===========================================================================
===========================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 14, 2003
Equity One, Inc.
-----------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of incorporation)
001-13499 52-1794271
(Commission File Number) (I.R.S. Employer Identification No.)
1696 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
(Address of principal executive offices) (Zip Code)
(305) 947-1664
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
===========================================================================
===========================================================================
Item 5. Other Events
We are filing with this Current Report on Form 8-K, the historical
statements of Revenues and Certain Operating Expenses for Sheridan Plaza and
Presidential Markets for the year ended December 31, 2002 and the six months
ended June 30, 2003 and pro forma financial information for Equity One, Inc.
(the "Company") for these periods.
The Company has acquired the following properties (the "Acquired
Properties"):
HEB - Spring Shadows
On April 3, 2003, the Company acquired HEB - Spring Shadows, an
approximately 63,000 square foot shopping center located in Houston, Texas from
an unrelated third party entity in an arms length transaction. The property was
acquired for cash of approximately $3.5 million. The Company funded the cash
from funds on hand.
Sheridan Plaza
On July 14, 2003, the Company acquired Sheridan Plaza, an approximately
452,000 square foot shopping center located in Hollywood, Florida from an
unrelated third party entity in an arms length transaction. The property was
acquired for cash of approximately $75.3 million. The Company funded the cash
from funds on hand and borrowing under our existing revolving credit facility.
Butler Creek
On July 15, 2003, the Company acquired Butler Creek, an approximately
96,000 square foot retail property located in Acworth, Georgia in Cobb County,
approximately 25 miles northwest of Atlanta, from an unrelated third party
entity in an arms length transaction. The property was acquired for cash of
approximately $12.1 million. The Company funded the cash from funds on hand and
borrowing under our revolving credit facility.
Bandera Outparcel
On July 28, 2003, the Company acquired Bandera Outparcel, an approximately
6,000 square foot shopping center located in San Antonio, Texas, which is
adjacent to our existing Bandera Festival retail center, from an unrelated third
party entity in an arms length transaction. The property was acquired for cash
of approximately $500,000. The Company funded the cash from funds on hand.
Presidential Markets
On August 15, 2003, the Company acquired Presidential Markets, an
approximately 396,000 square foot shopping center located in Snellville,
Georgia, approximately 20 miles east of Atlanta, from an unrelated third party
entity in an arms length transaction. The property was acquired for
approximately $47.2 million, consisting of $19.7 million in cash and the
assumption of a $27.5 million fixed rate mortgage. The cash component of the
purchase was funded from funds on hand and borrowings under our existing
revolving credit facility. The interest rate on the fixed rate mortgage is 7.65%
per annum.
In evaluating a potential acquisition and determining the appropriate
amount of consideration to be paid for a property, we considered a variety of
factors including overall valuation of net rental income, location,
demographics, tenant mix, quality of tenants, length of leases, price per square
foot, occupancy
2
and the overall rental rates at the shopping center to market rates. We believe
that these properties are well located, have acceptable roadway access, attract
high-quality tenants, and are well maintained. The properties will be subject to
competition from similar shopping centers within their market area, and the
economic performance could be affected by changes in local economic conditions.
Separate independent appraisals were not obtained in connection with the
acquisitions. The Company, after investigation of the properties, is not aware
of any material factors, other than those enumerated above, that would cause the
financial information reported, where available, to not be necessarily
indicative of future operating results.
Item 7. Financial Statements, ProForma Financial Information and Exhibits
(a) Financial statements of business acquired:
(3) Financial Statements specified by Rule 3-14 of Regulation S-X
(b) Pro Forma financial information
Exhibit Name
---------------------------------------------------
23.1 Independent Auditors' Consent
23.2 Independent Auditors' Consent
99.1 Statement of Revenues and Certain Operating Expenses of
Sheridan Plaza
99.2 Statement of Revenues and Certain Operating Expenses of
Presidential Markets
99.3 Unaudited Consolidated Pro Forma Financial Information
---------------------------------------------------------------------------
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September 19, 2003 EQUITY ONE, INC.
By: /s/ Howard Sipzner
------------------------
Chief Financial Officer
3
EXHIBIT INDEX
Exhibit No. Document
---------- --------
23.1 Independent Auditors' Consent
23.2 Independent Auditors' Consent
99.1 Statement of Revenues and Certain Operating Expenses of
Sheridan Plaza
99.2 Statement of Revenues and Certain Operating Expenses of
Presidential Markets
99.3 Unaudited Consolidated Pro Forma Financial Information
4