Exhibit 99.2
Equity One, Inc. |
Supplemental Information Package |
December 31, 2010
![](https://capedge.com/proxy/8-K/0001140361-11-011519/logo.jpg)
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
Equity One, Inc.
SUPPLEMENTAL INFORMATION
December 31, 2010
(unaudited)
TABLE OF CONTENTS
Page | |
Overview | |
Analyst Coverage | 3 |
Disclosures | 4 |
Summary Financial Results and Ratios | 5 |
Assets, Liabilities, and Equity | |
Condensed Consolidated Balance Sheets | 6 |
Market Capitalization | 7 |
Debt Summary | 8 |
Consolidated Debt Maturity Schedule | 9 |
Income, EBITDA, and FFO | |
Condensed Consolidated Statements of Income | 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 | 16 |
Leasing Data | |
Tenant Concentration - Top Twenty Tenants | 17 |
Recent Leasing Activity | 18 |
Shopping Center Lease Expiration Schedule - All Tenants, Anchors, Shops | 19-21 |
Shopping Center Lease Expiration Graph | 22 |
Property Data | |
Annual Minimum Rent of Operating Properties by Metro/Region Breakout | 23 |
Property Status Report | 24-32 |
Real Estate Acquisitions and Dispositions | 33 |
Real Estate Developments and Redevelopments | 34 |
Debt Schedule Detail | |
Consolidated Debt Summary - Property Mortgage Detail | 35-36 |
Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total | 37 |
Joint Venture Supplemental Data | 38-45 |
Page 2
EQUITY ONE, INC
ANALYST COVERAGE
As of December 31, 2010
Barclays Capital | Ross Smotrich | (212) 526-2306 |
Ryan Bennett | (212) 526-5309 | |
BMO Capital Markets | Paul Adornato | (212) 885-4170 |
Citigroup Global Markets | Michael Bilerman | (212) 816-1383 |
Quentin Velleley | (212) 816-6981 | |
Cowen & Company | James Sullivan | (646) 562-1380 |
Credit Suisse | Andrew Rosivach | (415) 249-7942 |
Deutsche Bank | Vin Chao | (212) 250-6799 |
Green Street Advisors | Laura Clark | (949) 640-8780 |
ISI Group | Steve Sakwa | (212) 446-9462 |
Samit Parikh | (212) 888-3796 | |
JP Morgan Securities Inc. | Michael W. Mueller, CFA | (212) 622-6689 |
Joseph Dazio | (212) 622-6416 | |
Keefe, Bruyette & Woods | Benjamin Yang | (415) 591-1631 |
Macquarie Capital (USA) Inc. | Ki Bin Kim | (212) 231-6386 |
Bank of America/Merrill Lynch | Craig Schmidt | (646) 855-3640 |
Morgan Stanley | Paul Morgan | (212) 761-8576 |
Raymond James & Assoc. | Paul D. Puryear | (727) 567-2253 |
R.J. Milligan | (727) 567-2660 | |
Royal Bank of Canada | Richard Moore | (440) 715-2646 |
Wes Golladay | (440) 715-2650 | |
Stifel, Nicolaus & Co., Inc. | Nathan Isbee | (443) 224-1346 |
Miller Tabak | Tom Mitchell | (212) 370-0040 x8163 |
UBS | Ross Nussbaum | (212) 713-2484 |
Wells Fargo | Jeffrey Donnelly | (617) 603-4262 |
Page 3
EQUITY ONE, INC.
DISCLOSURES
As of December 31, 2010
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 acquis ition; the success of its efforts to lease up vacant space; the effects of natural, man-made, 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, 2009 and Form 10-Q for the period ended September 30, 2010 and the subsequent filing of Form 10-K for the year ended December 31, 2010 should be read in conjunction with this Supplemental Information Package.The results of operations of any property acquired are included in our financial statements since the date of its acquisition.
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, gain (loss) on debt extinguishment, gain (loss) on sale of securities, 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 sa les 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 per formance. We believe net income is the most directly comparable GAAP measure to FFO.
Page 4
EQUITY ONE, INC.
SUMMARY FINANCIAL RESULTS AND RATIOS
For the three and twelve months ended December 31, 2010 and 2009 (unaudited)
(in thousands, except per share data)
For the three months ended | For the twelve months ended | |||||||||||||||
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2010 | Dec 31, 2009 | |||||||||||||
Summary Financial Results | ||||||||||||||||
Total revenues* | $ | 72,406 | $ | 68,280 | $ | 285,359 | $ | 272,293 | ||||||||
EBITDA (see page 14) | 46,525 | 42,759 | 177,706 | 178,737 | ||||||||||||
Property net operating income | 53,768 | 47,947 | 204,972 | 192,499 | ||||||||||||
General & administrative expenses (G&A)* - Adjusted (1) | 8,353 | 8,318 | 32,395 | 32,053 | ||||||||||||
Net income attributable to Equity One | $ | 8,309 | $ | 9,306 | $ | 25,112 | $ | 83,817 | ||||||||
Net income per diluted share | 0.09 | 0.10 | 0.27 | 0.98 | ||||||||||||
Funds from operations (FFO) | $ | 25,803 | $ | 24,573 | $ | 92,025 | $ | 142,983 | ||||||||
FFO per diluted share | 0.27 | 0.28 | 1.00 | 1.71 | ||||||||||||
Total dividends paid per share | $ | 0.22 | $ | 0.22 | $ | 0.88 | $ | 1.12 | ||||||||
Weighted average diluted shares | 94,581 | 86,616 | 91,710 | 83,857 | ||||||||||||
Summary Operating and Financial Ratios | ||||||||||||||||
Core shopping center portfolio occupancy at end of period (see pages 24-32) | 90.3 | % | 90.3 | % | 90.3 | % | 90.3 | % | ||||||||
Same-property shopping center portfolio occupancy at end of period | 90.1 | % | 90.4 | % | 90.1 | % | 90.4 | % | ||||||||
Same-property NOI growth - cash basis (see page 13) | 3.0 | % | -2.0 | % | -0.5 | % | -3.0 | % | ||||||||
NOI margin (see page 13) | 74.7 | % | 70.6 | % | 72.2 | % | 71.1 | % | ||||||||
Expense recovery ratio* | 77.1 | % | 73.2 | % | 76.6 | % | 74.3 | % | ||||||||
New, renewal and option rent spread - cash basis (see page 18) | -3.6 | % | -5.3 | % | N/A | N/A | ||||||||||
Adjusted G&A expense to total revenues (1) | 11.7 | % | 12.2 | % | 11.4 | % | 11.8 | % | ||||||||
Net debt to total market capitalization (see page 7) | 38.8 | % | 46.0 | % | 38.8 | % | 46.0 | % | ||||||||
Net debt to Adjusted EBITDA (see page 14) | 6.4 | 7.0 | 6.7 | 6.7 | ||||||||||||
Adjusted EBITDA to interest expense* (see page 14) | 2.4 | 2.4 | 2.3 | 2.4 | ||||||||||||
Adjusted EBITDA to fixed charges* (see page 14) | 2.0 | 2.0 | 1.9 | 2.0 |
Notes
* | The indicated line item includes amounts reported in discontinued operations. |
(1) | G&A expense for the three and twelve months ended December 31, 2010 deducts $2.0 million and $8.8 million, respectively, for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the three and twelve months ended December 31, 2009 deducts $1.3 and $2.7 million, respectively, for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the three and twelve months ended December 31, 2010 deducts $3K and $183K in severance costs, respectively, and for the twelve month period ended December 31, 2009 deducts $3.3 million in severance costs. |
Page 5
EQUITY ONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of December 31, 2010 (unaudited) and December 31, 2009 and 2008
(in thousands)
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | ||||||||||
Assets | ||||||||||||
Properties: | ||||||||||||
Income producing | $ | 2,643,871 | $ | 2,433,431 | $ | 1,900,513 | ||||||
Less: accumulated depreciation | (288,613 | ) | (240,172 | ) | (196,151 | ) | ||||||
Income producing properties, net | 2,355,258 | 2,193,259 | 1,704,362 | |||||||||
Construction in progress and land held for development | 74,870 | 68,866 | 74,371 | |||||||||
Properties, net | 2,430,128 | 2,262,125 | 1,778,733 | |||||||||
Cash and cash equivalents | 38,333 | 47,970 | 5,355 | |||||||||
Accounts and other receivables, net | 15,181 | 9,806 | 12,209 | |||||||||
Investments in and advances to unconsolidated joint ventures | 59,736 | 11,524 | 11,745 | |||||||||
Securities | - | 820 | 160,585 | |||||||||
Goodwill | 10,790 | 11,477 | 11,845 | |||||||||
Other assets | 127,696 | 108,598 | 55,791 | |||||||||
Total Assets | $ | 2,681,864 | $ | 2,452,320 | $ | 2,036,263 | ||||||
Liabilities and stockholders' equity | ||||||||||||
Liabilities: | ||||||||||||
Mortgage notes payable | $ | 533,660 | $ | 551,647 | $ | 371,077 | ||||||
Unsecured revolving credit facilities | - | - | 35,500 | |||||||||
Unsecured senior notes payable | 691,136 | 691,136 | 657,913 | |||||||||
Total debt | 1,224,796 | 1,242,783 | 1,064,490 | |||||||||
Unamortized/unaccreted (discount) premium on notes payable, net | (21,923 | ) | (25,892 | ) | 5,225 | |||||||
Total notes payable | 1,202,873 | 1,216,891 | 1,069,715 | |||||||||
Accounts payable and other liabilities | 138,763 | 96,668 | 54,652 | |||||||||
Deferred tax liabilities, net | 46,523 | 50,059 | 1,409 | |||||||||
Total liabilities | 1,388,159 | 1,363,618 | 1,125,776 | |||||||||
Redeemable noncontrolling interests | 3,864 | 989 | 989 | |||||||||
Total stockholders' equity of Equity One, Inc. | 1,285,907 | 1,064,535 | 909,498 | |||||||||
Noncontrolling interests | 3,934 | 23,178 | - | |||||||||
Total Liabilities and Stockholders' Equity | $ | 2,681,864 | $ | 2,452,320 | $ | 2,036,263 | ||||||
Page 6
EQUITY ONE, INC.
MARKET CAPITALIZATION
As of December 31, 2010 and December 31, 2009 and 2008 (unaudited)
(in thousands, except per share data)
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | ||||||||||
Closing market price of common stock | $ | 18.18 | $ | 16.17 | $ | 17.70 | ||||||
Common stock shares | ||||||||||||
Basic common shares | 102,326.818 | 86,131.037 | 76,198.420 | |||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares | 149.980 | 47.993 | 29.360 | |||||||||
DownREIT units (convertible into shares) | 93.656 | 93.656 | 93.656 | |||||||||
Common stock options (treasury method, closing price) | 124.506 | 79.656 | 23.178 | |||||||||
Long term incentive plan performance awards | 356.516 | - | - | |||||||||
Shares for DIM Vastgoed contingent consideration | - | 516.019 | - | |||||||||
Diluted common shares | 103,051.476 | 86,868.361 | 76,344.614 | |||||||||
Equity market capitalization | $ | 1,873,476 | $ | 1,404,661 | $ | 1,351,300 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) | $ | 1,224,796 | $ | 1,242,783 | $ | 1,064,490 | ||||||
Cash and equivalents | (38,333 | ) | (47,970 | ) | (5,355 | ) | ||||||
Net debt | 1,186,463 | 1,194,813 | 1,059,135 | |||||||||
Equity market capitalization | 1,873,476 | 1,404,661 | 1,351,300 | |||||||||
Total market capitalization | $ | 3,059,939 | $ | 2,599,474 | $ | 2,410,435 | ||||||
Net debt to total market capitalization at current market price | 38.8 | % | 46.0 | % | 43.9 | % | ||||||
Net debt to total market capitalization at constant share price of $16.17 | 41.6 | % | 46.0 | % | 46.2 | % | ||||||
Gross real estate and securities investments | $ | 2,718,741 | $ | 2,503,117 | $ | 2,135,469 | ||||||
Net debt to gross real estate and securities investments | 43.6 | % | 47.7 | % | 49.6 | % | ||||||
Page 7
EQUITY ONE, INC.
DEBT SUMMARY
As of December 31, 2010 and December 31, 2009 and 2008 (unaudited)
(in thousands)
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | ||||||||||
Fixed rate debt | $ | 1,224,796 | $ | 1,242,783 | $ | 928,041 | ||||||
Fixed rate debt - swapped to variable rate | - | - | 100,949 | |||||||||
Variable rate debt - unhedged | - | - | 35,500 | |||||||||
Total debt* | $ | 1,224,796 | $ | 1,242,783 | $ | 1,064,490 | ||||||
% Fixed rate debt | 100.0 | % | 100.0 | % | 87.2 | % | ||||||
% Fixed rate debt - swapped to variable rate | 0.0 | % | 0.0 | % | 9.5 | % | ||||||
% Variable rate debt - unhedged | 0.0 | % | 0.0 | % | 3.3 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
% Variable rate debt - total | 0.0 | % | 0.0 | % | 12.8 | % | ||||||
Secured mortgage debt | $ | 533,660 | $ | 551,647 | $ | 371,077 | ||||||
Unsecured debt | 691,136 | 691,136 | 693,413 | |||||||||
Total debt* | $ | 1,224,796 | $ | 1,242,783 | $ | 1,064,490 | ||||||
% Secured mortgage debt | 43.6 | % | 44.4 | % | 34.9 | % | ||||||
% Unsecured debt | 56.4 | % | 55.6 | % | 65.1 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Total market capitalization (from page 7) | $ | 3,059,939 | $ | 2,599,474 | $ | 2,410,435 | ||||||
% Secured mortgage debt | 17.4 | % | 21.2 | % | 15.4 | % | ||||||
% Unsecured debt | 22.6 | % | 26.6 | % | 28.8 | % | ||||||
Total debt : Total market capitalization | 40.0 | % | 47.8 | % | 44.2 | % | ||||||
Weighted-average interest rate on secured mortgage debt*(1) | 6.3 | % | 6.6 | % | 7.2 | % | ||||||
Weighted-average interest rate on senior unsecured notes*(1) | 6.1 | % | 6.1 | % | 5.7 | % | ||||||
Weighted-average interest rate on total debt*(1) | 6.1 | % | 6.3 | % | 6.3 | % | ||||||
Interest rate on revolving credit facilities | N/A | N/A | 2.1 | % | ||||||||
Weighted-average maturity on mortgage debt* | 4.5 years | 4.7 years | 5.0 years | |||||||||
Weighted-average maturity on senior unsecured notes* | 5.2 years | 6.2 years | 6.5 years | |||||||||
Weighted-average maturity on total debt* | 5.2 years | 5.5 years | 5.9 years | |||||||||
* | Excluding unamortized/unaccreted premium/(discount) |
(1) | Weighted average interest rates are calculated based on term to maturity and include scheduled principal amortization. |
Page 8
EQUITY ONE, INC.
CONSOLIDATED DEBT MATURITY SCHEDULE
As of December 31, 2010 (unaudited)
(in thousands)
Secured Debt | Unsecured Debt | Premium/(Discount) | Weighted average | |||||||||||||||||||||||||||||
Maturity schedule by year | Scheduled amortization | Balloon payments | Revolving Credit Facilities | Senior Notes | Scheduled Amortization | Total | interest rate at maturity | Percent of debt maturing | ||||||||||||||||||||||||
2011 | $ | 13,757 | $ | 65,579 | $ | - | - | $ | (3,086 | ) | $ | 76,250 | 7.2 | % | 6.3 | % | ||||||||||||||||
2012 | 12,953 | 44,478 | - | 10,000 | (4,032 | ) | $ | 63,399 | 7.0 | % | 5.3 | % | ||||||||||||||||||||
2013 | 12,281 | 69,185 | - | - | (4,888 | ) | $ | 76,578 | 6.2 | % | 6.4 | % | ||||||||||||||||||||
2014 | 11,032 | 24,820 | - | 250,000 | (5,475 | ) | $ | 280,377 | 6.2 | % | 23.3 | % | ||||||||||||||||||||
2015 | 8,282 | 81,565 | - | 107,505 | (3,755 | ) | $ | 193,597 | 5.3 | % | 16.1 | % | ||||||||||||||||||||
2016 | 6,511 | 51,489 | - | 105,230 | (1,303 | ) | $ | 161,927 | 6.0 | % | 13.5 | % | ||||||||||||||||||||
2017 | 5,933 | 17,242 | - | 218,401 | (118 | ) | $ | 241,458 | 6.1 | % | 20.1 | % | ||||||||||||||||||||
2018 | 5,828 | 56,623 | - | - | 197 | $ | 62,648 | 6.3 | % | 5.2 | % | |||||||||||||||||||||
2019 | 4,675 | 5,157 | - | - | 154 | $ | 9,986 | 7.0 | % | 0.8 | % | |||||||||||||||||||||
Thereafter | 27,962 | 8,308 | - | - | 383 | $ | 36,653 | 7.8 | % | 3.0 | % | |||||||||||||||||||||
Total | $ | 109,214 | $ | 424,446 | $ | - | $ | 691,136 | $ | (21,923 | ) | $ | 1,202,873 | 6.1 | % | 100.0 | % |
Page 9
EQUITY ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the three and twelve months ended December 31, 2010 and 2009 (unaudited)
(in thousands, except per share amounts)
Three months ended | Percent | Twelve months ended | Percent | |||||||||||||||||||||
Dec 31, 2010 | Dec 31, 2009 | Change | Dec 31, 2010 | Dec 31, 2009 | Change | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||
Minimum rent | $ | 57,776 | $ | 53,066 | $ | 221,632 | $ | 209,857 | ||||||||||||||||
Expense recoveries | 14,037 | 14,615 | 60,350 | 57,961 | ||||||||||||||||||||
Percentage rent | 151 | 163 | 1,685 | 1,679 | ||||||||||||||||||||
Management and leasing services | 432 | 359 | 1,557 | 1,675 | ||||||||||||||||||||
Total revenue | 72,396 | 68,203 | 6.1 | % | 285,224 | 271,172 | 5.2 | % | ||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Property operating | 18,206 | 19,969 | 78,852 | 78,070 | ||||||||||||||||||||
Rental property depreciation and amortization | 17,307 | 16,547 | 67,339 | 62,122 | ||||||||||||||||||||
General and administrative | 10,465 | 9,815 | 42,041 | 38,835 | ||||||||||||||||||||
Total costs and expenses | 45,978 | 46,331 | -0.8 | % | 188,232 | 179,027 | 5.1 | % | ||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 26,418 | 21,872 | 96,992 | 92,145 | ||||||||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||||
Investment income | 250 | 120 | 937 | 10,155 | ||||||||||||||||||||
Equity in income (loss) in unconsolidated joint ventures | 31 | (51 | ) | (116 | ) | (88 | ) | |||||||||||||||||
Other income | 443 | 93 | 648 | 1,503 | ||||||||||||||||||||
Interest expense | (19,562 | ) | (18,026 | ) | (77,922 | ) | (73,450 | ) | ||||||||||||||||
Gain on sale of real estate | - | - | 254 | - | ||||||||||||||||||||
(Loss) gain on extinguishment of debt | - | (50 | ) | 63 | 12,345 | |||||||||||||||||||
Gain on acquisition of controlling interest in subsidiary | - | 635 | - | 27,501 | ||||||||||||||||||||
Amortization of deferred financing fees | (545 | ) | (385 | ) | (1,924 | ) | (1,520 | ) | ||||||||||||||||
Impairment loss | (652 | ) | (369 | ) | (687 | ) | (369 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | ||||||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 1,081 | 2,755 | 3,765 | 5,017 | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,464 | 6,594 | 13.2 | % | 22,010 | 73,239 | -69.9 | % | ||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Operations of income producing properties sold or held for sale | 10 | 69 | 152 | 1,009 | ||||||||||||||||||||
Gain on disposal of income producing properties | 799 | 1,754 | 2,257 | 7,127 | ||||||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 809 | 1,823 | 2,409 | 8,136 | ||||||||||||||||||||
NET INCOME | 8,273 | 8,417 | -1.7 | % | 24,419 | 81,375 | -70.0 | % | ||||||||||||||||
Net loss attributable to noncontrolling interest | 36 | 889 | 693 | 2,442 | ||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 8,309 | $ | 9,306 | $ | 25,112 | $ | 83,817 | ||||||||||||||||
EARNINGS PER COMMON SHARE - BASIC: | ||||||||||||||||||||||||
Continuing operations | $ | 0.08 | $ | 0.09 | $ | 0.24 | $ | 0.90 | ||||||||||||||||
Discontinued operations | 0.01 | 0.02 | 0.03 | 0.10 | ||||||||||||||||||||
NET INCOME | $ | 0.09 | $ | 0.11 | -18.2 | % | $ | 0.27 | $ | 1.00 | -73.0 | % | ||||||||||||
EARNINGS PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||||
Continuing operations | $ | 0.08 | $ | 0.08 | $ | 0.24 | $ | 0.89 | ||||||||||||||||
Discontinued operations | 0.01 | 0.02 | 0.03 | 0.10 | ||||||||||||||||||||
NET INCOME | $ | 0.09 | $ | 0.10 | -10.0 | % | $ | 0.27 | $ | 0.98 | -72.4 | % | ||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||
Basic | 94,034 | 86,006 | 91,536 | 83,290 | ||||||||||||||||||||
Diluted | 94,581 | 86,616 | 91,710 | 83,857 |
Note: Diluted EPS for the twelve months ended December 31, 2009 does not foot due to the rounding of the individual calculations.
Page 10
EQUITY ONE, INC.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the three and twelve months ended December 31, 2010 (unaudited)
(in thousands)
Three months ended December 31, 2010 | Twelve months ended December 31, 2010 | |||||||||||||||||||||||
As Reported | Disc. Ops | Pre Disc. Ops | As Reported | Disc. Ops | Pre Disc. Ops | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||
Minimum rent | $ | 57,776 | $ | 10 | $ | 57,786 | $ | 221,632 | $ | 131 | $ | 221,763 | ||||||||||||
Expense recoveries | 14,037 | - | 14,037 | 60,350 | 4 | 60,354 | ||||||||||||||||||
Percentage rent | 151 | - | 151 | 1,685 | - | 1,685 | ||||||||||||||||||
Management and leasing services | 432 | - | 432 | 1,557 | - | 1,557 | ||||||||||||||||||
Total revenue | 72,396 | 10 | 72,406 | 285,224 | 135 | 285,359 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Property operating | 18,206 | - | 18,206 | 78,852 | (22 | ) | 78,830 | |||||||||||||||||
Rental property depreciation and amortization | 17,307 | - | 17,307 | 67,339 | 5 | 67,344 | ||||||||||||||||||
General and administrative | 10,465 | - | 10,465 | 42,041 | - | 42,041 | ||||||||||||||||||
Total costs and expenses | 45,978 | - | 45,978 | 188,232 | (17 | ) | 188,215 | |||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 26,418 | 10 | 26,428 | 96,992 | 152 | 97,144 | ||||||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||||
Investment income | 250 | - | 250 | 937 | - | 937 | ||||||||||||||||||
Equity in income (loss) in unconsolidated joint ventures | 31 | - | 31 | (116 | ) | - | (116 | ) | ||||||||||||||||
Other income | 443 | - | 443 | 648 | - | 648 | ||||||||||||||||||
Interest expense | (19,562 | ) | - | (19,562 | ) | (77,922 | ) | - | (77,922 | ) | ||||||||||||||
Gain on sale of real estate | - | 799 | 799 | 254 | 2,257 | 2,511 | ||||||||||||||||||
Gain on extinguishment of debt | - | - | - | 63 | - | 63 | ||||||||||||||||||
Amortization of deferred financing fees | (545 | ) | - | (545 | ) | (1,924 | ) | - | (1,924 | ) | ||||||||||||||
Impairment loss | (652 | ) | - | (652 | ) | (687 | ) | - | (687 | ) | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 6,383 | 809 | 7,192 | 18,245 | 2,409 | 20,654 | ||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 1,081 | - | 1,081 | 3,765 | - | 3,765 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,464 | 809 | 8,273 | �� | 22,010 | 2,409 | 24,419 | |||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Operations of income producing properties sold or held for sale | 10 | (10 | ) | - | 152 | (152 | ) | - | ||||||||||||||||
Gain on disposal of income producing properties | 799 | (799 | ) | - | 2,257 | (2,257 | ) | - | ||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 809 | (809 | ) | - | 2,409 | (2,409 | ) | - | ||||||||||||||||
Net loss attributable to noncontrolling interest | 36 | - | 36 | 693 | - | 693 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 8,309 | $ | - | $ | 8,309 | $ | 25,112 | $ | - | $ | 25,112 |
Page 11
EQUITY ONE, INC.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the three and twelve months ended December 31, 2009 (unaudited)
(in thousands)
Three months ended December 31, 2009 | Twelve months ended December 31, 2009 | |||||||||||||||||||||||
As Reported | Disc. Ops | Pre Disc. Ops | As Reported | Disc. Ops | Pre Disc. Ops | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||
Minimum rent | $ | 53,066 | $ | 72 | $ | 53,138 | $ | 209,857 | $ | 1,016 | $ | 210,873 | ||||||||||||
Expense recoveries | 14,615 | 5 | 14,620 | 57,961 | 105 | 58,066 | ||||||||||||||||||
Percentage rent | 163 | - | 163 | 1,679 | - | 1,679 | ||||||||||||||||||
Management and leasing services | 359 | - | 359 | 1,675 | - | 1,675 | ||||||||||||||||||
Total revenue | 68,203 | 77 | 68,280 | 271,172 | 1,121 | 272,293 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||
Property operating | 19,969 | 5 | 19,974 | 78,070 | 49 | 78,119 | ||||||||||||||||||
Rental property depreciation and amortization | 16,547 | 3 | 16,550 | 62,122 | 63 | 62,185 | ||||||||||||||||||
General and administrative | 9,815 | - | 9,815 | 38,835 | - | 38,835 | ||||||||||||||||||
Total costs and expenses | 46,331 | 8 | 46,339 | 179,027 | 112 | 179,139 | ||||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 21,872 | 69 | 21,941 | 92,145 | 1,009 | 93,154 | ||||||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||||
Investment income | 120 | - | 120 | 10,155 | - | 10,155 | ||||||||||||||||||
Equity in loss in unconsolidated joint ventures | (51 | ) | - | (51 | ) | (88 | ) | - | (88 | ) | ||||||||||||||
Other income | 93 | - | 93 | 1,503 | - | 1,503 | ||||||||||||||||||
Interest expense | (18,026 | ) | - | (18,026 | ) | (73,450 | ) | - | (73,450 | ) | ||||||||||||||
Gain on sale of real estate | - | 1,754 | 1,754 | - | 7,127 | 7,127 | ||||||||||||||||||
(Loss) gain on extinguishment of debt | (50 | ) | - | (50 | ) | 12,345 | - | 12,345 | ||||||||||||||||
Gain on acquisition of noncontrolling interest in subsidiary | 635 | - | 635 | 27,501 | - | 27,501 | ||||||||||||||||||
Amortization of deferred financing fees | (385 | ) | - | (385 | ) | (1,520 | ) | - | (1,520 | ) | ||||||||||||||
Impairment loss | (369 | ) | - | (369 | ) | (369 | ) | - | (369 | ) | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 3,839 | 1,832 | 5,662 | 68,222 | 8,136 | 76,358 | ||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 2,755 | - | 2,755 | 5,017 | - | 5,017 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 6,594 | 1,823 | 8,417 | 73,239 | 8,136 | 81,375 | ||||||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||
Operations of income producing properties sold or held for sale | 69 | (69 | ) | - | 1,009 | (1,009 | ) | - | ||||||||||||||||
Gain on disposal of income producing properties | 1,754 | (1,754 | ) | - | 7,127 | (7,127 | ) | - | ||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 1,823 | (1,823 | ) | - | 8,136 | (8,136 | ) | - | ||||||||||||||||
Net loss attributable to noncontrolling interest | 889 | - | 889 | 2,442 | - | 2,442 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 9,306 | $ | - | $ | 9,306 | $ | 83,817 | $ | - | $ | 83,817 |
Page 12
EQUITY ONE, INC.
NET OPERATING INCOME
For the three and twelve months ended December 31, 2010 and 2009 (unaudited)
(in thousands)
Three months ended | Percent | Twelve months ended | Percent | |||||||||||||||||||||
Dec 31, 2010 | Dec 31, 2009 | Change | Dec 31, 2010 | Dec 31, 2009 | Change | |||||||||||||||||||
Total net operating income (1) | ||||||||||||||||||||||||
Total rental revenue | $ | 71,974 | $ | 67,921 | 6.0 | % | $ | 283,802 | $ | 270,618 | 4.9 | % | ||||||||||||
Property operating expenses | 18,206 | 19,974 | (8.9 | %) | 78,830 | 78,119 | 0.9 | % | ||||||||||||||||
Net operating income | $ | 53,768 | $ | 47,947 | 12.1 | % | $ | 204,972 | $ | 192,499 | 6.5 | % | ||||||||||||
NOI margin (NOI / Total rental revenue) | 74.7 | % | 70.6 | % | 72.2 | % | 71.1 | % | ||||||||||||||||
Same-property NOI (2) | ||||||||||||||||||||||||
Total rental revenue | $ | 51,732 | $ | 52,929 | (2.3 | %) | $ | 211,411 | $ | 216,696 | (2.4 | %) | ||||||||||||
Property operating expenses (3) | 14,673 | 16,940 | (13.4 | %) | 65,533 | 70,089 | (6.5 | %) | ||||||||||||||||
Net operating income | $ | 37,059 | $ | 35,989 | 3.0 | % | $ | 145,878 | $ | 146,607 | (0.5 | %) | ||||||||||||
Growth in same property NOI | 3.0 | % | (0.5 | %) | ||||||||||||||||||||
Number of properties included in analysis (4) | 145 | 145 |
(1) | Amounts included in discontinued operations have been included for purposes of this presentation of net operating income. |
(2) | Retail centers only. Excludes the effects of straight-line rent, above/below market rents, lease termination fees, and prior year expense recovery adjustments, if any. |
(3) | Property operating expenses include intercompany management fee expense. |
(4) | The same-property pool includes only those properties that were owned and operated for the entirety of both periods being compared and excludes developments and redevelopments, joint venture properties, and any properties purchased or sold during the periods being compared. |
Page 13
EQUITY ONE, INC.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)
For the three and twelve months ended December 31, 2010 and 2009 (unaudited)
(in thousands)
Three months ended | Twelve months ended | |||||||||||||||
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2010 | Dec 31, 2009 | |||||||||||||
Net income attributable to Equity One, Inc. | $ | 8,309 | $ | 9,306 | $ | 25,112 | $ | 83,817 | ||||||||
Rental property depreciation and amortization* | 17,307 | 16,550 | 67,344 | 62,185 | ||||||||||||
Other depreciation and amortization | 147 | 201 | 645 | 827 | ||||||||||||
Interest expense* | 19,562 | 18,026 | 77,922 | 73,450 | ||||||||||||
Amortization of deferred financing fees* | 545 | 385 | 1,924 | 1,520 | ||||||||||||
Loss (gain) on extinguishment of debt | - | 50 | (63 | ) | (12,345 | ) | ||||||||||
Acquisition costs(1) | 1,962 | 1,296 | 8,818 | 2,655 | ||||||||||||
Impairment loss | 652 | 369 | 687 | 369 | ||||||||||||
(Gain) loss on sale of depreciable real estate | - | (85 | ) | - | 1,673 | |||||||||||
Income tax benefit of taxable REIT subsidiaries | (1,081 | ) | (2,755 | ) | (3,765 | ) | (5,017 | ) | ||||||||
Gain on acquisition of controlling interest in subsidiary | - | (635 | ) | - | (27,501 | ) | ||||||||||
Gain on sale of investment in equity securities | (195 | ) | - | (562 | ) | (6,284 | ) | |||||||||
Insurance settlement | (505 | ) | - | (505 | ) | - | ||||||||||
Severance costs | 3 | - | 183 | 3,300 | ||||||||||||
Equity in (income) loss in unconsolidated joint ventures | (31 | ) | 51 | 116 | 88 | |||||||||||
Adjusted EBITDA | $ | 46,625 | $ | 42,759 | $ | 177,856 | $ | 178,737 | ||||||||
Interest expense* | $ | 19,562 | $ | 18,026 | $ | 77,922 | $ | 73,450 | ||||||||
Adjusted EBITDA to interest expense* | 2.4 | 2.4 | 2.3 | 2.4 | ||||||||||||
Fixed charges | ||||||||||||||||
Interest expense* | $ | 19,562 | $ | 18,026 | $ | 77,922 | $ | 73,450 | ||||||||
Scheduled principal amortization (2) | 3,396 | 3,469 | 13,703 | 13,761 | ||||||||||||
Total fixed charges | $ | 22,958 | $ | 21,495 | $ | 91,625 | $ | 87,211 | ||||||||
Adjusted EBITDA to fixed charges* | 2.0 | 2.0 | 1.9 | 2.0 | ||||||||||||
Net debt to Adjusted EBITDA (3) | 6.4 | 7.0 | 6.7 | 6.7 | ||||||||||||
Total market capitalization (see page 7) | $ | 3,059,939 | $ | 2,599,474 | $ | 3,059,939 | $ | 2,599,474 |
* | The indicated line item includes amounts reported in discontinued operations. |
(1) | Amounts include external costs associated with acquired properties and acquisition related expenses during the period. |
(2) | Excludes balloon payments upon maturity. |
(3) | Adjusted EBITDA for the period has been annualized. |
Page 14
EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the three and twelve months ended December 31, 2010 and 2009 (unaudited)
(in thousands, except per share data)
Three months ended | Twelve months ended | |||||||||||||||
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2010 | Dec 31, 2009 | |||||||||||||
Net income attributable to Equity One, Inc. | $ | 8,309 | $ | 9,306 | $ | 25,112 | $ | 83,817 | ||||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest | 17,215 | $ | 14,975 | 65,735 | 56,057 | |||||||||||
(Gain) loss on disposal of depreciable real estate | $ | - | $ | (85 | ) | - | 1,673 | |||||||||
Pro rata share of real estate depreciation from unconsolidated JV's | $ | 279 | $ | 377 | 1,178 | 1,436 | ||||||||||
Funds from operations | $ | 25,803 | $ | 24,573 | $ | 92,025 | $ | 142,983 | ||||||||
Earnings per diluted share attributable to Equity One, Inc. | $ | 0.09 | $ | 0.10 | $ | 0.27 | $ | 0.98 | ||||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest | 0.18 | 0.17 | 0.72 | 0.67 | ||||||||||||
Loss on disposal of depreciable real estate | - | - | - | 0.02 | ||||||||||||
Pro rata share of real estate depreciation from unconsolidated JV's | - | - | 0.01 | 0.02 | ||||||||||||
Net adjustment for unvested shares and noncontrolling interest(1) | - | 0.01 | - | 0.02 | ||||||||||||
Funds from operations per diluted share | $ | 0.27 | $ | 0.28 | $ | 1.00 | $ | 1.71 | ||||||||
Weighted average diluted shares | 94,581 | 86,616 | 91,710 | 83,857 |
(1) Includes net effect of: (a) an adjustment for unvested awards of share-based payments with rights to receive dividends or dividend equivalents; (b) an adjustment related to the share issuance in the first quarter of 2010 pursuant to the DIM exchange agreement; and (c) an adjustment to compensate for rounding of the individual calculations.
Page 15
EQUITY ONE, INC.
ADDITIONAL DISCLOSURES
For the three and twelve months ended December 31, 2010 and 2009 (unaudited)
(in thousands)
Three months ended | Twelve months ended | |||||||||||||||
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2010 | Dec 31, 2009 | |||||||||||||
Certain non-cash items: | ||||||||||||||||
Amortization of deferred financing fees | $ | 545 | $ | 385 | $ | 1,924 | $ | 1,503 | ||||||||
Accretion of below market lease intangibles | (2,089 | ) | (2,143 | ) | (7,669 | ) | (6,775 | ) | ||||||||
Share-based compensation expense | 1,725 | 1,699 | 6,551 | 7,911 | ||||||||||||
Straight line rent | (639 | ) | 169 | (2,233 | ) | (1,383 | ) | |||||||||
Capitalized interest | (576 | ) | (426 | ) | (2,244 | ) | (1,430 | ) | ||||||||
Amortization of discount on notes payable, net | 656 | 586 | 2,817 | 2,224 | ||||||||||||
Certain capital expenditures: | ||||||||||||||||
Tenant improvements | $ | (2,375 | ) | $ | (4,617 | ) | $ | (9,478 | ) | $ | (13,414 | ) | ||||
Leasing commissions and costs | (1,383 | ) | (1,829 | ) | (4,775 | ) | (6,081 | ) | ||||||||
Total tenant improvements and leasing costs | $ | (3,758 | ) | $ | (6,446 | ) | $ | (14,253 | ) | $ | (19,495 | ) | ||||
Dec 31, 2010 | Dec 31, 2009 | |||||||||||||||
Other assets and liabilities: | ||||||||||||||||
Lease intangibles, net | $ | 60,603 | $ | 53,526 | ||||||||||||
Lease commissions, net | 23,124 | 19,619 | ||||||||||||||
Straight-line rent receivable, net | 17,186 | 15,034 | ||||||||||||||
Deposits and mortgage escrow | 17,964 | 10,642 | ||||||||||||||
Prepaid expenses | 1,413 | 1,125 | ||||||||||||||
Deferred financing costs, net | 5,998 | 6,963 | ||||||||||||||
Furniture and fixtures, net | 1,408 | 1,689 | ||||||||||||||
Total other assets | $ | 127,696 | $ | 108,598 | ||||||||||||
Above/below market rents, net | $ | 90,428 | 49,922 | |||||||||||||
Prepaid rent and deferred income | 6,543 | 4,315 | ||||||||||||||
Accounts payable and other | 41,792 | 42,431 | ||||||||||||||
Total accounts payable and other liabilities | $ | 138,763 | $ | 96,668 | ||||||||||||
Liquidity as of 12/31/10: | ||||||||||||||||
Cash and Cash Equivalents | $ | 38,333 | ||||||||||||||
Marketable Securities | - | |||||||||||||||
Available under Lines of Credit | 336,109 | |||||||||||||||
Total Available Funds | $ | 374,442 |
Page 16
EQUITY ONE, INC.
TENANT CONCENTRATION SCHEDULE - TOP TWENTY TENANTS
CONSOLIDATED PROPERTIES
As of December 31, 2010 (unaudited)
Tenant | Number of stores | Credit Rating S&P/Moody's(1) | Square feet | % of total square feet | Annualized minimum rent | % of total annualized minimum rent | Average annual minimum rent per square foot (2) | Average remaining term of AMR (3) | |||||||||||||||||||||||
Top twenty tenants | |||||||||||||||||||||||||||||||
Publix | 67 | NA | 2,946,030 | 15.1 | % | $ | 24,329,631 | 11.3 | % | $ | 8.26 | 7.9 | |||||||||||||||||||
Supervalu | 6 | B+ / B1 | 398,625 | 2.0 | % | 8,681,248 | 4.0 | % | 21.78 | 6.2 | |||||||||||||||||||||
Kroger | 15 | BBB / Baa2 | 845,602 | 4.3 | % | 6,641,076 | 3.1 | % | 7.85 | 6.6 | |||||||||||||||||||||
TJ Maxx Companies | 11 | A / A3 | 347,401 | 1.8 | % | 4,182,887 | 1.9 | % | 12.04 | 3.3 | |||||||||||||||||||||
Bed, Bath & Beyond | 8 | BBB / NA | 267,761 | 1.4 | % | 3,250,935 | 1.5 | % | 12.14 | 4.1 | |||||||||||||||||||||
LA Fitness | 4 | NA | 196,235 | 1.0 | % | 3,087,362 | 1.4 | % | 15.73 | 9.0 | |||||||||||||||||||||
Costco | 1 | A+ / A2 | 148,295 | 0.8 | % | 3,000,921 | 1.4 | % | 20.24 | 3.7 | |||||||||||||||||||||
Winn Dixie | 9 | NA | 398,128 | 2.1 | % | 2,937,815 | 1.4 | % | 7.38 | 3.7 | |||||||||||||||||||||
Office Depot | 10 | B / B2 | 243,625 | 1.3 | % | 2,797,348 | 1.3 | % | 11.48 | 4.1 | |||||||||||||||||||||
Dollar Tree | 25 | NA | 272,041 | 1.4 | % | 2,419,081 | 1.1 | % | 8.89 | 6.3 | |||||||||||||||||||||
CVS Pharmacy | 14 | BBB+ / Baa2 | 153,982 | 0.8 | % | 2,279,151 | 1.1 | % | 14.80 | 4.3 | |||||||||||||||||||||
WalMart | 3 | AA / Aa2 | 230,217 | 1.2 | % | 2,150,075 | 1.0 | % | 9.34 | 4.7 | |||||||||||||||||||||
Kmart | 5 | BB- / Ba2 | 439,558 | 2.3 | % | 1,939,705 | 0.9 | % | 4.41 | 4.5 | |||||||||||||||||||||
Kohl's | 3 | BBB+ / Baa1 | 296,710 | 1.5 | % | 1,933,000 | 0.9 | % | 6.51 | 8.3 | |||||||||||||||||||||
Blockbuster | 18 | D / NA | 89,113 | 0.5 | % | 1,885,193 | 0.9 | % | 21.16 | 1.7 | |||||||||||||||||||||
Food Lion | 6 | NA | 241,934 | 1.2 | % | 1,845,646 | 0.9 | % | 7.63 | 9.9 | |||||||||||||||||||||
Walgreens | 6 | A / A2 | 96,562 | 0.5 | % | 1,824,815 | 0.9 | % | 18.90 | 14.3 | |||||||||||||||||||||
Whole Foods | 2 | BB / Ba3 | 85,907 | 0.4 | % | 1,746,911 | 0.8 | % | 20.33 | 14.0 | |||||||||||||||||||||
Goodwill | 15 | NA | 136,327 | 0.7 | % | 1,724,207 | 0.8 | % | 12.65 | 5.5 | |||||||||||||||||||||
Stop & Shop | 1 | NA | 59,015 | 0.3 | % | 1,685,484 | 0.8 | % | 28.56 | 14.0 | |||||||||||||||||||||
Sub-total top twenty tenants | 229 | 7,893,068 | 40.6 | % | $ | 80,342,491 | 37.4 | % | $ | 10.18 | 6.2 | ||||||||||||||||||||
Remaining tenants | 2,471 | 9,670,789 | 49.7 | % | 134,614,209 | 62.6 | % | 14.21 | 3.7 | ||||||||||||||||||||||
Sub-total all tenants | 2,700 | 17,563,857 | 90.3 | % | $ | 214,956,700 | 100.0 | % | $ | 12.38 | 3.9 | ||||||||||||||||||||
Vacant | 797 | 1,891,727 | 9.7 | % | NA | NA | NA | NA | |||||||||||||||||||||||
Total including vacant | 3,497 | 19,455,584 | 100.0 | % | $ | 214,956,700 | 100.0 | % | NA | 3.9 |
Note: Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties and sub-tenants, if any.
(1) | Ratings as of December 31, 2010. Source: CreditRiskMonitor. |
(2) | Annual minimum rent per square foot excludes ground lease at Grand Marche. |
(3) | In years, excluding tenant renewal options. |
Page 17
EQUITY ONE, INC.
RECENT LEASING ACTIVITY
For the three months ended December 31, 2010 (unaudited)
Category | Total Leases | Total Sq. Ft. | Same Space Sq. Ft. | Prior Rent PSF | New Rent PSF | Rent Spread | Same Space TIs PSF | |||||||||||||||||||||
New Leases (1) | 51 | 316,364 | 316,364 | $ | 10.41 | $ | 9.96 | -4.3 | % | $ | 11.29 | |||||||||||||||||
Renewals & Options | 67 | 286,060 | 286,060 | 12.74 | 12.39 | -2.7 | % | 0.19 | ||||||||||||||||||||
Total New, Renewals & Options | 118 | 602,424 | 602,424 | $ | 11.52 | $ | 11.11 | -3.6 | % | $ | 6.02 |
Note: Prior rent and new rent are presented on a "cash basis", not on a straight-line basis. Excludes JV properties, non-retail properties, and developments/redevelopments.
(1) | Rent spreads for new leases reflect same-space leasing where amount of rent paid by prior tenant is available. |
Page 18
EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of December 31, 2010 (unaudited)
ALL TENANTS
Date | Number of leases | 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 (1) | ||||||||||||||||||
M-T-M | 195 | 546,427 | 2.8 | % | $ | 6,850,948 | 3.0 | % | $ | 12.54 | ||||||||||||||
2011 | 563 | 2,461,797 | 12.7 | % | 31,495,776 | 13.9 | % | 12.79 | ||||||||||||||||
2012 | 554 | 2,379,324 | 12.2 | % | 29,774,827 | 13.2 | % | 13.65 | ||||||||||||||||
2013 | 488 | 1,988,102 | 10.2 | % | 27,763,319 | 12.3 | % | 13.96 | ||||||||||||||||
2014 | 323 | 1,973,470 | 10.1 | % | 26,122,394 | 11.5 | % | 13.24 | ||||||||||||||||
2015 | 251 | 1,683,634 | 8.7 | % | 18,588,281 | 8.2 | % | 11.04 | ||||||||||||||||
2016 | 90 | 1,403,239 | 7.2 | % | 20,493,457 | 9.1 | % | 14.60 | ||||||||||||||||
2017 | 43 | 738,395 | 3.8 | % | 9,224,706 | 4.1 | % | 12.49 | ||||||||||||||||
2018 | 34 | 567,642 | 2.9 | % | 7,020,207 | 3.1 | % | 12.37 | ||||||||||||||||
2019 | 24 | 519,725 | 2.7 | % | 8,208,550 | 3.6 | % | 15.79 | ||||||||||||||||
Thereafter | 135 | 3,302,102 | 17.0 | % | 40,852,720 | 18.0 | % | 12.37 | ||||||||||||||||
Sub-total / average | 2,700 | 17,563,857 | 90.3 | % | $ | 226,395,185 | 100.0 | % | $ | 13.04 | ||||||||||||||
. | ||||||||||||||||||||||||
Vacant | 797 | 1,891,727 | 9.7 | % | NA | NA | NA | |||||||||||||||||
Total / average | 3,497 | 19,455,584 | 100.0 | % | $ | 226,395,185 | 100.0 | % | NA |
Note: Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.
(1) | Annual minimum rent per square foot excludes ground lease at Grand Marche. |
Page 19
EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of December 31, 2010 (unaudited)
ANCHOR TENANTS (SF >= 10,000)
Date | Number of leases | 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 (1) | ||||||||||||||||||
M-T-M | 7 | 176,614 | 1.4 | % | $ | 1,039,441 | 0.8 | % | $ | 5.89 | ||||||||||||||
2011 | 46 | 1,409,387 | 11.1 | % | 11,464,699 | 9.4 | % | 8.13 | ||||||||||||||||
2012 | 43 | 1,315,607 | 10.3 | % | 9,404,555 | 7.7 | % | 8.40 | ||||||||||||||||
2013 | 32 | 1,014,550 | 8.0 | % | 8,444,770 | 6.9 | % | 8.32 | ||||||||||||||||
2014 | 39 | 1,296,367 | 10.2 | % | 12,471,835 | 10.2 | % | 9.62 | ||||||||||||||||
2015 | 39 | 1,167,324 | 9.2 | % | 8,100,059 | 6.6 | % | 6.94 | ||||||||||||||||
2016 | 27 | 1,226,840 | 9.7 | % | 16,697,380 | 13.6 | % | 13.61 | ||||||||||||||||
2017 | 15 | 629,836 | 5.0 | % | 6,693,960 | 5.5 | % | 10.63 | ||||||||||||||||
2018 | 15 | 499,947 | 3.9 | % | 5,339,125 | 4.4 | % | 10.68 | ||||||||||||||||
2019 | 11 | 476,024 | 3.7 | % | 7,064,566 | 5.8 | % | 14.84 | ||||||||||||||||
Thereafter | 80 | 3,131,181 | 24.6 | % | 35,634,533 | 29.1 | % | 11.38 | ||||||||||||||||
Sub-total / average | 354 | 12,343,677 | 97.1 | % | $ | 122,354,923 | 100.0 | % | $ | 10.07 | ||||||||||||||
Vacant | 16 | 363,309 | 2.9 | % | NA | NA | NA | |||||||||||||||||
Total / average | 370 | 12,706,986 | 100.0 | % | $ | 122,354,923 | 100.0 | % | NA |
Note: Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.
(1) | Annual minimum rent per square foot excludes ground lease at Grand Marche. |
Page 20
EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of December 31, 2010 (unaudited)
SHOP TENANTS (SF < 10,000)
Date | Number of leases | 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 | 188 | 369,813 | 5.5 | % | $ | 5,811,507 | 5.6 | % | $ | 15.71 | ||||||||||||||
2011 | 517 | 1,052,410 | 15.6 | % | 20,031,077 | 19.3 | % | 19.03 | ||||||||||||||||
2012 | 511 | 1,063,717 | 15.8 | % | 20,370,272 | 19.6 | % | 19.15 | ||||||||||||||||
2013 | 456 | 973,552 | 14.4 | % | 19,318,549 | 18.6 | % | 19.84 | ||||||||||||||||
2014 | 284 | 677,103 | 10.0 | % | 13,650,559 | 13.1 | % | 20.16 | ||||||||||||||||
2015 | 212 | 516,310 | 7.7 | % | 10,488,222 | 10.1 | % | 20.31 | ||||||||||||||||
2016 | 63 | 176,399 | 2.6 | % | 3,796,077 | 3.6 | % | 21.52 | ||||||||||||||||
2017 | 28 | 108,559 | 1.6 | % | 2,530,746 | 2.4 | % | 23.31 | ||||||||||||||||
2018 | 19 | 67,695 | 1.0 | % | 1,681,082 | 1.6 | % | 24.83 | ||||||||||||||||
2019 | 13 | 43,701 | 0.7 | % | 1,143,984 | 1.1 | % | 26.18 | ||||||||||||||||
Thereafter | 55 | 170,921 | 2.5 | % | 5,218,187 | 5.0 | % | 30.53 | ||||||||||||||||
Sub-total / average | 2,346 | 5,220,180 | 77.4 | % | $ | 104,040,262 | 100.0 | % | $ | 19.93 | ||||||||||||||
Vacant | 781 | 1,528,418 | 22.6 | % | NA | NA | NA | |||||||||||||||||
Total / average | 3,127 | 6,748,598 | 100.0 | % | $ | 104,040,262 | 100.0 | % | NA |
Note: Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.
Page 21
EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION GRAPH
CONSOLIDATED PROPERTIES
As of December 31, 2010 (unaudited)
![](https://capedge.com/proxy/8-K/0001140361-11-011519/ex99_22.jpg)
Note: Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.
Page 22
EQUITY ONE, INC.
ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION
As of December 31, 2010 (unaudited)
![](https://capedge.com/proxy/8-K/0001140361-11-011519/graph.jpg)
Metro or Region | # Properties | Total SF | AMR | % of AMR | ||||||||||||
Broward County | 15 | 2,101,296 | 26,780,830 | 12.5 | % | |||||||||||
Dade County | 15 | 1,607,274 | 23,140,535 | 10.8 | % | |||||||||||
Palm Beach County | 9 | 988,978 | 11,219,919 | 5.2 | % | |||||||||||
Treasure Coast, Florida | 8 | 707,778 | 7,580,494 | 3.5 | % | |||||||||||
South Florida | 47 | 5,405,326 | 68,721,778 | 32.0 | % | |||||||||||
Boston | 7 | 600,879 | 10,771,496 | 5.0 | % | |||||||||||
New York | 2 | 423,952 | 9,484,084 | 4.4 | % | |||||||||||
Connecticut | 2 | 397,802 | 4,687,953 | 2.2 | % | |||||||||||
Northeast | 11 | 1,422,633 | 24,943,533 | 11.6 | % | |||||||||||
Atlanta | 25 | 2,401,361 | 27,361,539 | 12.7 | % | |||||||||||
Orlando | 11 | 1,287,612 | 15,074,768 | 7.0 | % | |||||||||||
Tampa/St. Petersburg | 16 | 1,532,862 | 13,840,666 | 6.4 | % | |||||||||||
Jacksonville/North Florida | 10 | 1,210,706 | 11,959,413 | 5.6 | % | |||||||||||
Louisiana | 13 | 1,568,556 | 10,986,866 | 5.1 | % | |||||||||||
Other | 14 | 1,221,505 | 10,868,948 | 5.1 | % | |||||||||||
Charlotte/Raleigh/Durham | 5 | 1,160,568 | 10,817,244 | 5.0 | % | |||||||||||
Central/South Georgia | 9 | 1,050,883 | 8,168,902 | 3.8 | % | |||||||||||
West Coast, Florida | 6 | 633,889 | 7,247,911 | 3.4 | % | |||||||||||
South Carolina | 7 | 559,683 | 4,965,132 | 2.3 | % | |||||||||||
Total | 174 | 19,455,584 | 214,956,700 | 100 | % |
Note: Excludes developments/redevelopments, non-retail properties, and JV properties. Includes DIM properties.
Page 23
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of December 31, 2010 (unaudited)
Year | Total | Number | Supermarket anchor | Average base rent | |||||||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | |||||||||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | ||||||||||||||||||||||||
ALABAMA (3) | |||||||||||||||||||||||||||||||||||
Madison Centre | Madison | 1997 | 64,837 | 97.5 | % | 12 | 1 | 37,912 | Publix | 06/01/17 | Rite Aid | $ | 9.92 | ||||||||||||||||||||||
The Shops at Lake Tuscaloosa | Tuscaloosa | 2003 / 2005 | 70,242 | 88.9 | % | 10 | 6 | 44,271 | Publix | 12/31/23 | 12.22 | ||||||||||||||||||||||||
Winchester Plaza | Huntsville | 2006 | 75,700 | 86.9 | % | 12 | 7 | 45,600 | Publix | 08/31/26 | 11.66 | ||||||||||||||||||||||||
TOTAL SHOPPING CENTERS ALABAMA (3) | 210,779 | 90.8 | % | 34 | 14 | 127,783 | # | $ | 11.27 | ||||||||||||||||||||||||||
CONNECTICUT (2) | |||||||||||||||||||||||||||||||||||
Brookside Plaza** | Enfield | 1985 / 2006 | 213,274 | 89.7 | % | 21 | 5 | 59,648 | Wakefern Food | 08/31/15 | Bed Bath & Beyond / Walgreens / Staples /Petsmart | $ | 11.83 | ||||||||||||||||||||||
Copps Hill | Ridgefield | 1979/2002 | 184,528 | 100.0 | % | 9 | - | 59,015 | Stop & Shop | 12/31/24 | Kohl's / Rite Aid | 13.14 | |||||||||||||||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (2) | 397,802 | 94.5 | % | 30 | 5 | 118,663 | # | $ | 12.47 | ||||||||||||||||||||||||||
FLORIDA (90) | |||||||||||||||||||||||||||||||||||
Orlando / Central Florida (11) | |||||||||||||||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 126,333 | 92.2 | % | 26 | 4 | 54,230 | Publix | 11/30/13 | $ | 14.65 | |||||||||||||||||||||||
Alafaya Village | Orlando | 1986 | 38,118 | 96.3 | % | 15 | 1 | 20.82 | |||||||||||||||||||||||||||
Conway Crossing | Orlando | 2002 | 76,321 | 85.5 | % | 15 | 4 | 44,271 | Publix | 04/30/22 | 11.57 | ||||||||||||||||||||||||
Eastwood, Shoppes of | Orlando | 1997 | 69,037 | 100.0 | % | 13 | - | 51,512 | Publix | 11/01/17 | 12.71 | ||||||||||||||||||||||||
Eustis Village | Eustis | 2002 | 156,927 | 95.1 | % | 16 | 4 | 44,271 | Publix | 10/31/22 | Beall's Department Store | 11.25 | |||||||||||||||||||||||
Hunter's Creek | Orlando | 1998 | 73,204 | 98.2 | % | 9 | 1 | Office Depot / Lifestyle Family Fitness | 13.65 | ||||||||||||||||||||||||||
Kirkman Shoppes | Orlando | 1973 | 88,820 | 90.8 | % | 25 | 6 | Party America | 18.99 | ||||||||||||||||||||||||||
Lake Mary Centre | Orlando | 1988 / 2001 | 340,434 | 97.1 | % | 58 | 8 | 63,139 | Albertsons | 06/30/12 | Kmart / Lifestyle Fitness Center / Office Depot | 13.29 | |||||||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 128,848 | 70.0 | % | 14 | 9 | Beauty Depot / Dollar General | 7.04 | ||||||||||||||||||||||||||
Town & Country | Kissimmee | 1993 | 72,043 | 95.6 | % | 12 | 2 | 52,883 | Albertsons* | 10/31/18 | 8.59 | ||||||||||||||||||||||||
(Ross Dress For Less) | |||||||||||||||||||||||||||||||||||
Unigold Shopping Center | Winter Park | 1987 | 117,527 | 82.9 | % | 19 | 6 | 52,500 | Winn-Dixie | 04/30/12 | 11.93 | ||||||||||||||||||||||||
Jacksonville / North Florida (10) | |||||||||||||||||||||||||||||||||||
Atlantic Village | Atlantic Beach, FL | 1984 | 100,559 | 87.5 | % | 18 | 7 | 39,795 | Publix | 10/31/13 | Jo-Ann Fabric & Crafts | 10.59 | |||||||||||||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 68,846 | 89.0 | % | 6 | 5 | Big Lots / Goodwill / Bealls Outlet | 8.46 | ||||||||||||||||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 85.0 | % | 12 | 4 | 37,866 | Publix | 04/30/20 | 10.92 | ||||||||||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 71,816 | 86.8 | % | 7 | 6 | 45,500 | Winn-Dixie | 05/31/15 | Citi Trends | 6.93 | |||||||||||||||||||||||
Mandarin Landing | Jacksonville | 1976 | 139,580 | 75.7 | % | 15 | 12 | 50,000 | Whole Foods | 12/31/23 | Office Depot / Aveda Institute | $ | 17.22 |
Page 24
Year | Total | Number | Supermarket anchor | Average base rent | ||||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | |||||||||||||||||||||
Medical & Merchants | Jacksonville | 1993 | 156,153 | 98.9 | % | 11 | 2 | 55,999 | Publix | 02/10/13 | Memorial Hospital / Planet Fitness | 11.46 | ||||||||||||||||||||
Middle Beach Shopping Center | Panama City Beach | 1994 | 69,277 | 83.5 | % | 3 | 6 | 56,077 | Publix* | 09/30/14 | 8.68 | |||||||||||||||||||||
Pablo Plaza | Jacksonville | 1974 / 1998 / 2001 / 2008 | 151,238 | 87.9 | % | 22 | 9 | 34,400 | Publix | 11/30/13 | Marshalls / HomeGoods | 11.68 | ||||||||||||||||||||
Oak Hill | Jacksonville | 1985 / 1997 | 78,492 | 77.6 | % | 16 | 4 | 39,795 | Publix | 03/11/15 | 7.95 | |||||||||||||||||||||
South Beach** | Jacksonville Beach | 1990 / 1991 | 303,219 | 87.2 | % | 36 | 15 | Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples | 12.42 | |||||||||||||||||||||||
Miami-Dade / Broward / Palm Beach (39) | ||||||||||||||||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,274 | 98.8 | % | 40 | 2 | 44,400 | Winn-Dixie | 12/31/12 | CVS Pharmacy / Bird Executive / Goodwill | 17.66 | ||||||||||||||||||||
Boynton Plaza | Boynton Beach | 1978 / 1999 | 99,324 | 91.1 | % | 20 | 7 | 37,664 | Publix | 08/31/13 | CVS Pharmacy | 13.25 | ||||||||||||||||||||
Bluffs Square | Jupiter | 1986 | 123,917 | 77.2 | % | 20 | 10 | 39,795 | Publix | 10/22/11 | Walgreens | 13.45 | ||||||||||||||||||||
Chapel Trail | Pembroke Pines | 2007 | 56,378 | 100.0 | % | 4 | - | LA Fitness | 21.50 | |||||||||||||||||||||||
Coral Reef Shopping Center | Palmetto Bay | 1968 / 1990 | 76,632 | 96.2 | % | 15 | 2 | Office Depot / Walgreen's | 25.29 | |||||||||||||||||||||||
Countryside Shops | Cooper City | 1986 / 1988 / 1991 | 179,561 | 91.8 | % | 35 | 11 | 39,795 | Publix | 12/04/15 | CVS Pharmacy / Stein Mart | 13.42 | ||||||||||||||||||||
Country Walk | Miami | 1985 / 2006 / 2008 | 100,686 | 96.5 | % | 27 | 2 | 39,795 | Publix | 10/23/15 | CVS Pharmacy | 18.86 | ||||||||||||||||||||
Crossroads Square | Pembroke Pines | 1973 | 81,587 | 79.9 | % | 16 | 10 | CVS Pharmacy / Goodwill | 17.02 | |||||||||||||||||||||||
CVS Plaza | Miami | 2004 | 18,214 | 71.5 | % | 4 | 3 | 23.91 | ||||||||||||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0 | % | 1 | - | Jumbo Buffet | 24.31 | |||||||||||||||||||||||
Gateway Plaza | Aventura | 1991 | 29,800 | 100.0 | % | 1 | - | Babies R Us | 14.31 | |||||||||||||||||||||||
Greenwood | Palm Springs | 1982 / 1994 | 132,325 | 88.4 | % | 32 | 6 | 50,032 | Publix | 12/05/14 | Bealls Outlet | 12.93 | ||||||||||||||||||||
Hammocks Town Center | Miami | 1987 / 1993 | 172,806 | 89.0 | % | 33 | 7 | 39,795 | Publix | 06/24/12 | Metro Dade Library / CVS Pharmacy / Porky's Gym | 12.81 | ||||||||||||||||||||
Jonathan's Landing | Jupiter | 1997 | 26,820 | 41.2 | % | 7 | 5 | 23.56 | ||||||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 84.6 | % | 15 | 7 | 42,323 | Publix | 09/13/15 | 14.34 | |||||||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 96.6 | % | 21 | 4 | 39,473 | Winn-Dixie | 02/15/11 | Kmart / Rite Aid* (Family Dollar) | 7.63 | ||||||||||||||||||||
Magnolia Shoppes | Fort Lauderdale | 1998 | 114,118 | 89.5 | % | 12 | 6 | Regal Cinemas / Deal$ | 11.01 | |||||||||||||||||||||||
Meadows | Miami | 1997 | 75,524 | 95.8 | % | 17 | 3 | 47,955 | Publix | 07/09/17 | 14.03 | |||||||||||||||||||||
Oakbrook Square | Palm Beach Gardens | 1974 / 2000 / 2003 | 199,633 | 97.1 | % | 25 | 5 | 44,400 | Publix | 11/30/20 | Stein Mart / Home Goods / CVS / Basset Furniture / Duffy's | 14.20 | ||||||||||||||||||||
Oaktree Plaza | North Palm Beach | 1985 | 23,745 | 72.9 | % | 13 | 7 | $ | 16.60 |
Page 25
Year | Total | Number | Supermarket anchor | Average base rent | ||||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | |||||||||||||||||||||
Pine Island | Davie | 1983 / 1999 | 254,907 | 89.0 | % | 35 | 12 | 39,943 | Publix | 11/30/13 | Home Depot Expo* / Staples | 12.01 | ||||||||||||||||||||
Plaza Alegre | Miami | 2003 | 88,411 | 92.4 | % | 16 | 4 | 44,271 | Publix | 03/14/23 | Goodwill | 15.58 | ||||||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 216,760 | 98.2 | % | 21 | 3 | 45,350 | Winn-Dixie | 02/15/15 | Best Buy / Pasteur Medical | 8.22 | ||||||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,014 | 88.7 | % | 7 | 3 | Office Depot / CVS / Bed Bath & Beyond / TJ Maxx | 16.47 | |||||||||||||||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 94.6 | % | 21 | 7 | Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill | 10.94 | |||||||||||||||||||||||
Riverside Square | Coral Springs | 1987 | 104,241 | 81.8 | % | 25 | 9 | 39,795 | Publix | 02/18/12 | 13.34 | |||||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 91.6 | % | 21 | 4 | 36,464 | Publix | 12/15/14 | Walgreens / Dollar Tree | 11.40 | ||||||||||||||||||||
Sheridan Plaza | Hollywood | 1973 / 1991 | 508,455 | 98.6 | % | 60 | 5 | 65,537 | Publix | 10/09/11 | Kohl's / Ross / Bed Bath & Beyond / Office Depot / LA Fitness / USA Baby & Child Space / Assoc. in Neurology | 14.99 | ||||||||||||||||||||
Shoppes of Andros Isles | West Palm Beach | 2000 | 79,420 | 82.4 | % | 9 | 8 | 51,420 | Publix | 02/29/20 | 12.21 | |||||||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995 / 1997 | 126,789 | 84.8 | % | 29 | 11 | 47,814 | Publix | 06/14/15 | 16.71 | |||||||||||||||||||||
Shops at Skylake | North Miami Beach | 1999 / 2005 / 2006 | 281,943 | 96.1 | % | 44 | 3 | 51,420 | Publix | 07/31/19 | TJMaxx / LA Fitness / Goodwill | 17.23 | ||||||||||||||||||||
Sunrise Town Center | Fort Lauderdale | 1989 | 128,124 | 82.3 | % | 14 | 10 | L.A. Fitness / Office Depot | 11.12 | |||||||||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 124,585 | 76.9 | % | 24 | 15 | 37,764 | Publix | 12/15/14 | Dollar Tree | 11.01 | ||||||||||||||||||||
Veranda Shoppes | Plantation | 2007 | 44,888 | 9 | - | 28,800 | Publix | 04/30/27 | 24.99 | |||||||||||||||||||||||
Waterstone | Homestead | 2005 | 61,000 | 100.0 | % | 10 | - | 45,600 | Publix | 07/31/25 | 14.63 | |||||||||||||||||||||
West Bird | Miami | 1977 / 2000 | 99,864 | 91.2 | % | 24 | 4 | 37,949 | Publix | 08/31/20 | CVS Pharmacy | 13.03 | ||||||||||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 100.0 | % | 27 | - | 46,216 | Winn-Dixie | 05/22/16 | Navarro Pharmacy | 13.38 | ||||||||||||||||||||
Westport Plaza | Davie | 2002 | 49,533 | 100.0 | % | 8 | - | �� | 27,887 | Publix | 11/30/22 | 17.41 | ||||||||||||||||||||
Young Circle | Hollywood | 1962 / 1997 | 65,834 | 98.1 | % | 9 | 1 | 23,124 | Publix | 11/30/16 | Walgreens | 15.59 | ||||||||||||||||||||
Florida Treasure / Northeast Coast (8) | ||||||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 91.2 | % | 12 | 5 | 59,448 | Albertsons | 04/30/25 | 8.67 | |||||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 100.0 | % | 34 | - | 42,112 | Publix | 09/30/12 | Bealls Outlet | 12.08 | ||||||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 92.6 | % | 16 | 3 | Wal-Mart | 8.37 | |||||||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 90.9 | % | 27 | 5 | 39,795 | Publix | 03/23/17 | Bealls Outlet / Books-A-Million | 11.32 | ||||||||||||||||||||
Salerno Village | Stuart | 1987 | 82,477 | 88.6 | % | 13 | 7 | 45,802 | Winn-Dixie | 03/23/24 | CVS Pharmacy | $ | 10.60 | |||||||||||||||||||
Shops at St. Lucie | Port St. Lucie | 2006 | 19,361 | 91.0 | % | 9 | 1 | 22.03 | ||||||||||||||||||||||||
South Point Center | Vero Beach | 2003 | 64,790 | 88.1 | % | 10 | 6 | 44,840 | Publix | 11/30/23 | 15.53 |
Page 26
Year | Total | Number | Supermarket anchor | Average base rent | ||||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | |||||||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,781 | 98.5 | % | 23 | 1 | 59,450 | Publix | 07/31/26 | TJ Maxx | 11.80 | ||||||||||||||||||||
Tampa / St. Petersburg / Venice / Cape Coral / Naples (22) | ||||||||||||||||||||||||||||||||
Bay Pointe Plaza | St. Petersburg | 1984 / 2002 | 103,986 | 94.3 | % | 18 | 5 | 52,610 | Publix | 11/30/21 | Bealls Outlet | 10.40 | ||||||||||||||||||||
Carrollwood | Tampa | 1970 / 2002 | 94,203 | 89.4 | % | 29 | 8 | 27,887 | Publix | 11/30/22 | Golf Locker | 13.58 | ||||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,188 | 67.3 | % | 10 | 15 | 44,024 | Publix* | 01/31/11 | Seafood Buffet | 6.92 | ||||||||||||||||||||
(American Signature Furniture) | ||||||||||||||||||||||||||||||||
Chelsea Place | New Port Richey | 1992 | 81,144 | 96.5 | % | 16 | 2 | 48,890 | Publix | 05/27/12 | 11.78 | |||||||||||||||||||||
Dolphin Village | St. Petersburg | 1967/1990 | 136,224 | 79.7 | % | 27 | 18 | 33,238 | Publix | 11/07/13 | Dollar Tree, CVS | 13.22 | ||||||||||||||||||||
Glengary Shoppes | Sarasota | 1995 | 99,182 | 100.0 | % | 6 | - | Best Buy / Barnes & Noble | 18.04 | |||||||||||||||||||||||
Lake St. Charles | Tampa | 1999 | 57,015 | 100.0 | % | 8 | - | 46,295 | Sweet Bay | 06/30/19 | 10.43 | |||||||||||||||||||||
Lutz Lake | Lutz | 2002 | 64,985 | 86.1 | % | 9 | 6 | 44,270 | Publix | 05/31/22 | 12.82 | |||||||||||||||||||||
Marco Town Center | Marco Island | 2001 | 109,830 | 91.0 | % | 35 | 6 | 27,887 | Publix | 01/31/18 | 17.92 | |||||||||||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 97,812 | 95.8 | % | 16 | 2 | 48,315 | Sweet Bay | 08/15/20 | 10.15 | |||||||||||||||||||||
Midpoint Center | Cape Coral | 2002 | 75,386 | 100.0 | % | 10 | - | 60,667 | Publix | 10/31/22 | 12.36 | |||||||||||||||||||||
Pavilion | Naples | 1982 | 167,745 | 84.2 | % | 29 | 11 | 50,795 | Publix | 12/31/10 | Pavilion 6 Theatre / Anthony's | 11.62 | ||||||||||||||||||||
Regency Crossing | Port Richey | 1986 / 2001 | 85,864 | 81.6 | % | 13 | 12 | 44,270 | Publix | 02/28/21 | 10.27 | |||||||||||||||||||||
Ross Plaza | Tampa | 1984 / 1996 | 90,826 | 94.5 | % | 20 | 3 | Ross Dress for Less / Deal$ | 12.47 | |||||||||||||||||||||||
Seven Hills | Spring Hill | 1991 | 72,590 | 87.8 | % | 12 | 6 | 48,890 | Publix | 09/25/11 | 10.45 | |||||||||||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 92.2 | % | 17 | 4 | 48,890 | Publix | 12/11/11 | Bealls Outlet | 10.26 | ||||||||||||||||||||
Summerlin Square | Fort Myers | 1986 / 1998 | 109,156 | 49.1 | % | 4 | 24 | 45,500 | Winn-Dixie | 06/04/16 | 7.99 | |||||||||||||||||||||
Sunlake | Tampa | 2008 | 89,516 | 85.6 | % | 15 | 9 | 45,600 | Publix | 12/31/28 | 16.97 | |||||||||||||||||||||
Sunpoint Shopping Center | Ruskin | 1984 | 132,374 | 65.5 | % | 15 | 10 | Goodwill / Ozzie's Buffet / Big Lots / Chapter 13 Trustee | 8.61 | |||||||||||||||||||||||
Venice Plaza | Venice | 1971 / 1979 / 1999 | 132,345 | 98.8 | % | 15 | 1 | 42,582 | Sweet Bay | 09/30/18 | TJ Maxx | 6.38 | ||||||||||||||||||||
Venice Shopping Center | Venice | 1968 / 2000 | 109,801 | 85.9 | % | 12 | 2 | 44,271 | Publix | 12/31/26 | Beall's Outlet | $ | 5.66 | |||||||||||||||||||
Walden Woods | Plant City | 1985 / 1998 / 2003 | 75,874 | 94.4 | % | 13 | 3 | Dollar Tree / Aaron Rents / Dollar General | 8.40 | |||||||||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (90) | 10,070,395 | 89.6 | % | 1,632 | 486 | 2,953,347 | $ | 12.88 |
Page 27
Year | Total | Number | Supermarket anchor | Average base rent | ||||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | |||||||||||||||||||||
GEORGIA (34) | ||||||||||||||||||||||||||||||||
Atlanta (25) | ||||||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 86.4 | % | 23 | 7 | 37,888 | Publix | 01/31/20 | $ | 15.78 | ||||||||||||||||||||
Buckhead Station | Atlanta | 1996 | 233,739 | 100.0 | % | 15 | 1 | Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack | 20.44 | |||||||||||||||||||||||
Butler Creek | Acworth | 1990 | 95,597 | 87.4 | % | 16 | 4 | 59,997 | Kroger | 01/31/18 | 10.82 | |||||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 98.1 | % | 26 | 2 | 37,366 | Publix | 05/31/24 | 17.94 | |||||||||||||||||||||
Commerce Crossing | Commerce | 1988 | 100,668 | 26.5 | % | 5 | 6 | Fred's Store | 5.52 | |||||||||||||||||||||||
Douglas Commons | Douglasville | 1988 | 97,027 | 98.9 | % | 17 | 1 | 59,431 | Kroger | 08/31/13 | 10.86 | |||||||||||||||||||||
Fairview Oaks | Ellenwood | 1997 | 77,052 | 89.4 | % | 12 | 2 | 54,498 | Kroger | 09/30/16 | 10.47 | |||||||||||||||||||||
Freehome Village | Canton | 2003 | 74,340 | 72.2 | % | 6 | 11 | 44,840 | Publix | 12/31/23 | 12.31 | |||||||||||||||||||||
Golden Park Village | Buford | 2000 | 68,738 | 78.7 | % | 7 | 6 | 44,270 | Publix | 02/29/20 | 10.83 | |||||||||||||||||||||
Governors Town Square | Acworth | 2005 | 68,658 | 100.0 | % | 14 | - | 44,840 | Publix | 02/28/25 | 16.19 | |||||||||||||||||||||
Grassland Crossing | Alpharetta | 1996 | 90,906 | 93.2 | % | 11 | 3 | 70,086 | Kroger | 06/30/16 | 11.46 | |||||||||||||||||||||
Hairston Center | Decatur | 2000 | 13,000 | 38.5 | % | 3 | 6 | 11.28 | ||||||||||||||||||||||||
Hamilton Ridge | Buford | 2002 | 90,996 | 85.1 | % | 14 | 7 | 54,166 | Kroger | 11/30/22 | 11.75 | |||||||||||||||||||||
Keith Bridge Commons | Atlanta | 2002 | 94,886 | 87.0 | % | 14 | 7 | 54,139 | Kroger | 08/10/22 | 12.34 | |||||||||||||||||||||
Mableton Crossing | Mableton | 1997 | 86,819 | 96.4 | % | 15 | 2 | 63,419 | Kroger | 08/31/17 | 10.56 | |||||||||||||||||||||
Macland Pointe | Marietta | 1992-93 | 79,699 | 100.0 | % | 17 | - | 55,999 | Publix | 12/29/12 | 10.43 | |||||||||||||||||||||
Market Place | Norcross | 1976 | 77,706 | 94.4 | % | 21 | 3 | Galaxy Cinema | 12.28 | |||||||||||||||||||||||
Paulding Commons | Hiram | 1991 | 192,391 | 96.3 | % | 26 | 4 | 49,700 | Kroger | 02/28/11 | Kmart | 8.07 | ||||||||||||||||||||
Piedmont Peachtree Crossing | Buckhead | 1978 / 1998 | 152,239 | 97.7 | % | 25 | 3 | 55,520 | Kroger | 02/28/15 | Cost Plus Store / Binders Art Supplies | 17.76 | ||||||||||||||||||||
Powers Ferry Plaza | Marietta | 1979 / 1987 / 1998 | 86,473 | 86.5 | % | 18 | 7 | Micro Center | 9.89 | |||||||||||||||||||||||
Salem Road Station | Atlanta | 2000 | 67,270 | 90.3 | % | 11 | 5 | 44,270 | Publix | 09/30/20 | 11.16 | |||||||||||||||||||||
Shops of Huntcrest | Lawrenceville | 2003 | 97,040 | 86.2 | % | 19 | 7 | 54,340 | Publix | 01/31/23 | $ | 13.57 | ||||||||||||||||||||
Shops of Westridge | McDonough | 2006 | 66,297 | 74.7 | % | 9 | 9 | 38,997 | Publix | 04/30/26 | 13.53 | |||||||||||||||||||||
Wesley Chapel | Decatur | 1989 | 164,153 | 86.8 | % | 19 | 9 | Corinthian College / Little Giant/ Deal$ / Planet Fitness | 6.87 | |||||||||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 68.7 | % | 19 | 8 | 21.70 |
Page 28
Year | Total | Number | Supermarket anchor | Average base rent | ||||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | |||||||||||||||||||||
Central / South Georgia (9) | ||||||||||||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 171,932 | 85.0 | % | 28 | 11 | 45,971 | Bi-Lo | 03/25/22 | St. Joseph Home Health Care | 8.84 | ||||||||||||||||||||
Dublin Village | Dublin | 2005 | 98,540 | 92.5 | % | 12 | 5 | 70,225 | Kroger | 08/03/25 | 6.73 | |||||||||||||||||||||
Grayson Village | Loganville | 2002 | 83,155 | 77.1 | % | 13 | 10 | 44,271 | Publix | 01/31/22 | 11.51 | |||||||||||||||||||||
Loganville Town Center | Loganville | 1997 | 77,661 | 88.9 | % | 11 | 4 | 51,420 | Publix | 08/01/17 | 11.96 | |||||||||||||||||||||
McAlpin Square | Savannah | 1979 | 173,952 | 98.6 | % | 23 | 1 | 43,600 | Kroger | 08/31/15 | Big Lots / Post Office / Habitat for Humanity | 7.32 | ||||||||||||||||||||
Spalding Village | Griffin | 1989 | 235,318 | 63.5 | % | 18 | 10 | 59,431 | Kroger | 05/31/14 | Fred's Store / Goodwill | 7.65 | ||||||||||||||||||||
The Vineyards at Chateau Elan | Braselton | 2002 | 79,047 | 97.4 | % | 19 | 1 | 44,271 | Publix | 01/31/23 | 14.42 | |||||||||||||||||||||
Walton Plaza | Augusta | 1990 | 43,460 | 91.7 | % | 5 | 3 | 32,960 | Harris Teeter* (Omni Fitness) | 04/01/11 | 10.44 | |||||||||||||||||||||
Wilmington Island Shopping Center | Wilmington Island | 1985 / 1998 / 2003 | 87,818 | 69.6 | % | 12 | 11 | 42,156 | Kroger | 09/16/18 | 12.68 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (34) | 3,452,244 | 86.4 | % | 523 | 176 | 1,358,071 | $ | 11.91 | ||||||||||||||||||||||||
LOUISIANA (13) | ||||||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980 / 1991 | 187,678 | 97.4 | % | 23 | 2 | Conn's Appliances / Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics | $ | 9.87 | ||||||||||||||||||||||
Ambassador Row Courtyard | Lafayette | 1986 / 1991 / 2005 | 146,697 | 99.0 | % | 22 | 1 | Bed Bath & Beyond / Marshall's / Hancock Fabrics / Unitech Training Academy / Tuesday Morning | 10.44 | |||||||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 101,623 | 91.3 | % | 19 | 7 | 33,387 | Matherne's | 11/30/15 | Office Depot | 11.35 | ||||||||||||||||||||
Boulevard | Lafayette | 1976 / 1994 | 68,012 | 89.8 | % | 11 | 3 | Piccadilly / Harbor Freight Tools / Golfballs.com | 8.83 | |||||||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 92.1 | % | 8 | 2 | 33,387 | Winn-Dixie | 01/31/13 | 6.50 | |||||||||||||||||||||
Crossing | Slidell | 1988 / 1993 | 114,806 | 97.4 | % | 15 | 1 | 58,432 | Save A Center | 09/28/39 | A-1 Home Appliance / Piccadilly | 5.83 | ||||||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 130,284 | 100.0 | % | 10 | - | Academy Sports / Dollar Tree / Home Décor | 9.94 | |||||||||||||||||||||||
Grand Marche (ground lease) | Lafayette | 1969 | 200,585 | 100.0 | % | 1 | - | NA | ||||||||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 105,419 | 56.4 | % | 7 | 1 | 28,092 | Super 1 Store | 06/30/15 | Fred's Store | 4.42 | ||||||||||||||||||||
Sherwood South | Baton Rouge | 1972 / 1988 / 1992 | 77,107 | 86.0 | % | 8 | 1 | Burke's Outlet / Harbor Freight Tools / Fred's Store | 6.35 | |||||||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 99.2 | % | 19 | 1 | Office Depot / Big Lots / Dollar Tree / Stage / Party City | $ | 9.32 | ||||||||||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 84.3 | % | 8 | 1 | Stage / Dollar General | 5.31 | |||||||||||||||||||||||
Village at Northshore | Slidell | 1988 | 144,638 | 96.7 | % | 13 | 2 | Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot | 8.54 | |||||||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (13) | 1,568,556 | 93.5 | % | 164 | 22 | 153,298 | $ | 8.65 | ||||||||||||||||||||||||
MARYLAND (1) |
Page 29
Year | Total | Number | Supermarket anchor | Average base rent | ||||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | |||||||||||||||||||||
South Plaza Shopping Center | St. Mary's County | 2005 | 92,335 | 100.0 | % | 9 | - | Ross Dress For Less / Best Buy / Old Navy /Petco | $ | 16.95 | ||||||||||||||||||||||
TOTAL SHOPPING CENTERS MARYLAND (1) | 92,335 | 100.0 | % | 9 | - | - | $ | 16.95 | ||||||||||||||||||||||||
MASSACHUSETTS (7) | ||||||||||||||||||||||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0 | % | 1 | - | 66,108 | Star Market | 01/02/16 | $ | 30.25 | ||||||||||||||||||||
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 | 19.53 | |||||||||||||||||||||
Swampscott Whole Foods | Swampscott | 1967 / 2005 | 35,907 | 100.0 | % | 1 | - | 35,907 | Whole Foods | 01/01/26 | 22.89 | |||||||||||||||||||||
Webster Plaza | Webster | 1963 / 1998 | 199,425 | 100.0 | % | 14 | - | 56,766 | Shaw's | 02/28/23 | K Mart | 8.18 | ||||||||||||||||||||
West Roxbury Shaw's Plaza | West Roxbury | 1973 / 1995/ 2006 | 76,316 | 92.9 | % | 9 | 4 | 54,928 | Shaw's | 01/02/16 | 25.25 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (7) | 600,879 | 99.1 | % | 29 | 4 | 434,532 | $ | 18.09 | ||||||||||||||||||||||||
MISSISSIPPI (1) | ||||||||||||||||||||||||||||||||
Shipyard Plaza | Pascagoula | 1987 | 66,857 | 98.2 | % | 7 | 1 | Big Lots / Buffalo Wild Wings | $ | 7.04 | ||||||||||||||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 98.2 | % | 7 | 1 | - | $ | 7.04 | ||||||||||||||||||||||||
NEW YORK (2) | ||||||||||||||||||||||||||||||||
Westbury Plaza | Long Island | 1993 | 398,602 | 100.0 | % | 8 | - | Marshalls / Sports Authority / Walmart / Olive Garden / Borders / Costco | $ | 21.14 | ||||||||||||||||||||||
1175 Third Avenue | Manhattan | 1995 | 25,350 | 100.0 | % | 1 | - | 25,350 | Food Emporium | 01/31/19 | 41.66 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS NEW YORK (2) | 423,952 | 100.0 | % | 9 | - | 25,350 | $ | 22.37 | ||||||||||||||||||||||||
NORTH CAROLINA (12) | ||||||||||||||||||||||||||||||||
Brawley Commons | Charlotte | 1997 / 1998 | 119,189 | 75.7 | % | 22 | 15 | 42,142 | Lowe's Foods | 05/13/17 | Rite Aid | 11.48 | ||||||||||||||||||||
Carolina Pavilion | Charlotte | 1996 | 731,678 | 93.7 | % | 22 | 4 | AMC Theatres / Value City Furniture / Old Navy / Ross Dress For Less / Sports Authority / Babies 'R Us / Michaels Crafts / Sears Retail Outlet Store / DSW Shoe Warehouse / Cost Plus World Market / Gregg Appliances / Petco / Dollar Tree / Dress Barn / Bed Bath & Beyond / Kohl's / Buy Buy Baby / Nordstrom Rack | $ | 10.65 | ||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 163,642 | 94.7 | % | 21 | 3 | Belk's / Dollar Tree / Aaron Rents / Burkes Outlet Stores | 5.81 | |||||||||||||||||||||||
Chestnut Square | Brevard | 1985 / 2008 | 34,260 | 90.7 | % | 6 | 2 | Walgreens | 15.45 |
Page 30
Year | Total | Number | Supermarket anchor | Average base rent | ||||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | |||||||||||||||||||||
Galleria | Wrightsville Beach | 1986 / 1990 | 92,114 | 76.4 | % | 27 | 9 | 28,000 | Harris Teeter* | 04/05/11 | 9.75 | |||||||||||||||||||||
Parkwest Crossing | Durham | 1990 | 85,602 | 91.6 | % | 14 | 3 | 38,052 | Food Lion | 12/14/15 | 10.47 | |||||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 128,498 | 95.4 | % | 12 | 4 | 53,538 | Kroger | 12/31/14 | Upchurch Drugs / Riverview Galleries | 7.82 | ||||||||||||||||||||
Salisbury Marketplace | Salisbury | 1987 | 79,732 | 75.9 | % | 12 | 8 | 31,762 | Food Lion | 02/12/23 | 10.88 | |||||||||||||||||||||
Stanley Market Place | Stanley | 2007 | 53,228 | 93.4 | % | 5 | 2 | 34,928 | Food Lion | 05/15/27 | Family Dollar | 9.90 | ||||||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 90.8 | % | 8 | 6 | 32,000 | Ingles | 09/29/12 | Kmart | 5.49 | ||||||||||||||||||||
Willowdaile Shopping Center | Durham | 1986 | 95,601 | 84.1 | % | 16 | 9 | Hall of Fitness / Ollie's Bargain Outlet | 8.69 | |||||||||||||||||||||||
Whitaker Square | Winston-Salem | 1996 | 82,760 | 100.0 | % | 13 | - | 51,890 | Harris Teeter | 02/11/16 | Rugged Wearhouse | 12.24 | ||||||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 1,815,058 | 90.5 | % | 178 | 65 | 312,312 | $ | 9.62 | ||||||||||||||||||||||||
SOUTH CAROLINA (7) | ||||||||||||||||||||||||||||||||
Belfair Towne Village | Bluffton | 2000 / 2003 / 2006 | 166,639 | 89.7 | % | 28 | 6 | 55,696 | Kroger | 10/31/19 | Stein Mart | $ | 13.43 | |||||||||||||||||||
Lancaster Plaza | Lancaster | 1971 / 1990 | 77,400 | 57.1 | % | 2 | 3 | 19,200 | Bi-Lo | 09/30/15 | Tractor Supply | 3.67 | ||||||||||||||||||||
Lancaster Shopping Center | Lancaster | 1963 / 1987 | 29,047 | 17.2 | % | 1 | 1 | 6.49 | ||||||||||||||||||||||||
Milestone Plaza | Greenville | 1995 | 89,721 | 97.4 | % | 9 | 1 | 59,039 | Bi-Lo | 03/31/30 | 14.86 | |||||||||||||||||||||
North Village Center | North Myrtle Beach | 1984 | 60,356 | 70.3 | % | 6 | 7 | Dollar General / Goodwill | 8.34 | |||||||||||||||||||||||
Windy Hill | North Myrtle Beach | 1968 / 1988 / 2006 | 68,465 | 96.5 | % | 3 | 2 | Rose's Store / Family Dollar Store | 5.96 | |||||||||||||||||||||||
Woodruff | Greenville | 1995 | 68,055 | 98.7 | % | 9 | 1 | 47,955 | Publix | 08/06/15 | 10.66 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (7) | 559,683 | 82.5 | % | 58 | 21 | 181,890 | $ | 10.75 | ||||||||||||||||||||||||
TENNESSEE (1) | ||||||||||||||||||||||||||||||||
Greensboro Village Shopping Center | Gallatin | 2005 | 70,203 | 95.6 | % | 14 | 2 | 45,600 | Publix | 11/30/25 | $ | 14.21 | ||||||||||||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (1) | 70,203 | 95.6 | % | 14 | 2 | 45,600 | $ | 14.21 | ||||||||||||||||||||||||
VIRGINIA (1) | ||||||||||||||||||||||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 98.9 | % | 13 | 1 | 32,000 | Ingles | 09/25/15 | Wal-Mart | $ | 6.06 | |||||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (1) | 126,841 | 98.9 | % | 13 | 1 | 32,000 | $ | 6.06 | ||||||||||||||||||||||||
TOTAL CORE SHOPPING CENTER PORTFOLIO (174) | 19,455,584 | 90.3 | % | 2,700 | 797 | 5,742,846 | $ | 12.38 |
Page 31
Year | Total | Number | Supermarket anchor | Average base rent | ||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | per leased | ||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | SF | |||||||||||||||||
OTHER PROPERTIES (6) | ||||||||||||||||||||||||||||
4101 South I-85 Industrial | Charlotte, NC | 1956 / 1963 | 188,513 | 38.0 | % | 2 | 7 | |||||||||||||||||||||
Banco Popular Office Building | Miami, FL | 1971 | 32,737 | 82.9 | % | 15 | 4 | |||||||||||||||||||||
Laurel Walk Apartments | Charlotte, NC | 1985 | 106,480 | 91.8 | % | 91 | 7 | |||||||||||||||||||||
Mandarin Mini-Storage | Jacksonville, FL | 1982 | 52,300 | 62.7 | % | 323 | 221 | |||||||||||||||||||||
Prosperity Office Building | Palm Beach Gdns, FL | 1972 | 3,200 | 0.0 | % | - | 1 | |||||||||||||||||||||
�� | ||||||||||||||||||||||||||||
Providence Square | Charlotte, NC | 1973 | 85,930 | 22.6 | % | 9 | 16 | |||||||||||||||||||||
TOTAL OTHER PROPERTIES (6) | 469,160 | 53.0 | % | 440 | 256 | - | ||||||||||||||||||||||
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (180) | 19,924,744 | 89.4 | % | 3,140 | 1,053 | 5,742,846 | ||||||||||||||||||||||
DEVELOPMENTS, REDEVELOPMENTS & LAND (9) | ||||||||||||||||||||||||||||
Developments (2) | Various - See Schedule on Page 34. | |||||||||||||||||||||||||||
Redevelopments (2) | Various - See Schedule on Page 34. | |||||||||||||||||||||||||||
Land Held for Development (5) | Various | |||||||||||||||||||||||||||
TOTAL CONSOLIDATED - 89 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 ( ). |
** | Future contractual lease obligations included. |
Page 32
EQUITY ONE, INC.
REAL ESTATE ACQUISITIONS AND DISPOSITIONS
For the twelve months ended December 31, 2010 (unaudited)
(in thousands)
2010 Acquisition Activity | ||||||||||||||
Date Purchased | Property Name | City | State | Square Feet / Acres | Purchase Price | Mortgage Assumed | ||||||||
December 23, 2010 | Canyon Trails Towne Center(1) | Goodyear | AZ | 211,581 | $ | 29,000 | $ | - | ||||||
September 22, 2010 | 1175 Third Avenue | New York | NY | 25,350 | 21,000 | 7,475 | ||||||||
September 2, 2010 | Country Walk Plaza | Miami | FL | 100,686 | 27,750 | 13,500 | ||||||||
August 31, 2010 | Pablo Plaza | Jacksonville | FL | 151,238 | 19,338 | 7,515 | ||||||||
August 31, 2010 | Westbird Plaza | Miami | FL | 99,864 | 17,550 | 8,455 | ||||||||
April 15, 2010 | Veranda Shoppes | Plantation | FL | 44,888 | 11,675 | - | ||||||||
March 31, 2010 | Copps Hill Plaza | Ridgefield | CT | 184,528 | 33,400 | 19,797 | ||||||||
March 19, 2010 | Gateway Plaza at Aventura | Aventura | FL | 29,800 | 8,000 | - | ||||||||
March 15, 2010 | Coral Reef - Outparcel | Palmetto Bay | FL | 0.58 | 1,000 | - | ||||||||
February 24, 2010 | Ryanwood - Outparcel | Vero Beach | FL | 0.63 | 325 | - | ||||||||
Total | $ | 169,038 | $ | 56,742 |
(1) | Equity One, Inc. owns a 90% interest through a joint venture. |
2010 Disposition Activity | |||||||||||||||
Date Sold | Property Name | City | State | Square Feet / Acres | Gross Sales Price | Gain (loss) on Sale | |||||||||
Outparcels sold | |||||||||||||||
December 29, 2010 | Crossroads - Outparcel | Pembroke Pines | FL | 2,800 | $ | 900 | $ | 799 | |||||||
July 6, 2010 | Sunlake - Land parcel | Miami | FL | 4.83 | $ | 1,240 | $ | (162 | ) | ||||||
June 30, 2010 | Plaza Alegre - Outparcel | Miami | FL | 3,200 | 1,360 | 1,037 | |||||||||
May 25, 2010 | Town and Country - Land parcel | Kissimmee | FL | 1.15 | 612 | 416 | |||||||||
May 21, 2010 | Tamarac Town Square - Outparcel | Tamarac | FL | 3,050 | 566 | 421 | |||||||||
Total Sold | $ | 4,678 | $ | 2,511 |
Page 33
EQUITY ONE, INC.
REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of December 31, 2010 (unaudited)
(in thousands, except square footage data)
Project | Location | Project GLA* | Total GLA** | Anchors | Target Stabilization Date | Estimated Gross Cost (1) | Estimated Net Cost (2) | Funded as of 09/30/10 | Balance to Complete (Gross Cost) | |||||||||||||||
Developments | ||||||||||||||||||||||||
Shops at Hampton Oaks (3) | Fairburn, GA (Atlanta) | 21,000 | 21,000 | CVS (not owned) | 2Q12 | $ | 8,672 | $ | 5,197 | $ | 8,084 | $ | 588 | |||||||||||
River Green | Canton, GA (Atlanta) | 59,997 | 59,997 | CVS (not owned) | TBD | 11,905 | 10,155 | 3,392 | 8,513 | |||||||||||||||
Subtotal | 80,997 | 80,997 | $ | 20,577 | $ | 15,352 | $ | 11,476 | $ | 9,101 | ||||||||||||||
Redevelopment | ||||||||||||||||||||||||
Boca Village | Boca Raton, FL | 25,663 | 92,267 | Publix Greenwise / CVS | 3Q13 | 7,255 | 7,255 | 216 | 7,039 | |||||||||||||||
Pine Ridge | Coral Springs, FL | 31,780 | 116,068 | Fresh Market / Bed Bath & Beyond | 3Q12 | 3,453 | 3,453 | 21 | 3,432 | |||||||||||||||
Subtotal | 57,443 | 208,335 | $ | 10,708 | $ | 10,708 | $ | 237 | $ | 10,471 | ||||||||||||||
Total Development Activity | 138,440 | 289,332 | $ | 31,285 | $ | 26,060 | $ | 11,713 | $ | 19,572 |
Project notes
(1) | Includes actual / allocated cost of land. |
(2) | After sales of outparcels and construction cost reimbursements. |
(3) | Remaining costs to complete represent small-shop and build-to-suit costs. |
* | Project GLA is subject to change based upon changes related to build-to-suit requests and other tenant driven changes. |
** | Owned GLA (for redevelopments, includes portions of center not subject to redevelopment). |
Page 34
EQUITY ONE, INC.
CONSOLIDATED DEBT SUMMARY
As of December 31, 2010 and 2009 (unaudited)
(in thousands)
Maturity | Dec 31, 2010 | Dec 31, 2009 | Percent of overall debt | ||||||||||||||
Debt Instrument | date | Rate (1) | balance | balance | maturing | ||||||||||||
Mortgage debt | |||||||||||||||||
Bluff's Square | 06/01/10 | 8.740 | % | $ | - | $ | 9,460 | 0.0 | % | ||||||||
Kirkman Shoppes | 06/01/10 | 8.740 | % | - | 8,934 | 0.0 | % | ||||||||||
Ross Plaza | 06/01/10 | 8.740 | % | - | 6,231 | 0.0 | % | ||||||||||
Boynton Plaza | 07/01/10 | 8.030 | % | - | 6,960 | 0.0 | % | ||||||||||
Pointe Royale | 07/15/10 | 7.950 | % | - | 2,698 | 0.0 | % | ||||||||||
Shops at Skylake | 08/01/10 | 7.650 | % | - | 11,973 | 0.0 | % | ||||||||||
Parkwest Crossing | 09/01/10 | 8.100 | % | - | 4,400 | 0.0 | % | ||||||||||
Spalding Village | 09/01/10 | 8.194 | % | - | 8,261 | 0.0 | % | ||||||||||
Charlotte Square | 02/01/11 | 9.188 | % | - | 3,123 | 0.0 | % | ||||||||||
Forest Village | 04/01/11 | 7.270 | % | 4,065 | 4,140 | 0.3 | % | ||||||||||
Boca Village | 05/01/11 | 7.200 | % | 7,515 | 7,653 | 0.6 | % | ||||||||||
MacLand Pointe | 05/01/11 | 7.250 | % | 5,311 | 5,408 | 0.4 | % | ||||||||||
Pine Ridge Square | 05/01/11 | 7.020 | % | 6,636 | 6,762 | 0.6 | % | ||||||||||
Sawgrass Promenade | 05/01/11 | 7.200 | % | 7,515 | 7,653 | 0.6 | % | ||||||||||
Lake Mary Centre | 11/01/11 | 7.250 | % | 22,321 | 22,712 | 1.9 | % | ||||||||||
Lake St. Charles | 11/01/11 | 7.130 | % | 3,517 | 3,580 | 0.3 | % | ||||||||||
Belfair Towne Village | 12/01/11 | 7.320 | % | 9,651 | 9,958 | 0.8 | % | ||||||||||
Marco Town Center | 01/01/12 | 6.700 | % | 7,398 | 7,629 | 0.6 | % | ||||||||||
Riverside Square | 03/01/12 | 9.188 | % | 6,710 | 6,892 | 0.6 | % | ||||||||||
Hammocks Town Center | 06/01/12 | 6.950 | % | 11,631 | 11,833 | 1.0 | % | ||||||||||
Cashmere Corners | 11/01/12 | 5.880 | % | 4,376 | 4,523 | 0.4 | % | ||||||||||
Eastwood | 11/01/12 | 5.880 | % | 5,215 | 5,390 | 0.4 | % | ||||||||||
Meadows Shopping Center | 11/01/12 | 5.870 | % | 5,479 | 5,664 | 0.5 | % | ||||||||||
Salem Road Station | 11/11/12 | 6.000 | % | 5,732 | 5,846 | 0.5 | % | ||||||||||
Lutz Lake Crossing | 01/01/13 | 6.280 | % | 7,229 | 7,328 | 0.6 | % | ||||||||||
Pablo Plaza | 04/11/13 | 5.814 | % | 7,466 | - | 0.6 | % | ||||||||||
Westbird Plaza | 04/11/13 | 5.814 | % | 8,399 | - | 0.7 | % | ||||||||||
Brawley Commons | 07/01/13 | 6.250 | % | 6,712 | 6,794 | 0.6 | % | ||||||||||
Midpoint Center | 07/10/13 | 5.770 | % | 6,008 | 6,200 | 0.5 | % | ||||||||||
Buckhead Station | 09/01/13 | 6.880 | % | 25,576 | 26,213 | 2.1 | % | ||||||||||
Keith Bridge Commons | 10/11/13 | 4.800 | % | 8,561 | 8,753 | 0.7 | % | ||||||||||
Alafaya Village | 11/11/13 | 5.990 | % | 3,834 | 3,904 | 0.3 | % | ||||||||||
Summerlin Square | 02/01/14 | 6.750 | % | 1,510 | 1,924 | 0.1 | % | ||||||||||
Sunrise Town Center | 04/30/14 | 5.690 | % | 10,084 | 10,298 | 0.8 | % | ||||||||||
South Point | 07/10/14 | 5.720 | % | 7,398 | 7,616 | 0.6 | % | ||||||||||
The Vineyards at Chateau Elan | 07/11/14 | 5.880 | % | 9,662 | 9,833 | 0.8 | % |
Page 35
Maturity | Dec 31, 2010 | Dec 31, 2009 | Percent of overall debt | ||||||||||||||||
Debt Instrument | date | Rate (1) | balance | balance | maturing | ||||||||||||||
Golden Park Village | 01/11/15 | 5.250 | % | $ | 7,204 | $ | 7,341 | 0.6 | % | ||||||||||
Grayson Village | 01/11/15 | 5.210 | % | 9,635 | 9,820 | 0.8 | % | ||||||||||||
The Shops at Lake Tuscaloosa | 01/11/15 | 5.450 | % | 7,010 | 7,139 | 0.6 | % | ||||||||||||
Bird Ludlum | 02/15/15 | 7.680 | % | 4,893 | 5,853 | 0.4 | % | ||||||||||||
Treasure Coast Plaza | 04/01/15 | 8.000 | % | 2,359 | 2,797 | 0.2 | % | ||||||||||||
Eustis Village | 05/11/15 | 5.450 | % | 13,095 | 13,313 | 1.1 | % | ||||||||||||
Governors Town Square | 06/01/15 | 5.200 | % | 10,216 | 10,407 | 0.8 | % | ||||||||||||
Shoppes of Silverlakes I | 07/01/15 | 7.750 | % | 1,403 | 1,648 | 0.1 | % | ||||||||||||
Freehome Village | 07/11/15 | 5.150 | % | 9,706 | 9,889 | 0.8 | % | ||||||||||||
Loganville Town Center | 08/11/15 | 4.890 | % | 9,897 | 10,090 | 0.8 | % | ||||||||||||
Country Walk Plaza | 11/01/15 | 5.220 | % | 13,485 | - | 1.1 | % | ||||||||||||
Wilmington Island Shopping Center | 11/11/15 | 5.050 | % | 9,384 | 9,560 | 0.8 | % | ||||||||||||
South Plaza Shopping Center | 01/11/16 | 5.420 | % | 16,518 | 16,803 | 1.4 | % | ||||||||||||
Glengary Shoppes | 06/11/16 | 5.750 | % | 16,573 | 16,801 | 1.4 | % | ||||||||||||
Magnolia Shoppes | 07/11/16 | 6.160 | % | 14,260 | 14,467 | 1.2 | % | ||||||||||||
Grassland Crossing | 12/01/16 | 7.865 | % | 4,574 | 4,825 | 0.4 | % | ||||||||||||
Dublin Village | 12/11/16 | 5.780 | % | 6,705 | 6,787 | 0.6 | % | ||||||||||||
Greensboro Village Shopping Center | 02/11/17 | 5.520 | % | 9,652 | 9,803 | 0.8 | % | ||||||||||||
Whitaker Square | 12/01/17 | 6.320 | % | 9,646 | 9,750 | 0.8 | % | ||||||||||||
Mableton Crossing | 08/15/18 | 6.850 | % | 3,335 | 3,478 | 0.3 | % | ||||||||||||
Sheridan Plaza | 10/10/18 | 6.250 | % | 63,288 | 64,107 | 5.3 | % | ||||||||||||
1175 Third Avenue | 05/01/19 | 7.000 | % | 7,426 | - | 0.6 | % | ||||||||||||
BridgeMill | 05/05/21 | 7.940 | % | 8,111 | 8,369 | 0.7 | % | ||||||||||||
Westport Plaza | 08/01/23 | 7.490 | % | 4,194 | 4,330 | 0.3 | % | ||||||||||||
Chastain Square | 02/28/24 | 6.500 | % | 3,089 | 3,232 | 0.3 | % | ||||||||||||
Daniel Village | 02/28/24 | 6.500 | % | 3,377 | 3,533 | 0.3 | % | ||||||||||||
Douglas Commons | 02/28/24 | 6.500 | % | 4,023 | 4,209 | 0.3 | % | ||||||||||||
Fairview Oaks | 02/28/24 | 6.500 | % | 3,808 | 3,984 | 0.3 | % | ||||||||||||
Madison Centre | 02/28/24 | 6.500 | % | 3,089 | 3,232 | 0.3 | % | ||||||||||||
Paulding Commons | 02/28/24 | 6.500 | % | 5,245 | 5,487 | 0.4 | % | ||||||||||||
Siegen Village | 02/28/24 | 6.500 | % | 3,413 | 3,570 | 0.3 | % | ||||||||||||
Wesley Chapel Crossing | 02/28/24 | 6.500 | % | 2,694 | 2,818 | 0.2 | % | ||||||||||||
Webster Plaza | 08/15/24 | 8.070 | % | 7,478 | 7,659 | 0.6 | % | ||||||||||||
Copps Hill | 01/01/29 | 6.060 | % | 19,364 | - | 1.6 | % | ||||||||||||
Total mortgage debt (61 loans outstanding) | 4.52(2) | 6.26 | %(3) | $ | 533,660 | $ | 551,647 | 44.4 | % | ||||||||||
Unamortized/unaccreted premium/(discount) | (19,168 | ) | (22,754 | ) | (1.5 | %) | |||||||||||||
Total mortgage debt (including unamortized/unaccreted premium/(discount)) | $ | 514,492 | $ | 528,893 | 42.9 | % |
Page 36
Maturity | Dec 31, 2010 | Dec 31, 2009 | Percent of overall debt | |||||||||||||||||
Debt Instrument | date | Rate (1) | balance | balance | maturing | |||||||||||||||
Unsecured senior notes payable | ||||||||||||||||||||
7.84% senior notes | 01/23/12 | 7.840 | % | $ | 10,000 | $ | 10,000 | 0.8 | % | |||||||||||
6.25% senior notes | 12/15/14 | 6.250 | % | 250,000 | 250,000 | 20.8 | % | |||||||||||||
5.375% senior notes | 10/15/15 | 5.375 | % | 107,505 | 107,505 | 8.9 | % | |||||||||||||
6.00% senior notes | 09/15/16 | 6.000 | % | 105,230 | 105,230 | 8.7 | % | |||||||||||||
6.25% senior notes | 01/15/17 | 6.250 | % | 101,403 | 101,403 | 8.4 | % | |||||||||||||
6.00% senior notes | 09/15/17 | 6.000 | % | 116,998 | 116,998 | 9.7 | % | |||||||||||||
Total unsecured senior notes payable | 5.21(2) | 6.06 | %(3) | $ | 691,136 | $ | 691,136 | 57.3 | % | |||||||||||
Unamortized/unaccreted premium/(discount) | (2,755 | ) | (3,138 | ) | (0.2 | %) | ||||||||||||||
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount)) | $ | 688,381 | $ | 687,998 | 57.1 | % | ||||||||||||||
Revolving credit facilities | ||||||||||||||||||||
$400MM Wells Fargo Unsecured(4) | 10/17/11 | N/A | $ | - | $ | - | 0.0 | % | ||||||||||||
$15MM City National Bank Unsecured | 05/09/11 | N/A | - | - | 0.0 | % | ||||||||||||||
Total revolving credit facilities | $ | - | $ | - | 0.0 | % | ||||||||||||||
Total debt(5) | 5.17 | (2) | 6.10 | %(3) | $ | 1,224,796 | $ | 1,242,783 | 101.7 | % | ||||||||||
Unamortized/unaccreted premium/(discount) | (21,923 | ) | (25,892 | ) | (1.7 | %) | ||||||||||||||
Total debt (including net interest premium/discount) | $ | 1,202,873 | $ | 1,216,891 | 100.0 | % | ||||||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||||||
Moody's | Baa3 (Stable) | Baa3 (Stable) | ||||||||||||||||||
S&P | BBB- (Negative) | BBB- (Stable) |
(1) | The rate in effect on December 31, 2010. |
(2) | Weighted average maturity in years. |
(3) | Weighted average interest rates are calculated based on term to maturity and include scheduled principal amortization. |
(4) | Option to extend 1 year. |
(5) | Total debt percentage of 101.7% is greater than 100% due to unamortized discount of $22M. |
Page 37
EQUITY ONE, INC.
UNCONSOLIDATED BALANCE SHEET - GRI-EQY I, LLC
As of December 31, 2010 and December 31, 2009 (unaudited)
As of | As of | |||||||
December 31, 2010 | December 31, 2009 | |||||||
Assets | (in thousands) | (in thousands) | ||||||
Properties | ||||||||
Income producing | 254,023 | 252,011 | ||||||
Less: accumulated depreciation | (11,334 | ) | (7,062 | ) | ||||
Rental property | $ | 242,689 | $ | 244,949 | ||||
Cash and cash equivalents | 823 | 1,935 | ||||||
Accounts and other receivables, net | 2,753 | 2,297 | ||||||
Other assets | 12,425 | 14,628 | ||||||
Total | $ | 258,690 | $ | 263,809 | ||||
Liabilities and joint venture equity | ||||||||
Liabilities | ||||||||
Mortgage notes payable | 141,221 | 140,188 | ||||||
Accounts payable and other liabilities | 18,321 | 20,857 | ||||||
Total liabilities | $ | 159,542 | $ | 161,045 | ||||
Joint venture equity | 99,148 | 102,764 | ||||||
Total | $ | 258,690 | $ | 263,809 |
Note: Equity One has a 10% interest in the joint venture.
Page 38
EQUITY ONE, INC.
UNCONSOLIDATED STATEMENT OF INCOME - GRI-EQY I, LLC
For the three and twelve months ended December 31, 2010 and 2009 (unaudited)
Three months ended | Twelve months ended | |||||||||||||||
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2010 | Dec 31, 2009 | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | |||||||||||||
REVENUES | $ | 5,880 | $ | 6,703 | $ | 23,896 | $ | 26,936 | ||||||||
COSTS AND EXPENSES | ||||||||||||||||
Property operating | 1,709 | 1,674 | 7,287 | 7,468 | ||||||||||||
Rental property depreciation and amortization | 1,487 | 2,364 | 6,436 | 8,013 | ||||||||||||
Interest expense | 2,305 | 2,095 | 8,801 | 8,328 | ||||||||||||
Total costs and expenses | $ | 5,501 | $ | 6,133 | $ | 22,524 | $ | 23,809 | ||||||||
NET INCOME | $ | 379 | $ | 570 | $ | 1,372 | $ | 3,127 |
Note: Equity One has a 10% interest in the joint venture.
Page 39
EQUITY ONE, INC.
UNCONSOLIDATED PROPERTY STATUS REPORT - GRI-EQY I, LLC
As of December 31, 2010 (unaudited)
Year | Number | Supermarket anchor | Average base rent | |||||||||||||||||||||||||||||
Built / | Total | Percent | of tenant | Expiration | Other | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Sq. Ft. | Leased | Leased | Vacant | sq. ft. | Name | Date | anchor tenants | SF | |||||||||||||||||||||
Airpark Plaza Shopping Center | Miami | 1971 / 1998 / 2004 / 2008 | 172,093 | 93.7 | % | 32 | 5 | 30,000 | Publix | 10/31/24 | Home Depot Expo* / Office Depot | $ | 14.09 | |||||||||||||||||||
Concord Shopping Plaza | Miami | 1962 / 1992 / 1993 | 298,142 | 99.3 | % | 23 | 1 | 78,000 | Winn-Dixie | 09/30/14 | Home Depot / Big Lots / Dollar Tree | 10.56 | ||||||||||||||||||||
Presidential Markets | Snellville | 1993 / 2000 | 396,432 | 95.1 | % | 33 | 4 | 56,146 | Publix | 12/31/19 | Marshall's / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Borders | 11.18 | ||||||||||||||||||||
Shoppes of Ibis | West Palm Beach | 1999 | 79,420 | 92.9 | % | 14 | 4 | 51,420 | Publix | 05/31/19 | 12.18 | |||||||||||||||||||||
Shoppes at Quail Roost | Miami | 2005 | 73,550 | 92.0 | % | 16 | 4 | 44,840 | Publix | 06/30/25 | 14.70 | |||||||||||||||||||||
Shoppes of Sunset | Miami | 1979 | 21,784 | 82.5 | % | 13 | 4 | 22.31 | ||||||||||||||||||||||||
Shoppes of Sunset II | Miami | 1980 | 27,676 | 57.3 | % | 10 | 7 | 20.05 | ||||||||||||||||||||||||
Sparkleberry Square | Columbia | 1997 / 2004 | 154,217 | 100.0 | % | 10 | - | Petsmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy | 10.91 | |||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||
Sparkleberry Kohl's | Columbia | 1997 / 2004 | 85,961 | 100.0 | % | 1 | - | Kohl's | 7.74 | |||||||||||||||||||||||
Sparkleberry Kroger | Columbia | 1997 / 2004 | 98,623 | 89.5 | % | 11 | 3 | 67,943 | Kroger | 08/31/17 | 12.01 | |||||||||||||||||||||
TOTAL GRI-EQY I, LLC SHOPPING CENTER PORTFOLIO (10) | 1,407,898 | 95.0 | % | 163 | 32 | 328,349 | $ | 11.69 |
* Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ).
Equity One has a 10% interest in the joint venture.
Page 40
EQUITY ONE, INC.
UNCONSOLIDATED DEBT SUMMARY - GRI-EQY I, LLC
As of December 31, 2010 (unaudited)
(in thousands)
Equity One's | Maturity | Dec 31, 2010 | Dec 31, 2009 | |||||||||||||||||
Debt Instrument | Ownership | date | Rate (1) | balance | balance | |||||||||||||||
Mortgage debt | ||||||||||||||||||||
Floating rate loan (2) | 10 | % | 07/01/13 | LIBOR + 1.95% | $ | 120,000 | $ | 120,000 | ||||||||||||
Sparkleberry Square (Kohl's) | 10 | % | 11/01/12 | 6.17 | % | 5,732 | 5,907 | |||||||||||||
Sparkleberry Square (Kroger) | 10 | % | 06/30/20 | 6.75 | % | 5,775 | 6,194 | |||||||||||||
Total mortgage debt (3 loans outstanding) | 2.60(3) | 6.36 | %(4) | $ | 131,507 | $ | 132,101 | |||||||||||||
Net interest premium/(discount) | (498 | ) | (544 | ) | ||||||||||||||||
Total mortgage debt (including net interest premium/discount) | $ | 131,009 | $ | 131,557 | ||||||||||||||||
Interest Rate Swap | ||||||||||||||||||||
Fair value of $120MM floating-to-fixed interest rate swap | 10 | % | 06/01/13 | 4.40 | % | $ | 10,212 | $ | 8,631 | |||||||||||
Total debt (including net interest premium/discount) | $ | 141,221 | $ | 140,188 | ||||||||||||||||
Equity One's pro-rata share of unconsolidated debt | 10 | % | $ | 14,122 | $ | 14,019 |
(1) | The rate in effect on December 31, 2010. |
(2) | Mortgage encumbers Airpark Plaza, Concord, IBIS, Presidential Markets, Quail Roost, and Sparkleberry Square. The full balance has been swapped to a fixed rate of 6.35% |
(3) | Weighted average maturity in years. |
(4) | Weighted average interest rate is calculated based on term to maturity and includes scheduled principal amortization. |
Page 41
EQUITY ONE, INC.
UNCONSOLIDATED BALANCE SHEET - G&I VI SOUTH FLORIDA PORTFOLIO SPE LLC
As of December 31, 2010 and December 31, 2009 (unaudited)
As of | As of | |||||||
December 31, 2010 | December 31, 2009 | |||||||
Assets | (in thousands) | (in thousands) | ||||||
Properties | ||||||||
Income producing | 51,836 | 50,997 | ||||||
Less: accumulated depreciation | (2,263 | ) | (1,347 | ) | ||||
Rental property | $ | 49,573 | $ | 49,650 | ||||
Cash and cash equivalents | 1,944 | 945 | ||||||
Accounts and other receivables, net | 56 | 172 | ||||||
Other assets | 4,039 | 5,218 | ||||||
Total | $ | 55,612 | $ | 55,985 | ||||
Liabilities and joint ventures' equity | ||||||||
Liabilities | ||||||||
Mortgage notes payable | 36,682 | 37,212 | ||||||
Accounts payable and other liabilities | 3,387 | 4,037 | ||||||
Total liabilities | $ | 40,069 | $ | 41,249 | ||||
Joint venture equity | 15,543 | 14,736 | ||||||
Total | $ | 55,612 | $ | 55,985 |
Note: Equity One has a 20% interest in the joint venture.
Page 42
EQUITY ONE, INC.
UNCONSOLIDATED STATEMENT OF OPERATIONS - G&I VI SOUTH FLORIDA PORTFOLIO SPE LLC
For the three and twelve months ended December 31, 2010 and 2009 (unaudited)
Three months ended | Twelve months ended | |||||||||||||||
Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2010 | Dec 31, 2009 | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | |||||||||||||
REVENUES | $ | 1,961 | $ | 1,664 | $ | 6,784 | $ | 6,555 | ||||||||
COSTS AND EXPENSES | ||||||||||||||||
Property operating | 743 | 851 | 2,992 | 2,905 | ||||||||||||
Rental property depreciation and amortization | 652 | 703 | 2,670 | 3,172 | ||||||||||||
Interest expense | 606 | 608 | 2,416 | 2,439 | ||||||||||||
Total costs and expenses | $ | 2,001 | $ | 2,162 | $ | 8,078 | $ | 8,516 | ||||||||
NET LOSS | $ | (40 | ) | $ | (498 | ) | $ | (1,294 | ) | $ | (1,961 | ) |
Note: Equity One has a 20% interest in the joint venture.
Page 43
EQUITY ONE, INC.
UNCONSOLIDATED PROPERTY STATUS REPORT - G&I VI SOUTH FLORIDA PORTFOLIO SPE LLC
As of December 31, 2010 (unaudited)
Year | Number | Supermarket anchor | Average base rent | |||||||||||||||||||||||||||||
Built / | Total | Percent | of tenant | Expiration | Other | per leased | ||||||||||||||||||||||||||
Property | City | Renovated | Sq. Ft. | Leased | Leased | Vacant | sq. ft. | Name | Date | anchor tenants | SF | |||||||||||||||||||||
1900/2000 Offices | Boca Raton | 1979 / 1982 / 1986 / 2007 | 117,640 | 66.2 | % | 23 | 8 | RN Network | $ | 16.89 | ||||||||||||||||||||||
Penn Dutch Plaza | Margate | 1989 | 155,628 | 89.0 | % | 14 | 8 | 70,358 | Penn Dutch Food Center | 12/31/13 | You Fit Health Club / Florida Career College | 6.65 | ||||||||||||||||||||
Plantation Marketplace | Plantation | 1963 / 1998 | 230,330 | 68.2 | % | 26 | 13 | 43,386 | Winn-Dixie | 11/05/14 | Beall's / Just Fit / Big Lots / CVS | 10.68 | ||||||||||||||||||||
TOTAL G&I VI SHOPPING CENTER PORTFOLIO (3) | 503,598 | 74.2 | % | 63 | 29 | 113,744 | $ | 10.48 |
Equity One has a 20% interest in the joint venture.
Page 44
EQUITY ONE, INC.
UNCONSOLIDATED DEBT SUMMARY - G&I VI South Florida Portfolio SPE LLC
As of December 31, 2010 (unaudited)
(in thousands)
Equity One's | Maturity | Dec 31, 2010 | Dec 31, 2009 | |||||||||||||||||
Debt Instrument | Ownership | date | Rate (1) | balance | balance | |||||||||||||||
Mortgage debt | ||||||||||||||||||||
Fixed rate loan | 20 | % | 11/11/14 | 5.56 | % | $ | 37,330 | $ | 38,012 | |||||||||||
Net interest premium/(discount) | - | - | (647 | ) | (800 | ) | ||||||||||||||
Total mortgage debt | 3.86(2) | 5.56 | % | $ | 36,683 | $ | 37,212 | |||||||||||||
Equity One's pro-rata share of unconsolidated debt | 20 | % | $ | 7,337 | $ | 7,442 |
(1) The rate in effect on December 31, 2010.
(2) Weighted average maturity in years.