EXHIBIT 99.2
Equity One, Inc. Supplemental Information Package |
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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
Page 1
SUPPLEMENTAL INFORMATION
June 30, 2007
(unaudited)
TABLE OF CONTENTS
Page | ||
Overview | ||
Analyst Coverage | 3 | |
Disclosures | 4 | |
Summary Financial Results and Ratios | 5 | |
Assets, Liabilities, and Equity | ||
Consolidated Balance Sheet | 6 | |
Market Capitalization | 7 | |
Debt Summary | 8 | |
Debt Maturity Schedule | 9 | |
Income, EBITDA, and FFO | ||
Consolidated Statements of Operations | 10 | |
Pro Forma Financial Information for Discontinued Operations | 11-12 | |
Net Operating Income | 13 | |
EBITDA | 14 | |
Consolidated Statements of Funds from Operations | 15 | |
Additional Disclosures - Funds Available for Distribution | 16 | |
Leasing Data | ||
Tenant Concentration - Top Ten Tenants | 17 | |
Recent Leasing Activity | 18 | |
Shopping Center Lease Expiration Schedule - All Tenants, Anchors, Shops | 19-21 | |
Shopping Center Lease Expiration by Year Graph | 22 | |
Property Data | ||
Annual Minimum Rent of Operating Properties by Metro/Market Breakout | 23 | |
Property Status Report | 24-33 | |
Real Estate Acquisitions and Dispositions | 34 | |
Real Estate Developments and Redevelopments | 35 | |
Debt Schedule Detail | ||
Consolidated Debt Summary - Property Mortgage Detail | 36-38 | |
Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total | 39 |
Page 2
ANALYST COVERAGE | ||||
As of June 30, 2007 | ||||
BB&T Capital Markets | Rob Whittemore | (804) 782-8796 | ||
Bear Stearns | Ross Smotrich | (212) 272-8046 | ||
Amy L. Young, CFA | (212) 272-3523 | |||
BMO Capital Markets | Paul Adornato | (212) 885-4170 | ||
Deutsche Bank Securities | Louis W. Taylor | (212) 250-4912 | ||
Christeen Kim | (212) 250-6771 | |||
Friedman Billings Ramsey | Paul Morgan | (703) 469-1255 | ||
Ron She | (703) 312-9683 | |||
Green Street Advisors | Jim Sullivan | (949) 640-8780 | ||
Nick Vedder | (949) 640-8780 | |||
JP Morgan Securities Inc. | Michael W. Mueller, CFA | (212) 622-6689 | ||
Joseph Dazio | (212) 622-6416 | |||
Merrill Lynch | Craig Schmidt | (212) 449-1944 | ||
Steve Sakwa | (212) 449-0335 | |||
David Wigginton | (212) 449-2729 | |||
Miller Tabak & Co., LLC | Tom Mitchell | (518) 523-3261 | ||
Raymond James & Assoc. | Paul D. Puryear | (727) 567-2253 | ||
Ken Avalos | (727) 567-2660 | |||
Royal Bank of Canada | Richard Moore | (216) 378-7625 | ||
Hua Wang | (216) 378-7631 | |||
Stifel, Nicolaus & Co., Inc. | David M. Fick, CPA | (410) 454-5018 | ||
Nathan Isbee | (410) 454-4143 |
Page 3
EQUITY ONE, INC.
DISCLOSURES
As of June 30, 2007
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, 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, 2006 and Form 10-Q for the period ended June 30, 2007 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 impairment 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 implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves." 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 cash flow 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 4
SUMMARY FINANCIAL RESULTS AND RATIOS
As of June 30, 2007
(in thousands, except per share data)
For the three months ended | For the six months ended | |||||||||||||||
Jun 30, 2007 | Jun 30, 2006 | Jun 30, 2007 | Jun 30, 2006 | |||||||||||||
Summary Financial Results | ||||||||||||||||
Total revenues* | $ | 65,319 | $ | 60,656 | $ | 128,852 | $ | 127,653 | ||||||||
EBITDA | 43,028 | 42,336 | 89,075 | 91,599 | ||||||||||||
Property net operating income* | 48,607 | 44,021 | 94,658 | 92,720 | ||||||||||||
General & administrative expenses (G&A)* - Adjusted (1) (2) | 6,855 | 6,281 | 11,620 | 10,897 | ||||||||||||
Net income | $ | 12,868 | $ | 111,347 | $ | 32,887 | $ | 133,712 | ||||||||
Net income per diluted share (3) | 0.17 | 1.49 | 0.44 | 1.77 | ||||||||||||
Funds from operations (FFO) | $ | 25,189 | $ | 30,763 | $ | 54,889 | $ | 64,703 | ||||||||
FFO per diluted share (4) | 0.34 | 0.41 | 0.74 | 0.86 | ||||||||||||
Total dividends paid per share (5) | $ | 0.30 | $ | 1.30 | $ | 0.60 | $ | 1.60 | ||||||||
Weighted average diluted shares | 74,128 | 75,071 | 74,056 | 75,488 | ||||||||||||
Summary Operating and Financial Ratios | ||||||||||||||||
Operating shopping center portfolio occupancy (see pages 24-33) | 93.9 | % | 95.0 | % | 93.9 | % | 95.0 | % | ||||||||
Same-property NOI growth - cash basis (see page 13) | 4.6 | % | 3.1 | % | NA | NA | ||||||||||
NOI margin (see page 13) | 74.6 | % | 73.1 | % | 74.0 | % | 73.0 | % | ||||||||
Expense recovery ratio* | 91.8 | % | 85.7 | % | 86.3 | % | 84.9 | % | ||||||||
New and renewal rent spread - cash basis (see page 18) | 17.4 | % | NA | (6) | NA | NA | (6) | |||||||||
Adjusted G&A expense to total revenues | 10.5 | % | 10.4 | % | 9.0 | % | 8.5 | % | ||||||||
Debt to market capitalization (see page 7) | 38.1 | % | 36.9 | % | ||||||||||||
EBITDA to interest expense* (see page 14) | 2.5 | 3.2 | 2.7 | 3.3 | ||||||||||||
EBITDA to fixed charges* (see page 14) | 2.2 | 2.7 | 2.3 | 2.8 |
Notes
(1) | G&A expense deducting write-offs of pre-acquisition and pre-development costs and management transitions costs. |
(2) | QTD & YTD amounts include property accounting and management salary and benefit reclassification of approximately $2.0M and $1.6M for six-month period ended June 30, 2007 and 2006, respectively. Reclassification amounts were primarily property accounting salary and associated benefits. |
(3) | Net Income for the three months ended June 30, 2006 includes gains related to the sale of the company's Texas portfolio of $87.1 million for income-producing properties and $5.3 million in land sales. |
(4) | For the three months ended June 30, 2007, gains on land sales included in FFO were $518 ($0.01/sh) compared to $6,937 ($0.09/sh) for the comparable quarter in 2006. For the six months ended June 30, 2007, gains on land sales included in FFO were $1,585 ($0.02/sh) compared to $7,251 ($0.10/sh) for the comparable six month period in 2006. |
(5) | Dividend amounts include a $1.00 per share special dividend paid on June 30, 2006. Payout ratios exclude the $1.00 per share special dividend. |
(6) | Prior period data not presented in similar manner. |
* | The indicated line item includes amounts reported in discontinued operations. |
Page 5
EQUITY ONE, INC.
CONSOLIDATED BALANCE SHEET
As of June 30, 2007
(in thousands, except per share data)
Jun 30, 2007 | Dec 31, 2006 | Dec 31, 2005 | ||||||||||
Assets | ||||||||||||
Properties | ||||||||||||
Income producing | $ | 2,068,895 | $ | 1,896,843 | $ | 1,661,243 | ||||||
Less: accumulated depreciation | (160,426 | ) | (144,825 | ) | (111,031 | ) | ||||||
Rental property | 1,908,469 | 1,752,018 | 1,550,212 | |||||||||
Construction in progress and land held for development | 77,273 | 113,340 | 64,202 | |||||||||
Property held for sale | 12,649 | 20,353 | 282,091 | |||||||||
Properties, net | 1,998,391 | 1,885,711 | 1,896,505 | |||||||||
Cash and cash equivalents | - | - | 102 | |||||||||
Cash held in escrow | 142 | 1,547 | - | |||||||||
Accounts and other receivables, net | 13,577 | 18,967 | 17,600 | |||||||||
Securities | 78,199 | 75,102 | 67,588 | |||||||||
Goodwill | 13,031 | 13,092 | 12,013 | |||||||||
Other assets (1) | 78,136 | 75,356 | 66,073 | |||||||||
Total | $ | 2,181,476 | $ | 2,069,775 | $ | 2,059,881 | ||||||
Liabilities and stockholders' equity | ||||||||||||
Liabilities | ||||||||||||
Mortgage notes payable | $ | 414,242 | $ | 391,647 | $ | 392,480 | ||||||
Mortgage notes payable related to properties held for sale | - | - | 54,445 | |||||||||
Unsecured revolving credit facilities | 6,000 | 76,500 | 93,165 | |||||||||
Unsecured senior notes payable | 741,370 | 591,187 | 465,404 | |||||||||
Total debt | 1,161,612 | 1,059,334 | 1,005,494 | |||||||||
Unamortized premium/discount on notes payable | 11,147 | 10,322 | 15,830 | |||||||||
Total notes payable | 1,172,759 | 1,069,656 | 1,021,324 | |||||||||
Accounts payable and other liabilities (1) | 81,584 | 73,452 | 64,403 | |||||||||
Total liabilities | 1,254,343 | 1,143,108 | 1,085,727 | |||||||||
Minority interest | 989 | 989 | 1,425 | |||||||||
Stockholders' equity | 926,144 | 925,678 | 972,729 | |||||||||
Total | $ | 2,181,476 | $ | 2,069,775 | $ | 2,059,881 | ||||||
(1) | Amounts have been reclassified to conform to the 2007 presentation. |
Page 6
EQUITY ONE, INC.
MARKET CAPITALIZATION
(in thousands, except per share data)
Jun 30, 2007 | Jun 30, 2006 | Dec 31, 2006 | ||||||||||
Closing market price of common stock | $ | 25.55 | $ | 20.90 | $ | 26.66 | ||||||
Common stock shares (in thousands) | ||||||||||||
Basic common shares | 73,114.228 | 73,235.641 | 72,755.717 | |||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares | 615.166 | 401.834 | 381.017 | |||||||||
Walden Woods units (convertible into shares) | 93.656 | 93.656 | 93.656 | |||||||||
Common stock options (treasury method, closing price) | 169.840 | 165.612 | 346.938 | |||||||||
Diluted common shares | 73,992.890 | 73,896.743 | 73,577.328 | |||||||||
Equity market capitalization | $ | 1,890,518 | $ | 1,544,442 | $ | 1,961,572 | ||||||
Total debt (excluding unamortized premium/discount) | $ | 1,161,612 | $ | 952,698 | $ | 1,059,334 | ||||||
Cash and equivalents (including cash held in escrow) | (142 | ) | (47,884 | ) | (1,547 | ) | ||||||
Net debt | 1,161,470 | 904,814 | 1,057,787 | |||||||||
Equity market capitalization | 1,890,518 | 1,544,442 | 1,961,572 | |||||||||
Total market capitalization | $ | 3,051,988 | $ | 2,449,256 | $ | 3,019,359 | ||||||
Net debt to total market capitalization | 38.1 | % | 36.9 | % | 35.0 | % | ||||||
Gross real estate and securities investments | $ | 2,237,351 | $ | 1,961,722 | $ | 2,105,641 | ||||||
Net debt to gross real estate and securities investments | 51.9 | % | 46.1 | % | 50.2 | % | ||||||
Page 7
EQUITY ONE, INC.
DEBT SUMMARY
As of June 30, 2007
(in thousands, except per share data)
Jun 30, 2007 | Dec 31, 2006 | Dec 31, 2005 | ||||||||||
Fixed rate debt | $ | 1,059,242 | $ | 886,647 | $ | 816,925 | ||||||
Fixed rate debt - swapped to variable rate | 96,370 | 96,187 | 95,404 | |||||||||
Variable rate debt - unhedged | 6,000 | 76,500 | 93,165 | |||||||||
Total debt* | $ | 1,161,612 | $ | 1,059,334 | $ | 1,005,494 | ||||||
% Fixed rate debt | 91.2 | % | 83.7 | % | 81.2 | % | ||||||
% Fixed rate debt - swapped to variable rate | 8.3 | % | 9.1 | % | 9.5 | % | ||||||
% Variable rate debt - unhedged | 0.5 | % | 7.2 | % | 9.3 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
% Variable rate debt - total | 8.8 | % | 16.3 | % | 18.8 | % | ||||||
Secured mortgage debt | $ | 414,242 | $ | 391,647 | $ | 446,925 | ||||||
Unsecured debt** | 747,370 | 667,687 | 558,569 | |||||||||
Total debt* | $ | 1,161,612 | $ | 1,059,334 | $ | 1,005,494 | ||||||
% Secured mortgage debt | 35.7 | % | 37.0 | % | 44.4 | % | ||||||
% Unsecured debt | 64.3 | % | 63.0 | % | 55.6 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Total market capitalization (from page 7) | $ | 3,051,988 | $ | 3,019,359 | $ | 2,757,987 | ||||||
% Secured mortgage debt | 13.6 | % | 13.0 | % | 16.2 | % | ||||||
% Unsecured debt | 24.5 | % | 22.1 | % | 20.3 | % | ||||||
Total debt : Total market capitalization | 38.1 | % | 35.1 | % | 36.5 | % | ||||||
Weighted-average interest rate on secured mortgage debt | 7.32 | % | 7.26 | % | 7.19 | % | ||||||
Weighted-average interest rate on senior unsecured notes** | 5.76 | % | 5.67 | % | 5.20 | % | ||||||
Weighted-average interest rate on revolving credit facilities | 5.77 | % | 5.63 | % | 4.68 | % | ||||||
Weighted-average maturity on mortgage debt | 4.8 years | 5.4 years | 5.2 years | |||||||||
Weighted-average maturity on senior unsecured notes | 7.2 years | 7.2 years | 4.6 years |
* | excluding unamortized premium/discount |
** | excluding the effect of interest rate swaps |
Page 8
DEBT MATURITY SCHEDULE
As of June 30, 2007
(in thousands)
Secured Debt | Unsecured Debt | |||||||||||||||||||||||
Maturity schedule | Scheduled | Balloon | Revolving | Senior | Percent of | |||||||||||||||||||
by year | amortization | payments | Credit Facilities (1) | Notes (2) | Total | debt maturing | ||||||||||||||||||
2007 | $ | 38 | $ | 2,864 | $ | - | $ | - | $ | 2,902 | 0.2 | % | ||||||||||||
2008 | 583 | 28,474 | - | - | 29,057 | 2.5 | % | |||||||||||||||||
2009 | 1,828 | 17,926 | 6,000 | 200,000 | 225,754 | 19.4 | % | |||||||||||||||||
2010 | 6,534 | 75,394 | - | - | 81,928 | 7.0 | % | |||||||||||||||||
2011 | 7,109 | 93,433 | - | - | 100,542 | 8.6 | % | |||||||||||||||||
2012 | 5,900 | 40,057 | - | 25,000 | 70,957 | 6.1 | % | |||||||||||||||||
2013 | 5,665 | 32,646 | - | - | 38,311 | 3.3 | % | |||||||||||||||||
2014 | 4,443 | 6,509 | - | - | 10,952 | 0.9 | % | |||||||||||||||||
2015 | 13,860 | 30 | - | 120,000 | 133,890 | 11.5 | % | |||||||||||||||||
2016 | 2,774 | 2,601 | - | 125,000 | 130,375 | 11.2 | % | |||||||||||||||||
Thereafter | 55,397 | 10,177 | - | 275,000 | 340,574 | 29.2 | % | |||||||||||||||||
Total | $ | 104,131 | $ | 310,111 | $ | 6,000 | $ | 745,000 | $ | 1,165,242 | 100.0 | % |
(1) | 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 may be available. |
(2) | Excludes the adjustment attributable to the fair value of the associated interest rate swap. |
Page 9
EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the quarter ended June 30, 2007
(in thousands, except per share data)
Three months ended | Percent | Six months ended | Percent | |||||||||||||||||||||
Jun 30, 2007 | Jun 30, 2006 | Change | Jun 30, 2007 | Jun 30, 2006 | Change | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||
Minimum rent | $ | 49,525 | $ | 43,651 | $ | 97,424 | $ | 85,400 | ||||||||||||||||
Expense recoveries | 14,589 | 12,769 | 27,994 | 24,845 | ||||||||||||||||||||
Percentage rent | 377 | 189 | 1,637 | 1,463 | ||||||||||||||||||||
Property management and leasing services | 149 | 441 | 986 | 596 | ||||||||||||||||||||
Total revenue | 64,640 | 57,050 | 13.3 | % | 128,041 | 112,304 | 14.0 | % | ||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Property operating | 15,515 | 14,725 | 32,169 | 30,025 | ||||||||||||||||||||
Management and leasing services | 180 | 486 | 926 | 563 | ||||||||||||||||||||
Rental property depreciation and amortization | 11,990 | 10,690 | 23,282 | 20,536 | ||||||||||||||||||||
General and administrative | 6,855 | 6,281 | 14,620 | 10,897 | ||||||||||||||||||||
Total costs and expenses | 34,540 | 32,182 | 7.3 | % | 70,997 | 62,021 | 14.5 | % | ||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST AND DISCONTINUED OPERATIONS | 30,100 | 24,868 | 57,044 | 50,283 | ||||||||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||||
Investment income | 551 | 1,113 | 6,758 | 5,765 | ||||||||||||||||||||
Equity in income of unconsolidated joint ventures | - | 1,650 | - | 1,650 | ||||||||||||||||||||
Other income | 46 | 39 | 240 | 389 | ||||||||||||||||||||
Interest expense | (17,223 | ) | (12,945 | ) | (32,980 | ) | (26,917 | ) | ||||||||||||||||
Amortization of deferred financing fees | (424 | ) | (373 | ) | (812 | ) | (718 | ) | ||||||||||||||||
Gain on sale of real estate | 518 | 5,284 | 1,585 | 5,598 | ||||||||||||||||||||
Gain on the sale of fixed assets | (283 | ) | - | (283 | ) | - | ||||||||||||||||||
Loss on extinguishment of debt | - | - | - | (292 | ) | |||||||||||||||||||
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS | 13,285 | 19,636 | 31,552 | 35,758 | ||||||||||||||||||||
Minority interest | (28 | ) | (122 | ) | (56 | ) | (150 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 13,257 | 19,514 | -32.1 | % | 31,496 | 35,608 | -11.5 | % | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Operations of income-producing properties sold or held for sale | (389 | ) | (874 | ) | (329 | ) | 4,905 | |||||||||||||||||
Gain on disposal of income-producing properties | - | 92,707 | 1,720 | 93,199 | ||||||||||||||||||||
Income / (loss) from discontinued operations | (389 | ) | 91,833 | 1,391 | 98,104 | |||||||||||||||||||
NET INCOME (1) | $ | 12,868 | $ | 111,347 | -88.4 | % | $ | 32,887 | $ | 133,712 | -75.4 | % | ||||||||||||
EARNINGS PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | 0.19 | 0.26 | $ | 0.43 | $ | 0.48 | ||||||||||||||||||
Discontinued operations | (0.01 | ) | 1.24 | 0.02 | 1.31 | |||||||||||||||||||
NET INCOME (1) | $ | 0.18 | $ | 1.50 | -88.3 | % | $ | 0.45 | $ | 1.79 | -74.8 | % | ||||||||||||
EARNINGS PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | 0.26 | $ | 0.42 | $ | 0.47 | ||||||||||||||||
Discontinued operations | (0.01 | ) | 1.23 | 0.02 | 1.30 | |||||||||||||||||||
NET INCOME (1) | $ | 0.17 | $ | 1.49 | -88.6 | % | $ | 0.44 | $ | 1.77 | -74.9 | % | ||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||
Basic | 73,101 | 74,359 | 73,038 | 74,753 | ||||||||||||||||||||
Diluted | 74,128 | 75,071 | 74,056 | 75,488 |
Notes
(1) | Net Income for the three months ended June 30, 2006 includes gains related to the sale of the company's Texas portfolio of $87.1 million for income-producing properties and $5.1 million in land sales. |
Page 10
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended June 30, 2007
(in thousands, except per share data)
Three months ended | Six months ended | |||||||||||||||||||||||
Jun 30, 2007 | Jun 30, 2007 | |||||||||||||||||||||||
As | Disc. Ops | Pre SFAS | As | Disc. Ops | Pre SFAS | |||||||||||||||||||
Reported | Total | No. 144 | Reported | Total | No. 144 | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||
Minimum rent | $ | 49,525 | $ | 56 | $ | 49,581 | $ | 97,424 | $ | 146 | $ | 97,570 | ||||||||||||
Expense recoveries | 14,589 | 623 | 15,212 | 27,994 | 665 | 28,659 | ||||||||||||||||||
Percentage rent | 377 | - | 377 | 1,637 | - | 1,637 | ||||||||||||||||||
Property management and leasing services | 149 | - | 149 | 986 | - | 986 | ||||||||||||||||||
Total revenue | 64,640 | 679 | 65,319 | 128,041 | 811 | 128,852 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Property operating | 15,515 | 1,048 | 16,563 | 32,169 | 1,039 | 33,208 | ||||||||||||||||||
Management and leasing services | 180 | - | 180 | 926 | - | 926 | ||||||||||||||||||
Rental property depreciation and amortization | 11,990 | 20 | 12,010 | 23,282 | 101 | 23,383 | ||||||||||||||||||
General and administrative | 6,855 | - | 6,855 | 14,620 | - | 14,620 | ||||||||||||||||||
Total costs and expenses | 34,540 | 1,068 | 35,608 | 70,997 | 1,140 | 72,137 | ||||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST INTEREST AND DISCONTINUED OPERATIONS | 30,100 | (389 | ) | 29,711 | 57,044 | (329 | ) | 56,715 | ||||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||||
Investment income | 551 | - | 551 | 6,758 | - | 6,758 | ||||||||||||||||||
Equity in income of unconsolidated joint ventures | - | - | - | - | - | - | ||||||||||||||||||
Other income | 46 | - | 46 | 240 | - | 240 | ||||||||||||||||||
Interest expense | (17,223 | ) | - | (17,223 | ) | (32,980 | ) | - | (32,980 | ) | ||||||||||||||
Amortization of deferred financing fees | (424 | ) | - | (424 | ) | (812 | ) | - | (812 | ) | ||||||||||||||
Gain on sale of real estate | 518 | - | 518 | 1,585 | - | 1,585 | ||||||||||||||||||
Loss on sale of fixed assets | (283 | ) | - | (283 | ) | (283 | ) | - | (283 | ) | ||||||||||||||
Loss on extinguishment of debt | - | - | - | - | - | - | ||||||||||||||||||
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS | 13,285 | (389 | ) | 12,896 | 31,552 | (329 | ) | 31,223 | ||||||||||||||||
Minority interest | (28 | ) | - | (28 | ) | (56 | ) | - | (56 | ) | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 13,257 | (389 | ) | 12,868 | 31,496 | (329 | ) | 31,167 | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Operations of income-producing properties sold or held for sale | (389 | ) | 389 | - | (329 | ) | 329 | - | ||||||||||||||||
Gain on disposal of income-producing properties | - | - | - | 1,720 | - | 1,720 | ||||||||||||||||||
Income / (loss) from discontinued operations | (389 | ) | 389 | - | 1,391 | 329 | 1,720 | |||||||||||||||||
NET INCOME | $ | 12,868 | $ | - | $ | 12,868 | $ | 32,887 | $ | - | $ | 32,887 |
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.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended June 30, 2007
(in thousands, except per share data)
Three months ended | Six months ended | |||||||||||||||||||||||
Jun 30, 2006 | Jun 30, 2006 | |||||||||||||||||||||||
As | Disc. Ops | Pre SFAS | As | Disc. Ops | Pre SFAS | |||||||||||||||||||
Reported | Total | No. 144 | Reported | Total | No. 144 | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||
Minimum rent | $ | 43,651 | $ | 2,490 | $ | 46,141 | $ | 85,400 | $ | 11,031 | $ | 96,431 | ||||||||||||
Expense recoveries | 12,769 | 1,115 | 13,884 | 24,845 | 4,301 | 29,146 | ||||||||||||||||||
Percentage rent | 189 | 1 | 190 | 1,463 | 17 | 1,480 | ||||||||||||||||||
Property management and leasing services | 441 | - | 441 | 596 | - | 596 | ||||||||||||||||||
Total revenue | 57,050 | 3,606 | 60,656 | 112,304 | 15,349 | 127,653 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Property operating | 14,725 | 1,469 | 16,194 | 30,025 | 4,312 | 34,337 | ||||||||||||||||||
Management and leasing services | 486 | - | 486 | 563 | - | 563 | ||||||||||||||||||
Rental property depreciation and amortization | 10,690 | 803 | 11,493 | 20,536 | 2,996 | 23,532 | ||||||||||||||||||
General and administrative | 6,281 | - | 6,281 | 10,897 | - | 10,897 | ||||||||||||||||||
Total costs and expenses | 32,182 | 2,272 | 34,454 | 62,021 | 7,308 | 69,329 | ||||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST INTEREST AND DISCONTINUED OPERATIONS | 24,868 | 1,334 | 26,202 | 50,283 | 8,041 | 58,324 | ||||||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||||
Investment income | 1,113 | - | 1,113 | 5,765 | - | 5,765 | ||||||||||||||||||
Equity in income of unconsolidated joint ventures | 1,650 | 5 | 1,655 | 1,650 | 5 | 1,655 | ||||||||||||||||||
Other income | 39 | - | 39 | 389 | (86 | ) | 303 | |||||||||||||||||
Interest expense | (12,945 | ) | (232 | ) | (13,177 | ) | (26,917 | ) | (1,064 | ) | (27,981 | ) | ||||||||||||
Amortization of deferred financing fees | (373 | ) | (3 | ) | (376 | ) | (718 | ) | (13 | ) | (731 | ) | ||||||||||||
Gain on sale of real estate | 5,284 | - | 5,284 | 5,598 | - | 5,598 | ||||||||||||||||||
Loss on extinguishment of debt | - | (1,978 | ) | (1,978 | ) | (292 | ) | (1,978 | ) | (2,270 | ) | |||||||||||||
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS | 19,636 | (874 | ) | 18,762 | 35,758 | 4,905 | 40,663 | |||||||||||||||||
Minority interest | (122 | ) | - | (122 | ) | (150 | ) | - | (150 | ) | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 19,514 | (874 | ) | 18,640 | 35,608 | 4,905 | 40,513 | |||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Operations of income-producing properties sold or held for sale | (874 | ) | 874 | - | 4,905 | (4,905 | ) | - | ||||||||||||||||
Gain on disposal of income-producing properties | 92,707 | - | 92,707 | 93,199 | - | 93,199 | ||||||||||||||||||
Income / (loss) from discontinued operations | 91,833 | 874 | 92,707 | 98,104 | (4,905 | ) | 93,199 | |||||||||||||||||
NET INCOME | $ | 111,347 | $ | - | $ | 111,347 | $ | 133,712 | $ | - | $ | 133,712 |
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
NET OPERATING INCOME
For the quarter ended June 30, 2007
(in thousands, except per share data)
Three months ended | Percent | Six months ended | Percent | |||||||||||||||||||||
Jun 30, 2007 | Jun 30, 2006 | Change | Jun 30, 2007 | Jun 30, 2006 | Change | |||||||||||||||||||
Total net operating income (1) | ||||||||||||||||||||||||
Total rental revenue | $ | 65,170 | $ | 60,215 | 8.2 | % | $ | 127,866 | $ | 127,057 | 0.6 | % | ||||||||||||
Property operating expenses | 16,563 | 16,194 | 2.3 | % | 33,208 | 34,337 | (3.3 | %) | ||||||||||||||||
Net operating income | $ | 48,607 | $ | 44,021 | 10.4 | % | $ | 94,658 | $ | 92,720 | 2.1 | % | ||||||||||||
NOI margin (NOI / Total rental revenue) (2) | 74.6 | % | 73.1 | % | 74.0 | % | 73.0 | % | ||||||||||||||||
Same-property NOI (3) | ||||||||||||||||||||||||
Total rental revenue | $ | 53,403 | $ | 52,212 | 2.3 | % | ||||||||||||||||||
Property operating expenses | 15,005 | 15,496 | (3.2 | %) | ||||||||||||||||||||
Net operating income | $ | 38,397 | $ | 36,716 | 4.6 | % | ||||||||||||||||||
Growth in same property NOI | 4.6 | % | ||||||||||||||||||||||
Number of properties included in analysis | 150 | |||||||||||||||||||||||
Same property occupancy | 94.0 | % | 93.3 | % |
(1) | Amounts included in discontinued operations have been included for purposes of this presentation of net operating income. |
(2) | Prior period data not presented in a similar manner. |
(3) | Excludes the effects of straight-line rent, FAS 141 / 142, lease termination fees, and prior year expense recoveries and adjustments, if any. |
Page 13
EQUITY ONE, INC.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)
For the quarter ended June 30, 2007
(in thousands, except per share data)
Three months ended | Six months ended | |||||||||||||||
Jun 30, 2007 | Jun 30, 2006 | Jun 30, 2007 | Jun 30, 2006 | |||||||||||||
Net income | $ | 12,868 | $ | 111,347 | 32,887 | 133,712 | ||||||||||
Rental property depreciation and amortization* | 12,010 | 11,493 | 23,383 | 23,532 | ||||||||||||
Other depreciation and amortization | 192 | 178 | 394 | 342 | ||||||||||||
Interest expense* | 17,223 | 13,177 | 32,980 | 27,981 | ||||||||||||
Amortization of deferred financing fees* | 424 | 376 | 812 | 731 | ||||||||||||
Minority interest* | 28 | 122 | 56 | 150 | ||||||||||||
Gain on sale of income - producing properties | - | (92,707 | ) | (1,720 | ) | (93,199 | ) | |||||||||
Loss on sale of fixed assets | 283 | - | 283 | - | ||||||||||||
Equity in income of unconsolidated joint ventures | - | (1,650 | ) | - | (1,650 | ) | ||||||||||
EBITDA* (1) | $ | $ | $ | $ | ||||||||||||
Interest expense* | $ | 17,223 | $ | 13,177 | $ | 32,980 | $ | 27,981 | ||||||||
EBITDA to interest expense* | 2.5 | 3.2 | 2.7 | 3.3 | ||||||||||||
Fixed charges | ||||||||||||||||
Interest expense* | $ | 17,223 | $ | 13,177 | $ | 32,980 | $ | 27,981 | ||||||||
Scheduled principal amortization (2) | 2,626 | 2,325 | 5,156 | 5,039 | ||||||||||||
Total fixed charges | $ | 19,849 | $ | 15,502 | $ | 38,136 | $ | 33,020 | ||||||||
EBITDA to fixed charges* | 2.2 | 2.7 | 2.3 | 2.8 | ||||||||||||
Total market capitalization (see page 7) | $ | 3,051,988 | $ | 2,449,256 | $ | 3,051,988 | $ | 2,449,256 |
* | The indicated line item includes amounts reported in discontinued operations. |
(1) | For the three months ended June 30, 2007, gains on land sales included in EBITDA were $518 ($0.01/sh) compared to $6,934 ($0.09/sh) for the comparable quarter in 2006. |
For the six months ended June 30, 2007, gains on land sales included in EBITDA were $1,585 ($0.02/sh) compared to $7,248 ($0.10/sh) for the comparable six month period in 2006.
(2) | Excludes balloon payments upon maturity. |
Page 14
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the quarter ended June 30, 2007
(in thousands, except per share data)
Three months ended | Six months ended | |||||||||||||||
Jun 30, 2007 | Jun 30, 2006 | Jun 30, 2007 | Jun 30, 2006 | |||||||||||||
Net income | $ | 12,868 | $ | 111,347 | $ | 32,887 | $ | 133,712 | ||||||||
Adjustments: | ||||||||||||||||
Rental property depriciation and amoritization, including discontinued operations | 12,010 | 11,493 | 23,383 | 23,532 | ||||||||||||
Loss on disposal of fixed assets | 283 | - | 283 | - | ||||||||||||
Gain on disposal of income - producing properties | - | (92,707 | ) | (1,720 | ) | (93,199 | ) | |||||||||
Pro rata share of real estate depreciation from unconsolidated joint venture | - | 508 | - | 508 | ||||||||||||
Minority interest | 28 | 122 | 56 | 150 | ||||||||||||
Funds from operations (1) | $ | $ | $ | $ | ||||||||||||
Change | -18.1 | % | -15.2 | % | ||||||||||||
Earnings per diluted share* | $ | 0.17 | $ | 1.49 | $ | 0.44 | $ | 1.77 | ||||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 0.17 | 0.15 | 0.32 | 0.31 | ||||||||||||
Loss on disposal of fixed assets | 0.00 | - | 0.00 | (1.23 | ) | |||||||||||
Gain on disposal of income - producing properties | - | (1.24 | ) | (0.02 | ) | - | ||||||||||
Pro rata share of real estate depreciation from unconsolidated joint venture | - | 0.01 | - | 0.01 | ||||||||||||
Funds from operations per diluted share (1) | $ | $ | $ | $ | ||||||||||||
Change | -17.1 | % | -13.5 | % | ||||||||||||
Weighted average diluted shares | 74,128 | 75,071 | 74,056 | 75,488 |
Notes
(1) | For the three months ended June 30, 2007, gains on land sales included in FFO were $518 ($0.01/sh) compared to $6,934 ($0.09/sh) for the comparable quarter in 2006. |
For the six months ended June 30, 2007, gains on land sales included in FFO were $1,585 ($0.02/sh) compared to $7,248 ($0.10/sh) for the comparable six month period in 2006. |
* | Earnings per diluted share include the add-back of those minority interests which are convertible to shares of our common stock. |
Page 15
ADDITIONAL DISCLOSURES - FUNDS AVAILABLE FOR DISTRIBUTION
For the quarter ended June 30, 2007
(in thousands, except per share data)
Three months ended | Six months ended | |||||||||||||||
Jun 30, 2007 | Jun 30, 2006 | Jun 30, 2007 | Jun 30, 2006 | |||||||||||||
Funds from operations | $ | 25,189 | $ | 30,763 | $ | 54,889 | $ | 64,703 | ||||||||
Adjust for certain non-cash items: | ||||||||||||||||
Amortization of deferred financing fees | 424 | 376 | 812 | 731 | ||||||||||||
Amortization of above/below market rent intangibles | (1,403 | ) | (773 | ) | (2,337 | ) | (1,296 | ) | ||||||||
Amortization of restricted stock and stock option expense | 1,317 | 1,382 | 3,726 | 2,769 | ||||||||||||
Straight line rents | (687 | ) | (716 | ) | (1,142 | ) | (1,337 | ) | ||||||||
Capitalized interest | (693 | ) | (1,600 | ) | (1,809 | ) | (2,676 | ) | ||||||||
Amortization of debt premium/discount | (541 | ) | (193 | ) | (997 | ) | (3,079 | ) | ||||||||
Pro rate share of unconsolidated joint venture expense | - | (65 | ) | - | (65 | ) | ||||||||||
Total non-cash items | (1,583 | ) | (1,589 | ) | (1,747 | ) | (4,953 | ) | ||||||||
Adjust for recurring capital expenditures: | ||||||||||||||||
Tenant improvements | (1,147 | ) | (1,127 | ) | (1,971 | ) | (1,838 | ) | ||||||||
Leasing commissions and costs | (579 | ) | (787 | ) | (1,862 | ) | (1,864 | ) | ||||||||
Other capital expenditures | (184 | ) | (368 | ) | (688 | ) | (794 | ) | ||||||||
Pro rate share of unconsolidated joint venture expenditures | - | (14 | ) | - | (14 | ) | ||||||||||
Total recurring capital expenditures | (1,910 | ) | (2,296 | ) | (4,521 | ) | (4,510 | ) | ||||||||
Funds available for distribution before debt payments | $ | 21,696 | $ | 26,878 | $ | 48,621 | $ | 55,240 | ||||||||
Funds available for distribution per diluted share | $ | 0.29 | $ | 0.36 | $ | 0.66 | $ | 0.73 | ||||||||
Decrease | -18.3 | % | -10.3 | % | ||||||||||||
Cash dividends (1) | $ | 22,136 | $ | 95,850 | $ | 44,281 | $ | 118,603 | ||||||||
Weighted average diluted shares |
(1) | Dividend amounts include a $1.00 per share special dividend paid on June 30, 2006. |
Page 16
TENANT CONCENTRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2007
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 | 55 | 2,455,772 | 13.6 | % | $ | 19,256,956 | 10.2 | % | $ | 7.84 | ||||||||||||||
Supervalu | 7 | 458,273 | 2.5 | % | 8,302,236 | 4.4 | % | 18.12 | ||||||||||||||||
Kroger | 15 | 809,689 | 4.5 | % | 6,485,754 | 3.4 | % | 8.01 | ||||||||||||||||
Winn Dixie | 15 | 672,537 | 3.7 | % | 4,201,169 | 2.2 | % | 6.25 | ||||||||||||||||
Bed Bath & Beyond | 10 | 321,490 | 1.8 | % | 3,620,831 | 1.9 | % | 11.26 | ||||||||||||||||
TJ Maxx Companies | 10 | 310,658 | 1.7 | % | 2,556,245 | 1.4 | % | 8.23 | ||||||||||||||||
Blockbuster | 25 | 140,924 | 0.8 | % | 2,392,508 | 1.3 | % | 16.98 | ||||||||||||||||
Office Depot, Inc | 7 | 190,206 | 1.1 | % | 2,063,627 | 1.1 | % | 10.85 | ||||||||||||||||
CVS Pharmacy | 16 | 171,404 | 0.9 | % | 2,346,686 | 1.2 | % | 13.69 | ||||||||||||||||
Kmart Corporation | 5 | 439,558 | 2.4 | % | 1,939,705 | 0.9 | % | 4.41 | ||||||||||||||||
Sub-total top ten tenants | 165 | 5,970,511 | 33.0 | % | 53,165,717 | 28.2 | % | $ | 8.90 | |||||||||||||||
Remaining tenants | 2,831 | 10,997,742 | 60.8 | % | 135,267,462 | 71.8 | % | 12.30 | ||||||||||||||||
Sub-total all tenants | 2,996 | 16,968,253 | 93.9 | % | 188,433,179 | 100.0 | % | $ | 11.24 | |||||||||||||||
Vacant | 348 | 1,110,909 | 6.1 | % | NA | NA | NA | |||||||||||||||||
Total including vacant | 3,344 | 18,079,162 | 100.0 | % | $ | 188,433,179 | 100.0 | % | NA |
Note: Excludes developments, redevelopments, and non-retail properties.
Page 17
RECENT LEASING ACTIVITY
For the three months ended June 30, 2007
Category | Total Leases | Sq. Ft. | Prior Cash Rent | New Cash Rent | Cash Rent Spread | Prior GAAP Rent | New GAAP Rent | GAAP Rent Spread | Tenant Improvements | TIs Per Sq. Ft. | ||||||||||||||||||||||||||||||
New Leases (1) | 47 | 181,449 | $ | 7.28 | $ | 8.58 | 17.9 | % | $ | 7.26 | $ | 9.12 | 25.6 | % | $ | 309,243 | $ | 1.70 | ||||||||||||||||||||||
Renewals | 80 | 186,631 | 13.07 | 15.31 | 17.1 | % | 12.50 | 16.08 | 28.6 | % | 55,055 | 0.29 | ||||||||||||||||||||||||||||
Total New & Renewals | 127 | 368,080 | $ | 10.13 | $ | 11.89 | 17.4 | % | $ | 9.82 | $ | 12.52 | 27.5 | % | $ | 364,298 | $ | 0.99 | ||||||||||||||||||||||
Renewals (Excl. Options) | 69 | 122,218 | $ | 15.08 | $ | 18.29 | 21.3 | % | $ | 14.43 | $ | 19.21 | 33.1 | % | $ | 55,055 | $ | 0.45 | ||||||||||||||||||||||
Total New & Renewals (Excl. Options) | 116 | 303,667 | $ | 10.42 | $ | 12.49 | 19.9 | % | $ | 10.15 | $ | 13.18 | 29.9 | % | $ | 364,299 | $ | 1.20 |
(1) | Rent spreads for new leases reflect same-space leasing where amount of rent paid by prior tenant is available. |
Page 18
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2007
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 | 107 | 196,069 | 1.1 | % | $ | 2,970,391 | 1.5 | % | $ | 15.15 | ||||||||||||||
2007 | 357 | 998,700 | 5.5 | % | 12,212,210 | 6.2 | % | 12.23 | ||||||||||||||||
2008 | 593 | 1,685,770 | 9.3 | % | 22,901,450 | 11.7 | % | 13.59 | ||||||||||||||||
2009 | 602 | 2,191,941 | 12.1 | % | 26,174,858 | 13.4 | % | 11.94 | ||||||||||||||||
2010 | 496 | 2,012,518 | 11.1 | % | 23,398,626 | 12.0 | % | 11.63 | ||||||||||||||||
2011 | 373 | 2,124,065 | 11.7 | % | 24,276,380 | 12.4 | % | 11.43 | ||||||||||||||||
2012 | 188 | 1,497,733 | 8.3 | % | 15,095,480 | 7.7 | % | 10.08 | ||||||||||||||||
2013 | 41 | 770,170 | 4.3 | % | 7,542,284 | 3.9 | % | 9.79 | ||||||||||||||||
2014 | 39 | 772,667 | 4.3 | % | 6,400,233 | 3.3 | % | 8.28 | ||||||||||||||||
2015 | 32 | 435,332 | 2.4 | % | 4,619,881 | 2.4 | % | 10.61 | ||||||||||||||||
2016 | 36 | 965,852 | 5.3 | % | 14,044,243 | 7.2 | % | 14.54 | ||||||||||||||||
Thereafter | 132 | 3,317,436 | 18.5 | % | 36,109,825 | 18.3 | % | 10.88 | ||||||||||||||||
Sub-total / average | 2,996 | 16,968,253 | 93.9 | % | 195,745,861 | 100.0 | % | $ | 11.54 | |||||||||||||||
Vacant | 348 | 1,110,909 | 6.1 | % | NA | NA | NA | |||||||||||||||||
Total / average | 3,344 | 18,079,162 | 100.0 | % | $ | 195,745,861 | 100.0 | % | NA |
Note: Excludes developments, redevelopments, and non-retail properties.
Page 19
EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2007
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 | 1 | 22,050 | 0.2 | % | $ | 283,213 | 0.3 | % | $ | 12.84 | ||||||||||||||
2007 | 12 | 300,574 | 2.6 | % | 2,162,636 | 2.3 | % | 7.20 | ||||||||||||||||
2008 | 22 | 518,123 | 4.5 | % | 3,593,102 | 3.9 | % | 6.93 | ||||||||||||||||
2009 | 36 | 990,014 | 8.6 | % | 6,456,126 | 7.0 | % | 6.52 | ||||||||||||||||
2010 | 39 | 1,013,438 | 8.8 | % | 6,213,524 | 6.7 | % | 6.13 | ||||||||||||||||
2011 | 43 | 1,324,384 | 11.5 | % | 9,184,579 | 10.0 | % | 6.93 | ||||||||||||||||
2012 | 32 | 1,114,026 | 9.7 | % | 7,594,762 | 8.2 | % | 6.82 | ||||||||||||||||
2013 | 15 | 637,187 | 5.6 | % | 5,495,425 | 5.9 | % | 8.62 | ||||||||||||||||
2014 | 16 | 693,616 | 6.0 | % | 4,788,277 | 5.2 | % | 6.90 | ||||||||||||||||
2015 | 12 | 368,938 | 3.2 | % | 3,110,511 | 3.4 | % | 8.43 | ||||||||||||||||
2016 | 18 | 900,695 | 7.8 | % | 12,623,659 | 13.7 | % | 14.02 | ||||||||||||||||
Thereafter | 73 | 3,011,958 | 26.4 | % | 30,934,986 | 33.5 | % | 10.27 | ||||||||||||||||
Sub-total / average | 319 | 10,895,003 | 94.9 | % | 92,440,800 | 100.0 | % | $ | 8.48 | |||||||||||||||
Vacant | 21 | 582,451 | 5.1 | % | NA | NA | NA | |||||||||||||||||
Total / average | 340 | 11,477,454 | 100.0 | % | $ | 92,440,800 | 100.0 | % | NA |
Note: Excludes developments, redevelopments, and non-retail properties.
Page 20
EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2007
SHOP 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 | 106 | 174,019 | 2.6 | % | $ | 2,687,178 | 2.6 | % | $ | 15.44 | ||||||||||||||
2007 | 345 | 698,126 | 10.6 | % | 10,049,574 | 9.7 | % | 14.40 | ||||||||||||||||
2008 | 571 | 1,167,647 | 17.7 | % | 19,308,348 | 18.7 | % | 16.54 | ||||||||||||||||
2009 | 566 | 1,201,927 | 18.2 | % | 19,718,732 | 19.1 | % | 16.41 | ||||||||||||||||
2010 | 457 | 999,080 | 15.1 | % | 17,185,102 | 16.6 | % | 17.20 | ||||||||||||||||
2011 | 330 | 799,681 | 12.0 | % | 15,091,801 | 14.6 | % | 18.87 | ||||||||||||||||
2012 | 156 | 383,707 | 5.8 | % | 7,500,718 | 7.2 | % | 19.55 | ||||||||||||||||
2013 | 26 | 132,983 | 2.0 | % | 2,046,859 | 2.0 | % | 15.39 | ||||||||||||||||
2014 | 23 | 79,051 | 1.2 | % | 1,611,956 | 1.6 | % | 20.39 | ||||||||||||||||
2015 | 20 | 66,394 | 1.0 | % | 1,509,370 | 1.5 | % | 22.73 | ||||||||||||||||
2016 | 18 | 65,157 | 0.9 | % | 1,420,584 | 1.4 | % | 21.80 | ||||||||||||||||
Thereafter | 59 | 305,478 | 4.9 | % | 5,174,839 | 5.0 | % | 16.94 | ||||||||||||||||
Sub-total / average | 2,677 | 6,073,250 | 92.0 | % | 103,305,061 | 100.0 | % | $ | 17.01 | |||||||||||||||
Vacant | 327 | 528,458 | 8.0 | % | NA | NA | NA | |||||||||||||||||
Total / average | 3,004 | 6,601,708 | 100.0 | % | $ | 103,305,061 | 100.0 | % | NA |
Note: Excludes developments, redevelopments, and non-retail properties.
Page 21
EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION GRAPH
CONSOLIDATED PROPERTIES
As of June 30, 2007
![](https://capedge.com/proxy/8-K/0001140361-07-015608/barchart.jpg)
Page 22
EQUITY ONE, INC.
ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION
As of June 30, 2007
Metro or Region | # Properties | Total SF | AMR | % of AMR | ||||||||||||
Broward County, FL | 12 | 1,840,441 | $ | 23,941,847 | 12.7 | % | ||||||||||
Miami Dade County, FL | 15 | 1,637,271 | 21,456,064 | 11.4 | % | |||||||||||
Palm Beach County, FL | 11 | 1,183,237 | 14,909,136 | 7.9 | % | |||||||||||
South Florida | 38 | 4,660,949 | 60,307,047 | 32.0 | % | |||||||||||
Atlanta, GA | 20 | 2,328,539 | 26,889,764 | 14.3 | % | |||||||||||
Orlando, FL | 10 | 1,128,994 | 13,034,315 | 6.9 | % | |||||||||||
Tampa- St. Petersburg, FL | 13 | 1,173,986 | 11,083,042 | 5.9 | % | |||||||||||
Naples/Cape Coral/Venice, FL | 8 | 903,723 | 9,181,513 | 4.9 | % | |||||||||||
Jacksonville, FL | 8 | 926,738 | 9,032,699 | 4.8 | % | |||||||||||
Boston, MA | 6 | 401,454 | 8,649,746 | 4.6 | % | |||||||||||
Florida Treasure/Northeast Coast | 8 | 711,278 | 7,487,341 | 4.0 | % | |||||||||||
Columbia, SC | 2 | 414,466 | 4,484,750 | 2.4 | % | |||||||||||
Lafayette, LA | 5 | 714,691 | 3,692,759 | 2.0 | % | |||||||||||
New Orleans, LA | 4 | 458,125 | 3,461,062 | 1.8 | % | |||||||||||
Baton Rouge, LA | 3 | 349,146 | 2,898,317 | 1.5 | % | |||||||||||
Raleigh Durham, NC | 3 | 335,084 | 2,854,564 | 1.5 | % | |||||||||||
Florida Panhandle | 4 | 355,994 | 2,328,044 | 1.2 | % | |||||||||||
Greenville, SC | 2 | 166,832 | 2,190,682 | 1.2 | % | |||||||||||
Hilton Head-Beaufort, SC | 1 | 166,639 | 2,082,295 | 1.1 | % | |||||||||||
Hartford, CT | 1 | 210,588 | 2,102,402 | 1.1 | % | |||||||||||
Other | 28 | 2,671,936 | 16,672,837 | 8.8 | % | |||||||||||
Total | 164 | 18,079,162 | $ | 188,433,179 | 100.0 | % |
Note: Excludes developments, redevelopments, and non-retail properties.
![](https://capedge.com/proxy/8-K/0001140361-07-015608/piechart.jpg)
Page 23
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
Madison Centre | Madison | 1997 | 64,837 | 95.7% | 11 | 2 | 37,912 | Publix | 06/01/17 | Rite Aid | $ 9.58 | |
West Gate Plaza | Mobile | 1974 / 1985 | 64,378 | 98.1% | 7 | 2 | 44,000 | Winn-Dixie | 07/19/15 | Rite Aid | 7.33 | |
Winchester Plaza | Huntsville | 2006 | 78,544 | 88.6% | 14 | 6 | 45,600 | Publix | 08/31/26 | 11.90 | ||
TOTAL SHOPPING CENTERS ALABAMA (3) | 207,759 | 93.7% | 32 | 10 | 127,512 | $ 9.68 | ||||||
CONNECTICUT (1) | ||||||||||||
Brookside Plaza | Enfield | 1985 / 2006 | 210,588 | 88.9% | 24 | 4 | 59,648 | Shaw's | 08/31/10 | Bed Bath & Beyond / Walgreens / Staples / Old Country Buffet | $ 11.22 | |
TOTAL SHOPPING CENTERS CONNECTICUT (1) | 210,588 | 88.9% | 24 | 4 | 59,648 | $ 11.22 | ||||||
FLORIDA (89) | ||||||||||||
Orlando / Central Florida (10) | ||||||||||||
Alafaya Commons | Orlando | 1987 | 126,333 | 100.0% | 30 | - | 54,230 | Publix | 11/30/07 | $ 13.53 | ||
Alafaya Village | Orlando | 1986 | 39,477 | 75.7% | 13 | 2 | Super Saver | (Shadow - dark) | 17.05 | |||
Conway Crossing | Orlando | 2002 | 76,321 | 96.3% | 16 | 2 | 44,271 | Publix | 04/30/22 | 11.99 | ||
Eastwood, Shoppes of | Orlando | 1997 | 69,037 | 100.0% | 13 | - | 51,512 | Publix | 11/01/17 | 11.74 | ||
Hunter's Creek | Orlando | 1998 | 68,204 | 95.6% | 8 | 2 | Office Depot / Lifestyle Family Fitness | 13.04 | ||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 91.9% | 29 | 2 | Party America | 17.42 | ||||
Lake Mary Centre | Orlando | 1988 / 2001 | 342,384 | 96.8% | 66 | 19 | 63,139 | Albertsons | 06/30/12 | Kmart / Lifestyle Fitness Center / Trademark Cinemas | 11.76 | |
Park Promenade | Orlando | 1987 / 2000 | 128,848 | 96.3% | 24 | 2 | Beauty Depot / Orange County Library | 7.85 | ||||
Town & Country | Kissimmee | 1993 | 72,043 | 100.0% | 14 | - | 52,883 | Albertsons* | 10/31/18 | 8.71 | ||
(Ross / DD's Discount) | ||||||||||||
Unigold Shopping Center | Winter Park | 1987 | 117,527 | 100.0% | 25 | - | 52,500 | Winn-Dixie | 04/30/12 | Lifestyle Family Fitness | 11.50 | |
Jacksonville / North Florida (12) | ||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1998 | 100,559 | 94.6% | 23 | 2 | 39,795 | Publix | 10/31/08 | JoAnn Fabric & Crafts | 11.17 | |
Beauclerc Village | Jacksonville | 1962 / 1988 | 70,429 | 84.7% | 9 | 2 | Big Lots / Goodwill / Bealls Outlet | 8.16 |
Page 24
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
Commonwealth | Jacksonville | 1984 / 1998 | 81,467 | 98.4% | 15 | 1 | 48,997 | Winn-Dixie / Save Rite | 02/28/18 | 8.43 | ||
Forest Village | Tallahassee | 2000 | 71,526 | 85.0% | 12 | 4 | 37,866 | Publix | 04/30/20 | 10.22 | ||
Ft. Caroline | Jacksonville | 1985 / 1995 | 74,546 | 96.2% | 11 | 2 | 45,500 | Winn-Dixie | 05/31/15 | Citi Trends | 7.43 | |
Medical & Merchants | Jacksonville | 1993 | 156,153 | 97.0% | 15 | 3 | 55,999 | Publix | 02/10/13 | Memorial Hospital | 12.74 | |
Middle Beach | Panama City Beach | 1994 | 69,277 | 100.0% | 9 | - | 56,077 | Publix | 09/30/14 | 9.72 | ||
Monument Point | Jacksonville | 1985 / 1997 | 75,128 | 94.4% | 11 | 1 | 46,772 | Winn-Dixie | 03/27/10 | CVS Pharmacy | 6.74 | |
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 96.5% | 18 | 1 | 39,795 | Publix | 03/11/10 | Beall's | 7.31 | |
Parkmore Plaza | Milton | 1986 | 159,093 | 99.4% | 12 | 1 | Bealls / Big Lots | 4.90 | ||||
Pensacola Plaza | Pensacola | 1985 | 56,098 | 100.0% | 3 | - | 42,848 | FoodWorld | 12/31/09 | 4.61 | ||
South Beach | Jacksonville Beach | 1990 / 1991 | 289,964 | 96.7% | 46 | 4 | Beall's / Bed/ Bath & Beyond / Home Depot / Stein Mart | 11.81 | ||||
Miami-Dade / Broward / Palm Beach (38) | ||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,282 | 97.7% | 41 | 2 | 44,400 | Winn-Dixie | 12/31/07 | CVS Pharmacy / Bird executive / Goodwill | 15.74 | |
Boca Village | Boca Raton | 1978 | 93,428 | 94.8% | 19 | 2 | 36,000 | Publix | 03/31/12 | CVS Pharmacy | 15.58 | |
Boynton Plaza | Boynton Beach | 1978 / 1999 | 99,324 | 99.0% | 28 | 1 | 37,664 | Publix | 08/31/08 | CVS Pharmacy | 11.90 | |
Bluffs Square | Jupiter | 1986 | 132,395 | 89.8% | 44 | 3 | 39,795 | Publix | 10/22/11 | Walgreens | 13.60 | |
Concord Shopping Plaza | Miami | 1962 / 1992 / 1993 | 298,986 | 100.0% | 24 | - | 119,343 | Winn Dixie | 09/30/09 | Home Depot / Big Lots | 9.88 | |
Coral Reef Shopping Center | Palmetto Bay | 1968 / 1990 | 74,680 | 98.7% | 16 | 1 | Office Depot / ABC Fine Wine and Spirits | 19.59 | ||||
Countryside Shops | Cooper City | 1986 / 1988 / 1991 | 179,561 | 98.4% | 44 | 2 | 39,795 | Publix | 12/04/10 | CVS Pharmacy / Stein Mart | 13.31 | |
Crossroads Square | Pembroke Pines | 1973 | 92,257 | 82.2% | 23 | 4 | CVS Pharmacy | 15.36 | ||||
CVS Plaza | Miami | 2004 | 29,204 | 100.0% | 8 | - | CVS Pharmacy | 16.73 | ||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0% | 1 | - | Jumbo Buffet | 20.00 | ||||
Homestead Gas Station | Homestead | 1959 | 2,136 | 100.0% | 1 | - | 22.41 | |||||
Greenwood | Palm Springs | 1982 / 1994 | 132,325 | 100.0% | 36 | - | 50,032 | Publix | 12/05/14 | Bealls Outlet | 12.45 |
Page 25
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Page 26
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
Tamarac Town Square | Tamarac | 1987 | 127,635 | 94.9% | 36 | 4 | 37,764 | Publix | 12/15/14 | Dollar Tree | 11.12 | |
Waterstone | Homestead | 2005 | 82,531 | 100.0% | 13 | - | 45,600 | Publix | 07/31/25 | Walgreens | 15.12 | |
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 100.0% | 27 | - | 46,216 | Winn-Dixie | 10/31/16 | Navarro Pharmacy | 11.66 | |
Westport Plaza | Davie | 2002 | 49,980 | 93.9% | 7 | 1 | 27,887 | Publix | 11/30/22 | 16.23 | ||
Young Circle | Hollywood | 1962 / 1997 | 65,834 | 96.7% | 8 | 2 | 23,124 | Publix | 11/30/16 | Walgreens | 15.80 | |
Florida Treasure / Northeast Coast (8) | ||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 92,734 | 100.0% | 18 | - | 59,448 | Albertsons | 04/30/25 | 9.71 | ||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 100.0% | 34 | - | 42,112 | Publix | 09/30/12 | Walgreens* (Bealls Outlet) / Bealls Home Outlet | 10.60 | |
Old King Commons | Palm Coast | 1988 | 84,759 | 100.0% | 19 | - | Wal-Mart | 8.62 | ||||
Ryanwood | Vero Beach | 1987 | 114,925 | 97.7% | 30 | 2 | 39,795 | Publix | 03/23/17 | Bealls Outlet / Books-A-Million | 10.52 | |
Salerno Village | Stuart | 1987 | 82,477 | 100.0% | 20 | - | 45,802 | Winn-Dixie | 03/23/24 | CVS Pharmacy | 10.79 | |
Shops at St. Lucie | Port St. Lucie | 2006 | 19,361 | 100.0% | 12 | - | 21.96 | |||||
South Point Center | Vero Beach | 2003 | 64,790 | 94.1% | 13 | 3 | 44,840 | Publix | 11/30/23 | 15.68 | ||
Treasure Coast | Vero Beach | 1983 | 133,781 | 97.5% | 22 | 2 | 59,450 | Publix | 07/31/26 | TJ Maxx | 8.81 | |
Tampa / St. Petersburg / Venice / Cape Coral / Naples (21) | ||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 103,986 | 96.6% | 21 | 3 | 52,610 | Publix | 11/30/21 | Bealls Outlet | 10.10 | |
Carrollwood | Tampa | 1970 / 2002 | 94,203 | 81.1% | 30 | 5 | 27,887 | Publix | 11/30/22 | 13.12 | ||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 97.3% | 22 | 2 | American Signature Furniture / Seafood Buffet | 8.40 | ||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 100.0% | 18 | - | 48,890 | Publix | 05/27/12 | 11.64 | ||
Dolphin Village | St. Pete Beach | 1967 / 1990 | 138,129 | 87.9% | 36 | 11 | 33,238 | Publix | 11/07/13 | Dollar Tree / CVS | 10.98 | |
Lake St. Charles | Tampa | 1999 | 57,015 | 100.0% | 8 | - | 46,295 | Sweet Bay | 06/30/19 | 10.02 | ||
Lutz Lake | Lutz | 2002 | 64,985 | 97.7% | 14 | 1 | 44,270 | Publix | 05/31/22 | 13.99 | ||
Marco Town Center | Marco Island | 2001 | 109,830 | 97.5% | 39 | 3 | 27,887 | Publix | 01/31/18 | 17.16 |
Page 27
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
Mariners Crossing | Spring Hill | 1989 / 1999 | 91,608 | 100.0% | 15 | - | 48,315 | Kash n' Karry | 08/15/20 | 9.28 | ||
Midpoint Center | Cape Coral | 2002 | 75,386 | 100.0% | 10 | - | 60,667 | Publix | 10/31/22 | 12.00 | ||
Pavilion | Naples | 1982 | 167,745 | 95.8% | 38 | 3 | 50,795 | Publix | 02/28/13 | Pavilion 6 Theatre | 14.96 | |
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 86.2% | 16 | 9 | 44,270 | Publix | 02/28/21 | 10.46 | ||
Ross Plaza | Tampa | 1984 / 1996 | 89,859 | 75.6% | 15 | 5 | Ross Dress for Less | 11.61 | ||||
Seven Hills | Spring Hill | 1991 | 72,590 | 95.6% | 16 | 1 | 48,890 | Publix | 09/25/11 | 10.79 | ||
Shoppes of North Port | North Port | 1991 | 84,705 | 100.0% | 21 | - | 48,890 | Publix | 12/11/11 | Bealls Outlet | 10.42 | |
Skipper Palms | Tampa | 1984 | 86,355 | 93.6% | 15 | 2 | 53,440 | Winn-Dixie | 05/31/16 | 9.67 | ||
Summerlin Square | Fort Myers | 1986 / 1998 | 109,156 | 86.8% | 18 | 11 | 45,500 | Winn-Dixie | 06/04/11 | Lee County Sheriff's Office | 10.86 | |
Sunpoint Shopping Center | Ruskin | 1984 | 132,374 | 69.0% | 21 | 3 | Beall's / Goodwill / Ozzie's Buffet | 9.80 | ||||
Venice Plaza | Venice | 1971 / 1979 / 1999 | 148,779 | 89.0% | 14 | 1 | 42,582 | Sweet Bay | 09/30/18 | TJ Maxx / Home Goods / Blockbuster | 5.81 | |
Venice Shopping Center | Venice | 1968 / 2000 | 111,934 | 94.0% | 12 | 3 | 44,271 | Publix | 12/31/26 | Beall's Outlet | 5.39 | |
Walden Woods | Plant City | 1985 / 1998 / 2003 | 75,874 | 89.7% | 13 | 1 | Dollar Tree / Aaron Rents | 7.20 | ||||
TOTAL SHOPPING CENTERS FLORIDA (89) | 9,861,662 | 95.7% | 1,937 | 168 | 3,049,813 | $ 11.91 | ||||||
GEORGIA (25) | ||||||||||||
Atlanta (22) | ||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 97.3% | 28 | 2 | 37,888 | Publix | 01/31/20 | $ 15.26 | ||
Buckhead Station | Atlanta | 1996 | 233,930 | 87.3% | 15 | 4 | Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW | 19.41 | ||||
Butler Creek | Acworth | 1990 | 95,597 | 98.5% | 19 | 1 | 59,997 | Kroger | 06/30/18 | 11.14 | ||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 98.9% | 26 | 1 | 37,366 | Publix | 05/31/24 | 16.62 | ||
Commerce Crossing | Commerce | 1988 | 100,668 | 59.5% | 7 | 4 | 32,000 | Ingles | 09/26/09 | Fred's Store | 4.69 | |
Douglas Commons | Douglasville | 1988 | 97,027 | 96.5% | 15 | 2 | 59,431 | Kroger | 08/31/13 | 9.88 | ||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 97.2% | 13 | 1 | 54,498 | Kroger | 09/30/16 | 11.11 |
Page 28
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
Grassland Crossing | Alpharetta | 1996 | 90,906 | 98.6% | 13 | 1 | 70,086 | Kroger | 06/30/16 | 11.50 | ||
Hairston Center | Decatur | 2000 | 13,000 | 46.2% | 4 | 5 | 14.77 | |||||
Hamilton Ridge | Buford | 2002 | 89,496 | 85.7% | 15 | 5 | 54,166 | Kroger | 11/30/22 | 12.50 | ||
Mableton Crossing | Mableton | 1997 | 86,819 | 96.7% | 15 | 2 | 63,419 | Kroger | 08/31/17 | 10.14 | ||
Macland Pointe | Marietta | 1992-93 | 79,699 | 98.5% | 16 | 1 | 55,999 | Publix | 12/29/12 | 9.86 | ||
Market Place | Norcross | 1976 | 77,706 | 82.2% | 18 | 4 | Peachtree Cinema | 11.63 | ||||
Paulding Commons | Dallas | 1991 | 192,391 | 97.1% | 27 | 3 | 49,700 | Kroger | 02/28/11 | Kmart | 8.01 | |
Piedmont Peachtree Crossing | Buckhead | 1978 / 1998 | 152,239 | 100.0% | 28 | - | 55,520 | Kroger | 05/31/10 | Cost Plus Store / Binders Art Supplies | 16.29 | |
Powers Ferry Plaza | Marietta | 1979 / 1987 / 1998 | 86,473 | 94.3% | 22 | 2 | Micro Center | 10.38 | ||||
Presidential Markets | Snellville | 1993 / 2000 | 396,408 | 95.5% | 32 | 4 | 56,146 | Publix | 12/31/19 | Marshall's / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot | 10.94 | |
Shops of Huntcrest | Lawrenceville | 2003 | 97,040 | 98.5% | 25 | 1 | 54,340 | Publix | 01/31/23 | 13.94 | ||
Shops of Westridge | McDonough | 2006 | 66,297 | 83.1% | 11 | 8 | 38,997 | Publix | 04/30/26 | 13.56 | ||
Wesley Chapel | Decatur | 1989 | 170,792 | 90.0% | 16 | 10 | 32,000 | Ingles* | 09/25/09 | Amazing Adventures / CVS Pharmacy | 6.35 | |
West Towne Square | Rome | 1988 | 89,596 | 83.0% | 12 | 6 | Big Lots | 5.45 | ||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 95.5% | 25 | 2 | 19.13 | |||||
Central / South Georgia (4) | ||||||||||||
Colony Square | Fitzgerald | 1987 | 50,000 | 92.8% | 4 | 2 | 32,200 | Food Lion* | 12/31/07 | 5.83 | ||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 93.5% | 35 | 4 | 45,971 | Bi-Lo | 03/25/22 | St. Joseph Home Health Care | 8.45 | |
McAlpin Square | Savannah | 1979 | 176,807 | 87.1% | 23 | 3 | 43,600 | Kroger | 08/31/15 | Big Lots / US Post Office | 7.65 | |
Spalding Village | Griffin | 1989 | 235,318 | 68.2% | 22 | 6 | 59,431 | Kroger | 05/31/14 | JC Penney* / Blockbuster / Fred's Store | 7.86 | |
Walton Plaza | Augusta | 1990 | 43,460 | 88.3% | 6 | 2 | 32,960 | Harris Teeter* (Omni Fitness) | 04/01/11 | 9.88 | ||
TOTAL SHOPPING CENTERS GEORGIA (25) | 2,917,542 | 92.0% | 464 | 78 | 933,324 | $ 11.10 |
Page 29
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
LOUISIANA (14) | ||||||||||||
Ambassador Row | Lafayette | 1980 / 1991 | 193,978 | 84.1% | 24 | 2 | Conn's Appliances / Big Lots / Chuck E Cheese / Goody's | $ 9.77 | ||||
Ambassador Row Courtyard | Lafayette | 1986 / 1991 / 2005 | 146,697 | 93.6% | 21 | 2 | Bed Bath & Beyond / Marshall's / Hancock Fabrics / United Training Academy / Tuesday Morning | 9.94 | ||||
Bluebonnet Village | Baton Rouge | 1983 | 101,623 | 82.2% | 21 | 3 | 33,387 | Matherne's | 11/30/10 | 10.11 | ||
Boulevard | Lafayette | 1976 / 1994 | 68,012 | 98.4% | 13 | 1 | Piccadilly / Harbor Freight Tools / Golfballs.com | 7.43 | ||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 100.0% | 10 | - | 33,387 | Winn-Dixie | 01/31/08 | 6.21 | ||
Crossing | Slidell | 1988 / 1993 | 114,806 | 91.5% | 11 | 5 | 58,432 | Save A Center | 09/29/09 | A-1 Home Appliance / Piccadilly | 5.39 | |
Elmwood Oaks | Harahan | 1989 | 133,995 | 96.5% | 10 | 1 | Academy Sports / Dollar Tree / Home Décor | 9.62 | ||||
Grand Marche (ground lease) | Lafayette | 1969 | 200,585 | 100.0% | 1 | - | Grand Marche | NA | ||||
Plaza Acadienne | Eunice | 1980 | 105,419 | 49.0% | 4 | 4 | 28,092 | Super 1 Store | 06/30/10 | Fred's | 4.02 | |
Sherwood South | Baton Rouge | 1972 / 1988 / 1992 | 77,107 | 100.0% | 9 | - | Burke's Outlet / Harbor Freight Tools / Fred's Store | 7.05 | ||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 100.0% | 20 | - | Office Depot / Big Lots / Dollar Tree / Stage / Party City | 8.86 | ||||
Tarpon Heights | Galliano | 1982 | 56,605 | 96.5% | 8 | 1 | Stage / Dollar General | 4.96 | ||||
Village at Northshore | Slidell | 1988 | 144,638 | 100.0% | 14 | - | Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot | 8.64 | ||||
Wal-Mart Mathews | Mathews | 1985 | 54,223 | 100.0% | 1 | - | Wal-Mart* | 2.90 | ||||
TOTAL SHOPPING CENTERS LOUISIANA (14) | 1,632,790 | 92.1% | 167 | 19 | 153,298 | $ 8.02 | ||||||
MASSACHUSETTS (7) | ||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0% | 1 | - | 66,108 | Star Market | 01/02/16 | $ 26.89 | ||
Medford Shaw's Supermarket | Medford | 1995 | 62,656 | 100.0% | 2 | - | 60,356 | Shaw's | 01/01/16 | 23.94 | ||
Plymouth Shaw's Supermarket | Plymouth | 1993 | 59,726 | 100.0% | 1 | - | 59,726 | Shaw's | 01/01/16 | 17.77 | ||
Quincy Star Market | Quincy | 1965 / 1995 | 100,741 | 100.0% | 1 | - | 100,741 | Star Market | 01/02/16 | 17.36 | ||
Swampscott Whole Foods | Swampscott | 1967 / 2005 | 35,907 | 100.0% | 1 | - | 35,907 | Whole Foods | 01/01/16 | 21.00 |
Page 30
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
Webster Plaza | Webster | 1963 / 1998 | 201,425 | 97.0% | 13 | 2 | 56,766 | Shaw's | 02/28/23 | K Mart / Family Dollar / Dollar Tree | 7.88 | |
West Roxbury Shaw's Plaza | West Roxbury | 1973 / 1995/ 2006 | 76,316 | 100.0% | 12 | - | 54,928 | Shaw's | 01/02/16 | 23.68 | ||
TOTAL SHOPPING CENTERS MASSACHUSETTS (7) | 602,879 | 99.0% | 31 | 2 | 434,532 | $ 17.07 | ||||||
MISSISSIPPI (1) | ||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 100.0% | 8 | - | Big Lots / Buffalo Wild Wings | $ 6.81 | ||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 100.0% | 8 | - | - | $ 6.81 | ||||||
NORTH CAROLINA (10) | ||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 163,642 | 94.8% | 21 | 3 | Belk's / Goody's / Dollar Tree / Aaron Rents | $ 6.34 | ||||
Galleria | Wrightsville Beach | 1986 / 1990 | 92,114 | 93.5% | 32 | 4 | 28,000 | Harris Teeter* | 04/05/11 | 10.12 | ||
Parkwest Crossing | Durham | 1990 | 85,602 | 100.0% | 17 | - | 38,052 | Food Lion | 12/14/10 | 10.44 | ||
Plaza North | Hendersonville | 1986 | 47,240 | 84.8% | 7 | 3 | Fred's | 6.50 | ||||
. | ||||||||||||
Providence Square | Charlotte | 1973 | 85,930 | 34.4% | 14 | 11 | 9.50 | |||||
Riverview Shopping Center | Durham | 1973 / 1995 | 128,498 | 93.1% | 12 | 4 | 53,538 | Kroger | 12/31/14 | Upchurch Drugs / Riverview Galleries | 7.67 | |
Salisbury Marketplace | Salisbury | 1987 | 79,732 | 91.6% | 17 | 3 | 31,762 | Food Lion | 02/11/23 | 10.50 | ||
Shelby Plaza | Shelby | 1972 | 103,200 | 98.1% | 8 | 1 | Big Lots / Aaron Rents / Burke's Outlet / Tractor Supply Company | 4.15 | ||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 95.2% | 10 | 3 | 32,000 | Ingles | 09/29/12 | Kmart | 5.71 | |
Willowdaile Shopping Center | Durham | 1986 | 120,984 | 83.1% | 18 | 8 | 53,368 | Harris Teeter | 05/14/09 | Hall of Fitness | 10.37 | |
TOTAL SHOPPING CENTERS NORTH CAROLINA (10) | 1,055,696 | 88.3% | 156 | 40 | 236,720 | $ 7.77 | ||||||
SOUTH CAROLINA (9) | ||||||||||||
Belfair Towne Village | Bluffton | 2000 / 2003 / 2006 | 166,639 | 95.3% | 30 | 4 | 55,696 | Kroger | 10/31/19 | Steinmart | $ 13.11 | |
Lancaster Plaza | Lancaster | 1971 / 1990 | 77,400 | 32.6% | 2 | 2 | 19,200 | Bi-Lo | 09/30/10 | 3.62 | ||
Lancaster Shopping Center | Lancaster | 1963 / 1987 | 29,047 | 100.0% | 2 | - | Sweet Union Furniture | 2.07 | ||||
Milestone Plaza | Greenville | 1995 | 98,777 | 98.0% | 11 | 1 | 61,695 | Bi-Lo | 03/31/30 | 15.26 |
Page 31
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
North Village Center | North Myrtle Beach | 1984 | 60,356 | 100.0% | 13 | - | 24,806 | Bi-Lo | 05/31/09 | Dollar General / Gold's Gym | 8.94 | |
Sparkleberry Square | Columbia | 1997 / 2004 | 339,051 | 99.9% | 26 | 1 | 67,943 | Kroger | 08/31/17 | Ross Dress for Less / Circuit City / Bed Bath & Beyond / Petsmart / Pier One / Kohl's | 11.30 | |
Spring Valley | Columbia | 1978 / 1997 | 75,415 | 95.2% | 15 | 3 | 45,070 | Bi-Lo | 12/31/17 | 9.16 | ||
Windy Hill | North Myrtle Beach | 1968 / 1988 / 2006 | 68,465 | 100.0% | 5 | - | Rose's Store / Family Dollar Store | 6.18 | ||||
Woodruff | Greenville | 1995 | 68,055 | 100.0% | 10 | - | 47,955 | Publix | 08/06/15 | 10.49 | ||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (9) | 983,205 | 93.3% | 114 | 11 | 322,365 | $ 10.76 | ||||||
TENNESSEE (1) | ||||||||||||
Smyrna Village | Smyrna | 1992 | 83,334 | 100.0% | 12 | - | 59,214 | Kroger | 02/29/12 | $ 8.42 | ||
TOTAL SHOPPING CENTERS TENNESSEE (1) | 83,334 | 100.0% | 12 | - | 59,214 | $ 8.42 | ||||||
TEXAS (1) | ||||||||||||
Rosemeade | Carrollton | 1986 | 51,231 | 76.9% | 11 | 6 | Russian Banya Family | $ 7.51 | ||||
TOTAL SHOPPING CENTERS TEXAS (1) | 51,231 | 76.9% | 11 | 6 | - | $ 7.51 | ||||||
VIRGINIA (1) | ||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 97.8% | 12 | 2 | 32,000 | Ingles | 09/25/10 | Wal-Mart | $ 5.85 | |
TOTAL SHOPPING CENTERS VIRGINIA (1) | 126,841 | 97.8% | 12 | 2 | 32,000 | $ 5.85 | ||||||
2,996 | 348 | 5,500,817 | $ 11.24 |
Page 32
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
Year | Total | Number | Supermarket anchor | Average | ||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | ||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | per leased SF | |
4101 South I-85 Industrial | Charlotte, NC | 1956 / 1963 | 188,513 | 38.0% | 1 | 8 | ||||||
Banco Popular Office Building | Miami, FL | 1971 | 32,737 | 100.0% | 21 | - | ||||||
Commonwealth II | Jacksonville, FL | 1984 | - | 0.0% | - | - | ||||||
Laurel Walk Apartments | Charlotte, NC | 1985 | 106,480 | 93.6% | 92 | 6 | ||||||
Mandarin Mini-Storage | Jacksonville, FL | 1982 | 475 | |||||||||
Prosperity Office Building | Palm Beach Gdns, FL | 1972 | 3,200 | 0.0% | - | 1 | ||||||
589 | 80 | |||||||||||
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (170) | 18,462,392 | 93.3% | 3,585 | 428 | ||||||||
DEVELOPMENTS, REDEVELOPMENTS & LAND (10) | ||||||||||||
Developments (3) | Various - See Schedule on Page 34 | |||||||||||
Redevelopments (4) | Various - See Schedule on Page 34. Count excludes outparcel project at Mariners Crossing. | |||||||||||
Land Held for Development (3) | Various | |||||||||||
GRAND TOTAL - 180 Properties |
Total square footage does not include shadow anchor square footage that is not owned 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 ( ). |
Page 33
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
As of June 30, 2007
(in thousands, except square foot data)
2007 Acquisition Activity | |||||||||||||||
Date Purchased | Property Name | City | State | Square Feet | Purchase Price | ||||||||||
January 9, 2007 | Concord Shopping Plaza | Miami | FL | 298,986 | $ | 48,433 | |||||||||
February 7, 2007 | Shelby Plaza Land | Shelby | NC | NA | 505 | ||||||||||
February 15, 2007 | Alafaya Commons Outparcel | Orlando | FL | NA | 2,146 | ||||||||||
March 9, 2007 | Buckhead Station | Atlanta | GA | 233,930 | 68,000 | ||||||||||
June 13, 2007 | Shoppes of Sunset | Miami | FL | 21,704 | 5,000 | ||||||||||
June 21, 2007 | Medical & Merchants - Crown Bank Outparcel | Jacksonville | FL | 3,392 | 1,333 | ||||||||||
Total | $ | 125,417 |
2007 Disposition Activity | |||||||||||||||
Date Sold | Property Name | City | State | Square Feet | Gross Sales Price | Gain on Sale | |||||||||
January 11, 2007 | Pinhook Plaza Office Building | Lafayette | LA | 4,406 | $ | 350 | $ | 266 | |||||||
March 14, 2007 | Eustis Square Shopping Center | Eustis | FL | 126,791 | 7,100 | 1,454 | |||||||||
Sale of income producing property | $ | 7,450 | $ | 1,720 | |||||||||||
March 22, 2007 | Venice Plaza Outparcel | Venice | FL | N/A | $ | 1,500 | $ | 1,028 | |||||||
June 13, 2007 | Shops at Hampton Oaks Outparcel | Atlanta | GA | N/A | 1,300 | 303 | |||||||||
June 29, 2007 | Winchester Plaza Outparcel | Huntsville | AL | N/A | 550 | 254 | |||||||||
Sale of real estate | $ | 3,350 | $ | 1,585 | |||||||||||
Total - income producing and real estate | $ | 10,800 | $ | 3,305 |
Properties Held for Sale as of June 30, 2007 | |||||||||||||||
Property Name | City | State | |||||||||||||
4101 South I-85 Industrial | Charlotte | NC | |||||||||||||
Lancaster Plaza | Lancaster | SC | |||||||||||||
Shops of Hampton Oaks Outparcel (1) | Atlanta | GA | |||||||||||||
Sunlake Land Parcel (1) | Tampa | FL | |||||||||||||
Winchester Plaza Outparcel (1) | Huntsville | AL | |||||||||||||
Notes
(1) | A portion of this property is held for sale. |
Page 34
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of June 30, 2007
(in thousands, except square footage data)
Project | Location | Project GLA* | Anchors | Target Stabilization Date | Estimated Gross Cost (1) | Estimated Net Cost (2) | Funded as of 06/30/07 | Balance to Complete (Gross Cost) | ||||||||||||||||||
Developments | ||||||||||||||||||||||||||
Shops at Hampton Oaks | South Fulton, GA (Atlanta) | 21,000 | CVS (not owned) | 3Q08 | 8,439 | 4,704 | 2,718 | 5,721 | ||||||||||||||||||
Sunlake (3) (4) | Tampa, FL | 110,000 | Publix | 4Q08 | 37,604 | 23,523 | 16,446 | 21,158 | ||||||||||||||||||
River Green | Canton, GA (Atlanta) | 59,997 | CVS (not owned) | 2009 / 2010 | 10,803 | 8,811 | 2,956 | 7,847 | ||||||||||||||||||
Subtotal | 190,997 | $ | 56,845 | $ | 37,038 | $ | 22,119 | $ | 34,727 | |||||||||||||||||
Redevelopments / Expansions / Outparcels | ||||||||||||||||||||||||||
Stanley Market Place | Stanley, NC | 41,228 | Food Lion | 3Q07 | $ | 6,356 | $ | 5,979 | $ | 5,317 | $ | 1,039 | ||||||||||||||
Chapel Trail | Pembroke Pines, FL | 51,703 | LA Fitness | 4Q07 | 11,463 | 11,463 | 9,746 | 1,717 | ||||||||||||||||||
Chestnut Square | Brevard, NC | 14,550 | Walgreen's | 1Q08 | 5,401 | 5,251 | 2,334 | 3,067 | ||||||||||||||||||
Mariners Crossing - Outparcel | Spring Hill, FL (Tampa) | 6,300 | NA (outparcel) | 2Q08 | 1,494 | 1,494 | 369 | 1,125 | ||||||||||||||||||
Mandarin Landing | Jacksonville, FL | 54,500 | Whole Foods | 1Q09 | 8,208 | 8,058 | 2,665 | 5,542 | ||||||||||||||||||
Subtotal | 168,281 | $ | 32,922 | $ | 32,245 | $ | 20,432 | $ | 12,490 | |||||||||||||||||
Total Development Activity | 359,278 | $ | 89,768 | $ | 69,284 | $ | 42,551 | $ | 47,217 |
Project notes
(1) | Includes actual / allocated cost of land. |
(2) | After sales of outparcels / land and after construction cost reimbursements. |
(3) | Being developed in a JV. Equity One funds all capital, on which it receives an 8% preferred return and receives 60% of residual cash flow. |
(4) | Indicates a portion of this property is classified as held for sale as of June 30, 2007. |
* | Project GLA is subject to change based upon changes related to build-to-suit requests and other tenant driven changes. |
Page 35
CONSOLIDATED DEBT SUMMARY
As of June 30, 2007
(in thousands)
Debt Instrument | Maturity date | Rate (1) | Jun 30, 2007 balance | Dec 31, 2006 balance | Percent of debt maturing | ||||||||||||
Mortgage debt | |||||||||||||||||
Rosemeade | 12/01/07 | 8.295 | % | $ | 2,902 | $ | 2,947 | 0.25 | % | ||||||||
Mariners Crossing | 03/01/08 | 7.080 | % | 3,194 | 3,224 | 0.27 | % | ||||||||||
Commonwealth | 03/15/08 | 7.000 | % | 2,303 | 2,374 | 0.20 | % | ||||||||||
Pine Island/Ridge Plaza | 07/01/08 | 6.910 | % | 23,560 | 23,781 | 2.01 | % | ||||||||||
North Port Shopping Center | 02/08/09 | 6.650 | % | 3,729 | 3,788 | 0.32 | % | ||||||||||
Prosperity Centre | 03/01/09 | 7.875 | % | 4,966 | 5,193 | 0.42 | % | ||||||||||
Ibis Shopping Center | 09/01/09 | 6.730 | % | 5,187 | 5,294 | 0.44 | % | ||||||||||
Tamarac Town Square | 10/01/09 | 9.190 | % | 5,873 | 5,927 | 0.50 | % | ||||||||||
Park Promenade | 02/01/10 | 8.100 | % | 6,060 | 6,100 | 0.52 | % | ||||||||||
Skipper Palms | 03/01/10 | 8.625 | % | 3,436 | 3,456 | 0.29 | % | ||||||||||
Jonathan's Landing | 05/01/10 | 8.050 | % | 2,773 | 2,793 | 0.24 | % | ||||||||||
Bluff's Square | 06/01/10 | 8.740 | % | 9,760 | 9,815 | 0.83 | % | ||||||||||
Kirkman Shoppes | 06/01/10 | 8.740 | % | 9,217 | 9,268 | 0.79 | % | ||||||||||
Ross Plaza | 06/01/10 | 8.740 | % | 6,428 | 6,464 | 0.55 | % | ||||||||||
Shoppes of Andros Isle | 06/10/10 | 7.900 | % | 6,341 | 6,419 | 0.54 | % | ||||||||||
Boynton Plaza | 07/01/10 | 8.030 | % | 7,213 | 7,259 | 0.62 | % | ||||||||||
Pointe Royale | 07/15/10 | 7.950 | % | 3,570 | 3,724 | 0.30 | % | ||||||||||
Shops at Skylake | 08/01/10 | 7.650 | % | 13,228 | 13,453 | 1.13 | % | ||||||||||
Parkwest Crossing | 09/01/10 | 8.100 | % | 4,556 | 4,584 | 0.39 | % | ||||||||||
Spalding Village | 09/01/10 | 8.190 | % | 9,346 | 9,538 | 0.80 | % | ||||||||||
Charlotte Square | 02/01/11 | 9.190 | % | 3,361 | 3,402 | 0.29 | % | ||||||||||
Forest Village | 04/01/11 | 7.270 | % | 4,303 | 4,333 | 0.37 | % | ||||||||||
Boca Village | 05/01/11 | 7.200 | % | 7,956 | 8,011 | 0.68 | % | ||||||||||
MacLand Pointe | 05/01/11 | 7.250 | % | 5,620 | 5,659 | 0.48 | % |
Page 36
CONSOLIDATED DEBT SUMMARY
As of June 30, 2007
(in thousands)
Debt Instrument | Maturity date | Rate (1) | Jun 30, 2007 balance | Dec 31, 2006 balance | Percent of debt maturing | ||||||||||||
Pine Ridge Square | 05/01/11 | 7.020 | % | $ | 7,039 | $ | 7,090 | 0.60 | % | ||||||||
Sawgrass Promenade | 05/01/11 | 7.200 | % | 7,956 | 8,011 | 0.68 | % | ||||||||||
Presidential Markets | 06/01/11 | 7.650 | % | 26,394 | 26,561 | 2.25 | % | ||||||||||
Lake Mary | 11/01/11 | 7.250 | % | 23,564 | 23,720 | 2.01 | % | ||||||||||
Lake St. Charles | 11/01/11 | 7.130 | % | 3,717 | 3,743 | 0.32 | % | ||||||||||
Belfair Towne Village | 12/01/11 | 7.320 | % | 10,634 | 10,755 | 0.91 | % | ||||||||||
Marco Town Center | 01/01/12 | 6.700 | % | 8,142 | 8,236 | 0.69 | % | ||||||||||
Riverside Square | 03/01/12 | 9.190 | % | 7,280 | 7,347 | 0.62 | % | ||||||||||
Cashmere Corners | 11/01/12 | 5.880 | % | 4,855 | 4,916 | 0.41 | % | ||||||||||
Eastwood | 11/01/12 | 5.880 | % | 5,785 | 5,857 | 0.49 | % | ||||||||||
Meadows Shopping Center | 11/01/12 | 5.870 | % | 6,079 | 6,155 | 0.52 | % | ||||||||||
Sparkleberry Square (2) | 11/30/12 | 6.170 | % | 6,315 | 6,389 | 0.54 | % | ||||||||||
Lutz Lake | 12/01/12 | 6.280 | % | 7,500 | 7,500 | 0.64 | % | ||||||||||
Midpoint Center | 07/10/13 | 5.770 | % | 6,634 | 6,714 | 0.57 | % | ||||||||||
Buckhead Station | 09/01/13 | 6.880 | % | 27,616 | - | 2.35 | % | ||||||||||
Alafaya Village | 11/11/13 | 5.990 | % | 4,061 | 4,090 | 0.35 | % | ||||||||||
Summerlin Square | 02/01/14 | 6.750 | % | 2,844 | 3,010 | 0.24 | % | ||||||||||
South Point | 07/10/14 | 5.720 | % | 8,108 | 8,198 | 0.69 | % | ||||||||||
Bird Ludlum | 02/15/15 | 7.680 | % | 7,954 | 8,328 | 0.68 | % | ||||||||||
Treasure Coast Plaza | 04/01/15 | 8.000 | % | 3,751 | 3,920 | 0.32 | % | ||||||||||
Shoppes of Silverlakes | 07/01/15 | 7.750 | % | 2,184 | 2,280 | 0.19 | % | ||||||||||
Grassland Crossing | 12/01/16 | 7.870 | % | 5,375 | 5,473 | 0.46 | % | ||||||||||
Mableton Crossing | 08/15/18 | 6.850 | % | 3,795 | 3,852 | 0.32 | % | ||||||||||
Sparkleberry Square (2) | 06/30/20 | 6.750 | % | 7,128 | 7,297 | 0.61 | % | ||||||||||
BridgeMill | 05/05/21 | 7.940 | % | 8,932 | 9,033 | 0.76 | % |
Page 37
Debt Instrument | Maturity date | Rate (1) | Jun 30, 2007 balance | Dec 31, 2006 balance | Percent of debt maturing | ||||||||||||
Westport Plaza | 08/24/23 | 7.490 | % | $ | 4,628 | $ | 4,681 | 0.39 | % | ||||||||
Chastain Square | 02/28/24 | 6.500 | % | 3,550 | 3,608 | 0.30 | % | ||||||||||
Daniel Village | 02/28/24 | 6.500 | % | 3,881 | 3,943 | 0.33 | % | ||||||||||
Douglas Commons | 02/28/24 | 6.500 | % | 4,624 | 4,699 | 0.39 | % | ||||||||||
Fairview Oaks | 02/28/24 | 6.500 | % | 4,376 | 4,447 | 0.37 | % | ||||||||||
Madison Centre | 02/28/24 | 6.500 | % | 3,550 | 3,608 | 0.30 | % | ||||||||||
Paulding Commons | 02/28/24 | 6.500 | % | 6,027 | 6,126 | 0.51 | % | ||||||||||
Siegen Village | 02/28/24 | 6.500 | % | 3,922 | 3,985 | 0.33 | % | ||||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500 | % | 3,096 | 3,147 | 0.26 | % | ||||||||||
Webster Plaza | 08/15/24 | 8.070 | % | 8,064 | 8,122 | 0.69 | % | ||||||||||
Total mortgage debt (59 loans outstanding) | 7.315 | % | $ | 414,242 | $ | 391,647 | 35.32 | % | |||||||||
Net interest premium/(discount) | (wtd-avg interest rate) | 11,500 | 10,463 | 0.98 | % | ||||||||||||
Total mortgage debt (including net interest premium/discount) | $ | 425,742 | $ | 402,110 | 36.30 | % |
Page 38
Debt Instrument | Maturity date | Rate (1) | Jun 30, 2007 balance | Dec 31, 2006 balance | Percent of debt maturing | ||||||||||||
Unsecured senior notes payable | |||||||||||||||||
3.875% senior notes (3) | 04/15/09 | 3.875 | % | $ | 200,000 | $ | 200,000 | 17.05 | % | ||||||||
Fair value of $100MM fixed-to-floating interest rate swap | 04/15/09 | 6-month Libor + 0.4375% | (3,630 | ) | (3,813 | ) | (0.31 | %) | |||||||||
7.84% senior notes | 01/23/12 | 7.840 | % | 25,000 | 25,000 | 2.13 | % | ||||||||||
5.375% senior notes | 10/15/15 | 5.375 | % | 120,000 | 120,000 | 10.23 | % | ||||||||||
6.00% senior notes | 09/15/16 | 6.000 | % | 125,000 | 125,000 | 10.66 | % | ||||||||||
6.25% senior notes | 01/15/17 | 6.250 | % | 125,000 | 125,000 | 10.66 | % | ||||||||||
6.00% senior notes | 09/15/17 | 6.000 | % | 150,000 | - | 12.79 | % | ||||||||||
Total unsecured senior notes payable | 5.761 | % | $ | 741,370 | $ | 591,187 | 63.22 | % | |||||||||
Net interest premium/(discount) | (wtd-avg maturity) | (wtd-avg interest rate) | (353 | ) | (141 | ) | (0.03 | %) | |||||||||
Total unsecured senior notes payable (including net interest premium/discount) | $ | 741,017 | $ | 591,046 | 63.19 | % | |||||||||||
Revolving credit facilities | |||||||||||||||||
$275MM Wells Fargo Unsecured | 01/17/09 | 5.770 | % | $ | 6,000 | $ | 76,500 | 0.51 | % | ||||||||
$5MM City National Bank Unsecured | 05/11/07 | N/A | - | - | 0.00 | % | |||||||||||
Total revolving credit facilities | $ | 6,000 | $ | 76,500 | 0.51 | % | |||||||||||
Total debt | $ | 1,161,612 | $ | 1,059,334 | 99.05 | % | |||||||||||
Net interest premium/(discount) | 11,147 | 10,322 | 0.95 | % | |||||||||||||
Total debt (including net interest premium/discount) | $ | 1,172,759 | $ | 1,069,656 | 100.00 | % | |||||||||||
Senior Unsecured Debt Ratings | |||||||||||||||||
Moody's | Baa3 (Positive) | Baa3 (Positive) | |||||||||||||||
S&P | BBB- (Positive) | BBB- (Positive) |
(1) | The rate in effect on March 31, 2007 |
(2) | Sparkleberry Square is encumbered by two separate mortgages |
(3) | $100,000 of the outstanding balance has been swapped to a floating interest rate based on a six month LIBOR in arrears, plus 0.4375%. The indicated rate and the weighted rate for the unsecured notes does not reflect the effect of the interest rate swap. |
Page 39