Exhibit 99.1
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For additional information at the Company:
Equity One, Inc. -----------------------------------------
1696 NE Miami Gardens Drive Howard Sipzner, CFO
North Miami Beach, FL 33179 Arthur Gallagher, General Counsel
305-947-1664 Media Contact:
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Abbe Solomon 305-446-2700
FOR IMMEDIATE RELEASE:
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May 13, 2003
EQUITY ONE ANNOUNCES PUBLIC OFFERING
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NORTH MIAMI BEACH, FL, May 13, 2003 - Equity One, Inc. (NYSE: EQY), an owner,
developer and operator of community and neighborhood shopping centers located
predominately in high growth markets in the southern United States, announced
today that it has agreed to sell 3,000,000 shares of its common stock in an
underwritten public offering, with aggregate net proceeds to the Company of
approximately $48.7 million. The offering is expected to close on May 19, 2003.
The shares are being underwritten by Deutsche Bank Securities Inc. The Company
has granted Deutsche Bank Securities Inc. an option to purchase up to an
additional 450,000 shares to cover over-allotments.
The common stock is being offered through a prospectus supplement under the
Company's existing shelf registration statement.
The Company intends to use the net proceeds from the offering for general
corporate purposes, including the repayment of debt, ongoing development
activities and the acquisition of additional shopping centers.
Copies of the prospectus supplement may be obtained from Deutsche Bank
Securities Inc. at 31 W. 52nd Street, 4th Floor, New York, New York 10019.
About Equity One, Inc.
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Equity One is a real estate investment trust that acquires, renovates, develops
and manages neighborhood shopping centers anchored by national and regional
supermarket chains and other necessity-oriented retailers such as drug stores or
discount retail stores. Its 18.5 million square foot portfolio consists of 179
properties primarily located in metropolitan areas of the southern United
States, encompassing 122 supermarket-anchored shopping centers, eight drug
store-anchored shopping centers, 42 other retail-anchored shopping centers, two
commercial properties and five retail developments, as well as non-controlling
interests in four unconsolidated joint ventures. For additional information,
please visit the Company's web site at www.equityone.net.
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This release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
FORWARD LOOKING STATEMENTS
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Certain matters discussed by Equity One in this press release constitute
forward-looking statements within the meaning of the federal securities laws.
Although Equity One believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can give no
assurance that these expectations will be achieved. Factors that could cause
actual results to differ
materially from current expectations include changes in macro-economic
conditions and the demand for retail space in Florida, Georgia, Texas and the
other states in which Equity One owns properties; the continuing financial
success of Equity One's current and prospective tenants; continuing supply
constraints in its geographic markets; the availability of properties for
acquisition; the success of its efforts to lease up vacant properties; the
effects of natural and other disasters; the ability of Equity One to
successfully integrate the operations and systems of acquired companies and
properties; and other risks, which are described in Equity One's filings with
the Securities and Exchange Commission.