Equity One (EQY) 8-K Results of Operations and Financial Condition

Exhibit 99.2

Equity One, Inc.

Supplemental Information Package

December 31, 2011

Equity One, Inc.

1600 N.E. Miami Gardens Drive

North Miami Beach, Florida 33179

Tel: (305) 947-1664 Fax: (305) 947-1734

www.equityone.net

Equity One, Inc.

SUPPLEMENTAL INFORMATION

December 31, 2011

(unaudited)

TABLE OF CONTENTS

	Page
Overview
Disclosures	3
Summary Financial Results and Ratios	4
Assets, Liabilities, and Equity
Condensed Consolidated Balance Sheets	5
Market Capitalization	6
Debt Summary	7
Consolidated Debt Maturity Schedule	8
Income, EBITDA, and FFO
Condensed Consolidated Statements of Income	9
Pro Forma Financial Information for Discontinued Operations	10-11
Net Operating Income	12
Adjusted EBITDA	13
Consolidated Statements of Funds from Operations	14
Additional Disclosures	15
Leasing Data
Tenant Concentration - Top Twenty Tenants	16
Recent Leasing Activity	17
Shopping Center Lease Expiration Schedules - All Tenants, Anchors, Shops	18-20
Property Data
Annual Minimum Rent of Operating Properties by Metro/Region	21
Property Status Report	22-29
Real Estate Acquisitions and Dispositions	30-31
Real Estate Developments and Redevelopments	32
Debt Schedule Detail
Consolidated Debt Summary - Property Mortgage Detail	33-34
Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total	35
Joint Venture Supplemental Data	36-43

EQUITY ONE, INC.

DISCLOSURES

As of December 31, 2011

Forward Looking Statements

Certain information contained in this Supplemental Information Package constitutes 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 the states in which Equity One owns properties; the continuing financial success of Equity One’s current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; changes in Equity One’s credit ratings; 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, 2010 and Form 10-Q for the period ended September 30, 2011 and the subsequent filing of Form 10-K for the year ended December 31, 2011, 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, although such properties may be excluded from certain metrics disclosed in this Supplemental Information Package.

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, bargain purchase gain and impairment of real estate. Given the nature of the Company’s business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of operations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are included in earnings on a net basis. Accordingly, we believe that the use of EBITDA as opposed to earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated periods.

EBITDA should not be considered as an alternative to earnings as an indicator of our financial performance, or as an alternative to cash flow from operating activities as a measure of our liquidity. Our computation of EBITDA may differ from the methodology utilized by other companies to calculate EBITDA. Investors are cautioned that items excluded from EBITDA are significant components in understanding and assessing the Company’s financial performance.

Use of Funds from Operations as a Non-GAAP Financial Measure

We believe Funds from Operations (FFO) (combined with the primary GAAP presentations) is a useful supplemental measure of our operating performance that is a recognized metric used extensively by the real estate industry, particularly REITs. NAREIT stated in its April 2002 White Paper on FFO, “Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding (gains or losses) from sales of, or any impairment charges related to, depreciable operating properties, 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. In October 2011, NAREIT clarified that FFO should exclude the impact of impairment losses on depreciable operating properties, either wholly-owned or in joint ventures. The Company has calculated FFO for all periods presented in accordance with this clarification.

We believe that financial analysts, investors and stockholders are better served by the presentation of comparable period operating results generated from our FFO measure. Our method of calculating FFO may be different from methods used by other REITs and accordingly, may not be comparable to such other REITs. FFO is presented to assist investors in analyzing our operating performance. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is not an alternative to cash flow as measure of liquidity, and (iv) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income is the most directly comparable GAAP measure to FFO.

Page 3

EQUITY ONE, INC.

SUMMARY FINANCIAL RESULTS AND RATIOS

For the three and twelve months ended December, 2011 and 2010 (unaudited)

(in thousands, except per share data)

	For the three months ended						For the twelve months ended
	Dec 31, 2011			Dec 31, 2010			Dec 31, 2011			Dec 31, 2010
Summary Financial Results
Total revenues*	$	88,574		$	72,406		$	351,864		$	285,359
Adjusted EBITDA (see page 13)		54,349			46,673			215,770			177,676
Property net operating income		63,873			53,768			250,229			204,972
General & administrative expenses (G&A)* - Adjusted (1)		9,911			8,355			38,103			32,577
Net (loss) income attributable to Equity One	($	3,702	)	$	8,309		$	33,621		$	25,112
Net (loss) income per diluted share		(0.04	)		0.09			0.29			0.27
Funds from operations (FFO)	$	30,489		$	25,803		$	146,768		$	92,025
FFO per diluted share		0.25			0.27			1.21			1.00
Total dividends paid per share	$	0.22		$	0.22		$	0.88		$	0.88
Weighted average diluted shares used in EPS computations		112,567			94,581			110,241			91,710
Summary Operating and Financial Ratios
Core shopping center portfolio occupancy at end of period (see pages 22-29)		90.7	%		90.3	%		90.7	%		90.3	%
Same-property shopping center portfolio occupancy at end of period		90.4	%		90.8	%		90.4	%		90.8	%
Same-property NOI growth - cash basis (see page 12)		-0.5	%		3.0	%		1.3	%		-0.5	%
NOI margin (see page 12)		72.7	%		74.7	%		71.6	%		72.2	%
Expense recovery ratio*		75.6	%		77.1	%		75.2	%		76.6	%
New, renewal and option rent spread - cash basis (see page 17)		-2.6	%		-3.6	%		N/A			N/A
Adjusted G&A expense to total revenues(1)		11.2	%		11.5	%		10.8	%		11.4	%
Net debt to total market capitalization (see page 6)		36.7	%		38.8	%		36.7	%		38.8	%
Net debt to Adjusted EBITDA (see page 13)		5.6			6.4			5.7			6.7
Adjusted EBITDA to interest expense* (see page 13)		2.6			2.4			2.5			2.3
Adjusted EBITDA to fixed charges* (see page 13)		2.2			2.0			2.1			1.9

Notes

* The indicated line item includes amounts reported in discontinued operations.

⁽¹⁾ G&A expense for the three months ended December 31, 2011 deducts $3.1 million for external costs associated with acquisition and disposition related expenses during the period, as well as depreciation & amortization amounts included in G&A. G&A expense for the three months ended December 31, 2010 deducts $2.0 million 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 twelve months ended December 31, 2011 deducts $11.8 million for external costs associated with acquisition and disposition related expenses during the period, $1.1 million in severance costs, as well as depreciation & amortization amounts included in G&A. G&A expense for the twelve months ended December 31, 2010 deducts $8.8 million for external costs associated with acquired properties and acquisition related expenses during the period, as well as depreciation & amortization amounts included in G&A.

Page 4

EQUITY ONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31, 2011, 2010 and 2009

(in thousands)

	Dec 31, 2011			Dec 31, 2010			Dec 31, 2009
Assets
Properties:
Income producing	$	2,955,605		$	2,117,245		$	1,908,400
Less: accumulated depreciation		(299,106	)		(248,528	)		(210,432	)
Income producing properties, net		2,656,499			1,868,717			1,697,968
Construction in progress and land held for development		104,792			74,402			68,847
Properties held for sale or properties sold		46,655			513,230			524,439
Properties, net		2,807,946			2,456,349			2,291,254
Cash and cash equivalents		103,524			38,333			47,970
Accounts and other receivables, net		17,790			12,559			9,806
Investments in and advances to unconsolidated joint ventures		50,158			59,736			11,524
Securities		—			—			820
Mezzanine note receivable, net		45,279			—			—
Goodwill		8,406			9,561			10,117
Other assets		186,239			104,024			79,449
Total Assets	$	3,219,342		$	2,680,562		$	2,450,940
Liabilities and stockholders’ equity
Liabilities:
Mortgage notes payable	$	471,754		$	354,379		$	358,217
Unsecured revolving credit facilities		138,000			—			—
Unsecured senior notes payable		691,136			691,136			691,136
Total debt		1,300,890			1,045,515			1,049,353
Unamortized premium (discount) on notes payable, net		8,181			(1,805	)		(2,687	)
Total notes payable		1,309,071			1,043,710			1,046,666
Accounts payable and other liabilities		223,198			115,166			69,768
Liabilities associated with assets held for sale or sold		27,587			181,458			195,747
Deferred tax liabilities, net		11,480			46,523			50,059
Total liabilities		1,571,336			1,386,857			1,362,240
Redeemable noncontrolling interests		22,804			3,864			989
Total stockholders’ equity of Equity One, Inc.		1,417,316			1,285,907			1,064,533
Noncontrolling interests		207,886			3,934			23,178
Total Liabilities and Stockholders’ Equity	$	3,219,342		$	2,680,562		$	2,450,940

Page 5

EQUITY ONE, INC.

MARKET CAPITALIZATION

As of December 31, 2011, 2010 and 2009 (unaudited)

(in thousands, except per share data)

	Dec 31, 2011			Dec 31, 2010			Dec 31, 2009
Closing market price of common stock	$	16.98		$	18.18		$	16.17
Common stock shares
Basic common shares		112,599.355			102,326.818			86,131.037
Diluted common shares
Unvested restricted common shares		107.888			149.980			47.993
DownREIT units (convertible into shares)		93.656			93.656			93.656
Common stock options (treasury method, closing price)		114.575			124.506			79.656
Long term incentive plan performance awards		—			356.516			—
Shares for DIM Vastgoed contingent consideration		—			—			516.019
Convertible CapCo Partnership Units		11,357.837			—			—
Diluted common shares		124,273.311			103,051.476			86,868.361
Equity market capitalization	$	2,110,161		$	1,873,476		$	1,404,661
Total debt (excluding unamortized/unaccreted premium/(discount))(1)	$	1,328,174		$	1,224,796		$	1,242,783
Cash and equivalents		(103,524	)		(38,333	)		(47,970	)
Net debt(1)		1,224,650			1,186,463			1,194,813
Equity market capitalization		2,110,161			1,873,476			1,404,661
Total market capitalization	$	3,334,811		$	3,059,939		$	2,599,474
Net debt to total market capitalization at current market price(1)		36.7	%		38.8	%		46.0	%
Net debt to total market capitalization at constant share price of $18.18(1)		35.2	%		38.8	%		43.1	%
Gross real estate and securities investments	$	3,107,052		$	2,704,877		$	2,502,506
Net debt to gross real estate and securities investments		39.4	%		43.9	%		47.7	%

(1) Includes $27.3 million of secured mortgage debt which is currently related to assets held for sale.

Page 6

EQUITY ONE, INC.

DEBT SUMMARY

As of December 31, 2011, 2010 and 2009 (unaudited)

(in thousands)

	Dec 31, 2011			Dec 31, 2010			Dec 31, 2009
Fixed rate debt	$	1,190,174		$	1,224,796		$	1,242,783
Variable rate debt - unhedged		138,000			—			—
Total debt	$	1,328,174		$	1,224,796		$	1,242,783
% Fixed rate debt		89.6	%		100.0	%		100.0	%
% Variable rate debt - unhedged		10.4	%		0.0	%		0.0	%
Total		100.0	%		100.0	%		100.0	%
% Variable rate debt - total		10.4	%		0.0	%		0.0	%
Secured mortgage debt	$	499,038		$	533,660		$	551,647
Unsecured debt		829,136			691,136			691,136
Total debt	$	1,328,174		$	1,224,796		$	1,242,783
% Secured mortgage debt		37.6	%		43.6	%		44.4	%
% Unsecured debt		62.4	%		56.4	%		55.6	%
Total		100.0	%		100.0	%		100.0	%
Total market capitalization (from page 6)	$	3,334,811		$	3,059,939		$	2,599,474
% Secured mortgage debt		15.0	%		17.4	%		21.2	%
% Unsecured debt		24.9	%		22.6	%		26.6	%
Total debt : Total market capitalization		39.9	%		40.0	%		47.8	%
Weighted-average interest rate on secured mortgage debt(1)		6.1	%		6.3	%		6.6	%
Weighted-average interest rate on senior unsecured notes(1)		6.1	%		6.1	%		6.1	%
Weighted-average interest rate on total debt(1)(2)		6.1	%		6.1	%		6.3	%
Interest rate on revolving credit facilities		1.9	%		N/A			N/A
Weighted-average maturity on mortgage debt		4.9 years			4.5 years			4.7 years
Weighted-average maturity on senior unsecured notes		4.1 years			5.2 years			6.2 years
Weighted-average maturity on total debt(2)		4.4 years			5.2 years			5.5 years

Note:	All amounts and calculations exclude unamortized/unaccreted premium/(discount) on mortgages. Amounts and calculations for December 31, 2011 include $27.3 million in mortgages associated with assets held for sale.
(1)	Weighted-average interest rates are calculated based on term to maturity and include scheduled principal amortization.
(2)	Weighted-average maturity in years and weighted average interest rate on total debt for December 31, 2011 exclude $138.0 million drawn under the revolving credit facility which expires on September 30, 2015.

Page 7

EQUITY ONE, INC.

CONSOLIDATED DEBT MATURITY SCHEDULE

As of December 31, 2011 (unaudited)

(in thousands)

	Secured Debt				Unsecured Debt				Premium/(Discount) Scheduled Amortization		Total		Weighted  average interest rate at maturity			Percent of debt  maturing
Maturity schedule by year	Scheduled amortization		Balloon payments		Revolving Credit  Facilities		Senior Notes
2012	$	9,626	$	36,438	$	—	$	10,000	$	2,947	$	59,011		7.0	%		4.4	%
2013		9,126	$	45,127		—		—		1,397		55,650		6.4	%		4.2	%
2014		8,352	$	6,509		—		250,000		969		265,830		6.2	%		19.9	%
2015		8,417	$	36,650		138,000		107,505		744		291,316		3.7	% (1)		21.8	%
2016		8,168	$	130,989		—		105,230		777		245,164		5.9	%		18.3	%
2017		6,571	$	64,000		—		218,401		650		289,622		6.0	%		21.7	%
2018		6,678	$	56,533		—		—		282		63,493		6.3	%		4.8	%
2019		5,360	$	17,142		—		—		158		22,660		6.9	%		1.7	%
2020		5,493	$	—		—		—		106		5,599		0.0	%		0.4	%
Thereafter		29,551	$	8,308		—		—		151		38,010		7.8	%		2.8	%
Total	$	97,342	$	401,696	$	138,000	$	691,136	$	8,181	$	1,336,355		5.6	%(1)		100.0	%

Note: $27.3 million of secured mortgage debt is currently related to assets held for sale but is included in the maturity table above

⁽¹⁾ Excluding the revolving credit facility, the weighted average interest rate for 2015 would be 5.4%, and 6.1% for the total.

Page 8

EQUITY ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the three and twelve months ended December 31, 2011 and 2010

(in thousands, except per share amounts)

	Three months ended						Percent Change			Twelve months ended						Percent Change
	Dec 31, 2011			Dec 31, 2010						Dec 31, 2011			Dec 31, 2010
REVENUE:
Minimum rent	$	59,167		$	46,728					$	222,340		$	177,199
Expense recoveries		15,566			11,914						64,099			50,145
Percentage rent		401			156						3,199			1,501
Management and leasing services		697			432						2,287			1,557
Total revenue		75,831			59,230			28.0	%		291,925			230,402			26.7	%
COSTS AND EXPENSES:
Property operating		20,175			15,187						83,149			64,775
Rental property depreciation and amortization		25,337			13,371						83,361			50,395
General and administrative		13,306			10,465						51,707			41,986
Total costs and expenses		58,818			39,023			50.7	%		218,217			157,156			38.9	%
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		17,013			20,207						73,708			73,246
OTHER INCOME AND EXPENSE:
Investment income		1,167			249						4,342			930
Other income		149			443						404			648
Interest expense		(18,128	)		(16,184	)					(70,152	)		(64,247	)
Amortization of deferred financing fees		(565	)		(542	)					(2,224	)		(1,909	)
Equity in income (loss) in unconsolidated joint ventures		135			31						4,829			(116	)
(Loss) gain on sale of real estate		(24	)		—						5,541			254
(Loss) gain on extinguishment of debt		(2,646	)		—						(2,391	)		33
Gain on bargain purchase		—			—						30,561			—
Impairment loss		(711	)		(522	)					(21,411	)		(557	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		(3,610	)		3,682						23,207			8,282
Income tax benefit of taxable REIT subsidiaries		1,584			608						5,064			1,724
(LOSS) INCOME FROM CONTINUING OPERATIONS		(2,026	)		4,290			-147.2	%		28,271			10,006			182.5	%
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		5,438			2,841						16,890			10,245
Gain on disposal of income producing properties		395			799						4,407			2,257
Impairment loss on income producing properties sold or held for sale		—			(130	)					(35,925	)		(130	)
Income tax (expense) benefit		(4,878	)		473						29,575			2,041
INCOME FROM DISCONTINUED OPERATIONS		955			3,983						14,947			14,413
NET (LOSS) INCOME		(1,071	)		8,273			-112.9	%		43,218			24,419			77.0	%
Net (income) loss attributable to noncontrolling interests - continuing operations		(2,623	)		15						(9,630	)		254
Net (income) loss attributable to noncontrolling interests - discontinued operations		(8	)		21						33			439
NET (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	(3,702	)	$	8,309					$	33,621		$	25,112
(LOSS) EARNINGS PER COMMON SHARE - BASIC:
Continuing operations	$	(0.04	)	$	0.05					$	0.16		$	0.11
Discontinued operations		0.01			0.04						0.13			0.16
NET (LOSS) INCOME	$	(0.04	)*	$	0.09			-144.4	%	$	0.29		$	0.27			7.4	%
(LOSS) EARNINGS PER COMMON SHARE - DILUTED:
Continuing operations	$	(0.04	)	$	0.04					$	0.16		$	0.11
Discontinued operations		0.01			0.04						0.13			0.16
NET (LOSS) INCOME	$	(0.04	)*	$	0.09	*		-144.4	%	$	0.29		$	0.27			7.4	%
Weighted average shares outstanding
Basic		112,567			94,034						110,099			91,536
Diluted		112,567			94,581						110,241			91,710

* Note: Basic and Diluted EPS for the three months ended December 31, 2011 and Diluted EPS for the three months ended December 31, 2010 does not foot due to the rounding of the individual calculations.

Page 9

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three and twelve months ended December 31, 2011

(in thousands)

	Three months ended December 31, 2011									Twelve months ended December 31, 2011
	As Reported			Disc. Ops			Pre Disc. Ops			As Reported			Disc. Ops			Pre Disc. Ops
REVENUE:
Minimum rent	$	59,167		$	10,162		$	69,329		$	222,340		$	49,270		$	271,610
Expense recoveries		15,566			2,570			18,136			64,099			10,576			74,675
Percentage rent		401			11			412			3,199			93			3,292
Management and leasing services		697			—			697			2,287			—			2,287
Total revenue		75,831			12,743			88,574			291,925			59,939			351,864
COSTS AND EXPENSES:
Property operating		20,175			3,829			24,004			83,149			16,199			99,348
Rental property depreciation and amortization		25,337			304			25,641			83,361			12,233			95,594
General and administrative		13,306			14			13,320			51,707			59			51,766
Total costs and expenses		58,818			4,147			62,965			218,217			28,491			246,708
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		17,013			8,596			25,609			73,708			31,448			105,156
OTHER INCOME AND EXPENSE:
Investment income		1,167			2			1,169			4,342			5			4,347
Other income		149			—			149			404			18			422
Interest expense		(18,128	)		(3,155	)		(21,283	)		(70,152	)		(15,272	)		(85,424	)
Amortization of deferred financing fees		(565	)		—			(565	)		(2,224	)		(8	)		(2,232	)
Equity in income in unconsolidated joint ventures		135			—			135			4,829			704			5,533
(Loss) gain on sale of real estate		(24	)		395			371			5,541			4,407			9,948
Loss on extinguishment of debt		(2,646	)		(5	)		(2,651	)		(2,391	)		(5	)		(2,396	)
Gain on bargain purchase		—			—			—			30,561			—			30,561
Impairment loss		(711	)		—			(711	)		(21,411	)		(35,925	)		(57,336	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		(3,610	)		5,833			2,223			23,207			(14,628	)		8,579
Income tax benefit (expense) of taxable REIT subsidiaries		1,584			(4,878	)		(3,294	)		5,064			29,575			34,639
(LOSS) INCOME FROM CONTINUING OPERATIONS		(2,026	)		955			(1,071	)		28,271			14,947			43,218
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		5,438			(5,438	)		—			16,890			(16,890	)		—
Gain on disposal of income producing properties		395			(395	)		—			4,407			(4,407	)		—
Impairment loss on income producing properties sold or held for sale		—			—			—			(35,925	)		35,925			—
Income tax (expense) benefit		(4,878	)		4,878			—			29,575			(29,575	)		—
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		955			(955	)		—			14,947			(14,947	)		—
Net (income) attributable to noncontrolling interests - continuing operations		(2,623	)		(8	)		(2,631	)		(9,630	)		33			(9,597	)
Net (income) loss attributable to noncontrolling interests - discontinued operations		(8	)		8			—			33			(33	)		—
NET (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	(3,702	)	$	—		$	(3,702	)	$	33,621		$	—		$	33,621

Page 10

EQUITY ONE, INC.

PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS

For the three and twelve months ended December 31, 2010

(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	$	46,728		$	11,058		$	57,786		$	177,199		$	44,564		$	221,763
Expense recoveries		11,914			2,123			14,037			50,145			10,209			60,354
Percentage rent		156			(5	)		151			1,501			184			1,685
Management and leasing services		432			—			432			1,557			—			1,557
Total revenue		59,230			13,176			72,406			230,402			54,957			285,359
COSTS AND EXPENSES:
Property operating		15,187			3,019			18,206			64,775			14,055			78,830
Rental property depreciation and amortization		13,371			3,936			17,307			50,395			16,949			67,344
General and administrative		10,465			—			10,465			41,986			55			42,041
Total costs and expenses		39,023			6,955			45,978			157,156			31,059			188,215
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS		20,207			6,221			26,428			73,246			23,898			97,144
OTHER INCOME AND EXPENSE:
Investment income		249			1			250			930			7			937
Other income		443			—			443			648			—			648
Interest expense		(16,184	)		(3,378	)		(19,562	)		(64,247	)		(13,675	)		(77,922	)
Amortization of deferred financing fees		(542	)		(3	)		(545	)		(1,909	)		(15	)		(1,924	)
Equity in income (loss) in unconsolidated joint ventures		31			—			31			(116	)		—			(116	)
Gain on sale of real estate		—			799			799			254			2,257			2,511
Gain on extinguishment of debt		—			—			—			33			30			63
Impairment loss		(522	)		(130	)		(652	)		(557	)		(130	)		(687	)
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS		3,682			3,510			7,192			8,282			12,372			20,654
Income tax benefit of taxable REIT subsidiaries		608			473			1,081			1,724			2,041			3,765
INCOME FROM CONTINUING OPERATIONS		4,290			3,983			8,273			10,006			14,413			24,419
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held for sale		2,841			(2,841	)		—			10,245			(10.245	)		—
Gain on disposal of income producing properties		799			(799	)		—			2,257			(2,257	)		—
Impairment on income producing properties sold or held for sale		(130	)		130			—			(130	)		130			—
Income tax benefit		473			(473	)		—			2,041			(2,041	)		—
INCOME FROM DISCONTINUED OPERATIONS		3,983			(3,983	)		—			14,413			(14,413	)		—
Net loss attributable to noncontrolling interests - continuing operations		15			21			36			254			439			693
Net loss attributable to noncontrolling interests - discontinued operations		21			(21	)		—			439			(439	)		—
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC.	$	8,309		$	—		$	8,309		$	25,112		$	—		$	25,112

Page 11

EQUITY ONE, INC.

NET OPERATING INCOME

For the three and twelve months ended December 31, 2011 and 2010

(in thousands)

	Three months ended						Percent			Twelve months ended						Percent
	Dec 31, 2011			Dec 31, 2010			Change			Dec 31, 2011			Dec 31, 2010			Change
Total net operating income(1)
Total rental revenue	$	87,877		$	71,974			22.1	%	$	349,577		$	283,802			23.2	%
Property operating expenses		24,004			18,206			31.8	%		99,348			78,830			26.0	%
Net operating income	$	63,873		$	53,768			18.8	%	$	250,229		$	204,972			22.1	%
NOI margin (NOI / Total rental revenue)		72.7	%		74.7	%					71.6	%		72.2	%
Same-property cash NOI(2)
Total rental revenue	$	46,915		$	47,612			(1.5	%)	$	186,045		$	184,888			0.6	%
Property operating expenses(3)		13,135			13,646			(3.7	%)		56,578			57,020			(0.8	%)
Net operating income	$	33,780		$	33,966			(0.5	%)	$	129,467		$	127,868			1.3	%
Growth in same property NOI		(0.5	%)								1.3	%
Number of properties included in analysis(4)		131									123

⁽¹⁾  Amounts included in discontinued operations have been included for purposes of this presentation of net operating income. NOI presented on a GAAP basis.

⁽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 12

EQUITY ONE, INC.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION - (ADJUSTED EBITDA)

For the three and twelve months ended December 31, 2011 and 2010

(in thousands)

	Three months ended						Twelve months ended
	Dec 31, 2011			Dec 31, 2010			Dec 31, 2011			Dec 31, 2010
Net (loss) income attributable to Equity One, Inc.	$	(3,702	)	$	8,309		$	33,621		$	25,112
Rental property depreciation and amortization*		25,641			17,307			95,594			67,344
Other depreciation and amortization*		220			147			733			645
Interest expense*		21,283			19,562			85,424			77,922
Amortization of deferred financing fees*		565			545			2,232			1,924
Loss (gain) on extinguishment of debt*		2,651			—			2,396			(63	)
Acquisition/Disposition costs(1)		3,189			1,963			12,930			8,819
Impairment loss*		711			652			57,336			687
Loss (Gain) on sale of depreciable real estate*		800			—			(3,595	)		—
Income tax expense (benefit) of taxable REIT subsidiaries*		3,294			(1,081	)		(34,639	)		(3,765	)
Gain on bargain purchase		—			—			(30,561	)		—
Equity in (income) loss in unconsolidated joint ventures*		(135	)		(31	)		(5,533	)		116
Gain on sale of investment in equity securities		—			(195	)		—			(560	)
Insurance settlement		(168	)		(505	)		(168	)		(505	)
Adjusted EBITDA	$	54,349		$	46,673		$	215,770		$	177,676
Interest expense*	$	21,283		$	19,562		$	85,424		$	77,922
Adjusted EBITDA to interest expense*		2.6			2.4			2.5			2.3
Fixed charges
Interest expense*	$	21,283		$	19,562		$	85,424		$	77,922
Scheduled principal amortization(2)		3,281			3,396			15,033			13,703
Total fixed charges	$	24,564		$	22,958		$	100,457		$	91,625
Adjusted EBITDA to fixed charges*		2.2			2.0			2.1			1.9
Net debt to Adjusted EBITDA(3)		5.6			6.4			5.7			6.7
Total market capitalization (see page 6)	$	3,334,811		$	3,059,939		$	3,334,811		$	3,059,939

* The indicated line item includes amounts reported in discontinued operations.

⁽¹⁾  Amounts include external costs associated with acquired and disposed properties and acquisition/disposition related expenses during the period. For the three and twelve month periods in 2011, amounts include $0.2 million and $1.1 million, respectively, in severance costs.

⁽²⁾  Excludes balloon payments upon maturity.

⁽³⁾  Adjusted EBITDA for the period has been annualized.

Page 13

EQUITY ONE, INC.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS

For the three and twelve months ended December 31, 2011 and 2010

(in thousands, except per share data)

	Three months ended					Twelve months ended
	Dec 31, 2011			Dec 31, 2010		Dec 31, 2011			Dec 31, 2010
Net (loss) income attributable to Equity One, Inc.	$	(3,702	)	$	8,309	$	33,621		$	25,112
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		25,598			17,215		95,254			65,735
Net adjustment for unvested shares and noncontrolling interest(1)		2,499			—		9,520			—
Impairments of depreciable real estate, net of tax (4)		—			—		9,360			—
Loss (gain) on disposal of depreciable real estate, net of tax(3)		5,287			—		(4,082	)		—
Pro rata share of real estate depreciation from unconsolidated JV’s		807			279		3,095			1,178
Funds from operations	$	30,489		$	25,803	$	146,768		$	92,025
(Loss) earnings per diluted share attributable to Equity One, Inc.	$	(0.04	)	$	0.09	$	0.29		$	0.27
Adjustments:
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest		0.21			0.18		0.78			0.72
Net adjustment for unvested shares and noncontrolling interest(1)		0.03			—		0.06			—
Impairments of depreciable real estate, net of tax(4)		—			—		0.08			—
Loss (gain) on disposal of depreciable real estate, net of tax(3)		0.04			—		(0.03	)		—
Pro rata share of real estate depreciation from unconsolidated JV’s		0.01			—		0.03			0.01
Funds from operations per diluted share	$	0.25		$	0.27		1.21		$	1.00
Weighted average diluted shares(2)		124,020			94,581		121,474			91,710

⁽¹⁾ Includes net effect of: (a) distributions paid with respect to unissued shares held by a noncontrolling interest which have already been included for purposes of calculating earnings per diluted share for the three and twelve months ended December 31, 2011; and (b) an adjustment to compensate for the rounding of the individual calculations.

⁽²⁾ Weighted average diluted shares for the three and twelve months ended December 31, 2011 are higher than the GAAP diluted weighted average shares as a result of the 11.4 million units held by Liberty International Holdings, Ltd. which are convertible into our common stock. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is antidilutive.

⁽³⁾  Includes pro-rata share of unconsolidated joint ventures.

⁽⁴⁾  In October 2011, NAREIT clarified the definition of FFO to exclude the impact of impairment losses on depreciable operating properties, either wholly owned or in joint ventures. The Company has calculated FFO for all periods presented in accordance with this clarification.

Page 14

EQUITY ONE, INC.

ADDITIONAL DISCLOSURES

For the three and twelve months ended December 31, 2011 and 2010

(in thousands)

	Three months ended						Twelve months ended
	Dec 31, 2011			Dec 31, 2010			Dec 31, 2011			Dec 31, 2010
Certain non-cash items:
Amortization of deferred financing fees	$	565		$	545		$	2,232		$	1,924
Accretion of below market lease intangibles		(3,229	)		(2,089	)		(10,584	)		(7,669	)
Share-based compensation expense		1,959			1,725			7,217			6,551
Straight line rent		(471	)		(639	)		(3,185	)		(2,233	)
Capitalized interest		(715	)		(576	)		(2,773	)		(2,244	)
Amortization of discount on notes payable, net		161			656			1,183			2,817
Certain capital expenditures:
Tenant improvements	$	(5,974	)	$	(2,375	)	$	(17,939	)	$	(9,478	)
Leasing commissions and costs		(2,212	)		(1,383	)		(7,136	)		(4,775	)
Redevelopments and expansions		(30,076	)		(2,551	)		(46,600	)		(8,980	)
Maintenance capital expenditures		(2,888	)		(1,217	)		(5,140	)		(3,766	)
Total tenant improvements and leasing costs	$	(41,150	)	$	(7,526	)	$	(76,815	)	$	(26,999	)

	Dec 31, 2011		Dec 31, 2010
Other assets :
Lease intangibles, net	$	92,559	$	44,740
Lease commissions, net		28,755		17,708
Straight-line rent receivable, net		17,270		15,023
Deposits and mortgage escrow		34,567		17,964
Deferred financing costs, net		8,676		5,988
Prepaid and other expenses		2,178		1,193
Furniture and fixtures, net		2,234		1,408
Total other assets	$	186,239	$	104,024
Accounts payable and other liabilities:
Above/below market rents, net	$	156,495		69,007
Prepaid rent and deferred income		6,882		5,687
Accounts payable and other		59,821		40,472
Total accounts payable and other liabilities	$	223,198	$	115,166
Liquidity as of 12/31/11:
Cash and Cash Equivalents	$	10,963
Available under Lines of Credit		447,259
Total Available Funds	$	458,222

Page 15

EQUITY ONE, INC.

TENANT CONCENTRATION SCHEDULE - TOP TWENTY TENANTS

CONSOLIDATED PROPERTIES

As of December 31, 2011 (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		40	NA		1,768,363		10.6	%	$	14,463,983		6.9	%	$	8.18		7.2
Supervalu		6	B+ / B1		398,625		2.4	%		8,995,251		4.3	%		22.57		4.6
Kroger		10	BBB /Baa2		573,686		3.4	%		4,233,263		2.0	%		7.38		5.3
Bed Bath & Beyond		8	BBB+ /NA		275,761		1.6	%		3,536,398		1.7	%		12.82		4.1
TJ Maxx Companies		10	A / A3		277,053		1.7	%		2,989,103		1.4	%		10.79		3.6
Winn Dixie		9	NA		398,128		2.4	%		2,937,815		1.4	%		7.38		4.2
Loehmann’s		2	NA		97,267		0.6	%		2,904,098		1.4	%		29.86		4.3
LA Fitness		3	NA		144,307		0.9	%		2,592,222		1.3	%		17.96		9.2
Goodwill		16	NA		220,573		1.3	%		2,349,400		1.1	%		10.65		8.1
Office Depot		8	B- / B2		195,777		1.2	%		2,270,402		1.1	%		11.60		3.1
Staples		5	BBB / Baa2		101,429		0.6	%		2,161,278		1.0	%		21.31		4.0
Best Buy		4	BBB-/ Baa2		142,831		0.9	%		2,058,988		1.0	%		14.42		2.8
CVS Pharmacy		10	BBB+ / Baa2		121,236		0.7	%		1,950,992		1.0	%		16.09		8.0
Target		1	A+/A2		160,346		1.0	%		1,924,152		0.9	%		12.00		6.6
Walgreens		6	A / A2		96,562		0.6	%		1,824,815		0.9	%		18.90		16.0
Whole Foods		2	BB+ / NA		85,907		0.5	%		1,746,911		0.9	%		20.33		13.0
Stop & Shop		1	NA		59,015		0.3	%		1,685,484		0.8	%		28.56		13.0
Dollar Tree		18	NA		200,675		1.2	%		1,662,530		0.8	%		8.28		2.7
Kmart		4	NA		353,079		2.1	%		1,482,415		0.7	%		4.20		3.1
The Gap, Inc.		4	BB+ / Baa3		64,628		0.4	%		1,307,560		0.6	%		20.23		2.4
Sub-total top twenty tenants		167			5,735,248		34.4	%	$	65,077,060		31.2	%	$	11.35		6.1
Remaining tenants		2,126			9,392,263		56.3	%		143,552,636		68.8	%		15.61		3.9
Sub-total all tenants		2,293			15,127,511		90.7	%	$	208,629,696		100.0	%	$	13.97		4.8
Vacant		642			1,559,428		9.3	%		NA		NA			NA		NA
Total including vacant		2,935			16,686,939		100.0	%	$	208,629,696		100.0	%		NA		4.8

Note: Excludes developments/redevelopments, non-retail properties, and JV properties.

⁽¹⁾  Ratings as of December 31, 2011.

⁽²⁾  Annual minimum rent per square foot excludes ground lease at Grand Marche.

⁽³⁾  In years, excluding tenant renewal options.

Page 16

EQUITY ONE, INC.

RECENT LEASING ACTIVITY

For the three months ended December 31, 2011 (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)		48		94,487		92,287	$	19.20	$	17.11		-10.9	%	$	13.45
Renewals & Options		81		284,460		284,460		12.89		13.45		4.3	%		0.11
Total New, Renewals & Options		129		378,947		376,747	$	16.37	$	15.94		-2.6	%	$	3.52

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 regardless of the duration of the vacancy.

Page 17

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of December 31, 2011 (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		144		368,743		2.2	%	$	6,559,768		3.0	%	$	17.79
2012		473		2,212,640		13.3	%		28,741,849		13.0	%		14.27
2013		392		1,685,407		10.1	%		24,946,290		11.3	%		14.80
2014		405		1,990,301		11.9	%		27,079,416		12.3	%		13.61
2015		272		1,698,859		10.2	%		22,336,261		10.1	%		13.15
2016		276		2,246,064		13.5	%		36,586,943		16.6	%		16.29
2017		96		782,456		4.7	%		13,927,595		6.3	%		17.80
2018		38		658,177		3.9	%		9,815,140		4.5	%		14.91
2019		35		597,287		3.6	%		6,676,133		3.0	%		11.18
2020		41		579,315		3.5	%		8,207,411		3.7	%		14.17
Thereafter		121		2,308,262		13.8	%		35,835,673		16.2	%		15.52
Sub-total /average		2,293		15,127,511		90.7	%	$	220,712,479		100.0	%	$	14.78
Vacant		642		1,559,428		9.3	%		NA		NA			NA
Total / average		2,935		16,686,939		100.0	%	$	220,712,479		100.0	%		NA

Note: Excludes developments/redevelopments, non-retail properties, and JV properties.

⁽¹⁾  Annual minimum rent per square foot excludes ground lease at Grand Marche.

Page 18

EQUITY ONE, INC.

SHOPPING CENTER LEASE EXPIRATION SCHEDULE

CONSOLIDATED PROPERTIES

As of December 31, 2011 (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		5		76,877		0.7	%	$	1,244,125		1.1	%	$	16.18
2012		41		1,270,179		11.7	%		9,673,371		8.4	%		9.01
2013		29		891,535		8.2	%		7,953,807		6.9	%		8.92
2014		40		1,207,200		11.2	%		10,281,196		8.9	%		8.52
2015		39		1,112,518		10.3	%		9,154,599		7.9	%		8.23
2016		45		1,657,160		15.3	%		22,814,182		19.7	%		13.77
2017		18		566,495		5.2	%		8,711,875		7.5	%		15.38
2018		14		570,405		5.3	%		6,942,615		6.0	%		12.17
2019		11		520,779		4.8	%		4,458,285		3.9	%		8.56
2020		17		497,551		4.6	%		5,971,483		5.2	%		12.00
Thereafter		64		2,136,437		19.7	%		28,494,800		24.6	%		13.34
Sub-total / average		323		10,507,136		97.0	%	$	115,700,338		100.0	%	$	11.22
Vacant		14		321,139		3.0	%		NA		NA			NA
Total / average		337		10,828,275		100.0	%	$	115,700,338		100.0	%		NA

Note: Excludes developments/redevelopments, non-retail properties, and JV 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, 2011 (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		139		291,866		5.0	%	$	5,315,643		5.1	%	$	18.21
2012		432		942,461		16.1	%		19,068,478		18.2	%		20.23
2013		363		793,872		13.5	%		16,992,483		16.2	%		21.40
2014		365		783,101		13.4	%		16,798,220		16.0	%		21.45
2015		233		586,341		10.0	%		13,181,662		12.5	%		22.48
2016		231		588,904		10.1	%		13,772,761		13.1	%		23.39
2017		78		215,961		3.7	%		5,215,720		5.0	%		24.15
2018		24		87,772		1.5	%		2,872,525		2.7	%		32.73
2019		24		76,508		1.3	%		2,217,848		2.1	%		28.99
2020		24		81,764		1.4	%		2,235,928		2.1	%		27.35
Thereafter		57		171,825		2.9	%		7,340,873		7.0	%		42.72
Sub-total / average		1,970		4,620,375		78.9	%	$	105,012,141		100.0	%	$	22.73
Vacant		628		1,238,289		21.1	%		NA		NA			NA
Total / average		2,598		5,858,664		100.0	%	$	105,012,141		100.0	%		NA

Note: Excludes developments/redevelopments, non-retail properties, and JV properties.

Page 20

EQUITY ONE, INC.

ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION

As of December 31, 2011 (unaudited)

Metro or Region	# Properties		Total SF		AMR		% of AMR
Dade County		14		1,582,026	$	24,681,820		11.8	%
Broward County		12		1,672,377		21,619,946		10.4	%
Palm Beach County		8		890,668		10,087,956		4.8	%
Treasure Coast, Florida		8		707,778		7,530,117		3.6	%
South Florida		42		4,852,849		63,919,839		30.6	%
San Francisco Bay		5		1,466,466		32,972,056		15.8	%
Southern California		4		489,239		9,673,851		4.5	%
West Coast		9		1,955,705		42,645,907		20.4	%
Boston		7		600,879		11,111,834		5.3	%
Connecticut		4		652,112		10,205,502		4.9	%
New York		3		142,035		4,084,788		2.0	%
Northeast		14		1,395,026		25,402,124		12.2	%
Atlanta		19		1,758,808		20,234,069		9.7	%
Jacksonville/North Florida		9		1,110,784		11,070,129		5.3	%
Louisiana		13		1,512,787		10,731,319		5.1	%
Orlando		8		981,160		10,533,649		5.1	%
Other		9		949,234		6,879,343		3.3	%
Tampa/St. Petersburg		8		724,832		6,133,911		3.0	%
Central/South Georgia		4		624,662		4,054,057		1.9	%
West Coast, Florida				280,928		2,818,899		1.4	%
Charlotte/Raleigh/Durham		3		343,288		2,716,111		1.3	%
South Carolina		3		196,876		1,490,339		0.7	%
Total		141		16,686,939	$	208,629,696		100.0	%

Note: Excludes developments/redevelopments, non-retail properties, and JV properties.

Page 21

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average base rent per leased SF
ALABAMA (1)
Madison Centre	Madison	1997		64,837		100.0	%		13		—		37,912	Publix	06/01/17	Rite Aid	$	9.86
TOTAL SHOPPING CENTERS ALABAMA (1)				64,837		100.0	%		13		—		37,912				$	9.86
ARIZONA (1)
Canyon Trails	Goodyear	2008		198,701		56.8	%		18		16					Office Max / Petsmart / Ross / Cost Plus	$	17.84
TOTAL SHOPPING CENTERS ARIZONA (1)				198,701		56.8	%		18		16		—				$	17.84
CALIFORNIA (9)
222 Sutter	San Francisco	1908 / 1984		128,595		100.0	%		10		—					Loehmann’s / Global Fund for Women / Mother Jones Magazine / Fluid / Craigslist	$	40.25
Circle Center West	Long Beach	1989		64,403		93.5	%		13		3					Marshalls	$	20.21
Culver Center	Culver City	1950 / 2000		216,646		99.0	%		32		1		36,578	Ralph’s	10/31/15	Bally Total Fitness / Sit N Sleep / Tuesday Morning / Best Buy	$	25.01
Marketplace Shopping Center	Davis	1990		111,156		95.4	%		21		3		35,018	Safeway	07/31/14	Petco / CVS	$	22.12
Plaza Escuela	Walnut Creek	2002		152,452		99.3	%		24		1					AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority	$	39.93
Ralph’s Circle Center	Long Beach	1983		59,837		95.5	%		10		2		35,022	Ralph’s	11/30/25		$	15.99
Serramonte	Daly City	1968		818,177		96.4	%		91		12					Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / New York & Company / Crunch Gym	$	17.89
Von’s Circle Center	Long Beach	1972		148,353		94.2	%		19		6		45,253	Von’s	07/31/22	Rite Aid / Ross	$	15.61
Willows	Concord	1977		256,086		95.7	%		30		3					El Torito / Claim Jumper / U Gym / REI / The Jungle / Old Navy / Pier 1 / Cost Plus	$	21.59
TOTAL SHOPPING CENTERS CALIFORNIA (9)				1,955,705		96.7	%		250		31		151,871				$	22.54
CONNECTICUT (4)
Brookside Plaza	Enfield	1985 / 2006		213,274		95.6	%		22		4		59,648	Wakefern Food	08/31/15	Bed Bath & Beyond / Walgreens / Staples /Petsmart / Hibachi Grill	$	12.06
Copps Hill	Ridgefield	1979 / 2002		184,528		97.5	%		8		1		59,015	Stop & Shop	12/31/24	Kohl’s / Rite Aid	$	12.99
Danbury Green	Danbury	1985 / 2006		98,095		100.0	%		10		—					Trader Joe’s / Rite Aid / Annie Sez / Staples / DSW	$	21.81
Southbury Green	Southbury	1979 / 2002		156,215		99.1	%		23		1		60,113	ShopRite	07/31/22	Staples	$	21.14
TOTAL SHOPPING CENTERS CONNECTICUT (4)				652,112		97.6	%		63		6		178,776				$	16.03

Page 22

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor					Average based rent per leased SF
		Built /	Sq. Ft.		Percent							Owned			Expiration
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants
FLORIDA (70)
Orlando / Central Florida (8)
Alafaya Commons	Orlando	1987		126,333		81.2	%		19		11		54,230	Publix	11/30/13		$	13.83
Alafaya Village	Orlando	1986		38,118		94.8	%		15		1						$	15.81
Eastwood, Shoppes of	Orlando	1997		69,037		100.0	%		13		—		51,512	Publix	11/01/17		$	12.64
Kirkman Shoppes	Orlando	1973		88,820		62.4	%		21		9						$	21.52
Lake Mary Centre	Orlando	1988 / 2001		340,434		96.9	%		58		8		63,139	Albertsons	06/30/12	Kmart / Lifestyle Fitness Center / Office Depot	$	12.81
Park Promenade	Orlando	1987 / 2000		128,848		71.3	%		14		9					Beauty Depot / Dollar General	$	6.76
Town & Country	Kissimmee	1993		72,043		93.3	%		11		3		52,883	Albertsons* (Ross Dress For Less)	10/31/18		$	8.44
Unigold Shopping Center	Winter Park	1987		117,527		79.2	%		19		7		52,500	Winn-Dixie	04/30/12		$	11.45
Jacksonville / North Florida (9)
Beauclerc Village	Jacksonville	1962 / 1988		68,846		89.6	%		7		4					Big Lots / Goodwill / Bealls Outlet	$	8.49
Forest Village	Tallahassee	2000		71,526		80.7	%		10		6		37,866	Publix	04/30/20		$	10.49
Ft. Caroline	Jacksonville	1985 / 1995		71,816		86.8	%		6		7		45,500	Winn-Dixie	05/31/15	Citi Trends	$	6.86
Mandarin Landing	Jacksonville	1976		139,580		78.6	%		18		10		50,000	Whole Foods	12/31/23	Office Depot / Aveda Institute	$	16.53
Medical & Merchants	Jacksonville	1993		156,153		97.0	%		11		2		55,999	Publix	02/10/13	Memorial Hospital / Planet Fitness	$	12.13
Middle Beach Shopping Center	Panama City Beach	1994		69,277		82.2	%		2		7		56,077	Publix*	09/30/14		$	8.53
Pablo Plaza	Jacksonville	1974 / 1998 / 2001 / 2008		151,238		88.5	%		22		9		34,400	Publix* (Office Depot)	11/30/13	Marshalls / HomeGoods	$	11.85
Oak Hill	Jacksonville	1985 / 1997		78,492		100.0	%		17		0		39,795	Publix	03/11/15	Planet Fitness	$	6.07
South Beach	Jacksonville Beach	1990 / 1991		303,856		87.3	%		35		14					Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples	$	12.49
Miami-Dade / Broward / Palm Beach (34)
Aventura Square	Aventura	1991		143,250		100.0	%		10		—					Babies R Us / Jewelry Exchange / Old Navy / Bed, Bath & Beyond / DSW	$	23.45
Bird Ludlum	Miami	1988 / 1998		192,274		94.3	%		43		4		44,400	Winn-Dixie	12/31/12	CVS Pharmacy / Goodwill	$	18.49
Bluffs Square	Jupiter	1986		123,917		78.9	%		20		11		39,795	Publix	10/22/16	Walgreens	$	13.76
Chapel Trail	Pembroke Pines	2007		56,378		100.0	%		4		—					LA Fitness	$	21.58

Page 23

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor					Average based rent per leased SF
		Built /	Sq. Ft.		Percent							Owned			Expiration
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants
Coral Reef Shopping Center	Palmetto Bay	1968 / 1990		76,632		91.0	%		14		4					Office Depot / Walgreen’s	$	25.75
Countryside Shops	Cooper City	1986 / 1988 / 1991		179,561		86.9	%		36		10		39,795	Publix	12/04/15	Stein Mart	$	13.73
Crossroads Square	Pembroke Pines	1973		81,587		79.9	%		15		9					CVS Pharmacy / Goodwill	$	16.74
CVS Plaza	Miami	2004		18,214		100.0	%		6		—						$	22.67
El Novillo	Miami Beach	1970 / 2000		10,000		100.0	%		1		—					Sakura Japanese Buffet	$	0.00
Greenwood	Palm Springs	1982 / 1994		133,339		91.0	%		31		7		50,032	Publix	12/05/14	Bealls Outlet	$	13.01
Hammocks Town Center	Miami	1987 / 1993		172,806		92.4	%		30		6		39,795	Publix	06/24/17	Metro Dade Library / CVS Pharmacy / Porky’s Gym	$	13.74
Jonathan’s Landing	Jupiter	1997		26,820		49.4	%		8		4						$	20.05
Lago Mar	Miami	1995		82,613		82.7	%		14		8		42,323	Publix	09/13/15		$	13.46
Lantana Village	Lantana	1976 / 1999		181,780		97.5	%		23		2		39,473	Winn-Dixie	02/15/16	Kmart / Rite Aid* (Family Dollar)	$	7.39
Magnolia Shoppes	Fort Lauderdale	1998		114,118		85.2	%		11		7					Regal Cinemas / Deal$	$	11.40
Meadows	Miami	1997		75,524		94.2	%		16		4		47,955	Publix	07/09/17		$	13.99
Oakbrook Square	Palm Beach Gardens	1974 / 2000 / 2003		199,633		96.6	%		25		5		44,400	Publix	11/30/20	Stein Mart / Homegoods / CVS / Basset Furniture / Duffy’s	$	14.03
Oaktree Plaza	North Palm Beach	1985		23,745		63.6	%		11		9						$	16.83
Plaza Alegre	Miami	2003		88,411		93.7	%		17		3		44,271	Publix	03/14/23	Goodwill	$	15.78
Point Royale	Miami	1970 / 2000		174,875		97.0	%		20		4		45,350	Winn-Dixie	02/15/15	Best Buy / Pasteur Medical	$	10.76
Prosperity Centre	Palm Beach Gardens	1993		122,014		96.7	%		9		1					Office Depot / CVS / Bed Bath & Beyond / TJ Maxx	$	15.54
Ridge Plaza	Davie	1984 / 1999		155,204		93.6	%		19		8					Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill	$	11.36
Riverside Square	Coral Springs	1987		103,241		81.8	%		23		10		39,795	Publix	02/18/17		$	11.63
Sawgrass Promenade	Deerfield Beach	1982 / 1998		107,092		84.8	%		20		5		36,464	Publix	12/15/14	Walgreens / Dollar Tree	$	10.73
Sheridan Plaza	Hollywood	1973 / 1991		508,455		99.4	%		61		3		65,537	Publix	10/09/16	Kohl’s / Ross / Bed Bath & Beyond / Pet Supplies Plus / LA Fitness / USA Baby & Child Space / Assoc. in Neurology	$	15.43
Shoppes of Andros Isles	West Palm Beach	2000		79,420		82.4	%		9		8		51,420	Publix	02/29/20		$	12.17
Shoppes of Silverlakes	Pembroke Pines	1995 / 1997		126,789		88.2	%		28		7		47,814	Publix	06/14/15	Goodwill	$	15.74
Shops at Skylake	North Miami Beach	1999 / 2005 / 2006		285,816		96.0	%		45		4		51,420	Publix	07/31/19	TJMaxx / LA Fitness / Goodwill	$	18.57
Tamarac Town Square	Tamarac	1987		124,585		77.9	%		26		13		37,764	Publix	12/15/14	Dollar Tree	$	11.17
Waterstone	Homestead	2005		61,000		97.1	%		9		1		45,600	Publix	07/31/25		$	14.67
West Bird	Miami	1977 / 2000		99,864		87.7	%		23		5		37,949	Publix	08/31/20	CVS Pharmacy	$	13.24

Page 24

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average based rent per leased SF
West Lakes Plaza	Miami	1984 / 2000		100,747		100.0	%		27		—		46,216	Winn-Dixie	05/22/16	Navarro Pharmacy	$	13.90
Westport Plaza	Davie	2002		49,533		100.0	%		8		—		27,887	Publix	11/30/22		$	17.62
Young Circle	Hollywood	1962 / 1997		65,834		93.6	%		8		2		23,124	Publix	11/30/16	Walgreens	$	15.28
Florida Treasure / Northeast Coast (8)
Cashmere Corners	Port St. Lucie	2001		89,234		94.7	%		13		3		59,448	Albertsons	04/30/25		$	9.08
New Smyrna Beach	New Smyrna Beach	1987		118,451		94.4	%		32		2		42,112	Publix	09/30/12	Bealls Outlet	$	12.06
Old King Commons	Palm Coast	1988		84,759		89.6	%		14		4					Wal-Mart	$	7.86
Ryanwood	Vero Beach	1987		114,925		89.1	%		26		6		39,795	Publix	03/23/17	Bealls Outlet / Books-A-Million	$	11.33
Salerno Village	Stuart	1987		82,477		90.8	%		14		6		45,802	Winn-Dixie	03/23/24	CVS Pharmacy	$	10.58
Shops at St. Lucie	Port St. Lucie	2006		19,361		74.2	%		7		3						$	22.94
South Point Center	Vero Beach	2003		64,790		95.7	%		13		2		44,840	Publix	11/30/23		$	14.97
Treasure Coast	Vero Beach	1983		133,781		95.8	%		20		3		59,450	Publix	07/31/26	TJ Maxx	$	12.55
Tampa / St. Petersburg / Venice / Cape Coral / Naples (11)
Charlotte Square	Port Charlotte	1980		96,626		69.9	%		12		13					Seafood Buffet / American Signature Furniture	$	5.47
Glengary Shoppes	Sarasota	1995		99,182		100.0	%		6		—					Best Buy / Barnes & Noble	$	17.70
Lutz Lake	Lutz	2002		64,985		90.2	%		10		4		44,270	Publix	05/31/22		$	12.03
Mariners Crossing	Spring Hill	1989 / 1999		97,812		100.0	%		18		—		48,315	Sweet Bay	08/15/20		$	10.62
Regency Crossing	Port Richey	1986 / 2001		85,864		80.5	%		12		13		44,270	Publix	02/28/21		$	10.35
Seven Hills	Spring Hill	1991		72,590		88.8	%		13		5		48,890	Publix	09/25/16		$	10.50
Shoppes of North Port	North Port	1991		84,705		90.8	%		16		5					Bealls Outlet / Goodwill	$	9.50
Summerlin Square	Fort Myers	1986 / 1998		109,156		46.9	%		2		26		45,500	Winn-Dixie	06/04/16		$	7.53
Sunlake	Tampa	2008		89,516		88.7	%		17		7		45,600	Publix	12/31/28	SunTrust	$	17.21
Sunpoint Shopping Center	Ruskin	1984		132,374		68.2	%		16		8					Goodwill / Ozzie’s Buffet / Big Lots / Chapter 13 Trustee	$	8.00
Walden Woods	Plant City	1985 / 1998 / 2003		72,950		88.7	%		11		4					Dollar Tree / Aaron Rents / Dollar General	$	7.51
TOTAL SHOPPING CENTERS FLORIDA (70)				7,950,553		89.5	%		1,240		385		2,150,772				$	13.28

Page 25

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

		Year	Total				Number of tenants				Supermarket anchor					Average based rent per leased SF
		Built /	Sq. Ft.	Percent							Owned			Expiration
Property	City	Renovated	Owned	Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants
GEORGIA (23)
Atlanta (19)
BridgeMill	Canton	2000	89,102		91.9	%		25		4		37,888	Publix	01/31/20		$	15.44
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	$	21.04
Butler Creek	Acworth	1990	95,597		88.3	%		16		5		59,997	Kroger	01/31/18		$	9.96
Chastain Square	Atlanta	1981 / 2001	91,637		98.0	%		24		2		37,366	Publix	05/31/24		$	17.94
Commerce Crossing	Commerce	1988	100,668		25.5	%		4		7					Fred’s Store	$	5.26
Douglas Commons	Douglasville	1988	97,027		96.5	%		16		2		59,431	Kroger	08/31/13		$	10.91
Fairview Oaks	Ellenwood	1997	77,052		95.7	%		12		2		54,498	Kroger	09/30/16		$	9.66
Grassland Crossing	Alpharetta	1996	90,906		94.6	%		12		2		70,086	Kroger	06/30/16		$	8.90
Hairston Center	Decatur	2000	13,000		84.6	%		6		2						$	5.94
Hamilton Ridge	Buford	2002	90,996		83.8	%		13		8		54,166	Kroger	11/30/22		$	11.62
Hampton Oaks	Fairburn	2009	20,842		17.3	%		2		10						$	5.83
Mableton Crossing	Mableton	1997	86,819		98.1	%		15		1		63,419	Kroger	08/31/17		$	10.35
Macland Pointe	Marietta	1992-93	79,699		94.0	%		15		2		55,999	Publix	12/29/12		$	10.27
Market Place	Norcross	1976	77,706		95.7	%		20		4					Galaxy Cinema	$	11.28
Piedmont Peachtree Crossing	Buckhead	1978 / 1998	152,239		97.7	%		25		3		55,520	Kroger	02/28/15	Cost Plus Store / Binders Art Supplies	$	18.02
Powers Ferry Plaza	Marietta	1979 / 1987 / 1998	86,401		84.7	%		18		6					Micro Center	$	9.72
Shops of Westridge	McDonough	2006	66,297		71.0	%		7		11		38,997	Publix	04/30/26		$	12.39
Wesley Chapel	Decatur	1989	164,153		83.5	%		16		12					Everest Institute / Little Giant/ Deal$ / Planet Fitness	$	6.82
Williamsburg @ Dunwoody	Dunwoody	1983	44,928		60.4	%		18		10						$	21.86
Central / South Georgia (4)
Daniel Village	Augusta	1956 / 1997	171,932		85.5	%		29		10		45,971	Bi-Lo	03/25/22	St. Joseph Home Health Care	$	8.95
McAlpin Square	Savannah	1979	173,952		97.7	%		22		2		43,600	Kroger	08/31/15	Big Lots / Post Office / Habitat for Humanity	$	7.58
Spalding Village	Griffin	1989	235,318		64.2	%		18		10		59,431	Kroger	05/31/14	Fred’s Store / Goodwill	$	7.72
Walton Plaza	Augusta	1990	43,460		91.7	%		5		3					Gold’s Gym	$	7.10
TOTAL SHOPPING CENTERS GEORGIA (23)			2,383,470		85.4	%		353		119		736,369				$	11.93

Page 26

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor					Average based rent per leased SF
		Built /	Sq. Ft.		Percent							Owned			Expiration
Property	City	Renovated	Owned		Leased			Leased		Vacant		sq. ft.		Name	Date	Other anchor tenants
LOUISIANA (13)
Ambassador Row	Lafayette	1980 / 1991		187,678		98.3	%		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		98.4	%		21		2					Bed Bath & Beyond / Marshall’s / Hancock Fabrics / Unitech Training Academy / Tuesday Morning	$	10.30
Bluebonnet Village	Baton Rouge	1983		101,623		98.7	%		22		4		33,387	Matherne’s	11/30/15	Office Depot	$	11.27
Boulevard	Lafayette	1976 / 1994		68,012		93.2	%		13		2					Piccadilly / Harbor Freight Tools / Golfballs.com	$	9.00
Country Club Plaza	Slidell	1982 / 1994		64,686		94.6	%		9		1		33,387	Winn-Dixie	01/31/13		$	6.36
Crossing	Slidell	1988 / 1993		114,806		97.4	%		15		1		58,432	Save A Center	09/28/39	A-1 Home Appliance / Piccadilly	$	5.82
Elmwood Oaks	Harahan	1989		120,515		91.2	%		8		1					Academy Sports / Dollar Tree / Home Décor	$	9.83
Grand Marche (ground lease)	Lafayette	1969		200,585		100.0	%		1		—							NA
Plaza Acadienne	Eunice	1980		59,419		97.5	%		6		1		28,092	Super 1 Store	06/30/15	Fred’s Store	$	4.35
Sherwood South	Baton Rouge	1972 / 1988 / 1992		77,107		81.3	%		7		2					Burke’s Outlet / Harbor Freight Tools / Fred’s Store	$	6.09
Siegen Village	Baton Rouge	1988		170,416		98.9	%		19		1					Office Depot / Big Lots / Dollar Tree / Stage / Party City	$	9.27
Tarpon Heights	Galliano	1982		56,605		100.0	%		9		—					Stage / Dollar General	$	5.84
Village at Northshore	Slidell	1988		144,638		97.6	%		14		1					Marshalls / Dollar Tree / Kirschman’s* / Bed Bath & Beyond / Office Depot	$	7.38
TOTAL SHOPPING CENTERS LOUISIANA (13)				1,512,787		96.7	%		167		18		153,298				$	8.47
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		$	26.84
Plymouth Shaw’s Supermarket	Plymouth	1993		59,726		100.0	%		1		—		59,726	Shaw’s	01/01/16		$	19.99
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	$	8.24
West Roxbury Shaw’s Plaza	West Roxbury	1973 / 1995 / 2006		76,316		97.7	%		11		2		54,928	Shaw’s	01/02/16		$	24.20
TOTAL SHOPPING CENTERS MASSACHUSETTS (7)				600,879		99.7	%		31		2		434,532				$	18.55

Page 27

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

		Year	Total					Number of tenants				Supermarket anchor
Property	City	Built / Renovated	Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average based rent per leased SF
MISSISSIPPI (1)
Shipyard Plaza	Pascagoula	1987		66,857		100.0	%		8		—					Big Lots / Buffalo Wild Wings	$	7.29
TOTAL SHOPPING CENTERS MISSISSIPPI (1)				66,857		100.0	%		8		—		—				$	7.29
NEW YORK (3)
1175 Third Avenue	Manhattan	1995		25,350		100.0	%		1		—		25,350	Food Emporium	01/31/19		$	41.66
90-30 Metropolitan	Queens	2007		59,815		93.9	%		4		1					Trader Joe’s / Staples / Michael’s	$	28.99
161 W. 16th Street	Manhattan	1930		56,870		100.0	%		1		—					Loehmann’s	$	24.62
TOTAL SHOPPING CENTERS NEW YORK (3)				142,035		97.4	%		6		1		25,350				$	29.51
NORTH CAROLINA (8)
Brawley Commons	Charlotte	1997 / 1998		119,189		74.6	%		21		17		42,142	Lowe’s Foods	05/13/17	Rite Aid	$	11.97
Centre Pointe Plaza	Smithfield	1989		163,642		94.7	%		21		3					Belk’s / Dollar Tree / Aaron Rents / Burkes Outlet Stores	$	6.05
Chestnut Square	Brevard	1985 / 2008		34,260		82.9	%		4		4					Walgreens	$	15.69
Galleria	Wrightsville Beach	1986 / 1990		92,114		37.7	%		23		14						$	9.65
Riverview Shopping Center	Durham	1973 / 1995		128,498		92.4	%		11		5		53,538	Kroger	12/31/14	Upchurch Drugs / Riverview Galleries	$	7.76
Stanley Market Place	Stanley	2007		53,228		94.1	%		5		2		34,928	Food Lion	05/15/27	Family Dollar	$	9.74
Thomasville Commons	Thomasville	1991		148,754		94.0	%		9		5		32,000	Ingles	09/29/12	Kmart	$	5.57
Willowdaile Shopping Center	Durham	1986		95,601		91.3	%		17		5					Hall of Fitness / Ollie’s Bargain Outlet	$	8.37
TOTAL SHOPPING CENTERS NORTH CAROLINA (8)				835,286		84.2	%		111		55		162,608				$	8.11
SOUTH CAROLINA (3)
North Village Center	North Myrtle Beach	1984		60,356		70.3	%		6		7					Dollar General / Goodwill	$	8.05
Windy Hill	North Myrtle Beach	1968 / 1988 / 2006		68,465		100.0	%		5		—					Rose’s Store / Citi Trends	$	6.32
Woodruff	Greenville	1995		68,055		98.7	%		9		1		47,955	Publix	08/06/15		$	10.66
TOTAL SHOPPING CENTERS SOUTH CAROLINA (3)				196,876		90.5	%		20		8		47,955				$	8.37

Page 28

EQUITY ONE, INC.

PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

								Number of tenants				Supermarket anchor
Property	City	Year Built / Renovated	Total Sq. Ft. Owned		Percent Leased			Leased		Vacant		Owned sq. ft.		Name	Expiration Date	Other anchor tenants	Average based rent per leased SF
VIRGINIA (1)
Smyth Valley Crossing	Marion	1989		126,841		98.0	%		13		1		32,000	Ingles	09/25/15	Wal-Mart	$	6.06
TOTAL SHOPPING CENTERS VIRGINIA (1)				126,841		98.0	%		13		1		32,000				$	6.06
TOTAL CORE SHOPPING CENTER PORTFOLIO (144)				16,686,939		90.7	%		2,293		642		4,111,443				$	13.97
OTHER PROPERTIES (6)
4101 South I-85 Industrial	Charlotte, NC	1956 / 1963		188,513		100.0	%		2		—					Bromley Pallet / Park ‘N Go
Banco Popular Office Building	Miami, FL	1971		32,737		81.7	%		14		4
Laurel Walk Apartments	Charlotte, NC	1985		106,480		97.5	%		95		3
Prosperity Office Building	Palm Beach Gdns, FL	1972		3,200		0.0	%		—		1
Providence Square	Charlotte, NC	1973		85,930		16.6	%		6		19
Danville - San Ramon Medical	Danville, CA	1982-1986		74,599		78.4	%		44		11
TOTAL OTHER PROPERTIES (6)				491,459		79.7	%		161		38		—
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (150)				17,178,398		90.3	%		2,454		680		4,111,443
DEVELOPMENTS, REDEVELOPMENTS & LAND (15)
Developments (1)	Various - See Schedule on Page 32.
Redevelopments (8)	Various - See Schedule on Page 32.
Land Held for Development (6)	Various
TOTAL CONSOLIDATED - 165 Properties

Total square footage does not include shadow anchor square footage that is not owned by Equity One.

* Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ).

Page 29

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS

For the twelve months ended December, 2011 (unaudited)

(in thousands, except for square footage)

2011 Acquisition Activity

Date Purchased	Property Name	City	State	Square Feet		Purchase Price		Mortgage Assumed
November 15, 2011	Culver Center	Culver City	CA		216,578	$	115,000	$	64,000
October 27, 2011	Danbury Green (1)	Danbury	CT		98,095		44,000		24,700
October 27, 2011	Southbury Green (1)	Southbury	CT		156,215		48,900		21,000
October 5, 2011	Aventura Square	Aventura	FL		113,450		55,500		—
September 1, 2011	90-30 Metropolitan	Queens	NY		59,815		28,800		—
July 14, 2011	Ralph’s Circle Center	Long Beach	CA		59,837		15,000		—
May 16, 2011	161 W. 16th Street	New York	NY		56,870		55,000		—
March 16, 2011	Von’s Circle Center	Long Beach	CA		148,353		37,000		11,529
March 15, 2011	Circle Center West	Long Beach	CA		64,403		20,000		—
January 4, 2011	Capital & Counties(2)	Various	CA		2,491,663		504,900		171,931
Total						$	924,100	$	293,160

⁽¹⁾  We own a 60% interest through a consolidated joint venture

⁽²⁾  Does not include properties owned through joint ventures. The purchase price represents fair value as determined by independent third party valuations.

2011 Disposition Activity

Date Sold	Property Name	City	State	Square Feet / Acres		Gross Sales Price		Gain (loss) on Sale
Income producing property sold
October 13, 2011	595 Colorado	Pasadena	CA		85,860	$	16,650	$	(133	)
October 5, 2011	Park Plaza	Sacramento	CA		72,649		12,689		366
September 30, 2011	Trio Apartments(2)	Pasadena	CA		284,989		112,200		3,227
September 1, 2011	Pacific Financial Center(2)	Los Angeles	CA		212,933		49,500		4,262
July 29, 2011	Lancaster Shopping Center(1)	Lancaster	SC		106,447		900		27
June 22, 2011	Mandarin Mini - storage	Jacksonville	FL		52,420		1,250		(16	)
May 13, 2011	Country Walk Plaza	Miami	FL		100,686		27,750		625
May 13, 2011	Veranda Shoppes	Plantation	FL		44,888		11,675		346
						$	232,614	$	8,704
Income producing property sold in a portfolio transaction
December 20, 2011	The Shops at Lake Tuscaloosa	Tuscaloosa	AL		70,242
	Winchester Plaza	Huntsville	AL		75,700
	Bay Point Plaza	St. Petersburg	FL		103,986
	Carrollwood Center	Tampa	FL		93,673
	Chelsea Place	New Port Richey	FL		81,144
	Conway Crossing	Orlando	FL		76,321

Page 30

EQUITY ONE, INC.

REAL ESTATE ACQUISITIONS AND DISPOSITIONS (CONTINUED)

For the twelve months ended December, 2011 (unaudited)

(in thousands, except for square footage)

Date Sold	Property Name	City	State	Square Feet / Acres			Gross Sales Price		Gain (loss) on Sale
Income producing property sold in a portfolio transaction (continued)
December 20, 2011	Dolphin Village	St. Pete Beach	FL		136,224
	Eustis Village	Eustis	FL		156,927
	Hunter’s Creek	Orlando	FL		73,204
	Lake St. Charles	Riverview	FL		57,015
	Marco Town Center	Marco Island	FL		109,830
	Midpoint Center	Cape Coral	FL		75,386
	Ross Plaza	Tampa	FL		90,826
	Sunrise Town Center	Sunrise	FL		128,124
	Venice Plaza	Venice	FL		132,345
	Venice Shopping Center	Venice	FL		109,801
	Dublin Village	Dublin	GA		98,540
	FreehomeVillage	Canton	GA		74,340
	Golden Park	Buford	GA		68,738
	Governors Town Square	Acworth	GA		68,658
	Grayson Village	Loganville	GA		83,155
	Keith Bridge Commons	Cumming	GA		94,886
	Loganville Town Center	Loganville	GA		77,661
	Salem Road Station	Covington	GA		67,270
	Shops at Huntcrest	Lawrenceville	GA		97,040
	The Vineyards at Chateau Elan	Braselton	GA		79,047
	Wilmington Island	Wilmington Island	GA		87,818
	South Plaza	California	MD		92,335
	Carolina Pavilion	Charlotte	NC		731,678
	Parkwest Crossing	Durham	NC		85,602
	Salisbury Marketplace	Salisbury	NC		79,732
	Whitaker Square	Winston-Salem	NC		82,760
	Belfair Towne Village	Bluffton	SC		125,389
	Belfair II	Bluffton	SC		41,250
	Milestone Plaza	Greenville	SC		89,721
	Greensboro Village Shopping Center	Gallatin	TN		70,203
Total 36 shopping center portfolio							$	473,052	$	(819	)
Outparcels sold
October 13, 2011	Riverside - Citgo	Coral Springs	FL		32,156		$	1,650	$	1,202
August 25, 2011	Riverside - Land parcel	Coral Springs	FL		39,335			1,550		911
July 7, 2011	Walden Woods - Taco Bell outparcel	Plant City	FL		2,924			716		552
June 28, 2011	Sunlake - Land parcel	Miami	FL		6.50	(3)		1,250		56
							$	5,166	$	2,721
Total Sold							$	710,832	$	10,606

⁽¹⁾  Includes both Lancaster Plaza and Lancaster Shopping Center.

⁽²⁾  Gain on sale represents EQY’s pro-rata share.

⁽³⁾  In acres

Page 31

EQUITY ONE, INC.

REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS

As of December 31, 2011 (unaudited)

(in thousands, except square footage data)

Project	Location	Project GLA*		Total GLA**		Anchors	Target Stabilization Date (1)	Estimated Gross  Cost (2)		Estimated Net Cost (3)		Funded as of 12/31/11		Balance to Complete (Gross Cost)
Developments
The Gallery at Westbury	Westbury, NY		330,000		330,000	Container Store/Nordstrom Rack/Trader Joe’s/Saks Off Fifth/Bloomingdales Outlet/Sports Authority Elite/Old Navy/Ulta/Verizon/Shake Shack	2013	$	144,000	$	134,000	$	72,156	$	71,844
Subtotal			330,000		330,000			$	144,000	$	134,000	$	72,156	$	71,844
Redevelopment
Atlantic Village	FL		39,795		100,559	LA Fitness	2Q13	$	4,609	$	4,609	$	129	$	4,480
Boca Village	Boca Raton, FL		25,663		92,267	Publix Greenwise/CVS	1Q14		7,255		7,255		678		6,577
Boynton Plaza	Boynton Beach, FL		54,817		108,293	Publix	3Q13		8,661		8,661		158		8,503
Paulding Commons	Hiram, GA		74,732		192,391	Academy Sports	3Q12		5,915		5,915		1,503		4,412
Pavilion	Naples, FL		50,795		167,745	LA Fitness	1Q12		4,821		4,821		1,211		3,610
Pine Island	Davie, FL		86,156		243,385	Burlington Coat Factory	1Q12		2,057		2,057		1,895		162
Pine Ridge	Coral Springs, FL		30,660		114,948	Marshalls/Fresh Market/Bed Bath & Beyond	3Q12		3,453		3,453		2,699		754
Westbury Plaza	Westbury, NY		15,000		398,602	Costco/Marshalls/Sports Authority/Wal-Mart	3Q12		2,096		2,096		1,736		360
Subtotal			377,618		1,418,190			$	38,867	$	38,867	$	10,009	$	28,858
Total Development Activity			707,618		1,748,190			$	182,867	$	172,867	$	82,165	$	100,702

Project notes

⁽¹⁾ Target stabilization date reflects the date that construction is expected to be complete and the anchors commence rent. Properties may continue to be reflected in development or redevelopment until they are included in our same property pool, normally one year from rent commencement.

⁽²⁾ Includes actual / allocated cost of land.

⁽³⁾ After sales of outparcels and construction cost reimbursements.

* 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 32

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Debt Instrument	Maturity Date		Rate (1)			Dec 31, 2011 Balance		Dec 31, 2010 Balance		Percent of Overall Debt Maturing
Mortgage Debt
Forest Village		04/01/11		7.270	%		—		4,065		0.0	%
Boca Village		05/01/11		7.200	%		—		7,515		0.0	%
MacLand Pointe		05/01/11		7.250	%		—		5,311		0.0	%
Pine Ridge Square		05/01/11		7.020	%		—		6,636		0.0	%
Sawgrass Promenade		05/01/11		7.200	%		—		7,515		0.0	%
Lake Mary Centre		11/01/11		7.250	%		—		22,321		0.0	%
Riverside Square		03/01/12		9.187	%		—		6,710		0.0	%
Hammocks Town Center		06/01/12		6.950	%		—		11,631		0.0	%
Cashmere Corners		11/01/12		5.880	%		—		4,376		0.0	%
Eastwood		11/01/12		5.880	%		—		5,215		0.0	%
Meadows Shopping Center		11/01/12		5.870	%		—		5,479		0.0	%
Lutz Lake Crossing		01/01/13		6.280	%		—		7,229		0.0	%
Alafaya Village		11/11/13		5.990	%		—		3,834		0.0	%
Bird Ludlum		02/15/15		7.680	%		—		4,893		0.0	%
Treasure Coast Plaza		04/01/15		8.000	%		—		2,359		0.0	%
Shoppes of Silverlakes I		07/01/15		7.750	%		—		1,403		0.0	%
Country Walk Plaza		11/01/15		5.220	%		—		13,485		0.0	%
Plaza Escuela		10/11/12		6.800	%		37,057		—		2.8	%
Pablo Plaza		04/11/13		5.814	%		7,309		7,466		0.5	%
West Bird Plaza		04/11/13		5.814	%		8,223		8,399		0.6	%
Brawley Commons		07/01/13		6.250	%		6,625		6,712		0.5	%
Buckhead Station(5)		09/01/13		6.880	%		24,893		25,576		1.9	%
Summerlin Square		02/01/14		6.750	%		1,067		1,510		0.1	%
South Point		07/10/14		5.720	%		7,168		7,398		0.5	%
Southbury Green		02/05/15		5.200	%		21,000		—		1.6	%
Davis Marketplace		02/19/15		6.250	%		16,377		—		1.2	%
Danbury Green		01/05/16		5.850	%		24,700		—		1.8	%
Glengary Shoppes		06/11/16		5.750	%		16,332		16,573		1.2	%
Magnolia Shoppes		07/11/16		6.160	%		14,039		14,260		1.1	%
Willows Shopping Center		10/11/16		5.900	%		55,895		—		4.2	%
Grassland Crossing		12/01/16		7.865	%		4,301		4,574		0.3	%
Culver		05/06/17		5.580	%		64,000		—		4.8	%
Mableton Crossing		08/15/18		6.850	%		3,087		3,335		0.2	%
Sheridan Plaza		10/10/18		6.250	%		62,416		63,288		4.7	%
Danville-San Ramon Medical		03/15/19		6.900	%		13,576		—		1.1	%
1175 Third Avenue		05/01/19		7.000	%		7,221		7,426		0.5	%
BridgeMill		05/05/21		7.940	%		7,831		8,111		0.6	%
Westport Plaza		08/01/23		7.490	%		4,048		4,194		0.3	%
Chastain Square		02/28/24		6.500	%		2,937		3,089		0.2	%
Daniel Village		02/28/24		6.500	%		3,211		3,377		0.2	%
Douglas Commons		02/28/24		6.500	%		3,826		4,023		0.3	%
Fairview Oaks		02/28/24		6.500	%		3,622		3,808		0.3	%
Madison Centre		02/28/24		6.500	%		2,937		3,089		0.2	%
Paulding Commons		02/28/24		6.500	%		4,987		5,245		0.4	%
Siegen Village		02/28/24		6.500	%		3,245		3,413		0.3	%
Wesley Chapel Crossing		02/28/24		6.500	%		2,562		2,694		0.2	%
Webster Plaza		08/15/24		8.070	%		7,283		7,478		0.5	%
Vons Circle Center		10/10/28		5.200	%		11,223		—		0.8	%
Copps Hill Plaza		01/01/29		6.060	%		18,756		19,364		1.4	%
Total mortgage debt		4.62		6.18	%(3)	$	471,754	$	354,379		35.3	%
Unamortized/unaccreted premium/(discount)							10,521		950		0.8	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))						$	482,275	$	355,329		36.1	%

See footnotes on page 35

Page 33

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Debt Instrument	Maturity Date		Rate (1)			Dec 31, 2011 Balance		Dec 31, 2010 Balance			Percent of Overall Debt Maturing
Mortgage Debt Associated with Assets Held for Sale(4)
Lake St. Charles		11/01/11		7.130	%		—		3,517			0.0	%
Belfair Towne Village		12/01/11		7.320	%		—		9,651			0.0	%
Marco Town Center		01/01/12		6.700	%		—		7,398			0.0	%
Salem Road Station		11/11/12		6.000	%		—		5,732			0.0	%
Midpoint Center		07/10/13		5.770	%		—		6,008			0.0	%
Keith Bridge Commons		10/11/13		4.800	%		—		8,561			0.0	%
Sunrise Town Center		04/30/14		5.690	%		—		10,084			0.0	%
The Vineyards		07/11/14		5.880	%		—		9,662			0.0	%
595 Colorado		12/01/14		5.900	%		—		—			0.0	%
Grayson Village		01/11/15		5.210	%		—		9,635			0.0	%
Golden Park Village		01/11/15		5.250	%		—		7,204			0.0	%
The Shops at Lake Tuscaloosa		01/11/15		5.450	%		—		7,010			0.0	%
Eustis Village		05/11/15		5.450	%		—		13,095			0.0	%
Governors Town Center		06/01/15		5.200	%		—		10,216			0.0	%
Freehome Village		07/11/15		5.150	%		—		9,706			0.0	%
Loganville Town Center		08/11/15		4.890	%		—		9,897			0.0	%
Wilmington Island		11/11/15		5.050	%		—		9,384			0.0	%
South Plaza Shopping Center		01/11/16		5.420	%		—		16,518			0.0	%
Dublin Village		12/11/16		5.780	%		—		6,705			0.0	%
Greensboro Village		02/11/17		5.520	%		—		9,652			0.0	%
Whitaker Square		12/01/17		6.320	%		—		9,646			0.0	%
Park Plaza		11/15/19		7.100	%		—		—			0.0	%
222 Sutter Street		09/15/16		5.390	%		27,284		—			2.0	%
Total mortgage debt on held for sale assets		4.44		5.39	%(3)	$	27,284	$	179,281			2.0	%
Unamortized/unaccreted premium/(discount)									(20,118	)		0.0	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))						$	27,284	$	159,163			2.0	%
Total Secured debt		4.86		6.14	%(3)	$	499,038	$	533,660			37.3	%
Unamortized/unaccreted premium/(discount)							10,521		(19,168	)		0.8	%
Total mortgage debt (including unamortized/unaccreted premium/(discount))						$	509,559	$	514,492			38.1	%

See footnotes on page 35

Page 34

EQUITY ONE, INC.

CONSOLIDATED DEBT SUMMARY

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Debt Instrument	Maturity Date			Rate (1)			Dec 31, 2011 Balance			Dec 31, 2010 Balance			Percent of Overall Debt Maturing
Unsecured senior notes payable
7.84% senior notes		01/23/12			7.840	%	$	10,000		$	10,000			0.7	%
6.25% senior notes		12/15/14			6.250	%		250,000			250,000			18.7	%
5.375% senior notes		10/15/15			5.375	%		107,505			107,505			8.0	%
6.00% senior notes		09/15/16			6.000	%		105,230			105,230			7.9	%
6.25% senior notes		01/15/17			6.250	%		101,403			101,403			7.6	%
6.00% senior notes		09/15/17			6.000	%		116,998			116,998			8.8	%
Total unsecured senior notes payable		4.13			6.06	%(3)	$	691,136		$	691,136			51.7	%
Unamortized/unaccreted premium/(discount)								(2,340	)		(2,755	)		-0.1	%
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount))							$	688,796		$	688,381			51.6	%
Revolving credit facilities
$575MM Wells Fargo Unsecured		09/30/15			1.850	%	$	138,000		$	—			10.3	%
$15MM City National Bank Unsecured		05/08/12			N/A			—			—			0.0	%
Total revolving credit facilities							$	138,000		$	—			10.3	%
Total debt		4.43	(2)		6.09	%(2)/(3)	$	1,328,174		$	1,224,796			99.3	%
Unamortized/unaccreted premium/(discount)								8,181			(21,923	)		0.7	%
Total debt (including net interest premium/discount)							$	1,336,355		$	1,202,873			100.0	%
Senior Unsecured Debt Ratings
Moody’s								Baa3 (Positive	)		Baa3 (Stable	)
S&P								BBB- (Stable	)		BBB- (Negative	)

⁽¹⁾ The rate in effect on December 31, 2011.

⁽²⁾ Weighted-average maturity in years and weighted-average interest rate on total debt, exclude $138.0 million in revolving credit facilities expiring on September 30, 2015.

⁽³⁾ Calculated based on weighted average interest rates.

⁽⁴⁾ All assets in Held for Sale, excluding 222 Sutter Street, have been sold.

Page 35

EQUITY ONE, INC.

JOINT VENTURE UNCONSOLIDATED BALANCE SHEETS

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Co-Investment Partner	EQY Ownership Interest			Type	Total Assets		Total Debt		Total Equity
DRA Advisors		20.0	%	Retail/Office	$	54,351	$	36,119	$	16,075
GRI		10.0	%	Retail	$	260,903	$	137,105	$	109,754
New York State Common Retirement Fund		30.0	%	Retail	$	78,761	$	25,096	$	39,019
Various(1)		50.0-50.5	%	Retail/Office	$	102,731	$	51,630	$	49,278

Note: Amounts shown above reflect 100% of the joint venture balance sheet line items.

⁽¹⁾  Various includes Talega Village Center JV, LLC, Vernola Marketplace JV, LLC and Parnassus Heights Medical Center

Page 36

EQUITY ONE, INC.

JOINT VENTURE UNCONSOLIDATED STATEMENTS OF INCOME

For the three and twelve months ended December 31, 2011 (unaudited)

(in thousands)

					For the three months ended December 31, 2011
Co-Investment Partner	EQY Ownership Interest			Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense		Net Income/ (Loss)
DRA Advisors		20.0	%	Retail/Office	$	1,561	$	642	$	540	$	595	$	(231	)
GRI		10.0	%	Retail	$	8,161	$	1,600	$	1,480	$	2,301	$	2,780
New York State Common Retirement Fund(1)		30.0	%	Retail	$	1,096	$	333	$	473	$	161	$	(649	)
Various(2)		50.0-50.5	%	Retail/Office	$	3,139	$	1,011	$	835	$	840	$	237
					For the twelve months ended December 31, 2011
Co-Investment Partner	EQY Ownership Interest			Type	Total Revenues		Property Operating Expenses		Depreciation/ Amortization		Interest Expense		Net Income/ (Loss)
DRA Advisors		20.0	%	Retail/Office	$	6,057	$	2,713	$	2,366	$	2,381	$	(1,469	)
GRI		10.0	%	Retail	$	26,759	$	6,919	$	5,933	$	9,119	$	4,788
New York State Common Retirement Fund(1)		30.0	%	Retail	$	2,708	$	843	$	1,167	$	394	$	(926	)
Various(2)		50.0-50.5	%	Retail/Office	$	10,833	$	3,656	$	3,432	$	3,675	$	(214	)

Note: Amounts shown above reflect 100% of the venture income statement line items.

⁽¹⁾  Joint venture was formed on May 13, 2011.

⁽²⁾  Various includes Talega Village Center JV, LLC, Vernola Marketplace JV, LLC and Parnassus Heights Medical Center

Page 37

EQUITY ONE, INC.

UNCONSOLIDATED PROPERTY STATUS REPORT

As of December 31, 2011 (unaudited)

							Year						Number of tenants				Supermarket anchor						Average
Property	JV	EQY Ownership %			Type	City, State	Built / Renovated	Total Sq. Ft.		Percent Leased			Leased		Vacant		Sq. Ft.		Name	Expiration Date		Other anchor tenants	base rent per leased  SF
Airpark Plaza Shopping Center	GRI		10.0	%	Retail	Miami, FL	1971 / 1998 / 2004 / 2008		172,093		96.0	%		33		4		30,000	Publix		10/31/24	Burlington Coat Factory / Office Depot	$	15.00
Concord Shopping Plaza	GRI		10.0	%	Retail	Miami, FL	1962 / 1992 / 1993		298,182		99.3	%		24		1		78,000	Winn-Dixie		09/30/14	Home Depot / Big Lots / Dollar Tree	$	11.89
Presidential Markets	GRI		10.0	%	Retail	Snellville, GA	1993 / 2000		396,432		91.9	%		35		2		56,146	Publix		12/31/19	Marshall’s / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / Borders	$	11.87
Shoppes of Ibis	GRI		10.0	%	Retail	West Palm Beach, FL	1999		79,420		96.5	%		15		3		51,420	Publix		05/31/19		$	13.09
Shoppes at Quail Roost	GRI		10.0	%	Retail	Miami, FL	2005		73,550		88.6	%		14		6		44,840	Publix		06/30/25		$	14.67
Shoppes of Sunset	GRI		10.0	%	Retail	Miami, FL	1979		21,784		68.9	%		11		6							$	23.55
Shoppes of Sunset II	GRI		10.0	%	Retail	Miami, FL	1980		27,676		78.5	%		14		3							$	16.91
Sparkleberry Square	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004		154,217		100.0	%		10		—						Petsmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy	$	10.93
Sparkleberry Kohl’s	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004		85,961		100.0	%		1		—						Kohl’s	$	7.74
Sparkleberry Kroger	GRI		10.0	%	Retail	Columbia, SC	1997 / 2004		98,623		89.5	%		11		3		67,943	Kroger		08/31/17		$	12.16
1900/2000 Offices	DRA		20.0	%	Office	Boca Raton, FL	1979 / 1982 / 1986 / 2007		117,640		61.5	%		19		13						RN Network	$	17.24
Penn Dutch Plaza	DRA		20.0	%	Retail	Margate, FL	1989		155,628		90.2	%		15		7		70,358	Penn Dutch Food Center		12/31/13	You Fit Health Club / Florida Career College	$	9.03
Plantation Marketplace	DRA		20.0	%	Retail	Plantation, FL	1963 / 1998		223,799		76.2	%		26		13		43,386	Winn-Dixie		11/05/14	Beall’s / Just Fit / Big Lots / CVS / Disability Law Claims	$	10.72
Talega Village	VESTAR		50.5	%	Retail	San Clemente, CA	2007		102,282		89.4	%		22		6		46,000	Ralph’s		12/31/27		$	16.34
Vernola Market	VESTAR		50.5	%	Retail	Mira Loma, CA	2007		382,963		90.6	%		30		8						PetCo / Ross / Bed Bath & Beyond / Michael’s / Lowe’s	$	10.64
Parnassus	PARNASSUS		50.0	%	Medical Office	San Francisco, CA	1968		146,046		99.4	%		51		2							$	26.42
Country Walk Plaza	NYSCRF		30.0	%	Retail	Miami, FL	1985 / 2006 / 2008		100,686		92.8	%		25		4		39,795	Publix		10/23/15	CVS Pharmacy	$	18.97
Veranda Shoppes	NYSCRF		30.0	%	Retail	Plantation, FL	2007		44,888		100.0	%		9		—		28,800	Publix		04/30/27		$	25.00
Old Connecticut	NYSCRF		30.0	%	Retail	Framingham, MA	1994		80,198		100.0	%		4		—		72,500	Stop & Shop		06/30/14		$	20.10
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (19)									2,762,068					369		81		629,188					$	13.62

Page 38

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - GRI-EQY I, LLC

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Debt Instrument	Equity One’s Ownership			Maturity Date		Rate (1)			Dec 31, 2011 Balance			Dec 31, 2010 Balance
Mortgage debt
Sparkleberry Square (Kohl’s)		10	%		11/01/12		6.17	%	$	5,541		$	5,732
Floating rate loan(2)		10	%		07/01/13		6.35	%		120,000			120,000
Sparkleberry Square (Kroger)		10	%		06/30/20		6.75	%		5,326			5,775
Total mortgage debt							6.36	%	$	130,868		$	131,507
Net interest (discount)										(456	)		(498	)
Total mortgage debt (including net interest discount)									$	130,412		$	131,009
Interest Rate Swap
Fair value of $120MM floating-to-fixed interest rate swap		10	%		06/01/13		4.40	%	$	6,693		$	10,212
Total debt (including net interest discount)									$	137,105		$	141,221
Equity One’s pro-rata share of unconsolidated debt		10	%						$	13,710		$	14,122

⁽¹⁾  The rate in effect on December 31, 2011.

⁽²⁾ The balance bears a floating rate of LIBOR + 1.95%. It has been swapped to a fixed rate of 6.35%.

Page 39

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - G&I VI South Florida Portfolio SPE LLC

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Debt Instrument	Equity One’s Ownership			Maturity Date		Rate (1)			Dec 31, 2011 Balance			Dec 31, 2010 Balance
Mortgage debt
Fixed rate loan		20	%		11/11/14		5.56	%	$	36,608		$	37,330
Total mortgage debt							5.56	%	$	36,608		$	37,330
Net interest (discount)										(489	)		(647	)
Total mortgage debt (including net interest discount)									$	36,119		$	36,683
Equity One’s pro-rata share of unconsolidated debt		20	%						$	7,224		$	7,337

⁽¹⁾  The rate in effect on December 31, 2011.

Page 40

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - Vestar

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Debt Instrument	Equity One’s Ownership			Maturity Date		Rate (1)			Dec 31, 2011 Balance		Dec 31, 2010 Balance
Mortgage debt
Vestar/EQY Talega LLC(2)		50.5	%		10/01/36		5.01	%		11,860		—
Vestar/EQY Vernola LLC(3)		50.5	%		08/06/41		5.11	%		23,637		—
Total mortgage debt							5.07	%	$	35,497	$	—
Equity One’s pro-rata share of unconsolidated debt		50.5	%						$	17,926	$	—

⁽¹⁾  The rate in effect on December 31, 2011.

⁽³⁾  Originated on September 7, 2011.

⁽⁴⁾  Originated on August 1, 2011.

Page 41

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - Parnassus

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Debt Instrument	Equity  One’s Ownership			Maturity Date		Rate (1)			Dec 31, 2011 Balance		Dec 31, 2010 Balance
Mortgage debt
Parnassus Heights Medical Center		50.0	%		03/15/28		6.25	%	$	16,133	$	—
Total mortgage debt							6.25	%	$	16,133	$	—
Equity One’s pro-rata share of unconsolidated debt		50.0	%						$	8,066	$	—

⁽¹⁾  The rate in effect on December 31, 2011.

Page 42

EQUITY ONE, INC.

UNCONSOLIDATED DEBT SUMMARY - NYSCRF JV

As of December 31, 2011 and 2010 (unaudited)

(in thousands)

Debt Instrument	Equity One’s Ownership			Maturity Date		Rate (1)			Dec 31,  2011 Balance		Dec 31, 2010 Balance
Mortgage debt
Equity One (Country Walk) LLC		30	%		11/01/15		5.22	%	$	13,292	$	—
Equity One JV Sub CT Path LLC(2)		30	%		01/01/19		5.74	%		10,413		—
Total mortgage debt							5.45	%	$	23,705	$	—
Net interest premium										1,391		—
Total mortgage debt (including net interest premium)									$	25,096	$	—
Equity One’s pro-rata share of unconsolidated debt		30	%						$	7,529	$	—

⁽¹⁾  The rate in effect on December 31, 2011.

⁽³⁾  Assumed on December 22, 2011.

Page 43