Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2013 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Condensed Consolidating Financial Information | ' |
Condensed Consolidating Financial Information |
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Many of our wholly-owned subsidiaries have guaranteed our indebtedness under the unsecured senior notes and the revolving credit facilities. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to the guarantors of our unsecured senior notes: |
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Condensed Consolidating Balance Sheet | Equity One, | | Guarantor | | Non- | | Eliminating Entries | | Consolidated |
As of September 30, 2013 | Inc. | Subsidiaries | Guarantor |
| | | Subsidiaries |
| (In thousands) |
ASSETS | | | | | | | | | |
Properties, net | $ | 200,422 | | | $ | 1,394,793 | | | $ | 1,270,926 | | | $ | (133 | ) | | $ | 2,866,008 | |
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Investment in affiliates | 2,690,675 | | | — | | | — | | | (2,690,675 | ) | | — | |
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Other assets | 200,130 | | | 115,750 | | | 954,214 | | | (790,224 | ) | | 479,870 | |
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Total Assets | $ | 3,091,227 | | | $ | 1,510,543 | | | $ | 2,225,140 | | | $ | (3,481,032 | ) | | $ | 3,345,878 | |
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LIABILITIES | | | | | | | | | |
Total notes payable | $ | 1,669,359 | | | $ | 131,755 | | | $ | 435,485 | | | $ | (764,440 | ) | | $ | 1,472,159 | |
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Other liabilities | 13,910 | | | 91,269 | | | 161,821 | | | (25,917 | ) | | 241,083 | |
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Liabilities associated with properties | — | | | 32 | | | 13,915 | | | — | | | 13,947 | |
held for sale |
Total Liabilities | 1,683,269 | | | 223,056 | | | 611,221 | | | (790,357 | ) | | 1,727,189 | |
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REDEEMABLE NONCONTROLLING | — | | | — | | | 3,031 | | | — | | | 3,031 | |
INTERESTS |
EQUITY | 1,407,958 | | | 1,287,487 | | | 1,610,888 | | | (2,690,675 | ) | | 1,615,658 | |
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TOTAL LIABILITIES, REDEEMABLE | $ | 3,091,227 | | | $ | 1,510,543 | | | $ | 2,225,140 | | | $ | (3,481,032 | ) | | $ | 3,345,878 | |
NONCONTROLLING INTERESTS |
AND EQUITY |
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Condensed Consolidating Balance Sheet | Equity One, | | Guarantor | | Non- | | Eliminating | | Consolidated |
As of December 31, 2012 | Inc. | Subsidiaries | Guarantor | Entries |
| | | Subsidiaries | |
| (In thousands) |
ASSETS | | | | | | | | | |
Properties, net | $ | 265,998 | | | $ | 1,483,187 | | | $ | 1,261,288 | | | $ | (133 | ) | | $ | 3,010,340 | |
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Investment in affiliates | 2,691,302 | | | — | | | — | | | (2,691,302 | ) | | — | |
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Other assets | 212,259 | | | 89,418 | | | 972,366 | | | (781,715 | ) | | 492,328 | |
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Total Assets | $ | 3,169,559 | | | $ | 1,572,605 | | | $ | 2,233,654 | | | $ | (3,473,150 | ) | | $ | 3,502,668 | |
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LIABILITIES | | | | | | | | | |
Total notes payable | $ | 1,751,130 | | | $ | 143,703 | | | $ | 451,090 | | | $ | (760,600 | ) | | $ | 1,585,323 | |
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Other liabilities | 18,487 | | | 113,539 | | | 161,266 | | | (21,248 | ) | | 272,044 | |
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Liabilities associated with properties | 3,216 | | | 15,055 | | | — | | | — | | | 18,271 | |
held for sale |
Total Liabilities | 1,772,833 | | | 272,297 | | | 612,356 | | | (781,848 | ) | | 1,875,638 | |
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REDEEMABLE NONCONTROLLING | — | | | — | | | 22,551 | | | | | 22,551 | |
INTERESTS |
EQUITY | 1,396,726 | | | 1,300,308 | | | 1,598,747 | | | (2,691,302 | ) | | 1,604,479 | |
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TOTAL LIABILITIES, REDEEMABLE | $ | 3,169,559 | | | $ | 1,572,605 | | | $ | 2,233,654 | | | $ | (3,473,150 | ) | | $ | 3,502,668 | |
NONCONTROLLING INTERESTS |
AND EQUITY |
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Condensed Consolidating Statement of Comprehensive Income | Equity One, | | Guarantor | | Non- | | Eliminating Entries | | Consolidated |
for the three months ended September 30, 2013 | Inc. | Subsidiaries | Guarantor |
| | | Subsidiaries |
| (In thousands) |
Total revenue | $ | 7,398 | | | $ | 42,791 | | | $ | 33,999 | | | $ | — | | | $ | 84,188 | |
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Equity in subsidiaries' earnings | 31,149 | | | — | | | — | | | (31,149 | ) | | — | |
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Total costs and expenses | 11,226 | | | 22,210 | | | 19,792 | | | (157 | ) | | 53,071 | |
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INCOME BEFORE OTHER INCOME AND | 27,321 | | | 20,581 | | | 14,207 | | | (30,992 | ) | | 31,117 | |
EXPENSE, TAX AND DISCONTINUED |
OPERATIONS |
Other income and (expense) | (16,717 | ) | | (1,856 | ) | | 2,883 | | | (845 | ) | | (16,535 | ) |
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INCOME FROM CONTINUING OPERATIONS | 10,604 | | | 18,725 | | | 17,090 | | | (31,837 | ) | | 14,582 | |
BEFORE TAX AND DISCONTINUED |
OPERATIONS |
Income tax benefit of taxable REIT | — | | | 228 | | | 154 | | | — | | | 382 | |
subsidiaries |
INCOME FROM CONTINUING OPERATIONS | 10,604 | | | 18,953 | | | 17,244 | | | (31,837 | ) | | 14,964 | |
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Loss from discontinued operations | (33 | ) | | (1,600 | ) | | (324 | ) | | 44 | | | (1,913 | ) |
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NET INCOME | 10,571 | | | 17,353 | | | 16,920 | | | (31,793 | ) | | 13,051 | |
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Other comprehensive loss | (1,024 | ) | | — | | | — | | | — | | | (1,024 | ) |
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COMPREHENSIVE INCOME | 9,547 | | | 17,353 | | | 16,920 | | | (31,793 | ) | | 12,027 | |
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Comprehensive income attributable to | — | | | — | | | (2,480 | ) | | — | | | (2,480 | ) |
noncontrolling interests |
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 9,547 | | | $ | 17,353 | | | $ | 14,440 | | | $ | (31,793 | ) | | $ | 9,547 | |
TO EQUITY ONE, INC. |
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Condensed Consolidating Statement of | Equity One, | | Guarantor | | Non- | | Eliminating Entries | | Consolidated |
Comprehensive Income | Inc. | Subsidiaries | Guarantor |
for the three months ended September 30, 2012 | | | Subsidiaries |
| (In thousands) |
Total revenue | $ | 7,239 | | | $ | 37,481 | | | $ | 31,849 | | | $ | — | | | $ | 76,569 | |
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Equity in subsidiaries' earnings | 28,237 | | | — | | | — | | | (28,237 | ) | | — | |
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Total costs and expenses | 11,274 | | | 19,224 | | | 19,512 | | | — | | | 50,010 | |
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INCOME BEFORE OTHER INCOME AND | 24,202 | | | 18,257 | | | 12,337 | | | (28,237 | ) | | 26,559 | |
EXPENSE, TAX AND DISCONTINUED |
OPERATIONS |
Other income and (expense) | (16,642 | ) | | (1,092 | ) | | 1,840 | | | (212 | ) | | (16,106 | ) |
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INCOME FROM CONTINUING OPERATIONS | 7,560 | | | 17,165 | | | 14,177 | | | (28,449 | ) | | 10,453 | |
BEFORE TAX AND DISCONTINUED |
OPERATIONS |
Income tax expense of taxable REIT | — | | | (120 | ) | | (261 | ) | | — | | | (381 | ) |
subsidiaries |
INCOME FROM CONTINUING OPERATIONS | 7,560 | | | 17,045 | | | 13,916 | | | (28,449 | ) | | 10,072 | |
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Income (loss) from discontinued operations | 581 | | | (185 | ) | | 118 | | | 215 | | | 729 | |
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NET INCOME | 8,141 | | | 16,860 | | | 14,034 | | | (28,234 | ) | | 10,801 | |
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Other comprehensive (loss) income | (2,562 | ) | | — | | | 76 | | | — | | | (2,486 | ) |
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COMPREHENSIVE INCOME | 5,579 | | | 16,860 | | | 14,110 | | | (28,234 | ) | | 8,315 | |
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Comprehensive income attributable to | — | | | — | | | (2,736 | ) | | — | | | (2,736 | ) |
noncontrolling interests |
COMPREHENSIVE INCOME | $ | 5,579 | | | $ | 16,860 | | | $ | 11,374 | | | $ | (28,234 | ) | | $ | 5,579 | |
ATTRIBUTABLE TO EQUITY ONE, INC. |
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Condensed Consolidating Statement of Comprehensive Income | Equity One, | | Guarantor | | Non- | | Eliminating Entries | | Consolidated |
for the nine months ended September 30, 2013 | Inc. | Subsidiaries | Guarantor |
| | | Subsidiaries |
| (In thousands) |
Total revenue | $ | 22,113 | | | $ | 126,764 | | | $ | 101,318 | | | $ | — | | | $ | 250,195 | |
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Equity in subsidiaries' earnings | 126,956 | | | — | | | — | | | (126,956 | ) | | — | |
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Total costs and expenses | 33,475 | | | 67,722 | | | 61,475 | | | (432 | ) | | 162,240 | |
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INCOME BEFORE OTHER INCOME AND | 115,594 | | | 59,042 | | | 39,843 | | | (126,524 | ) | | 87,955 | |
EXPENSE, TAX AND DISCONTINUED |
OPERATIONS |
Other income and (expense) | (52,741 | ) | | (5,479 | ) | | 10,902 | | | (1,294 | ) | | (48,612 | ) |
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INCOME FROM CONTINUING OPERATIONS | 62,853 | | | 53,563 | | | 50,745 | | | (127,818 | ) | | 39,343 | |
BEFORE TAX AND DISCONTINUED |
OPERATIONS |
Income tax (expense) benefit of taxable REIT | — | | | (561 | ) | | 922 | | | — | | | 361 | |
subsidiaries |
INCOME FROM CONTINUING OPERATIONS | 62,853 | | | 53,002 | | | 51,667 | | | (127,818 | ) | | 39,704 | |
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Income (loss) from discontinued operations | 6,159 | | | 31,239 | | | (871 | ) | | 288 | | | 36,815 | |
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NET INCOME | 69,012 | | | 84,241 | | | 50,796 | | | (127,530 | ) | | 76,519 | |
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Other comprehensive income | 7,964 | | | — | | | 210 | | | — | | | 8,174 | |
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COMPREHENSIVE INCOME | 76,976 | | | 84,241 | | | 51,006 | | | (127,530 | ) | | 84,693 | |
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Comprehensive income attributable to | — | | | — | | | (7,717 | ) | | — | | | (7,717 | ) |
noncontrolling interests |
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 76,976 | | | $ | 84,241 | | | $ | 43,289 | | | $ | (127,530 | ) | | $ | 76,976 | |
TO EQUITY ONE, INC. |
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Condensed Consolidating Statement of Comprehensive Income | Equity One, | | Guarantor | | Non- | | Eliminating Entries | | Consolidated |
for the nine months ended September 30, 2012 | Inc. | Subsidiaries | Guarantor |
| | | Subsidiaries |
| (In thousands) |
Total revenue | $ | 21,929 | | | $ | 111,996 | | | $ | 92,703 | | | $ | (388 | ) | | $ | 226,240 | |
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Equity in subsidiaries' earnings | 97,935 | | | — | | | — | | | (97,935 | ) | | — | |
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Total costs and expenses | 34,770 | | | 60,298 | | | 58,557 | | | (96 | ) | | 153,529 | |
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INCOME BEFORE OTHER INCOME AND | 85,094 | | | 51,698 | | | 34,146 | | | (98,227 | ) | | 72,711 | |
EXPENSE, TAX AND DISCONTINUED |
OPERATIONS |
Other income and (expense) | (56,821 | ) | | (3,485 | ) | | 12,359 | | | (352 | ) | | (48,299 | ) |
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INCOME FROM CONTINUING OPERATIONS | 28,273 | | | 48,213 | | | 46,505 | | | (98,579 | ) | | 24,412 | |
BEFORE TAX AND DISCONTINUED |
OPERATIONS |
Income tax (expense) benefit of taxable REIT | — | | | (244 | ) | | 104 | | | — | | | (140 | ) |
subsidiaries |
INCOME FROM CONTINUING OPERATIONS | 28,273 | | | 47,969 | | | 46,609 | | | (98,579 | ) | | 24,272 | |
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Income (loss) from discontinued operations | 1,332 | | | (2,777 | ) | | 14,006 | | | 684 | | | 13,245 | |
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NET INCOME | 29,605 | | | 45,192 | | | 60,615 | | | (97,895 | ) | | 37,517 | |
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Other comprehensive (loss) income | (7,625 | ) | | — | | | 290 | | | — | | | (7,335 | ) |
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COMPREHENSIVE INCOME | 21,980 | | | 45,192 | | | 60,905 | | | (97,895 | ) | | 30,182 | |
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Comprehensive income attributable to | — | | | — | | | (8,202 | ) | | — | | | (8,202 | ) |
noncontrolling interests |
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 21,980 | | | $ | 45,192 | | | $ | 52,703 | | | $ | (97,895 | ) | | $ | 21,980 | |
TO EQUITY ONE, INC. |
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Condensed Consolidating Statement of Cash Flows | Equity One, | | Guarantor | | Non- | | Consolidated | | | | |
for the nine months ended September 30, 2013 | Inc. | Subsidiaries | Guarantor | | | | |
| | | Subsidiaries | | | | |
| (In thousands) | | | | |
Net cash (used in) provided by operating activities | $ | (50,222 | ) | | $ | 83,557 | | | $ | 70,276 | | | $ | 103,611 | | | | | |
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INVESTING ACTIVITIES: | | | | | | | | | | | |
Acquisition of income producing properties | — | | | (60,000 | ) | | — | | | (60,000 | ) | | | | |
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Additions to income producing properties | (1,149 | ) | | (5,977 | ) | | (3,568 | ) | | (10,694 | ) | | | | |
Additions to construction in progress | (556 | ) | | (24,712 | ) | | (8,325 | ) | | (33,593 | ) | | | | |
Deposits for the acquisition of income producing properties | (4,918 | ) | | — | | | — | | | (4,918 | ) | | | | |
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Proceeds from sale of real estate and rental properties | 67,527 | | | 143,597 | | | 5,528 | | | 216,652 | | | | | |
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Increase in cash held in escrow | (40,892 | ) | | — | | | — | | | (40,892 | ) | | | | |
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Purchase of below market leasehold interest | — | | | (25,000 | ) | | — | | | (25,000 | ) | | | | |
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Investment in loans receivable | — | | | — | | | (12,000 | ) | | (12,000 | ) | | | | |
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Repayment of loans receivable | — | | | — | | | 91,586 | | | 91,586 | | | | | |
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Increase in deferred leasing costs and lease intangibles | (498 | ) | | (3,260 | ) | | (2,240 | ) | | (5,998 | ) | | | | |
Investment in joint ventures | — | | | — | | | (9,770 | ) | | (9,770 | ) | | | | |
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Repayments of advances to joint ventures | — | | | — | | | 135 | | | 135 | | | | | |
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Distributions from joint ventures | — | | | — | | | 3,077 | | | 3,077 | | | | | |
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Advances to subsidiaries, net | 186,016 | | | (106,123 | ) | | (79,893 | ) | | — | | | | | |
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Net cash provided by (used in) investing activities | 205,530 | | | (81,475 | ) | | (15,470 | ) | | 108,585 | | | | | |
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FINANCING ACTIVITIES: | | | | | | | | | | | |
Repayments of mortgage notes payable | (3,579 | ) | | (2,082 | ) | | (27,438 | ) | | (33,099 | ) | | | | |
Net repayments under revolving credit facilities | (82,000 | ) | | — | | | — | | | (82,000 | ) | | | | |
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Proceeds from issuance of common stock | 7,859 | | | — | | | — | | | 7,859 | | | | | |
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Stock issuance costs | (93 | ) | | — | | | — | | | (93 | ) | | | | |
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Dividends paid to stockholders | (78,187 | ) | | — | | | — | | | (78,187 | ) | | | | |
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Purchase of noncontrolling interests | — | | | — | | | (18,917 | ) | | (18,917 | ) | | | | |
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Distributions to noncontrolling interests | — | | | — | | | (7,540 | ) | | (7,540 | ) | | | | |
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Distributions to redeemable noncontrolling interests | — | | | — | | | (911 | ) | | (911 | ) | | | | |
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Net cash used in financing activities | (156,000 | ) | | (2,082 | ) | | (54,806 | ) | | (212,888 | ) | | | | |
Net decrease in cash and cash equivalents | (692 | ) | | — | | | — | | | (692 | ) | | | | |
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Cash and cash equivalents at beginning of the period | 27,416 | | | — | | | — | | | 27,416 | | | | | |
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Cash and cash equivalents at end of the period | $ | 26,724 | | | $ | — | | | $ | — | | | $ | 26,724 | | | | | |
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Condensed Consolidating Statement of Cash Flows | Equity One, | | | | Non- | | Consolidated | | | | |
for the nine months ended September 30, 2012 | Inc. | | Guarantor | | | | |
| | Guarantor | Subsidiaries | | | | |
| | Subsidiaries | | | | | |
| (In thousands) | | | | |
Net cash (used in) provided by operating activities | $ | (107,380 | ) | | $ | 84,051 | | | $ | 139,840 | | | $ | 116,511 | | | | | |
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INVESTING ACTIVITIES: | | | | | | | | | | | |
Acquisition of income producing properties | — | | | (73,235 | ) | | (153,750 | ) | | (226,985 | ) | | | | |
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Additions to income producing properties | (4,375 | ) | | (8,677 | ) | | (2,224 | ) | | (15,276 | ) | | | | |
Acquisition of land held for development | — | | | (7,500 | ) | | — | | | (7,500 | ) | | | | |
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Additions to construction in progress | (682 | ) | | (53,800 | ) | | (533 | ) | | (55,015 | ) | | | | |
Proceeds from sale of real estate and rental properties | 1,417 | | | 6,514 | | | 25,235 | | | 33,166 | | | | | |
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Decrease (increase) in cash held in escrow | 90,845 | | | (1,811 | ) | | 746 | | | 89,780 | | | | | |
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Investment in loans receivable | — | | | — | | | (19,258 | ) | | (19,258 | ) | | | | |
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Increase in deferred leasing costs and lease intangibles | (1,541 | ) | | (2,363 | ) | | (1,532 | ) | | (5,436 | ) | | | | |
Investment in joint ventures | — | | | — | | | (14,102 | ) | | (14,102 | ) | | | | |
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Repayments of advances to joint ventures | — | | | — | | | 618 | | | 618 | | | | | |
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Distributions from joint ventures | — | | | — | | | 567 | | | 567 | | | | | |
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Advances to subsidiaries, net | (132,148 | ) | | 59,285 | | | 72,863 | | | — | | | | | |
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Net cash used in investing activities | (46,484 | ) | | (81,587 | ) | | (91,370 | ) | | (219,441 | ) | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | |
Repayments of mortgage notes payable | (1,316 | ) | | (2,464 | ) | | (40,266 | ) | | (44,046 | ) | | | | |
Net repayments under revolving credit facilities | (76,000 | ) | | — | | | — | | | (76,000 | ) | | | | |
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Repayment of senior debt borrowings | (10,000 | ) | | — | | | — | | | (10,000 | ) | | | | |
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Proceeds from issuance of common stock | 86,490 | | | — | | | — | | | 86,490 | | | | | |
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Borrowings under term loan | 250,000 | | | — | | | — | | | 250,000 | | | | | |
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Payment of deferred financing costs | (2,697 | ) | | — | | | — | | | (2,697 | ) | | | | |
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Stock issuance costs | (813 | ) | | — | | | — | | | (813 | ) | | | | |
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Dividends paid to stockholders | (76,109 | ) | | — | | | — | | | (76,109 | ) | | | | |
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Distributions to noncontrolling interests | — | | | — | | | (7,496 | ) | | (7,496 | ) | | | | |
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Distributions to redeemable noncontrolling interests | — | | | — | | | (708 | ) | | (708 | ) | | | | |
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Net cash provided by (used in) financing activities | 169,555 | | | (2,464 | ) | | (48,470 | ) | | 118,621 | | | | | |
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Net increase in cash and cash equivalents | 15,691 | | | — | | | — | | | 15,691 | | | | | |
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Cash and cash equivalents at beginning of the period | 10,963 | | | — | | | — | | | 10,963 | | | | | |
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Cash and cash equivalents at end of the period | $ | 26,654 | | | $ | — | | | $ | — | | | $ | 26,654 | | | | | |
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