EXHIBIT 99.2
Equity One, Inc. Supplemental Information Package |
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, 2006
(unaudited)
TABLE OF CONTENTS
Page | |
DISCLOSURES | 3 |
FINANCIAL HIGHLIGHTS - OPERATING RATIOS | 4 |
FINANCIAL HIGHLIGHTS - DEBT RATIOS - QUARTERLY BREAKOUT | 5 |
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA) | 6 |
NET OPERATING INCOME | 7 |
MARKET CAPITALIZATION - QUARTERLY BREAKOUT | 8 |
CONSOLIDATED STATEMENTS OF OPERATIONS | 9 |
CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTERLY BREAKOUT | 10 |
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS | 11 |
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS | 13 |
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS - QUARTERLY BREAKOUT | 14 |
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION | 15 |
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION - QUARTERLY BREAKOUT | 16 |
CONSOLIDATED BALANCE SHEETS | 17 |
DEBT SUMMARY | 18 |
DEBT MATURITIES | 22 |
PROPERTY STATUS REPORT | 23 |
ANNUAL MINIMUM RENT BY STATE | 32 |
LEASING ACTIVITY AND OCCUPANCY STATISTICS | 33 |
TENANT CONCENTRATION SCHEDULES | 35 |
SHOPPING CENTER LEASE EXPIRATION SCHEDULES | 37 |
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS | 41 |
REAL ESTATE ACQUISITIONS AND DISPOSITIONS | 42 |
ANALYST COVERAGE | 43 |
EQUITY ONE, INC. AND SUBSIDIARIES
DISCLOSURES
As of March 31, 2006
Forward Looking Statements
Certain information contained in this Supplemental Information Package constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Texas, Georgia, Massachusetts and the other states in which Equity One owns properties; the continuing financial success of Equity One's current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission.
Basis of Presentation
The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company 's Form 10-K for the year ended December 31, 2005 and Form 10-Q for the period ended March 31, 2006 should be read in conjunction with the above information. The results of operations of any property acquired are included in our financial statements since the date of its acquisition.
Use of EBITDA as a Non-GAAP Financial Measure
EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We compute EBITDA as the sum of net income before extraordinary items, depreciation and amortization, income taxes, interest expense, gain (loss) on disposal of income producing properties, and impariment of real estate. Given the nature of the Company's business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of operations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are included in earnings on a net basis. Accordingly, we believe that the use of EBITDA as opposed to earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated periods.
EBITDA should not be considered as an alternative to earnings as an indicator of our financial performance, or as an alternative to cash flow from operating activities as a measure of our liquidity. Our computation of EBITDA may differ from the methodology utilized by other companies to calculate EBITDA. Investors are cautioned that items excluded from EBITDA are significant components in understanding and assessing the Company's financial performance.
Use of Funds from Operations as a Non-GAAP Financial Measure
We believe Funds from Operations (FFO) (combined with the primary GAAP presentations) is a useful supplemental measure of our operating performance that is a recognized metric used extensively by the real estate industry, particularly REITs. NAREIT stated in its April 2002 White Paper on FFO, "Historical cost accounting for real estate assets implicity assumes that the value of real estate assets diminishes predictably over time.Since real estate values have historically risen or fallen with market conditions many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves." FFO, as defined by NAREIT, is "net income (computed in accordance with GAAP), excluding (gains or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis."
We believe that financial analysts, investors and stockholders are better served by the presentation of comparable period operating results generated from our FFO measure. Our method of calculating FFO may be different from methods used by other REITs and accordingly, may not be comparable to such other REITs. FFO is presented to assist investors in analyzing our operating performance. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is not an alternative to cashflow as measure of liquidity, and (iv) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income is the most directly comparable GAAP measure to FFO.
Page 3
EQUITY ONE, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS - OPERATING RATIOS
As of March 31, 2006
(in thousands, except per share data)
For the | ||||||||||
For the three months ended | year ended | |||||||||
Mar 31, 2006 | Mar 31, 2005 | Dec 31, 2005 | ||||||||
Selected Operating Items: | ||||||||||
Total rental revenue* | $ | 66,842 | $ | 62,677 | $ | 254,741 | ||||
Property operating expenses* | 18,220 | 15,863 | 67,490 | |||||||
General & administrative expenses (G&A)* | 4,616 | 4,340 | 17,281 | |||||||
Net income | $ | 22,365 | $ | 21,790 | $ | 92,741 | ||||
Net income per diluted share | 0.29 | 0.29 | 1.24 | |||||||
Income from continuing operations | $ | 21,714 | $ | 19,615 | $ | 79,863 | ||||
Income from continuing operations per diluted share | 0.28 | 0.26 | 1.07 | |||||||
Funds from operations (FFO) | $ | 33,940 | $ | 30,649 | $ | 124,836 | ||||
FFO per diluted share | 0.45 | 0.41 | 1.67 | |||||||
Funds available for distribution (FAD) | $ | 27,286 | $ | 24,135 | $ | 96,268 | ||||
FAD per diluted share | 0.36 | 0.33 | 1.29 | |||||||
Total dividends paid per share | $ | 0.30 | $ | 0.29 | $ | 1.17 | ||||
Operating Ratios: | ||||||||||
Net operating income margin (see page 7)* | 72.7 | % | 74.7 | % | 73.5 | % | ||||
Expense recovery ratio (expense recoveries/operating expenses)* | 83.8 | % | 81.9 | % | 81.5 | % | ||||
EBITDA margin (see page 6)* | 68.2 | % | 68.3 | % | 68.0 | % | ||||
EBITDA to interest coverage ratio* | 3.3 | 3.6 | 3.4 | |||||||
G&A as % of total revenues* | 6.4 | % | 6.8 | % | 6.6 | % | ||||
G&A as % of total assets (annualized) | 0.85 | % | 0.87 | % | 0.84 | % | ||||
Dividend / FFO payout ratio | 66.7 | % | 70.7 | % | 70.1 | % | ||||
FFO multiple (annualized if < 12 months) | 13.6 | 12.6 | 13.8 | |||||||
Dividend / FAD payout ratio | 83.3 | % | 87.9 | % | 90.7 | % | ||||
FAD multiple (annualized if < 12 months) | 17.1 | 15.6 | 17.9 |
* | The indicated line item includes amounts reported in discontinued operations (except for any gain/(loss) on the disposal of income producing property). |
Page 4
EQUITY ONE, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS - DEBT RATIOS - QUARTERLY BREAKOUT
As of March 31, 2006
(in thousands, except per share data)
As of | ||||||||||||||||
Mar 31, 2006 | Dec 31, 2005 | Sep 30, 2005 | Jun 30, 2005 | Mar 31, 2005 | ||||||||||||
Fixed rate debt | $ | 928,108 | $ | 816,925 | $ | 819,564 | $ | 704,203 | $ | 738,817 | ||||||
Fixed rate debt - swapped to variable rate | 94,052 | 95,404 | 95,514 | 97,310 | 95,165 | |||||||||||
Variable rate debt - unhedged | 115,000 | 93,165 | 39,000 | 184,161 | 144,763 | |||||||||||
Total debt* | $ | 1,137,160 | $ | 1,005,494 | $ | 954,078 | $ | 985,674 | $ | 978,745 | ||||||
% Fixed rate debt | 81.62 | % | 81.25 | % | 85.90 | % | 71.44 | % | 75.49 | % | ||||||
% Fixed rate debt - swapped to variable rate | 8.27 | % | 9.49 | % | 10.01 | % | 9.87 | % | 9.72 | % | ||||||
% Variable rate debt - unhedged | 10.11 | % | 9.27 | % | 4.09 | % | 18.68 | % | 14.79 | % | ||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||
% Variable rate debt - total | 18.38 | % | 18.75 | % | 14.10 | % | 28.56 | % | 24.51 | % | ||||||
Secured mortgage debt | $ | 433,108 | $ | 446,925 | $ | 449,546 | $ | 454,203 | $ | 488,817 | ||||||
Unsecured debt | 704,052 | 558,569 | 504,532 | 531,471 | 489,928 | |||||||||||
Total debt* | $ | 1,137,160 | $ | 1,005,494 | $ | 954,078 | $ | 985,674 | $ | 978,745 | ||||||
% Secured mortgage debt | 38.09 | % | 44.45 | % | 47.12 | % | 46.08 | % | 49.94 | % | ||||||
% Unsecured debt | 61.91 | % | 55.55 | % | 52.88 | % | 53.92 | % | 50.06 | % | ||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||
Total market capitalization (from page 8) | $ | 3,005,198 | $ | 2,757,987 | $ | 2,710,423 | $ | 2,690,123 | $ | 2,515,416 | ||||||
% Secured mortgage debt | 14.41 | % | 16.20 | % | 16.59 | % | 16.88 | % | 19.43 | % | ||||||
% Unsecured debt | 23.43 | % | 20.25 | % | 18.61 | % | 19.76 | % | 19.48 | % | ||||||
Total debt : Total market capitalization | 37.84 | % | 36.46 | % | 35.20 | % | 36.64 | % | 38.91 | % | ||||||
Weighted-average interest rate on secured mortgage debt | 7.30 | % | 7.19 | % | 7.24 | % | 7.24 | % | 7.26 | % | ||||||
Weighted-average interest rate on senior unsecured notes** | 5.47 | % | 5.20 | % | 5.42 | % | 5.08 | % | 5.10 | % | ||||||
Weighted-average interest rate on revolving credit facilities | 5.14 | % | 4.68 | % | 4.15 | % | 3.69 | % | 3.19 | % | ||||||
Weighted-average maturity on mortgage debt | 4.8 years | 5.2 years | 5.6 years | 5.8 years | 5.6 years | |||||||||||
Weighted-average maturity on senior unsecured notes | 5.6 years | 4.6 years | 4.8 years | 3.3 years | 3.5 years |
* | excluding unamortized premium/discount |
** | excluding the effect of interest rate swaps |
Page 5
EQUITY ONE, INC. AND SUBSIDIARIES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the | ||||||||||
For the three months ended | year ended | |||||||||
Mar 31, 2006 | Mar 31, 2005 | Dec 31, 2005 | ||||||||
Net income | $ | 22,365 | $ | 21,790 | $ | 92,741 | ||||
Minority interest* | 28 | 50 | 188 | |||||||
Interest expense* | 14,804 | 12,197 | 51,983 | |||||||
Gain on disposal of income producing property | (492 | ) | (1,615 | ) | (11,460 | ) | ||||
Amortization of deferred financing fees* | 355 | 379 | 1,512 | |||||||
Rental property depreciation and amortization* | 12,039 | 10,446 | 43,445 | |||||||
Other depreciation and amortization | 164 | 105 | 577 | |||||||
EBITDA* | $ | 49,263 | $ | 43,352 | $ | 178,986 | ||||
Interest expense* | $ | 14,804 | $ | 12,197 | $ | 51,983 | ||||
EBITDA : interest coverage ratio* | 3.3 | 3.6 | 3.4 | |||||||
Revenue | ||||||||||
Total rental revenue* | $ | 66,842 | $ | 62,677 | $ | 254,741 | ||||
Investment income | 4,652 | 709 | 7,941 | |||||||
Other income | 733 | 64 | 498 | |||||||
Total revenue* | $ | 72,227 | $ | 63,450 | $ | 263,180 | ||||
EBITDA margin (EBITDA/total revenue)* | 68.2 | % | 68.3 | % | 68.0 | % | ||||
Total market capitalization (see page 8) | $ | 3,005,198 | $ | 2,515,416 | $ | 2,757,987 | ||||
Total market capitalization to EBITDA multiple* | 15.3 | 14.5 | 15.4 |
* | The indicated line item includes amounts reported in discontinued operations (except for any gain on the disposal of income producing property). |
Page 6
EQUITY ONE, INC. AND SUBSIDIARIES
NET OPERATING INCOME
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the three months ended | Percent | |||||||||
Mar 31, 2006 | Mar 31, 2005 | Change | ||||||||
Net operating income (1) | ||||||||||
Total rental revenue | $ | 66,842 | $ | 62,677 | 6.6 | % | ||||
Property operating expenses (2) | 18,220 | 15,863 | 14.9 | % | ||||||
Net operating income | $ | 48,622 | $ | 46,814 | 3.9 | % | ||||
NOI margin (NOI/total rental revenue) | 72.7 | % | 74.7 | % | ||||||
Net operating income (NOI) from continuing operations | ||||||||||
Total rental revenue | $ | 66,451 | $ | 61,273 | 8.5 | % | ||||
Property operating expenses (2) | 18,143 | 15,391 | 17.9 | % | ||||||
Net operating income | $ | 48,308 | $ | 45,882 | 5.3 | % | ||||
NOI margin (NOI/total rental revenue) | 72.7 | % | 74.9 | % | ||||||
Same property NOI (3) | ||||||||||
Total rental revenue | $ | 62,279 | $ | 59,356 | 4.9 | % | ||||
Property operating expenses | 20,451 | 18,156 | 12.6 | % | ||||||
Net operating income | $ | 41,828 | $ | 41,200 | 1.5 | % | ||||
Growth in same property NOI | 1.5 | % | ||||||||
Growth in same property NOI, excluding termination fees | 2.4 | % | ||||||||
Number of properties included in analysis | 171 | |||||||||
Same property occupancy | 94.4 | % | 94.8 | % |
(1) | Amounts included in discontinued operations have been included for purposes of this presentation of net operating income. |
(2) | Net of intercompany expenses. |
(3) | Excludes the effects of straight line rent, and prior year expense recoveries and adjustments, if any. |
Page 7
EQUITY ONE, INC. AND SUBSIDIARIES
MARKET CAPITALIZATION - QUARTERLY BREAKOUT
As of March 31, 2006
(in thousands, except per share data)
Mar 31, 2006 | Dec 31, 2005 | Sep 30, 2005 | Jun 30, 2005 | Mar 31, 2005 | ||||||||||||
Closing market price of common stock | $ | 24.56 | $ | 23.12 | $ | 23.25 | $ | 22.70 | $ | 20.59 | ||||||
Dividend yield (based on current annualized dividend) | 4.89 | % | 5.19 | % | 4.99 | % | 5.11 | % | 5.63 | % | ||||||
Dividends paid per share | $ | 0.30 | $ | 0.30 | $ | 0.29 | $ | 0.29 | $ | 0.29 | ||||||
Net book value per share (fully diluted, end of period) | $ | 12.82 | $ | 12.83 | $ | 12.83 | $ | 12.73 | $ | 12.64 | ||||||
Liquidity | ||||||||||||||||
Cash and cash equivalents | $ | 2,216 | $ | 102 | $ | - | $ | - | $ | - | ||||||
Revolving credit facilities | ||||||||||||||||
Gross potential available under current credit facilities | 280,000 | $ | 345,000 | 345,000 | 345,000 | 345,000 | ||||||||||
less: Outstanding balance | (115,000 | ) | (93,165 | ) | (39,000 | ) | (179,387 | ) | (144,763 | ) | ||||||
Holdback for letters of credit | (1,371 | ) | (1,283 | ) | (1,283 | ) | (1,283 | ) | (1,289 | ) | ||||||
Net potential available under credit facilities | $ | 163,629 | $ | 250,552 | $ | 304,717 | $ | 164,330 | $ | 198,948 | ||||||
Equity market capitalization (end of period) | ||||||||||||||||
Common stock shares (in thousands) | ||||||||||||||||
Basic common shares | 75,360.212 | 74,891.792 | 74,522.955 | 74,029.497 | 73,561.218 | |||||||||||
Diluted common shares | ||||||||||||||||
Unvested restricted common shares | 391.214 | 517.637 | 525.954 | 582.787 | 576.122 | |||||||||||
Walden Woods shares | 93.656 | 93.656 | 93.656 | 93.656 | 93.656 | |||||||||||
Common stock options (treasury method, closing price) | 305.327 | 301.217 | 399.136 | 379.914 | 400.907 | |||||||||||
Fully diluted common shares | 76,150.409 | 75,804.302 | 75,541.701 | 75,085.854 | 74,631.903 | |||||||||||
Total debt (excluding unamortized premium/discount) | $ | 1,137,160 | $ | 1,005,494 | $ | 954,078 | $ | 985,674 | $ | 978,745 | ||||||
Cash and cash equivalents | (2,216 | ) | $ | (102 | ) | - | - | - | ||||||||
Net debt | 1,134,944 | 1,005,392 | 954,078 | 985,674 | 978,745 | |||||||||||
Equity market capitalization (fully diluted, end of period) | 1,870,254 | 1,752,595 | 1,756,345 | 1,704,449 | 1,536,671 | |||||||||||
Total market capitalization | $ | 3,005,198 | $ | 2,757,987 | $ | 2,710,423 | $ | 2,690,123 | $ | 2,515,416 | ||||||
Net debt to total market capitalization | 37.8 | % | 36.5 | % | 35.2 | % | 36.6 | % | 38.9 | % | ||||||
Gross real estate and securities investments | $ | 2,222,135 | $ | 2,088,063 | $ | 2,028,990 | $ | 2,044,787 | $ | 2,016,111 | ||||||
Net debt to gross real estate and securities investments | 51.1 | % | 48.1 | % | 47.0 | % | 48.2 | % | 48.5 | % |
Page 8
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the three months ended | Percent | |||||||||
Mar 31, 2006 | Mar 31, 2005 | Change | ||||||||
Rental revenue: | ||||||||||
Minimum rents | $ | 49,693 | $ | 47,015 | ||||||
Expense recoveries | 15,176 | 12,661 | ||||||||
Termination fees | 292 | 468 | ||||||||
Percentage rent | 1,290 | 1,129 | ||||||||
Total rental revenue | 66,451 | 61,273 | 8.5 | % | ||||||
Costs and expenses: | ||||||||||
Property operating expenses | 18,143 | 15,391 | ||||||||
Rental property depreciation and amortization | 11,970 | 10,241 | ||||||||
General and administrative expenses | 4,616 | 4,340 | ||||||||
Total costs and expenses | 34,729 | 29,972 | 15.9 | % | ||||||
Income before other income and expenses, | ||||||||||
minority interest and discontinued operations | 31,722 | 31,301 | ||||||||
Other income and expenses: | ||||||||||
Interest expense | (14,804 | ) | (12,030 | ) | ||||||
Amortization of deferred financing fees | (355 | ) | (379 | ) | ||||||
Investment income | 4,652 | 709 | ||||||||
Other income | 819 | 64 | ||||||||
Loss on extinguishment of debt | (292 | ) | - | |||||||
Income before minority interest and discontinued operations | 21,742 | 19,665 | ||||||||
Minority interest | (28 | ) | (50 | ) | ||||||
Income from continuing operations | 21,714 | 19,615 | 10.7 | % | ||||||
Discontinued operations: | ||||||||||
Income from rental properties sold or held for sale | 159 | 560 | ||||||||
Gain on disposal of income producing properties | 492 | 1,615 | ||||||||
Income from discontinued operations | 651 | 2,175 | ||||||||
Net income | $ | 22,365 | $ | 21,790 | 2.6 | % | ||||
Basic earnings per share | ||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.27 | 7.4 | % | ||||
Income from discontinued operations | 0.01 | $ | 0.03 | |||||||
Net income | $ | 0.30 | $ | 0.30 | 0.0 | % | ||||
Diluted earnings per share | ||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.26 | 7.7 | % | ||||
Income from discontinued operations | 0.01 | 0.03 | ||||||||
Net income | $ | 0.29 | $ | 0.29 | 0.0 | % | ||||
Weighted average shares outstanding | ||||||||||
Basic | 75,151 | 73,043 | ||||||||
Diluted | 75,978 | 74,193 |
Page 9
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTERLY BREAKOUT
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the three months ended | ||||||||||||||||
Mar 31, 2006 | Dec 31, 2005 | Sep 30, 2005 | Jun 30, 2005 | Mar 31, 2005 | ||||||||||||
Rental revenue: | ||||||||||||||||
Minimum rents | $ | 49,693 | $ | 48,347 | $ | 47,824 | $ | 47,411 | $ | 47,015 | ||||||
Expense recoveries | 15,176 | 15,385 | 12,753 | 13,617 | 12,661 | |||||||||||
Termination fees | 292 | 925 | 835 | 2,649 | 468 | |||||||||||
Percentage rent | 1,290 | 175 | 109 | 334 | 1,129 | |||||||||||
Total rental revenue | 66,451 | 64,832 | 61,521 | 64,011 | 61,273 | |||||||||||
Costs and expenses: | ||||||||||||||||
Property operating expenses | 18,143 | 19,197 | 16,149 | 15,825 | 15,391 | |||||||||||
Rental property depreciation and amortization | 11,970 | 11,068 | 10,827 | 10,784 | 10,241 | |||||||||||
General and administrative expenses | 4,616 | 4,339 | 4,232 | 4,370 | 4,340 | |||||||||||
Total costs and expenses | 34,729 | 34,604 | 31,208 | 30,979 | 29,972 | |||||||||||
Income before other income and expenses, | ||||||||||||||||
minority interest and discontinued operations | 31,722 | 30,228 | 30,313 | 33,032 | 31,301 | |||||||||||
Other income and expenses: | ||||||||||||||||
Interest expense | (14,804 | ) | (12,813 | ) | (13,874 | ) | (13,033 | ) | (12,030 | ) | ||||||
Amortization of deferred financing fees | (355 | ) | (391 | ) | (372 | ) | (370 | ) | (379 | ) | ||||||
Investment income | 4,652 | 424 | 5,593 | 1,215 | 709 | |||||||||||
Other income | 819 | 173 | 133 | 128 | 64 | |||||||||||
Loss on extinguishment of debt | (292 | ) | - | - | - | - | ||||||||||
Income before minority interest and discontinued operations | 21,742 | 17,621 | 21,793 | 20,972 | 19,665 | |||||||||||
Minority interest | (28 | ) | (44 | ) | (48 | ) | (46 | ) | (50 | ) | ||||||
Income from continuing operations | 21,714 | 17,577 | 21,745 | 20,926 | 19,615 | |||||||||||
Discontinued operations: | ||||||||||||||||
Income from rental properties sold or held for sale | 159 | 190 | 208 | 460 | 560 | |||||||||||
Gain on disposal of income producing properties | 492 | - | 6,088 | 3,757 | 1,615 | |||||||||||
Income from discontinued operations | 651 | 190 | 6,296 | 4,217 | 2,175 | |||||||||||
Net income | $ | 22,365 | $ | 17,767 | $ | 28,041 | $ | 25,143 | $ | 21,790 | ||||||
Basic earnings per share | ||||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.24 | $ | 0.30 | $ | 0.28 | $ | 0.27 | ||||||
Income from discontinued operations | 0.01 | 0.00 | 0.08 | 0.06 | 0.03 | |||||||||||
Net income | $ | 0.30 | $ | 0.24 | $ | 0.38 | $ | 0.34 | $ | 0.30 | ||||||
Diluted earnings per share | ||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.24 | $ | 0.29 | $ | 0.28 | $ | 0.26 | ||||||
Income from discontinued operations | 0.01 | 0.00 | 0.08 | 0.06 | 0.03 | |||||||||||
Net income | $ | 0.29 | $ | 0.24 | $ | 0.37 | $ | 0.34 | $ | 0.29 | ||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 75,151 | 74,574 | 74,087 | 73,636 | 73,043 | |||||||||||
Diluted | 75,978 | 75,501 | 75,144 | 74,656 | 74,193 |
Note: All prior period figures have been restated to reflect the effects of reporting for discontinued operations.
Page 10
EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the three months ended | ||||||||||||||||
Mar 31, 2006 | ||||||||||||||||
Discontinued Operations | ||||||||||||||||
As Reported | Total | Held for Sale | Sold | Pre SFAS No. 144 | ||||||||||||
Rental revenue: | ||||||||||||||||
Minimum rents | $ | 49,693 | $ | 305 | $ | 254 | $ | 51 | $ | 49,998 | ||||||
Expense recoveries | 15,176 | 86 | 69 | 17 | 15,262 | |||||||||||
Termination fees | 292 | - | - | - | 292 | |||||||||||
Percentage rent | 1,290 | - | - | - | 1,290 | |||||||||||
Total rental revenue | 66,451 | 391 | 323 | 68 | 66,842 | |||||||||||
Costs and expenses: | ||||||||||||||||
Property operating expenses | 18,143 | 77 | 61 | 16 | 18,220 | |||||||||||
Rental property depreciation and amortization | 11,970 | 69 | 55 | 14 | 12,039 | |||||||||||
General and administrative expenses | 4,616 | - | - | - | 4,616 | |||||||||||
Total costs and expenses | 34,729 | 146 | 116 | 30 | 34,875 | |||||||||||
Income before other income and expenses, | ||||||||||||||||
minority interest and discontinued operations | 31,722 | 245 | 207 | 38 | 31,967 | |||||||||||
Other income and expenses: | ||||||||||||||||
Interest expense | (14,804 | ) | - | - | - | (14,804 | ) | |||||||||
Amortization of deferred financing fees | (355 | ) | - | - | - | (355 | ) | |||||||||
Investment income | 4,652 | - | - | - | 4,652 | |||||||||||
Other income | 819 | (86 | ) | (86 | ) | - | 733 | |||||||||
Loss on extinguishment of debt | (292 | ) | - | - | - | (292 | ) | |||||||||
Income before minority interest and discontinued operations | 21,742 | 159 | 121 | 38 | 21,901 | |||||||||||
Minority interest | (28 | ) | - | - | - | (28 | ) | |||||||||
Income from continuing operations | 21,714 | 159 | 121 | 38 | 21,873 | |||||||||||
Discontinued operations: | ||||||||||||||||
Income from rental properties sold or held for sale | 159 | (159 | ) | (121 | ) | (38 | ) | - | ||||||||
Gain on disposal of income producing properties | 492 | - | - | - | 492 | |||||||||||
Income from discontinued operations | 651 | (159 | ) | (121 | ) | (38 | ) | 492 | ||||||||
Net income | $ | 22,365 | $ | - | $ | - | $ | - | $ | 22,365 |
Note: | The Company adopted SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144"), effective January 1, 2002. This standard requires that operating results of income producing real estate assets that are sold or held for sale be included in discontinued operations in the statement of earnings for all periods presented. The above table presents the results as reported pursuant to SFAS No. 144, results of the assets sold or held for sale and the results before the impact of SFAS No. 144. |
Page 11
EQUITY ONE, INC. AND SUBSIDIARIES
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the three months ended | ||||||||||||||||
Mar 31, 2005 | ||||||||||||||||
Discontinued Operations | ||||||||||||||||
As Reported | Total | Held for Sale | Sold | Pre SFAS No. 144 | ||||||||||||
Rental revenue: | ||||||||||||||||
Minimum rents | $ | 47,015 | $ | 1,076 | $ | 218 | $ | 858 | $ | 48,091 | ||||||
Expense recoveries | 12,661 | 324 | 43 | 281 | 12,985 | |||||||||||
Termination fees | 468 | - | - | - | 468 | |||||||||||
Percentage rent | 1,129 | 4 | - | 4 | 1,133 | |||||||||||
Total rental revenue | 61,273 | 1,404 | 261 | 1,143 | 62,677 | |||||||||||
Costs and expenses: | ||||||||||||||||
Property operating expenses | 15,391 | 472 | 38 | 434 | 15,863 | |||||||||||
Rental property depreciation and amortization | 10,241 | 205 | 46 | 159 | 10,446 | |||||||||||
General and administrative expenses | 4,340 | - | - | - | 4,340 | |||||||||||
Total costs and expenses | 29,972 | 677 | 84 | 593 | 30,649 | |||||||||||
Income before other income and expenses, | ||||||||||||||||
minority interest and discontinued operations | 31,301 | 727 | 177 | 550 | 32,028 | |||||||||||
Other income and expenses: | ||||||||||||||||
Interest expense | (12,030 | ) | (167 | ) | - | (167 | ) | (12,197 | ) | |||||||
Amortization of deferred financing fees | (379 | ) | - | - | - | (379 | ) | |||||||||
Investment income | 709 | - | - | - | 709 | |||||||||||
Other income | 64 | - | - | - | 64 | |||||||||||
Income before minority interest and discontinued operations | 19,665 | 560 | 177 | 383 | 20,225 | |||||||||||
Minority interest | (50 | ) | - | - | - | (50 | ) | |||||||||
Income from continuing operations | 19,615 | 560 | 177 | 383 | 20,175 | |||||||||||
Discontinued operations: | ||||||||||||||||
Income from rental properties sold or held for sale | 560 | (560 | ) | (177 | ) | (383 | ) | - | ||||||||
Gain on disposal of income producing properties | 1,615 | - | - | - | 1,615 | |||||||||||
Income from discontinued operations | 2,175 | (560 | ) | (177 | ) | (383 | ) | 1,615 | ||||||||
Net income | $ | 21,790 | $ | - | $ | - | $ | - | $ | 21,790 |
Note: | The Company adopted SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144"), effective January 1, 2002. This standard requires that operating results of income producing real estate assets that are sold or held for sale be included in discontinued operations in the statement of earnings for all periods presented. The above table presents the results as reported pursuant to SFAS No. 144, results of the assets sold or held for sale and the results before the impact of SFAS No. 144. |
Page 12
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the | ||||||||||
For the three months ended | year ended | |||||||||
Mar 31, 2006 | Mar 31, 2005 | Dec 31, 2005 | ||||||||
Net income | $ | 22,365 | $ | 21,790 | $ | 92,741 | ||||
Adjustments: | ||||||||||
Rental property depreciation and amortization, | ||||||||||
including discontinued operations | 12,039 | 10,446 | 43,445 | |||||||
Gain on disposal of depreciable real estate | (492 | ) | (1,615 | ) | (11,460 | ) | ||||
Minority interest | 28 | 28 | 110 | |||||||
Funds from operations | $ | 33,940 | $ | 30,649 | $ | 124,836 | ||||
Increase | 10.7 | % | ||||||||
Earnings per diluted share* | $ | 0.29 | $ | 0.29 | $ | 1.24 | ||||
Adjustments: | ||||||||||
Rental property depreciation and amortization, | ||||||||||
including discontinued operations | 0.16 | 0.14 | $ | 0.58 | ||||||
Gain on disposal of depreciable real estate | - | (0.02 | ) | $ | (0.15 | ) | ||||
Funds from operations per diluted share | $ | 0.45 | $ | 0.41 | $ | 1.67 | ||||
Increase | 9.8 | % |
* | Earnings per diluted share include the add-back of those minority interests which are convertible to shares of our common stock. |
Page 13
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS - QUARTERLY BREAKOUT
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the three months ended | ||||||||||||||||
Mar 31, 2006 | Dec 31, 2005 | Sep 30, 2005 | Jun 30, 2005 | Mar 31, 2005 | ||||||||||||
Net income | $ | 22,365 | $ | 17,767 | $ | 28,041 | $ | 25,143 | $ | 21,790 | ||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, | ||||||||||||||||
including discontinued operations | 12,039 | 11,137 | 10,924 | 10,938 | 10,446 | |||||||||||
Gain on disposal of depreciable real estate | (492 | ) | - | (6,088 | ) | (3,757 | ) | (1,615 | ) | |||||||
Minority interest | 28 | 28 | 27 | 27 | 28 | |||||||||||
Funds from operations | $ | 33,940 | $ | 28,932 | $ | 32,904 | $ | 32,351 | $ | 30,649 | ||||||
Sequential increase (decrease) | 17.3 | % | (12.1 | %) | 1.7 | % | 5.6 | % | ||||||||
Earnings per diluted share* | $ | 0.29 | $ | 0.24 | $ | 0.37 | $ | 0.34 | $ | 0.29 | ||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, | ||||||||||||||||
including discontinued operations | 0.16 | 0.14 | 0.15 | 0.14 | 0.14 | |||||||||||
Gain on disposal of depreciable real estate | - | - | (0.08 | ) | (0.05 | ) | (0.02 | ) | ||||||||
Funds from operations per diluted share | $ | 0.45 | $ | 0.38 | $ | 0.44 | $ | 0.43 | $ | 0.41 | ||||||
Sequential increase (decrease) | 18.4 | % | (13.6 | %) | 2.3 | % | 4.9 | % |
* | Earnings per diluted share include the add-back of those minority interests which are convertible to shares of our common stock |
Page 14
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the | ||||||||||
For the three months ended | year ended | |||||||||
Mar 31, 2006 | Mar 31, 2005 | Dec 31, 2005 | ||||||||
Funds from operations | $ | 33,940 | $ | 30,649 | $ | 124,836 | ||||
Adjust for certain non-cash items: | ||||||||||
Amortization of deferred financing fees | 355 | 379 | 1,512 | |||||||
Amortization of above/below market rent intangibles | (523 | ) | (148 | ) | (1,006 | ) | ||||
Amortization of restricted stock and stock option expense | 1,387 | 1,486 | 5,973 | |||||||
Straight line rents | (621 | ) | (1,267 | ) | (4,450 | ) | ||||
Capitalized interest | (1,076 | ) | (633 | ) | (3,354 | ) | ||||
Amortization of debt premium/discount | (2,886 | ) | (1,286 | ) | (5,159 | ) | ||||
Total non-cash items | (3,364 | ) | (1,469 | ) | (6,484 | ) | ||||
Adjust for recurring capital expenditures: | ||||||||||
Tenant improvements | (711 | ) | (365 | ) | (4,935 | ) | ||||
Leasing commissions and costs | (1,077 | ) | (1,511 | ) | (4,583 | ) | ||||
Other capital expenditures | (426 | ) | (414 | ) | (1,988 | ) | ||||
Total recurring capital expenditures | (2,214 | ) | (2,290 | ) | (11,506 | ) | ||||
Funds available for distribution before debt payments | 28,362 | 26,890 | 106,846 | |||||||
Scheduled debt payments | (2,713 | ) | (2,755 | ) | (10,578 | ) | ||||
Funds available for distribution | $ | 25,649 | $ | 24,135 | $ | 96,268 | ||||
Increase | 6.3 | % | ||||||||
Funds available for distribution per diluted share | $ | 0.34 | $ | 0.33 | $ | 1.29 | ||||
Increase | 3.0 | % | ||||||||
Cash dividends | $ | 22,753 | $ | 21,426 | $ | 87,272 | ||||
Weighted average diluted shares | 75,978 | 74,193 | 74,790 | |||||||
Page 15
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS AVAILABLE FOR DISTRIBUTION - QUARTERLY BREAKOUT
For the quarter ended March 31, 2006
(in thousands, except per share data)
For the three months ended | ||||||||||||||||
Mar 31, 2006 | Dec 31, 2005 | Sep 30, 2005 | Jun 30, 2005 | Mar 31, 2005 | ||||||||||||
Funds from operations | $ | 33,940 | $ | 28,932 | $ | 32,904 | $ | 32,351 | $ | 30,649 | ||||||
Adjust for certain non-cash items: | ||||||||||||||||
Amortization of deferred financing fees | 355 | 391 | 372 | 370 | 379 | |||||||||||
Amortization of above/below market rent intangibles | (523 | ) | (254 | ) | (240 | ) | (364 | ) | (148 | ) | ||||||
Amortization of restricted stock and stock option expense | 1,387 | 1,498 | 1,523 | 1,466 | 1,486 | |||||||||||
Straight line rents | (621 | ) | (940 | ) | (1,157 | ) | (1,086 | ) | (1,267 | ) | ||||||
Capitalized interest | (1,076 | ) | (1,055 | ) | (876 | ) | (790 | ) | (633 | ) | ||||||
Amortization of debt premium/discount | (2,886 | ) | (1,264 | ) | (1,274 | ) | (1,335 | ) | (1,286 | ) | ||||||
Total non-cash items | (3,364 | ) | (1,624 | ) | (1,652 | ) | (1,739 | ) | (1,469 | ) | ||||||
Adjust for recurring capital expenditures: | ||||||||||||||||
Tenant improvements | (711 | ) | (572 | ) | (1,624 | ) | (2,374 | ) | (365 | ) | ||||||
Leasing commissions and costs | (1,077 | ) | (1,094 | ) | (1,097 | ) | (881 | ) | (1,511 | ) | ||||||
Other capital expenditures | (426 | ) | (686 | ) | (386 | ) | (502 | ) | (414 | ) | ||||||
Total recurring capital expenditures | (2,214 | ) | (2,352 | ) | (3,107 | ) | (3,757 | ) | (2,290 | ) | ||||||
Funds available for distribution before debt payments | 28,362 | 24,956 | 28,145 | 26,855 | 26,890 | |||||||||||
Scheduled debt payments | (2,713 | ) | (2,621 | ) | (2,547 | ) | (2,655 | ) | (2,755 | ) | ||||||
Funds available for distribution | $ | 25,649 | $ | 22,335 | $ | 25,598 | $ | 24,200 | $ | 24,135 | ||||||
Sequential increase (decrease) | 14.8 | % | (12.7 | %) | 5.8 | % | 0.3 | % | ||||||||
Funds available for distribution per diluted share | $ | 0.34 | $ | 0.30 | $ | 0.34 | $ | 0.32 | $ | 0.33 | ||||||
Sequential increase (decrease) | 13.3 | % | (11.8 | %) | 6.3 | % | (3.0 | %) | ||||||||
Cash dividends | $ | 22,753 | $ | 22,588 | $ | 21,683 | $ | 21,575 | $ | 21,426 |
Page 16
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
As of | ||||||||||||||||
Mar 31, 2006 | Dec 31, 2005 | Sep 30, 2005 | Jun 30, 2005 | Mar 31, 2005 | ||||||||||||
Assets | ||||||||||||||||
Properties | ||||||||||||||||
Income producing | $ | 1,737,809 | $ | 1,661,243 | $ | 1,644,783 | $ | 1,488,652 | $ | 1,911,819 | ||||||
Less: accumulated depreciation | (119,522 | ) | (111,031 | ) | (102,620 | ) | (86,123 | ) | (104,718 | ) | ||||||
Rental property | 1,618,287 | 1,550,212 | 1,542,163 | 1,402,529 | 1,807,101 | |||||||||||
Construction in progress and land held for development | 102,784 | 64,202 | 57,950 | 52,818 | 50,026 | |||||||||||
Property held for sale | 281,579 | 282,091 | 287,099 | 432,936 | 9,199 | |||||||||||
Properties, net | 2,002,650 | 1,896,505 | 1,887,212 | 1,888,283 | 1,866,326 | |||||||||||
Cash and cash equivalents | 2,216 | 102 | - | - | - | |||||||||||
Cash held in escrow | - | - | 3,308 | - | - | |||||||||||
Accounts and other receivables, net | 19,139 | 17,600 | 13,978 | 12,643 | 10,204 | |||||||||||
Securities | 85,336 | 67,588 | 27,601 | 52,303 | 44,593 | |||||||||||
Goodwill | 11,982 | 12,013 | 12,007 | 13,807 | 13,807 | |||||||||||
Other assets | 59,234 | 58,225 | 59,506 | 48,333 | 57,719 | |||||||||||
Total | $ | 2,180,557 | $ | 2,052,033 | $ | 2,003,612 | $ | 2,015,369 | $ | 1,992,649 | ||||||
Liabilities and stockholders' equity | ||||||||||||||||
Liabilities | ||||||||||||||||
Mortgage notes payable | $ | 378,922 | $ | 392,480 | 391,801 | $ | 389,907 | $ | 488,817 | |||||||
Mortgage notes payable related to properties held for sale | 54,186 | 54,445 | 57,745 | 64,296 | - | |||||||||||
Unsecured revolving credit facilities | 115,000 | 93,165 | 39,000 | 179,387 | 144,763 | |||||||||||
Unsecured senior notes payable | 589,052 | 465,404 | 465,532 | 347,310 | 345,165 | |||||||||||
Payable for securities | - | - | - | 4,774 | - | |||||||||||
Total debt | 1,137,160 | 1,005,494 | 954,078 | 985,674 | 978,745 | |||||||||||
Unamortized premium/discount on notes payable | 12,041 | 15,830 | 17,093 | 18,984 | 20,318 | |||||||||||
Total notes payable | 1,149,201 | 1,021,324 | 971,171 | 1,004,658 | 999,063 | |||||||||||
Accounts payable and other liabilities | 54,452 | 56,555 | 62,115 | 53,446 | 48,787 | |||||||||||
Total liabilities | 1,203,653 | 1,077,879 | 1,033,286 | 1,058,104 | 1,047,850 | |||||||||||
Minority interest | 989 | 1,425 | 1,457 | 1,437 | 1,417 | |||||||||||
Stockholders' equity | 975,915 | 972,729 | 968,869 | 955,828 | 943,382 | |||||||||||
Total | $ | 2,180,557 | $ | 2,052,033 | $ | 2,003,612 | $ | 2,015,369 | $ | 1,992,649 |
Page 17
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of March 31, 2006
(in thousands)
Debt Instrument | Maturity date | Rate (1) | Mar 31, 2006 balance | Dec 31, 2005 balance | Percent of total indebtedness | |||||||||||
Mortgage debt | ||||||||||||||||
Medford | 03/01/06 | 8.690% | $ | - | $ | 5,206 | 0.00 | % | ||||||||
Swampscott | 03/01/06 | 8.690% | - | 2,262 | 0.00 | % | ||||||||||
Plymouth | 03/01/06 | 8.690% | - | 3,805 | 0.00 | % | ||||||||||
Walden Woods (2) | 05/03/06 | 7.875% | 2,116 | 2,148 | 0.18 | % | ||||||||||
Crossroads Square (2) | 06/01/06 | 8.440% | 12,069 | 12,123 | 1.05 | % | ||||||||||
Highland Square (3) | 12/01/06 | 8.870% | 3,819 | 3,847 | 0.33 | % | ||||||||||
Rosemeade | 12/01/07 | 8.295% | 3,010 | 3,031 | 0.26 | % | ||||||||||
Colony Plaza (3) | 01/01/08 | 7.540% | 2,920 | 2,932 | 0.25 | % | ||||||||||
Parkwood (3) | 01/01/08 | 7.280% | 5,989 | 6,015 | 0.52 | % | ||||||||||
Richwood (3) | 01/01/08 | 7.280% | 3,085 | 3,099 | 0.27 | % | ||||||||||
Commonwealth | 02/15/08 | 7.000% | 2,477 | 2,510 | 0.22 | % | ||||||||||
Mariners Crossing | 03/01/08 | 7.080% | 3,265 | 3,280 | 0.28 | % | ||||||||||
Pine Island/Ridge Plaza | 07/01/08 | 6.910% | 24,089 | 24,195 | 2.10 | % | ||||||||||
Forestwood (3) | 01/01/09 | 5.070% | 6,918 | 6,961 | 0.60 | % | ||||||||||
North Port Shopping Center | 02/08/09 | 6.650% | 3,874 | 3,902 | 0.34 | % | ||||||||||
Prosperity Centre | 03/01/09 | 7.875% | 5,520 | 5,624 | 0.48 | % | ||||||||||
Ibis Shopping Center | 09/01/09 | 6.730% | 5,448 | 5,497 | 0.47 | % | ||||||||||
Tamarac Town Square | 10/01/09 | 9.190% | 6,004 | 6,029 | 0.52 | % | ||||||||||
Park Promenade | 02/01/10 | 8.100% | 6,154 | 6,173 | 0.54 | % | ||||||||||
Skipper Palms | 03/01/10 | 8.625% | 3,483 | 3,493 | 0.30 | % | ||||||||||
Jonathan's Landing | 05/01/10 | 8.050% | 2,823 | 2,832 | 0.25 | % | ||||||||||
Bluff's Square | 06/01/10 | 8.740% | 9,887 | 9,914 | 0.86 | % | ||||||||||
Kirkman Shoppes | 06/01/10 | 8.740% | 9,336 | 9,362 | 0.81 | % | ||||||||||
Ross Plaza | 06/01/10 | 8.740% | 6,512 | 6,529 | 0.57 | % | ||||||||||
Boyton Plaza | 07/01/10 | 8.030% | 7,322 | 7,345 | 0.64 | % |
Page 18
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of March 31, 2006
(in thousands)
Debt Instrument | Maturity date | Rate (1) | Mar 31, 2006 balance | Dec 31, 2005 balance | Percent of total indebtedness | |||||||||||
Pointe Royale | 07/15/10 | 7.950% | $ | 3,945 | $ | 4,015 | 0.34 | % | ||||||||
Westgate Marketplace (3) | 07/31/10 | 4.880% | 29,034 | 29,159 | 2.53 | % | ||||||||||
Shops at Skylake | 08/01/10 | 7.650% | 13,772 | 13,874 | 1.20 | % | ||||||||||
Parkwest Crossing | 09/01/10 | 8.100% | 4,622 | 4,636 | 0.40 | % | ||||||||||
Spalding Village | 09/01/10 | 8.190% | 9,811 | 9,899 | 0.85 | % | ||||||||||
Minyards | 11/01/10 | 8.320% | 2,421 | 2,432 | 0.21 | % | ||||||||||
Charlotte Square | 02/01/11 | 9.190% | 3,461 | 3,479 | 0.30 | % | ||||||||||
Forest Village | 04/01/11 | 7.270% | 4,374 | 4,389 | 0.38 | % | ||||||||||
Boca Village | 05/01/11 | 7.200% | 8,087 | 8,114 | 0.70 | % | ||||||||||
MacLand Pointe | 05/01/11 | 7.250% | 5,712 | 5,731 | 0.50 | % | ||||||||||
Pine Ridge Square | 05/01/11 | 7.020% | 7,160 | 7,184 | 0.62 | % | ||||||||||
Sawgrass Promenade | 05/01/11 | 7.200% | 8,087 | 8,115 | 0.70 | % | ||||||||||
Presidential Markets | 06/01/11 | 7.650% | 26,784 | 26,872 | 2.33 | % | ||||||||||
Lake Mary | 11/01/11 | 7.250% | 23,934 | 24,011 | 2.08 | % | ||||||||||
Lake St. Charles | 11/01/11 | 7.130% | 3,777 | 3,790 | 0.33 | % | ||||||||||
Belfair Towne Village | 12/01/11 | 7.320% | 10,928 | 10,984 | 0.95 | % | ||||||||||
Marco Town Center | 01/01/12 | 6.700% | 8,368 | 8,413 | 0.73 | % | ||||||||||
Riverside Square | 03/01/12 | 9.190% | 7,443 | 7,474 | 0.65 | % | ||||||||||
Sparkleberry Square (4) | 11/30/12 | 6.170% | 6,491 | 6,526 | 0.56 | % | ||||||||||
Cashmere Corners | 11/01/12 | 5.880% | 5,003 | 5,032 | 0.44 | % | ||||||||||
Eastwood | 11/01/12 | 5.880% | 5,962 | 5,996 | 0.52 | % | ||||||||||
Meadows Shopping Center | 11/01/12 | 5.870% | 6,265 | 6,301 | 0.55 | % | ||||||||||
Lutz Lake | 12/01/12 | 6.280% | 7,500 | 7,500 | 0.65 | % | ||||||||||
Summerlin Square | 02/01/14 | 6.750% | 3,249 | 3,326 | 0.28 | % | ||||||||||
Bird Ludlum | 02/15/15 | 7.680% | 8,863 | 9,035 | 0.77 | % | ||||||||||
Treasure Coast Plaza | 04/01/15 | 8.000% | 4,161 | 4,238 | 0.36 | % |
Page 19
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of March 31, 2006
(in thousands)
Debt Instrument | Maturity date | Rate (1) | Mar 31, 2006 balance | Dec 31, 2005 balance | Percent of total indebtedness | |||||||||||
Shoppes of Silverlakes | 07/01/15 | 7.750% | $ | 2,416 | $ | 2,460 | 0.21 | % | ||||||||
Grassland Crossing | 12/01/16 | 7.870% | 5,612 | 5,657 | 0.49 | % | ||||||||||
Mableton Crossing | 08/15/18 | 6.850% | 3,934 | 3,961 | 0.34 | % | ||||||||||
Sparkleberry Square (4) | 06/30/20 | 6.750% | 7,540 | 7,618 | 0.66 | % | ||||||||||
BridgeMill | 05/05/21 | 7.940% | 9,175 | 9,221 | 0.80 | % | ||||||||||
Westport Plaza | 08/24/23 | 7.490% | 4,758 | 4,782 | 0.41 | % | ||||||||||
Chastain Square | 02/28/24 | 6.500% | 3,691 | 3,719 | 0.32 | % | ||||||||||
Daniel Village | 02/28/24 | 6.500% | 4,035 | 4,064 | 0.35 | % | ||||||||||
Douglas Commons | 02/28/24 | 6.500% | 4,807 | 4,842 | 0.42 | % | ||||||||||
Fairview Oaks | 02/28/24 | 6.500% | 4,550 | 4,583 | 0.40 | % | ||||||||||
Madison Centre | 02/28/24 | 6.500% | 3,691 | 3,718 | 0.32 | % | ||||||||||
Paulding Commons | 02/28/24 | 6.500% | 6,267 | 6,312 | 0.55 | % | ||||||||||
Siegen Village | 02/28/24 | 6.500% | 4,078 | 4,107 | 0.35 | % | ||||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500% | 3,220 | 3,242 | 0.28 | % | ||||||||||
Total mortgage debt (62 loans) | 4.80 | 7.30% | 433,108 | 446,925 | 37.69 | % | ||||||||||
Net interest premium/discount | (wtd-avg maturity) | (wtd-avg interest rate) | 8,995 | 11,006 | 0.78 | % | ||||||||||
Total mortgage debt (including net interest premium/discount) | $ | 442,103 | $ | 457,931 | 38.47 | % |
Page 20
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
As of March 31, 2006
(in thousands)
Debt Instrument | Maturity date | Rate (1) | Mar 31, 2006 balance | Dec 31, 2005 balance | Percent of total indebtedness | |||||||||||
Unsecured senior notes payable | ||||||||||||||||
7.77% senior notes | 04/01/06 | 7.770% | $ | 50,000 | $ | 50,000 | 4.35 | % | ||||||||
7.25% senior notes | 08/15/07 | 7.250% | 75,000 | 75,000 | 6.53 | % | ||||||||||
3.875% senior notes (5) | 04/15/09 | 3.875% | 200,000 | 200,000 | 17.40 | % | ||||||||||
Fair value of $100MM fixed-to-floating interest rate swap (5) | 04/15/09 | 6-month Libor + 0.4375% | (5,948 | ) | (4,596 | ) | (0.52 | %) | ||||||||
7.84% senior notes | 01/23/12 | 7.840% | 25,000 | 25,000 | 2.18 | % | ||||||||||
5.375% senior notes | 10/15/15 | 5.375% | 120,000 | 120,000 | 10.44 | % | ||||||||||
6.00% senior notes | 09/15/16 | 6.000% | 125,000 | - | 10.88 | % | ||||||||||
Total unsecured senior notes payable | 5.60 | 5.47% | 589,052 | 465,404 | 51.26 | % | ||||||||||
Net interest premium/discount | (wtd-avg maturity) | (wtd-avg interest rate) | 3,046 | 4,824 | 0.27 | % | ||||||||||
Total unsecured senior notes payable (including net interest premium/discount) | $ | 592,098 | $ | 470,228 | 51.52 | % | ||||||||||
Revolving credit facilities | ||||||||||||||||
$275MM Wells Fargo Unsecured | 01/17/09 | 5.14% | 115,000 | 93,000 | 10.01 | % | ||||||||||
$5MM City National Bank Unsecured | 05/12/06 | NA | - | 165 | 0.00 | % | ||||||||||
Total revolving credit facilities | $ | 115,000 | $ | 93,165 | 10.01 | % | ||||||||||
Total debt | 1,137,160 | 1,005,494 | 98.95 | % | ||||||||||||
Net interest premium/discount | 12,041 | 15,830 | 1.05 | % | ||||||||||||
Total debt (including net interest premium/discount) | $ | 1,149,201 | $ | 1,021,324 | 100.00 | % | ||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||
Moody's | Baa3 (Positive) | Baa3 (Stable) | ||||||||||||||
S&P | BBB- (Positive) | BBB- (Stable) |
Page 21
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT MATURITIES
As of March 31, 2006
(in thousands)
Secured Debt | Unsecured Debt | ||||||||||||||||||
Maturity schedule | Scheduled | Balloon | Revolving Credit | Senior | Percent of | ||||||||||||||
by year | amortization | payments | Facilities (6) | Notes (7) | Total | debt maturing | |||||||||||||
2006 | $ | 7,487 | $ | 17,829 | $ | - | $ | 50,000 | $ | 75,316 | 6.6 | % | |||||||
2007 | 10,464 | 2,864 | - | 75,000 | 88,328 | 7.7 | % | ||||||||||||
2008 | 10,532 | 40,104 | - | - | 50,636 | 4.4 | % | ||||||||||||
2009 | 10,189 | 24,332 | 115,000 | 200,000 | 349,521 | 30.6 | % | ||||||||||||
2010 | 9,203 | 98,471 | - | - | 107,674 | 9.4 | % | ||||||||||||
2011 | 7,376 | 93,433 | - | - | 100,809 | 8.8 | % | ||||||||||||
2012 | 6,110 | 40,056 | - | 25,000 | 71,166 | 6.2 | % | ||||||||||||
2013 | 5,696 | - | - | - | 5,696 | 0.5 | % | ||||||||||||
2014 | 5,666 | - | - | - | 5,666 | 0.5 | % | ||||||||||||
2015 | 4,192 | 30 | - | 120,000 | 124,222 | 10.9 | % | ||||||||||||
Thereafter | 29,089 | 9,985 | - | 125,000 | 164,074 | 14.4 | % | ||||||||||||
Total | $ | 106,004 | $ | 327,104 | $ | 115,000 | $ | 595,000 | $ | 1,143,108 | 100.0 | % |
(1) | The rate in effect on March 31, 2006. |
(2) | We have notified the lender of our intent to prepay the loan on the date indicated in the Maturity date column. |
(3) | In April 2006 these loans were repaid or defeased in conjunction with the sale of the 29 Texas properties. |
(4) | The Sparkleberry property is encumbered by two separate mortgages. |
(5) | $100M of the outstanding balance has been swapped to a floating interest rate based on six-month LIBOR in arrears, plus 0.4375%. The indicated rate and weighted average rate for the unsecured notes does not reflect the effect of the interest rate swap. |
(6) | Represents the entire principal balance of a maturing loan on the maturity date. Credit facilities are shown as due on the initial maturity dates, though certain extension options maybe available. |
(7) | Excludes the adjustment attributable to the fair value of the associated interest rate swap. |
Page 22
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
ALABAMA (2) | ||||||||||||
Madison Centre | Madison | 1997 | 64,837 | 97.5% | 12 | 1 | 37,912 | Publix | Rite Aid | $ 9.58 | ||
(6/1/2017) | ||||||||||||
West Gate Plaza | Mobile | 1974 / 1985 | 64,378 | 96.2% | 6 | 3 | 44,000 | Winn-Dixie | Rite Aid | 6.98 | ||
(7/19/2015) | ||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (2) | 129,215 | 96.9% | 18 | 4 | 81,912 | 0 | $ 8.29 | |||||
CONNECTICUT (1) | ||||||||||||
Brookside Plaza | Enfield | 1985 | 210,787 | 91.3% | 26 | 2 | 59,648 | Shaw's | Walgreens, Marshalls*, Staples, Old Country Buffet, Blockbuster | 10.84 | ||
(8/31/2010) | ||||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (1) | 210,787 | 91.3% | 26 | 2 | 59,648 | 0 | $ 10.84 | |||||
FLORIDA (79) | ||||||||||||
Central Florida (10) | ||||||||||||
Alafaya Commons | Orlando | 1987 | 123,133 | 100.0% | 29 | 0 | 54,230 | Publix | Blockbuster | 11.96 | ||
(11/30/2007) | ||||||||||||
Conway Crossing | Orlando | 2002 | 76,321 | 100.0% | 18 | 0 | 44,271 | Publix | 11.93 | |||
(4/30/2022) | ||||||||||||
Eastwood | Orlando | 1997 | 69,037 | 100.0% | 13 | 0 | 51,512 | Publix | 11.56 | |||
(11/1/2017) | ||||||||||||
Eustis Square | Eustis | 1983 / 1997 / 2004 | 126,791 | 96.2% | 22 | 4 | 15,872 | Save-a-Lot | Accent Marketing, Goodwill, Fred's Store | 5.95 | ||
(5/31/2013) | ||||||||||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 100.0% | 30 | 0 | Party Depot | 17.21 | ||||
Lake Mary | Orlando | 1988 / 2001 | 342,384 | 98.2% | 67 | 18 | 63,139 | Albertsons | Kmart, Lifestyle Fitness, Sunstar Movie Theatres | 11.50 | ||
(6/30/2012) | ||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 125,818 | 97.9% | 25 | 1 | 55,000 | Publix* | Orange County Library, Blockbuster, Goodwill | 8.68 | ||
(2/9/2007) | ||||||||||||
Town & Country | Kissimmee | 1993 | 72,043 | 100.0% | 13 | 0 | 52,883 | Albertsons | 7.64 | |||
(10/31/2018) | ||||||||||||
Unigold | Winter Park | 1987 | 117,527 | 95.9% | 23 | 2 | 52,500 | Winn-Dixie | Blockbuster, Lifestyle Family Fitness | 10.89 | ||
(4/30/2007) | ||||||||||||
Walden Woods | Plant City | 1985 / 1998, 2003 | 75,874 | 82.9% | 12 | 1 | Dollar Tree, Aaron Rents, Dollar General | 6.73 | ||||
North Florida (13) | ||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1998 | 100,559 | 92.4% | 22 | 3 | 39,795 | Publix | JoAnn Fabrics, Dollar Tree | 10.39 | ||
(10/31/2008) | ||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 70,429 | 86.9% | 10 | 1 | Big Lots, Goodwill, Bealls Outlet | 8.03 | ||||
Commonwealth | Jacksonville | 1984 / 1998 | 81,467 | 94.0% | 14 | 2 | 48,997 | Winn-Dixie/Save Rite | 8.43 | |||
(2/28/2018) | ||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 90.5% | 12 | 5 | 37,866 | Publix | 10.43 | |||
(4/30/2020) | ||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 74,546 | 96.2% | 11 | 2 | 45,500 | Winn-Dixie | Citi Trends | 7.29 | ||
(5/31/2015) | ||||||||||||
Mandarin Landing | Jacksonville | 1976 / 2000 | 141,565 | 87.1% | 30 | 7 | 34,400 | Publix | Office Depot | 10.12 | ||
(2/14/2007) | ||||||||||||
Medical & Merchants | Jacksonville | 1993 | 152,761 | 96.9% | 14 | 3 | 55,999 | Publix | Memorial Health Group, Blockbuster | 12.10 | ||
(2/10/2013) |
Page 23
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
Middle Beach | Panama City Beach | 1994 | 69,277 | 100.0% | 9 | 0 | 56,077 | Publix | Movie Gallery | $ 9.61 | ||
(9/30/2014) | ||||||||||||
Monument Point | Jacksonville | 1985 / 1997 | 75,128 | 100.0% | 12 | 0 | 46,772 | Winn-Dixie | CVS Pharmacy | 6.87 | ||
(3/27/2010) | ||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 100.0% | 19 | 0 | 39,795 | Publix | Beall's | 7.26 | ||
(3/11/2010) | ||||||||||||
Parkmore Plaza | Milton | 1986 | 159,093 | 100.0% | 13 | 0 | Bealls, Big Lots | 4.50 | ||||
Pensacola Plaza | Pensacola | 1985 | 56,098 | 100.0% | 3 | 0 | 42,848 | FoodWorld | 4.52 | |||
(12/31/2009) | ||||||||||||
South Beach | Jacksonville Beach | 1990, 1991 | 289,964 | 92.1% | 40 | 11 | Home Depot, Stein Mart, Bealls, Bed Bath & Beyond | 10.85 | ||||
South Florida / Atlantic Coast (30) | ||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,282 | 99.4% | 43 | 1 | 44,400 | Winn-Dixie | CVS Pharmacy, Blockbuster, Goodwill, Bird Executive Suites | 15.32 | ||
(12/31/2007) | ||||||||||||
Boca Village | Boca Raton | 1978 | 93,428 | 97.5% | 19 | 2 | 36,000 | Publix | CVS Pharmacy | 14.15 | ||
(3/31/2012) | ||||||||||||
Boynton Plaza | Boynton Beach | 1978 / 1999 | 99,324 | 100.0% | 29 | 0 | 37,664 | Publix | CVS Pharmacy, Hollywood Video | 11.50 | ||
(8/31/2008) | ||||||||||||
Countryside Shops | Cooper City | 1986, 1988, 1991 | 179,561 | 94.8% | 42 | 5 | 39,795 | Publix | CVS Pharmacy, Stein Mart | 12.67 | ||
(12/4/2010) | ||||||||||||
Crossroads Square | Ft. Lauderdale | 1973 | 270,206 | 98.6% | 25 | 2 | Lowe's, CVS Pharmacy, 99 Cent Stuff | 7.94 | ||||
CVS Plaza | Miami | 2004 | 29,204 | 100.0% | 8 | 0 | CVS Pharmacy | 16.46 | ||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0% | 1 | 0 | Jumbo Buffet | 15.94 | ||||
Homestead Gas Station | Homestead | 1959 | 2,136 | 100.0% | 1 | 0 | 21.34 | |||||
Greenwood | Palm Springs | 1982, 1994 | 132,325 | 94.8% | 33 | 5 | 50,032 | Publix | Bealls Outlet, World Savings Bank | 12.29 | ||
(12/5/2014) | ||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 93.9% | 19 | 1 | 42,323 | Publix | 13.05 | |||
(9/13/2015) | ||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 99.6% | 25 | 1 | 39,473 | Winn-Dixie | Kmart, Rite Aid* (Family Dollar), Hollywood Video | 7.29 | ||
(2/15/2011) | ||||||||||||
Meadows | Miami | 1997 | 75,524 | 100.0% | 20 | 0 | 47,955 | Publix | 12.96 | |||
(7/9/2017) | ||||||||||||
Oakbrook Square | Palm Beach Gardens | 1974 / 2000, 2003 | 212,074 | 92.7% | 28 | 2 | 44,400 | Publix | Stein Mart, Homegoods, CVS, Basset Furniture, Duffy's Sports Bar | 13.71 | ||
(11/30/2020) | ||||||||||||
Pine Island | Davie | 1983 / 1999 | 254,907 | 96.8% | 46 | 1 | 39,943 | Publix | Home Depot Expo, Bealls Outlet | 10.56 | ||
(11/30/2013) | ||||||||||||
Pine Ridge Square | Coral Springs | 1986 / 1998, 1999 | 117,399 | 96.9% | 32 | 3 | 17,441 | Fresh Market | Bed Bath & Beyond, Off Main Furniture, Blockbuster | 13.89 | ||
(6/30/2009) | ||||||||||||
Plaza Alegre | Miami | 2003 | 91,611 | 98.7% | 20 | 1 | 44,271 | Publix | Goodwill, Blockbuster | 14.75 | ||
(3/14/2023) | ||||||||||||
Point Royale | Miami | 1970 / 2000 | 209,863 | 94.6% | 23 | 2 | 45,350 | Winn-Dixie | Best Buy, CVS Pharmacy* (Anna's Linens) | 6.87 | ||
(2/18/2011) | ||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,106 | 100.0% | 9 | 0 | Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine's, TJ Maxx | 15.68 | ||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 98.7% | 28 | 1 | (see Pine Island) | AMC Theater, Kabooms, Wachovia* (United Collection), Sofa Kings, Round Up | 9.70 |
Page 24
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
Riverside Square | Coral Springs | 1987 | 107,941 | 93.7% | 32 | 4 | 39,795 | Publix | Tuesday Morning | $ 13.68 | ||
(2/18/2007) | ||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 95.7% | 27 | 2 | 36,464 | Publix | Walgreens, Blockbuster | 11.30 | ||
(12/15/2009) | ||||||||||||
�� | ||||||||||||
Sheridan | Hollywood | 1973 / 1991 | 455,843 | 97.7% | 62 | 4 | 65,537 | Publix | CVS Pharmacy, Ross, Bed Bath & Beyond, Blockbuster, Office Depot, AMC Theater, LA Fitness | 14.03 | ||
(10/9/2011) | ||||||||||||
Shoppes of Ibis | West Palm Beach | 1999 | 79,420 | 100.0% | 18 | 0 | 51,420 | Publix | 12.90 | |||
(4/30/2019) | ||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995, 1997 | 126,788 | 100.0% | 40 | 0 | 47,813 | Publix | Blockbuster | 16.69 | ||
(6/14/2015) | ||||||||||||
Shops at Skylake | North Miami Beach | 1999-2005 | 247,919 | 99.1% | 47 | 2 | 51,420 | Publix | Goodwill, L.A. Fitness, Blockbuster | 16.04 | ||
(7/31/2019) | ||||||||||||
Tamarac Town Square | Tamarac | 1987 | 127,635 | 93.1% | 35 | 5 | 37,764 | Publix | Dollar Tree | 11.13 | ||
(12/15/2014) | ||||||||||||
Waterstone | Homestead | 2005 | 82,531 | 100.0% | 13 | 0 | 45,600 | Publix | Walgreens | 15.09 | ||
(7/31/2025) | ||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 100.0% | 27 | 0 | 46,216 | Winn-Dixie | Navarro Pharmacy | 11.40 | ||
(10/31/2016) | ||||||||||||
Westport Plaza | Davie | 2002 | 36,212 | 100.0% | 5 | 0 | 27,887 | Publix | Blockbuster | 16.86 | ||
(11/30/2022) | ||||||||||||
Young Circle | Hollywood | 1962 / 1997 | 65,834 | 96.7% | 8 | 2 | 23,124 | Publix | Walgreens | 15.52 | ||
(11/30/2016) | ||||||||||||
Florida Treasure Coast (8) | ||||||||||||
Bluffs Square | Jupiter | 1986 | 132,395 | 99.8% | 46 | 1 | 39,795 | Publix | Walgreens | 12.88 | ||
(10/22/2006) | ||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 100.0% | 17 | 0 | 59,448 | Albertsons | 8.45 | |||
(4/30/2025) | ||||||||||||
Jonathan's Landing | Jupiter | 1997 | 26,820 | 100.0% | 12 | 0 | 53,850 | Albertsons | Blockbuster | 19.27 | ||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 100.0% | 34 | 0 | 42,112 | Publix | Walgreens* (Bealls Outlet), Bealls Home Outlet, Blockbuster | 10.30 | ||
(9/30/2007) | ||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 98.6% | 18 | 1 | Wal-Mart* (Bealls Outlet) | 8.17 | ||||
Ryanwood | Vero Beach | 1987 | 114,925 | 100.0% | 32 | 0 | 39,795 | Publix | Bealls Outlet, Books-A-Million | 10.10 | ||
(3/23/2017) | ||||||||||||
Salerno Village | Stuart | 1987 | 79,903 | 96.8% | 17 | 3 | 45,802 | Winn-Dixie | CVS Pharmacy | 10.55 | ||
(3/23/2024) | ||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 97.2% | 23 | 2 | 59,450 | Winn-Dixie | TJ Maxx | 9.01 | ||
(4/12/2015) | ||||||||||||
Florida West Coast (18) | ||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 103,986 | 95.6% | 20 | 4 | 52,610 | Publix | Bealls Outlet, West Marine | 9.76 | ||
(11/30/2021) | ||||||||||||
Carrollwood | Tampa | 1970 / 2002 | 94,203 | 91.8% | 30 | 5 | 27,887 | Publix | Floors Today | 12.24 | ||
(11/30/2022) | ||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 98.2% | 23 | 1 | American Signature Furniture, Seafood Buffet | 8.24 | ||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 100.0% | 18 | 0 | 48,890 | Publix | CVS Pharmacy | 11.37 | ||
(5/27/2012) | ||||||||||||
Dolphin Village | St. Pete Beach | 1967 / 1990 | 138,129 | 92.2% | 39 | 7 | 33,238 | Publix | Dollar Tree, CVS | 10.24 | ||
(11/07/2013) |
Page 25
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
Lake St. Charles | Tampa | 1999 | 57,015 | 100.0% | 8 | 0 | 46,295 | Kash n' Karry | $ 9.92 | |||
(6/30/2019) | ||||||||||||
Lutz Lake | Lutz | 2002 | 64,985 | 98.3% | 14 | 1 | 44,270 | Publix | 13.83 | |||
(5/31/2022) | ||||||||||||
Marco Town Center | Marco Island | 2001 | 109,830 | 100.0% | 42 | 0 | 27,887 | Publix | West Marine | 17.12 | ||
(1/31/2018) | ||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 91,608 | 100.0% | 15 | 0 | 48,315 | Kash n' Karry | 9.07 | |||
(8/15/2020) | ||||||||||||
Pavilion | Naples | 1982 | 167,745 | 92.3% | 39 | 3 | 50,795 | Publix | Pavillion 6 Theatre, Anthony's | 14.88 | ||
(2/28/2013) | ||||||||||||
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 88.6% | 17 | 8 | 44,270 | Publix | 10.40 | |||
(2/28/2021) | ||||||||||||
Ross Plaza | Tampa | 1984 / 1996 | 85,359 | 97.9% | 17 | 2 | �� | Ross Dress for Less, Laminate Kingdom | 10.18 | |||
Seven Hills | Spring Hill | 1991 | 64,590 | 100.0% | 12 | 0 | 48,890 | Publix | 9.90 | |||
(9/25/2011) | ||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 100.0% | 22 | 0 | 48,890 | Publix | Bealls Outlet | 10.15 | ||
(12/11/2011) | ||||||||||||
Skipper Palms | Tampa | 1984 | 88,000 | 87.8% | 13 | 4 | 53,440 | Winn-Dixie | 9.12 | |||
(5/31/2016) | ||||||||||||
Summerlin Square | Fort Myers | 1986 / 1998 | 109,156 | 90.5% | 20 | 8 | 45,500 | Winn-Dixie | CVS Pharmacy*, West Marine | 10.11 | ||
(6/4/2011) | ||||||||||||
Venice Plaza | Venice | 1971/ 1979 / 1999 | 148,779 | 84.2% | 14 | 2 | 42,582 | Kash n' Karry | TJ Maxx, Blockbuster | 5.59 | ||
(9/30/2018) | ||||||||||||
Venice Shopping Center | Venice | 1968 / 2000 | 111,934 | 98.1% | 14 | 1 | 44,271 | Publix | Beall's Outlet, Dollar Tree, Wachovia Bank | 5.42 | ||
(12/31/2026) | ||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (79) | 9,251,650 | 96.5% | 1,802 | 159 | 2,833,975 | 53,850 | $ 11.15 | |||||
GEORGIA (24) | ||||||||||||
Atlanta (19) | ||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 91.4% | 26 | 5 | 37,888 | Publix | 14.89 | |||
(1/31/2020) | ||||||||||||
Butler Creek | Acworth | 1990 | 95,597 | 92.5% | 15 | 4 | 59,997 | Kroger | 10.68 | |||
(6/30/2018) | ||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 100.0% | 28 | 0 | 37,366 | Publix | 16.72 | |||
(5/31/2024) | ||||||||||||
Commerce Crossing | Commerce | 1988 | 105,188 | 56.9% | 7 | 4 | 32,000 | Ingles | Fred's Store | 4.70 | ||
(9/26/2009) | ||||||||||||
Douglas Commons | Douglasville | 1988 | 97,027 | 100.0% | 16 | 0 | 59,431 | Kroger | 10.24 | |||
(8/31/2013) | ||||||||||||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 100.0% | 13 | 0 | 54,498 | Kroger | Blockbuster | 11.46 | ||
(9/30/2016) | ||||||||||||
Grassland Crossing | Alpharetta | 1996 | 90,906 | 93.2% | 11 | 3 | 70,086 | Kroger | 11.66 | |||
(6/30/2016) | ||||||||||||
Hairston Center | Decatur | 2000 | 13,000 | 69.2% | 6 | 3 | 15.95 | |||||
Hamilton Ridge | Buford | 2002 | 89,496 | 95.3% | 18 | 2 | 54,166 | Kroger | 12.91 | |||
(11/30/2022) | ||||||||||||
Mableton Crossing | Mableton | 1997 | 86,819 | 100.0% | 17 | 0 | 63,419 | Kroger | 10.40 | |||
(8/31/2017) | ||||||||||||
Macland Pointe | Marietta | 1992-1993 | 79,699 | 98.5% | 16 | 1 | 55,999 | Publix | 9.76 | |||
(12/29/2012) |
Page 26
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
Market Place | Norcross | 1976 | 77,706 | 96.5% | 20 | 3 | Peachtree Cinema | $ 11.06 | ||||
Paulding Commons | Dallas | 1991 | 192,391 | 93.2% | 24 | 7 | 49,700 | Kroger | Kmart | 7.89 | ||
(2/28/2011) | ||||||||||||
Piedmont Peachtree Crossing | Buckhead | 1978 / 1998 | 152,239 | 100.0% | 28 | 0 | 55,520 | Kroger | Cost Plus Store, Binders Art Supplies | 15.77 | ||
(5/31/2010) | ||||||||||||
Powers Ferry Plaza | Marietta | 1979, 1987 / 1998 | 86,473 | 93.2% | 21 | 4 | Micro Center | 10.56 | ||||
Bed Bath & Beyond, GAP, TJ Maxx, Shoe Carnival, Borders, Ross Dress for Less, Marshalls, Carmike Cinema, Office Depot | ||||||||||||
Presidential Markets | Snellville | 1993-2000 | 396,408 | 96.0% | 30 | 5 | 56,146 | Publix | 10.32 | |||
(12/31/2019) | ||||||||||||
Shops of Huntcrest | Lawrenceville | 2003 | 97,040 | 100.0% | 26 | 0 | 54,340 | Publix | 13.68 | |||
(1/31/2023) | ||||||||||||
West Towne Square | Rome | 1988 | 89,596 | 84.1% | 13 | 5 | Big Lots | 5.60 | ||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 100.0% | 27 | 0 | 18.13 | |||||
Central Georgia (3) | ||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 95.3% | 35 | 4 | 45,971 | Bi-Lo | Eckerd, St. Joseph Home Health Care | 8.16 | ||
(3/25/2022) | ||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 69.0% | 22 | 6 | 59,431 | Kroger | JC Penney*, Blockbuster, Fred's Store | 7.74 | ||
(5/31/2014) | ||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 100.0% | 8 | 0 | 32,960 | Harris Teeter* (Omni Fitness) | 9.58 | |||
(4/1/2011) | ||||||||||||
South Georgia (2) | ||||||||||||
Colony Square | Fitzgerald | 1987 | 50,000 | 75.2% | 3 | 4 | 32,200 | Food Lion* (Harvey's) | 5.80 | |||
(12/31/2007) | ||||||||||||
McAlpin Square | Savannah | 1979 | 176,807 | 94.4% | 25 | 2 | 43,600 | Kroger | US Post Office, Big Lots, In Fashion Menswear Outlet | 7.63 | ||
(8/31/2015) | ||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (24) | 2,729,821 | 91.5% | 455 | 62 | 954,718 | 0 | $ 10.50 | |||||
LOUISIANA (14) | ||||||||||||
Ambassador Row | Lafayette | 1980, 1991 | 193,978 | 82.5% | 23 | 3 | Conn's Appliances, Big Lots, Chuck E Cheese, Goody's | 9.02 | ||||
Ambassador Row Courtyard | Lafayette | 1986, 1991 / 2005 | 146,697 | 94.5% | 22 | 1 | Bed Bath & Beyond, Marshall's, Hancock Fabrics, United Training Academy | 9.58 | ||||
Bluebonnet Village | Baton Rouge | 1983 | 90,215 | 98.4% | 19 | 1 | 33,387 | Matherne's | Ace Hardware | 8.52 | ||
(11/30/2010) | ||||||||||||
Boulevard | Lafayette | 1976, 1994 | 68,012 | 95.1% | 13 | 2 | Piccadilly, Harbor Freight Tools, Golfballs.com | 7.39 | ||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 92.3% | 9 | 1 | 33,387 | Winn-Dixie | Dollar General | 5.99 | ||
(1/31/2008) | ||||||||||||
Crossing | Slidell | 1988, 1993 | 113,989 | 95.1% | 12 | 3 | 58,432 | Save A Center | A-1 Home Appliance, Piccadilly | 5.58 | ||
(9/29/2009) | ||||||||||||
Elmwood Oaks | Harahan | 1989 | 133,995 | 88.4% | 9 | 2 | Academy Sports, Dollar Tree, Home Décor | 9.74 | ||||
Grand Marche (ground lease) | Lafayette | 1969 | 200,585 | 100.0% | 1 | 0 | Grand Marche | 0.14 | ||||
Plaza Acadienne | Eunice | 1980 | 105,419 | 52.6% | 6 | 2 | 28,092 | Super 1 Store | Fred's | 4.17 | ||
(6/30/2010) | ||||||||||||
Sherwood South | Baton Rouge | 1972, 1988, 1992 | 77,107 | 100.0% | 9 | 0 | Burke's Outlet, Harbor Freight Tools, Blockbuster, Fred's Store | 6.88 |
Page 27
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
Siegen Village | Baton Rouge | 1988 | 170,416 | 100.0% | 20 | 0 | Office Depot, Big Lots, Dollar Tree, Stage, Party City | $ 8.50 | ||||
Tarpon Heights | Galliano | 1982 | 56,605 | 85.6% | 7 | 3 | CVS Pharmacy, Stage, Dollar General | 4.78 | ||||
Village at Northshore | Slidell | 1988 | 144,638 | 97.8% | 12 | 1 | Marshalls, Dollar Tree, Kirschman's*, Bed Bath & Beyond, Office Depot | 8.38 | ||||
Wal-Mart Mathews | Mathews | 1985 | 54,223 | 100.0% | 1 | 0 | Wal-Mart | 2.90 | ||||
TOTAL SHOPPING CENTERS LOUISIANA (14) | 1,620,565 | 91.7% | 163 | 19 | 153,298 | 0 | $ 6.68 | |||||
MASSACHUSETTS (6) | ||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0% | 1 | 0 | 66,108 | Star Market | 26.89 | |||
(1/2/2016) | ||||||||||||
Medford Shaw's Supermarket | Medford | 1995 | 60,356 | 100.0% | 1 | 0 | 60,356 | Shaw's | 24.04 | |||
(1/1/2016) | ||||||||||||
Plymouth Shaw's Supermarket | Plymouth | 1993 | 59,726 | 100.0% | 1 | 0 | 59,726 | Shaw's | 17.77 | |||
(1/1/2016) | ||||||||||||
Quincy Star Market | Quincy | 1965 / 1995 | 100,741 | 100.0% | 1 | 0 | 100,741 | Star Market | 17.36 | |||
(1/2/2016) | ||||||||||||
Swampscott Whole Foods | Swampscott | 1967 / 2005 | 35,907 | 100.0% | 1 | 0 | 35,907 | Whole Foods | 21.00 | |||
(1/1/2016) | ||||||||||||
West Roxbury Shaw's Plaza | West Roxbury | 1973 / 1995 | 76,316 | 97.2% | 10 | 2 | 54,928 | Shaw's | 23.51 | |||
(1/2/2016) | ||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (6) | 399,154 | 99.5% | 15 | 2 | 377,766 | 0 | $ 21.50 | |||||
MISSISSIPPI (1) | ||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 92.5% | 7 | 1 | Big Lots, Buffalo Wild Wings Gill & Bar | 4.89 | ||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 92.5% | 7 | 1 | 0 | 0 | $ 4.89 | |||||
NORTH CAROLINA (9) | ||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 163,642 | 93.7% | 21 | 3 | Belk's, Goody's, Dollar Tree, Aaron Rents | 6.26 | ||||
Galleria | Wrightsville Beach | 1986, 1990 | 92,114 | 93.1% | 31 | 5 | 28,000 | Harris Teeter | Eckerd | 8.99 | ||
(4/5/2006) | ||||||||||||
Parkwest Crossing | Durham | 1990 | 85,602 | 100.0% | 17 | 0 | 38,052 | Food Lion | 10.29 | |||
(12/14/2010) | ||||||||||||
Plaza North | Hendersonville | 1986 | 47,240 | 40.7% | 6 | 3 | CVS Pharmacy | 7.45 | ||||
Riverview Shopping Center | Durham | 1973 / 1995 | 127,498 | 96.5% | 11 | 2 | 53,538 | Kroger | Upchurch Drugs, Blockbuster, Riverview Galleries | 7.27 | ||
(12/31/2014) | ||||||||||||
Salisbury Marketplace | Salisbury | 1987 | 79,732 | 96.9% | 19 | 1 | 31,762 | Food Lion | 10.14 | |||
(2/11/2023) | ||||||||||||
Shelby Plaza | Shelby | 1972 | 103,200 | 100.0% | 9 | 0 | Big Lots, Aaron Rents, Burke's Outlet, Tractor Supply Company | 3.86 | ||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 98.1% | 11 | 2 | 32,000 | Ingles | Kmart, CVS Pharmacy | 5.83 | ||
(9/29/2012) | ||||||||||||
Willowdaile Shopping Center | Durham | 1986 | 121,376 | 84.0% | 20 | 7 | 53,368 | Harris Teeter | Hall of Fitness | 10.48 | ||
(5/14/2009) | ||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (9) | 969,158 | 92.4% | 145 | 23 | 262,310 | 0 | $ 7.54 |
Page 28
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
SOUTH CAROLINA (8) | ||||||||||||
Belfair Towne Village | Bluffton | 2000-2003 | 125,389 | 100.0% | 29 | 0 | 55,696 | Kroger | Blockbuster | $ 14.21 | ||
(10/31/2019) | ||||||||||||
Lancaster Plaza | Lancaster | 1971 / 1990 | 77,400 | 24.8% | 1 | 3 | 19,200 | Bi-Lo | 3.50 | |||
(9/30/2010) | ||||||||||||
Lancaster Shopping Center | Lancaster | 1963, 1987 | 29,047 | 100.0% | 2 | 0 | Sweet Union Furniture | 2.07 | ||||
North Village Center | North Myrtle Beach | 1984 | 60,356 | 96.8% | 12 | 2 | 24,806 | Bi-Lo | Dollar General, Gold's Gym | 8.60 | ||
(5/31/2009) | ||||||||||||
Sparkleberry Square | Columbia | 1997 / 2004 | 339,051 | 99.9% | 26 | 1 | 67,943 | Kroger | Kohl's, Ross Dress for Less, Circuit City, Bed Bath & Beyond, Petsmart, Pier One | 11.27 | ||
(8/31/2017) | ||||||||||||
Spring Valley | Columbia | 1978 / 1997 | 75,415 | 95.2% | 15 | 3 | 45,070 | Bi-Lo | 9.13 | |||
(12/31/2017) | ||||||||||||
Windy Hill | North Myrtle Beach | 1968 / 1988 | 64,465 | 100.0% | 2 | 0 | Rose's Store, Family Dollar Store | 5.43 | ||||
Woodruff | Greenville | 1995 | 68,055 | 100.0% | 10 | 0 | 47,955 | Publix | Blockbuster | 10.26 | ||
(8/6/2015) | ||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (8) | 839,178 | 92.4% | 97 | 9 | 260,670 | 0 | $ 10.23 | |||||
TENNESSEE (1) | ||||||||||||
Smyrna Village | Smyrna | 1992 | 83,334 | 100.0% | 12 | 0 | 59,214 | Kroger | 8.34 | |||
(2/29/2012) | ||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (1) | 83,334 | 100.0% | 12 | 0 | 59,214 | 0 | $ 8.34 | |||||
TEXAS (32) | ||||||||||||
Dallas (12) | ||||||||||||
** | Creekside | Arlington | 1997 / 1998 | 103,464 | 100.0% | 18 | 0 | 60,932 | Kroger | Hollywood Video | 12.35 | |
(11/30/2021) | ||||||||||||
** | DeSoto Shopping Center | DeSoto | 1996 | 69,090 | 100.0% | 5 | 0 | 58,960 | Tom Thumb | Blockbuster | 9.65 | |
(11/15/2021) | ||||||||||||
** | Green Oaks | Arlington | 1983 | 65,091 | 60.0% | 20 | 14 | 58,000 | Kroger | 11.07 | ||
** | Melbourne Plaza | Hurst | 1983 | 47,517 | 92.9% | 16 | 2 | 11.74 | ||||
** | Minyards | Garland | 2000 | 65,295 | 100.0% | 2 | 0 | 58,695 | Minyards/Sack N Save | 6.12 | ||
(4/30/2020) | ||||||||||||
** | Parkwood | Plano | 1985 | 81,590 | 82.6% | 16 | 4 | 62,000 | Albertsons | Planet Pizza | 13.27 | |
** | Richwood | Richardson | 1984 | 54,871 | 90.4% | 23 | 4 | 61,877 | Albertsons | Blockbuster | 12.71 | |
Rosemeade | Carrollton | 1986 | 51,231 | 33.4% | 8 | 10 | Blockbuster | 12.64 | ||||
** | Southlake Village | Southlake | 1996 | 118,092 | 87.1% | 18 | 4 | 60,932 | Kroger | 12.81 | ||
(10/31/2021) | ||||||||||||
** | Sterling Plaza | Irving | 1989 | 65,765 | 96.7% | 15 | 1 | Bank One, Irving City Library, 99 Cent Only Store | 14.29 | |||
** | Townsend Square | Desoto | 1990 | 146,953 | 86.9% | 30 | 5 | 60,349 | Albertsons | Bealls, Victory Gym, Dollar General, Desoto Children's Academy | 9.08 | |
** | Village by the Park | Arlngton | 1988 | 44,523 | 100.0% | 10 | 0 | Petco, Movie Trading | 17.48 |
Page 29
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
Houston (17) | ||||||||||||
** | Barker Cypress | Houston | 1999 | 66,945 | 85.0% | 11 | 6 | 41,320 | H.E.B. | $ 12.40 | ||
(1/31/2014) | ||||||||||||
** | Beechcrest | Houston | 1981 / 2001 | 90,647 | 100.0% | 15 | 0 | 40,345 | Randall's* | Walgreens* | 8.69 | |
(6/24/2016) | ||||||||||||
** | Benchmark Crossing | Houston | 1986 | 58,384 | 100.0% | 5 | 0 | Bally's Fitness | 13.40 | |||
** | Colony Plaza | Sugarland | 1997 | 26,513 | 95.0% | 14 | 1 | 19.13 | ||||
** | Copperfield | Houston | 1994 | 133,984 | 96.1% | 30 | 3 | JoAnn Fabrics, Dollar Tree, 24 Hour Fitness | 12.43 | |||
** | Forestwood | Houston | 1993 | 88,760 | 95.2% | 15 | 1 | 59,334 | Kroger | Blockbuster | 11.50 | |
(7/31/2013) | ||||||||||||
** | Grogan's Mill | The Woodlands | 1986 | 118,517 | 96.4% | 24 | 2 | 56,558 | Randall's* (99¢ Store) | Petco, Blockbuster | 12.29 | |
(6/24/2016) | ||||||||||||
** | Hedwig | Houston | 1974 | 69,504 | 80.3% | 13 | 1 | Ross Dress for Less | 15.75 | |||
** | Highland Square | Sugarland | 1998 | 64,171 | 99.7% | 27 | 1 | 17.67 | ||||
** | Kirkwood Bissonnet | Houston | 1999 | 15,542 | 49.3% | 6 | 2 | 63,000 | Kroger | 17.00 | ||
** | Market at First Colony | Sugarland | 1988 | 107,301 | 96.5% | 33 | 2 | 62,000 | Kroger | TJ Maxx, CVS Pharmacy | 16.44 | |
** | Mason Park | Katy | 1998 | 160,047 | 94.7% | 36 | 3 | 58,890 | Kroger | Walgreens* (Eloise Collectibles), Palais Royal, Petco, Alamo Cimema | 9.77 | |
** | Mission Bend | Houston | 1980 / 1999 | 131,575 | 84.0% | 21 | 6 | 46,112 | Randall's* | Remarkable Furniture | 8.68 | |
(6/24/2016) | ||||||||||||
** | Spring Shadows | Houston | 1999 | 106,995 | 94.9% | 16 | 2 | 65,161 | H.E.B. | 9.77 | ||
(4/30/2023) | ||||||||||||
** | Steeplechase | Jersey Village | 1985 | 105,152 | 89.0% | 19 | 6 | 56,208 | Randall's | 10.90 | ||
(6/24/2016) | ||||||||||||
** | Sutherland Lumber | Marble Falls | 1985 | 53,571 | 100.0% | 1 | 0 | Sutherland Lumber | 2.82 | |||
** | Westgate | Houston | 1996 / 1998 | 298,354 | 100.0% | 25 | 0 | 75,154 | H.E.B. | Kohl's, Oshman's Sporting Goods, Office Max, Pier One Imports | 11.76 | |
(12/31/2015) | ||||||||||||
San Antonio (3) | ||||||||||||
** | Bandera Festival | San Antonio | 1989 | 195,438 | 93.9% | 34 | 5 | Beall's, Big Lots, Burke's Outlet, Dollar Tree, FWL Furniture | 8.96 | |||
** | Blanco Village | San Antonio | 2000 | 108,325 | 100.0% | 16 | 0 | 74,627 | H.E.B. | 16.10 | ||
(4/30/2015) | ||||||||||||
** | Wurzbach | San Antonio | 1979 | 59,771 | 100.0% | 3 | 0 | Travis Associates | 3.04 | |||
TOTAL SHOPPING CENTERS TEXAS (32) | 2,972,978 | 92.3% | 545 | 85 | 754,338 | 426,116 | $ 11.46 | |||||
VIRGINA (1) | ||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 97.8% | 12 | 2 | 32,000 | Ingles | Wal-Mart | 5.82 | ||
(9/25/2010) | ||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (1) | 126,841 | 97.8% | 12 | 2 | 32,000 | - | $ 5.82 | |||||
TOTAL CORE SHOPPING CENTER PORTFOLIO (178) | 19,399,538 | 94.4% | 3,297 | 368 | 5,804,259 | 479,966 | $ 10.66 |
Page 30
EQUITY ONE, INC. AND SUBSIDIARIES
PROPERTY STATUS REPORT
As of March 31, 2006
Year | Total | number | Supermarket anchor | Average | ||||||||
built / | square footage | Percent | of tenants | owned | shadow | name | base rent | |||||
Property | City | renovated | owned | leased | leased | vacant | SF | SF | expiration date | Other anchor tenants | per leased SF | |
DEVELOPMENTS & REDEVELOPMENTS (11) | ||||||||||||
Chestnut Square | Brevard, NC | 1985 | 39,640 | 91.9% | 5 | 2 | 21,000 | Food Lion* | Dollar General | $ 6.13 | ||
(9/28/2010) | ||||||||||||
Hunters Creek | Orlando, FL | 1998 | 68,032 | 24.7% | 8 | 1 | 19.59 | |||||
Providence Square | Charlotte, NC | 1973 | 85,930 | 93.8% | 20 | 5 | 35,702 | Harris Teeter* | Eckerd | 8.23 | ||
(4/30/2006) | ||||||||||||
River Green | Canton, GA | 2008 Development | 11.2 acres | |||||||||
Shops at St. Lucie | Port St. Lucie, FL | 2006 Development | 4.0 acres | |||||||||
Stanley Market Place | Stanley, NC | 1980, 1987 | 40,400 | 29.7% | 2 | 1 | Family Dollar | 3.99 | ||||
Sunlake Development Parcel | Tampa, FL | TBD | 155.0 acres | |||||||||
Waterlick Plaza | Lynchburg, VA | TBD | 8.0 acres | |||||||||
Wesley Chapel Crossing | Decatur, GA | 1989 | 170,792 | 39.5% | 18 | 8 | 32,000 | Ingles* | CVS Pharmacy | 8.07 | ||
(9/25/2009) | ||||||||||||
Westridge | McDonough, GA | 2006 Development | 12.5 acres | |||||||||
Winchester Plaza | Huntsville, AL | 2006 Development | 33.0 acres | |||||||||
TOTAL DEVELOPMENTS & REDEVELOPMENTS (11) | 404,794 | 52.7% | 53 | 17 | 88,702 | 0 | $ 8.47 | |||||
TOTAL RETAIL PROPERTIES (189) | 19,804,332 | 93.6% | 3,350 | 385 | 5,892,961 | 479,966 | $ 10.63 | |||||
OTHER PROPERTIES (7) | ||||||||||||
4101 South I-85 Industrial | Charlotte, NC | 1956, 1963 | 188,513 | 81.7% | 3 | 6 | 2.73 | |||||
Banco Popular Office Building | Miami, FL | 1971 | 32,737 | 98.1% | 20 | 1 | 22.67 | |||||
Commonwealth II | Jacksonville, FL | 53,598 | 0.0% | 0 | 1 | |||||||
Laurel Walk Apartments | Charlotte, NC | 1985 | 106,480 | 98.7% | 97 | 1 | 7.54 | |||||
Mandarin Mini-storage | Jacksonville, FL | 1982 | 52,880 | 96.7% | 521 | 18 | ||||||
Pinhook Office Building | Lafayette, LA | 1979, 1992 | 4,406 | 49.5% | 1 | 1 | 9.00 | |||||
Prosperity Office Building | Palm Beach Gardens, FL | 3,200 | 0.0% | 0 | 1 | |||||||
GRAND TOTAL (196) | 20,246,146 | 93.2% | 3,992 | 414 | 5,892,961 | 479,966 | $ 10.54 |
Total square footage does not include shadow anchor square footage which is not owned or controlled by Equity One.
* | Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ). |
** | Indicates properties that were classified as held for sale as of March 31, 2006. |
Page 31
EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY STATE
As of March 31, 2006
State | Count | Total SF | # Leased | # Vacant | Leased % | AMR | ||||||
Florida | 80 | 9,319,682 | 1,810 | 160 | 96.0% | $ 99,858,757 | ||||||
Texas | 32 | 2,972,978 | 545 | 85 | 92.3% | 31,459,942 | ||||||
Georgia | 25 | 2,900,613 | 473 | 70 | 88.5% | 26,777,207 | ||||||
Louisiana | 14 | 1,620,565 | 163 | 19 | 91.7% | 9,933,872 | ||||||
Massachusetts | 6 | 399,154 | 15 | 2 | 99.5% | 8,536,701 | ||||||
South Carolina | 8 | 839,178 | 97 | 9 | 92.4% | 7,933,170 | ||||||
North Carolina | 12 | 1,135,128 | 172 | 31 | 90.2% | 7,685,352 | ||||||
Connecticut | 1 | 210,787 | 26 | 2 | 91.3% | 2,086,161 | ||||||
Alabama | 2 | 129,215 | 18 | 4 | 96.9% | 1,038,010 | ||||||
Virginia | 1 | 126,841 | 12 | 2 | 97.8% | 721,599 | ||||||
Tennessee | 1 | 83,334 | 12 | 0 | 100.0% | 695,205 | ||||||
Mississippi | 1 | 66,857 | 7 | 1 | 92.5% | 302,228 | ||||||
Total | 183 | 19,804,332 | 3,350 | 385 | 93.6% | $ 197,028,204 | ||||||
Note: Excludes six development parcels and seven non-retail properties.
Page 32
EQUITY ONE, INC. AND SUBSIDIARIES
LEASING ACTIVITY
For the three months ended March 31, 2006
Renewals | ||||||||||
Average | Average | Annualized | ||||||||
Average | Expiring | New | Minimum | |||||||
# of Leases | Square Feet | Size | Rent psf | Rent psf | Rent | |||||
109 | 406,938 | 3,733 | $10.67 | $11.23 | $4,571,931 | |||||
% Increase psf | 5.2% | |||||||||
Net Increase (AMR) | $228,768 | |||||||||
New Leases | ||||||||||
Average | Annualized | |||||||||
Average | New | Minimum | ||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||
85 | 264,789 | 3,115 | $11.71 | $3,100,878 | ||||||
Lost Leases | ||||||||||
Average | Annualized | |||||||||
Average | Expiring | Minimum | ||||||||
# of Leases | Square Feet | Size | Rent psf | Rent | ||||||
84 | 212,453 | 2,529 | $11.07 | $2,351,496 | ||||||
Net Absorption | 52,336 | New Leases - Lost Leases | ||||||||
Leasing Spread | 5.8% | New Leases versus Lost Leases (rate psf) | ||||||||
Net AMR Gain | $978,150 |
Page 33
EQUITY ONE, INC. AND SUBSIDIARIES
OCCUPANCY STATISTICS
As of March 31, 2006
Note: Reflects those properties held in the core portfolio at the end of each indicated quarter.
Note: Reflects 160 properties owned by Equity One in each of the previous eight quarters.
Page 34
EQUITY ONE, INC. AND SUBSIDIARIES
SAME PROPERTY OCCUPANCY STATISTICS - STATE BREAKOUT
As of March 31, 2006
Note: Reflects 160 properties owned by Equity One in each of the previous eight quarters.
Page 35
EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
As of March 31, 2006
Tenant | Number of stores | Square feet | % of total square feet | Annualized minimum rent | % of total annualized minimum rent | Average annual minimum rent per square foot | |
Top ten tenants | |||||||
Publix | 50 | 2,199,358 | 11.1% | $ 16,129,110 | 8.2% | $ 7.33 | |
Albertsons/Shaw's | 8 | 519,329 | 2.6% | 8,298,732 | 4.2% | 15.98 | |
Kroger | 17 | 990,887 | 5.0% | 8,101,971 | 4.1% | 8.18 | |
Winn Dixie | 14 | 653,987 | 3.3% | 4,462,868 | 2.3% | 6.82 | |
H.E. Butt Grocery | 4 | 256,262 | 1.3% | 2,775,355 | 1.4% | 10.83 | |
Blockbuster | 29 | 171,260 | 0.9% | 2,752,280 | 1.4% | 16.07 | |
Bed Bath & Beyond | 8 | 256,689 | 1.3% | 2,615,820 | 1.3% | 10.19 | |
CVS Pharmacy | 19 | 193,889 | 1.0% | 2,139,358 | 1.1% | 11.03 | |
Safeway/Randalls | 5 | 258,183 | 1.3% | 1,927,503 | 1.0% | 7.47 | |
TJ Maxx / Marshall's | 8 | 239,117 | 1.2% | 1,862,653 | 0.9% | 7.79 | |
Sub-total top ten tenants | 162 | 5,738,961 | 29.0% | $ 51,065,650 | 25.9% | $ 8.90 | |
Remaining tenants | 3,188 | 12,790,349 | 64.6% | 145,962,554 | 74.1% | 11.41 | |
Sub-total all tenants | 3,350 | 18,529,310 | 93.6% | $ 197,028,204 | 100.0% | $ 10.63 | |
Vacant | 385 | 1,275,022 | 6.4% | NA | NA | NA | |
Total including vacant | 3,735 | 19,804,332 | 100.0% | $ 197,028,204 | 100.0% | $ 9.95 |
Note: Excludes six development parcels and seven non-retail properties.
Page 36
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2006
ALL TENANTS | |||||||||||||
Date | Number of tenants | Square feet | Percent of total square feet | Annualized minimum rent at expiration | Percent of total annualized minimum rent | Average annual minimum rent per square foot | |||||||
M-T-M | 108 | 259,906 | 1.3% | $ 2,655,448 | 1.3% | 10.22 | |||||||
2006 | 585 | 1,586,630 | 8.0% | 20,154,997 | 9.9% | 12.70 | |||||||
2007 | 683 | 2,191,844 | 11.1% | 26,920,400 | 13.2% | 12.28 | |||||||
2008 | 685 | 1,998,438 | 10.1% | 26,990,957 | 13.2% | 13.51 | |||||||
2009 | 449 | 1,882,684 | 9.5% | 21,436,808 | 10.5% | 11.39 | |||||||
2010 | 404 | 1,962,153 | 9.9% | 21,961,368 | 10.8% | 11.19 | |||||||
2011 | 137 | 1,333,082 | 6.7% | 12,093,060 | 5.9% | 9.07 | |||||||
2012 | 53 | 960,123 | 4.8% | 8,172,767 | 4.0% | 8.51 | |||||||
2013 | 40 | 749,400 | 3.8% | 7,202,862 | 3.5% | 9.61 | |||||||
2014 | 34 | 778,329 | 3.9% | 6,346,927 | 3.1% | 8.15 | |||||||
2015 | 37 | 707,445 | 3.6% | 7,383,147 | 3.6% | 10.44 | |||||||
Thereafter | 135 | 4,119,276 | 20.7% | 42,792,172 | 21.0% | 10.39 | |||||||
Sub-total / average | 3,350 | 18,529,310 | 93.6% | $ 204,110,913 | 100.0% | $ 11.02 | |||||||
Vacant | 385 | 1,275,022 | 6.4% | NA | NA | NA | |||||||
Total / average | 3,735 | 19,804,332 | 100.0% | $ 204,110,913 | 100.0% | $ 10.31 |
Note: Excludes six development parcels and seven non-retail properties.
Page 37
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2006
ANCHOR TENANTS (SF >= 10,000) | |||||||||||||
Date | Number of tenants | Square feet | Percent of total square feet | Annualized minimum rent at expiration | Percent of total annualized minimum rent | Average annual minimum rent per square foot | |||||||
M-T-M | 4 | 82,246 | 0.7% | $ 518,000 | 0.6% | $ 6.30 | |||||||
2006 | 16 | 406,527 | 3.3% | 2,652,139 | 2.8% | 6.52 | |||||||
2007 | 32 | 820,878 | 6.6% | 5,488,897 | 5.9% | 6.69 | |||||||
2008 | 25 | 591,428 | 4.8% | 3,993,247 | 4.3% | 6.75 | |||||||
2009 | 36 | 1,037,270 | 8.3% | 6,270,963 | 6.7% | 6.05 | |||||||
2010 | 47 | 1,088,692 | 8.8% | 6,668,035 | 7.1% | 6.12 | |||||||
2011 | 34 | 1,071,421 | 8.6% | 7,005,894 | 7.5% | 6.54 | |||||||
2012 | 23 | 844,139 | 6.8% | 5,757,365 | 6.1% | 6.82 | |||||||
2013 | 18 | 663,201 | 5.3% | 5,397,143 | 5.8% | 8.14 | |||||||
2014 | 16 | 702,881 | 5.7% | 4,859,622 | 5.2% | 6.91 | |||||||
2015 | 17 | 631,569 | 5.1% | 5,881,851 | 6.3% | 9.31 | |||||||
Thereafter | 84 | 3,932,717 | 31.7% | 39,151,157 | 41.7% | 9.96 | |||||||
Sub-total / average | 352 | 11,872,969 | 95.5% | $ 93,644,313 | 100.0% | $ 7.89 | |||||||
Vacant | 17 | 563,381 | 4.5% | NA | NA | NA | |||||||
Total / average | 369 | 12,436,350 | 100.0% | $ 93,644,313 | 100.0% | $ 7.53 |
Note: Excludes six development parcels and seven non-retail properties.
Page 38
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
As of March 31, 2006
LOCAL TENANTS (SF < 10,000) | |||||||||||||
Date | Number of tenants | Square feet | Percent of total square feet | Annualized minimum rent at expiration | Percent of total annualized minimum rent | Average annual minimum rent per square foot | |||||||
M-T-M | 104 | 177,660 | 2.4% | $ 2,137,448 | 1.9% | $ 12.03 | |||||||
2006 | 569 | 1,180,103 | 16.0% | 17,502,858 | 15.8% | 14.83 | |||||||
2007 | 651 | 1,370,966 | 18.6% | 21,431,503 | 19.4% | 15.63 | |||||||
2008 | 660 | 1,407,010 | 19.1% | 22,997,710 | 20.8% | 16.35 | |||||||
2009 | 413 | 845,414 | 11.5% | 15,165,845 | 13.7% | 17.94 | |||||||
2010 | 357 | 873,461 | 11.8% | 15,293,333 | 13.8% | 17.51 | |||||||
2011 | 103 | 261,661 | 3.6% | 5,087,166 | 4.6% | 19.44 | |||||||
2012 | 30 | 115,984 | 1.6% | 2,415,402 | 2.2% | 20.83 | |||||||
2013 | 22 | 86,199 | 1.2% | 1,805,719 | 1.6% | 20.95 | |||||||
2014 | 18 | 75,448 | 1.0% | 1,487,305 | 1.3% | 19.71 | |||||||
2015 | 20 | 75,876 | 0.9% | 1,501,296 | 1.4% | 19.79 | |||||||
Thereafter | 51 | 186,559 | 2.5% | 3,641,015 | 3.5% | 19.52 | |||||||
Sub-total / average | 2,998 | 6,656,341 | 90.3% | $ 110,466,600 | 100.0% | $ 16.60 | |||||||
Vacant | 368 | 711,641 | 9.7% | NA | NA | NA | |||||||
Total / average | 3,366 | 7,367,982 | 100.0% | $ 110,466,600 | 100.0% | $ 14.99 |
Note: Excludes six development parcels and seven non-retail properties.
Page 39
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of March 31, 2006
(in thousands, except square footage data)
Project | Location | Project Description | Target Completion Date | Estimated Cost Including Land | Funded as of 03/31/2006 | Balance to Complete | ||||
Developments | ||||||||||
River Green | Canton, GA | 11.2 acres held for future developemnt. Prospecting for tenant(s) | TBD | $ 3,663 | $ 3,663 | $ - | ||||
Shops at St. Lucie | Port St. Lucie, FL | Develop a 20,000 sf retail center, adjacent to our Cashmere Corners property | Second quarter 2006 | 4,945 | 3,386 | 1,559 | ||||
Shops at Skylake | N. Miami Beach, FL | Adding 37,000 sq ft of retail space to existing property | Second quarter 2006 | 6,320 | 5,486 | 834 | ||||
Sunlake | Tampa, FL | 155 acre mixed-use development project | TBD | 23,603 | 14,296 | 9,307 | ||||
Westridge | McDonough, GA | Developing a supermarket anchored center | Second Quarter 2006 | 8,627 | 7,418 | 1,209 | ||||
Winchester Plaza | Huntsville, AL | Developing a supermarket anchored center | Third Quarter 2006 | 11,514 | 4,921 | 6,593 | ||||
Subtotal - Developments | 58,672 | 39,170 | 19,502 | |||||||
Major Redevelopments | ||||||||||
Chestnut Square | Brevard, NC | Redevelopment Existing Center | First Quarter 2007 | 4549 | 193 | 4,356 | ||||
Hunters Creek | Orlando, FL | Redevelopment Existing Center | Fourth Quarter 2006 | 5636 | 5436 | 200 | ||||
Providence Square | Charlotte, NC | Redevelopment Existing Center | TBD | - | - | - | ||||
Stanley Market Place | Stanley, NC | Reconfigure the former Winn Dixie and add 7,000 sq ft of retail space; Approx. 35,000 sq ft has been leased; prospecting for new tenants for the remaining space | First Quarter 2007 | 5,483 | 939 | 4,544 | ||||
Wesley Chapel | Decatur, GA | Reconfigure the former WalMart space into multi-tenant space; prospecting for new tenants | TBD | 4,865 | 4,865 | - | ||||
Subtotal - Major Redevelopments | 20,533 | 11,433 | 9,100 | |||||||
Out parcel Developments/Expansions | ||||||||||
Belfair Towne Village | Bluffton, SC | Adding 41,250 sq ft of retail space to existing property | Fourth quarter 2006 | 4,664 | 1,762 | 2,902 | ||||
Bluebonnet | Baton Rouge, LA | Adding 10,750 sq ft of retail on an out parcel at an existing property | Second quarter 2006 | 1,500 | 1,259 | 241 | ||||
Dolphin Village | St Pete Beach, FL | Future mixed-use development | TBD | 10,554 | 10,554 | - | ||||
Piedmont Peachtree Crossing | Buckhead, GA | Future mixed-use development | TBD | 14,618 | 14,618 | - | ||||
Riverview | Durham, NC | Construction of additional 5,000 sq ft out parcel building has commenced | Second quarter 2006 | 770 | 214 | 556 | ||||
West Roxbury | West Roxbury, MA | Construction of additional 8,000 sq ft out parcel building has commenced | Second quarter 2006 | 430 | 430 | - | ||||
Windy Hill | North Myrtle Beach, SC | Construction of additional 4,000 sq ft out parcel building: prospecting for new tenants | Second quarter 2006 | 687 | 687 | - | ||||
Young Circle | Hollywood, FL | Future mixed-use development | TBD | 10,098 | 10,098 | - | ||||
Subtotal - Out parcel Developments/Expansions | 43,321 | 39,622 | 3,699 | |||||||
All other development activity | 13,979 | 12,559 | 1,420 | |||||||
Total Development Activity - Continuing Operations | 136,505 | 102,784 | 33,721 | |||||||
Development activity for properties held for sale | 8,569 | 8,569 | - | |||||||
Total - All Development Activity | $ 145,074 | $ 111,353 | $ 33,721 |
Page 40
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
As of March 31, 2006
(in thousands, except square footage data)
2006 Acquisition Activity | ||||||||||
Date Purchased | Property Name | City | State | Square Feet/ Acres | Purchase Price | |||||
Jan. 4, 2006 | Dolphin Village | St. Pete Beach | FL | 138,129 | $ 28,000 | |||||
Jan. 12, 2006 | Brookside Plaza | Enfield | CT | 210,787 | 28,500 | |||||
Jan. 26, 2006 | Commonwealth II | Jacksonville | FL | 53,598 | 600 | |||||
Mar. 3, 2006 | Piedmont Peachtree Crossing | Buckhead | GA | 152,239 | 47,950 | |||||
Mar. 20, 2006 | Prosperity Office Building | Palm Beach Gardens | FL | 3,200 | 1,400 | |||||
Total | $ 106,450 | |||||||||
2006 Disposition Activity | ||||||||||
Date Sold | Property Name | City | State | Square Feet/ Acres | Gross Sales Price | Gain on Sale | ||||
Mar. 27, 2006 | Scottsville Square | Bowling Green | KY | 38,450 | $ 2,500 | $ 492 | ||||
Sale of income producing property | 2,500 | 492 | ||||||||
Feb. 22, 2006 | Westridge Out Parcel | McDonough | GA | 1.0 Acres | 875 | 314 | ||||
Total | $ 3,375 | $ 806 | ||||||||
Properties Held for Sale as of March 31, 2006 | ||||||||||
Property Name | City | State | ||||||||
29 property portfolio | Various | Texas | Sold April 2006 | |||||||
Hedwig | Houston | Texas | ||||||||
Sutherland Lumber | Marble Falls | Texas | Sold April 2006 |
Page 41
EQUITY ONE, INC. AND SUBSIDIARIES
ANALYST COVERAGE
As of March 31, 2006
BB&T Capital Markets | Bear Stearns & Co. Inc. | Deutsche Bank Securities Inc. | ||
Stephanie M. Krewson | Ross Smotrich | Louis W. Taylor | ||
804-782-8784 | 212-272-8046 | 212-250-4912 | ||
Rob Whittemore | Amy L. Young, CFA | Christeen Kim | ||
804-782-8796 | 212-272-3523 | 212-250-6771 | ||
Friedman Billings Ramsey | Harris Nesbit | JP Morgan Securities Inc. | ||
Paul Morgan | Paul Adornato | Michael W. Meuller, CFA | ||
703-469-1255 | 212-885-4170 | 212-622-6689 | ||
Michael Blank | Joseph Dazio | |||
703-469-1115 | 212-622-6416 | |||
Raymond James & Associates | Stifel, Nicolaus & Company, Inc. | |||
Paul D. Puryear | David M. Fick, CPA | |||
727-567-2253 | 410-454-5018 | |||
Ken Avalos | Nathen Isbee | |||
727-567-2660 | 410-454-4143 |
Page 42