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EQUITY ONE, INC.
SUPPLEMENTAL INFORMATION PACKAGE
- -------------------------------------------------------------------------------
SEPTEMBER 30, 2002
[EQUITY ONE LOGO]
Equity One, Inc.
1696 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Tel: (305) 947-1664 Fax: (305) 947-1734 4
www.equityone.net
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EQUITY ONE, INC.
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Supplemental Information
September 30, 2002
(unaudited)
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PAGE
----
TABLE OF CONTENTS
1. Summary Operating Information.................................. 3
2. Summary Balance Sheet Information.............................. 4
3. Consolidated Statements of Earnings............................ 5
4. Consolidated Statements of Funds from Operations............... 6
5. Consolidated Balance Sheets.................................... 7
6. Debt Summary................................................... 8
7. Property Status Report......................................... 11
8. Annual Minimum Rent by Location................................ 14
9. Tenant Concentration Schedule.................................. 15
10. Lease Expiration Schedule...................................... 16
11. Real Estate Developments and Dispositions...................... 17
12. Joint Venture Investments...................................... 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
ALL PRIOR REPORTING PERIODS ENCOMPASSING THE PERIOD AUGUST 18, 2000
THROUGH SEPTEMBER 19, 2001 HAVE BEEN RESTATED TO ACCOUNT FOR THE ACQUISITION OF
68.07% OF THE STOCK OF FIRST CAPITAL REALTY (TSE:FCR), THE PARENT OF CENTREFUND
REALTY (U.S.) CORPORATION ("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 September 30, 2002 and 2001
(in thousands, except per share data)
================================================================================
THREE MONTHS ENDED NINE MONTHS ENDED
SEP 30, 2002 SEP 30, 2001 SEP 30, 2002 SEP 30, 2001
---------------------------- ----------------------------
TOTAL DIVIDENDS PAID PER SHARE $ 0.27 $ 0.27 $ 0.81 $ 0.79
FUNDS FROM OPERATIONS PER SHARE $ 0.39 $ 0.34 $ 1.08 $ 0.99
DIVIDEND/FFO PAYOUT RATIO 69.2% 79.4% 75.0% 79.8%
FFO MULTIPLE (ANNUALIZED IF < 12 MONTHS) 8.5 9.2
ADJUSTED FUNDS FROM OPERATIONS PER SHARE $ 0.37 $ 0.31 $ 1.02 $ 0.93
DIVIDEND/AFFO PAYOUT RATIO 73.0% 87.1% 79.4% 84.9%
AFFO MULTIPLE (ANNUALIZED IF < 12 MONTHS) 8.9 9.7
===================================================================================================================
EBITDA (EXCLUDING DISCONTINUED OPERATIONS) $ 17,031 $12,872 $ 48,972 $37,784
INTEREST AND AMORTIZATION OF
DEFERRED FINANCING FEES $ 5,369 $ 5,337 $ 17,178 $16,101
EBITDA: INTEREST COVERAGE RATIO 3.2 2.4 2.9 2.3
EBITDA MARGIN (EBITDA/TOTAL REVENUES) 65.9% 65.8% 64.9% 67.0%
===================================================================================================================
NET OPERATING INCOME (NOI) FROM CONTINUING
OPERATIONS
TOTAL RENTAL INCOME $ 25,334 $18,845 $ 73,984 $54,183
PROPERTY OPERATING EXPENSES (1) 7,462 5,909 21,800 16,567
---------- ------- ---------- -------
NET OPERATING INCOME $ 17,872 $12,936 $ 52,184 $37,616
========== ======= ========== =======
NOI MARGIN (NOI/TOTAL RENTAL INCOME) 70.5% 68.6% 70.5% 69.4%
(1) NET OF INTERCOMPANY EXPENSES
===================================================================================================================
SAME PROPERTY NOI (2)
TOTAL RENTAL INCOME $ 9,024 $ 8,923 $ 27,482 $26,455
OPERATING EXPENSES 2,446 2,392 7,390 6,969
---------- ------- ---------- -------
NET OPERATING INCOME $ 6,578 $ 6,531 $ 20,092 $19,486
========== ======= ========== =======
GROWTH IN SAME PROPERTY NOI 0.7% 3.1%
(2) INCLUDES ONLY EQUITY ONE PROPERTIES OPERATED IN THE CURRENT AND PRIOR PERIODS EXCLUDES $104 AND $362 OF
DEFERRED TERMINATION FEES AT THE LAKE MARY PROPERTY THAT WERE RECOGNIZED IN THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2001, RESPECTIVELY
===================================================================================================================
GENERAL & ADMINISTRATIVE EXPENSES (3) $ 1,441 $ 912 $ 5,011 $ 2,454
AS % OF TOTAL REVENUES 5.58% 4.66% 6.64% 4.35%
AS % OF TOTAL ASSETS 0.80% NA 0.93% NA
(3) INCLUDES $0 AND $695 OF ABANDONED TRANSACTION DUE DILIGENCE COSTS FOR THE THREE AND NINE MONTH PERIODS ENDED
SEPTEMBER 30, 2002, RESPECTIVELY
Page 3
EQUITY ONE, INC.
SUMMARY BALANCE SHEET INFORMATION
as of September 30, 2002 and December 31, 2001
(in thousands, except per share data)
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SEP 30, 2002 DEC 31, 2001
------------ ------------
CLOSING MARKET PRICE $ 13.20 $ 13.74
DIVIDEND YIELD (BASED ON CURRENT ANNUALIZED DIVIDEND) 8.18% 7.86%
BOOK VALUE PER SHARE (FULLY DILUTED, END OF PERIOD) $ 10.04 $ 9.50
========================================================================================================================
LIQUIDITY
CASH AND CASH EQUIVALENTS $ 1,410 $ 906
CASH HELD IN ESCROW $ 0 $ 1,715
============ ============
REVOLVING CREDIT FACILITIES
GROSS AVAILABLE UNDER CURRENT CREDIT FACILITIES 81,703 50,641
LESS: OUTSTANDING BALANCE (36,507) (27,409)
HOLDBACK FOR LETTERS OF CREDIT (1,051) (999)
ESCROWED FOR TAX AND INSURANCE (156) (448)
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NET AVAILABLE UNDER CREDIT FACILITIES $ 43,989 $ 21,785
============ ============
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EQUITY CAPITALIZATION (END OF PERIOD)
COMMON STOCK SHARES (IN THOUSANDS)
BASIC COMMON STOCK SHARES 33,986.106 28,620.757
Diluted Common Shares
Unvested Restricted Common Shares 388.847 160.086
Walden Woods Shares 93.656 93.656
Northport Operating Partnership Units 261.850 261.850
Common Stock Options (Treasury Method, closing price) 105.580 164.620
------------ ------------
FULLY DILUTED COMMON STOCK SHARES 34,836.039 29,300.969
============ ============
========================================================================================================================
Net Debt (adjusted for Cash, Cash Held in Escrow, Securities Held for Sale) $ 341,769 $ 368,188
Equity Market Capitalization (fully diluted, end of period) 459,836 402,595
------------ ------------
TOTAL MARKET CAPITALIZATION $ 801,605 $ 770,783
============ ============
NET DEBT TO TOTAL MARKET CAPITALIZATION 42.6% 47.8%
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GROSS REAL ESTATE INVESTMENTS $ 709,322 $ 656,005
NET DEBT TO GROSS REAL ESTATE INVESTMENTS 48.2% 56.1%
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Fixed Rate Mortgage Debt $ 283,078 $ 296,887
Variable Rate Mortgage Debt 61,142 75,569
------------ ------------
TOTAL DEBT $ 344,220 $ 372,456
============ ============
% FIXED RATE DEBT 82.2% 79.7%
% VARIABLE RATE DEBT 17.8% 20.3%
WEIGHTED-AVERAGE INTEREST RATE ON FIXED RATE DEBT 7.73% 7.76%
Page 4
EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
for the periods ended September 30, 2002 and 2001
(in thousands, except per share data)
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THREE MONTHS ENDED NINE MONTHS ENDED
---------------------------- ---------------------------
SEP 30, 2002 SEP 30, 2001 SEP 30, 2002 SEP 30, 2001
------------ ------------ ------------ ------------
REVENUES
RENTAL INCOME
MINIMUM RENTS $ 19,632 $ 14,536 $ 55,833 $ 41,104
EXPENSE RECOVERIES 5,590 4,159 16,824 12,151
PERCENTAGE RENT PAYMENTS 112 150 1,327 928
-------- -------- -------- --------
TOTAL RENTAL INCOME 25,334 18,845 73,984 54,183
Management Fees 48 243 183 799
INVESTMENT INCOME 451 475 1,256 1,443
-------- -------- -------- --------
TOTAL REVENUES 25,833 19,563 75,423 56,425
-------- -------- -------- --------
COSTS AND EXPENSES
PROPERTY OPERATING EXPENSES 7,462 5,909 21,800 16,567
INTEREST AND AMORTIZATION OF DEFERRED FINANCING FEES 5,369 5,337 17,178 16,101
RENTAL PROPERTY DEPRECIATION AND AMORTIZATION 3,484 2,635 10,109 7,657
GENERAL AND ADMINISTRATIVE EXPENSES 1,441 912 5,011 2,454
-------- -------- -------- --------
TOTAL COSTS AND EXPENSES 17,756 14,793 54,098 42,779
-------- -------- -------- --------
INCOME BEFORE EQUITY IN INCOME OF JOINT VENTURES, GAIN
ON EXTINGUISH- MENT OF DEBT, LOSS ON SALE OF REAL
ESTATE, MINORITY INTEREST IN EARNINGS OF
CONSOLIDATED SUBSIDIARY, INCOME TAXES, MINORITY
INTEREST IN CEFUS AND DISCONTINUED OPERATIONS 8,077 4,770 21,325 13,646
EQUITY IN INCOME OF JOINT VENTURES 126 155 436 454
GAIN ON EXTINGUISHMENT OF DEBT 1,520 0 1,520 0
LOSS ON SALE OF REAL ESTATE 0 (609) 0 (609)
MINORITY INTEREST IN EARNINGS OF CONSOLIDATED SUBSIDIARY (25) (25) (76) (74)
INCOME TAX BENEFIT/(EXPENSE)
Current 0 407 0 593
DEFERRED 0 1,853 0 374
-------- -------- -------- --------
INCOME BEFORE MINORITY INTEREST IN CEFUS & DISCONTINUED
OPERATIONS 9,698 6,551 23,205 14,384
MINORITY INTEREST IN CEFUS 0 (896) 0 (1,627)
-------- -------- -------- --------
INCOME FROM CONTINUING OPERATIONS 9,698 5,655 23,205 12,757
-------- -------- -------- --------
DISCONTINUED OPERATIONS
INCOME FROM OPERATIONS OF PROPERTIES 137 171 1,232 868
GAIN ON DISPOSAL OF REAL ESTATE 1,091 0 8,194 0
-------- -------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS 1,228 171 9,426 868
-------- -------- -------- --------
NET INCOME $ 10,926 $ 5,826 $ 32,631 $ 13,625
======== ======== ======== ========
BASIC EARNINGS PER SHARE
INCOME FROM CONTINUING OPERATIONS $ 0.28 $ 0.26 $ 0.72 $ 0.63
Income from Discontinued Operations 0.04 0.01 0.29 0.04
-------- -------- -------- --------
Net Income $ 0.32 $ 0.27 $ 1.01 $ 0.67
======== ======== ======== ========
DILUTED EARNINGS PER SHARE
INCOME FROM CONTINUING OPERATIONS $ 0.28 $ 0.26 $ 0.71 $ 0.62
Income from Discontinued Operations 0.04 0.01 0.29 0.04
-------- -------- -------- --------
Net Income $ 0.32 $ 0.27 $ 1.00 $ 0.66
======== ======== ======== ========
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC 33,926 21,304 32,195 20,343
DILUTED 34,785 21,948 32,956 20,941
Page 5
EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
for the periods ended September 30, 2002 and 2001
(in thousands, except per share data)
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THREE MONTHS ENDED NINE MONTHS ENDED
------------------------------- -----------------------------
SEP 30, 2002 SEP 30, 2001 SEP 30, 2002 SEP 30, 2001
------------ ------------ ------------ ------------
NET INCOME $ 10,926 $ 5,826 $ 32,631 $ 13,625
DEPRECIATION OF REAL ESTATE 3,445 2,658 10,081 7,757
AMORTIZATION OF CAPITALIZED LEASING FEES 87 60 223 147
GAIN ON SALE OF DISPOSAL OF REAL ESTATE (1,091) 609 (8,194) 609
INTEREST ON CONVERTIBLE PARTNERSHIP UNITS 64 64 194 194
MINORITY INTEREST IN EARNINGS OF CONSOLIDATED SUBSIDIARY 25 25 76 74
DEFERRED INCOME TAXES 0 (1,853) 0 (374)
SHARE OF REAL ESTATE DEPRECIATION IN JOINT VENTURES 152 18 466 74
MINORITY INTEREST SHARE OF FFO ADJUSTMENTS 0 (4) 0 (1,369)
-------- -------- -------- --------
FUNDS FROM OPERATIONS (1) $ 13,608 $ 7,403 $ 35,477 $ 20,737
======== ======== ======== ========
INCREASE 83.8% 71.1%
FFO PER SHARE (DILUTED) (1) $ 0.39 $ 0.34 $ 1.08 $ 0.99
INCREASE 14.7% 9.1%
==============================================================================================================================
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
FUNDS FROM OPERATIONS (1) $ 13,608 $ 7,403 $ 35,477 $ 20,737
LESS:
STRAIGHT LINE RENT ADJUSTMENT 248 32 313 97
RECURRING CAPITAL EXPENDITURES
TENANT IMPROVEMENTS 120 130 463 384
LEASING COMMISSIONS AND FEES 162 89 504 332
OTHER CAPITAL EXPENDITURES 76 259 594 540
-------- -------- -------- --------
TOTAL RECURRING CAPITAL EXPENDITURES 358 478 1,561 1,256
ADJUSTED FUNDS FROM OPERATIONS (1) $ 13,002 $ 6,893 $ 33,603 $ 19,384
======== ======== ======== ========
INCREASE 88.6% 0 73.4% 0
AFFO PER SHARE (DILUTED) (1) $ 0.37 $ 0.31 $ 1.02 $ 0.93
INCREASE 19.4% 0 9.7%
0
==============================================================================================================================
WEIGHTED AVERAGE DILUTED SHARES 34,785 21,948 32,956 20,941
==============================================================================================================================
(1) FFO, FFO PER SHARE, AFFO AND AFFO PER SHARE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2002 INCLUDES GAIN ON
EXTINGUISHMENT OF DEBT TOTALING $1,520.
Page 6
EQUITY ONE, INC.
CONSOLIDATED BALANCE SHEETS
as of September 30, 2002 and December 31, 2001
(in thousands, except per share data)
================================================================================
SEP 30, 2002 DEC 31, 2001
------------ ------------
ASSETS
RENTAL PROPERTY
LAND, BUILDINGS AND EQUIPMENT $ 646,215 $ 605,820
BUILDING IMPROVEMENTS 20,098 17,513
LAND HELD FOR DEVELOPMENT 28,974 23,420
CONSTRUCTION IN PROGRESS 8,491 5,416
--------- ---------
RENTAL PROPERTY 703,778 652,169
LESS: ACCUMULATED DEPRECIATION (37,445) (28,031)
PROPERTY HELD FOR SALE 5,444 3,549
--------- ---------
RENTAL PROPERTY, NET 671,777 627,687
CASH AND CASH EQUIVALENTS 1,410 906
CASH HELD IN ESCROW 0 1,715
SECURITIES AVAILABLE FOR SALE 1,066 1,681
ACCOUNTS AND OTHER RECEIVABLES, NET 4,828 5,564
NOTES RECEIVABLE 12,841 9,697
DEPOSITS 9,965 6,219
PREPAID AND OTHER ASSETS 1,883 2,161
DEFERRED EXPENSES, NET 4,974 3,883
INVESTMENTS IN JOINT VENTURES 7,548 7,742
GOODWILL, NET 2,276 1,281
--------- ---------
TOTAL ASSETS $ 718,568 $ 668,536
============================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
MORTGAGE NOTES PAYABLE $ 307,713 $ 345,047
REVOLVING CREDIT FACILITIES 36,507 27,409
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 16,168 8,987
TENANT SECURITY DEPOSITS 4,293 4,090
DEFERRED RENTAL INCOME 366 766
DUE TO RELATED PARTIES 2 101
MINORITY INTEREST IN EQUITY OF CONSOLIDATED SUBSIDIARIES 3,869 3,869
--------- ---------
TOTAL LIABILITIES 368,918 390,269
--------- ---------
SHAREHOLDERS' EQUITY
COMMON STOCK 344 288
ADDITIONAL PAID-IN CAPITAL 353,436 283,619
RETAINED EARNINGS 8,007 1,808
ACCUMULATED OTHER COMPREHENSIVE LOSS (25) (34)
UNAMORTIZED RESTRICTED STOCK COMPENSATION (5,000) (1,836)
NOTE RECEIVABLE FROM ISSUANCE OF COMMON STOCK (7,112) (5,578)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY 349,650 278,267
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 718,568 $ 668,536
============================================================================================================================
Page 7
EQUITY ONE, INC.
DEBT SUMMARY
as of September 30, 2002
(in thousands)
================================================================================
LOAN CLOSING/ ORIGINAL
REFINANCING LOAN MATURITY SEP 30, 2002
PROPERTY DATE (1) AMOUNT (2) DATE RATE (3) BALANCE
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Fixed Rate Mortgage Debt
Lantana Village 02/19/98 $ 4,400 02/15/05 6.950% $ 3,851
Benchmark Crossing 09/21/01 3,483 07/01/05 9.250% 3,412
Sterling Plaza 09/20/01 4,197 09/01/05 8.750% 4,107
Green Oaks 09/21/01 3,189 10/01/05 8.375% 3,119
Townsend Square 09/20/01 5,005 10/01/05 8.500% 4,939
Melbourne Plaza 09/21/01 1,843 11/01/05 8.375% 1,803
Oak Hill 12/07/95 2,500 01/01/06 7.625% 2,038
Walden Woods 01/01/99 2,835 08/01/06 7.875% 2,518
Big Curve 09/21/01 5,683 10/01/06 9.190% 5,579
Highland Square 09/21/01 4,234 11/01/06 8.870% 4,156
Park Northern 09/21/01 2,484 12/01/06 8.370% 2,399
University Mall 09/21/01 12,874 12/01/06 8.440% 12,721
Rosemeade 09/21/01 3,319 12/01/07 8.295% 3,260
Colony Plaza 09/21/01 3,884 01/01/08 7.540% 3,062
Parkwood (4) 09/21/01 6,371 01/01/08 7.280% 6,297
Richwood (4) 09/21/01 3,282 01/01/08 7.280% 3,244
Commonwealth 02/15/98 3,300 02/15/08 7.000% 2,891
Mariners Crossing 09/01/00 3,516 03/01/08 7.080% 3,436
Pine Island/Ridge Plaza 08/01/99 26,234 07/01/08 6.910% 25,356
Prosperity Centre 09/20/01 7,120 02/01/09 7.875% 6,811
Shoppes of North Port 12/05/00 4,370 02/08/09 6.650% 4,223
Shoppes of Ibis 07/10/02 6,097 09/01/09 6.730% 6,071
Park Promenade 01/31/00 6,500 02/01/10 8.100% 6,374
Skipper Palms 09/21/01 3,617 03/01/10 8.625% 3,592
Jonathan's Landing 09/20/01 2,966 05/01/10 8.050% 2,939
Bluff's Square 09/20/01 10,249 06/01/10 8.740% 10,181
Kirkman Shoppes 09/20/01 9,679 06/01/10 8.740% 9,614
Ross Plaza 09/20/01 6,750 06/01/10 8.740% 6,705
Boynton Plaza 09/20/01 7,637 07/01/10 8.030% 7,577
Pointe Royale 07/28/95 6,000 07/15/10 7.950% 4,817
Plymouth Park East 1 (5) 09/20/01 159 08/01/10 8.250% 155
Plymouth Park East 2 (5) 09/20/01 477 08/01/10 8.250% 466
Plymouth Park North (5) 09/20/01 8,506 08/01/10 8.250% 8,311
Plymouth Park Story North (5) 09/20/01 391 08/01/10 8.250% 382
Plymouth Park South (5) 09/20/01 636 08/01/10 8.250% 621
Plymouth Park West (5) 09/20/01 2,542 08/01/10 8.250% 2,484
Shops at Skylake 07/06/00 16,350 08/01/10 7.650% 15,044
Minyards 09/20/01 2,586 11/01/10 8.320% 2,554
Forest Village 03/08/01 4,700 04/01/11 7.270% 4,544
Boca Village 09/20/01 8,478 05/01/11 7.200% 8,402
Sawgrass Promenade 09/20/01 8,478 05/01/11 7.200% 8,402
Plaza Del Rey 08/01/96 3,050 09/01/11 8.125% 2,245
Lake Mary 11/01/01 25,000 11/01/11 7.250% 24,820
Lake St. Charles 10/29/01 3,950 11/01/11 7.130% 3,921
Marco Town Center 12/31/01 9,000 01/01/12 6.700% 8,910
Summerlin Square 01/25/99 5,000 02/01/14 6.750% 4,218
Page 8
EQUITY ONE, INC.
DEBT SUMMARY
as of September 30, 2002
(in thousands)
================================================================================
LOAN CLOSING/ ORIGINAL
REFINANCING LOAN MATURITY SEP 30, 2002
PROPERTY DATE (1) AMOUNT (2) DATE RATE (3) BALANCE
- ------------------------------------------------------------------------------------------------------------------
Bird Ludlum 02/19/97 $ 13,400 02/15/15 7.680% $ 10,991
West Lakes Plaza 05/22/97 5,902 06/01/16 7.875% 5,029
Atlantic Village 10/30/98 5,000 11/01/18 6.850% 4,487
- ------------------------------------------------------------------------------------------------------------------
TOTAL FIXED RATE MORTGAGE DEBT (49 LOANS) $297,223 6.25 7.73% $283,078
(WTD-AVG MATURITY)(WTD-AVG RATE)
- ------------------------------------------------------------------------------------------------------------------
VARIABLE RATE MORTGAGE DEBT
Comerica/4 property loan (6) 09/20/01 24,635 02/28/04 LIBOR + 150 24,635
- ------------------------------------------------------------------------------------------------------------------
TOTAL VARIABLE RATE MORTGAGE DEBT $24,635 $24,635
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
Total Mortgage Notes $321,858 $307,713
- ------------------------------------------------------------------------------------------------------------------
REVOLVING CREDIT FACILITIES
City National Bank (7) 02/04/99 10,403 05/04/03 LIBOR + 225 2,507
Bank Leumi (8) 09/17/01 30,000 03/17/03 LIBOR + 125 0
Wells Fargo (9) 02/27/02 41,300 02/26/05 LIBOR + 125 34,000
- ------------------------------------------------------------------------------------------------------------------
TOTAL REVOLVING CREDIT FACILITIES $81,703 $36,507
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
TOTAL DEBT $344,220
- ------------------------------------------------------------------------------------------------------------------
MATURITY SCHEDULE SCHEDULED BALLOON
BY YEAR AMORTIZATION PAYMENTS (10) TOTAL Includes Revolving Credit Facility Balances
-----------------------------------------------------------------------
2002 (October 1 to year-end) $ 1,392 $ 0 $ 1,392
2003 5,814 2,507 8,321
2004 6,247 24,635 30,882
2005 6,496 53,680 60,176
2006 6,402 26,470 32,872
2007 6,246 2,864 9,110
2008 5,948 40,104 46,052
2009 5,499 12,343 17,842
2010 4,505 68,564 73,069
2011 3,180 44,410 47,590
Thereafter 9,634 7,280 16,914
-----------------------------------------------------------------------
TOTAL $61,363 $282,857 $344,220
- ------------------------------------------------------------------------------------------------------------------
Page 9
EQUITY ONE, INC.
DEBT SUMMARY
as of September 30, 2002
(in thousands)
================================================================================
(1) The more recent of the loan closing/assumption date and the date of any
subsequent refinancing.
(2) The principal amount on the loan closing/assumption date, adjusted to
reflect any subsequent additional funding.
(3) The rate in effect on September 30, 2002.
(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 rate was
reduced to LIBOR + 150 from LIBOR + 200 on June 12, 2002.
(7) The CNB Line was authorized to $10,403 as of September 30, 2002, and is
secured by Mandarin Mini-storage, Skylake Phase III land, Beauclerc
Village and East Bay Plaza. We have two, 364-day extension options for
an ultimate maturity of 5/2/2005.
(8) The Bank Leumi facility is secured by negative pledges on Ryanwood,
Pompano, McMinn, SW Walgreens, Bandera, Market at First Colony and Mason
Park. We have exercised an option to extend the maturity of the Leumi
facility to 3/17/03.
(9) On July 31, 2002, we increased the existing Wells Fargo $29,400 secured,
revolving, line of credit to $41,300. The facility is secured by Blanco
Village, Oakbrook, Mandarin Landing, Hedwig, Bissonet and Spring
Shadows. The rate on the facility is LIBOR plus a range of 115 to 150
depending on overall leverage. As of September 30, 2002, the rate was
LIBOR + 125.
(10) Represents the entire principal balance of a maturing loan on the
maturity date.
Page 10
YEAR TOTAL # OF TENANTS
BUILT/ SQUARE PERCENT ---------------------
PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT
-------- ---- --------- ------- -------- ------ ------
FLORIDA (47)
NORTH FLORIDA (9)
Atlantic Village Atlantic Beach 1984 / 1998 100,559 96.2% 24 1
Beauclerc Village Jacksonville 1962 / 1988 70,429 100.0% 12 0
Commonwealth Jacksonville 1984 / 1998 81,467 98.4% 15 1
Forest Village Tallahassee 2000 71,526 93.3% 16 1
Ft. Caroline Jacksonville 1985 / 1995 74,546 95.0% 10 4
Losco Jacksonville 2000 8,700 74.7% 6 1
Mandarin Landing Jacksonville 1976 / 2000 141,565 93.9% 32 5
Monument Point Jacksonville 1985 / 1997 76,628 97.7% 13 1
Oak Hill Jacksonville 1985 / 1997 78,492 95.1% 18 1
CENTRAL FLORIDA (7)
Eckerds Leesburg Leesburg 2000 12,739 100.0% 1 0
Eastwood Orlando 1997 69,037 100.0% 13 0
Eustis Square Eustis 1983 / 1997 126,791 88.3% 19 8
Kirkman Shoppes Orlando 1973 88,820 94.7% 31 1
Lake Mary Orlando 1988 / 2001 342,384 98.0% 65 24
Park Promenade Orlando 1987 / 2000 125,818 96.7% 25 2
Walden Woods Plant City 1985 / 1998 74,336 100.0% 11 0
FLORIDA TREASURE COAST REGION (6)
Bluffs Square Jupiter 1986 132,395 98.9% 48 3
Cashmere Corners Port St. Lucie 2001 89,234 100.0% 18 0
Eckerds Melbourne Melbourne 2001 10,908 100.0% 1 0
Jonathan's Landing Jupiter 1997 26,820 100.0% 12 0
Ryanwood Vero Beach 1987 114,925 93.9% 30 3
Salerno Village Stuart 1987 58,804 98.3% 16 1
FLORIDA WEST COAST (8)
East Bay Plaza Largo 1985 / 1997 85,426 54.3% 17 5
Lake St. Charles Tampa 1999 57,015 100.0% 8 0
Marco Town Center Marco Island 2001 109,430 91.3% 36 9
Mariners Crossing Spring Hill 1989 / 1999 85,507 97.6% 14 1
Ross Plaza Tampa 1984 / 1996 85,359 90.4% 21 1
Shoppes of North Port North Port 1991 84,705 98.9% 20 2
Skipper Palms Tampa 1984 89,944 100.0% 17 0
Summerlin Square Fort Myers 1986 / 1998 109,156 89.2% 22 6
SUPERMARKET ANCHOR *
------------------------------- AVERAGE
OWNED SHADOW NAME BASE RENT
PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF
-------- ----- ------ -------- -------------------- ----------
FLORIDA (48)
NORTH FLORIDA (9)
Atlantic Village 39,795 Publix Jo-Ann Fabrics $ 10.19
(10/31/2008)
Beauclerc Village Big Lots, Goodwill, Beall's Outlet 7.57
Commonwealth 48,997 Winn-Dixie 8.10
(2/28/2018)
Forest Village 37,866 Publix 10.30
(4/30/2020)
Ft. Caroline 45,500 Winn-Dixie Eckerds* (Bealls Outlet) 7.31
(5/31/2015)
Losco 45,820 Winn-Dixie 19.28
Mandarin Landing 34,400 Publix Office Depot, Eckerds 8.94
(2/14/2007)
Monument Point 46,772 Winn-Dixie Eckerds 6.35
(3/27/2005)
Oak Hill 39,795 Publix Walgreens* (Bonus Dollar) 6.76
(5/11/2005)
CENTRAL FLORIDA (7)
Eckerds Leesburg Eckerds 26.55
Eastwood 51,512 Publix 10.97
(11/1/2017)
Eustis Square 38,520 Publix* Beall's, Walgreens* (Beall's Outlet) 6.64
(11/30/2004)
Kirkman Shoppes Eckerds 17.66
Lake Mary 63,139 Albertson's K-Mart, Euro Fitness, Sun Star 11.71
(6/30/2012) Theatres
Park Promenade 55,000 Publix Orange County Library, Blockbuster 9.31
(2/9/2007)
Walden Woods 46,636 Winn-Dixie* Walgreens 6.74
(11/30/08)
FLORIDA TREASURE COAST REGION (6)
Bluffs Square 39,795 Publix Walgreens 11.77
(10/22/2006)
Cashmere Corners 59,448 Albertson's 7.82
(4/30/2025)
Eckerds Melbourne Eckerds 20.45
Jonathan's Landing 53,850 Albertson's Blockbuster 17.61
Ryanwood 39,795 Publix Books A Million, Beall's Outlet 8.99
(3/23/2017)
Salerno Village 31,503 Winn-Dixie Eckerds 6.74
(9/21/2007)
WEST COAST FLORIDA (8)
East Bay Plaza 53,000 Albertsons 9.64
Lake St. Charles 46,295 Kash N' Karry 9.70
(6/30/2019)
Marco Town Center 27,887 Publix 16.13
(1/31/2018)
Mariners Crossing 48,315 Kash 'N Karry 8.08
(4/30/2020)
Ross Plaza Walgreens*, Ross Dress for Less 9.90
Shoppes of North Port 48,890 Publix Beall's Outlet 9.53
(12/11/2011)
Skipper Palms 53,440 Winn-Dixie 8.31
(5/31/2016)
Summerlin Square 45,500 Winn-Dixie Eckerds 10.64
(6/4/2006)
Page 11
YEAR TOTAL # OF TENANTS
BUILT/ SQUARE PERCENT -----------------
PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT
-------- ---- --------- ------- -------- ------ ------
SOUTH FLORIDA / ATLANTIC COAST (17)
Bird Ludlum Miami 1988 / 1998 192,282 98.2% 47 2
Boca Village Boca Raton 1978 93,428 99.4% 21 1
Boynton Plaza Boynton Beach 1978 / 1999 99,324 94.1% 26 4
Lantana Village Lantana 1976 / 1999 175,480 98.4% 23 2
Meadows Miami 1997 75,524 92.1% 17 4
Oakbrook Palm Beach Gardens 1974 / 2000 225,073 81.6% 16 18
Pine Island Davie 1983 / 1999 254,907 99.3% 46 1
Plaza Del Rey Miami 1985 / 1996 50,146 97.2% 22 1
Point Royale Miami 1970 / 2000 209,863 94.6% 24 2
Pompano Pompano Beach 1968 / 2001 80,697 100.0% 1 0
Prosperity Centre Palm Beach Gardens 1993 122,106 100.0% 9 0
Ridge Plaza Davie 1984 / 1999 155,204 98.2% 27 2
Sawgrass Promenade Deerfield Beach 1982 / 1998 107,092 99.1% 28 1
Shoppes of Ibis West Palm Beach 1999 79,420 100.0% 18 0
Shops at Skylake North Miami Beach 1999/2000-01 174,199 96.9% 43 4
University Mall Ft. Lauderdale 1973 323,437 15.3% 19 26
West Lakes Plaza Miami 1984 / 2000 100,747 100.0% 27 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS FLORIDA (47) 5,202,894 90.4% 1,003 149
- -----------------------------------------------------------------------------------------------------------------------------------
TEXAS (31)
HOUSTON (15)
Barker Cypress Houston 1999 66,937 88.0% 11 2
Beechcrest Houston 1981 / 2001 90,797 100.0% 15 0
Benchmark Crossing Houston 1986 58,384 100.0% 5 0
Bissonnet Houston 1999 15,542 100.0% 8 0
Colony Plaza Sugarland 1997 26,513 89.4% 13 2
Copperfield Houston 1994 160,695 46.3% 27 8
Grogan's Mill The Woodlands 1986 118,398 99.9% 25 1
Hedwig Houston 1974 69,504 100.0% 13 0
Highland Square Sugarland 1998 64,171 99.7% 26 1
Market at First Colony Sugarland 1988 106,101 98.1% 34 1
Mason Park Katy 1998 163,256 75.6% 34 5
Mission Bend Houston 1980 / 1999 131,575 89.0% 25 2
Spring Shadows Houston 1999 39,611 96.9% 15 1
Steeplechase Jersey Village 1985 105,152 98.4% 25 1
Woodforest Houston 1991 12,741 100.0% 4 0
SUPERMARKET ANCHOR *
------------------------------- AVERAGE
OWNED SHADOW NAME BASE RENT
PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF
-------- ----- ------ -------- -------------------- ----------
SOUTH FLORIDA / ATLANTIC COAST (18)
Bird Ludlum 44,400 Winn-Dixie Eckerds, Blockbuster 14.34
(12/31/2007)
Boca Village 36,000 Publix Eckerds 14.40
(3/31/2007)
Boynton Plaza 37,664 Publix Eckerds 10.32
(8/31/2003)
Lantana Village 39,473 Winn-Dixie K-Mart, Rite Aid* (Dollar Store) 6.38
(2/15/2011)
Meadows 47,955 Publix 11.65
(7/9/2017)
Oakbrook 44,400 Publix Eckerds, Roly's Bistro 8.04
(10/31/2020) Jacobson's (closed store on 10/1/02)
Pine Island 39,943 Publix Home Depot Expo, Rite Aid* (Bealls $9.18
(11/30/2013) Outlet)
Plaza Del Rey Navarro Pharmacy 12.63
Point Royale 45,350 Winn-Dixie Best Buy, Eckerds* (Linen 6.48
(2/18/2011) Supermarket)
Pompano Lowe's 6.69
Prosperity Centre Office Depot, Barnes & Noble, Bed 14.75
Bath & Beyond, Carmine's,
TJ Maxx
Ridge Plaza see Pine Island AMC Theater, Kabooms, Republic 8.81
Security Bank, Uncle Funny's,
Round Up
Sawgrass Promenade 36,464 Publix Walgreens, Blockbuster 11.21
(11/30/2004)
Shoppes of Ibis 51,420 Publix 12.20
(4/20/2019)
Shops at Skylake 51,420 Publix Goodwill, Blockbuster 15.31
(7/31/2019)
University Mall Eckerds 11.63
West Lakes Plaza 46,216 Winn-Dixie Navarro Pharmacy 10.70
(10/31/2016)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS FLORIDA (47) 1,509,505 152,670 $10.31
- -----------------------------------------------------------------------------------------------------------------------------------
TEXAS (31)
HOUSTON (15)
Barker Cypress 41,320 H.E.B. 12.21
(01/31/2014)
Beechcrest 40,345 Randalls* (Viet Ho) Walgreens* 8.93
(6/24/2016)
Benchmark Crossing Bally's Fitness 12.13
Bissonnet 63,000 Kroger Blockbuster 14.39
Colony Plaza 18.22
Copperfield JoAnn's Fabrics 12.33
Grogan's Mill 56,558 Randall's* Petco 12.17
(6/24/2016)
Hedwig Warehouse Music, Ross Dress 13.68
for Less
Highland Square 16.49
Market at First Colony 62,000 Kroger TJ Maxx, Eckerds 15.74
Mason Park 58,890 Kroger Walgreens* (Eloise Collectibles) 11.81
Palais Royal, Petco
Mission Bend 46,112 Randall's 8.78
(6/24/2016)
63,322 H.E.B.
Spring Shadows 14.72
Steeplechase 56,208 Randall's 11.19
(6/24/2016)
Woodforest 16.10
Page 12
YEAR TOTAL # OF TENANTS
BUILT/ SQUARE PERCENT -----------------
PROPERTY CITY RENOVATED FOOTAGE OCCUPIED OCCP'D VACANT
-------- ---- --------- ------- -------- ------ ------
DALLAS (13)
Green Oaks Arlington 1983 65,131 75.6% 24 9
Melbourne Plaza Hurst 1983 47,517 83.8% 14 4
Minyards Garland 2000 65,295 100.0% 2 0
Parkwood Plano 1985 81,590 100.0% 20 0
Plymouth Park East Irving 1970 56,435 97.3% 9 1
Plymouth Park North Irving 1970 446,510 51.8% 38 21
Plymouth Park South Irving 1970 49,102 85.8% 5 2
Plymouth Park West Irving 1970 178,930 88.1% 13 2
Richwood Richardson 1984 54,872 88.8% 24 4
Rosemeade Carrollton 1986 50,504 97.5% 17 3
Sterling Plaza Irving 1989 65,205 96.7% 15 1
Townsend Square Desoto 1990 142,978 86.5% 34 4
Village Park Arlington 1988 44,387 69.3% 8 2
San Antonio (3)
Bandera Festival San Antonio 1989 189,438 49.8% 25 7
Blanco Village San Antonio 2000 108,325 100.0% 16 0
Wurzbach San Antonio 1979 59,771 100.0% 3 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS TEXAS (31) 2,935,367 80.8% 547 82
- -----------------------------------------------------------------------------------------------------------------------------------
ARIZONA (3)
Big Curve Yuma 1969 / 1996 126,402 95.9% 30 2
Park Northern Phoenix 1982 / 1996 130,406 89.1% 20 7
Southwest Walgreens Phoenix 1975 / 1998 93,518 81.8% 16 2
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS ARIZONA (3) 350,326 90.0% 66 11
- -----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE (1)
McMinn Plaza Athens 1982 / 1994 107,200 90.8% 9 1
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS TENNESSEE (1) 107,200 90.8% 9 1
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS (82) 8,595,287 87.1% 1,625 243
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER COMMERCIAL PROPERTIES (2)
El Novillo Miami Beach, FL 1970 / 2000 10,000 100.0% 1 0
Epsilon W. Palm Beach, FL 1925 / 1997 18,707 48.1% 3 2
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING & COMMERCIAL PPTY (84) 8,623,994 87.0% 1,629 245
- -----------------------------------------------------------------------------------------------------------------------------------
Mandarin Mini-storage Jacksonville, FL 1982 52,880 98.1% 524 10
Plaza Alegre Miami, FL 2002 Development
Coral Way N.E. Miami, FL 2002 Development
Homestead Homestead, FL Future Development
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL (88) 8,676,874 87.1% 2,153 255
- -----------------------------------------------------------------------------------------------------------------------------------
SUPERMARKET ANCHOR *
------------------------------- AVERAGE
OWNED SHADOW NAME BASE RENT
PROPERTY SF SF EXP DATE OTHER ANCHOR TENANTS PER OCC SF
-------- ----- ------ -------- -------------------- ----------
DALLAS (13)
Green Oaks 58,000 Kroger $11.07
Melbourne Plaza 11.33
Minyards 58,695 Minyards/Sack N Save 6.12
(12/31/2029)
Parkwood 62,000 Albertsons Planet Pizza 12.91
Plymouth Park East 42,130 Kroger 4.17
(11/30/2013)
Plymouth Park North Blockbuster, Dollar General, Thrift 7.31
Store, Post Office, Chateau Theatre,
Levines
Plymouth Park South Betcha Bingo 6.86
Plymouth Park West Bargain City 4.54
Richwood 61,877 Albertson Blockbuster 12.48
Rosemeade 58,900 Kroger Gold's Gymn, Blockbuster 12.68
Sterling Plaza Bank One, Warehouse Entertainment 14.29
Townsend Square 60,349 Albertsons Beall's, Victory Gym, Tutor Time 9.14
Village Park Petco 17.40
SAN ANTONIO (3)
Bandera Festival Beall's, Eckerds*, Blockbuster 11.31
Blanco Village 74,627 H.E.B. 15.66
(4/30/2015)
Wurzbach 52,957 Albertsons* 2.86
(12/31/2004)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS TEXAS (31) 468,952 548,338 $10.71
- -----------------------------------------------------------------------------------------------------------------------------------
ARIZONA (3)
Big Curve 60,000 Albertsons Walgreens, Miller's Outpost 9.69
Park Northern 51,511 Safeway Beall's, Showbiz Pizza 6.49
(5/31/2008)
Southwest Walgreens 27,064 Food City Walgreens 7.89
(5/31/2019)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS ARIZONA (3) 78,575 60,000 $ 8.07
- -----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE (1)
McMinn Plaza 60,000 Ingles Fred's Stores 6.77
(1/30/2019)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS TENNESSEE (1) 60,000 0 $ 6.77
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING CENTERS (82) 2,117,032 761,008 $10.26
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER COMMERCIA PROPERTIES(2)
El Novillo Jumbo Buffet 14.08
Epsilon Dax Bar & Grill 16.11
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHOPPING & COMMERCIAL PPTY (84) 2,117,032 761,008 $10.27
- -----------------------------------------------------------------------------------------------------------------------------------
Mandarin Mini-storage
Plaza Alegre
Coral Way N.E.
Honestead
- -------------------------------------------------------------------------------
GRAND TOTAL (88) 2,117,032 761,008
- -------------------------------------------------------------------------------
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 ment, but has closed its store and ceased operations. The subtenant,
if any, is shown in ().
Page 13
EQUITY ONE, INC.
ANNUAL MINIMUM RENT BY LOCATION
as of September 30, 2002
================================================================================
[CHART]
-------------------------------------------------- ---------------------------------------------
REGION COUNT AMR STATE STATE TOTAL %
NORTH FL 9 $5,667,121
CENTRAL FL 7 8,888,090
TREASURE COAST 6 4,294,851
WEST FL 8 6,632,875
SOUTH FL 19 22,988,202 FLORIDA (49) $48,471,139 63%
-------------------------------------------------- ---------------------------------------------
HOUSTON 15 13,294,802
DALLAS 13 9,173,565
SAN ANTONIO 3 2,935,336 TEXAS (31) 25,403,703 33%
-------------------------------------------------- ---------------------------------------------
AZ 3 2,544,740 ARIZONA 2,544,740 3%
-------------------------------------------------- ---------------------------------------------
TN 1 658,201 TENNESSEE 658,201 1%
-------------------------------------------------- ---------------------------------------------
TOTAL 84 $77,077,783 $77,077,783 100%
-------------------------------------------------- ---------------------------------------------
Note: Chart excludes Mandarin Mini-storage and 3 development properties.
Page 14
EQUITY ONE, INC.
SHOPPING CENTER & COMMERCIAL PROPERTY TENANT CONCENTRATION SCHEDULE
as of September 30, 2002
================================================================================
% OF TOTAL
NUMBER % OF TOTAL ANNUALIZED ANNUALIZED AVERAGE
OF SQUARE SQUARE MINIMUM MINIMUM MINIMUM
TENANT STORES FEET FEET RENT RENT RENT
- -----------------------------------------------------------------------------------------------------------------------
TOP TEN TENANTS
Publix 19 798,521 9.3% $5,307,773 6.9% $6.65
Winn Dixie 11 493,787 5.7% 3,100,058 4.0% 6.28
Eckerds 16 165,426 1.9% 1,656,979 2.1% 10.02
Safeway, Randall's 5 250,734 2.9% 1,616,185 2.1% 6.45
H.E. Butt 2 115,947 1.3% 1,398,855 1.8% 12.06
Walgreens 10 154,116 1.8% 1,063,843 1.4% 6.90
Blockbuster 11 61,916 0.7% 989,829 1.3% 15.99
Albertsons 4 177,544 2.1% 899,820 1.2% 5.07
K Mart 2 170,659 2.0% 814,754 1.1% 4.77
Kash N' Karry 2 94,610 1.1% 726,425 0.9% 7.68
- -------------------------------------------------------------------------------------------------------------------
SUB-TOTAL TOP TEN TENANTS 82 2,483,260 28.8% $17,574,521 22.8% $7.08
- -------------------------------------------------------------------------------------------------------------------
Remaining Tenants 1,547 5,022,669 58.2% 59,503,262 77.2% 11.85
- -------------------------------------------------------------------------------------------------------------------
SUB-TOTAL ALL TENANTS 1,629 7,505,929 87.0% $77,077,783 100.0% $10.27
- -------------------------------------------------------------------------------------------------------------------
Vacant 245 1,118,065 13.0% 0 0.0% 0.00
- -------------------------------------------------------------------------------------------------------------------
TOTAL INCLUDING VACANT 1,874 8,623,994 100.0% $77,077,783 100.0% $8.94
- -------------------------------------------------------------------------------------------------------------------
Page 15
EQUITY ONE, INC.
SHOPPING CENTER AND COMERCIAL PROPERTY LEASE EXPIRATION SCHEDULE
as of September 30, 2002
================================================================================
PERCENT AVERAGE
PERCENT OF ANNUAL
OF ANNUALIZED TOTAL MINIMUM
NUMBER TOTAL MINIMUM ANNUALIZED RENT PER
OF SQUARE SQUARE RENT AT MINIMUM SQUARE
DATE TENANTS(1) FEET FEET EXPIRATION(2) RENT FOOT AUG SIZE
- ------------------------------------------------------------------------------------------------------------------------
M-T-M 29 62,342 0.7% $ 653,064 0.8% $10.48 2,150
2002 89 213,050 2.5% 3,120,202 3.9% 14.65 2,394
2003 312 846,428 9.8% 9,555,428 12.0% 11.29 2,713
2004 340 944,475 11.0% 10,759,775 13.5% 11.39 2,778
2005 320 990,056 11.5% 11,183,468 14.0% 11.30 3,094
2006 183 772,261 9.0% 9,050,386 11.3% 11.72 4,220
2007 164 742,493 8.6% 8,301,995 10.4% 11.18 4,527
2008 39 352,370 4.1% 4,096,728 5.1% 11.63 9,035
2009 29 178,985 2.1% 2,424,000 3.0% 13.54 6,172
2010 40 349,509 4.1% 3,258,111 4.1% 9.32 8,738
2011 21 417,520 4.8% 3,118,124 3.9% 7.47 19,882
Thereafter 61 1,636,440 19.0% 14,340,932 18.0% 8.76 26,827
- ------------------------------------------------------------------------------------------------------------------------
SUB-TOTAL/AVERAGE 1,627 7,505,929 87.0% $79,862,213 100.0% $10.64 4,613
- ------------------------------------------------------------------------------------------------------------------------
Vacant 245 1,118,065 13.0% 0 NA NA 4,564
- ------------------------------------------------------------------------------------------------------------------------
TOTAL/AVERAGE 1,872 8,623,994 100.0% $79,862,213 100.0% $9.26 4,607
- ------------------------------------------------------------------------------------------------------------------------
ANNUAL LEASE EXPIRATIONS
[CHART]
(1) Includes 12 tenants who use 0 square feet but pay rent under various usage
agreements. Excludes 2 tenants who use 0 square feet and do not pay rent,
but make certain other payments (i.e. CAM or RE Tax).
(2) Includes the rent from 12 tenants who use 0 square feet but pay rent under
various usage agreements.
Page 16
EQUITY ONE, INC.
REAL ESTATE DEVELOPMENTS AND DISPOSITIONS
as of September 30, 2002 (in
thousands, except square footage data)
================================================================================
REAL ESTATE DEVELOPMENTS
1) PLAZA ALLEGRE (CORAL WAY S.E.)
Miami, Florida
We began construction in March 2002 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
Goodwill Superstore, 26,000 square feet of local retail space and two
out parcels. The development is expected to cost a total of $10,000,
open in February 2003 and yield approximately 11.5% upon stabilization
in the fourth quarter of 2003. This development is not reflected on the
September 30, 2002 Property Status Report, although the land parcel is
listed as a property.
2) 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 Allegra, upon which we expect
to commence construction of a 25,000 square foot drug-store anchored
shopping center in the first quarter of 2003 with a target completion in
the fourth quarter of 2003. This development is not reflected on the
September 30, 2002 Property Status Report, although the land parcel is
listed as a property.
3) UNIVERSITY MALL
Pembroke Pines, Florida
We have executed a ground lease with Lowe's to accommodate their
construction of a 177,000 square foot home improvement store on this
mostly vacant property. Lowe's will pay all the development and
construction costs related to their store and the associated site area
and parking. In conjunction with the Lowe's deal, we will spend $5,000
to redevelop the remainder of the property. This redevelopment is
reflected on the September 30, 2002 Property Status Report in its
current configuration.
4) OAKBROOK SQUARE
Palm Beach Gardens, Florida
This property is a 225,000 square foot shopping center anchored by
Publix. Jacobson's closed their 90,000 square foot store in October
2002. Stein Mart has executed a lease to occupy 41,000 square feet of
this space in the second quarter of 2003, and the balance is out for
leasing. Plans are presently being approved to reconfigure a portion of
the retail, add additional parking and develop a 6,000 square foot
outparcel, all at an estimated total cost of $3,000. The current
configuration of the property is reflected on the September 30, 2002
Property Status Report.
5) SALERNO VILLAGE
Stuart, Florida
We intend to redevelop this supermarket-anchored shopping center which
we purchased in May 2002. Winn Dixie, the existing supermarket, has
executed a new 20-year lease for 45,802 square feet, an increase from
their current 31,503 square foot store. The redevelopment will cost
approximately $5,000, will commence in the second quarter of 2003, and
is expected to be completed in early 2004. Upon completion and including
the original acquisition cost, we expect to earn a stabilized yield of
11.5%. This development is reflected on the September 30, 2002 Property
Status Report in its current configuration.
6) HOMESTEAD RETAIL DEVELOPMENT
Homestead, Florida
We own a 12 acre site adjacent to a master planned community in
Homestead, Florida, approximately 25 miles south of Miami. We expect to
develop a supermarket-anchored shopping center on this site in 2005.
This development is not reflected on the September 30, 2002 Property
Status Report, although the land parcel is listed as a property.
7) SHOPS AT SKYLAKE
North Miami Beach, Florida
We plan to complete the final phase of Skylake totaling approximately
114,000 square feet in the fourth quarter of 2003 at a cost of
approximately $5,500. To date, we have executed a lease with LA Fitness
Sports Clubs for a 45,000 square foot health club, and have entered into
a letter of intent with another major tenant for a 45,000 square foot
space. The balance of the new development will be configured for local
tenant leasing. The current configuration of the property is reflected
on the September 30, 2002 Property Status Report.
DISPOSITION ACTIVITY - 3RD QUARTER
8) SHOPS AT WESTBURY
Miami, FL
This property was sold on July 16, 2002 for a price of $5,200, resulting
in a gain on the sale of $175.
9) FOREST EDGE
Orlando. FL
This property was sold on July 31, 2002 for a price of $3,475, resulting
in a gain on the sale of $553.
10) NW CROSSING
Dallas, TX
This property was sold on September 30, 2002 for a price of $2.350,
resulting in a gain on the sale of $363.
Page 17
EQUITY ONE, INC.
JOINT VENTURE INVESTMENTS
as of September 30, 2002
(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 88%
leased as of 9/30/02. 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 $13,005 on 9/30/02, which
matures on 4/1/10. Equity One owns a 50% interest in this property.
2) PARK PLACE
Plano, Texas
Park Place is a 112,478 square foot retail center that was 100% leased as
of 9/30/02. 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. On 4/5/02, the existing debt was
refinanced with a $15,000, three-year, interest-only loan at LIBOR + 140,
which we have guaranteed. Equity One owns a 50.1% interest in this
property.
3) OAKS SQUARE
Gainesville, Florida
Oaks Square is a 119,355 square foot retail center that was 100% leased as
of 9/30/02. The property is encumbered by a 7.63% fixed-rate mortgage loan
with a balance of $16,690 on 9/30/02, 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 AS WE DO NOT CONSIDER OURSELVES TO BE IN CONTROL OF THE MAJOR
BUSINESS DECISIONS.
Page 18
EQUITY ONE, INC.
STOCK PRICE AND VOLUME STATISTICS*
for the three months ended September 30, 2002
================================================================================
DAILY HIGH-LOW CLOSE AND
10-DAY MOVING AVERAGE
[CHART]
DAILY TRADING VOLUME AND
10-DAY MOVING AVERAGE
[CHART]
*Data obtained from Yahoo Chart Services
Page 19