Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheet As of September 30, 2012	Equity One, Inc.			Combined Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminating Entries			Consolidated
	(In thousands)
ASSETS
Properties, net	$	265,457		$	1,304,479	$	1,418,444	$	(136	)	$	2,988,244
Investment in affiliates	1,228,310			—		—		(1,228,310		)	—
Other assets	289,660			78,768		853,248		(803,086		)	418,590
Total Assets	$	1,783,427		$	1,383,247	$	2,271,692	$	(2,031,532	)	$	3,406,834
LIABILITIES
Mortgage notes payable	$	27,218		$	38,247	$	381,007	$	—		$	446,472
Unsecured senior notes payable	681,136			—		—		—			681,136
Other notes payable	600,000			93,600		70,840		(764,440		)	—
Term loan	250,000			—		—		—			250,000
Unsecured revolving credit facilities	62,000			—		—		—			62,000
Unamortized/unaccreted (discount)    premium on notes payable	(1,994		)	264		8,312		—			6,582
Other liabilities	22,830			103,378		169,104		(19,708		)	275,604
Total Liabilities	1,641,190			235,489		629,263		(784,148		)	1,721,794
Redeemable noncontrolling interests	—			—		—		22,621			22,621
EQUITY	142,237			1,147,758		1,642,429		(1,270,005		)	1,662,419
TOTAL LIABILITIES AND EQUITY	$	1,783,427		$	1,383,247	$	2,271,692	$	(2,031,532	)	$	3,406,834

Condensed Consolidating Balance Sheet As of December 31, 2011	Equity One, Inc.			Combined Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminating Entries			Consolidated
	(In thousands)
ASSETS
Properties, net	$	269,251		$	1,296,731	$	1,242,139	$	(46	)	$	2,808,075
Investment in affiliates	1,228,310			—		—		(1,228,310		)	—
Other assets	345,064			52,771		855,502		(838,841		)	414,496
Total Assets	$	1,842,625		$	1,349,502	$	2,097,641	$	(2,067,197	)	$	3,222,571
LIABILITIES
Mortgage notes payable	$	28,535		$	39,327	$	402,825	$	—		$	470,687
Unsecured senior notes payable	691,136			—		—		—			691,136
Other notes payable	600,000			93,600		67,000		(760,600		)	—
Unsecured revolving credit facilities	138,000			—		—		—			138,000
Unamortized/unaccreted (discount)    premium on notes payable	(2,433		)	296		10,318		—			8,181
Other liabilities	20,462			102,341		145,883		(30,820		)	237,866
Liabilities associated with assets held for    sale	5			1,103		27,587		—			28,695
Total Liabilities	1,475,705			236,667		653,613		(791,420		)	1,574,565
Redeemable noncontrolling interests	—			—		—		22,804			22,804
EQUITY	366,920			1,112,835		1,444,028		(1,298,581		)	1,625,202
TOTAL LIABILITIES AND EQUITY	$	1,842,625		$	1,349,502	$	2,097,641	$	(2,067,197	)	$	3,222,571

Schedule of Condensed Consolidating Statements of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income for the three months ended September 30, 2012	Equity One Inc.			Combined Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminating Entries			Consolidated
	(In thousands)
REVENUE:
Minimum rent	$	7,131		$	30,980		$	25,572		$	—		$	63,683
Expense recoveries	1,885			8,643			8,305			—			18,833
Percentage rent	(5		)	68			875			—			938
Management and leasing services	—			2			497			—			499
Total revenue	9,011			39,693			35,249			—			83,953
EQUITY IN SUBSIDIARIES' EARNINGS	27,195			—			—			(27,195		)	—
COSTS AND EXPENSES:
Property operating	2,897			9,900			10,296			(208		)	22,885
Rental property depreciation and amortization	1,876			8,587			10,249			26			20,738
General and administrative	7,397			1,708			1,151			(29		)	10,227
Total costs and expenses	12,170			20,195			21,696			(211		)	53,850
INCOME BEFORE OTHER INCOME AND    EXPENSE, TAX AND DISCONTINUED    OPERATIONS	24,036			19,498			13,553			(26,984		)	30,103
OTHER INCOME AND EXPENSE:
Investment income	8,586			3			11,026			(18,029		)	1,586
Equity in income of unconsolidated joint ventures	—			—			469			—			469
Other income (loss)	211			—			(9		)	(212		)	(10		)
Interest expense	(24,104		)	(915		)	(11,102		)	18,029			(18,092		)
Amortization of deferred financing fees	(598		)	(3		)	(26		)	—			(627		)
Impairment loss	—			(2,445		)	—			—			(2,445		)
INCOME FROM CONTINUING OPERATIONS    BEFORE TAX AND DISCONTINUED    OPERATIONS	8,131			16,138			13,911			(27,196		)	10,984
Income tax expense of taxable REIT subsidiaries	—			(120		)	(358		)	—			(478		)
INCOME FROM CONTINUING OPERATIONS	8,131			16,018			13,553			(27,196		)	10,506
DISCONTINUED OPERATIONS:
Operations of income producing properties sold    or held for sale	10			(83		)	364			4			295
INCOME (LOSS) FROM DISCONTINUED    OPERATIONS	10			(83		)	364			4			295
NET INCOME	8,141			15,935			13,917			(27,192		)	10,801
Other comprehensive (loss) income	(2,562		)	—			76			—			(2,486		)
COMPREHENSIVE INCOME	5,579			15,935			13,993			(27,192		)	8,315
Comprehensive income attributable to    noncontrolling interests	—			—			(2,736		)	—			(2,736		)
COMPREHENSIVE INCOME ATTRIBUTABLE    TO EQUITY ONE, INC.	$	5,579		$	15,935		$	11,257		$	(27,192	)	$	5,579

Condensed Consolidating Statement of Comprehensive Income for the three months ended September 30, 2011	Equity One Inc.			Combined Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminating Entries			Consolidated
	(In thousands)
REVENUE:
Minimum rent	$	7,077		$	28,869		$	17,890		$	—		$	53,836
Expense recoveries	1,974			8,389			5,439			—			15,802
Percentage rent	11			105			607			—			723
Management and leasing services	10			24			449			—			483
Total revenue	9,072			37,387			24,385			—			70,844
EQUITY IN SUBSIDIARIES' EARNINGS	18,883			—			—			(18,883		)	—
COSTS AND EXPENSES:
Property operating	2,888			10,099			7,428			521			20,936
Rental property depreciation and amortization	1,740			7,125			9,248			34			18,147
General and administrative	8,064			1,921			3,206			(101		)	13,090
Total costs and expenses	12,692			19,145			19,882			454			52,173
INCOME BEFORE OTHER INCOME AND EXPENSE,    TAX AND DISCONTINUED OPERATIONS	15,263			18,242			4,503			(19,337		)	18,671
OTHER INCOME AND EXPENSE:
Investment income	4,680			2			11,007			(14,174		)	1,515
Equity in income of unconsolidated joint ventures	—			—			4,426			—			4,426
Other income	90			—			11			—			101
Interest expense	(22,408		)	(2,301		)	(5,367		)	13,059			(17,017		)
Amortization of deferred financing fees	(510		)	(22		)	(26		)	—			(558		)
Gain on sale of real estate	—			29			930			—			959
Impairment loss	—			(18,490		)	—			—			(18,490		)
(LOSS) INCOME FROM CONTINUING OPERATIONS    BEFORE TAX AND DISCONTINUED OPERATIONS	(2,885		)	(2,540		)	15,484			(20,452		)	(10,393		)
Income tax benefit of taxable REIT subsidiaries	—			2,523			650			—			3,173
(LOSS) INCOME FROM CONTINUING OPERATIONS	(2,885		)	(17		)	16,134			(20,452		)	(7,220		)
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held    for sale	393			1,826			203			1,636			4,058
Gain on disposal of income producing properties	34			—			3,991			—			4,025
Impairment loss on income producing properties sold or    held for sale	(2,074		)	(162		)	(86,151		)	51,673			(36,714		)
Income tax benefit of taxable REIT subsidiaries	—			—			33,642			—			33,642
(LOSS) INCOME FROM DISCONTINUED    OPERATIONS	(1,647		)	1,664			(48,315		)	53,309			5,011
NET (LOSS) INCOME	(4,532		)	1,647			(32,181		)	32,857			(2,209		)
Other comprehensive income	16			—			125			—			141
COMPREHENSIVE (LOSS) INCOME	(4,516		)	1,647			(32,056		)	32,857			(2,068		)
Comprehensive income attributable to noncontrolling    interests	—			—			(2,448		)	—			(2,448		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE    TO EQUITY ONE, INC.	$	(4,516	)	$	1,647		$	(34,504	)	$	32,857		$	(4,516	)

Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2012	Equity One Inc.			Combined Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminating Entries			Consolidated
	(In thousands)
REVENUE:
Minimum rent	$	21,119		$	91,699		$	74,183		$	—		$	187,001
Expense recoveries	5,815			25,820			23,760			—			55,395
Percentage rent	93			1,075			2,515			—			3,683
Management and leasing services	—			42			2,149			(388		)	1,803
Total revenue	27,027			118,636			102,607			(388		)	247,882
EQUITY IN SUBSIDIARIES' EARNINGS	96,469			—			—			(96,469		)	—
COSTS AND EXPENSES:
Property operating	8,369			30,141			28,952			(569		)	66,893
Rental property depreciation and amortization	5,382			27,657			32,335			68			65,442
General and administrative	23,517			5,700			3,407			(210		)	32,414
Total costs and expenses	37,268			63,498			64,694			(711		)	164,749
INCOME BEFORE OTHER INCOME AND EXPENSE,    TAX AND DISCONTINUED OPERATIONS	86,228			55,138			37,913			(96,146		)	83,133
OTHER INCOME AND EXPENSE:
Investment income	15,106			13			32,969			(43,473		)	4,615
Equity in income of unconsolidated joint ventures	—			—			129			—			129
Other income	756			—			5			(637		)	124
Interest expense	(71,030		)	(1,290		)	(24,457		)	43,473			(53,304		)
Amortization of deferred financing fees	(1,736		)	(23		)	(77		)	—			(1,836		)
(Loss) gain on extinguishment of debt	—			(27		)	370			—			343
Impairment loss				(6,393		)							(6,393		)
INCOME FROM CONTINUING OPERATIONS    BEFORE TAX AND DISCONTINUED OPERATIONS	29,324			47,418			46,852			(96,783		)	26,811
Income tax expense of taxable REIT subsidiaries	—			(244		)	(173		)	—			(417		)
INCOME FROM CONTINUING OPERATIONS	29,324			47,174			46,679			(96,783		)	26,394
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held    for sale	(2		)	(178		)	390			69			279
Gain on disposal of income producing properties	282			424			13,563			—			14,269
Impairment loss on income producing properties sold or    held for sale	—			(3,425		)	—			—			(3,425		)
INCOME (LOSS) FROM DISCONTINUED    OPERATIONS	280			(3,179		)	13,953			69			11,123
NET INCOME	29,604			43,995			60,632			(96,714		)	37,517
Other comprehensive (loss) income	(7,624		)	—			289			—			(7,335		)
COMPREHENSIVE INCOME	21,980			43,995			60,921			(96,714		)	30,182
Comprehensive income attributable to noncontrolling    interests	—			—			(8,202		)	—			(8,202		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO    EQUITY ONE, INC.	$	21,980		$	43,995		$	52,719		$	(96,714	)	$	21,980

Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2011	Equity One Inc.			Combined Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminating Entries			Consolidated
	(In thousands)
REVENUE:
Minimum rent	$	21,435		$	87,696		$	52,710		$	—		$	161,841
Expense recoveries	5,920			25,369			17,122			—			48,411
Percentage rent	107			960			1,731			—			2,798
Management and leasing services	10			72			1,508			—			1,590
Total revenue	27,472			114,097			73,071			—			214,640
EQUITY IN SUBSIDIARIES' EARNINGS	72,962			—			—			(72,962		)	—
COSTS AND EXPENSES:
Property operating	8,433			30,687			21,260			1,544			61,924
Rental property depreciation and amortization	5,083			25,301			27,155			81			57,620
General and administrative	24,910			6,304			7,504			(312		)	38,406
Total costs and expenses	38,426			62,292			55,919			1,313			157,950
INCOME BEFORE OTHER INCOME AND EXPENSE,    TAX AND DISCONTINUED OPERATIONS	62,008			51,805			17,152			(74,275		)	56,690
OTHER INCOME AND EXPENSE:
Investment income	11,408			13			33,396			(41,642		)	3,175
Equity in income of unconsolidated joint ventures	—			—			4,694			—			4,694
Other income	223			—			34			—			257
Interest expense	(66,623		)	(4,531		)	(19,103		)	38,300			(51,957		)
Amortization of deferred financing fees	(1,494		)	(75		)	(86		)	—			(1,655		)
Gain on bargain purchase	30,561			—			—			—			30,561
Gain on sale of real estate	3,605			346			1,614			—			5,565
Gain on extinguishment of debt	—			42			213			—			255
Impairment loss	—			(18,635		)	—			—			(18,635		)
INCOME FROM CONTINUING OPERATIONS    BEFORE TAX AND DISCONTINUED OPERATIONS	39,688			28,965			37,914			(77,617		)	28,950
Income tax benefit of taxable REIT subsidiaries	—			2,491			989			—			3,480
INCOME FROM CONTINUING OPERATIONS	39,688			31,456			38,903			(77,617		)	32,430
DISCONTINUED OPERATIONS:
Operations of income producing properties sold or held    for sale	1,171			5,479			(152		)	4,886			11,384
Gain (loss) on disposal of income producing properties	34			(13		)	3,991			—			4,012
Impairment loss on income producing properties sold    or held for sale	(3,351		)	(162		)	(86,151		)	51,673			(37,991		)
Income tax benefit of taxable REIT subsidiaries	—			—			34,453			—			34,453
(LOSS) INCOME FROM DISCONTINUED    OPERATIONS	(2,146		)	5,304			(47,859		)	56,559			11,858
NET INCOME (LOSS)	37,542			36,760			(8,956		)	(21,058		)	44,288
Other comprehensive income	48			—			219			—			267
COMPREHENSIVE INCOME (LOSS)	37,590			36,760			(8,737		)	(21,058		)	44,555
Comprehensive income attributable to noncontrolling    interests	—			—			(6,965		)	—			(6,965		)
COMPREHENSIVE INCOME (LOSS)     ATTRIBUTABLE TO EQUITY ONE, INC.	$	37,590		$	36,760		$	(15,702	)	$	(21,058	)	$	37,590

Schedule of Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2012	Equity One, Inc.			Combined Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(107,380	)	$	82,196		$	141,695		$	116,511
INVESTING ACTIVITIES:
Acquisition of income producing properties	—			(80,735		)	(153,750		)	(234,485		)
Additions to income producing properties	(4,375		)	(8,515		)	(2,386		)	(15,276		)
Additions to construction in progress	(682		)	(53,785		)	(548		)	(55,015		)
Proceeds from sale of real estate and rental properties	1,417			6,514			25,235			33,166
Decrease (increase) in cash held in escrow	90,845			(1,811		)	746			89,780
Investment in mezzanine loan	(19,258		)	—			—			(19,258		)
Increase in deferred leasing costs and lease intangibles	(1,541		)	(2,391		)	(1,504		)	(5,436		)
Investment in joint ventures	—			—			(14,102		)	(14,102		)
Repayments of advances to joint ventures	—			—			618			618
Distributions from joint ventures	—			—			567			567
Advances to subsidiaries, net	(104,686		)	60,675			44,011			—
Net cash used in investing activities	(38,280		)	(80,048		)	(101,113		)	(219,441		)
FINANCING ACTIVITIES:
Repayments of mortgage notes payable	(1,316		)	(2,148		)	(40,582		)	(44,046		)
Net repayments under revolving credit facilities	(76,000		)	—			—			(76,000		)
Repayment of senior debt	(10,000		)	—			—			(10,000		)
Proceeds from issuance of common stock	86,490			—			—			86,490
Borrowings under term loan	250,000			—			—			250,000
Payment of deferred financing costs	(2,697		)	—			—			(2,697		)
Stock issuance costs	(813		)	—			—			(813		)
Dividends paid to stockholders	(76,109		)	—			—			(76,109		)
Distributions to noncontrolling interests	(7,496		)	—			—			(7,496		)
Distributions to redeemable noncontrolling interests	(708		)	—			—			(708		)
Net cash provided by (used in) financing activities	161,351			(2,148		)	(40,582		)	118,621
Net increase in cash and cash equivalents	15,691			—			—			15,691
Cash and cash equivalents at beginning of the period	10,963			—			—			10,963
Cash and cash equivalents at end of the period	$	26,654		$	—		$	—		$	26,654

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2011	Equity One, Inc.			Combined Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidated
	(In thousands)
Net cash (used in) provided by operating activities	$	(12,344	)	$	74,490		$	31,475		$	93,621
INVESTING ACTIVITIES:
Acquisition of income producing properties	(55,000		)	—			(89,255		)	(144,255		)
Additions to income producing properties	(1,735		)	(6,877		)	(2,189		)	(10,801		)
Additions to construction in progress	(1,141		)	(16,600		)	(189		)	(17,930		)
Proceeds from sale of real estate and rental properties	3,206			11,705			59,501			74,412
Increase in cash held in escrow	(47,321		)	—			—			(47,321		)
Investment in mezzanine loan	(45,100		)	—			—			(45,100		)
Increase in deferred leasing costs and lease intangibles	(1,062		)	(2,888		)	(1,024		)	(4,974		)
Investment in joint ventures	—			—			(9,874		)	(9,874		)
Repayments of advances to joint ventures	—			—			34,887			34,887
Distributions from joint ventures	—			—			14,071			14,071
Investment in consolidated subsidiary	—			—			(242		)	(242		)
Advances to subsidiaries, net	(51,195		)	(102		)	51,297			—
Net cash (used in) provided by investing activities	(199,348		)	(14,762		)	56,983			(157,127		)
FINANCING ACTIVITIES:
Repayments of mortgage notes payable	(1,418		)	(59,728		)	(111,719		)	(172,865		)
Net borrowings under revolving credit facilities	177,500			—			—			177,500
Proceeds from issuance of common stock	116,519			—			—			116,519
Payment of deferred financing costs	(4,883		)	—			(151		)	(5,034		)
Stock issuance costs	(1,150		)	—			—			(1,150		)
Dividends paid to stockholders	(73,790		)	—			—			(73,790		)
Distributions to noncontrolling interests	(8,817		)	—			—			(8,817		)
Net cash provided by (used in) financing activities	203,961			(59,728		)	(111,870		)	32,363
Net decrease in cash and cash equivalents	(7,731		)	—			(23,412		)	(31,143		)
Cash and cash equivalents obtained through acquisition	—			—			23,412			23,412
Cash and cash equivalents at beginning of the period	38,333			—			—			38,333
Cash and cash equivalents at end of the period	$	30,602		$	—		$	—		$	30,602