Exhibit 99.1
------------
Equity One, Inc. For additional information at the Company:
1696 NE Miami Gardens Drive -----------------------------------------
North Miami Beach, FL 33179 Howard Sipzner, CFO
305-947-1664 Media Contact:
--------------
Abbe Solomon 305-446-2700
FOR IMMEDIATE RELEASE
- ---------------------
EQUITY ONE ANNOUNCES SALE OF THREE MILLION SHARES OF COMMON STOCK
-----------------------------------------------------------------
NORTH MIAMI BEACH, Florida, September 22, 2003 - Equity One, Inc. (NYSE: EQY)
announced today that it has entered into an agreement to sell three million
shares of common stock at a net price to the Company of $17.05 per share, which
represents a 3.45% discount from today's New York Stock Exchange closing price
of $17.66 per share. The Company intends to use the net proceeds, after all
anticipated issuance costs, of approximately $50.7 million for general corporate
purposes, including future acquisitions, redevelopments and developments.
Pending such uses, the net proceeds will be used to reduce outstanding variable
rate debt under its unsecured credit facility. The offering is being
underwritten by McDonald Investments Inc. and Legg Mason Wood Walker
Incorporated as joint book running managers. The Company has granted the
underwriters an option to purchase up to an additional 450,000 shares to cover
over-allotments, resulting in potential additional proceeds of up to $7.7
million.
All shares of common stock will be offered under the Company's existing shelf
registration statements filed with the Securities and Exchange Commission. The
offering of these securities will be made only by means of a prospectus
supplement which will be filed with the Securities and Exchange Commission. When
available, copies of the prospectus supplement may be obtained from McDonald
Investments Inc. at 800 Superior Avenue; Cleveland, Ohio 44114 (mail code
OH-01-02-1765) or from Legg Mason Wood Walker Incorporated at 100 Light Street;
Baltimore, Maryland 21202.
This press 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 state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any state.
About Equity One, Inc.
- ---------------------
Equity One is a real estate investment trust that principally acquires,
renovates, develops and manages neighborhood and community shopping centers
anchored by national and regional supermarket chains and other
necessity-oriented retailers such as drug stores or discount retail stores. Our
19.6 million square foot portfolio consists of 181 properties located primarily
in metropolitan areas of the southern United States, encompassing 125
supermarket-anchored shopping centers, nine drug store-anchored shopping
centers, 40 other retail-anchored shopping centers, two commercial properties
and five retail developments, as well as non-controlling interests in three
unconsolidated joint ventures. For additional information, please visit our web
site at www.equityone.net.
Forward Looking Statements
- --------------------------
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, Texas,
Georgia 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 successfully
to 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.