SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) AUGUST 26, 1999
EQUITY ONE, INC.
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(Exact name of registrant as specified in its charter)
MARYLAND
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(State or other jurisdiction of incorporation)
001-13499 52-1794271
(Commission File Number) (IRS Employer Identification No.)
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1600 N.E. MIAMI GARDENS DRIVE, SUITE 200
NORTH MIAMI BEACH, FLORIDA 33179
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (305) 947-1664
NOT APPLICABLE
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(Former name or former address, if changed since last report)
Exhibit Index on Page 4
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On August 26, 1999, Equity One, Inc. (the "Company"), through a
wholly-owned subsidiary, acquired a supermarket anchored shopping center known
as Pine Island Plaza, and an adjacent shopping center known as Ridge Plaza from
Pine Island Commons, Ltd., an unrelated third party, for an aggregate purchase
price of approximately $32.4 million. Pine Island Plaza consists of
approximately 24.5 acres of land with approximately 255,000 square feet of gross
leasable area, and is anchored by a Publix supermarket and Home Depot Expo.
Ridge Plaza consists of approximately 16.3 acres of land with approximately
155,000 square feet of gross leasable area, and is anchored by an AMC Theaters
and the administrative offices of Republic Security Bank. Pine Island Plaza and
Ridge Plaza are located on Pine Island Road and Interstate 595 in Davie, Broward
County, Florida. As of the date of the acquisition, Pine Island Plaza and Ridge
Plaza were 93.8% leased.
The purchase price consisted of (i) a cash deposit in the amount of
$500,000, (ii) a cash payment of approximately $5.7 million and (iii) the
assumption of a first mortgage in favor of Banc One Mortgage Capital Markets
LLC, now known as Orix Capital, in the amount of $26.2 million. The Company
funded the cash portion of the consideration through borrowings under its
acquisition line of credit. The assumed mortgage bears interest at an annual
rate of 6.91%, and matures in June 2009. Pursuant to the terms of the mortgage,
the Company is required to maintain a $1.4 million letter of credit to guarantee
certain maintenance and repair obligations at the two properties.
Reference is made to the Agreement for Purchase and Sale, a copy of
which is filed as an exhibit hereto, for additional information concerning the
terms and conditions of the Company's purchase of the properties.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(A) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED
It is currently impracticable to file with this Form 8-K the
financial statements required by this Item 7 with regard to the acquisition
described in Item 2 above. These financial statements will be filed by amendment
to this Form 8-K as soon as is practicable and, in any event, within 60 days
after the required filing date for this Form 8-K.
(B) PRO FORMA FINANCIAL INFORMATION
It is currently impracticable to file with this Form 8-K the pro forma
financial information required by this Item 7 with regard to the acquisition
described in Item 2 above. This information will be filed by amendment to this
Form 8-K as soon as practicable and, in any event, within 60 days after the
required filing date for this Form 8-K.
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(C) EXHIBITS
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10.35 Agreement for Purchase and Sale, dated as of
September 2, 1999, by and between Equity One
Properties, Inc. and Pine Island Commons, Ltd., as
reinstated by the Reinstatement Agreement for
Purchase and Sale, dated August 9, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EQUITY ONE, INC.
Dated: September 9, 1999 By: /s/ Chaim Katzman
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Chaim Katzman
President, Chief Executive Officer and
Chairman of the Board
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INDEX TO EXHIBITS
SEQUENTIAL
EXHIBITS DESCRIPTION PAGE NUMBER
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10.35 Agreement for Purchase and Sale by and between Equity 5
One Properties, Inc. and Pine Island Commons, Ltd., as
reinstated by the Reinstatement Agreement for Purchase
and Sale, dated August 9, 1999.
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