CONCENTRATION - TOP TWENTY-FIVE TENANTS
CONSOLIDATED PROPERTIES
As of March 31, 2013 (unaudited)
Tenant | Number of stores | Credit Rating Moody’s/S&P (1) | Square feet | % of total square feet | Annualized minimum rent | % of total annualized minimum rent | Average annual minimum rent per square foot | Average remaining term of AMR (2) | |||||||||||||||||
Top twenty-five tenants | |||||||||||||||||||||||||
Publix | 38 | NA | 1,631,430 | 9.3 | % | $ | 12,599,061 | 5.2 | % | $ | 7.72 | 6.6 | |||||||||||||
Supervalu | 6 | B3/B+ | 398,625 | 2.3 | % | 8,995,251 | 3.7 | % | 22.57 | 3.4 | |||||||||||||||
L.A. Fitness | 7 | NA | 320,897 | 1.8 | % | 5,267,279 | 2.2 | % | 16.41 | 9.3 | |||||||||||||||
Bed Bath & Beyond | 12 | NA/BBB+ | 365,657 | 2.1 | % | 4,602,653 | 1.9 | % | 12.59 | 3.1 | |||||||||||||||
The TJX Companies | 12 | A3/A | 348,879 | 2.0 | % | 4,432,079 | 1.8 | % | 12.70 | 2.9 | |||||||||||||||
Office Depot | 9 | B2/B- | 227,821 | 1.3 | % | 3,633,615 | 1.5 | % | 15.95 | 3.5 | |||||||||||||||
CVS Pharmacy | 13 | Baa2/BBB+ | 153,211 | 0.9 | % | 3,511,754 | 1.4 | % | 22.92 | 8.7 | |||||||||||||||
The Gap, Inc. | 7 | Baa3/BB+ | 119,729 | 0.7 | % | 3,340,605 | 1.4 | % | 27.90 | 6.8 | |||||||||||||||
Costco | 1 | A1/A+ | 148,295 | 0.8 | % | 3,057,583 | 1.3 | % | 20.62 | 1.4 | |||||||||||||||
Pathmark | 1 | NA | 62,668 | 0.4 | % | 2,820,060 | 1.2 | % | 45.00 | 17.7 | |||||||||||||||
Winn Dixie | 8 | NA | 352,628 | 2.0 | % | 2,692,884 | 1.1 | % | 7.64 | 4.9 | |||||||||||||||
Staples | 7 | Baa2/BBB | 144,726 | 0.8 | % | 2,668,306 | 1.1 | % | 18.44 | 3.6 | |||||||||||||||
Sports Authority | 3 | B3/B- | 78,146 | 0.4 | % | 2,656,570 | 1.1 | % | 33.99 | 5.7 | |||||||||||||||
Goodwill | 15 | NA | 195,562 | 1.1 | % | 2,307,554 | 0.9 | % | 11.80 | 7.1 | |||||||||||||||
The Container Store | 2 | B3/B- | 49,661 | 0.3 | % | 2,174,212 | 0.9 | % | 43.78 | 9.5 | |||||||||||||||
Best Buy | 4 | Baa2/BB | 142,831 | 0.8 | % | 2,104,708 | 0.9 | % | 14.74 | 3.2 | |||||||||||||||
Trader Joe's | 5 | NA | 55,962 | 0.3 | % | 2,059,545 | 0.8 | % | 36.80 | 8.8 | |||||||||||||||
Kroger | 6 | Baa2/BBB | 283,689 | 1.6 | % | 2,022,653 | 0.8 | % | 7.13 | 3.3 | |||||||||||||||
Nordstrom | 2 | Baa1/A- | 75,418 | 0.4 | % | 1,958,780 | 0.8 | % | 25.97 | 8.5 | |||||||||||||||
KMart | 5 | NA | 439,558 | 2.5 | % | 1,939,705 | 0.8 | % | 4.41 | 2.3 | |||||||||||||||
Target | 1 | A2/A+ | 160,346 | 0.9 | % | 1,924,152 | 0.8 | % | 12.00 | 5.3 | |||||||||||||||
Dollar Tree | 20 | NA | 225,050 | 1.3 | % | 1,915,718 | 0.8 | % | 8.51 | 2.4 | |||||||||||||||
WalMart | 2 | Aa2/AA | 175,984 | 1.0 | % | 1,892,468 | 0.8 | % | 10.75 | 5.3 | |||||||||||||||
Ross Stores | 6 | NA/BBB+ | 185,241 | 1.1 | % | 1,860,173 | 0.8 | % | 10.04 | 5.4 | |||||||||||||||
Walgreens | 6 | Baa1/BBB | 96,562 | 0.6 | % | 1,824,815 | 0.7 | % | 18.90 | 15.0 | |||||||||||||||
Total top twenty-five tenants | 198 | 6,438,576 | 36.7 | % | $ | 84,262,183 | 34.7 | % | $ | 13.09 | 5.9 |
Note: The above schedule includes properties under development/redevelopment and excludes non-retail properties and properties held in unconsolidated joint ventures.
(1) Ratings as of March 31, 2013. Source: Moody’s/S&P.
(2) In years, excluding tenant renewal options.
Page 14
EQUITY ONE, INC.
RECENT LEASING ACTIVITY
For the three months ended March 31, 2013 (unaudited)
Category | Total Leases | Total Sq. Ft. | Same Space Leases | Same Space Sq. Ft. | Prior Rent PSF | New Rent PSF | Rent Spread | Same Space TIs PSF (2) | |||||||||||||||||||
Three Months ended March 31, 2013: | |||||||||||||||||||||||||||
New Leases (1) | 29 | 128,056 | 24 | 97,352 | $ | 13.15 | $ | 16.12 | 22.6 | % | $ | 20.22 | |||||||||||||||
Renewals & Options | 45 | 203,939 | 45 | 203,939 | $ | 15.51 | $ | 16.27 | 4.9 | % | $ | 1.27 | |||||||||||||||
Total New, Renewals & Options (3) | 74 | 331,995 | 69 | 301,291 | $ | 14.74 | $ | 16.22 | 10.0 | % | $ | 7.39 | |||||||||||||||
Note: Prior rent and new rent are presented on a “cash basis”, not on a straight-line basis. Excludes unconsolidated joint venture properties, non-retail properties, and developments/redevelopments.
(1) Rent spreads for new leases reflect same-space leasing where amount of rent paid by prior tenant is available regardless of the amount of time the space has been vacant.
(2) Amount reflects the impact of tenant concessions and work to be performed by us prior to delivery of the space to the tenant.
(3) Prior rent per square foot and new rent per square foot is computed on a weighted average basis by lease.
Page 15
EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2013 (unaudited)
ANCHOR TENANTS (SF >= 10,000) | SHOP TENANTS (SF < 10,000) | TOTAL TENANTS | ||||||||||||||||||||||||||||||||||
Year | # of leases | Square Feet | % of Total SF | Average Annual Minimum Rent PSF at Expiration | # of leases | Square Feet | % of Total SF | Average Annual Minimum Rent PSF at Expiration | # of leases | Square feet | % of Total SF | Average Annual Minimum Rent PSF at Expiration | ||||||||||||||||||||||||
M-T-M | 1 | 22,050 | 0.2 | % | $ | 6.80 | 126 | 253,921 | 4.6 | % | $ | 19.47 | 127 | 275,971 | 1.8 | % | $ | 18.46 | ||||||||||||||||||
2013 | 22 | 518,615 | 5.2 | % | 11.99 | 255 | 570,887 | 10.4 | % | 20.64 | 277 | 1,089,502 | 7.0 | % | 16.52 | |||||||||||||||||||||
2014 | 44 | 1,280,510 | 12.7 | % | 8.29 | 367 | 820,721 | 14.9 | % | 21.74 | 411 | 2,101,231 | 13.5 | % | 13.54 | |||||||||||||||||||||
2015 | 38 | 1,088,519 | 10.8 | % | 7.70 | 329 | 777,270 | 14.1 | % | 23.23 | 367 | 1,865,789 | 12.0 | % | 14.17 | |||||||||||||||||||||
2016 | 45 | 1,658,913 | 16.5 | % | 12.70 | 255 | 619,415 | 11.2 | % | 24.43 | 300 | 2,278,328 | 14.6 | % | 15.89 | |||||||||||||||||||||
2017 | 41 | 1,167,062 | 11.6 | % | 13.23 | 255 | 572,897 | 10.4 | % | 27.02 | 296 | 1,739,959 | 11.2 | % | 17.77 | |||||||||||||||||||||
2018 | 20 | 678,764 | 6.8 | % | 11.03 | 78 | 246,587 | 4.5 | % | 26.41 | 98 | 925,351 | 6.0 | % | 15.13 | |||||||||||||||||||||
2019 | 11 | 530,145 | 5.3 | % | 8.22 | 27 | 83,496 | 1.5 | % | 27.34 | 38 | 613,641 | 3.9 | % | 10.82 | |||||||||||||||||||||
2020 | 18 | 555,872 | 5.5 | % | 13.07 | 30 | 95,771 | 1.7 | % | 29.71 | 48 | 651,643 | 4.2 | % | 15.52 | |||||||||||||||||||||
2021 | 12 | 252,683 | 2.5 | % | 15.11 | 28 | 74,938 | 1.4 | % | 44.70 | 40 | 327,621 | 2.1 | % | 21.88 | |||||||||||||||||||||
2022 | 17 | 543,097 | 5.4 | % | 13.81 | 42 | 133,837 | 2.4 | % | 38.77 | 59 | 676,934 | 4.3 | % | 18.75 | |||||||||||||||||||||
Thereafter | 47 | 1,544,148 | 15.3 | % | 16.46 | 60 | 204,886 | 3.7 | % | 38.61 | 107 | 1,749,034 | 11.2 | % | 19.05 | |||||||||||||||||||||
Sub-total / Avg. | 316 | 9,840,378 | 97.8 | % | 11.96 | 1,852 | 4,454,626 | 80.8 | % | 24.99 | 2,168 | 14,295,004 | 91.8 | % | 16.02 | |||||||||||||||||||||
Vacant | 11 | 223,782 | 2.2 | % | NA | 536 | 1,055,528 | 19.2 | % | NA | 547 | 1,279,310 | 8.2 | % | NA | |||||||||||||||||||||
Total / Avg. | 327 | 10,064,160 | 100.0 | % | NA | 2,388 | 5,510,154 | 100.0 | % | NA | 2,715 | 15,574,314 | 100.0 | % | NA |
Note: The above schedules exclude properties under development/redevelopment, non-retail properties, and properties held in unconsolidated joint ventures.
Page 16
EQUITY ONE, INC.
ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION
As of March 31, 2013 (unaudited)
Metro or Region | # Properties | Total SF | AMR | % of AMR | ||||||||||
Miami Dade/Broward/Palm Beach | 35 | 4,401,906 | $ | 61,882,503 | 28.8 | % | ||||||||
Treasure Coast | 4 | 358,817 | 4,062,287 | 1.9 | % | |||||||||
South Florida Region | 39 | 4,760,723 | 65,944,790 | 30.7 | % | |||||||||
California | 9 | 2,035,396 | 45,494,845 | 21.1 | % | |||||||||
Arizona | 1 | 210,396 | 1,843,495 | 0.9 | % | |||||||||
West Coast Region | 10 | 2,245,792 | 47,338,340 | 22.0 | % | |||||||||
Atlanta, Georgia | 10 | 969,727 | 14,333,820 | 6.7 | % | |||||||||
Louisiana | 12 | 1,328,277 | 11,014,661 | 5.1 | % | |||||||||
North Carolina | 7 | 738,913 | 5,174,991 | 2.4 | % | |||||||||
Central/South Georgia | 4 | 624,662 | 3,706,902 | 1.7 | % | |||||||||
Other | 3 | 258,535 | 1,872,684 | 0.9 | % | |||||||||
Southeast Region | 36 | 3,920,114 | 36,103,058 | 16.8 | % | |||||||||
Connecticut | 7 | 866,937 | 15,640,279 | 7.3 | % | |||||||||
Massachusetts | 7 | 600,879 | 11,169,655 | 5.2 | % | |||||||||
New York | 5 | 239,329 | 9,482,012 | 4.4 | % | |||||||||
Northeast Region | 19 | 1,707,145 | 36,291,946 | 16.9 | % | |||||||||
Jacksonville/North Florida | 8 | 1,036,342 | 11,043,972 | 5.1 | % | |||||||||
Tampa/St. Petersburg/Venice/Cape Coral/Naples | 10 | 901,485 | 8,617,386 | 4.0 | % | |||||||||
Orlando/Central Florida | 5 | 486,007 | 4,398,537 | 2.0 | % | |||||||||
North Palm Coast | 5 | 516,706 | 5,378,434 | 2.5 | % | |||||||||
North Florida Region | 28 | 2,940,540 | 29,438,329 | 13.6 | % | |||||||||
Total | 132 | 15,574,314 | $ | 215,116,463 | 100.0 | % |
Note: The above excludes properties under development/redevelopment, non-retail properties, and properties held in unconsolidated joint ventures.
Page 17
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||||
NORTH FLORIDA REGION (28) | |||||||||||||||||||||||||||||
Orlando / Central Florida (5) | |||||||||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 126,333 | 77.9 | % | 20 | 10 | 54,230 | Publix | 11/30/2013 | $ | 13.74 | |||||||||||||||||
Alafaya Village | Orlando | 1986 | 38,118 | 79.9 | % | 12 | 4 | $ | 22.83 | ||||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 128,848 | 71.5 | % | 13 | 10 | Beauty Depot / Dollar General | $ | 7.84 | |||||||||||||||||||
Town & Country | Kissimmee | 1993 | 75,181 | 94.1 | % | 11 | 3 | 52,883 | Albertsons* (Ross Dress For Less) | 10/31/2018 | $ | 7.66 | |||||||||||||||||
Unigold Shopping Center | Winter Park | 1987 | 117,527 | 88.6 | % | 19 | 6 | 52,500 | Winn-Dixie | 4/30/2017 | You Fit | $ | 10.46 | ||||||||||||||||
Jacksonville / North Florida (8) | |||||||||||||||||||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 68,846 | 94.3 | % | 8 | 3 | Big Lots / Goodwill / Beall’s Outlet | $ | 8.91 | |||||||||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 78.7 | % | 9 | 7 | 37,866 | Publix | 4/30/2020 | $ | 10.31 | |||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 71,816 | 86.8 | % | 6 | 6 | 45,500 | Winn-Dixie | 5/31/2015 | Citi Trends | $ | 6.89 | ||||||||||||||||
Mandarin Landing | Jacksonville | 1976 | 139,580 | 88.6 | % | 21 | 8 | 50,000 | Whole Foods | 12/31/2023 | Office Depot / Aveda Institute | $ | 16.54 | ||||||||||||||||
Medical & Merchants | Jacksonville | 1993 | 156,153 | 97.0 | % | 11 | 2 | 55,999 | Publix | 2/10/2018 | Memorial Hospital* / Planet Fitness | $ | 13.17 | ||||||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 100.0 | % | 17 | — | 39,795 | Publix | 3/11/2015 | Planet Fitness | $ | 8.29 | ||||||||||||||||
Pablo Plaza | Jacksonville | 1974 / 1998 / 2001 / 2008 | 146,473 | 89.5 | % | 21 | 7 | 34,400 | Publix* (Office Depot) | 11/30/2013 | Marshalls / HomeGoods | $ | 11.76 | ||||||||||||||||
South Beach | Jacksonville Beach | 1990 / 1991 | 303,456 | 86.7 | % | 32 | 17 | Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples | $ | 12.25 | |||||||||||||||||||
Tampa / St. Petersburg / Venice / Cape Coral / Naples (10) | |||||||||||||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,626 | 69.9 | % | 12 | 13 | Seafood Buffet / American Signature Furniture | $ | 7.09 | |||||||||||||||||||
Glengary Shoppes | Sarasota | 1995 | 99,182 | 100.0 | % | 6 | — | Best Buy / Barnes & Noble | $ | 18.47 | |||||||||||||||||||
Lutz Lake (2) (3) | Lutz | 2002 | 64,985 | 85.8 | % | 9 | 5 | 44,270 | Publix | 5/31/2022 | $ | 12.34 | |||||||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 97,812 | 93.7 | % | 17 | 1 | 48,315 | Sweet Bay | 8/15/2020 | $ | 10.80 | |||||||||||||||||
Regency Crossing (2) | Port Richey | 1986 / 2001 | 85,864 | 74.8 | % | 11 | 14 | 44,270 | Publix | 2/28/2021 | $ | 9.31 |
Page 18
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||||
Seven Hills (2) (3) | Spring Hill | 1991 | 72,590 | 90.6 | % | 14 | 4 | 48,890 | Publix | 9/25/2016 | $ | 10.17 | |||||||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 84.4 | % | 13 | 8 | You Fit Health Club / Goodwill | $ | 8.99 | |||||||||||||||||||
Sunlake | Tampa | 2008 | 94,397 | 91.3 | % | 19 | 6 | 45,600 | Publix | 12/31/2028 | $ | 18.07 | |||||||||||||||||
Sunpoint Shopping Center | Ruskin | 1984 | 132,374 | 80.5 | % | 16 | 9 | Goodwill / Big Lots / Chapter 13 Trustee / The Crossing Church | $ | 6.36 | |||||||||||||||||||
Walden Woods | Plant City | 1985 /1998 / 2003 | 72,950 | 87.3 | % | 10 | 5 | Dollar Tree / Aaron Rents / Dollar General | $ | 7.57 | |||||||||||||||||||
North Palm Coast (5) | |||||||||||||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 82.8 | % | 28 | 5 | 42,112 | Publix | 9/23/2017 | Beall’s Outlet | $ | 10.99 | ||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 95.6 | % | 13 | 2 | Staples / Beall's Outlet / Planet Fitness | $ | 7.92 | |||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 83.9 | % | 21 | 11 | 39,795 | Publix | 3/23/2017 | Beall’s Outlet / Books-A-Million | $ | 11.07 | ||||||||||||||||
South Point Center | Vero Beach | 2003 | 64,790 | 94.1 | % | 12 | 3 | 44,840 | Publix | 11/30/2023 | $ | 15.67 | |||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 95.4 | % | 21 | 2 | 59,450 | Publix | 7/31/2026 | TJ Maxx | $ | 12.83 | ||||||||||||||||
TOTAL SHOPPING CENTERS NORTH FLORIDA REGION (28) | 2,940,540 | 87.2 | % | 422 | 171 | 840,715 | $ | 11.48 | |||||||||||||||||||||
SOUTH FLORIDA REGION (39) | |||||||||||||||||||||||||||||
Miami-Dade / Broward / Palm Beach (35) | |||||||||||||||||||||||||||||
Aventura Square | Aventura | 1991 | 143,250 | 100.0 | % | 10 | — | Babies R Us / Jewelry Exchange / Old Navy / Bed Bath & Beyond / DSW | $ | 24.22 | |||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,274 | 95.2 | % | 42 | 6 | 44,400 | Winn-Dixie | 12/31/2017 | CVS Pharmacy / Goodwill | $ | 18.54 | ||||||||||||||||
Bluffs Square | Jupiter | 1986 | 123,917 | 76.0 | % | 20 | 11 | 39,795 | Publix | 10/22/2016 | Walgreens | $ | 12.94 | ||||||||||||||||
Chapel Trail | Pembroke Pines | 2007 | 56,378 | 100.0 | % | 4 | — | LA Fitness | $ | 23.63 | |||||||||||||||||||
Coral Reef Shopping Center | Palmetto Bay | 1968 / 1990 | 74,680 | 93.4 | % | 14 | 3 | Office Depot / Walgreens | $ | 26.08 | |||||||||||||||||||
Countryside Shops | Cooper City | 1986 /1988 / 1991 | 179,561 | 86.0 | % | 36 | 10 | 39,795 | Publix | 12/4/2015 | Stein Mart | $ | 14.14 | ||||||||||||||||
Crossroads Square | Pembroke Pines | 1973 | 81,587 | 86.0 | % | 15 | 8 | CVS Pharmacy / Goodwill | $ | 17.11 | |||||||||||||||||||
CVS Plaza | Miami | 2004 | 18,214 | 100.0 | % | 6 | — | $ | 23.50 | ||||||||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0 | % | 1 | — | Sakura Japanese Buffet | $ | 17.00 | |||||||||||||||||||
Greenwood | Palm Springs | 1982 / 1994 | 133,339 | 92.7 | % | 32 | 6 | 50,032 | Publix | 12/5/2014 | Beall’s Outlet | $ | 14.17 | ||||||||||||||||
Hammocks Town Center | Miami | 1987 / 1993 | 168,834 | 96.7 | % | 33 | 4 | 39,795 | Publix | 6/24/2017 | Metro Dade Library / CVS Pharmacy / Porky’s Gym | $ | 14.47 | ||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 74.4 | % | 10 | 2 | $ | 21.00 |
Page 19
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 89.5 | % | 15 | 5 | 42,323 | Publix | 9/13/2015 | $ | 14.63 | |||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 97.5 | % | 23 | 2 | 39,473 | Winn-Dixie | 2/15/2016 | Kmart / Rite Aid* (Family Dollar) | $ | 7.60 | ||||||||||||||||
Magnolia Shoppes | Fort Lauderdale | 1998 | 114,118 | 94.5 | % | 15 | 3 | Regal Cinemas / Deal$ | $ | 12.07 | |||||||||||||||||||
Meadows | Miami | 1997 | 75,524 | 94.2 | % | 16 | 4 | 47,955 | Publix | 9/30/2017 | $ | 14.19 | |||||||||||||||||
Shoppes of Oakbrook | Palm Beach Gardens | 1974 / 2000 / 2003 | 199,633 | 93.9 | % | 23 | 7 | 44,400 | Publix | 11/30/2020 | Stein Mart / Homegoods / CVS Pharmacy / Bassett Furniture / Duffy’s | $ | 14.49 | ||||||||||||||||
Oaktree Plaza | North Palm Beach | 1985 | 23,745 | 71.8 | % | 12 | 8 | $ | 15.76 | ||||||||||||||||||||
Pine Island | Davie | 1999 | 254,907 | 93.0 | % | 37 | 9 | 39,943 | Publix | 11/30/2018 | Burlington Coat Factory/Staples | $ | 13.40 | ||||||||||||||||
Plaza Alegre | Miami | 2003 | 88,411 | 94.6 | % | 17 | 3 | 44,271 | Publix | 3/14/2023 | Goodwill | $ | 16.27 | ||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 181,375 | 92.8 | % | 22 | 5 | 45,350 | Winn-Dixie | 2/15/2015 | Best Buy / Pasteur Medical | $ | 11.95 | ||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,014 | 100.0 | % | 10 | — | Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx | $ | 17.88 | |||||||||||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 95.3 | % | 21 | 6 | Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill | $ | 11.71 | |||||||||||||||||||
Riverside Square | Coral Springs | 1987 | 103,241 | 76.1 | % | 18 | 15 | 39,795 | Publix | 2/18/2017 | $ | 11.08 | |||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 83.8 | % | 18 | 6 | 36,464 | Publix | 12/15/2014 | Walgreens / Dollar Tree | $ | 10.47 | ||||||||||||||||
Sheridan Plaza | Hollywood | 1973 / 1991 | 508,455 | 98.8 | % | 60 | 3 | 65,537 | Publix | 10/9/2016 | Kohl’s / Ross / Bed Bath & Beyond / Pet Supplies Plus / LA Fitness / Office Depot / Assoc. in Neurology | $ | 15.98 | ||||||||||||||||
Shoppes of Andros Isles | West Palm Beach | 2000 | 79,420 | 83.3 | % | 10 | 8 | 51,420 | Publix | 2/29/2020 | $ | 12.25 | |||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995 / 1997 | 126,789 | 87.8 | % | 28 | 7 | 47,814 | Publix | 6/14/2015 | Goodwill | $ | 15.97 | ||||||||||||||||
Shops at Skylake | North Miami Beach | 1999 / 2005 / 2006 | 287,168 | 95.9 | % | 44 | 5 | 51,420 | Publix | 7/31/2019 | TJ Maxx / LA Fitness / Goodwill | $ | 18.77 | ||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 124,585 | 89.2 | % | 30 | 9 | 37,764 | Publix | 12/15/2019 | Dollar Tree / Pivot Education | $ | 11.55 | ||||||||||||||||
Waterstone | Homestead | 2005 | 61,000 | 100.0 | % | 9 | — | 45,600 | Publix | 7/31/2025 | $ | 11.67 | |||||||||||||||||
West Bird | Miami | 1977 / 2000 | 99,864 | 91.2 | % | 24 | 4 | 37,949 | Publix | 8/31/2020 | CVS Pharmacy | $ | 13.95 | ||||||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 94.2 | % | 26 | 2 | 46,216 | Winn-Dixie | 5/22/2016 | Navarro Pharmacy | $ | 14.13 | ||||||||||||||||
Westport Plaza | Davie | 2002 | 49,533 | 84.1 | % | 6 | 2 | 27,887 | Publix | 11/30/2022 | $ | 17.96 | |||||||||||||||||
Young Circle | Hollywood | 1962 / 1997 | 65,834 | 98.1 | % | 9 | 1 | 23,124 | Publix | 11/30/2016 | Walgreens | $ | 15.47 |
Page 20
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||||
Treasure Coast (4) | |||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 93.7 | % | 13 | 3 | 59,448 | Albertsons | 4/30/2025 | $ | 9.03 | |||||||||||||||||
Pavilion | Naples | 1982/2001 | 167,745 | 85.6 | % | 31 | 9 | Pavilion 6 / L.A. Fitness / Anthony's | $ | 15.67 | |||||||||||||||||||
Salerno Village | Stuart | 1987 | 82,477 | 87.7 | % | 12 | 8 | 45,802 | Winn-Dixie | 3/23/2024 | CVS Pharmacy | $ | 10.78 | ||||||||||||||||
Shops at St. Lucie | Port St. Lucie | 2006 | 19,361 | 65.2 | % | 7 | 3 | $ | 21.94 | ||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH FLORIDA REGION (39) | 4,760,723 | 92.4 | % | 779 | 187 | 1,133,772 | $ | 14.99 | |||||||||||||||||||||
SOUTHEAST REGION (36) | |||||||||||||||||||||||||||||
ALABAMA (1) | |||||||||||||||||||||||||||||
Madison Centre (2) | Madison | 1997 | 64,837 | 95.7 | % | 12 | 2 | 37,912 | Publix | 6/1/2017 | Rite Aid | $ | 10.08 | ||||||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (1) | 64,837 | 95.7 | % | 12 | 2 | 37,912 | $ | 10.08 | |||||||||||||||||||||
GEORGIA (14) | |||||||||||||||||||||||||||||
Atlanta (10) | |||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 91.9 | % | 25 | 4 | 37,888 | Publix | 1/31/2020 | $ | 16.15 | |||||||||||||||||
Buckhead Station | Atlanta | 1996 | 233,739 | 100.0 | % | 15 | — | Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack | $ | 21.51 | |||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 98.0 | % | 24 | 2 | 37,366 | Publix | 5/31/2024 | $ | 18.17 | |||||||||||||||||
Hairston Center | Decatur | 2000 | 13,000 | 92.3 | % | 7 | 1 | $ | 11.57 | ||||||||||||||||||||
Hampton Oaks | Fairburn | 2009 | 20,842 | 29.2 | % | 3 | 8 | $ | 11.66 | ||||||||||||||||||||
Market Place | Norcross | 1976 | 73,686 | 98.5 | % | 20 | 3 | Galaxy Cinema | $ | 11.43 | |||||||||||||||||||
Piedmont Peachtree Crossing | Buckhead | 1978 / 1998 | 152,239 | 96.4 | % | 26 | 2 | 55,520 | Kroger | 2/28/2015 | Cost Plus Store / Binders Art Supplies | $ | 19.04 | ||||||||||||||||
Powers Ferry Plaza | Marietta | 1979 / 1987 / 1998 | 86,401 | 84.4 | % | 17 | 7 | Micro Center | $ | 9.86 | |||||||||||||||||||
Wesley Chapel | Decatur | 1989 | 164,153 | 84.3 | % | 17 | 11 | Everest Institute* / Little Giant / Deal$ / Planet Fitness | $ | 8.21 | |||||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 81.6 | % | 20 | 7 | $ | 18.13 |
Page 21
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||||
Central / South Georgia (4) | |||||||||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 68.7 | % | 27 | 13 | 45,971 | Bi-Lo | 3/25/2022 | St. Joseph Home Health Care | $ | 9.46 | ||||||||||||||||
McAlpin Square | Savannah | 1979 | 173,952 | 94.7 | % | 21 | 3 | 43,600 | Kroger | 8/31/2015 | Big Lots / Post Office / Habitat for Humanity | $ | 7.76 | ||||||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 59.5 | % | 14 | 14 | 59,431 | Kroger | 5/31/2014 | Fred’s Store / Goodwill | $ | 7.65 | ||||||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 92.4 | % | 5 | 3 | Gold’s Gym | $ | 5.97 | |||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (14) | 1,594,389 | 84.9 | % | 241 | 78 | 279,776 | $ | 13.33 | |||||||||||||||||||||
LOUISIANA (12) | |||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980 / 1991 | 194,678 | 98.4 | % | 24 | 2 | Conn’s Appliances / Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics | $ | 10.36 | |||||||||||||||||||
Ambassador Row Courtyard | Lafayette | 1986 / 1991 / 2005 | 146,697 | 94.8 | % | 21 | 2 | Bed Bath & Beyond / Marshalls / Hancock Fabrics / Unitech Training Academy / Tuesday Morning | $ | 9.98 | |||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 101,623 | 98.0 | % | 22 | 4 | 33,387 | Matherne’s | 11/30/2015 | Office Depot | $ | 11.86 | ||||||||||||||||
Boulevard | Lafayette | 1976 / 1994 | 68,012 | 94.5 | % | 12 | 2 | Piccadilly / Harbor Freight Tools / Golfballs.com | $ | 9.28 | |||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 86.8 | % | 8 | 2 | 33,387 | Winn-Dixie | 1/31/2018 | $ | 6.75 | |||||||||||||||||
Crossing | Slidell | 1988 / 1993 | 113,989 | 94.1 | % | 11 | 4 | 58,432 | Save A Center | 9/28/2039 | A-1 Home Appliance / Piccadilly | $ | 5.34 | ||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 130,284 | 100.0 | % | 10 | — | Academy Sports / Dollar Tree / Tuesday Morning | $ | 9.35 | |||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 59,419 | 100.0 | % | 7 | — | 28,092 | Super 1 Store | 6/30/2015 | Fred’s Store | $ | 4.37 | ||||||||||||||||
Sherwood South | Baton Rouge | 1972 / 1988 / 1992 | 77,230 | 81.3 | % | 7 | 2 | Burke’s Outlet / Harbor Freight Tools / Fred’s Store | $ | 6.41 | |||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 98.9 | % | 19 | 1 | Office Depot / Big Lots / Dollar Tree / Stage / Party City | $ | 9.55 | |||||||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 100.0 | % | 9 | — | Stage / Dollar General | $ | 6.00 | |||||||||||||||||||
Village at Northshore | Slidell | 1988 | 144,638 | 96.5 | % | 13 | 2 | Marshalls / Dollar Tree / JoAnn Fabrics / Bed Bath & Beyond / Baskins | $ | 7.77 | |||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (12) | 1,328,277 | 96.0 | % | 163 | 21 | 153,298 | $ | 8.64 |
Page 22
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||||
MISSISSIPPI (1) | |||||||||||||||||||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 100.0 | % | 8 | — | Big Lots / Dragon City | $ | 7.35 | |||||||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 100.0 | % | 8 | — | $ | 7.35 | ||||||||||||||||||||||
NORTH CAROLINA (7) | |||||||||||||||||||||||||||||
Brawley Commons | Charlotte | 1997 / 1998 | 119,189 | 62.9 | % | 20 | 18 | 42,142 | Lowe’s Foods* | 5/13/2017 | $ | 11.66 | |||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 159,383 | 99.2 | % | 23 | 1 | Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores | $ | 5.87 | |||||||||||||||||||
Chestnut Square | Brevard | 1985 / 2008 | 34,260 | 90.7 | % | 6 | 2 | Walgreens | $ | 15.68 | |||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 128,498 | 92.4 | % | 11 | 5 | 53,538 | Kroger | 12/31/2014 | Upchurch Drugs / Riverview Galleries | $ | 8.23 | ||||||||||||||||
Stanley Market Place | Stanley | 2007 | 53,228 | 96.7 | % | 6 | 1 | 34,928 | Food Lion | 5/15/2027 | Family Dollar | $ | 9.56 | ||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 88.3 | % | 8 | 6 | 32,000 | Ingles | 9/29/2017 | Kmart | $ | 5.34 | ||||||||||||||||
Willowdaile Shopping Center | Durham | 1986 | 95,601 | 88.5 | % | 16 | 6 | Hall of Fitness / Ollie’s Bargain Outlet | $ | 8.43 | |||||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (7) | 738,913 | 88.0 | % | 90 | 39 | 162,608 | $ | 7.96 | |||||||||||||||||||||
VIRGINIA (1) | |||||||||||||||||||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 98.0 | % | 13 | 1 | 32,000 | Ingles | 9/25/2015 | Walmart | $ | 6.08 | ||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (1) | 126,841 | 98.0 | % | 13 | 1 | 32,000 | $ | 6.08 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTHEAST REGION (36) | 3,920,114 | 90.1 | % | 527 | 141 | 665,594 | $ | 10.22 | |||||||||||||||||||||
NORTHEAST REGION (19) | |||||||||||||||||||||||||||||
CONNECTICUT (7) | |||||||||||||||||||||||||||||
Brookside Plaza | Enfield | 1985 / 2006 | 214,030 | 92.8 | % | 23 | 3 | 59,648 | Wakefern Food | 8/31/2015 | Bed Bath & Beyond / Walgreens / Staples /PetSmart | $ | 12.95 | ||||||||||||||||
Compo Acres (1) | Westport | 1960 / 2011 | 42,866 | 93.2 | % | 14 | 1 | 11,731 | Trader Joe’s | 2/28/2022 | $ | 45.54 | |||||||||||||||||
Copps Hill | Ridgefield | 1979 / 2002 | 184,528 | 100.0 | % | 9 | — | 59,015 | Stop & Shop | 12/31/2024 | Kohl’s / Rite Aid | $ | 12.86 | ||||||||||||||||
Darinor Plaza (1) | Norwalk | 1978 | 151,198 | 100.0 | % | 13 | — | Kohl's / Old Navy / Party City | $ | 16.39 | |||||||||||||||||||
Danbury Green | Danbury | 1985 / 2006 | 98,095 | 100.0 | % | 10 | — | 11,850 | Trader Joe’s | 1/31/2023 | Rite Aid / Annie Sez / Staples / DSW | $ | 22.52 | ||||||||||||||||
Post Road Plaza (1) | Darien | 1978 | 20,005 | 100.0 | % | 4 | — | 8,487 | Trader Joe's | 8/13/2017 | $ | 38.57 | |||||||||||||||||
Southbury Green | Southbury | 1979 / 2002 | 156,215 | 100.0 | % | 24 | — | 60,113 | ShopRite | 7/31/2022 | Staples | $ | 21.88 | ||||||||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (7) | 866,937 | 97.9 | % | 97 | 4 | 210,844 | $ | 18.43 |
Page 23
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||||
MASSACHUSETTS (7) | |||||||||||||||||||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0 | % | 1 | — | 66,108 | Star Market | 1/2/2016 | $ | 30.25 | |||||||||||||||||
Medford Shaw’s Supermarket | Medford | 1995 | 62,656 | 100.0 | % | 2 | — | 60,356 | Shaw’s | 1/1/2016 | $ | 26.92 | |||||||||||||||||
Plymouth Shaw’s Supermarket | Plymouth | 1993 | 59,726 | 100.0 | % | 1 | — | 59,726 | Shaw’s | 1/1/2016 | $ | 19.99 | |||||||||||||||||
Quincy Star Market | Quincy | 1965 / 1995 | 100,741 | 100.0 | % | 1 | — | 100,741 | Star Market | 1/2/2016 | $ | 19.53 | |||||||||||||||||
Swampscott Whole Foods | Swampscott | 1967 / 2005 | 35,907 | 100.0 | % | 1 | — | 35,907 | Whole Foods | 1/1/2026 | $ | 22.89 | |||||||||||||||||
Webster Plaza | Webster | 1963 / 1998 | 199,425 | 98.2 | % | 13 | 1 | 56,766 | Shaw’s | 2/28/2023 | K Mart | $ | 8.15 | ||||||||||||||||
West Roxbury Shaw’s Plaza | West Roxbury | 1973 / 1995 / 2006 | 76,316 | 97.7 | % | 11 | 2 | 54,928 | Shaw’s | 1/2/2016 | $ | 25.53 | |||||||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (7) | 600,879 | 99.1 | % | 30 | 3 | 434,532 | $ | 18.76 | |||||||||||||||||||||
NEW YORK (5) | |||||||||||||||||||||||||||||
1175 Third Avenue | Manhattan | 1995 | 25,350 | 100.0 | % | 1 | — | 25,350 | Food Emporium | 1/31/2019 | $ | 41.66 | |||||||||||||||||
90-30 Metropolitan | Queens | 2007 | 59,815 | 93.9 | % | 4 | 1 | 10,890 | Trader Joe's | 1/31/2023 | Staples / Michael’s | $ | 31.00 | ||||||||||||||||
101 7th Avenue | Manhattan | 1930 | 56,870 | 100.0 | % | 1 | — | Loehmann’s | $ | 24.62 | |||||||||||||||||||
1225-1239 Second Avenue (1) | Manhattan | 1964/1987 | 18,474 | 100.0 | % | 6 | — | CVS Pharmacy | $ | 96.91 | |||||||||||||||||||
Clocktower Plaza (1) | Queens | 1985/1995 | 78,820 | 100.0 | % | 8 | — | 62,668 | Pathmark | 11/30/2030 | $ | 44.33 | |||||||||||||||||
TOTAL SHOPPING CENTERS NEW YORK (5) | 239,329 | 98.5 | % | 20 | 1 | 98,908 | $ | 40.23 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS NORTHEAST REGION (19) | 1,707,145 | 98.4 | % | 147 | 8 | 744,284 | $ | 21.61 | |||||||||||||||||||||
WEST COAST REGION (10) | |||||||||||||||||||||||||||||
ARIZONA (1) | |||||||||||||||||||||||||||||
Canyon Trails | Goodyear | 2008 | 210,396 | 64.4 | % | 19 | 15 | Office Max / PetSmart / Ross / Cost Plus / Dollar Tree | $ | 13.61 | |||||||||||||||||||
TOTAL SHOPPING CENTERS ARIZONA (1) | 210,396 | 64.4 | % | 19 | 15 | $ | 13.61 |
Page 24
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||||
CALIFORNIA (9) | |||||||||||||||||||||||||||||
Circle Center West | Long Beach | 1989 | 64,403 | 100.0 | % | 16 | — | Marshalls | $ | 20.03 | |||||||||||||||||||
Culver Center | Culver City | 1950 / 2000 | 216,646 | 97.7 | % | 32 | 1 | 36,578 | Ralph’s | 10/31/2015 | LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy | $ | 27.55 | ||||||||||||||||
Marketplace Shopping Center | Davis | 1990 | 111,156 | 100.0 | % | 23 | — | 35,018 | Safeway | 7/31/2014 | Petco / CVS Pharmacy | $ | 21.50 | ||||||||||||||||
Plaza Escuela | Walnut Creek | 2002 | 152,452 | 98.0 | % | 23 | 4 | AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority | $ | 41.90 | |||||||||||||||||||
Potrero (1) | San Francisco | 1968 / 1997 | 226,699 | 99.9 | % | 26 | 1 | 59,566 | Safeway | 9/30/2020 | 24 Hour Fitness / Party City / Petco / Office Depot / Ross | $ | 29.70 | ||||||||||||||||
Ralph's Circle Center | Long Beach | 1983 | 59,837 | 100.0 | % | 12 | — | 35,022 | Ralph’s | 11/30/2025 | $ | 16.91 | |||||||||||||||||
Serramonte | Daly City | 1968 | 799,764 | 98.3 | % | 96 | 6 | Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / Crunch Gym | $ | 18.01 | |||||||||||||||||||
Von’s Circle Center | Long Beach | 1972 | 148,353 | 96.7 | % | 22 | 3 | 45,253 | Von’s | 7/31/2022 | Rite Aid / Ross | $ | 16.89 | ||||||||||||||||
Willows | Concord | 1977 | 256,086 | 90.2 | % | 24 | 10 | Lazy Dog / Claim Jumper / U Gym / REI / The Jungle / Old Navy / Pier 1 / Cost Plus | $ | 23.36 | |||||||||||||||||||
TOTAL SHOPPING CENTERS CALIFORNIA (9) | 2,035,396 | 97.5 | % | 274 | 25 | 211,437 | $ | 22.93 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS WEST COAST REGION (10) | 2,245,792 | 94.4 | % | 293 | 40 | 211,437 | $ | 22.34 | |||||||||||||||||||||
TOTAL CORE SHOPPING CENTER PORTFOLIO (132) | 15,574,314 | 91.8 | % | 2,168 | 547 | 3,595,802 | $ | 15.05 |
Page 25
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Year | Total | Number | Supermarket anchor | Average | |||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | ||||||||||||||||
OTHER PROPERTIES (6) (1) | |||||||||||||||||||||||||||
200 Potrero | San Francisco | 1928 | 30,500 | 55.1 | % | 1 | 1 | Golden Bear Sportswear | |||||||||||||||||||
4101 South I-85 Industrial | Charlotte, NC | 1956 / 1963 | 188,513 | 100.0 | % | 1 | — | Park ’N Go | |||||||||||||||||||
Banco Popular Office Building | Miami, FL | 1971 | 32,737 | 82.5 | % | 14 | 5 | ||||||||||||||||||||
Prosperity Office Building | Palm Beach Gdns, FL | 1972 | 3,200 | — | 1 | ||||||||||||||||||||||
Providence Square | Charlotte, NC | 1973 | 85,930 | 16.6 | % | 6 | 19 | ||||||||||||||||||||
Danville - San Ramon Medical | Danville, CA | 1982-1986 | 74,599 | 76.9 | % | 41 | 12 | ||||||||||||||||||||
TOTAL OTHER PROPERTIES (6) (1) | 415,479 | 73.2 | % | 63 | 38 | — | |||||||||||||||||||||
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (138) | 15,989,793 | 91.3 | % | 2,231 | 585 | 3,595,802 | |||||||||||||||||||||
DEVELOPMENTS, REDEVELOPMENTS & LAND (18) (1) | |||||||||||||||||||||||||||
Developments (2) | See Schedule on Page 28. | ||||||||||||||||||||||||||
Redevelopments (9) | See Schedule on Page 28. | ||||||||||||||||||||||||||
Land Held for Development (7) (4) | |||||||||||||||||||||||||||
TOTAL CONSOLIDATED - 156 Properties |
Note: Total square footage does not include shadow anchor square footage that is not owned by Equity One but does include square footage for ground leases.
* Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ).
(1) Not included in the quarter to date March 31, 2013 same property pool.
(2) Property is classified as held for sale.
(3) Property was sold in 2013.
(4) The total carrying value of land held for development as of March 31, 2013 is $34.0 million.
Page 26
EQUITY ONE, INC.
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
For the three months ended March 31, 2013 (unaudited)
(in thousands, except for square footage/acres)
2013 Acquisition Activity - No activity for the period
2013 Disposition Activity | |||||||||||||||||
Date Sold | Property Name | City | State | Square Feet | Gross Sales Price | Gain (loss) on Sale | |||||||||||
Income producing properties sold | |||||||||||||||||
March 29, 2013 | Middle Beach Shopping Center | Panama City Beach | FL | 69,277 | $ | 2,350 | $ | (311 | ) | ||||||||
March 22, 2013 | Douglas Commons | Douglasville | GA | 97,027 | 12,000 | 2,088 | |||||||||||
March 22, 2013 | North Village Center | North Myrtle Beach | SC | 60,356 | 2,365 | (230 | ) | ||||||||||
March 22, 2013 | Windy Hill Shopping Center | North Myrtle Beach | SC | 68,465 | 2,635 | (277 | ) | ||||||||||
February 13, 2013 | Macland Pointe | Marietta | GA | 79,699 | 9,150 | 669 | |||||||||||
January 23, 2013 | Shoppes of Eastwood | Orlando | FL | 69,037 | 11,600 | 4,438 | |||||||||||
January 15, 2013 | Butler Creek | Acworth | GA | 95,597 | 10,650 | 1,136 | |||||||||||
January 15, 2013 | Fairview Oaks | Ellenwood | GA | 77,052 | 9,300 | 963 | |||||||||||
January 15, 2013 | Grassland Crossing | Alpharetta | GA | 90,906 | 9,700 | (517 | ) | ||||||||||
January 15, 2013 | Hamilton Ridge | Buford | GA | 90,996 | 11,800 | (239 | ) | ||||||||||
January 15, 2013 | Mableton Crossing | Mableton | GA | 86,819 | 11,500 | (1) | 2,789 | ||||||||||
January 15, 2013 | Shops at Westridge | McDonough | GA | 66,297 | 7,550 | 687 | |||||||||||
Total | $ | 100,600 | $ | 11,196 |
(1) $2.8 million of mortgage debt secured by this property was repaid at closing.
Page 27
EQUITY ONE, INC.
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of March 31, 2013 (unaudited)
(in thousands, except square footage data)
Project | Location | Project GLA (1) | Total GLA (2) | Anchors | Target Stabilization Date (3) | Estimated Gross Cost (4) | Estimated Net Cost (5) | Incurred as of 3/31/13 | Balance to Complete (Gross Cost) | |||||||||||||||||||
Active Developments | ||||||||||||||||||||||||||||
The Gallery at Westbury | Westbury, NY | 313,281 | 313,281 | Container Store / Nordstrom Rack / Trader Joe's / Saks Off Fifth / Banana Republic Outlet/ Bloomingdales Outlet / Sports Authority Elite / Old Navy / Ulta | 2013 | $ | 149,600 | $ | 128,600 | (9) | $ | 135,471 | $ | 14,129 | ||||||||||||||
Broadway Plaza | Bronx, NY | 115,000 | 115,000 | TBD | 2014 | 53,000 | (6) | 53,000 | (6) | 9,926 | 43,074 | |||||||||||||||||
Subtotal | 428,281 | 428,281 | 202,600 | 181,600 | 145,397 | 57,203 | ||||||||||||||||||||||
Active Redevelopments | ||||||||||||||||||||||||||||
Boca Village | Boca Raton, FL | 42,077 | 92,267 | CVS Pharmacy | 2Q14 | 7,505 | 7,255 | 4,903 | 2,602 | |||||||||||||||||||
Boynton Plaza | Boynton Beach, FL | 53,785 | 107,479 | Publix | 4Q14 | 8,109 | 7,608 | 190 | 7,919 | |||||||||||||||||||
Kirkman Shoppes | Orlando, FL | 41,000 | 99,625 | L.A. Fitness | 3Q15 | 6,590 | 6,590 | 20 | 6,570 | |||||||||||||||||||
Lake Mary Centre | Lake Mary, FL | 56,468 | 340,434 | Ross / National Grocer | 1Q14 | 4,001 | 4,001 | 132 | 3,869 | |||||||||||||||||||
Serramonte Shopping Center (7) | Daly City, CA | 83,218 | 882,982 | Dick's Sporting Goods | 2Q14 | 19,270 | 19,150 | 2,754 | 16,516 | |||||||||||||||||||
Summerlin (8) | Ft. Myers, FL | 15,000 | 195,000 | Large National Retailer | 4Q13 | 2,227 | 2,127 | 1,250 | 977 | |||||||||||||||||||
Subtotal | 291,548 | 1,717,787 | 47,702 | 46,731 | 9,249 | 38,453 | ||||||||||||||||||||||
Total Active Developments and Redevelopments | 719,829 | 2,146,068 | 250,302 | 228,331 | 154,646 | 95,656 | ||||||||||||||||||||||
Redevelopments Pending Stabilization | ||||||||||||||||||||||||||||
Atlantic Village (10) | Atlantic Beach, FL | 39,795 | 100,559 | L.A. Fitness | 2Q13 | $ | 4,609 | $ | 4,609 | $ | 4,623 | $ | — | |||||||||||||||
Paulding Commons (10) | Hiram, GA | 73,901 | 209,676 | Academy Sports | 3Q12 | 1,729 | 1,729 | 1,671 | — | |||||||||||||||||||
Pine Ridge (10) | Coral Springs, FL | 41,886 | 117,744 | Marshalls / Ulta | 4Q12 | 4,605 | 4,605 | 4,774 | — | |||||||||||||||||||
Westbury Plaza (10) | Westbury, NY | 15,000 | 398,602 | Costco / Marshalls / Sports Authority / Walmart | 4Q11 | 2,096 | 2,096 | 2,120 | — | |||||||||||||||||||
Subtotal | 170,582 | 826,581 | 13,039 | 13,039 | 13,188 | — | ||||||||||||||||||||||
Total Development and Redevelopment Activity | 890,411 | 2,972,649 | $ | 263,341 | $ | 241,370 | $ | 167,834 | (11) | $ | 95,656 |
(1) Project GLA is subject to change based upon changes related to build-to-suit requests and other tenant driven changes.
(2) Total GLA represents all GLA for the corresponding property and for redevelopments, includes portions of center not subject to redevelopment.
(3) Target stabilization date reflects the date that construction is expected to be complete and the anchors commence rent. Properties may continue to be reflected in development or redevelopment until they are included in our same property pool, which is normally one year from rent commencement. (This period may be in excess of one year to the extent that the anchors commence rent but receive rent concessions or other forms of reduced rent for a limited period following rent commencement.)
(4) For developments, includes actual cost of land.
(5) After sales of outparcels and construction cost reimbursements.
(6) Budgeted amounts pending approval of the investment committee.
(7) This property is included in the same property pool as of March 31, 2013.
(8) This property is classified as held for sale as of March 31, 2013. Three outparcels will be retained and redeveloped.
(9) Estimated net costs includes estimate of tax refunds for eligible costs incurred as part of our participation in New York State's Brownfield Cleanup Program.
(10) Project is complete. See Note (3) above.
(11) Includes an aggregate of $5.3 million in costs incurred but not yet funded as of March 31, 2013.
Page 28
EQUITY ONE, INC.
DEBT SUMMARY
As of March 31, 2013 and December 31, 2012 and 2011 (unaudited)
(in thousands)
March 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Fixed rate debt | $ | 1,168,299 | $ | 1,173,110 | $ | 1,190,174 | ||||||
Variable rate debt - swapped to fixed rate | 250,000 | 250,000 | — | |||||||||
Variable rate debt - unhedged | 104,500 | 172,000 | 138,000 | |||||||||
Total debt | $ | 1,522,799 | $ | 1,595,110 | $ | 1,328,174 | ||||||
% Fixed rate debt | 76.7 | % | 73.5 | % | 89.6 | % | ||||||
% Variable rate debt - swapped to fixed rate | 16.4 | % | 15.7 | % | 0.0 | % | ||||||
% Variable rate debt - unhedged | 6.9 | % | 10.8 | % | 10.4 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Secured mortgage debt | $ | 437,163 | $ | 441,974 | $ | 499,038 | ||||||
Unsecured debt | 1,085,636 | 1,153,136 | 829,136 | |||||||||
Total debt | $ | 1,522,799 | $ | 1,595,110 | $ | 1,328,174 | ||||||
% Secured mortgage debt | 28.7 | % | 27.7 | % | 37.6 | % | ||||||
% Unsecured debt | 71.3 | % | 72.3 | % | 62.4 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Total market capitalization (from page 6) | $ | 4,626,559 | $ | 4,305,536 | $ | 3,438,335 | ||||||
% Secured mortgage debt | 9.4 | % | 10.3 | % | 14.5 | % | ||||||
% Unsecured debt | 23.5 | % | 26.8 | % | 24.1 | % | ||||||
Total debt : Total market capitalization | 32.9 | % | 37.1 | % | 38.6 | % | ||||||
Weighted-average interest rate on secured mortgage debt (1) | 6.09 | % | 6.09 | % | 6.14 | % | ||||||
Weighted-average interest rate on unsecured senior notes (1) | 5.02 | % | 5.02 | % | 6.06 | % | ||||||
Interest rate on term loans (1) | 3.17 | % | 3.37 | % | N/A | |||||||
Weighted-average interest rate on total debt (1) | 5.02 | % | 5.06 | % | 6.09 | % | ||||||
Interest rate on revolving credit facilities | 1.46 | % | 1.77 | % | 1.85 | % | ||||||
Weighted-average maturity on secured mortgage debt | 5.0 years | 5.2 years | 5.8 years | |||||||||
Weighted-average maturity on unsecured senior notes | 6.1 years | 6.3 years | 4.1 years | |||||||||
Maturity on term loan | 5.9 years | 6.1 years | N/A | |||||||||
Weighted-average maturity on total debt (2) | 5.7 years | 5.9 years | 4.8 years | |||||||||
Note: All amounts and calculations exclude unamortized / unaccreted premium / (discount) on mortgages and senior notes and include secured mortgage debt related to properties held for sale.
(1) | Weighted average interest rates are calculated based on balances outstanding at the respective dates. |
(2) | Weighted average maturity on total debt excludes amounts drawn under the revolving credit facility which expires on September 30, 2015. |
Page 29
EQUITY ONE, INC.
CONSOLIDATED DEBT MATURITY SCHEDULE
As of March 31, 2013 (unaudited)
(in thousands)
Secured Debt | Unsecured Debt | Premium/(Discount) Scheduled Amortization | Total | Weighted average interest rate at maturity | Percent of debt maturing | ||||||||||||||||||||||||||||||
Maturity schedule by year | Scheduled amortization | Balloon payments | Revolving Credit Facilities | Senior Notes | Term Loan | ||||||||||||||||||||||||||||||
2013 | $ | 5,776 | $ | 30,069 | $ | — | $ | — | $ | — | $ | 1,794 | $ | 37,639 | 6.7 | % | 2.5 | % | |||||||||||||||||
2014 | 7,488 | 6,509 | — | — | — | 2,096 | 16,093 | 5.7 | % | 1.1 | % | ||||||||||||||||||||||||
2015 | 7,371 | 54,462 | 104,500 | 107,505 | — | 1,177 | 275,015 | 3.9 | % | (1) | 18.0 | % | |||||||||||||||||||||||
2016 | 7,032 | 120,876 | — | 105,230 | — | 871 | 234,009 | 6.0 | % | 15.3 | % | ||||||||||||||||||||||||
2017 | 6,350 | 64,000 | — | 218,401 | — | 514 | 289,265 | 6.0 | % | 18.9 | % | ||||||||||||||||||||||||
2018 | 6,547 | 54,754 | — | — | — | 149 | 61,450 | 6.3 | % | 4.0 | % | ||||||||||||||||||||||||
2019 | 5,372 | 17,142 | — | — | 250,000 | 29 | 272,543 | 3.4 | % | (1) | 17.8 | % | |||||||||||||||||||||||
2020 | 5,506 | — | — | — | — | (29 | ) | 5,477 | 0.0 | % | 0.4 | % | |||||||||||||||||||||||
2021 | 5,513 | 3,761 | — | — | — | (71 | ) | 9,203 | 7.9 | % | 0.6 | % | |||||||||||||||||||||||
Thereafter | 24,621 | 4,014 | — | 300,000 | — | (43 | ) | 328,592 | 3.8 | % | 21.4 | % | |||||||||||||||||||||||
Total | $ | 81,576 | $ | 355,587 | $ | 104,500 | $ | 731,136 | $ | 250,000 | $ | 6,487 | $ | 1,529,286 | 4.9 | % | (2 | ) | 100.0 | % |
Note: Includes amounts for secured mortgage debt related to assets held for sale.
(1) Excluding the revolving credit facility and term loan, the weighted average interest rate would be 5.4% for 2015 and 6.9% for 2019.
(2) Excludes the revolving credit facility.
Page 30
EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of March 31, 2013 and December 31, 2012
(in thousands)
Debt Instrument | Maturity Date | Rate | March 31, 2013 | December 31, 2012 | Percent of Overall Debt Maturing | ||||||||||||
Mortgage Debt | |||||||||||||||||
Brawley Commons | 07/01/2013 | 6.250 | % | $ | 6,508 | $ | 6,534 | 0.4 | % | ||||||||
Buckhead Station | 09/01/2013 | 6.880 | % | 23,970 | 24,166 | 1.6 | % | ||||||||||
South Point | 07/10/2014 | 5.720 | % | 6,861 | 6,924 | 0.4 | % | ||||||||||
Southbury Green | 01/05/2015 | 5.200 | % | 21,000 | 21,000 | 1.4 | % | ||||||||||
Marketplace Shopping Center | 02/19/2015 | 6.250 | % | 16,105 | 16,164 | 1.1 | % | ||||||||||
Darinor Plaza | 04/01/2015 | 5.370 | % | 18,572 | 18,658 | 1.2 | % | ||||||||||
Danbury Green | 01/05/2016 | 5.850 | % | 24,700 | 24,700 | 1.6 | % | ||||||||||
1225-1239 Second Avenue | 06/01/2016 | 6.325 | % | 16,603 | 16,655 | 1.0 | % | ||||||||||
Glengary Shoppes | 06/11/2016 | 5.750 | % | 16,010 | 16,079 | 1.0 | % | ||||||||||
Magnolia Shoppes | 07/11/2016 | 6.160 | % | 13,743 | 13,807 | 0.9 | % | ||||||||||
Willows Shopping Center | 10/11/2016 | 5.900 | % | 55,062 | 55,245 | 3.6 | % | ||||||||||
Culver Center | 05/06/2017 | 5.580 | % | 64,000 | 64,000 | 4.2 | % | ||||||||||
Sheridan Plaza | 10/10/2018 | 6.250 | % | 61,247 | 61,488 | 4.0 | % | ||||||||||
Danville-San Ramon Medical | 03/15/2019 | 6.900 | % | 13,355 | 13,401 | 0.9 | % | ||||||||||
1175 Third Avenue | 05/01/2019 | 7.000 | % | 6,943 | 7,001 | 0.5 | % | ||||||||||
BridgeMill | 05/05/2021 | 7.940 | % | 7,448 | 7,528 | 0.5 | % | ||||||||||
Westport Plaza | 08/01/2023 | 7.490 | % | 3,849 | 3,890 | 0.3 | % | ||||||||||
Aventura Square / Oakbrook Square / Treasure Coast Plaza | 02/28/2024 | 6.500 | % | 25,549 | 25,944 | 1.7 | % | ||||||||||
Webster Plaza | 08/15/2024 | 8.070 | % | 7,014 | 7,070 | 0.4 | % | ||||||||||
Vons Circle Center | 10/10/2028 | 5.200 | % | 10,683 | 10,793 | 0.7 | % | ||||||||||
Copps Hill Plaza | 01/01/2029 | 6.060 | % | 17,941 | 18,109 | 1.2 | % | ||||||||||
Total mortgage debt excluding mortgage debt associated with properties held for sale (21 loans outstanding) | 4.96 years | 6.09 | % | (3) | $ | 437,163 | $ | 439,156 | 28.6 | % | |||||||
Unamortized/unaccreted premium/(discount) | 8,418 | 9,064 | 0.5 | % | |||||||||||||
Total mortgage debt (including unamortized/unaccreted premium/(discount)) | $ | 445,581 | $ | 448,220 | 29.1 | % | |||||||||||
Mortgage Debt Associated with Properties Held for Sale | |||||||||||||||||
Mableton Crossing | 08/15/2018 | 6.850 | % | $ | — | $ | 2,818 | — | % | ||||||||
Total mortgage debt on properties held for sale | — | — | % | (3) | $ | — | $ | 2,818 | — | % | |||||||
Unamortized/unaccreted premium/(discount) | — | 74 | — | % | |||||||||||||
Total mortgage debt (including unamortized/unaccreted premium/(discount)) | $ | — | $ | 2,892 | — | % | |||||||||||
Total Secured debt (21 loans outstanding) | 4.96 years | 6.09 | % | (3) | $ | 437,163 | $ | 441,974 | 28.6 | % | |||||||
Unamortized/unaccreted premium/(discount) | 8,418 | 9,138 | 0.5 | % | |||||||||||||
Total mortgage debt (including unamortized/unaccreted premium/(discount)) | $ | 445,581 | $ | 451,112 | 29.1 | % | |||||||||||
See footnotes on page 32.
Page 31
EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of March 31, 2013 and 2012 (unaudited)
(in thousands)
Debt Instrument | Maturity Date | Rate | March 31, 2013 | December 31, 2012 | Percent of Overall Debt Maturing | |||||||||||
Unsecured senior notes payable | ||||||||||||||||
5.375% senior notes | 10/15/2015 | 5.375 | % | 107,505 | 107,505 | 7.0 | % | |||||||||
6.00% senior notes | 09/15/2016 | 6.000 | % | 105,230 | 105,230 | 6.9 | % | |||||||||
6.25% senior notes | 01/15/2017 | 6.250 | % | 101,403 | 101,403 | 6.6 | % | |||||||||
6.00% senior notes | 09/15/2017 | 6.000 | % | 116,998 | 116,998 | 7.7 | % | |||||||||
3.75% senior notes | 11/15/2022 | 3.750 | % | 300,000 | 300,000 | 19.6 | % | |||||||||
Total unsecured senior notes payable | 6.06 years | 5.02 | % | (3) | $ | 731,136 | $ | 731,136 | 47.8 | % | ||||||
Unamortized/unaccreted premium/(discount) | (1,931 | ) | (2,006 | ) | (0.1 | %) | ||||||||||
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount)) | $ | 729,205 | $ | 729,130 | 47.7 | % | ||||||||||
Term Loan | ||||||||||||||||
$250MM - Term Loan (2) | 02/13/2019 | 3.170 | % | (1) | 250,000 | 250,000 | 16.4 | % | ||||||||
Total term loans | 5.87 years | 3.17 | % | (3) | $ | 250,000 | $ | 250,000 | 16.4 | % | ||||||
Revolving credit facilities | ||||||||||||||||
$575MM Line of Credit Unsecured | 09/30/2015 | 1.460 | % | $ | 104,500 | $ | 172,000 | 6.8 | % | |||||||
$15MM Bank Line of Credit Unsecured | 08/07/2013 | N/A | — | — | — | % | ||||||||||
Total revolving credit facilities | $ | 104,500 | $ | 172,000 | 6.8 | % | ||||||||||
Total debt | 5.69 years(4) | 5.02 | % | (3) (4) | $ | 1,522,799 | $ | 1,595,110 | 99.6 | % | ||||||
Unamortized/unaccreted premium/(discount) | 6,487 | 7,132 | 0.4 | % | ||||||||||||
Total debt (including unamortized/unaccreted premium/(discount)) | $ | 1,529,286 | $ | 1,602,242 | 100.0 | % | ||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||
Moody’s | Baa2 (Stable) | Baa2 (Stable) | ||||||||||||||
S&P | BBB-(Positive) | BBB-(Stable) |
(1) The effective fixed interest rate in effect on March 31, 2013.
(2) The outstanding balance has been swapped to a fixed interest rate based on a one month LIBOR in arrears, plus 1.47%. The indicated interest rate and the weighted average interest rate for the term loan includes the effect of the swap. The fair value of the swap at March 31, 2013 was a liability of $5.6 million.
(3) Calculated based on weighted average interest rates of outstanding balances at March 31, 2013.
(4) Weighted average maturity in years and weighted average interest rate as of March 31, 2013 excludes $104.5 million drawn under the revolving credit facility which expires on September 30, 2015.
Page 32
EQUITY ONE, INC.
BALANCE SHEETS & STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES
March 31, 2013 (unaudited)
(in thousands)
BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES | As of March 31, 2013 | |||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Assets | Total Debt | Total Equity | |||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 54,759 | $ | 35,364 | $ | 17,852 | ||||||||
GRI | 10.0% | Retail | $ | 252,141 | $ | 125,920 | $ | 117,152 | ||||||||
New York State Common Retirement Fund | 30.0% | Retail | $ | 210,964 | $ | 94,131 | $ | 93,427 | ||||||||
Various (1) | 50.0-50.5% (3) | Retail/Office | $ | 96,413 | $ | 34,775 | $ | 59,638 |
STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES | For the three months ended March 31, 2013 | |||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Revenues | Property Operating Expenses | Depreciation/ Amortization | Interest Expense (2) | Net (Loss)/ Income | |||||||||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 1,634 | $ | 679 | $ | 497 | $ | 579 | $ | (138 | ) | |||||||||||
GRI | 10.0% | Retail | $ | 5,721 | $ | 1,689 | $ | 1,345 | $ | 2,141 | $ | 546 | ||||||||||||
New York State Common Retirement Fund | 30.0% | Retail | $ | 4,643 | $ | 1,507 | $ | 1,560 | $ | 997 | $ | 554 | ||||||||||||
Various (1) | 50.0-50.5% (3) | Retail/Office | $ | 2,942 | $ | 1,134 | $ | 781 | $ | 454 | $ | 571 |
Note: Amounts shown above reflect 100% of the joint venture balance sheet and income statement line items.
(1) Various includes Talega Village Center JV, LLC, Vernola Marketplace JV, LLC and Parnassus Heights Medical Center.
(2) Interest expense includes amortization of deferred financing fees.
(3) Our effective interest in Talega Village Center JV, LLC and Vernola Marketplace JV, LLC is 48% when considering the 5% noncontrolling interest held by Vestar Development Company.
Page 33
EQUITY ONE, INC.
UNCONSOLIDATED PROPERTY STATUS REPORT
As of March 31, 2013 (unaudited)
Number of tenant | Supermarket anchor | |||||||||||||||||||||||||||||||||
Property | JV | EQY Ownership % | Type | City, State | Year Built / Renovated | Total Sq. Ft. | Percent Leased | Leased | Vacant | Sq. Ft. | Name | Expiration Date | Other anchor tenants | Average base rent per leased SF | ||||||||||||||||||||
Airpark Plaza Shopping Center | GRI | 10.0% | Retail | Miami, FL | 1971 / 1998 / 2004 / 2008 | 172,093 | 98.0 | % | 35 | 3 | 30,000 | Publix | 10/31/2024 | Burlington Coat Factory / Office Depot | $ | 15.77 | ||||||||||||||||||
Concord Shopping Plaza | GRI | 10.0% | Retail | Miami, FL | 1962 / 1992 / 1993 | 298,182 | 99.0 | % | 21 | 2 | 78,000 | Winn-Dixie | 09/30/2014 | Home Depot / Big Lots / Dollar Tree / You Fit Health Club | $ | 11.61 | ||||||||||||||||||
Presidential Markets | GRI | 10.0% | Retail | Snellville, GA | 1993 / 2000 | 396,432 | 95.3 | % | 35 | 2 | 56,146 | Publix | 12/31/2019 | Marshalls / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / PetSmart | $ | 12.23 | ||||||||||||||||||
Shoppes of Ibis | GRI | 10.0% | Retail | West Palm Beach, FL | 1999 | 79,420 | 92.9 | % | 16 | 3 | 51,420 | Publix | 05/31/2019 | $ | 13.16 | |||||||||||||||||||
Shoppes at Quail Roost | GRI | 10.0% | Retail | Miami, FL | 2005 | 73,550 | 88.6 | % | 14 | 6 | 44,840 | Publix | 06/30/2025 | $ | 13.68 | |||||||||||||||||||
Shoppes of Sunset | GRI | 10.0% | Retail | Miami, FL | 1979 / 2009 | 21,784 | 71.9 | % | 11 | 3 | $ | 22.15 | ||||||||||||||||||||||
Shoppes of Sunset II | GRI | 10.0% | Retail | Miami, FL | 1980 / 2009 | 27,676 | 71.7 | % | 14 | 3 | $ | 18.34 | ||||||||||||||||||||||
Sparkleberry Square | GRI | 10.0% | Retail | Columbia, SC | 1997 / 2004 | 154,217 | 96.1 | % | 9 | 1 | PetSmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy | $ | 11.61 | |||||||||||||||||||||
Sparkleberry Kohl’s | GRI | 10.0% | Retail | Columbia, SC | 1997 / 2004 | 85,961 | 100.0 | % | 1 | — | Kohl’s | $ | 8.45 | |||||||||||||||||||||
Sparkleberry Kroger | GRI | 10.0% | Retail | Columbia, SC | 1997 / 2004 | 98,623 | 95.8 | % | 11 | 3 | 67,943 | Kroger | 08/31/2017 | $ | 13.16 | |||||||||||||||||||
1900/2000 Offices | DRA | 20.0% | Office | Boca Raton, FL | 1979 / 1982 / 1986 / 2007 | 117,773 | 70.0 | % | 22 | 11 | RN Network | $ | 18.22 | |||||||||||||||||||||
Penn Dutch Plaza | DRA | 20.0% | Retail | Margate, FL | 1989 | 155,622 | 88.8 | % | 14 | 8 | 70,358 | Penn Dutch Food Center | 12/31/2013 | You Fit Health Club / Florida Career College | $ | 9.37 | ||||||||||||||||||
Plantation Marketplace | DRA | 20.0% | Retail | Plantation, FL | 1963 / 1998 | 223,799 | 80.1 | % | 29 | 11 | 43,386 | Winn-Dixie | 11/05/2014 | Beall’s / Just Fit / Big Lots / CVS / Disability Law Claims | $ | 11.51 | ||||||||||||||||||
Talega Village | VESTAR | 50.5% | Retail | San Clemente, CA | 2007 | 102,282 | 80.2 | % | 21 | 7 | 46,000 | Ralph’s | 12/31/2027 | $ | 17.60 | |||||||||||||||||||
Vernola Market | VESTAR | 50.5% | Retail | Mira Loma, CA | 2007 | 382,963 | 91.0 | % | 31 | 7 | PetCo / Ross / Bed Bath & Beyond / Michaels / Lowe’s | $ | 11.33 | |||||||||||||||||||||
Parnassus Heights Medical Center | CSC | 50.0% | Medical Office | San Francisco, CA | 1968 | 146,046 | 99.3 | % | 50 | 2 | $ | 29.12 | ||||||||||||||||||||||
Country Walk Plaza | NYSCRF | 30.0% | Retail | Miami, FL | 1985 / 2006 / 2008 | 100,686 | 86.9 | % | 24 | 5 | 39,795 | Publix | 10/23/2015 | CVS Pharmacy | $ | 17.66 | ||||||||||||||||||
Veranda Shoppes | NYSCRF | 30.0% | Retail | Plantation, FL | 2007 | 44,888 | 100.0 | % | 9 | — | 28,800 | Publix | 04/30/2027 | $ | 26.17 | |||||||||||||||||||
Northborough Crossing | NYSCRF | 30.0% | Retail | Northborough, MA | 2011 | 583,262 | 100.0 | % | 24 | — | 139,449 | Wegmans | 10/31/2036 | TJ Maxx / Kohl's / Eastern Mountain Sports / BJ's / Golf Town USA / PetSmart / Michaels / Toys "R" Us / Babies "R" Us | $ | 13.86 | ||||||||||||||||||
Old Connecticut Path | NYSCRF | 30.0% | Retail | Framingham, MA | 1994 | 80,198 | 100.0 | % | 4 | — | 72,500 | Stop & Shop | 06/30/2014 | $ | 20.10 | |||||||||||||||||||
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (20) | 3,345,457 | 395 | 77 | 768,637 | $ | 14.07 |
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EQUITY ONE, INC.
DEBT SUMMARY OF UNCONSOLIDATED JOINT VENTURES
As of March 31, 2013 and December 31, 2012
(in thousands)
Co-Investment Partner | Debt Instrument | Equity One’s Ownership | Maturity Date | Rate (1) | Balance at March 31, 2013 | Balance at December 31, 2012 | ||||||||||
Mortgage debt | ||||||||||||||||
GRI | Floating rate loan (2) | 10.0% | 07/01/2013 | 6.35% | $ | 120,000 | $ | 120,000 | ||||||||
GRI | Sparkleberry Square (Kroger) | 10.0% | 06/30/2020 | 6.75% | 4,720 | 4,845 | ||||||||||
DRA Advisors | Fixed rate loan | 20.0% | 11/11/2014 | 5.57% | 35,645 | 35,850 | ||||||||||
Vestar | Vestar/EQY Talega LLC | 50.5% | 10/01/2036 | 5.01% | 11,549 | 11,613 | ||||||||||
Vestar | Vestar/EQY Vernola LLC | 50.5% | 08/06/2041 | 5.11% | 23,226 | 23,315 | ||||||||||
New York State Common Retirement Fund | Equity One (Country Walk) LLC | 30.0% | 11/01/2015 | 5.22% | 13,037 | 13,090 | ||||||||||
New York State Common Retirement Fund | Equity One JV Sub CT Path LLC | 30.0% | 01/01/2019 | 5.74% | 9,948 | 10,043 | ||||||||||
New York State Common Retirement Fund | Equity One JV Sub Northborough LLC | 30.0% | 02/10/2021 | 4.18% | 70,078 | 70,388 | ||||||||||
Interest Rate Swap | ||||||||||||||||
GRI | Fair value of $120MM floating-to-fixed interest rate swap | 10.0% | 06/01/2013 | 4.40% | 1,284 | 2,107 | ||||||||||
Net interest premium (3) | 703 | 715 | ||||||||||||||
Total debt | $ | 290,190 | $ | 291,966 | ||||||||||||
Equity One’s pro-rata share of unconsolidated joint venture debt | $ | 65,465 | $ | 65,825 |
(1) | The rate in effect on March 31, 2013. |
(2) | The loan balance bears interest at a floating rate of LIBOR + 1.95%, which has been swapped to a fixed rate of 6.35%. |
(3) | Net interest premium is the total for all joint ventures. |
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