Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Many of our subsidiaries that are 100% owned, either directly or indirectly, have guaranteed our indebtedness under our unsecured senior notes, term loans and revolving credit facility. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes: Condensed Consolidating Balance Sheet Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 136,191 $ 1,457,964 $ 1,461,599 $ (77 ) $ 3,055,677 Investment in affiliates 3,008,202 — — (3,008,202 ) — Other assets 26,232 90,550 578,585 (379,583 ) 315,784 TOTAL ASSETS $ 3,170,625 $ 1,548,514 $ 2,040,184 $ (3,387,862 ) $ 3,371,461 LIABILITIES Total notes payable $ 1,377,309 $ 26,096 $ 325,681 $ (373,000 ) $ 1,356,086 Other liabilities 10,936 58,382 170,337 (6,660 ) 232,995 TOTAL LIABILITIES 1,388,245 84,478 496,018 (379,660 ) 1,589,081 EQUITY 1,782,380 1,464,036 1,544,166 (3,008,202 ) 1,782,380 TOTAL LIABILITIES AND EQUITY $ 3,170,625 $ 1,548,514 $ 2,040,184 $ (3,387,862 ) $ 3,371,461 Condensed Consolidating Balance Sheet Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 137,695 $ 1,468,945 $ 1,461,879 $ (83 ) $ 3,068,436 Investment in affiliates 2,899,538 — — (2,899,538 ) — Other assets 229,368 86,284 808,694 (816,879 ) 307,467 TOTAL ASSETS $ 3,266,601 $ 1,555,229 $ 2,270,573 $ (3,716,500 ) $ 3,375,903 LIABILITIES Total notes payable $ 1,683,263 $ 26,638 $ 417,421 $ (760,600 ) $ 1,366,722 Other liabilities 19,332 62,071 213,989 (56,362 ) 239,030 TOTAL LIABILITIES 1,702,595 88,709 631,410 (816,962 ) 1,605,752 EQUITY 1,564,006 1,466,520 1,639,163 (2,899,538 ) 1,770,151 TOTAL LIABILITIES AND EQUITY $ 3,266,601 $ 1,555,229 $ 2,270,573 $ (3,716,500 ) $ 3,375,903 Condensed Consolidating Statement of Comprehensive Income Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 6,371 $ 46,893 $ 41,213 $ — $ 94,477 Equity in subsidiaries' earnings 43,777 — — (43,777 ) — Total costs and expenses 11,031 26,748 21,720 (261 ) 59,238 INCOME BEFORE OTHER INCOME AND 39,117 20,145 19,493 (43,516 ) 35,239 Other income and (expense) (18,302 ) 2,641 2,178 (250 ) (13,733 ) INCOME BEFORE INCOME TAXES 20,815 22,786 21,671 (43,766 ) 21,506 Income tax provision of taxable REIT — (30 ) (410 ) — (440 ) NET INCOME 20,815 22,756 21,261 (43,766 ) 21,066 Other comprehensive loss (6,814 ) — (251 ) — (7,065 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 14,001 $ 22,756 $ 21,010 $ (43,766 ) $ 14,001 Condensed Consolidating Statement of Comprehensive Income Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 5,685 $ 44,484 $ 38,310 $ — $ 88,479 Equity in subsidiaries' earnings 49,160 — — (49,160 ) — Total costs and expenses 10,271 21,834 21,107 (277 ) 52,935 INCOME BEFORE OTHER INCOME AND 44,574 22,650 17,203 (48,883 ) 35,544 Other income and (expense) (36,718 ) (512 ) 12,408 (250 ) (25,072 ) INCOME BEFORE INCOME TAXES 7,856 22,138 29,611 (49,133 ) 10,472 Income tax benefit (provision) of taxable REIT — 234 (198 ) — 36 NET INCOME 7,856 22,372 29,413 (49,133 ) 10,508 Other comprehensive loss (2,571 ) — (150 ) — (2,721 ) COMPREHENSIVE INCOME 5,285 22,372 29,263 (49,133 ) 7,787 Comprehensive income attributable to — — (2,502 ) — (2,502 ) COMPREHENSIVE INCOME ATTRIBUTABLE $ 5,285 $ 22,372 $ 26,761 $ (49,133 ) $ 5,285 Condensed Consolidating Statement of Cash Flows Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ 8,538 $ 5,943 $ 26,680 $ 41,161 INVESTING ACTIVITIES: Additions to income producing properties (333 ) (1,911 ) (2,816 ) (5,060 ) Additions to construction in progress (95 ) (11,226 ) (7,089 ) (18,410 ) Deposits for the acquisition of income producing properties (500 ) — — (500 ) Proceeds from sale of operating properties 102 9,286 — 9,388 Increase in deferred leasing costs and lease intangibles (139 ) (920 ) (381 ) (1,440 ) Investment in joint ventures (187 ) — — (187 ) Distributions from joint ventures — — 381 381 Repayments from subsidiaries, net 88,444 (622 ) (87,822 ) — Net cash provided by (used in) investing activities 87,292 (5,393 ) (97,727 ) (15,828 ) FINANCING ACTIVITIES: Repayments of mortgage notes payable — (550 ) (17,129 ) (17,679 ) Borrowing under mortgage note payable — — 88,000 88,000 Refund of deposit for mortgage note payable — — 1,898 1,898 Net borrowings under revolving credit facility 22,000 — — 22,000 Repayment of senior notes payable (106,454 ) — — (106,454 ) Payment of deferred financing costs (38 ) — (1,722 ) (1,760 ) Proceeds from issuance of common stock 28,046 — — 28,046 Repurchase of common stock (256 ) — — (256 ) Stock issuance costs (599 ) — — (599 ) Dividends paid to stockholders (31,189 ) — — (31,189 ) Net cash (used in) provided by financing activities (88,490 ) (550 ) 71,047 (17,993 ) Net increase in cash and cash equivalents 7,340 — — 7,340 Cash and cash equivalents at beginning of the period 21,353 — — 21,353 Cash and cash equivalents at end of the period $ 28,693 $ — $ — $ 28,693 Condensed Consolidating Statement of Cash Flows Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (38,450 ) $ 28,222 $ 44,220 $ 33,992 INVESTING ACTIVITIES: Additions to income producing properties (864 ) (2,552 ) (1,282 ) (4,698 ) Acquisition of land — (750 ) — (750 ) Additions to construction in progress (2,857 ) (11,968 ) (5,404 ) (20,229 ) Proceeds from sale of operating properties — 4,520 — 4,520 Increase in deferred leasing costs and lease intangibles (214 ) (845 ) (730 ) (1,789 ) Investment in joint ventures (214 ) — — (214 ) Repayments of advances to joint ventures — — 35 35 Distributions from joint ventures — — 935 935 Collection of development costs tax credit — 1,542 — 1,542 Repayments from subsidiaries, net 32,122 (17,653 ) (14,469 ) — Net cash provided by (used in) investing activities 27,973 (27,706 ) (20,915 ) (20,648 ) FINANCING ACTIVITIES: Repayments of mortgage notes payable — (516 ) (20,807 ) (21,323 ) Net repayments under revolving credit facility (37,000 ) — — (37,000 ) Payment of deferred financing costs (10 ) — — (10 ) Proceeds from issuance of common stock 124,275 — — 124,275 Repurchase of common stock (187 ) — — (187 ) Stock issuance costs (412 ) — — (412 ) Dividends paid to stockholders (27,491 ) — — (27,491 ) Distributions to noncontrolling interests — — (2,498 ) (2,498 ) Net cash provided by (used in) financing activities 59,175 (516 ) (23,305 ) 35,354 Net increase in cash and cash equivalents 48,698 — — 48,698 Cash and cash equivalents at beginning of the period 27,469 — — 27,469 Cash and cash equivalents at end of the period $ 76,167 $ — $ — $ 76,167 |