EQUITY ONE, INC.
SUPPLEMENTAL INFORMATION PACKAGE
DECEMBER 31, 2001
(EQUITY ONE INC. LOGO)
Equity One, Inc.
1696 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Tel: (305) 947-1664 Fax: (305) 947-1734
www.equityone.net
EQUITY ONE, INC.
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SUPPLEMENTAL INFORMATION
DECEMBER 31, 2001
(UNAUDITED)
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TABLE OF CONTENTS Page
----
1. Summary Operating Information ...................................... 3
2. Summary Balance Sheet Information .................................. 4
3. Consolidated Statements of Earnings (unaudited) .................... 5
4. Consolidated Statements of Funds from Operations (unaudited) ....... 6
5. Consolidated Balance Sheets (unaudited) ............................ 7
6. Debt Summary ....................................................... 8
7. Property Status Report ............................................. 11
8. Annual Minimum Rent by Location .................................... 14
9. Real Estate Developments and Other Recent Activity ................. 15
10. Joint Venture Investments .......................................... 16
11. Tenant Concentration Schedule ...................................... 17
12. Lease Expiration Schedule .......................................... 18
13. Stock Price and Volume Statistics .................................. 19
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FORWARD LOOKING STATEMENTS
Certain information contained in this Supplemental Information Package may
contain forward-looking statements regarding company and property
performance within the meaning of the Private Securities Litigation Reform
Act of 1995. Future results could vary materially from actual results
depending on risks and uncertainties inherent in general and local real
estate conditions, or competitive factors specific to the markets in which
the Company operates. The Company assumes no obligation to update this
information. For more details, please refer to Equity One's SEC filings,
including the most recent report on Form 10-K and Form 10-Q.
BASIS OF PRESENTATION
The results for the quarter and twelve months ended December 31, 2001
reflect the acquisitions of UIRT and CEFUS. Additionally, all periods since
August 18, 2000 have been restated to account for the acquisition of 68.07%
of the stock of First Capital Realty (TSE:FCR), the parent of CEFUS, by
Gazit-Globe (1982) Ltd. (TLV:GLOB), Equity One's majority shareholder. The
restatement consolidates the operations of Equity One and CEFUS between
August 18, 2000 and September 19, 2001, subject to a 31.93% minority
interest in CEFUS. On September 20, 2001, Equity One acquired 100% of CEFUS
from First Capital Realty, thereby acquiring the remaining 31.93% minority
interest.
EQUITY ONE, INC.
SUMMARY OPERATING INFORMATION
for the periods ended December 31, 2001 and 2000
(in thousands, except per share data)
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3 MONTHS ENDED 12 MONTHS ENDED
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DEC 31, 2001 DEC 31, 2000 DEC 31, 2001 DEC 31, 2000
------------ ------------ ------------ ------------
Total Dividends Paid per Share $ 0.27 $ 0.26 $ 1.06 $ 1.04
Funds from Operations per share $ 0.35 $ 0.35 $ 1.34 $ 1.31
Dividend / FFO Payout Ratio 77.1% 74.3% 79.1% 79.4%
FFO multiple (annualized) 9.8 10.3
Adjusted Funds from Operations per share $ 0.32 $ 0.32 $ 1.25 $ 1.21
Dividend / AFFO Payout Ratio 84.4% 81.3% 84.8% 86.0%
AFFO multiple (annualized) 10.7 11.0
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EBITDA (excl Gain/(Loss) on RE Sales) $ 15,831 $ 13,926 $ 54,893 $ 33,406
Interest Expense and
Financing Fee Amortization $ 5,912 $ 5,813 $ 22,243 $ 12,807
EBITDA : Interest Coverage Ratio 2.7 2.4 2.5 2.6
EBITDA Margin (EBITDA/Total Revenues) 64.1% 67.7% 66.1% 67.3%
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Property Net Operating Income (NOI)
Total Rental Income $24,065 $19,262 $80,130 $47,676
Operating Expenses (1) 7,765 5,843 24,936 13,661
------------------------ -----------------------
Net Operating Income $16,300 $13,419 $55,194 $34,015
NOI Margin (NOI/Total Rental Income) 67.7% 69.7% 68.9% 71.3%
(1) Net of intercompany expenses which have been eliminated.
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Same Property NOI (2)
Total Rental Income $ 9,170 $ 9,373 $33,813 $32,661
Operating Expenses 2,757 2,700 9,323 8,864
------------------------ -----------------------
Net Operating Income $ 6,413 $ 6,673 $24,490 $23,797
Growth in Same Property NOI (3.9)% 2.9%
(2) Includes only original Equity One properties owned in the
current and prior periods. Lake Mary recorded $1,070 of
termination fees in December 2000.
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General & Administrative Expenses $ 1,099 $ 903 $ 3,553 $ 2,559
as % of Total Revenues 4.45% 4.39% 4.28% 5.16%
as % of Total Assets 0.66% 0.53%
Page 3
EQUITY ONE, INC.
SUMMARY BALANCE SHEET INFORMATION
as of December 31, 2001 and 2000
(in thousands, except per share data)
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DEC 31, 2001 DEC 31, 2000
------------ ------------
Closing Market Price $ 13.740 $ 9.875
Dividend Yield (based on current annualized dividend) 7.86% 10.53%
Book Value per share (fully diluted, end of period) $ 9.497 $ 9.250
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Liquidity
Cash and Cash Equivalents $ 906 $ 2,347
Credit Facilities
Gross Available under Current Credit Facilities $ 50,641 $ 20,641
- Outstanding Balance 27,409 4,243
- Holdback for Letters of credit 999 1,580
- Escrowed for Tax and Insurance 448 440
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Net Available under Credit Facilities $ 21,784 $ 14,378
========== =========
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Equity Capitalization (end of period)
Common Stock (in thousands)
Common Stock Outstanding Shares (excluding Walden Woods) 28,620.757 12,705.825
Equity Related to Step Acquisition 0.000 7,147.350
Sub-total basic shares 28,620.757 19,853.175
Unvested Restricted Common Shares 160.086 79.820
Walden Woods Shares 93.656 93.656
Northport Operating Partnership Units 261.850 261.850
Common Stock Options/Warrants (Treasury Method, closing price) 164.620 0.000
Fully Diluted Common Stock 29,300.969 20,288.501
Net Debt (adjusted for Cash, Restricted Cash, Securities) $ 368,188 $ 276,927
Minority Interest 0 33,887
Equity Market Capitalization (fully diluted, end of period) 402,595 200,349
Total Market Capitalization 770,783 $ 511,163
Net Debt to Total Market Capitalization 47.8% 54.2%
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Gross Real Estate Investments $ 656,005 $ 501,528
- Accumulated Depreciation (28,318) (17,829)
Net Real Estate Investments $ 627,687 $ 483,699
Net Debt to Gross Real Estate Investment 56.1% 55.2%
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Fixed Rate Mortgage Debt (1) $ 296,887 $ 280,396
Variable Rate Bank Debt (including swaps or rate-locks) 75,569 4,243
Total Debt $ 372,456 $ 284,639
% Fixed Rate Debt (1) 79.7% 98.5%
% Variable Rate Debt (including swaps or rate-locks) 20.3% 1.5%
Weighted-average Interest Rate on Fixed Rate Debt (1) 7.76% NA
(1) excluding any bank debt which has been swapped or rate locked for
an interim period
Page 4
EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
for the periods ended December 31, 2001 and 2000
(in thousands, except per share data)
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3 MONTHS ENDED 12 MONTHS ENDED
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DEC 31, 2001 DEC 31, 2000 DEC 31, 2001 DEC 31, 2000
------------- ------------- ------------ -------------
Revenues
Income from Rental Properties
Minimum Rental $ 18,498 $ 15,067 $ 61,134 $ 37,202
Expense Recoveries 5,528 3,920 18,029 9,728
Percentage Rent Payments 39 275 967 746
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Total Rental Income $ 24,065 $ 19,262 $ 80,130 $ 47,676
Management Fee Income 128 159 927 360
Gain on Sale of Securities 0 0 33 0
Dividend & Interest Income 487 1,149 1,897 1,585
Total Revenues $ 24,680 $ 20,570 $ 82,987 $ 49,621
============================ ============================
Expenses
Operating Expenses $ 7,765 $ 5,843 $ 24,936 $ 13,661
Depreciation & Amortization 3,277 2,551 11,114 6,284
Interest Expense & Fee Amortization 5,912 5,813 22,243 12,807
General & Administrative 1,099 903 3,553 2,559
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Total Expenses $ 18,053 $ 15,110 $ 61,846 $ 35,311
============================ ============================
Income before Loss on Sale of Real Estate,
Equity in Income of Unconsolidated
Entities, Minority Interest in (Loss)/
Earnings of Consolidated Subsidiary,
Income Taxes, Minority Interest and
---------------------------- ---------------------------
Extraordinary Item $ 6,627 $ 5,460 $ 21,141 $ 14,310
============================ ============================
Loss on Sale of Real Estate 0 (63) (609) (63)
Equity in Income of Unconsolidated Entities 40 29 494 5
Minority Interest in (Loss)/Earnings of
Consolidated Subsidiary (25) 73 (99) 0
Income Tax Credit/(Expense)
Current 0 (22) 593 (23)
Deferred 0 (849) 374 (1,071)
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Net Income before Minority Interest and
Extraordinary Item $ 6,642 $ 4,628 $ 21,894 $ 13,158
============================ ============================
Minority Interest 0 (486) (1,627) (603)
---------------------------- ---------------------------
Net Income before Extraordinary Item $ 6,642 $ 4,142 $ 20,267 $ 12,555
============================ ============================
Extraordinary Item - Prepayment Penalty (1,546) 0 (1,546) 0
---------------------------- ---------------------------
Net Income $ 5,096 $ 4,142 $ 18,721 $ 12,555
============================ ============================
Basic Earnings per Share
Net Income before Extraordinary Item $ 0.23 $ 0.21 $ 0.90 $ 0.88
Extraordinary Item (0.05) 0.00 (0.07) 0.00
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Net Income $ 0.18 $ 0.21 $ 0.83 $ 0.87
============================ ============================
Diluted Earnings per Share
Net Income before Extraordinary Item $ 0.23 $ 0.21 $ 0.90 $ 0.87
Extraordinary Item (0.05) 0.00 (0.07) 0.00
---------------------------- ---------------------------
Net Income $ 0.18 $ 0.21 $ 0.83 $ 0.87
============================ ============================
Weighted Average Shares Outstanding
Basic 28,560 19,291 22,414 14,285
Diluted 29,248 19,576 23,037 14,504
Page 5
EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS (UNAUDITED)
for the periods ended December 31, 2001 and 2000
(in thousands, except per share data)
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3 MONTHS ENDED 12 MONTHS ENDED
DEC 31, 2001 DEC 31, 2000 DEC 31, 2001 DEC 31, 2000
---------------------------- ----------------------------
Net Income $ 5,096 $ 4,142 $ 18,721 $ 12,555
Depreciation of Real Estate 3,238 2,482 10,995 6,147
Amortization of Capitalized Leasing Fees 60 48 207 165
Extraordinary Item - Prepayment Penalty 1,546 0 1,546 0
Loss on Sale of Real Estate 0 63 609 63
Interest on Convertible Partnership Units 65 20 259 20
Minority Interest in Loss/(Earnings)
Consolidated Subsidiary 25 (73) 99 0
Deferred Income Taxes 0 849 (374) 1,071
Depreciation in Unconsolidated Entities 164 24 238 33
Minority Interest Share of FFO Adjustments 0 (721) (1,369) (1,010)
---------------------------- ----------------------------
Funds from Operations $ 10,194 $ 6,834 $ 30,931 $ 19,044
Increase 49.2% 62.4%
FFO per share (diluted) $ 0.35 $ 0.35 $ 1.34 $ 1.31
Increase 0.0% 2.3%
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Adjusted Funds from Operations (AFFO)
Funds from Operations $ 10,194 $ 6,834 $ 30,931 $ 19,044
less:
Straight Line Rent Adjustment $ 32 $ 32 $ 129 $ 129
Recurring Capital Expenditures
Tenant Improvements 302 191 686 573
Leasing Commissions and Fees 162 166 494 455
Other Capital Expenditures 394 163 934 397
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Total Recurring Capital Expenditures $ 858 $ 520 $ 2,114 $ 1,425
Adjusted Funds from Operations $ 9,304 $ 6,282 $ 28,688 $ 17,490
Increase 48.1% 64.0%
AFFO per share (diluted) $ 0.32 $ 0.32 $ 1.25 $ 1.21
Increase 0.0% 3.3%
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Weighted Average Diluted Shares 29,248 19,576 23,037 14,504
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Page 6
EQUITY ONE, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
as of December 31, 2001 and 2000
(in thousands, except per share data)
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Dec 31, 2001 Dec 31, 2000
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Assets
Rental Properties and Developments
Land, Buildings and Equipment $ 607,507 $ 468,957
Building Improvements 18,794 10,901
Land Held for Development 23,792 13,468
Construction in Progress 5,912 8,202
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Subtotal 656,005 501,528
Less: Accumulated Depreciation (28,318) (17,829)
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Rental Properties and Developments, Net 627,687 483,699
Cash and Cash Equivalents 906 2,347
Restricted Cash 1,715 4,273
Securities Available for Sale 1,681 1,403
Accounts and Other Receivables, Net 5,564 5,822
Notes Receivable 9,697 12,259
Due from Related Parties 57 9,361
Deposits 6,219 822
Prepaid and Other Assets 2,855 7,392
Deferred Expenses, Net 3,132 1,404
Investments in Unconsolidated Entities 7,742 11,707
Goodwill, Net 1,281 1,352
Future Income Tax Assets 0 976
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Total Assets $ 668,536 $ 542,817
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Liabilities and Shareholders' Equity
Liabilities
Mortgage Notes Payable $ 345,047 $ 280,396
Credit Agreements 27,409 4,243
Accounts Payable and Accrued Expenses 8,987 14,650
Tenant Security Deposits 4,090 1,476
Deferred Rental Income 766 662
Due to Related Parties 101 15,965
Minority Interest in Equity of Consolidated Subsidiary 3,869 3,875
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Total Liabilities 390,269 321,267
Minority Interest 0 33,887
Shareholders' Equity
Common Stock, $0.01 par value 288 128
Additional Paid-in Capital 283,619 105,368
Equity Related to Step Acquisition 0 82,123
Retained Earnings 1,808 1,709
Accumulated Other Comprehensive Income (34) (311)
Unamortized Restricted Stock Compensation (1,836) (809)
Note Receivable from Issuance of Common Stock (5,578) (545)
------------ ------------
Total Shareholders' Equity 278,267 187,663
------------ ------------
Total Liabilities and Shareholders' Equity $ 668,536 $ 542,817
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Page 7
EQUITY ONE, INC.
DEBT SUMMARY
as of December 31, 2001
(in thousands)
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LOAN CLOSING/ ORIGINAL
REFINANCING LOAN MATURITY DEC. 31, 2001
PROPERTY DATE (1) AMOUNT (2) DATE RATE(3) BALANCE
- -------- -------- ---------- ---- ------- --------------
FIXED RATE MORTGAGE DEBT
Ft. Caroline 03/29/95 $ 2,500 04/01/02 9.350% $ 2,098
Village by the Parks 09/20/01 3,744 06/01/02 8.180% 3,723
Eustis Square 10/22/93 5,942 07/01/02 9.000% 4,474
Forest Edge 05/01/96 2,099 10/01/02 6.900% 1,646
Lantana 02/19/98 4,400 02/15/05 6.950% 3,954
Benchmark 09/21/01 3,483 07/01/05 9.250% 3,466
Sterling Plaza 09/20/01 4,197 09/01/05 8.750% 4,175
Green Oaks 09/21/01 3,189 10/01/05 8.375% 3,172
Townsend Square 09/20/01 5,005 10/01/05 8.500% 4,989
Melbourne Plaza 09/21/01 1,843 11/01/05 8.375% 1,833
Northwest Crossing 09/21/01 1,754 11/01/05 8.375% 1,745
Oak Hill 12/07/95 2,500 01/01/06 7.625% 2,103
Walden Woods 01/01/99 2,835 08/01/06 7.875% 2,590
Big Curve 09/21/01 5,683 10/01/06 9.190% 5,658
Highland Square 09/21/01 4,234 11/01/06 8.870% 4,215
Park Northern 09/21/01 2,484 12/01/06 8.370% 2,463
University Mall 09/21/01 12,874 12/01/06 8.440% 12,837
Rosemeade 09/21/01 3,319 12/01/07 8.295% 3,305
Colony Plaza 09/21/01 3,884 01/01/08 7.540% 3,088
Parkwood (4) 09/21/01 6,371 01/01/08 7.280% 6,353
Richwood (4) 09/21/01 3,282 01/01/08 7.280% 3,273
Commonwealth 02/15/98 3,300 02/15/08 7.000% 2,967
Mariners Crossing 09/01/00 3,516 03/01/08 7.080% 3,468
Pine Island/Ridge Plaza 08/01/99 26,234 07/01/08 6.910% 25,588
Shoppes at Westburry 09/20/01 2,336 10/01/08 7.300% 2,330
Prosperity Centre 09/20/01 7,120 02/01/09 7.875% 7,045
Shoppes of Northport 12/05/00 4,370 02/08/09 6.650% 4,288
Park Promenade 01/31/00 6,500 02/01/10 8.100% 6,413
Skipper Palms 09/21/01 3,617 03/01/10 8.625% 3,611
Jonathan's Landing 09/20/01 2,966 05/01/10 8.050% 2,960
Bluff's Square 09/20/01 10,249 06/01/10 8.740% 10,232
Kirkman Shoppes 09/20/01 9,679 06/01/10 8.740% 9,662
Ross Plaza 09/20/01 6,750 06/01/10 8.740% 6,739
Boynton Plaza 09/20/01 7,637 07/01/10 8.030% 7,622
Pointe Royale 07/28/95 6,000 07/15/10 7.950% 4,975
Plymouth Park East 1 (5) 09/20/01 159 08/01/10 8.250% 158
Plymouth Park East 2 (5) 09/20/01 477 08/01/10 8.250% 474
Plymouth Park North (5) 09/20/01 8,506 08/01/10 8.250% 8,459
Plymouth Park South (5) 09/20/01 636 08/01/10 8.250% 632
Plymouth Park Story North (5) 09/20/01 391 08/01/10 8.250% 389
Plymouth Park West (5) 09/20/01 2,542 08/01/10 8.250% 2,528
Shops at Skylake 07/06/00 16,350 08/01/10 7.650% 15,275
Minyard's 09/20/01 2,586 11/01/10 8.320% 2,578
Forest Village 03/08/01 4,700 04/01/11 7.270% 4,575
Boca Village 09/20/01 8,478 05/01/11 7.200% 8,459
Sawgrass Promenade 09/20/01 8,478 05/01/11 7.200% 8,459
Plaza del Rey 08/01/96 3,050 09/01/11 8.125% 2,368
Page 8
EQUITY ONE, INC.
DEBT SUMMARY
as of December 31, 2001
(in thousands)
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LOAN CLOSING/ ORIGINAL
REFINANCING LOAN MATURITY DEC. 31, 2001
PROPERTY DATE (1) AMOUNT (2) DATE RATE(3) BALANCE
- -------- -------- ---------- -------- ----------- ------------
Lake Mary 11/01/01 25,000 11/01/11 7.250% 24,980
Lake St. Charles 10/29/01 3,950 11/01/11 7.130% 3,947
Marco Island 12/31/01 9,000 01/01/12 6.700% 9,000
Summerlin Square 01/25/99 5,000 02/01/14 6.750% 4,398
Bird Ludlum 02/19/97 13,400 02/15/15 7.680% 11,378
West Lake 05/22/97 5,902 06/01/16 7.875% 5,175
Atlantic Village 10/30/98 5,000 11/01/18 6.850% 4,599
TOTAL FIXED RATE MORTGAGE DEBT (54 LOANS) $ 309,500 7.32 7.76% $ 296,887
(WTD-AVG (WTD-AVG
MATURITY) RATE)
BANK MORTGAGE DEBT
Comerica/4 property loan (6) 09/20/01 24,635 02/28/04 L+200 / P-75 24,635
Comerica/Copperfield (7) 09/20/01 8,000 10/30/03 L+141 8,000
Bank of Nova Scotia/Oakbrook (8) 09/20/01 9,277 11/01/03 L+150 9,277
First Union/Cashmere 09/20/01 5,220 11/30/03 L+165 5,198
Bank of America/Wurzbach 09/20/01 1,053 12/31/04 L+225 1,050
TOTAL BANK MORTGAGE DEBT $ 48,185 $ 48,160
REVOLVING CREDIT FACILITIES (9)
City National Bank (10) 02/04/99 $20,640 05/04/02 L+225 $ 1,409
Bank Leumi (11) 09/17/01 30,000 09/16/02 L+125 26,000
TOTAL REVOLVING CREDIT FACILITIES $ 50,640 $ 27,409
TOTAL DEBT $ 372,456
MATURITY SCHEDULE SCHEDULED BALLOON
BY YEAR AMORTIZATION PAYMENTS (12) TOTAL Includes current balances of Bank Facilities
---------------------------------------------------------------------
2002 $ 5,561 $ 11,676 $ 17,237
2003 5,732 35,409 41,141
2004 6,158 10,288 16,446
2005 6,380 51,087 57,467
2006 6,233 26,470 32,703
2007 6,066 2,864 8,930
2008 5,745 42,217 47,962
2009 5,336 7,663 12,999
2010 4,505 68,564 73,069
2011 3,180 44,410 47,590
Thereafter 9,633 7,279 16,912
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TOTAL $ 64,529 $ 307,927 $ 372,456
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Page 9
(1) The more recent of the loan closing/assumption date and the date of any
subsequent additional funding.
(2) The principal amount on the loan closing/assumption date, adjusted to
reflect any subsequent additional funding.
(3) The rate in effect on December 31, 2001. Several of the 'Bank Mortgage
Loans' have rate swaps or locks in place for some or all of their
remaining maturities, as noted in the footnotes, below.
(4) The mortgage balances for Parkwood and Richwood represent the future
minimum lease payments (net of imputed interest) attributable to lease
payments on these two properties, both of which are owned pursuant to
capital lease obligations.
(5) All of the Plymouth loans are with Sun Life of Canada. In the case of
Plymouth Park North and East, the collateral has been split into two
parts; hence the two individual loans.
(6) This Comerica facility is secured by Grogans Mill ($7,995),
Steeplechase ($6,305), Mission Bend ($6,370) and Beechcrest ($3,965).
The floating rate is L+150, but has been fixed at 6.88% (5.38% + 1.50%)
through February 19, 2002, after which the rate will float at L + 200.
(7) The floating rate is L + 141, but has been fixed at 6.49% (5.08% +
1.41%) through October 30, 2003. This loan was repaid in full on
January 18, 2002 without any prepayment penalty.
(8) The Oakbrook loan was repaid in full on February 15, 2002, without any
prepayment penalty. Also see Note 9.
(9) On or about February 22, 2002, we expect to close a new $29,400
secured, revolving, line of credit with a major bank. The facility will
be secured by Oakbrook, Mandarin Landing (to be released by City
National Bank with a reduction in that facility from $17,286 to
$10,286), Hedwig, Albertson Bissonet and Albertson Spring Shadow. The
last three properties will be released by Bank Leumi, to be replaced by
negative pledges on Pompano and Ryanwood.
(10) The CNB Line was authorized to $20,640 as of December 31, 2001, and is
secured by Mandarin Landing and Mini-storage, Skylake Phase III land,
Montclair Apartments, Beauclerc Village and East Bay Plaza. Effective
February 4, 2002, the line was extended for an additional 90 days, with
advances limited to $17,826 due to the sale of the EQY Building. Also
see Note 11. Effective February 4, 2002, the line was extended for an
additional 90 days, with advances limited to $17,826 due to the sale of
the EQY Building. Also see Note 9.
(11) The Bank Leumi facility is secured by negative pledges on Hedwig,
McMinn, SW Walgreens, Albertson's Bissonnet, Albertson's Spring
Shadows, Bandera, Market at First Colony and Mason Park. Also see Note
9.
(12) Represents the entire principal balance of a maturing loan on the
maturity date.
Page 10
EQUITY ONE, INC.
PROPERTY STATUS REPORT
as of December 31, 2001
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YEAR TOTAL # OF TENANTS
BUILT/ SQUARE PERCENT ---------------------
PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT
-------- ---- --------- ------- -------- ------ ------
FLORIDA (43)
NORTH FLORIDA (9)
Atlantic Village Atlantic Beach 1984 / 1998 100,559 96.20% 24 1
Beauclerc Village Jacksonville 1962 / 1988 71,127 49.20% 9 3
Commonwealth Jacksonville 1984 / 1998 81,467 95.20% 14 2
Ft. Caroline Jacksonville 1985 / 1995 74,546 96.30% 11 3
Forest Village Tallahassee 2000 71,526 93.30% 16 1
Losco Jacksonville 2000 8,700 63.20% 5 2
Mandarin Landing Jacksonville 1976 / 2000 141,565 97.10% 35 2
Monument Point Jacksonville 1985 / 1997 75,128 100.00% 13 0
Oak Hill Jacksonville 1985 / 1997 78,492 100.00% 19 0
CENTRAL FLORIDA (6)
Eustis Square Eustis 1983 / 1997 126,791 87.40% 18 9
Forest Edge Orlando 1983 / 1997 68,631 100.00% 12 0
Kirkman Shoppes Orlando 1973 88,820 100.00% 32 0
Lake Mary Orlando 1988 / 2001 339,084 95.90% 60 9
Park Promenade Orlando 1987 / 2000 125,818 100.00% 27 0
Walden Woods Plant City 1985 / 1998 75,336 98.70% 10 1
WEST COAST FLORIDA (8)
East Bay Plaza Largo 1985 / 1997 85,426 57.70% 18 4
Lake St. Charles Tampa 1999 57,015 100.00% 8 0
Marco Town Center Marco Island 2001 109,574 83.40% 32 13
Mariners Crossing Spring Hill 1989 / 1999 85,507 90.60% 13 2
Ross Plaza Tampa 1984 / 1996 85,903 94.80% 16 4
Shoppes of North Port North Port 1991 84,705 100.00% 22 0
Skipper Palms Tampa 1984 86,503 100.00% 17 0
Summerlin Square Fort Myers 1986 / 1998 109,156 91.90% 23 5
SOUTH FLORIDA - DADE/BROWARD/PALM BEACH (20)
Bird Ludlum Miami 1988 / 1998 192,282 100.00% 50 0
Bluffs Square Jupiter 1986 132,395 98.20% 46 5
Boca Village Boca Raton 1978 94,111 99.30% 23 1
Boynton Plaza Boynton Beach 1978 / 1999 99,324 88.90% 26 4
Cashmere Corners Port St. Lucie 2001 89,234 97.60% 17 1
Jonathan's Landing Jupiter 1997 26,820 100.00% 12 0
Lantana Village Lantana 1976 / 1999 176,110 99.40% 25 1
Oakbrook Palm Beach Gardens 1974 / 2010 225,073 86.20% 23 12
SUPERMARKET ANCHOR *
------------------------------- AVERAGE
OWNED SHADOW NAME BASE RENT
PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF
-------- ----- ------ -------- -------------------- ----------
FLORIDA (43)
NORTH FLORIDA (9)
Atlantic Village 39,795 Publix Jo-Ann Fabrics, Dollar Tree $ 10.06
(10/31/2008)
Beauclerc Village Walgreen's*, Big Lots 6.33
Commonwealth 48,997 Winn-Dixie 8.00
(2/28/2018)
Ft. Caroline 45,500 Winn-Dixie Eckerd's* (Bealls Outlet) 7.29
(5/31/2015)
Forest Village 37,866 Publix 10.21
(4/30/2020)
Losco 45,820 Winn-Dixie 19.45
Mandarin Landing 34,400 Publix Office Depot, Eckerd's 8.85
(2/14/2007)
Monument Point 46,772 Winn-Dixie Eckerd's 6.53
(3/27/2005)
Oak Hill 39,795 Publix Walgreen's* (Bonus Dollar) 6.86
(5/11/2005)
Central Florida (6)
Eustis Square 38,520 Publix Walgreen's* (Bealls Outlet) 6.69
(11/30/2004)
Forest Edge 42,075 Winn-Dixie Autozone 7.10
(8/8/2007)
Kirkman Shoppes Eckerd's 17.43
Lake Mary 63,139 Albertson's K-Mart, Sun Star Theatres 10.60
(6/30/2012)
Park Promenade 55,000 Publix Blockbuster, Orange County 9.29
(2/9/2007) Library
Walden Woods 46,636 Winn-Dixie* Walgreen's 6.59
(11/30/08)
West Coast Florida (8)
East Bay Plaza 53,000 Albertson's Family Dollar 9.49
Lake St. Charles 46,295 Kash N' Karry 9.46
(6/30/2019)
Marco Town Center 27,887 Publix 16.39
(1/31/2018)
Mariners Crossing 48,315 Kash 'N Karry 8.02
(4/30/2020)
Ross Plaza Walgreen's, Ross Dress for Less 8.70
Shoppes of North Port 48,890 Publix Beall's Outlet 9.45
(12/11/2011)
Skipper Palms 53,012 Winn-Dixie 8.49
(5/31/2016)
Summerlin Square 45,500 Winn-Dixie Eckerd's 10.49
(6/4/2006)
SOUTH FLORIDA - DADE/BROWARD/PALM BEACH (20)
Bird Ludlum 44,400 Winn-Dixie Blockbuster, Eckerd's 13.86
(12/31/2007)
Bluffs Square 39,795 Publix Walgreen's 11.11
(10/22/2006)
Boca Village 36,000 Publix Eckerd's 13.66
(3/31/2007)
Boynton Plaza 37,664 Publix Eckerd's 9.92
(8/31/2003)
Cashmere Corners 59,448 Albertson's 7.67
(4/30/2025)
Jonathan's Landing 53,850 Albertson's Blockbuster 17.44
Lantana Village 39,473 Winn-Dixie K-Mart 6.32
(2/15/2011)
Oakbrook 44,400 Publix Eckerd's, Roly's Bistro 8.83
(10/31/2020) Jacobson Stores, Inc.
Page 11
YEAR TOTAL # OF TENANTS
BUILT/ SQUARE PERCENT -----------------
PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT
-------- ---- --------- ------- -------- ------ ------
FLORIDA (43)
SOUTH FLORIDA - DADE/BROWARD/PALM BEACH (CONTINUED) (20)
Pine Island Davie 1983 / 1999 254,907 99.70% 47 1
Plaza Del Rey Miami 1985 / 1996 50,146 94.50% 20 1
Point Royale Miami 1970 / 2000 209,863 94.60% 24 2
Pompano Pompano Beach 1968 / 2001 80,697 100.00% 1 0
Prosperity Centre Palm Beach Gardens 1993 122,106 100.00% 9 0
Ridge Plaza Davie 1984 / 1999 155,204 96.70% 26 3
Ryanwood Vero Beach 1987 114,925 95.70% 30 3
Sawgrass Promenade Deerfield Beach 1982 / 1998 107,092 99.10% 28 1
Shops at Skylake North Miami Beach 1999/2000-01 174,199 96.60% 43 4
University Mall Ft. Lauderdale 1973 326,307 19.30% 21 24
West Lakes Plaza Miami 1984 / 2000 100,747 100.00% 27 0
Westburry Miami 1988 33,706 100.00% 21 0
TOTAL SHOPPING CENTERS FLORIDA (43) 4,996,627 89.80% 973 124
TEXAS (32)
HOUSTON (15)
Albertson's Bissonnet Houston 1999 15,542 100.00% 8 0
Albertson's Spring Shadows Houston 1999 36,611 88.00% 14 2
Barker Cypress Houston 2001 61,720 81.70% 8 2
Beechcrest Houston 1981 / 2001 90,797 98.30% 14 1
Benchmark Crossing Houston 1986 58,384 100.00% 5 0
Colony Plaza Houston 1997 26,530 87.20% 13 2
Copperfield Houston 1994 160,695 48.40% 30 6
Grogan's Mill Houston 1986 118,398 99.20% 27 1
Hedwig Houston 1974 69,504 100.00% 13 0
Highland Square Houston 1998 64,171 99.70% 26 1
Market at First Colony Houston 1988 107,301 95.30% 34 2
Mason Park Houston 1998 160,047 75.00% 31 8
Mission Bend Houston 1980 / 1999 129,675 91.90% 24 2
Steeplechase Houston 1985 104,002 98.40% 25 1
Woodforest Houston 1991 12,741 100.00% 4 0
DALLAS (15)
Benbrook Fort Worth 1969 247,422 65.90% 16 9
Green Oaks Dallas 1983 65,091 70.60% 22 10
Melbourne Plaza Dallas 1983 47,517 86.60% 15 3
Minyards Garland 2000 58,695 100.00% 1 0
Northwest Crossing Dallas 1983 33,366 86.80% 15 2
SUPERMARKET ANCHOR *
------------------------------- AVERAGE
OWNED SHADOW NAME BASE RENT
PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF
-------- ----- ------ -------- -------------------- ----------
Pine Island 39,943 Publix Home Depot Expo, Rite Aid $9.13
(11/30/2013)
Plaza Del Rey Navarro Pharmacy 12.85
Point Royale 45,350 Winn-Dixie Best Buy, Eckerd's 6.40
(2/18/2011)
Pompano Lowe's 6.69
Prosperity Centre Office Depot, Barnes & Noble, Bed 14.70
Bath & Beyond, Carmine's,
TJ Maxx
Ridge Plaza see Pine Island AMC Theater, Kabooms. Republic 8.75
Security Bank, Uncle Funny's,
The Round Up
Ryanwood 39,795 Publix 8.95
(3/23/2017)
Sawgrass Promenade 36,464 Publix Blockbuster, Walgreen's 11.28
(11/30/2004)
Shops at Skylake 51,420 Publix Blockbuster, Goodwill 15.18
(7/31/2019)
University Mall Eckerd's 10.22
West Lakes Plaza 46,216 Winn-Dixie Navarro Pharmacy 10.58
(10/31/2016)
Westburry 16.09
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS FLORIDA (43) 1,152,670 $10.14
- -----------------------------------------------------------------------------------------------------------------------------------
TEXAS (32)
HOUSTON (15)
Albertson's Bissonnet 63,000 Albertson's Blockbuster 14.85
Albertson's Spring Shadows 62,322 Albertson's 16.32
Barker Cypress 41,320 H.E. Butt 11.70
(01/31/2014)
Beechcrest 40,345 Randall's* (VWalgreen's* 8.88
(6/24/2016)
Benchmark Crossing Bally's Fitness 12.13
Colony Plaza 55,513 Albertson's 18.61
(dark)
Copperfield JoAnn's Fabrics 11.78
Grogan's Mill 56,558 Randall's Petco 11.76
(6/24/2016)
Hedwig Target (shadow), Wherehouse 13.58
Music, Marshall's (shadow), Ross
Highland Square Radio Shack, Smoothie King 15.89
Market at First Colony 62,000 Kroger's TJ Maxx, Eckerd's 15.28
Mason Park 58,890 Kroger's Walgreen's* (Eloise Collectibles) 12.05
Palais Royal, Petco
Mission Bend 46,112 Randall's Factory 2 U Stores, Inc. 9.04.
(6/24/2016)
Steeplechase 56,208 Randall's 11.19
(6/24/2016)
Woodforest 16.10
DALLAS (15)
Benbrook Sutherland Lumber, JoAnn Fabrics 3.04
DHT Ventures, Oliver Dyer
Green Oaks 58,000 Kroger's 11.42
Melbourne Plaza 11.06
Minyards 58,695 Minyard's 6.4
(12/31/2029)
Northwest Crossing Blockbuster 10.85
Page 12
YEAR TOTAL # OF TENANTS
BUILT/ SQUARE PERCENT -----------------
PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT
-------- ---- --------- ------- -------- ------ ------
TEXAS (32)
DALLAS (CONTINUED) (15)
Parkwood Dallas 1985 81,590 88.10% 18 2
Plymouth East Dallas 1970 56,435 100.00% 10 0
Plymouth North Dallas 1970 444,221 51.60% 39 20
Plymouth South Dallas 1970 49,102 85.80% 5 2
Plymouth West Dallas 1970 178,810 88.80% 12 4
Richwood Dallas 1984 54,872 83.30% 22 6
Rosemeade Park Dallas 1986 49,554 85.60% 15 4
Sterling Plaza Dallas 1989 65,205 96.70% 15 1
Townsend Desoto 1990 140,436 84.50% 35 4
Village Park Dallas 1988 44,387 58.40% 6 6
San Antonio (2)
Bandera Festival San Antonio 1989 189,438 78.80% 24 7
Wurzbach San Antonio 1979 59,771 100.00% 3 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS TEXAS (32) 3,082,030 79.70% 549 108
- -----------------------------------------------------------------------------------------------------------------------------------
ARIZONA (3)
Big Curve Yuma 1969 / 1996 126,402 97.90% 31 1
Park Northern Phoenix 1982 / 1996 126,852 88.30% 20 7
Southwest Walgreen's Phoenix 1975 / 1998 78,398 100.00% 17 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS ARIZONA (3) 331,652 94.70% 68 8
- -----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE (1)
McMinn Plaza Athens 1982 / 1994 107,200 72.80% 7 2
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS TENNESSEE (1) 107,200 72.80% 7 2
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS (79) 8,517,509 86.10% 1,597 242
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER COMMERCIAL PROPERTIES (3)
El Novillo Miami Beach 1970 / 2000 10,000 100.00% 1 0
Epsilon W. Palm Beach 1925 / 1997 18,707 100.00% 5 0
EQY Building ** Miami Beach 1959 / 1996 28,780 81.80% 12 3
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING & COMMERCIAL PPTY (82) 8,574,996 86.10% 1,615 245
- -----------------------------------------------------------------------------------------------------------------------------------
Mandarin Mini-storage Jacksonville 1982 52,880 98.70% 527 7
Montclair Apartments Miami Beach 1950 / 2000 9,375 100.00% 20 0
Coral Way N.E. Land Miami
Coral Way S.E. Land Miami
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL (86) 8,637,251 2,162 252
- -----------------------------------------------------------------------------------------------------------------------------------
SUPERMARKET ANCHOR *
------------------------------- AVERAGE
OWNED SHADOW NAME BASE RENT
PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF
-------- ----- ------ -------- -------------------- ----------
Parkwood 62,000 Albertson's Planet Pizza $13.39
Plymouth East 42,130 Kroger 4.18
(11/30/2013)
Plymouth North Blockbuster, Dollar General, Thrift 7.18
of America, US Postal Service
Plymouth South Betcha Bingo 6.77
Plymouth West Bargain City, Tok Won Kim 4.33
Richwood 61,877 Albertson's Blockbuster 16.32
Rosemeade Park 58,900 Kroger Blockbuster, Allure Health & Spa 13.49
Sterling Plaza Bank One, Wherehouse Entertainment 14.13
Townsend 60,349 Albertson's Stage Stores, Victory Gym, Tutor 9.14
Time
Village Park Toy's R' Us (shadow), Petco 16.22
(shadow)
San Antonio (2)
Bandera Festival Eckerd's*, Blockbuster, Kmart 8.69
Wurzbach 52,957 Albertson's 2.86
(12/31/2004)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS TEXAS (32) 602,851 $9.83
- -----------------------------------------------------------------------------------------------------------------------------------
ARIZONA (3)
Big Curve 60,000 Albertson's Michael's (shadow), Walgreen's 9.55
Miller's Outpost
Park Northern 51,511 Safeway Beall's, Showbiz Pizza 6.43
(5/31/2003)
Southwest Walgreen's 27,064 Food City Walgreen's 7.36
(5/31/2005)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS ARIZONA (3) 60,000 $7.89
- -----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE (1)
McMinn Plaza 60,000 Ingles 7.18
(1/30/2019)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS TENNESSEE (1) 60,000 $7.18
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS (79) 1,901,662 815,521 $9.80
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER COMMERCIAL PROPERTIES (3)
El Novillo Jumbo Buffet 13.67
Epsilon 14.74
EQY Building ** 16.01
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING & COMMERCIAL PPTY (82) 1,815,521 $9.84
- -----------------------------------------------------------------------------------------------------------------------------------
Mandarin Mini-storage NA
Montclair Apartments NA
Coral Way N.E. Land
Coral Way S.E. Land
- -----------------------------------------------------------------------
GRAND TOTAL (86) 1,901,662 815,521
- -----------------------------------------------------------------------
Total Square Footage does not include shadow anchor square footage which is not
owned or controlled by Equity One.
* Indicates a tenant which continues to pay rent, but has closed its store
and ceased operations. The subtenant, if any, is shown in ( ).
** The EQY Building was sold on February 1, 2002.
Page 13
EQUITY ONE, INC.
ANNUAL MEETING RENT BY LOCATION
as of December 31, 2001
- --------------------------------------------------------------------------------
ANNUAL MINIMUM RENT
BY LOCATION
(CHART)
REGION COUNT AMR % STATE STATE TOTAL
------ ----- --- --- ----- -----------
North FL 9 $5,373,283
Central FL 6 7,881,528
West FL 8 6,422,993
South FL 23 25,842,056 63% Florida $45,519,860
- ------------------------------------------------------------------------------------------------------------
Houston 15 12,971,971
Dallas 15 9,694,987
San Antonio 2 1,467,993 33% Texas 24,134,951
- ------------------------------------------------------------------------------------------------------------
AZ 3 2,477,657 3% Arizona 2,477,657
- ------------------------------------------------------------------------------------------------------------
TN 1 560,307 1% Tennessee 560,307
- ------------------------------------------------------------------------------------------------------------
Total 82 $72,692,776 100% $72,692,776
- ------------------------------------------------------------------------------------------------------------
- ------------------
Note: Chart excludes Monclair, Mini-storage and 2 developments.
Page 14
EQUITY ONE, INC.
REAL ESTATE DEVELOPMENTS AND OTHER RECENT ACTIVITY
as of December 31, 2001
(in thousands, except square footage data)
- --------------------------------------------------------------------------------
1) LAKE MARY SHOPPING CENTER
Lake Mary, Florida
A 25,000 square foot addition for Euro Fitness Center is completed and
reflected on the December 31, 2001 Property Status Report. An additional
10,000 square foot addition is under construction, and is reflected on the
December 31, 2001 Property Status Report.
2) PLAZA ALLEGRE (CORAL WAY S.E.)
Miami, Florida
We expect to begin construction shortly of an 84,000 square foot shopping
center on an 8.5 acre site located on the southeast corner of S.W. 147th
Avenue and Coral Way in southwest Miami-Dade County. Plaza Allegre will
feature a 44,000 square foot Publix supermarket, a 14,000 square foot
junior anchor, 16,000 square feet of local retail space, 10,000 square feet
of office space and two out parcels. The target completion date is February
2003. The development is expected to cost a total of $10,000 (including
$2,000 to purchase the site pursuant to an existing option agreement), and
is expected to yield approximately 11.5% upon stabilization in the fourth
quarter of 2003. This development is not reflected on the December 31, 2001
Property Status Report, although the land parcel is listed as a property.
3) CORAL WAY, N.E. Miami, Florida We own a 4.0 acre parcel at the northeast
corner of S.W. 147th Avenue and Coral Way across the street from Plaza
Allegre, upon which we expect to commence construction of a 25,000 square
foot drug-store anchored shopping center in the third quarter of 2002 with
a target completion in the fourth quarter of 2003. This development is not
reflected on the December 31, 2001 Property Status Report, although the
land parcel is listed as a property.
4) UNIVERSITY MALL
Pembroke Pines, Florida
Discussions are underway with a major retailer regarding a complete
redevelopment of this property.
5) Plymouth Park North
Irving, Texas
Discussions are underway with a local supermarket chain regarding a
potential lease at this property.
6) OAKBROOK SQUARE
Palm Beach Gardens, Florida
Discussions are underway with a number of retailers regarding a possible
tenancy upon the maturity of the Jacobson's lease.
7) BEAUCLERC SHOPPING CENTER
Jacksonville, FL
Leases are signed for two large vacancies to Goodwill Industries and
Beall's Outlet. This leasing activity is not reflected on the December 31,
2001 Property Status Report, as the tenants have not yet occupied the
spaces.
8) EQY OFFICE BUILDING
Miami Beach, FL
We sold the Equity One office building in Miami Beach, Florida to the City
of Miami Beach on February 1, 2002 for a price of $6,050. We expect to
realize a gain on the sale of this property in the amount of approximately
$4,300. In connection with the sale, we will also receive $450 as a
settlement for pending litigation against the City of Miami Beach.
9) COPPERFIELD
Houston, Texas
A letter of intent is being negotiated with a national health & fitness
center regarding a potential 35,000 square foot lease at this property.
10) ALBERTSONS BISSONNET
Houston, Texas
Discussions are underway with a major bank regarding a build-to-suit on the
vacant outparcel.
Page 15
EQUITY ONE, INC.
JOINT VENTURE INVESTMENTS
as of December 31, 2001
(in thousands, except square footage data)
- --------------------------------------------------------------------------------
OWNED JOINT VENTURES *
- ----------------------
1) CITY CENTRE
Palm Beach Gardens, Florida
City Centre is a 93,565 square foot office/retail center that was 95.5%
occupied as of 12/31/01. The property includes a parcel of land slated for
future office development. The property is encumbered by an 8.54%
fixed-rate mortgage loan with a balance of $13,079 on 12/31/01, which
matures on 4/1/10. Equity One increased its 25.05% interest in this
property to 50% in November 2001 for an additional cost of $1.4 million.
2) PARK PLACE
Plano, Texas
Park Place is a 112,478 square foot retail center that was 100% occupied as
of 12/31/01. The development plan calls for the construction of two
additional phases totaling 29,000 square feet at a cost of $2,600, with
completion targeted for December 2003. The property is encumbered by a
floating rate loan (L+185, though certain tranches have been rate-locked)
with a balance of $13,951, which matures on 4/6/02. Discussions are
underway for a replacement facility at comparable terms. Equity One owns a
50% interest in this property.
3) OAKS SQUARE
Gainesville, Florida
Oaks Square is a 119,355 square foot retail center that was 100% occupied
as of 12/31/01. The property is encumbered by a 7.63% fixed-rate mortgage
loan with a balance of $16,786 on 12/31/01, which matures on 12/31/10.
Equity One owns a 50% interest in this property.
* EQUITY ONE ACCOUNTS FOR THESE THREE JOINT VENTURE INTERESTS USING THE
EQUITY METHOD.
- --------------------------------------------------------------------------------
JOINT VENTURE DISPOSITIONS
- --------------------------
1) NORTHMIL SHOPPING CENTER
Palm Beach Gardens, Florida
Equity One sold its 25.05% interest in this supermarket-anchored center in
October 2001 for its cost of $414.
2) FISHHAWK SHOPPING CENTER
Tampa, Florida
Equity One sold its 50% interest in this retail center in November 2001 for
its cost of $1,054.
3) ABACOA SHOPPING CENTER
Palm Beach Gardens, Florida
Equity One sold its 25.05% interest in this supermarket-anchored center in
November 2001 for its cost of $1,180.
Page 16
EQUITY ONE, INC.
SHOPPING CENTER & COMMERCIAL PROPERTY TENANT CONCENTRATION SCHEDULE
as of December 31, 2001
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
ANNUALIZED % OF TOTAL
NUMBER % OF TOTAL ANNUALIZED ANNUALIZED AVERAGE
OF SQUARE SQUARE MINIMUM MINIMUM MINIMUM
TENANT STORES FEET FEET RENT RENT REMT
- --------------------------------------------------------------------------------------------------------------------
TOP TEN TENANTS
Publix 16 647,634 7.6% $4,004,304 5.5% $6.18
Winn Dixie 11 503,931 5.9% 3,191,701 4.4% 6.33
Randall's 4 199,223 2.3% 1,431,823 2.0% 7.19
K Mart 3 257,768 3.0% 1,268,768 1.7% 4.92
Eckerd's 13 130,979 1.5% 1,063,720 1.5% 8.12
Walgreens 10 154,996 1.8% 1,031,839 1.4% 6.66
Blockbuster 11 63,116 0.7% 989,016 1.4% 15.67
Albertson's 4 177,544 2.1% 868,251 1.2% 4.89
Kash N' Karry 2 94,610 1.1% 726,425 1.0% 7.68
Bed, Bath & Beyond 1 37,525 0.4% 562,875 0.8% 15.00
- --------------------------------------------------------------------------------------------------------------------
Sub-total Top Ten Tenants 75 2,267,326 26.4% $15,138,722 20.8% $6.68
- --------------------------------------------------------------------------------------------------------------------
Remaining Tenants 1,540 5,119,832 59.7% 57,554,054 79.2% 11.24
- --------------------------------------------------------------------------------------------------------------------
Sub-total All Tenants 1,615 7,387,158 86.1% $72,692,776 100.0% $9.84
- --------------------------------------------------------------------------------------------------------------------
Vacant 245 1,187,838 13.9% 0 0.0% 0.00
- --------------------------------------------------------------------------------------------------------------------
Total including Vacant 1,860 8,574,996 100.0% $72,692,776 100.0% $8.48
- --------------------------------------------------------------------------------------------------------------------
Page 17
EQUITY ONE, INC.
SHOPPING CENTER AND COMERCIAL PROPERTY LEASE EXPIRATION SCHEDULE
as of December 31, 2001
- ----------------------------------------------------------------------------------------------------------
PERCENT AVERAGE
PERCENT OF ANNUAL
OF ANNUALIZED TOTAL MINIMUM
NUMBER TOTAL MINIMUM ANNUALIZED RENT PER
OF SQUARE SQUARE REMT AT MINIMUM SQUARE
DATE TENANTS (1) FEET FEET EXPIRATION(2) RENT FOOT
- ----------------------------------------------------------------------------------------------------------
M-T-M 0 0 0.0% $ 0 0.0% NA
2002 315 716,612 8.4% 9,379,456 12.4% 13.09
2003 335 1,081,683 12.6% 10,855,309 14.3% 10.04
2004 335 964,056 11.2% 10,917,544 14.4% 11.32
2005 226 872,899 10.2% 8,806,262 11.6% 10.09
2006 183 854,401 10.0% 9,330,902 12.3% 10.92
2007 47 430,491 5.0% 4,108,437 5.4% 9.54
2008 33 268,914 3.1% 3,651,016 4.8% 13.58
2009 25 126,614 1.5% 2,013,378 2.7% 15.90
2010 46 265,674 3.1% 2,804,655 3.7% 10.56
2011 21 393,061 4.6% 2,893,753 3.8% 7.36
Thereafter 48 1,412,753 16.5% 11,159,987 14.7% 7.90
- ----------------------------------------------------------------------------------------------------------
Sub-total / Average 1,614 7,387,158 86.1% $75,920,699 100.0% $10.28
- ----------------------------------------------------------------------------------------------------------
Vacant 245 1,187,838 13.9% 0 NA NA
- ----------------------------------------------------------------------------------------------------------
Total / Average 1,859 8,574,996 100.0% $75,920,699 100.0% $8.85
- ----------------------------------------------------------------------------------------------------------
(ANNUAL LEASE EXPIRATIONS GRAPH)
(1) Includes 21 tenants who use 0 square feet but pay rent under various usage
agreements. Excludes 1 tenant who uses 0 square feet and does not pay rent,
but makes certain other payments (i.e. CAM or RE Tax).
(2) Includes the rent from 21 tenants who use 0 square feet but pay rent under
various usage agreements.
Page 18
EQUITY ONE, INC.
STOCK PRICE AND VOLUME STATISTICS
for the three months ended December 31, 2001
- --------------------------------------------------------------------------------
DAILY HIGH-LOG-CLOSE AND
10-DAY MOVING AVERAGE
(GRAPH OMITTED)
DAILY TRADING VOLUME AND
10-DAY MOVING AVERAGE
(GRAPH OMITTED)
Page 19