Exhibit 99.1
EQUITY ONE, INC.
SUPPLEMENTAL INFORMATION PACKAGE
DECEMBER 31, 2002
[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.
SUPPLEMENTAL INFORMATION
DECEMBER 31, 2002
(UNAUDITED)
TABLE OF CONTENTS
Page
----
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, DISPOSITIONS AND ACQUISITIONS............ 17
12. JOINT VENTURE INVESTMENTS.......................................... 19
13. STOCK PRICE AND VOLUME STATISTICS.................................. 20
- -------------------------------------------------------------------------------
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. AND SUBSIDIARIES
SUMMARY OPERATING INFORMATION
FOR THE PERIODS ENDED DECEMBER 31, 2002 AND 2001
(IN THOUSANDS, EXCEPT PER SHARE DATA)
- -------------------------------------------------------------------------------
THREE MONTHS ENDED TWELVE MONTHS ENDED
DEC 31, 2002 DEC 31, 2001 DEC 31, 2002 DEC 31, 2001
------------ ------------ ------------ ------------
TOTAL DIVIDENDS PAID PER SHARE $ 0.27 $ 0.27 $ 1.08 $ 1.06
FUNDS FROM OPERATIONS PER SHARE $ 0.29 $ 0.30 $ 1.36 $ 1.28
DIVIDEND/FFO PAYOUT RATIO 93.1% 90.0% 79.4% 82.8%
FFO MULTIPLE (ANNUALIZED IF < 12 MONTHS) 11.5 9.8
ADJUSTED FUNDS FROM OPERATIONS PER SHARE $ 0.25 $ 0.27 $ 1.26 $ 1.18
DIVIDEND/AFFO PAYOUT RATIO 108.0% 100.0% 85.7% 89.8%
AFFO MULTIPLE (ANNUALIZED IF < 12 MONTHS) 13.4 10.6
EBITDA (EXCLUDING DISCONTINUED OPERATIONS) $ 17,523 $ 15,280 $ 66,865 $ 52,952
INTEREST EXPENSE $ 5,724 $ 5,545 $ 22,368 $ 21,262
EBITDA: INTEREST COVERAGE RATIO 3.1 2.8 3.0 2.5
EBITDA MARGIN (EBITDA/TOTAL REVENUES) 64.5% 64.4% 64.9% 66.3%
NET OPERATING INCOME (NOI) FROM CONTINUING OPERATIONS
TOTAL RENTAL INCOME $ 26,696 $ 23,087 $100,292 $ 76,975
PROPERTY OPERATING EXPENSES (1) 8,140 7,376 30,044 23,866
-------- -------- -------- --------
NET OPERATING INCOME $ 18,556 $ 15,711 $ 70,248 $ 53,109
======== ======== ======== ========
NOI MARGIN (NOI/TOTAL RENTAL INCOME) 69.5% 68.1% 70.0% 69.0%
(1) net of intercompany expenses.
SAME PROPERTY NOI (2)
TOTAL RENTAL INCOME $ 25,036 $ 21,997 $ 38,279 $ 35,839
PROPERTY OPERATING EXPENSES 7,852 7,059 10,419 9,618
-------- -------- -------- --------
NET OPERATING INCOME $ 17,184 $ 14,938 $ 27,860 $ 26,221
======== ======== ======== ========
GROWTH IN SAME PROPERTY NOI 15.0% 6.3%
GROWTH IN SAME PROPERTY NOI, EXCLUDING
TERMINATION FEES 4.9% 4.4%
(2) Includes only same properties operated in the current and
prior periods and these properties may differ for the three
and twelve-month periods. Total rental income includes
termination fees for the three months ended December 31, 2002
and 2001 of $1,706 and $179, respectively, and for the twelve
months ended December 31, 2002 and 2001 of $1,206 and $693,
respectively.
GENERAL & ADMINISTRATIVE EXPENSES (3) $ 1,638 $ 1,099 $ 6,649 $ 3,553
AS % OF TOTAL REVENUES 6.02% 4.63% 6.45% 4.45%
AS % OF TOTAL ASSETS 0.90% NA 0.91% NA
(3) Includes abandoned transaction due diligence costs for the
three months ended December 31, 2002 and 2001 of $0 and $58,
respectively, and for the twelve months ended December 31,
2002 and 2001 of $695 and $58, respectively.
3
EQUITY ONE, INC. AND SUBSIDIARIES
SUMMARY BALANCE SHEET INFORMATION
as of December 31, 2002 and December 31, 2001
(in thousands, except per share data)
- -------------------------------------------------------------------------------
DEC 31, 2002 DEC 31, 2001
------------ ------------
CLOSING MARKET PRICE $ 13.35 $ 13.74
DIVIDEND YIELD (BASED ON CURRENT ANNUALIZED DIVIDEND) 8.09% 7.86%
BOOK VALUE PER SHARE (FULLY DILUTED, END OF PERIOD) $ 10.00 $ 9.50
LIQUIDITY
CASH AND CASH EQUIVALENTS $ 2,944 $ 906
============ ============
CASH HELD IN ESCROW $ 5,933 $ 1,715
============ ============
REVOLVING CREDIT FACILITIES
GROSS AVAILABLE UNDER CURRENT CREDIT FACILITIES 81,703 50,641
LESS: OUTSTANDING BALANCE (23,000) (27,409)
HOLDBACK FOR LETTERS OF CREDIT (1,073) (999)
ESCROWED FOR TAX AND INSURANCE (186) (448)
------------ ------------
NET AVAILABLE UNDER CREDIT FACILITIES $ 57,444 $ 21,785
============ ============
EQUITY CAPITALIZATION (END OF PERIOD)
COMMON STOCK SHARES (IN THOUSANDS)
BASIC COMMON STOCK SHARES 34,210.147 28,620.757
Diluted common shares
Unvested restricted common shares 330.335 160.086
Walden Woods shares 93.656 93.656
Northport operating partnership units 261.850 261.850
Common stock options (treasury method, closing price) 113.248 164.620
------------ ------------
FULLY DILUTED COMMON STOCK SHARES 35,009.236 29,300.969
============ ============
Net debt (adjusted for cash, cash held in escrow, securities held for sale) $ 345,345 $ 368,154
Equity market capitalization (fully diluted, end of period) 467,373 402,595
------------ ------------
TOTAL MARKET CAPITALIZATION $ 812,718 $ 770,749
============ ============
NET DEBT TO TOTAL MARKET CAPITALIZATION 42.5% 47.8%
GROSS REAL ESTATE INVESTMENTS $ 718,864 $ 656,005
NET DEBT TO GROSS REAL ESTATE INVESTMENTS 48.0% 56.1%
Fixed rate mortgage debt $ 307,508 $ 296,887
Variable rate mortgage debt 47,635 75,569
------------ ------------
TOTAL DEBT $ 355,143 $ 372,456
============ ============
% FIXED RATE DEBT 86.6% 79.7%
% VARIABLE RATE DEBT 13.4% 20.3%
WEIGHTED-AVERAGE INTEREST RATE ON FIXED RATE DEBT 7.52% 7.76%
4
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
for the periods ended December 31, 2002 and 2001
(in thousands, except per share data)
- -------------------------------------------------------------------------------
THREE MONTHS ENDED TWELVE MONTHS ENDED
DEC 31, 2002 DEC 31, 2001 DEC 31, 2002 DEC 31, 2001
------------ ------------ ------------ ------------
RENTAL INCOME
MINIMUM RENTS $ 20,459 $ 17,707 $ 75,802 $ 58,608
EXPENSE RECOVERIES 6,056 5,341 22,983 17,400
PERCENTAGE RENT PAYMENTS 181 39 1,507 967
-------- -------- -------- --------
TOTAL RENTAL INCOME 26,696 23,087 100,292 76,975
MANAGEMENT FEES 93 128 278 927
INVESTMENT INCOME 375 487 1,632 1,930
OTHER INCOME 24 13 807 45
-------- -------- -------- --------
TOTAL REVENUES 27,188 23,715 103,009 79,877
-------- -------- -------- --------
COSTS AND EXPENSES
PROPERTY OPERATING EXPENSES 8,140 7,376 30,044 23,866
INTEREST EXPENSE 5,724 5,545 22,368 21,262
AMORTIZATION OF DEFERRED FINANCING FEES 244 252 884 636
RENTAL PROPERTY DEPRECIATION AND AMORTIZATION 3,524 3,174 13,684 10,818
LITIGATION SETTLEMENT 2,067 -- 2,067 --
GENERAL AND ADMINISTRATIVE EXPENSES 1,638 1,099 6,649 3,553
-------- -------- -------- --------
TOTAL COSTS AND EXPENSES 21,337 17,447 75,696 60,135
-------- -------- -------- --------
INCOME BEFORE (LOSS) GAIN ON EXTINGUISHMENT OF DEBT,
LOSS ON SALE OF REAL ESTATE, EQUITY IN INCOME OF
JOINT VENTURES, MINORITY INTEREST IN EARNINGS
OF CONSOLIDATED SUBSIDIARY, INCOME TAXES, MINORITY
INTEREST IN CEFUS AND DISCONTINUED OPERATIONS 5,851 6,268 27,313 19,742
(LOSS) GAIN ON EXTINGUISHMENT OF DEBT -- (1,546) 1,520 (1,546)
LOSS ON SALE OF REAL ESTATE -- -- -- (609)
EQUITY IN INCOME OF JOINT VENTURES 113 40 549 494
MINORITY INTEREST IN EARNINGS OF CONSOLIDATED SUBSIDIARY (25) (25) (101) (99)
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST IN CEFUS AND
DISCONTINUED OPERATIONS 5,939 4,737 29,281 17,982
INCOME TAX BENEFIT
CURRENT -- -- -- 593
DEFERRED -- -- -- 374
-------- -------- -------- --------
INCOME BEFORE MINORITY INTEREST IN CEFUS AND
DISCONTINUED OPERATIONS 5,939 4,737 29,281 18,949
MINORITY INTEREST IN CEFUS -- -- -- (1,627)
-------- -------- -------- --------
INCOME FROM CONTINUING OPERATIONS 5,939 4,737 29,281 17,322
-------- -------- -------- --------
DISCONTINUED OPERATIONS
INCOME FROM OPERATIONS OF PROPERTIES 294 359 1,389 1,399
GAIN ON DISPOSAL OF REAL ESTATE 1,070 -- 9,264 --
-------- -------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS 1,364 359 10,653 1,399
-------- -------- -------- --------
NET INCOME $ 7,303 $ 5,096 $ 39,934 $ 18,721
======== ======== ======== ========
BASIC EARNINGS PER SHARE
INCOME FROM CONTINUING OPERATIONS $ 0.17 $ 0.17 $ 0.90 $ 0.77
INCOME FROM DISCONTINUED OPERATIONS 0.04 0.01 0.32 0.06
-------- -------- -------- --------
NET INCOME $ 0.21 $ 0.18 $ 1.22 $ 0.83
======== ======== ======== ========
DILUTED EARNINGS PER SHARE
INCOME FROM CONTINUING OPERATIONS $ 0.17 $ 0.17 $ 0.88 $ 0.77
INCOME FROM DISCONTINUED OPERATIONS 0.04 0.01 0.32 0.06
-------- -------- -------- --------
NET INCOME $ 0.21 $ 0.18 $ 1.20 $ 0.83
-------- -------- -------- --------
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC 34,046 28,560 32,662 22,414
======== ======== ======== ========
DILUTED 34,894 29,248 33,443 23,037
======== ======== ======== ========
5
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
for the periods ended December 31, 2002 and 2001
(in thousands, except per share data)
- -------------------------------------------------------------------------------
THREE MONTHS ENDED TWELVE MONTHS ENDED
DEC 31, 2002 DEC 31, 2001 DEC 31, 2002 DEC 31, 2001
------------ ------------ ------------ ------------
NET INCOME $ 7,303 $ 5,096 $ 39,934 $ 18,721
DEPRECIATION OF REAL ESTATE 3,399 3,238 13,480 10,995
AMORTIZATION OF CAPITALIZED LEASING FEES 107 60 330 207
(GAIN) LOSS ON SALE OF DISPOSAL OF REAL ESTATE (1,070) -- (9,264) 609
INTEREST ON CONVERTIBLE PARTNERSHIP UNITS 65 65 259 259
MINORITY INTEREST IN EARNINGS OF CONSOLIDATED SUBSIDIARY 25 25 101 99
DEFERRED INCOME TAXES 0 -- -- (374)
SHARE OF REAL ESTATE DEPRECIATION IN JOINT VENTURES 181 164 647 238
MINORITY INTEREST SHARE OF FFO ADJUSTMENTS -- -- -- (1,369)
-------- -------- -------- --------
FUNDS FROM OPERATIONS (1) $ 10,010 $ 8,648 $ 45,487 $ 29,385
======== ======== ======== ========
INCREASE 15.8% 54.8%
FFO PER SHARE (DILUTED) (1) $ 0.29 $ 0.30 $ 1.36 $ 1.28
INCREASE -3.3% 6.3%
FFO ADJUSTED FOR NONRECURRING CHARGES:
FUNDS FROM OPERATIONS (1) $ 10,010 $ 8,648 $ 45,487 $ 29,385
LOSS (GAIN) ON EXTINGUISHMENT OF DEBT -- 1,546 (1,520) 1,546
LITIGATION SETTLEMENT 2,067 -- 2,067 --
-------- -------- -------- --------
FFO ADJUSTED FOR NONRECURRING CHARGES $ 12,077 $ 10,194 $ 46,034 $ 30,931
======== ======== ======== ========
INCREASE 18.5% 48.8%
FFO PER SHARE (DILUTED) ADJUSTED FOR NONRECURRING CHARGES $ 0.35 $ 0.35 $ 1.38 $ 1.34
INCREASE 0.0% 3.0%
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
FUNDS FROM OPERATIONS (1) $ 10,010 $ 8,648 $ 45,487 $ 29,385
LESS:
STRAIGHT LINE RENT ADJUSTMENT 323 32 636 129
-------- -------- -------- --------
RECURRING CAPITAL EXPENDITURES
TENANT IMPROVEMENTS 511 302 974 686
LEASING COMMISSIONS AND FEES 299 162 803 494
OTHER CAPITAL EXPENDITURES 292 394 886 934
-------- -------- -------- --------
TOTAL RECURRING CAPITAL EXPENDITURES 1,102 858 2,663 2,114
-------- -------- -------- --------
ADJUSTED FUNDS FROM OPERATIONS (1) $ 8,585 $ 7,758 $ 42,188 $ 27,142
======== ======== ======== ========
INCREASE 10.7% 55.4%
AFFO PER SHARE (DILUTED) (1) $ 0.25 $ 0.27 $ 1.26 $ 1.18
INCREASE -7.4% 6.8%
WEIGHTED AVERAGE DILUTED SHARES 34,894 29,248 33,443 23,037
(1) FFO, FFO per share, AFFO and AFFO per share for the three and twelve
month periods ended December 31, 2002 and 2001 include gain (loss) on
extinguishment of debt and litigation settlement reported above as
nonrecurring charges.
6
EQUITY ONE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
as of December 31, 2002 and December 31, 2001
(in thousands, except per share data)
- -------------------------------------------------------------------------------
DEC 31, 2002 DEC 31, 2001
------------ ------------
ASSETS
RENTAL PROPERTY
LAND, BUILDINGS AND EQUIPMENT $ 664,157 $ 605,820
BUILDING IMPROVEMENTS 18,784 17,513
LAND HELD FOR DEVELOPMENT 16,434 23,420
CONSTRUCTION IN PROGRESS 19,489 5,416
---------- ----------
RENTAL PROPERTY 718,864 652,169
LESS: ACCUMULATED DEPRECIATION (40,433) (28,031)
PROPERTY HELD FOR SALE -- 3,549
---------- ----------
RENTAL PROPERTY, NET 678,431 627,687
CASH AND CASH EQUIVALENTS 2,944 906
CASH HELD IN ESCROW 5,933 1,715
SECURITIES AVAILABLE FOR SALE 921 1,681
ACCOUNTS AND OTHER RECEIVABLES, NET 7,053 5,262
NOTES RECEIVABLE 8,428 9,697
DEPOSITS 6,806 6,219
DEFERRED EXPENSES, NET 5,263 3,883
INVESTMENTS IN JOINT VENTURES 7,420 7,742
GOODWILL, NET 2,276 1,281
OTHER ASSETS 4,594 2,463
---------- ----------
TOTAL ASSETS $ 730,069 $ 668,536
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
MORTGAGE NOTES PAYABLE $ 332,143 $ 345,047
REVOLVING CREDIT FACILITIES 23,000 27,409
---------- ----------
TOTAL NOTES PAYABLE 355,143 372,456
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 14,760 8,987
TENANT SECURITY DEPOSITS 4,342 4,090
OTHER LIABILITIES 1,724 867
---------- ----------
LIABILITIES BEFORE MINORITY INTEREST 375,969 386,400
---------- ----------
MINORITY INTEREST IN EQUITY OF CONSOLIDATED SUBSIDIARIES 3,869 3,869
---------- ----------
SHAREHOLDERS' EQUITY
COMMON STOCK 345 288
ADDITIONAL PAID-IN CAPITAL 355,450 283,619
RETAINED EARNINGS 5,969 1,808
ACCUMULATED OTHER COMPREHENSIVE LOSS (46) (34)
UNAMORTIZED RESTRICTED STOCK COMPENSATION (4,375) (1,836)
NOTE RECEIVABLE FROM ISSUANCE OF COMMON STOCK (7,112) (5,578)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 350,231 278,267
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 730,069 $ 668,536
========== ==========
7
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2002
(in thousands)
LOAN CLOSING/ ORIGINAL
REFINANCING LOAN MATURITY DEC 31, 2002
PROPERTY DATE (1) AMOUNT(2) DATE RATE(3) BALANCE
------------- --------- -------- ------- ------------
FIXED RATE MORTGAGE DEBT
Lantana Village 02/19/98 $ 4,400 02/15/05 6.950% $ 3,816
Benchmark Crossing 09/21/01 3,483 08/01/05 9.250% 3,393
Sterling Plaza 09/20/01 4,197 09/01/05 8.750% 4,083
Townsend Square 09/20/01 5,005 10/01/05 8.500% 4,922
Green Oaks 09/21/01 3,189 11/01/05 8.375% 3,100
Melbourne Plaza 09/21/01 1,843 11/01/05 8.375% 1,792
Oak Hill (*) 12/07/95 2,500 01/01/06 7.625% 2,016
Walden Woods 01/01/99 2,835 08/01/06 7.875% 2,492
Big Curve 09/21/01 5,683 10/01/06 9.190% 5,552
Highland Square 09/21/01 4,234 12/01/06 8.870% 4,135
Park Northern 09/21/01 2,484 12/01/06 8.370% 2,377
University Mall 09/21/01 12,874 12/01/06 8.440% 12,680
Rosemeade 09/21/01 3,319 12/01/07 8.295% 3,244
Colony Plaza 09/21/01 3,884 01/01/08 7.540% 3,053
Parkwood (4) 09/21/01 6,371 01/01/08 7.280% 6,277
Richwood (4) 09/21/01 3,282 01/01/08 7.280% 3,234
Commonwealth 02/15/98 3,300 02/15/08 7.000% 2,864
Mariners Crossing 09/01/00 3,516 03/01/08 7.080% 3,425
Pine Island/Ridge Plaza 08/01/99 26,234 07/01/08 6.910% 25,274
Forestwood 12/04/02 7,425 01/01/09 5.070% 7,425
Shoppes of North Port 12/05/00 4,370 02/08/09 6.650% 4,201
Prosperity Centre 09/20/01 7,120 03/01/09 7.875% 6,730
Shoppes of Ibis 07/10/02 6,097 09/01/09 6.730% 6,031
Park Promenade 01/31/00 6,500 02/01/10 8.100% 6,360
Skipper Palms 09/21/01 3,617 03/01/10 8.625% 3,585
Jonathan's Landing 09/20/01 2,966 05/01/10 8.050% 2,932
Bluff's Square 09/20/01 10,249 06/01/10 8.740% 10,162
Kirkman Shoppes 09/20/01 9,679 06/01/10 8.740% 9,596
Ross Plaza 09/20/01 6,750 06/01/10 8.740% 6,693
Boynton Plaza 09/20/01 7,637 07/01/10 8.030% 7,561
Pointe Royale 07/28/95 6,000 07/15/10 7.950% 4,763
Plymouth Park East 1 (5) 09/20/01 159 08/01/10 8.250% 154
Plymouth Park East 2 (5) 09/20/01 477 08/01/10 8.250% 463
Plymouth Park North (5) 09/20/01 8,506 08/01/10 8.250% 8,260
Plymouth Park South (5) 09/20/01 636 08/01/10 8.250% 617
Plymouth Park Story North (5) 09/20/01 391 08/01/10 8.250% 380
Plymouth Park West (5) 09/20/01 2,542 08/01/10 8.250% 2,468
Shops at Skylake 07/06/00 16,350 08/01/10 7.650% 14,964
Minyards 09/20/01 2,586 11/01/10 8.320% 2,546
Forest Village 03/08/01 4,700 04/01/11 7.270% 4,533
Boca Village 09/20/01 8,478 05/01/11 7.200% 8,382
Sawgrass Promenade 09/20/01 8,478 05/01/11 7.200% 8,382
Plaza Del Rey (*) 08/01/96 3,050 09/01/11 8.125% 2,202
Lake Mary 11/01/01 25,000 11/01/11 7.250% 24,763
Lake St. Charles 10/29/01 3,950 11/01/11 7.130% 3,911
Marco Town Center 12/14/01 9,000 01/01/12 6.700% 8,875
8
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 2002
(in thousands)
LOAN CLOSING/ ORIGINAL
REFINANCING LOAN MATURITY DEC 31, 2002
PROPERTY DATE (1) AMOUNT(2) DATE RATE(3) BALANCE
------------- --------- -------- ------- ------------
Cashmere 10/29/02 $ 5,350 11/01/12 5.880% $ 5,343
Eastwood 10/25/02 6,375 11/01/12 5.880% 6,366
Meadows 10/29/02 6,700 11/01/12 5.870% 6,690
Summerlin Square 01/25/99 5,000 02/01/14 6.750% 4,156
Bird Ludlum 02/19/97 13,400 02/15/15 7.680% 10,857
West Lakes Plaza (*) 05/22/97 5,902 06/01/16 7.875% 4,979
Atlantic Village (*) 10/30/98 5,000 11/01/18 6.850% 4,449
TOTAL FIXED RATE MORTGAGE DEBT (53 LOANS) $323,073 6.37 7.52% $307,508
(WTD-AVG (WTD-AVG
MATURITY) RATE)
VARIABLE RATE MORTGAGE DEBT(11)
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 $347,708 $332,143
-------- --------
REVOLVING CREDIT FACILITIES(11)
City National Bank (7) 02/04/99 10,403 05/04/03 LIBOR + 225 --
Bank Leumi (8) (**) 09/17/01 30,000 03/17/03 LIBOR + 125 --
Wells Fargo (9) (**) 02/27/02 41,300 02/26/05 LIBOR + 125 23,000
TOTAL REVOLVING CREDIT FACILITIES $ 81,703 $ 23,000
-------- --------
TOTAL DEBT $355,143
--------
MATURITY SCHEDULE SCHEDULED BALLOON
BY YEAR AMORTIZATION PAYMENTS (10) TOTAL
----------------- ------------ ------------- --------
2003 $ 6,288 $ -- $ 6,288
2004 6,762 24,635 31,397
2005 7,040 42,680 49,720
2006 6,978 26,470 33,448
2007 6,855 2,864 9,719
2008 6,592 40,104 46,696
2009 5,977 18,749 24,726
2010 5,011 68,564 73,575
2011 3,716 44,410 48,126
2012 2,790 21,212 24,002
Thereafter 7,316 130 7,446
------- -------- --------
TOTAL $65,325 $289,818 $355,143
======= ======== ========
9
EQUITY ONE, INC. AND SUBSIDIARIES
DEBT SUMMARY
as of December 31, 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 December 31, 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).
Bearing interest at the rate of LIBOR + 150. (**)
(7) The CNB Line was authorized to $10,403 as of December 31, 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 extended maturity of 5/2/2005.
(8) The Bank Leumi facility is secured by negative pledges on Ryanwood,
Pompano, 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) The facility is secured by Blanco Village, Oakbrook, Mandarin Landing,
Hedwig, Bissonnet and Spring Shadows. The rate on the facility is LIBOR
plus a range of 115 to 150 depending on overall leverage. As of
December 31, 2002, the rate was LIBOR + 125. (**)
(10) Represents the entire principal balance of a maturing loan on the
maturity date.
(*) This loan was repaid in full, subject to a prepayment penalty in
January 2003.
(**) Concurrent with the IRT merger this revolving credit facility or
variable rate loan was repaid.
10
EQUITY ONE INC., AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2002
Year Total
built/ square Percent # of tenants
Property City renovated footage leased 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 91.5% 15 2
Ft. Caroline Jacksonville 1985/1995 74,546 98.7% 12 1
Losco Jacksonville 2000 8,700 100.0% 8 0
Mandarin Landing Jacksonville 1976/2000 141,565 91.6% 30 7
Monument Point Jacksonville 1985/1997 76,628 100.0% 14 0
Oak Hill Jacksonville 1985/1997 78,492 100.0% 19 0
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 87.2% 19 8
Kirkman Shoppes Orlando 1973 88,820 96.1% 30 2
Lake Mary Orlando 1988/2001 342,384 98.0% 66 23
Park Promenade Orlando 1987/2000 125,818 96.7% 25 2
Walden Woods Plant City 1985/1998 74,336 37.3% 10 1
FLORIDA TREASURE COAST REGION (6)
Bluffs Square Jupiter 1986 132,395 97.7% 46 5
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 96.5% 30 2
Salerno Village Stuart 1987 58,804 95.6% 15 3
FLORIDA WEST COAST (8)
East Bay Plaza Largo 1985/1997 85,426 55.9% 18 4
Lake St. Charles Tampa 1999 57,015 100.0% 8 0
Marco Town Center Marco Island 2001 109,430 92.0% 36 9
Mariners Crossing Spring Hill 1989/1999 85,507 94.0% 13 2
Ross Plaza Tampa 1984/1996 85,359 84.1% 16 4
Shoppes of North Port North Port 1991 84,705 100.0% 22 0
Skipper Palms Tampa 1984 86,944 96.4% 16 1
Summerlin Square Fort Myers 1986/1998 109,156 91.9% 23 5
Supermarket anchor* Average
owned shadow name base rent
Property SF SF exp date Other anchor tenants per leased SF
FLORIDA (47)
NORTH FLORIDA (9)
Atlantic Village 39,795 Publix Jo-Ann's Fabrics $ 10.23
(10/31/2008)
Beauclerc Village Big Lots, Goodwill, Beall's Outlet 7.63
Commonwealth 48,997 Winn-Dixie 8.10
(2/28/2018)
Forest Village 37,866 Publix 10.32
(4/30/2020)
Ft. Caroline 45,500 Winn-Dixie Eckerds* (Bealls Outlet) 7.43
(5/31/2015)
Losco 45,820 Winn-Dixie 18.38
Mandarin Landing 34,400 Publix Office Depot, Eckerds 8.84
(2/14/2007)
Monument Point 46,772 Winn-Dixie Eckerds 6.49
(3/27/2005)
Oak Hill 39,795 Publix Walgreens* (Bonus Dollar) 6.82
(5/11/2005)
CENTRAL FLORIDA (7)
Eckerds Leesburg Eckerds 26.55
Eastwood 51,512 Publix 11.03
(11/1/2017)
Eustis Square 38,520 Publix* Beall's, Walgreens* (Beall's Outlet) 6.71
(11/30/2004)
Kirkman Shoppes Eckerds 17.46
Lake Mary 63,139 Albertsons K-Mart, Euro Fitness, Sun Star 11.70
(6/30/2012) Theatres
Park Promenade 55,000 Publix Orange County Library, Blockbuster 9.35
(2/9/2007)
Walden Woods Walgreens 8.65
FLORIDA TREASURE COAST REGION (6)
Bluffs Square 39,795 Publix Walgreens 11.65
(10/22/2006)
Cashmere Corners 59,448 Albertsons 7.88
(4/30/2025)
Eckerds Melbourne Eckerds 20.45
Jonathan's Landing 53,850 Albertsons Blockbuster 17.93
Ryanwood 39,795 Publix Books A Million, Beall's Outlet 9.17
(3/23/2017)
Salerno Village 31,503 Winn Dixie Eckerds 6.58
(9/21/2007)
FLORIDA WEST COAST (8)
East Bay Plaza 53,000 Albertsons 9.96
Lake St. Charles 46,295 Kash 'N Karry 9.74
(6/30/2019)
Marco Town Center 27,887 Publix 15.98
(1/31/2018)
Mariners Crossing 48,315 Kash 'N Karry 7.92
(4/30/2020)
Ross Plaza Walgreens*, Ross Dress for Less 9.98
Shoppes of North Port 48,890 Publix Beall's Outlet 9.48
(12/11/2011)
Skipper Palms 53,440 Winn-Dixie 8.53
(5/31/2016)
Summerlin Square 45,500 Winn-Dixie Eckerds 10.64
(6/4/2006)
11
EQUITY ONE INC., AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2002
Year Total
built/ square Percent # of tenants
Property City renovated footage leased occp'd vacant
-------- ---- --------- ------- ------- ------ ------
SOUTH FLORIDA/ATLANTIC COAST (17)
Bird Ludlum Miami 1988/1998 192,282 98.5% 48 1
Boca Village Boca Raton 1978 93,428 100.0% 22 0
Boynton Plaza Boynton Beach 1978/1999 99,324 88.1% 24 6
Lantana Village Lantana 1976/1999 175,480 98.4% 23 2
Meadows Miami 1997 75,524 95.2% 19 2
Oakbrook Palm Beach Gardens 1974/2000 220,747 59.6% 15 20
Pine Island Davie 1983/1999 254,907 96.6% 44 3
Plaza Del Rey Miami 1985/1996 50,146 97.2% 22 1
Point Royale Miami 1970/2000 209,863 93.9% 23 3
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 97.6% 26 3
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 98.9% 43 2
University Mall Ft. Lauderdale 1973 249,508 84.7% 17 8
West Lakes Plaza Miami 1984/2000 100,747 100.0% 27 0
--------- ----- --- ---
TOTAL SHOPPING CENTERS FLORIDA (47) 5,121,139 92.9% 996 135
--------- ----- --- ---
TEXAS (31)
HOUSTON (15)
Barker Cypress Houston 1999 66,945 95.8% 14 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 134,845 56.1% 27 6
Forestwood Houston 1993 88,760 98.0% 15 1
Grogan's Mill The Woodlands 1986 118,493 98.9% 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 107,301 100.0% 35 0
Mason Park Katy 1998 160,047 76.8% 33 6
Mission Bend Houston 1980/1999 131,575 91.8% 24 3
Spring Shadows Houston 1999 39,611 95.7% 15 1
Steeplechase Jersey Village 1985 105,152 100.0% 26 0
Supermarket anchor* Average
owned shadow name base rent
Property SF SF exp date Other anchor tenants per leased SF
SOUTH FLORIDA/ATLANTIC COAST (17)
Bird Ludlum 44,400 Winn-Dixie Eckerds, Blockbuster, Goodwill $ 14.59
(12/31/2007)
Boca Village 36,000 Publix Eckerds 14.57
(3/31/2007)
Boynton Plaza 37,664 Publix Eckerds 10.07
(8/31/2003)
Lantana Village 39,473 Winn-Dixie K-Mart, Rite Aid* 6.44
(2/15/2011) (Dollar Store)
Meadows 47,955 Publix 12.01
(7/9/2017)
Oakbrook 44,400 Publix Eckerds, Duffy's 12.55
(10/31/2020) Steinmart (opening May 2003)
Pine Island 39,943 Publix Home Depot Expo, Rite Aid* 9.21
(11/30/2013) (Bealls Outlet)
Plaza Del Rey Navarro Pharmacy 12.84
Point Royale 45,350 Winn-Dixie Best Buy, Eckerds* (Linen 6.49
(2/18/2011) Supermarket)
Pompano Lowe's 6.69
Prosperity Centre Office Depot, Barnes & Noble, 14.80
Bed Bath & Beyond, Carmine's,
TJ Maxx
Ridge Plaza AMC Theater, Kabooms, Republic 9.03
Security Bank, Uncle Funny's,
Round Up
Sawgrass Promenade 36,464 Publix Walgreens, Blockbuster 11.28
(11/30/2004)
Shoppes of Ibis 51,420 Publix 12.22
(4/30/2019)
Shops at Skylake 51,420 Publix Goodwill, Blockbuster 15.23
(7/31/2019)
University Mall Eckerds, 5.92
Lowes (under construction)
West Lakes Plaza 46,216 Winn-Dixie Navarro Pharmacy 10.70
(10/31/2016)
--------- ------- -------
TOTAL SHOPPING CENTERS FLORIDA (47) 1,462,869 152,670 $ 10.35
--------- ------- -------
TEXAS (31)
HOUSTON (15)
Barker Cypress 41,320 H.E.B. 12.53
(01/31/2014)
Beechcrest 40,345 Randall's* (Viet Ho) Walgreens* 8.86
(6/24/2016)
Benchmark Crossing Bally's Fitness 12.13
Bissonnet 63,000 Kroger Blockbuster 14.39
Colony Plaza 18.77
Copperfield JoAnn's Fabrics 12.39
Forestwood 59,334 Kroger 10.58
(7/31/2013)
Grogan's Mill 56,558 Randall's* Petco 12.19
(6/24/2016)
Hedwig Warehouse Music, Ross Dress 13.96
for Less
Highland Square 16.59
Market at First Colony 62,000 Kroger TJ Maxx, Eckerds 15.65
Mason Park 58,890 Kroger Walgreens* (Eloise Collectibles) 11.73
Palais Royal, Petco
Mission Bend 46,112 Randall's 8.44
(6/24/2016)
Spring Shadows 63,322 H.E.B. 14.21
Steeplechase 56,208 Randall's 11.13
(6/24/2016)
12
EQUITY ONE INC., AND SUBSIDIARIES
PROPERTY STATUS REPORT
as of December 31, 2002
Year Total
built/ square Percent # of tenants
Property City renovated footage leased occp'd vacant
-------- ---- --------- ------- ------ ------ ------
DALLAS (13)
Green Oaks Arlington 1983 65,091 80.6% 26 7
Melbourne Plaza Hurst 1983 47,517 90.1% 15 3
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 444,193 51.5% 38 21
Plymouth Park South Irving 1970 49,102 85.8% 5 2
Plymouth Park West Irving 1970 178,930 95.6% 14 1
Richwood Richardson 1984 54,872 82.5% 23 5
Rosemeade Carrollton 1986 49,554 97.5% 17 1
Sterling Plaza Irving 1989 65,205 100.0% 16 0
Townsend Square Desoto 1990 142,978 84.9% 32 6
Village by the 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) 2,980,323 83.0% 563 79
--------- ---- ----- ---
ARIZONA (3)
Big Curve Yuma 1969/1996 126,402 95.3% 30 2
Park Northern Phoenix 1982/1996 126,852 91.8% 20 5
Southwest Walgreens Phoenix 1975/1998 93,518 52.8% 15 3
--------- ---- ----- ---
TOTAL SHOPPING CENTERS ARIZONA (3) 346,772 82.6% 65 10
--------- ---- ----- ---
TOTAL SHOPPING CENTERS (81) 8,448,234 88.9% 1,624 224
--------- ---- ----- ---
OTHER RETAIL PROPERTIES (2)
El Novillo Miami Beach, FL 1970/2000 10,000 100.0% 1 0
Epsilon W. Palm Beach, FL 1925/1997 18,707 54.6% 4 1
--------- ---- ----- ---
TOTAL SHOPPING & RETAIL PROPERTY (83) 8,476,941 88.9% 1,629 225
--------- ---- ----- ---
Mandarin Mini-storage Jacksonville, FL 1982 52,880 98.1% 524 10
Plaza Alegre Miami, FL 2003 Development
Coral Way N.E. Miami, FL 2003 Development
Cashmere Port St. Lucie 2003 Development
Homestead Homestead, FL 2004 Development
--------- ---- ----- ---
GRAND TOTAL (88) 8,529,821 88.9% 2,153 235
--------- ---- ----- ---
Supermarket anchor* Average
owned shadow name base rent
Property SF SF exp date Other anchor tenants per leased SF
DALLAS (13)
Green Oaks 58,000 Kroger $10.94
Melbourne Plaza 11.09
Minyards 58,695 Minyards/Sack N Save 6.12
(12/31/2029)
Parkwood 62,000 Albertsons Planet Pizza 12.75
Plymouth Park East 42,130 Kroger 4.17
(11/30/2013)
Plymouth Park North Blockbuster, Dollar General, 7.39
Thrift Store, Post Office,
Chateau Theatre, Levines
Plymouth Park South Betcha Bingo 6.86
Plymouth Park West Bargain City 4.46
Richwood 61,877 Albertsons Blockbuster 12.97
Rosemeade 58,900 Kroger Gold's Gym, Blockbuster 11.92
Sterling Plaza Bank One, 14.18
Warehouse Entertainment
Townsend Square 60,349 Albertsons Beall's, Victory Gym, 9.06
Tutor Time
Village by the Park Petco 17.48
SAN ANTONIO (3)
Bandera Festival Beall's, Eckerds* (Scrapbook 11.16
Heaven), Blockbuster
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) 528,286 548,338 $10.62
--------- ------- ------
ARIZONA (3)
Big Curve 60,000 Albertsons Walgreens, Miller's Outpost 9.70
Park Northern 51,511 Safeway Beall's, Showbiz Pizza 6.51
(5/31/2008)
Southwest Walgreens Walgreens 10.55
--------- ------- ------
TOTAL SHOPPING CENTERS ARIZONA (3) 51,511 60,000 $ 8.55
--------- ------- ------
TOTAL SHOPPING CENTERS (81) 2,042,666 761,008 $10.33
--------- ------- ------
OTHER RETAIL PROPERTIES (2)
El Novillo Jumbo Buffet 14.08
Epsilon Dax Bar & Grill 16.40
--------- ------- ------
TOTAL SHOPPING & RETAIL PROPERTY (83) 2,042,666 761,008 $10.34
--------- ------- ------
Mandarin Mini-storage
Plaza Alegre
Coral Way N.E.
Cashmere
Homestead
GRAND TOTAL (88) 2,042,666 761,008
--------- -------
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 rent, but has closed its store and
ceased operations. The subtenant, if any, is shown in ( ).
13
EQUITY ONE, INC. AND SUBSIDIARIES
ANNUAL MINIMUM RENT BY LOCATION
as of December 31, 2002
- -------------------------------------------------------------------------------
ANNUAL MINIMUM RENT
BY LOCATION
[CHART]
REGION COUNT AMR STATE STATE TOTAL %
------ ----- --- ----- ----------- ---
NORTH FL 9 $ 5,737,047
CENTRAL FL 7 8,634,165
TREASURE COAST 6 4,301,523
WEST FL 8 6,578,429
SOUTH FL 19 23,950,866 FLORIDA (49) $49,202,030 63%
HOUSTON 15 14,153,869
DALLAS 13 9,185,618
SAN ANTONIO 3 2,920,451 TEXAS (31) 26,259,938 34%
ARIZONA 3 2,447,337 ARIZONA 2,447,337 3%
TOTAL 83 $77,909,305 TOTAL $77,909,305 100%
Note: Chart excludes Mandarin Mini-storage and 4 development properties.
14
EQUITY ONE, INC. AND SUBSIDIARIES
TENANT CONCENTRATION SCHEDULE
as of December 31, 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 9.4% $ 5,307,773 6.8% $ 6.65
Winn Dixie 10 447,151 5.3% 2,838,433 3.6% 6.35
Eckerds 15 153,426 1.8% 1,632,517 2.1% 10.64
Safeway, Randall's 5 250,734 3.0% 1,616,185 2.1% 6.45
Lowes 3 259,751 3.1% 1,408,000 1.8% 5.42
H.E. Butt 2 115,947 1.4% 1,398,855 1.8% 12.06
Walgreens 10 154,116 1.8% 1,094,641 1.4% 7.10
Blockbuster 12 64,951 0.8% 1,038,871 1.3% 15.99
Albertsons 4 177,544 2.1% 899,820 1.2% 5.07
K Mart 2 170,659 2.0% 814,750 1.0% 4.77
----- --------- ----- ----------- ----- ------
SUB-TOTAL TOP TEN TENANTS 82 2,592,800 30.6% $18,049,845 23.2% $ 6.96
----- --------- ----- ----------- ----- ------
Remaining tenants 1,547 4,941,535 58.3% 59,859,460 76.8% 12.11
----- --------- ----- ----------- ----- ------
SUB-TOTAL ALL TENANTS 1,629 7,534,335 88.9% $77,909,305 100.0% $10.34
----- --------- ----- ----------- ----- ------
Vacant 225 942,606 11.1% 0 0.0% 0.00
----- --------- ----- ----------- ----- ------
TOTAL INCLUDING VACANT 1,854 8,476,941 100.0% $77,909,305 100.0% $ 9.19
----- --------- ----- ----------- ----- ------
Note: Excludes Mandarin mini-storage facility.
15
EQUITY ONE, INC. AND SUBSIDIARIES
SHOPPING CENTER & COMMERCIAL PROPERTY LEASE EXPIRATION SCHEDULE
as of December 31, 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
----------- --------- ------- ------------- ---------- --------
M-T-M 32 71,760 0.8% $ 808,757 1.0% $ 11.27
2003 292 692,986 8.2% 8,705,620 10.8% 12.56
2004 345 961,746 11.3% 11,281,427 14.0% 11.73
2005 345 921,251 10.9% 11,422,776 14.1% 12.40
2006 190 745,824 8.8% 8,823,204 10.9% 11.83
2007 201 842,604 9.9% 9,883,947 12.2% 11.73
2008 66 375,322 4.4% 4,446,558 5.5% 11.85
2009 28 175,269 2.1% 2,328,184 2.9% 13.28
2010 34 322,574 3.8% 3,049,278 3.8% 9.45
2011 21 417,520 4.9% 3,128,089 3.9% 7.49
2012 11 130,635 1.5% 1,957,735 2.4% 14.99
Thereafter 58 1,876,844 22.1% 14,917,735 18.5% 7.95
----- --------- ---- ----------- ----- -------
SUB-TOTAL/AVERAGE 1,623 7,534,335 88.9% $80,753,310 100.0% $ 10.72
----- --------- ----- ----------- ----- -------
Vacant 225 942,606 11.1% 0 NA NA
----- --------- ----- ----------- ----- -------
TOTAL/AVERAGE 1,848 8,476,941 100.0% $80,753,310 100.0% $ 9.53
----- --------- ----- ----------- ----- -------
ANNUAL LEASE EXPIRATIONS
[GRAPH]
(1) Includes 11 tenants who use 0 square feet but pay rent under various
usage agreements. Excludes 6 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 11 tenants who use 0 square feet but pay rent
under various usage agreements.
16
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS, DISPOSITIONS AND ACQUISITIONS
as of December 31, 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 $10,900 and is opening in March 2003. This development is not
reflected on the December 31, 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 Allegre, 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 December 31, 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
approximately $4,300 to redevelop the remainder of the property. This
redevelopment is reflected on the December 31, 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 December 31, 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. This redevelopment is
reflected on the December 31, 2002 Property Status Report in its
current configuration.
6) HOMESTEAD RETAIL
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 December 31, 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
120,000 square feet in the fourth quarter of 2003 at an additional cost
of approximately $6,200. 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 49,000
square foot space. The balance of the new development will be
configured for local tenant leasing. The current configuration is
reflected on the December 31, 2002 Property Status Report.
8) CASHMERE
Port St. Lucie, Florida
This is a four acre site adjacent to our Cashmere Corners retail
center. In April 2003 we will commence construction of 20,000 square
feet of retail space. The project will be completed in November 2003 at
an a cost of approximately $1,800. This development is not reflected on
the December 31, 2002 Property Status Report, although the land parcel
is listed as a property.
17
EQUITY ONE, INC. AND SUBSIDIARIES
REAL ESTATE DEVELOPMENTS, DISPOSITIONS AND ACQUISITIONS
as of December 31, 2002
(in thousands, except square footage data)
- -------------------------------------------------------------------------------
DISPOSITION ACTIVITY - 4TH QUARTER
----------------------------------
9) MCMINN PLAZA
Athens, AZ
This property was sold on November 13, 2002 for a price of $6,200,
resulting in a gain of $951.
10) WOODFOREST
Houston, TX
This property was sold on December 12, 2002 for a price of $1,850,
resulting in a gain of $126.
PURCHASE ACTIVITY - 4TH QUARTER
-------------------------------
11) FORESTWOOD
Houston, TX
This property was acquired on December 6, 2002 for a purchase price of
$10,355.
18
EQUITY ONE, INC. AND SUBSIDIARIES
JOINT VENTURE INVESTMENTS
as of December 31, 2002
(in thousands, except square footage data)
- -------------------------------------------------------------------------------
OWNED JOINT VENTURES *
- ----------------------
1) CITY CENTRE
2) CITY CENTRE PARCEL F
Palm Beach Gardens, Florida
City Centre is a 93,565 square foot office/retail center that was 93%
leased as of 12/31/02. The property is encumbered by an 8.54%
fixed-rate mortgage loan with a balance of $12,983 on,12/31/02, which
matures on 4/1/10. This property includes a parcel of land slated for
future office development which is held in a separate joint venture.
Equity One owns a 50% interest in both joint ventures.
3) PARK PLACE
Plano, Texas
Park Place is a 112,478 square foot retail center that was 100% leased
as of 12/31/02. 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
joint venture.
4) OAKS SQUARE
Gainesville, Florida
Oaks Square is a 119,355 square foot retail center that was 100% leased
as of 12/31/02. The property is encumbered by a 7.63% fixed-rate
mortgage loan with a balance of $16,642 on 12/31/02, which matures on
12/31/10. Equity One owns a 50% interest in this joint venture.
* Equity One accounts for these four joint venture interests using the
equity method as we do not consider ourselves to be in control of the
major business decisions.
19
EQUITY ONE, INC. AND SUBSIDIARIES
STOCK PRICE AND VOLUME STATISTICS
for the three months ended December 31, 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
20