EX-99.2 3 ex99_2.htm EXHIBIT 99.2 ex99_2.htm

EXHIBIT 99.2
 
Equity One, Inc.
Supplemental Information Package
 


 

 
Equity One, Inc.
1600 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Tel: (305) 947-1664   Fax: (305) 947-1734
www.equityone.net

Page 1




SUPPLEMENTAL INFORMATION
June 30, 2007
(unaudited)


TABLE OF CONTENTS
 
Page 
Overview
 
 
Analyst Coverage
3
 
Disclosures
4
 
Summary Financial Results and Ratios
5
 
     
Assets, Liabilities, and Equity
   
Consolidated Balance Sheet
6
 
Market Capitalization
7
 
Debt Summary
8
 
Debt Maturity Schedule
9
 
     
Income, EBITDA, and FFO
   
Consolidated Statements of Operations
10
 
Pro Forma Financial Information for Discontinued Operations
11-12
 
Net Operating Income
13
 
EBITDA
14
 
Consolidated Statements of Funds from Operations
15
 
Additional Disclosures - Funds Available for Distribution
16
 
     
Leasing Data
   
Tenant Concentration - Top Ten Tenants
17
 
Recent Leasing Activity
18
 
Shopping Center Lease Expiration Schedule - All Tenants, Anchors, Shops
19-21
 
Shopping Center Lease Expiration by Year Graph
22
 
     
Property Data
   
Annual Minimum Rent of Operating Properties by Metro/Market Breakout
23
 
Property Status Report
24-33
 
Real Estate Acquisitions and Dispositions
34
 
Real Estate Developments and Redevelopments
35
 
     
Debt Schedule Detail
   
Consolidated Debt Summary - Property Mortgage Detail
36-38
 
Consolidated Debt Summary - Unsecured Notes, Lines of Credit, and Total
39
 
 
Page 2


ANALYST COVERAGE    
As of June 30, 2007    
 
 
 
 
 
         
BB&T Capital Markets
 
Rob Whittemore
 
(804) 782-8796
         
Bear Stearns
 
Ross Smotrich
 
(212) 272-8046
   
Amy L. Young, CFA
 
(212) 272-3523
         
BMO Capital Markets
 
Paul Adornato
 
(212) 885-4170
         
Deutsche Bank Securities
 
Louis W. Taylor
 
(212) 250-4912
   
Christeen Kim
 
(212) 250-6771
         
Friedman Billings Ramsey
 
Paul Morgan
 
(703) 469-1255
   
Ron She
 
(703) 312-9683
         
Green Street Advisors
 
Jim Sullivan
 
(949) 640-8780
   
Nick Vedder
 
(949) 640-8780
         
JP Morgan Securities Inc.
 
Michael W. Mueller, CFA
 
(212) 622-6689
   
Joseph Dazio
 
(212) 622-6416
         
Merrill Lynch
 
Craig Schmidt
 
(212) 449-1944
   
Steve Sakwa
 
(212) 449-0335
   
David Wigginton
 
(212) 449-2729
         
Miller Tabak & Co., LLC
 
Tom Mitchell
 
(518) 523-3261
         
Raymond James & Assoc.
 
Paul D. Puryear
 
(727) 567-2253
   
Ken Avalos
 
(727) 567-2660
         
Royal Bank of Canada
 
Richard Moore
 
(216) 378-7625
   
Hua Wang
 
(216) 378-7631
         
Stifel, Nicolaus & Co., Inc.
 
David M. Fick, CPA
 
(410) 454-5018
   
Nathan Isbee
 
(410) 454-4143
 
Page 3


EQUITY ONE, INC.
DISCLOSURES
As of June 30, 2007
 


Forward Looking Statements
Certain information contained in this Supplemental Information Package 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, Massachusetts 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 space; 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.
 
Basis of Presentation
The information contained in the Supplemental Information Package does not purport to disclose all items required by GAAP. The Company 's Form 10-K for the year ended December 31, 2006 and Form 10-Q for the period ended June 30, 2007 should be read in conjunction with the above information. The results of operations of any property acquired are included in our financial statements since the date of its acquisition.

Use of EBITDA as a Non-GAAP Financial Measure
EBITDA is a widely used performance measure and is provided as a supplemental measure of operating performance. We compute EBITDA as the sum of net income before extraordinary items, depreciation and amortization, income taxes, interest expense, gain (loss) on disposal of income producing properties, and impairment of real estate.  Given the nature of the Company's business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of operations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are included in earnings on a net basis. Accordingly, we believe that the use of EBITDA as opposed to earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated periods.

EBITDA should not be considered as an alternative to earnings as an indicator of our financial performance, or as an alternative to cash flow from operating activities as a measure of our liquidity.  Our computation of EBITDA may differ from the methodology utilized by other companies to calculate EBITDA.  Investors are cautioned that items excluded from EBITDA are significant components in understanding and assessing the Company's financial performance.

Use of Funds from Operations as a Non-GAAP Financial Measure
We believe Funds from Operations (FFO) (combined with the primary GAAP presentations) is a useful supplemental measure of our operating performance that is a recognized metric used extensively by the real estate industry, particularly REITs. NAREIT stated in its April 2002 White Paper on FFO, "Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values have historically risen or fallen with market conditions many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves."  FFO, as defined by NAREIT, is "net income (computed in accordance with GAAP), excluding (gains or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.  Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis."

We believe that financial analysts, investors and stockholders are better served by the presentation of comparable period operating results generated from our FFO measure.  Our method of calculating FFO may be different from methods used by other REITs and accordingly, may not be comparable to such other REITs.  FFO is presented to assist investors in analyzing our operating performance. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is not an alternative to cash flow as measure of liquidity, and (iv) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. We believe net income is the most directly comparable GAAP measure to FFO.
 
Page 4


SUMMARY FINANCIAL RESULTS AND RATIOS
As of June 30, 2007
(in thousands, except per share data)
 


   
For the three months ended
   
For the six months ended
 
   
Jun 30, 2007
   
Jun 30, 2006
   
Jun 30, 2007
   
Jun 30, 2006
 
Summary Financial Results
                       
Total revenues*
  $
65,319
    $
60,656
    $
128,852
    $
127,653
 
EBITDA
   
43,028
     
42,336
     
89,075
     
91,599
 
Property net operating income*
   
48,607
     
44,021
     
94,658
     
92,720
 
General & administrative expenses (G&A)* - Adjusted (1) (2)
   
6,855
     
6,281
     
11,620
     
10,897
 
                                 
Net income
  $
12,868
    $
111,347
    $
32,887
    $
133,712
 
Net income per diluted share (3)
   
0.17
     
1.49
     
0.44
     
1.77
 
                                 
Funds from operations (FFO)
  $
25,189
    $
30,763
    $
54,889
    $
64,703
 
FFO per diluted share (4)
   
0.34
     
0.41
     
0.74
     
0.86
 
                                 
Total dividends paid per share (5)
  $
0.30
    $
1.30
    $
0.60
    $
1.60
 
                                 
Weighted average diluted shares
   
74,128
     
75,071
     
74,056
     
75,488
 
                                 
Summary Operating and Financial Ratios
                               
Operating shopping center portfolio occupancy (see pages 24-33)
    93.9 %     95.0 %     93.9 %     95.0 %
Same-property NOI growth - cash basis (see page 13)
    4.6 %     3.1 %  
NA
   
NA
 
NOI margin (see page 13)
    74.6 %     73.1 %     74.0 %     73.0 %
Expense recovery ratio*
    91.8 %     85.7 %     86.3 %     84.9 %
New and renewal rent spread - cash basis (see page 18)
    17.4 %  
NA
(6)  
NA
   
NA
(6) 
Adjusted G&A expense to total revenues
    10.5 %     10.4 %     9.0 %     8.5 %
Debt to market capitalization (see page 7)
    38.1 %     36.9 %                
EBITDA to interest expense* (see page 14)
   
2.5
     
3.2
     
2.7
     
3.3
 
EBITDA to fixed charges* (see page 14)
   
2.2
     
2.7
     
2.3
     
2.8
 
 

 
Notes 

(1)
G&A expense deducting write-offs of pre-acquisition and pre-development costs and management transitions costs.
(2)
QTD & YTD amounts include property accounting and management salary and benefit reclassification of approximately $2.0M and $1.6M for six-month period ended June 30, 2007 and 2006, respectively.  Reclassification amounts were primarily property accounting salary and associated benefits.
(3)
Net Income for the three months ended June 30, 2006 includes gains related to the sale of the company's Texas portfolio of $87.1 million for income-producing properties and $5.3 million in land sales.
(4)
For the three months ended June 30, 2007, gains on land sales included in FFO were $518 ($0.01/sh) compared to $6,937 ($0.09/sh) for the comparable quarter in 2006. For the six months ended June 30, 2007, gains on land sales included in FFO were $1,585 ($0.02/sh) compared to $7,251 ($0.10/sh) for the comparable six month period in 2006.
(5)
Dividend amounts include a $1.00 per share special dividend paid on June 30, 2006.  Payout ratios exclude the $1.00 per share special dividend.
(6)
Prior period data not presented in similar manner.
*
The indicated line item includes amounts reported in discontinued operations.

Page 5


EQUITY ONE, INC.
CONSOLIDATED BALANCE SHEET
As of June 30, 2007
(in thousands, except per share data)
 


                  
   
Jun 30, 2007
   
Dec 31, 2006
   
Dec 31, 2005
 
Assets
 
 
             
Properties
 
 
             
Income producing
  $
2,068,895
    $
1,896,843
    $
1,661,243
 
Less: accumulated depreciation
    (160,426 )     (144,825 )     (111,031 )
Rental property
   
1,908,469
     
1,752,018
     
1,550,212
 
Construction in progress and land held for development
   
77,273
     
113,340
     
64,202
 
Property held for sale
   
12,649
     
20,353
     
282,091
 
Properties, net
   
1,998,391
     
1,885,711
     
1,896,505
 
 
                       
Cash and cash equivalents
   
-
     
-
     
102
 
Cash held in escrow
   
142
     
1,547
     
-
 
Accounts and other receivables, net
   
13,577
     
18,967
     
17,600
 
Securities
   
78,199
     
75,102
     
67,588
 
Goodwill
   
13,031
     
13,092
     
12,013
 
Other assets (1)
   
78,136
     
75,356
     
66,073
 
 
                       
Total
  $
2,181,476
    $
2,069,775
    $
2,059,881
 
 
                       
Liabilities and stockholders' equity
                       
Liabilities
                       
Mortgage notes payable
  $
414,242
    $
391,647
    $
392,480
 
Mortgage notes payable related to properties held for sale
   
-
     
-
     
54,445
 
Unsecured revolving credit facilities
   
6,000
     
76,500
     
93,165
 
Unsecured senior notes payable
   
741,370
     
591,187
     
465,404
 
Total debt
   
1,161,612
     
1,059,334
     
1,005,494
 
Unamortized premium/discount on notes payable
   
11,147
     
10,322
     
15,830
 
Total notes payable
   
1,172,759
     
1,069,656
     
1,021,324
 
 
                       
Accounts payable and other liabilities (1)
   
81,584
     
73,452
     
64,403
 
Total liabilities
   
1,254,343
     
1,143,108
     
1,085,727
 
 
                       
Minority interest
   
989
     
989
     
1,425
 
 
                       
Stockholders' equity
   
926,144
     
925,678
     
972,729
 
 
                       
Total
  $
2,181,476
    $
2,069,775
    $
2,059,881
 
 
                     
 

 
(1)
Amounts have been reclassified to conform to the 2007 presentation.

Page 6


EQUITY ONE, INC.
MARKET CAPITALIZATION
(in thousands, except per share data)
 

 
                  
   
Jun 30, 2007
   
Jun 30, 2006
   
Dec 31, 2006
 
                   
Closing market price of common stock
  $
25.55
    $
20.90
    $
26.66
 
                         
Common stock shares (in thousands)
                       
Basic common shares
   
73,114.228
     
73,235.641
     
72,755.717
 
Diluted common shares
                       
Unvested restricted common shares
   
615.166
     
401.834
     
381.017
 
Walden Woods units (convertible into shares)
   
93.656
     
93.656
     
93.656
 
Common stock options (treasury method, closing price)
   
169.840
     
165.612
     
346.938
 
Diluted common shares
   
73,992.890
     
73,896.743
     
73,577.328
 
                         
Equity market capitalization
  $
1,890,518
    $
1,544,442
    $
1,961,572
 
                         
                         
Total debt (excluding unamortized premium/discount)
  $
1,161,612
    $
952,698
    $
1,059,334
 
Cash and equivalents (including cash held in escrow)
    (142 )     (47,884 )     (1,547 )
Net debt
   
1,161,470
     
904,814
     
1,057,787
 
Equity market capitalization
   
1,890,518
     
1,544,442
     
1,961,572
 
Total market capitalization
  $
3,051,988
    $
2,449,256
    $
3,019,359
 
                         
Net debt to total market capitalization
    38.1 %     36.9 %     35.0 %
                         
                         
Gross real estate and securities investments
  $
2,237,351
    $
1,961,722
    $
2,105,641
 
                         
Net debt to gross real estate and securities investments
    51.9 %     46.1 %     50.2 %
                       

Page 7


EQUITY ONE, INC.
DEBT SUMMARY
As of June 30, 2007
(in thousands, except per share data)
 


                  
   
Jun 30, 2007
   
Dec 31, 2006
   
Dec 31, 2005
 
                   
Fixed rate debt
  $
1,059,242
    $
886,647
    $
816,925
 
Fixed rate debt - swapped to variable rate
   
96,370
     
96,187
     
95,404
 
Variable rate debt - unhedged
   
6,000
     
76,500
     
93,165
 
Total debt*
  $
1,161,612
    $
1,059,334
    $
1,005,494
 
 
                       
% Fixed rate debt
    91.2 %     83.7 %     81.2 %
% Fixed rate debt - swapped to variable rate
    8.3 %     9.1 %     9.5 %
% Variable rate debt - unhedged
    0.5 %     7.2 %     9.3 %
 Total
    100.0 %     100.0 %     100.0 %
 
                       
% Variable rate debt - total
    8.8 %     16.3 %     18.8 %
 
                       
 
                       
Secured mortgage debt
  $
414,242
    $
391,647
    $
446,925
 
Unsecured debt**
   
747,370
     
667,687
     
558,569
 
Total debt*
  $
1,161,612
    $
1,059,334
    $
1,005,494
 
 
                       
% Secured mortgage debt
    35.7 %     37.0 %     44.4 %
% Unsecured debt
    64.3 %     63.0 %     55.6 %
 Total
    100.0 %     100.0 %     100.0 %
 
                       
 
                       
Total market capitalization (from page 7)
  $
3,051,988
    $
3,019,359
    $
2,757,987
 
 
                       
% Secured mortgage debt
    13.6 %     13.0 %     16.2 %
% Unsecured debt
    24.5 %     22.1 %     20.3 %
 Total debt : Total market capitalization
    38.1 %     35.1 %     36.5 %
 
                       
 
                       
Weighted-average interest rate on secured mortgage debt
    7.32 %     7.26 %     7.19 %
Weighted-average interest rate on senior unsecured notes**
    5.76 %     5.67 %     5.20 %
Weighted-average interest rate on revolving credit facilities
 
5.77
%     5.63 %     4.68 %
                       
                       
Weighted-average maturity on mortgage debt
 
4.8 years
   
5.4 years
   
5.2 years
 
Weighted-average maturity on senior unsecured notes
 
7.2 years
   
7.2 years
   
4.6 years
 

*
 excluding unamortized premium/discount
**
 excluding the effect of interest rate swaps

Page 8


DEBT MATURITY SCHEDULE
As of June 30, 2007
(in thousands)

   
Secured Debt
   
Unsecured Debt
             
Maturity schedule
 
Scheduled
   
Balloon
   
Revolving
   
Senior
         
Percent of
 
by year
 
amortization
   
payments
   
Credit Facilities (1)
   
Notes (2)
   
Total
   
debt maturing
 
                                     
2007
  $
38
    $
2,864
    $
-
    $
-
    $
2,902
      0.2 %
2008
   
583
     
28,474
     
-
     
-
     
29,057
      2.5 %
2009
   
1,828
     
17,926
     
6,000
     
200,000
     
225,754
      19.4 %
2010
   
6,534
     
75,394
     
-
     
-
     
81,928
      7.0 %
2011
   
7,109
     
93,433
     
-
     
-
     
100,542
      8.6 %
2012
   
5,900
     
40,057
     
-
     
25,000
     
70,957
      6.1 %
2013
   
5,665
     
32,646
     
-
     
-
     
38,311
      3.3 %
2014
   
4,443
     
6,509
     
-
     
-
     
10,952
      0.9 %
2015
   
13,860
     
30
     
-
     
120,000
     
133,890
      11.5 %
2016
   
2,774
     
2,601
     
-
     
125,000
     
130,375
      11.2 %
Thereafter
   
55,397
     
10,177
     
-
     
275,000
     
340,574
      29.2 %
Total
  $
104,131
    $
310,111
    $
6,000
    $
745,000
    $
1,165,242
      100.0 %

(1)
Represents the entire principal balance of a maturing loan on the maturity date.  Credit facilities are shown as due on the initial maturity dates, though certain extension options may be available.
(2)
Excludes the adjustment attributable to the fair value of the associated interest rate swap.

Page 9


EQUITY ONE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the quarter ended June 30, 2007
(in thousands, except per share data)
 

 
   
Three months ended
   
Percent
   
Six months ended
   
Percent
 
   
Jun 30, 2007
   
Jun 30, 2006
   
Change
   
Jun 30, 2007
   
Jun 30, 2006
   
Change
 
REVENUE:
                                   
Minimum rent
  $
49,525
    $
43,651
          $
97,424
    $
85,400
       
Expense recoveries
   
14,589
     
12,769
           
27,994
     
24,845
       
Percentage rent
   
377
     
189
           
1,637
     
1,463
       
Property management and leasing services
   
149
     
441
           
986
     
596
       
Total revenue
   
64,640
     
57,050
      13.3 %    
128,041
     
112,304
      14.0 %
                                                 
COSTS AND EXPENSES:
                                               
Property operating
   
15,515
     
14,725
             
32,169
     
30,025
         
Management and leasing services
   
180
     
486
             
926
     
563
         
Rental property depreciation and amortization
   
11,990
     
10,690
             
23,282
     
20,536
         
General and administrative
   
6,855
     
6,281
             
14,620
     
10,897
         
Total costs and expenses
   
34,540
     
32,182
      7.3 %    
70,997
     
62,021
      14.5 %
                                                 
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST AND DISCONTINUED OPERATIONS
   
30,100
     
24,868
             
57,044
     
50,283
         
                                                 
                                                 
OTHER INCOME AND EXPENSE:
                                               
Investment income
   
551
     
1,113
             
6,758
     
5,765
         
Equity in income of unconsolidated joint ventures
   
-
     
1,650
             
-
     
1,650
         
Other income
   
46
     
39
             
240
     
389
         
Interest expense
    (17,223 )     (12,945 )             (32,980 )     (26,917 )        
Amortization of deferred financing fees
    (424 )     (373 )             (812 )     (718 )        
Gain on sale of real estate
   
518
     
5,284
             
1,585
     
5,598
         
Gain on the sale of fixed assets
    (283 )    
-
              (283 )    
-
         
Loss on extinguishment of debt
   
-
     
-
             
-
      (292 )        
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS
   
13,285
     
19,636
             
31,552
     
35,758
         
Minority interest
    (28 )     (122 )             (56 )     (150 )        
INCOME FROM CONTINUING OPERATIONS
   
13,257
     
19,514
      -32.1 %    
31,496
     
35,608
      -11.5 %
                                                 
DISCONTINUED OPERATIONS:
                                               
Operations of income-producing properties sold or held for sale
    (389 )     (874 )             (329 )    
4,905
         
Gain on disposal of income-producing properties
   
-
     
92,707
             
1,720
     
93,199
         
Income / (loss) from discontinued operations
    (389 )    
91,833
             
1,391
     
98,104
         
                                                 
NET INCOME (1)
  $
12,868
    $
111,347
      -88.4 %   $
32,887
    $
133,712
      -75.4 %
                                                 
EARNINGS PER COMMON SHARE - BASIC:
                                               
Continuing operations
   
0.19
     
0.26
            $
0.43
    $
0.48
         
Discontinued operations
    (0.01 )    
1.24
             
0.02
     
1.31
         
NET INCOME (1)
  $
0.18
    $
1.50
      -88.3 %   $
0.45
    $
1.79
      -74.8 %
                                                 
EARNINGS PER COMMON SHARE - DILUTED:
                                               
Continuing operations
  $
0.18
    $
0.26
            $
0.42
    $
0.47
         
Discontinued operations
    (0.01 )    
1.23
             
0.02
     
1.30
         
NET INCOME (1)
  $
0.17
    $
1.49
      -88.6 %   $
0.44
    $
1.77
      -74.9 %
                                                 
Weighted average shares outstanding
                                               
Basic
   
73,101
     
74,359
             
73,038
     
74,753
         
Diluted
   
74,128
     
75,071
             
74,056
     
75,488
         
 

Notes 

(1)
Net Income for the three months ended June 30, 2006 includes gains related to the sale of the company's Texas portfolio of $87.1 million for income-producing properties and $5.1 million in land sales.

Page 10


PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended June 30, 2007
(in thousands, except per share data)
 


   
Three months ended
   
Six months ended
 
   
Jun 30, 2007
   
Jun 30, 2007
 
   
As
   
Disc. Ops
   
Pre SFAS
   
As
   
Disc. Ops
   
Pre SFAS
 
   
Reported
   
Total
   
No. 144
   
Reported
   
Total
   
No. 144
 
REVENUE:
                                   
Minimum rent
  $
49,525
    $
56
    $
49,581
    $
97,424
    $
146
    $
97,570
 
Expense recoveries
   
14,589
     
623
     
15,212
     
27,994
     
665
     
28,659
 
Percentage rent
   
377
     
-
     
377
     
1,637
     
-
     
1,637
 
Property management and leasing services
   
149
     
-
     
149
     
986
     
-
     
986
 
Total revenue
   
64,640
     
679
     
65,319
     
128,041
     
811
     
128,852
 
 
                                               
COSTS AND EXPENSES:
                                               
Property operating
   
15,515
     
1,048
     
16,563
     
32,169
     
1,039
     
33,208
 
Management and leasing services
   
180
     
-
     
180
     
926
     
-
     
926
 
Rental property depreciation and amortization
   
11,990
     
20
     
12,010
     
23,282
     
101
     
23,383
 
General and administrative
   
6,855
     
-
     
6,855
     
14,620
     
-
     
14,620
 
Total costs and expenses
   
34,540
     
1,068
     
35,608
     
70,997
     
1,140
     
72,137
 
 
                                               
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST INTEREST AND DISCONTINUED OPERATIONS
   
30,100
      (389 )    
29,711
     
57,044
      (329 )    
56,715
 
 
                                               
OTHER INCOME AND EXPENSE:
                                               
Investment income
   
551
     
-
     
551
     
6,758
     
-
     
6,758
 
Equity in income of unconsolidated joint ventures
   
-
     
-
     
-
     
-
     
-
     
-
 
Other income
   
46
     
-
     
46
     
240
     
-
     
240
 
Interest expense
    (17,223 )    
-
      (17,223 )     (32,980 )    
-
      (32,980 )
Amortization of deferred financing fees
    (424 )    
-
      (424 )     (812 )    
-
      (812 )
Gain on sale of real estate
   
518
     
-
     
518
     
1,585
     
-
     
1,585
 
Loss on sale of fixed assets
    (283 )    
-
      (283 )     (283 )    
-
      (283 )
Loss on extinguishment of debt
   
-
     
-
     
-
     
-
     
-
     
-
 
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS
   
13,285
      (389 )    
12,896
     
31,552
      (329 )    
31,223
 
Minority interest
    (28 )    
-
      (28 )     (56 )    
-
      (56 )
INCOME FROM CONTINUING OPERATIONS
   
13,257
      (389 )    
12,868
     
31,496
      (329 )    
31,167
 
 
                                               
DISCONTINUED OPERATIONS:
                                               
Operations of income-producing properties sold or held for sale
    (389 )    
389
     
-
      (329 )    
329
     
-
 
Gain on disposal of income-producing properties
   
-
     
-
     
-
     
1,720
     
-
     
1,720
 
Income / (loss) from discontinued operations
    (389 )    
389
     
-
     
1,391
     
329
     
1,720
 
 
                                               
NET INCOME
  $
12,868
    $
-
    $
12,868
    $
32,887
    $
-
    $
32,887
 
 

 
Note:
The Company adopted SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144"), effective January 1, 2002.  This standard requires that operating results of income producing real estate assets that are sold or held for sale be included in discontinued operations in the statement of earnings for all periods presented. The above table presents the results as reported pursuant to SFAS No. 144, results of the assets sold or held for sale and the results before the impact of SFAS No. 144.
 
Page 11


EQUITY ONE, INC.
PRO FORMA FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
For the quarter ended June 30, 2007
(in thousands, except per share data)
 


   
Three months ended
   
Six months ended
 
   
Jun 30, 2006
   
Jun 30, 2006
 
   
As
   
Disc. Ops
   
Pre SFAS
   
As
   
Disc. Ops
   
Pre SFAS
 
   
Reported
   
Total
   
No. 144
   
Reported
   
Total
   
No. 144
 
                                     
REVENUE:
                                   
Minimum rent
  $
43,651
    $
2,490
    $
46,141
    $
85,400
    $
11,031
    $
96,431
 
Expense recoveries
   
12,769
     
1,115
     
13,884
     
24,845
     
4,301
     
29,146
 
Percentage rent
   
189
     
1
     
190
     
1,463
     
17
     
1,480
 
Property management and leasing services
   
441
     
-
     
441
     
596
     
-
     
596
 
Total revenue
   
57,050
     
3,606
     
60,656
     
112,304
     
15,349
     
127,653
 
                                                 
COSTS AND EXPENSES:
                                               
Property operating
   
14,725
     
1,469
     
16,194
     
30,025
     
4,312
     
34,337
 
Management and leasing services
   
486
     
-
     
486
     
563
     
-
     
563
 
Rental property depreciation and amortization
   
10,690
     
803
     
11,493
     
20,536
     
2,996
     
23,532
 
General and administrative
   
6,281
     
-
     
6,281
     
10,897
     
-
     
10,897
 
Total costs and expenses
   
32,182
     
2,272
     
34,454
     
62,021
     
7,308
     
69,329
 
                                                 
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST INTEREST AND DISCONTINUED OPERATIONS
   
24,868
     
1,334
     
26,202
     
50,283
     
8,041
     
58,324
 
                                                 
OTHER INCOME AND EXPENSE:
                                               
Investment income
   
1,113
     
-
     
1,113
     
5,765
     
-
     
5,765
 
Equity in income of unconsolidated joint ventures
   
1,650
     
5
     
1,655
     
1,650
     
5
     
1,655
 
Other income
   
39
     
-
     
39
     
389
      (86 )    
303
 
Interest expense
    (12,945 )     (232 )     (13,177 )     (26,917 )     (1,064 )     (27,981 )
Amortization of deferred financing fees
    (373 )     (3 )     (376 )     (718 )     (13 )     (731 )
Gain on sale of real estate
   
5,284
     
-
     
5,284
     
5,598
     
-
     
5,598
 
Loss on extinguishment of debt
   
-
      (1,978 )     (1,978 )     (292 )     (1,978 )     (2,270 )
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS
   
19,636
      (874 )    
18,762
     
35,758
     
4,905
     
40,663
 
Minority interest
    (122 )    
-
      (122 )     (150 )    
-
      (150 )
INCOME FROM CONTINUING OPERATIONS
   
19,514
      (874 )    
18,640
     
35,608
     
4,905
     
40,513
 
 
                                               
DISCONTINUED OPERATIONS:
                                               
Operations of income-producing properties sold or held for sale
    (874 )    
874
     
-
     
4,905
      (4,905 )    
-
 
Gain on disposal of income-producing properties
   
92,707
     
-
     
92,707
     
93,199
     
-
     
93,199
 
Income / (loss) from discontinued operations
   
91,833
     
874
     
92,707
     
98,104
      (4,905 )    
93,199
 
                                                 
NET INCOME
  $
111,347
    $
-
    $
111,347
    $
133,712
    $
-
    $
133,712
 
 

 
Note:
The Company adopted SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144"), effective January 1, 2002. This standard requires that operating results of income producing real estate assets that are sold or held for sale be included in discontinued operations in the statement of earnings for all periods presented. The above table presents the results as reported pursuant to SFAS No. 144, results of the assets sold or held for sale and the results before the impact of SFAS No. 144.
 
Page 12


NET OPERATING INCOME
For the quarter ended June 30, 2007
(in thousands, except per share data)
 


   
Three months ended
   
Percent
   
Six months ended
   
Percent
 
   
Jun 30, 2007
   
Jun 30, 2006
   
Change
   
Jun 30, 2007
   
Jun 30, 2006
   
Change
 
                                     
                                     
Total net operating income (1)
                                   
Total rental revenue
  $
65,170
    $
60,215
      8.2 %   $
127,866
    $
127,057
      0.6 %
Property operating expenses
   
16,563
     
16,194
      2.3 %    
33,208
     
34,337
      (3.3 %)
Net operating income
  $
48,607
    $
44,021
      10.4 %   $
94,658
    $
92,720
      2.1 %
 
                                               
NOI margin (NOI / Total rental revenue) (2)
    74.6 %     73.1 %             74.0 %     73.0 %        
 
                                               
 
                                               
Same-property NOI (3)
                                               
Total rental revenue
  $
53,403
    $
52,212
      2.3 %                        
Property operating expenses
   
15,005
     
15,496
      (3.2 %)                        
Net operating income
  $
38,397
    $
36,716
      4.6 %                        
                                                 
Growth in same property NOI
    4.6 %                                        
                                                 
Number of properties included in analysis
   
150
                                         
Same property occupancy
    94.0 %     93.3 %                                
 

 
(1)
Amounts included in discontinued operations have been included for purposes of this presentation of net operating income.
(2)
Prior period data not presented in a similar manner.
(3)
Excludes the effects of straight-line rent, FAS 141 / 142, lease termination fees, and prior year expense recoveries and adjustments, if any.

Page 13


EQUITY ONE, INC.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION and AMORTIZATION (EBITDA)
For the quarter ended June 30, 2007
(in thousands, except per share data)
 


   
Three months ended
   
Six months ended
 
   
Jun 30, 2007
   
Jun 30, 2006
   
Jun 30, 2007
   
Jun 30, 2006
 
                         
Net income
  $
12,868
    $
111,347
     
32,887
     
133,712
 
Rental property depreciation and amortization*
   
12,010
     
11,493
     
23,383
     
23,532
 
Other depreciation and amortization
   
192
     
178
     
394
     
342
 
Interest expense*
   
17,223
     
13,177
     
32,980
     
27,981
 
Amortization of deferred financing fees*
   
424
     
376
     
812
     
731
 
Minority interest*
   
28
     
122
     
56
     
150
 
Gain on sale of income - producing properties
   
-
      (92,707 )     (1,720 )     (93,199 )
Loss on sale of fixed assets
   
283
     
-
     
283
     
-
 
Equity in income of unconsolidated joint ventures
   
-
      (1,650 )    
-
      (1,650 )
EBITDA* (1)
  $     $     $     $  
 
                               
Interest expense*
  $
17,223
    $
13,177
    $
32,980
    $
27,981
 
 
                               
EBITDA to interest expense*
   
2.5
     
3.2
     
2.7
     
3.3
 
 
                               
Fixed charges
                               
Interest expense*
  $
17,223
    $
13,177
    $
32,980
    $
27,981
 
Scheduled principal amortization (2)
   
2,626
     
2,325
     
5,156
     
5,039
 
Total fixed charges
  $
19,849
    $
15,502
    $
38,136
    $
33,020
 
 
                               
EBITDA to fixed charges*
   
2.2
     
2.7
     
2.3
     
2.8
 
                                 
Total market capitalization (see page 7)
  $
3,051,988
    $
2,449,256
    $
3,051,988
    $
2,449,256
 
 

 
*
The indicated line item includes amounts reported in discontinued operations.
(1)
For the three months ended June 30, 2007, gains on land sales included in EBITDA were $518 ($0.01/sh) compared to $6,934 ($0.09/sh) for the comparable quarter in 2006.
For the six months ended June 30, 2007, gains on land sales included in EBITDA were $1,585 ($0.02/sh) compared to $7,248 ($0.10/sh) for the comparable six month period in 2006.
(2)
Excludes balloon payments upon maturity.
 
Page 14


CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
For the quarter ended June 30, 2007
(in thousands, except per share data)
 


   
Three months ended
   
Six months ended
 
   
Jun 30, 2007
   
Jun 30, 2006
   
Jun 30, 2007
   
Jun 30, 2006
 
                         
Net income
  $
12,868
    $
111,347
    $
32,887
    $
133,712
 
Adjustments:
                               
Rental property depriciation and amoritization, including discontinued operations
   
12,010
     
11,493
     
23,383
     
23,532
 
Loss on disposal of fixed assets
   
283
     
-
     
283
     
-
 
Gain on disposal of income - producing properties
   
-
      (92,707 )     (1,720 )     (93,199 )
Pro rata share of real estate depreciation from unconsolidated joint venture
   
-
     
508
     
-
     
508
 
Minority interest
   
28
     
122
     
56
     
150
 
Funds from operations (1)
  $     $     $     $  
Change
    -18.1 %             -15.2 %        
 
                               
 
                               
Earnings per diluted share*
  $
0.17
    $
1.49
    $
0.44
    $
1.77
 
Adjustments:
                               
Rental property depreciation and amortization, including discontinued operations
   
0.17
     
0.15
     
0.32
     
0.31
 
Loss on disposal of fixed assets
   
0.00
     
-
     
0.00
      (1.23 )
Gain on disposal of income - producing properties
   
-
      (1.24 )     (0.02 )    
-
 
Pro rata share of real estate depreciation from unconsolidated joint venture
   
-
     
0.01
     
-
     
0.01
 
Funds from operations per diluted share (1)
  $     $     $     $  
Change
    -17.1 %             -13.5 %        
 
                               
Weighted average diluted shares
   
74,128
     
75,071
     
74,056
     
75,488
 
 

 
Notes

(1)
 For the three months ended June 30, 2007, gains on land sales included in FFO were $518 ($0.01/sh) compared to $6,934 ($0.09/sh) for the comparable quarter in 2006.
 
For the six months ended June 30, 2007, gains on land sales included in FFO were $1,585 ($0.02/sh) compared to $7,248 ($0.10/sh) for the comparable six month period in 2006.

*
Earnings per diluted share include the add-back of those minority interests which are convertible to shares of our common stock.

Page 15


ADDITIONAL DISCLOSURES - FUNDS AVAILABLE FOR DISTRIBUTION
For the quarter ended June 30, 2007
(in thousands, except per share data)
 


   
Three months ended
   
Six months ended
 
   
Jun 30, 2007
   
Jun 30, 2006
   
Jun 30, 2007
   
Jun 30, 2006
 
                         
Funds from operations
  $
25,189
    $
30,763
    $
54,889
    $
64,703
 
Adjust for certain non-cash items:
                               
Amortization of deferred financing fees
   
424
     
376
     
812
     
731
 
Amortization of above/below market rent intangibles
    (1,403 )     (773 )     (2,337 )     (1,296 )
Amortization of restricted stock and stock option expense
   
1,317
     
1,382
     
3,726
     
2,769
 
Straight line rents
    (687 )     (716 )     (1,142 )     (1,337 )
Capitalized interest
    (693 )     (1,600 )     (1,809 )     (2,676 )
Amortization of debt premium/discount
    (541 )     (193 )     (997 )     (3,079 )
Pro rate share of unconsolidated joint venture expense
   
-
      (65 )    
-
      (65 )
Total non-cash items
    (1,583 )     (1,589 )     (1,747 )     (4,953 )
 
                               
Adjust for recurring capital expenditures:
                               
Tenant improvements
    (1,147 )     (1,127 )     (1,971 )     (1,838 )
Leasing commissions and costs
    (579 )     (787 )     (1,862 )     (1,864 )
Other capital expenditures
    (184 )     (368 )     (688 )     (794 )
Pro rate share of unconsolidated joint venture expenditures
   
-
      (14 )    
-
      (14 )
Total recurring capital expenditures
    (1,910 )     (2,296 )     (4,521 )     (4,510 )
 
                               
Funds available for distribution before debt payments
  $
21,696
    $
26,878
    $
48,621
    $
55,240
 
 
                               
 
                               
Funds available for distribution per diluted share
  $
0.29
    $
0.36
    $
0.66
    $
0.73
 
Decrease
    -18.3 %             -10.3 %        
 
                               
 
                               
Cash dividends (1)
  $
22,136
    $
95,850
    $
44,281
    $
118,603
 
 
                               
 
                               
Weighted average diluted shares
                       

(1)
Dividend amounts include a $1.00 per share special dividend paid on June 30, 2006.

Page 16


TENANT CONCENTRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2007
 


Tenant
 
Number
of
stores 
 
Square
feet 
 
% of total
square
feet 
 
Annualized
minimum
rent 
 
% of total
annualized
minimum
rent 
 
Average annual
minimum
rent per
square foot 
                                     
Top ten tenants
                                   
Publix
   
55
     
2,455,772
      13.6 %   $
19,256,956
      10.2 %   $
7.84
 
Supervalu
   
7
     
458,273
      2.5 %    
8,302,236
      4.4 %    
18.12
 
Kroger
   
15
     
809,689
      4.5 %    
6,485,754
      3.4 %    
8.01
 
Winn Dixie
   
15
     
672,537
      3.7 %    
4,201,169
      2.2 %    
6.25
 
Bed Bath & Beyond
   
10
     
321,490
      1.8 %    
3,620,831
      1.9 %    
11.26
 
TJ Maxx Companies
   
10
     
310,658
      1.7 %    
2,556,245
      1.4 %    
8.23
 
Blockbuster
   
25
     
140,924
      0.8 %    
2,392,508
      1.3 %    
16.98
 
Office Depot, Inc
   
7
     
190,206
      1.1 %    
2,063,627
      1.1 %    
10.85
 
CVS Pharmacy
   
16
     
171,404
      0.9 %    
2,346,686
      1.2 %    
13.69
 
Kmart Corporation
   
5
     
439,558
      2.4 %    
1,939,705
      0.9 %    
4.41
 
 
                                               
Sub-total top ten tenants
   
165
     
5,970,511
      33.0 %    
53,165,717
      28.2 %   $
8.90
 
 
                                               
Remaining tenants
   
2,831
     
10,997,742
      60.8 %    
135,267,462
      71.8 %    
12.30
 
 
                                               
Sub-total all tenants
   
2,996
     
16,968,253
      93.9 %    
188,433,179
      100.0 %   $
11.24
 
 
                                               
Vacant
   
348
     
1,110,909
      6.1 %  
NA
   
NA
   
NA
 
 
                                               
Total including vacant
   
3,344
     
18,079,162
      100.0 %   $
188,433,179
      100.0 %  
NA
 
 
Note:  Excludes developments, redevelopments, and non-retail properties.
 
Page 17


RECENT LEASING ACTIVITY
For the three months ended June 30, 2007


Category
 
Total Leases
   
Sq. Ft.
   
Prior Cash Rent
   
New Cash Rent
   
Cash Rent Spread
   
Prior GAAP Rent
   
New GAAP Rent
   
GAAP Rent Spread
   
Tenant Improvements
   
TIs Per Sq. Ft.
 
New Leases (1)
   
47
     
181,449
    $
7.28
    $
8.58
      17.9 %   $
7.26
    $
9.12
      25.6 %   $
309,243
    $
1.70
 
Renewals
   
80
     
186,631
     
13.07
     
15.31
      17.1 %    
12.50
     
16.08
      28.6 %    
55,055
     
0.29
 
Total New & Renewals
   
127
     
368,080
    $
10.13
    $
11.89
      17.4 %   $
9.82
    $
12.52
      27.5 %   $
364,298
    $
0.99
 
                                                                                 
Renewals (Excl. Options)
   
69
     
122,218
    $
15.08
    $
18.29
      21.3 %   $
14.43
    $
19.21
      33.1 %   $
55,055
    $
0.45
 
Total New & Renewals (Excl. Options)
   
116
     
303,667
    $
10.42
    $
12.49
      19.9 %   $
10.15
    $
13.18
      29.9 %   $
364,299
    $
1.20
 
 

 
(1)
Rent spreads for new leases reflect same-space leasing where amount of rent paid by prior tenant is available.

Page 18


SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2007



ALL TENANTS

Date
 
Number
of
tenants 
 
Square
feet 
 
Percent
of total
square feet 
 
Annualized
minimum
rent at
expiration 
 
Percent
of total
annualized
minimum
rent 
 
Average annual
minimum
rent per
square foot 
                                     
M-T-M
   
107
     
196,069
      1.1 %   $
2,970,391
      1.5 %   $
15.15
 
2007
   
357
     
998,700
      5.5 %    
12,212,210
      6.2 %    
12.23
 
2008
   
593
     
1,685,770
      9.3 %    
22,901,450
      11.7 %    
13.59
 
2009
   
602
     
2,191,941
      12.1 %    
26,174,858
      13.4 %    
11.94
 
2010
   
496
     
2,012,518
      11.1 %    
23,398,626
      12.0 %    
11.63
 
2011
   
373
     
2,124,065
      11.7 %    
24,276,380
      12.4 %    
11.43
 
2012
   
188
     
1,497,733
      8.3 %    
15,095,480
      7.7 %    
10.08
 
2013
   
41
     
770,170
      4.3 %    
7,542,284
      3.9 %    
9.79
 
2014
   
39
     
772,667
      4.3 %    
6,400,233
      3.3 %    
8.28
 
2015
   
32
     
435,332
      2.4 %    
4,619,881
      2.4 %    
10.61
 
2016
   
36
     
965,852
      5.3 %    
14,044,243
      7.2 %    
14.54
 
Thereafter
   
132
     
3,317,436
      18.5 %    
36,109,825
      18.3 %    
10.88
 
                                                 
Sub-total / average
   
2,996
     
16,968,253
      93.9 %    
195,745,861
      100.0 %   $
11.54
 
                                                 
Vacant
   
348
     
1,110,909
      6.1 %  
NA
   
NA
   
NA
 
                                                 
Total / average
   
3,344
     
18,079,162
      100.0 %   $
195,745,861
      100.0 %  
NA
 

Note:  Excludes developments, redevelopments, and non-retail properties.

Page 19


EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2007
 


ANCHOR TENANTS (SF>= 10,000)

Date
 
Number
of
tenants 
 
Square
feet 
 
Percent
of total
square feet 
 
Annualized
minimum
rent at
expiration 
 
Percent
of total
annualized
minimum
rent 
 
Average annual
minimum
rent per
square foot 
                                     
M-T-M
   
1
     
22,050
      0.2 %   $
283,213
      0.3 %   $
12.84
 
2007
   
12
     
300,574
      2.6 %    
2,162,636
      2.3 %    
7.20
 
2008
   
22
     
518,123
      4.5 %    
3,593,102
      3.9 %    
6.93
 
2009
   
36
     
990,014
      8.6 %    
6,456,126
      7.0 %    
6.52
 
2010
   
39
     
1,013,438
      8.8 %    
6,213,524
      6.7 %    
6.13
 
2011
   
43
     
1,324,384
      11.5 %    
9,184,579
      10.0 %    
6.93
 
2012
   
32
     
1,114,026
      9.7 %    
7,594,762
      8.2 %    
6.82
 
2013
   
15
     
637,187
      5.6 %    
5,495,425
      5.9 %    
8.62
 
2014
   
16
     
693,616
      6.0 %    
4,788,277
      5.2 %    
6.90
 
2015
   
12
     
368,938
      3.2 %    
3,110,511
      3.4 %    
8.43
 
2016
   
18
     
900,695
      7.8 %    
12,623,659
      13.7 %    
14.02
 
Thereafter
   
73
     
3,011,958
      26.4 %    
30,934,986
      33.5 %    
10.27
 
                                                 
Sub-total / average
   
319
     
10,895,003
      94.9 %    
92,440,800
      100.0 %   $
8.48
 
                                                 
Vacant
   
21
     
582,451
      5.1 %  
NA
   
NA
   
NA
 
                                                 
Total / average
   
340
     
11,477,454
      100.0 %   $
92,440,800
      100.0 %  
NA
 

Note:  Excludes developments, redevelopments, and non-retail properties.

Page 20


EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION SCHEDULE
CONSOLIDATED PROPERTIES
As of June 30, 2007



SHOP TENANTS (SF < 10,000)
 
Date
 
Number
of
tenants 
 
Square
feet 
 
Percent
of total
square feet 
 
Annualized
minimum
rent at
expiration 
 
Percent
of total
annualized
minimum
rent 
 
Average annual
minimum
rent per
square foot 
                                     
M-T-M
   
106
     
174,019
      2.6 %   $
2,687,178
      2.6 %   $
15.44
 
2007
   
345
     
698,126
      10.6 %    
10,049,574
      9.7 %    
14.40
 
2008
   
571
     
1,167,647
      17.7 %    
19,308,348
      18.7 %    
16.54
 
2009
   
566
     
1,201,927
      18.2 %    
19,718,732
      19.1 %    
16.41
 
2010
   
457
     
999,080
      15.1 %    
17,185,102
      16.6 %    
17.20
 
2011
   
330
     
799,681
      12.0 %    
15,091,801
      14.6 %    
18.87
 
2012
   
156
     
383,707
      5.8 %    
7,500,718
      7.2 %    
19.55
 
2013
   
26
     
132,983
      2.0 %    
2,046,859
      2.0 %    
15.39
 
2014
   
23
     
79,051
      1.2 %    
1,611,956
      1.6 %    
20.39
 
2015
   
20
     
66,394
      1.0 %    
1,509,370
      1.5 %    
22.73
 
2016
   
18
     
65,157
      0.9 %    
1,420,584
      1.4 %    
21.80
 
Thereafter
   
59
     
305,478
      4.9 %    
5,174,839
      5.0 %    
16.94
 
                                                 
Sub-total / average
   
2,677
     
6,073,250
      92.0 %    
103,305,061
      100.0 %   $
17.01
 
 
                                               
Vacant
   
327
     
528,458
      8.0 %  
NA
   
NA
   
NA
 
                                                 
Total / average
   
3,004
     
6,601,708
      100.0 %   $
103,305,061
      100.0 %  
NA
 

Note:  Excludes developments, redevelopments, and non-retail properties.

Page 21


EQUITY ONE, INC.
SHOPPING CENTER LEASE EXPIRATION GRAPH
CONSOLIDATED PROPERTIES
As of June 30, 2007


Page 22



EQUITY ONE, INC.
ANNUAL MINIMUM RENT OF OPERATING PROPERTIES BY METRO/REGION
As of June 30, 2007

Metro or Region
 
# Properties
   
Total SF
   
AMR
   
% of AMR
 
Broward County, FL
   
12
     
1,840,441
    $
23,941,847
      12.7 %
Miami Dade County, FL
   
15
     
1,637,271
     
21,456,064
      11.4 %
Palm Beach County, FL
   
11
     
1,183,237
     
14,909,136
      7.9 %
South Florida
   
38
     
4,660,949
     
60,307,047
      32.0 %
Atlanta, GA
   
20
     
2,328,539
     
26,889,764
      14.3 %
Orlando, FL
   
10
     
1,128,994
     
13,034,315
      6.9 %
Tampa- St. Petersburg, FL
   
13
     
1,173,986
     
11,083,042
      5.9 %
Naples/Cape Coral/Venice, FL
   
8
     
903,723
     
9,181,513
      4.9 %
Jacksonville, FL
   
8
     
926,738
     
9,032,699
      4.8 %
Boston, MA
   
6
     
401,454
     
8,649,746
      4.6 %
Florida Treasure/Northeast Coast
   
8
     
711,278
     
7,487,341
      4.0 %
Columbia, SC
   
2
     
414,466
     
4,484,750
      2.4 %
Lafayette, LA
   
5
     
714,691
     
3,692,759
      2.0 %
New Orleans, LA
   
4
     
458,125
     
3,461,062
      1.8 %
Baton Rouge, LA
   
3
     
349,146
     
2,898,317
      1.5 %
Raleigh Durham, NC
   
3
     
335,084
     
2,854,564
      1.5 %
Florida Panhandle
   
4
     
355,994
     
2,328,044
      1.2 %
Greenville, SC
   
2
     
166,832
     
2,190,682
      1.2 %
Hilton Head-Beaufort, SC
   
1
     
166,639
     
2,082,295
      1.1 %
Hartford, CT
   
1
     
210,588
     
2,102,402
      1.1 %
Other
   
28
     
2,671,936
     
16,672,837
      8.8 %
                                 
Total
   
164
     
18,079,162
    $
188,433,179
      100.0 %
 
Note:  Excludes developments, redevelopments, and non-retail properties.
 
 
Page 23


EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007

     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
                   
 
Madison Centre
Madison
1997
64,837
95.7%
11
2
37,912
Publix
06/01/17
Rite Aid
$              9.58
                   
 
   
 
West Gate Plaza
Mobile
1974 / 1985
64,378
98.1%
7
2
44,000
Winn-Dixie
07/19/15
Rite Aid
7.33
                   
 
   
 
Winchester Plaza
Huntsville
2006
78,544
88.6%
14
6
45,600
Publix
08/31/26
 
11.90
                   
 
   
TOTAL SHOPPING CENTERS ALABAMA (3)   
207,759
93.7%
32
10
127,512
 
  
 
$             9.68
                   
 
   
CONNECTICUT (1) 
             
 
   
                   
 
   
 
Brookside Plaza
Enfield
1985 / 2006
210,588
88.9%
24
4
59,648
Shaw's
08/31/10
Bed Bath & Beyond / Walgreens / Staples / Old Country Buffet
$            11.22
                   
 
   
TOTAL SHOPPING CENTERS CONNECTICUT (1)
210,588
88.9%
24
4
59,648
 
  
 
$          11.22
                   
 
   
FLORIDA (89)     
     
 
   
                   
 
   
Orlando / Central Florida (10) 
             
 
   
                   
 
   
 
Alafaya Commons
Orlando
1987
126,333
100.0%
30
-
54,230
Publix
11/30/07
 
$           13.53
                   
 
   
 
Alafaya Village
Orlando
1986
39,477
75.7%
13
2
 
Super Saver
(Shadow - dark)
 
17.05
                   
 
   
 
Conway Crossing
Orlando
2002
76,321
96.3%
16
2
44,271
Publix
04/30/22
 
11.99
                   
 
   
 
Eastwood, Shoppes of
Orlando
1997
69,037
100.0%
13
-
51,512
Publix
11/01/17
 
11.74
                   
 
   
 
Hunter's Creek
Orlando
1998
68,204
95.6%
8
2
   
 
Office Depot / Lifestyle Family Fitness
13.04
                   
 
   
 
Kirkman Shoppes
Orlando
1973
88,820
91.9%
29
2
   
 
Party America
17.42
                   
 
   
 
Lake Mary Centre
Orlando
1988 / 2001
342,384
96.8%
66
19
63,139
Albertsons
06/30/12
Kmart / Lifestyle Fitness Center / Trademark Cinemas
11.76
                   
 
   
 
Park Promenade
Orlando
1987 / 2000
128,848
96.3%
24
2
   
 
Beauty Depot / Orange County Library
7.85
                   
 
   
 
Town & Country
Kissimmee
1993
72,043
100.0%
14
-
52,883
Albertsons*
10/31/18
 
8.71
                 
(Ross / DD's Discount)
 
   
                         
 
Unigold Shopping Center
Winter Park
1987
117,527
100.0%
25
-
52,500
Winn-Dixie
04/30/12
Lifestyle Family Fitness
11.50
                   
 
   
Jacksonville / North Florida (12)     
     
 
   
                   
 
   
 
Atlantic Village
Atlantic Beach
1984 / 1998
100,559
94.6%
23
2
39,795
Publix
10/31/08
JoAnn Fabric & Crafts
11.17
                   
 
   
 
Beauclerc Village
Jacksonville
1962 / 1988
70,429
84.7%
9
2
     
Big Lots / Goodwill / Bealls Outlet
8.16
 
Page 24

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
 
Commonwealth
Jacksonville
1984 / 1998
81,467
98.4%
15
1
48,997
Winn-Dixie / Save Rite
02/28/18
 
8.43
                         
 
Forest Village
Tallahassee
2000
71,526
85.0%
12
4
37,866
Publix
04/30/20
 
10.22
                         
 
Ft. Caroline
Jacksonville
1985 / 1995
74,546
96.2%
11
2
45,500
Winn-Dixie
05/31/15
Citi Trends
7.43
                         
 
Medical & Merchants
Jacksonville
1993
156,153
97.0%
15
3
55,999
Publix
02/10/13
Memorial Hospital
12.74
                         
 
Middle Beach
Panama City Beach
1994
69,277
100.0%
9
-
56,077
Publix
09/30/14
 
9.72
                         
 
Monument Point
Jacksonville
1985 / 1997
75,128
94.4%
11
1
46,772
Winn-Dixie
03/27/10
CVS Pharmacy
6.74
                         
 
Oak Hill
Jacksonville
1985 / 1997
78,492
96.5%
18
1
39,795
Publix
03/11/10
Beall's
7.31
                         
 
Parkmore Plaza
Milton
1986
159,093
99.4%
12
1
     
Bealls / Big Lots
4.90
                         
 
Pensacola Plaza
Pensacola
1985
56,098
100.0%
3
-
42,848
FoodWorld
12/31/09
 
4.61
                         
 
South Beach
Jacksonville Beach
1990 / 1991
289,964
96.7%
46
4
     
Beall's / Bed/ Bath & Beyond / Home Depot / Stein Mart
11.81
                         
Miami-Dade / Broward / Palm Beach (38)       
     
                         
 
Bird Ludlum
Miami
1988 / 1998
192,282
97.7%
41
2
44,400
Winn-Dixie
12/31/07
CVS Pharmacy / Bird executive / Goodwill
15.74
                         
 
Boca Village
Boca Raton
1978
93,428
94.8%
19
2
36,000
Publix
03/31/12
CVS Pharmacy
15.58
                         
 
Boynton Plaza
Boynton Beach
1978 / 1999
99,324
99.0%
28
1
37,664
Publix
08/31/08
CVS Pharmacy
11.90
                         
 
Bluffs Square
Jupiter
1986
132,395
89.8%
44
3
39,795
Publix
10/22/11
Walgreens
13.60
                         
 
Concord Shopping Plaza
Miami
1962 / 1992 / 1993
298,986
100.0%
24
-
119,343
Winn Dixie
09/30/09
Home Depot / Big Lots
9.88
                         
 
Coral Reef Shopping Center
Palmetto Bay
1968 / 1990
74,680
98.7%
16
1
     
Office Depot / ABC Fine Wine and Spirits
19.59
                         
 
Countryside Shops
Cooper City
1986 / 1988 / 1991
179,561
98.4%
44
2
39,795
Publix
12/04/10
CVS Pharmacy / Stein Mart
13.31
                         
 
Crossroads Square
Pembroke Pines
1973
92,257
82.2%
23
4
     
CVS Pharmacy
15.36
                         
 
CVS Plaza
Miami
2004
29,204
100.0%
8
-
     
CVS Pharmacy
16.73
                         
 
El Novillo
Miami Beach
1970 / 2000
10,000
100.0%
1
-
     
Jumbo Buffet
20.00
                         
 
Homestead Gas Station
Homestead
1959
2,136
100.0%
1
-
       
22.41
                         
 
Greenwood
Palm Springs
1982 / 1994
132,325
100.0%
36
-
50,032
Publix
12/05/14
Bealls Outlet
12.45
 
Page 25

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
 
Jonathan's Landing
Jupiter
1997
26,820
79.5%
11
1
       
20.44
                         
 
Lago Mar
Miami
1995
82,613
93.9%
19
1
42,323
Publix
09/13/15
 
13.37
                         
 
Lantana Village
Lantana
1976 / 1999
181,780
99.6%
25
1
39,473
Winn-Dixie
02/15/11
Kmart / Rite Aid* (Family Dollar)
7.39
                         
 
Meadows
Miami
1997
75,524
100.0%
20
-
47,955
Publix
07/09/17
 
13.21
                         
 
Oakbrook Square
Palm Beach Gardens
1974 / 2000 / 2003
212,074
92.7%
28
2
44,400
Publix
11/30/20
Stein Mart / TJ Maxx / Home Goods / CVS / Basset Furniture / Duffy's
14.73
                         
 
Oaktree Plaza
North Palm Beach
1985
24,145
78.5%
16
3
       
14.21
                         
 
Pine Island
Davie
1983 / 1999
254,907
99.3%
44
1
39,943
Publix
11/30/13
Home Depot Expo/ Staples
11.62
                         
 
Pine Ridge Square
Coral Springs
1986 / 1998 / 1999
117,399
99.1%
34
1
17,441
Fresh Market
06/30/09
Bed Bath & Beyond / Nordic Interiors
14.41
                         
 
Plaza Alegre
Miami
2003
91,611
100.0%
21
-
44,271
Publix
03/14/23
Goodwill
15.31
                         
 
Point Royale
Miami
1970 / 2000
216,760
95.4%
25
1
45,350
Winn-Dixie
02/18/11
Best Buy
6.81
                         
 
Prosperity Centre
Palm Beach Gardens
1993
122,106
100.0%
9
-
     
Office Depot / CVS / Bed Bath & Beyond / Carmine's / TJ Maxx
17.58
                         
 
Ridge Plaza
Davie
1984 / 1999
155,204
91.8%
26
3
     
AMC Theater / Kabooms / Wachovia* (United Collection) / Round Up
10.24
                         
 
Riverside Square
Coral Springs
1987
107,941
90.3%
31
4
39,795
Publix
02/18/12
 
13.40
                         
 
Sawgrass Promenade
Deerfield Beach
1982 / 1998
107,092
97.0%
28
1
36,464
Publix
12/15/09
Walgreens
11.71
                         
 
Sheridan
Hollywood
1973 / 1991
455,843
98.4%
64
2
65,537
Publix
10/09/11
CVS / Ross / Bed Bath & Beyond / Office Depot / Sheridan Plaza LA Fitness / USA Baby & Child Space
14.52
                         
 
Shoppes of Andros Isles
West Palm Beach
2000
79,420
94.7%
15
2
51,420
Publix
02/29/20
 
12.81
                         
 
Shoppes of Ibis
West Palm Beach
1999
79,420
100.0%
18
-
51,420
Publix
04/30/19
 
13.12
                         
 
Shoppes at Quail Roost
Miami
2005
73,550
98.2%
19
1
44,840
Publix
06/30/25
 
15.49
                         
 
Shoppes of Silverlakes
Pembroke Pines
1995 / 1997
126,788
100.0%
40
-
47,813
Publix
06/14/15
 
17.35
                         
 
Shops at Skylake
North Miami Beach
1999 / 2005 / 2006
99.6%
49
1
51,420
Publix
07/31/19
TJMaxx / L.A. Fitness / Goodwill
16.29
                         
 
Shoppes of Sunset
Miami
1979
21,704
100.0%
17
-
       
16.28
 
Page 26

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
 
Tamarac Town Square
Tamarac
1987
            127,635
94.9%
36
4
37,764
Publix
12/15/14
Dollar Tree
11.12
                         
 
Waterstone
Homestead
2005
             82,531
100.0%
13
-
45,600
Publix
07/31/25
Walgreens
15.12
           
 
           
 
West Lakes Plaza
Miami
1984 / 2000
            100,747
100.0%
27
-
46,216
Winn-Dixie
10/31/16
Navarro Pharmacy
11.66
             
 
         
 
Westport Plaza
Davie
2002
             49,980
93.9%
7
1
27,887
Publix
11/30/22
 
16.23
               
 
       
 
Young Circle
Hollywood
1962 / 1997
             65,834
96.7%
8
2
23,124
Publix
11/30/16
Walgreens
15.80
                         
Florida Treasure / Northeast Coast (8)     
           
                         
 
Cashmere Corners
Port St. Lucie
2001
             92,734
100.0%
18
-
59,448
Albertsons
04/30/25
 
9.71
                         
 
New Smyrna Beach
New Smyrna Beach
1987
            118,451
100.0%
34
-
42,112
Publix
09/30/12
Walgreens* (Bealls Outlet) / Bealls Home Outlet
10.60
                         
 
Old King Commons
Palm Coast
1988
             84,759
100.0%
19
-
     
Wal-Mart
8.62
                         
 
Ryanwood
Vero Beach
1987
            114,925
97.7%
30
2
39,795
Publix
03/23/17
Bealls Outlet / Books-A-Million
10.52
                         
 
Salerno Village
Stuart
1987
             82,477
100.0%
20
-
45,802
Winn-Dixie
03/23/24
CVS Pharmacy
10.79
               
 
       
 
Shops at St. Lucie
Port St. Lucie
2006
             19,361
100.0%
12
-
       
21.96
           
 
           
 
South Point Center
Vero Beach
2003
             64,790
94.1%
13
3
44,840
Publix
11/30/23
 
15.68
                         
 
Treasure Coast
Vero Beach
1983
            133,781
97.5%
22
2
59,450
Publix
07/31/26
TJ Maxx
8.81
           
 
           
Tampa / St. Petersburg / Venice / Cape Coral / Naples (21)  
               
                         
 
Bay Pointe Plaza
St. Petersburg
1984 / 2002
            103,986
96.6%
21
3
52,610
Publix
11/30/21
Bealls Outlet
10.10
                         
 
Carrollwood
Tampa
1970 / 2002
             94,203
81.1%
30
5
27,887
Publix
11/30/22
 
13.12
                         
 
Charlotte Square
Port Charlotte
1980
             96,188
97.3%
22
2
     
American Signature Furniture / Seafood Buffet
8.40
                         
 
Chelsea Place
New Port Richey
1992
             81,144
100.0%
18
-
48,890
Publix
05/27/12
 
11.64
                         
 
Dolphin Village
St. Pete Beach
1967 / 1990
            138,129
87.9%
36
11
33,238
Publix
11/07/13
Dollar Tree / CVS
10.98
                         
 
Lake St. Charles
Tampa
1999
             57,015
100.0%
8
-
46,295
Sweet Bay
06/30/19
 
10.02
                         
 
Lutz Lake
Lutz
2002
             64,985
97.7%
14
1
44,270
Publix
05/31/22
 
13.99
                         
 
Marco Town Center     
Marco Island
2001
            109,830
97.5%
39
3
27,887
Publix
01/31/18
 
17.16
 
Page 27

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
 
Mariners Crossing
Spring Hill
1989 / 1999
91,608
100.0%
15
-
48,315
Kash n' Karry
08/15/20
 
9.28
                         
 
Midpoint Center
Cape Coral
2002
75,386
100.0%
10
-
60,667
Publix
10/31/22
 
12.00
                         
 
Pavilion
Naples
1982
167,745
95.8%
38
3
50,795
Publix
02/28/13
Pavilion 6 Theatre
14.96
                         
 
Regency Crossing
Port Richey
1986 / 2001
85,864
86.2%
16
9
44,270
Publix
02/28/21
 
10.46
                         
 
Ross Plaza
Tampa
1984 / 1996
89,859
75.6%
15
5
     
Ross Dress for Less
11.61
                         
 
Seven Hills
Spring Hill
1991
72,590
95.6%
16
1
48,890
Publix
09/25/11
 
10.79
                         
 
Shoppes of North Port
North Port
1991
84,705
100.0%
21
-
48,890
Publix
12/11/11
Bealls Outlet
10.42
                         
 
Skipper Palms
Tampa
1984
86,355
93.6%
15
2
53,440
Winn-Dixie
05/31/16
 
9.67
                         
 
Summerlin Square
Fort Myers
1986 / 1998
109,156
86.8%
18
11
45,500
Winn-Dixie
06/04/11
Lee County Sheriff's Office
10.86
                         
 
Sunpoint Shopping Center
Ruskin
1984
132,374
69.0%
21
3
     
Beall's / Goodwill / Ozzie's Buffet
9.80
                         
 
Venice Plaza
Venice
1971 / 1979 / 1999
148,779
89.0%
14
1
42,582
Sweet Bay
09/30/18
TJ Maxx / Home Goods / Blockbuster
5.81
                         
 
Venice Shopping Center
Venice
1968 / 2000
111,934
94.0%
12
3
44,271
Publix
12/31/26
Beall's Outlet
5.39
                         
 
Walden Woods
Plant City
1985 / 1998 / 2003
75,874
89.7%
13
1
     
Dollar Tree / Aaron Rents
7.20
                         
TOTAL SHOPPING CENTERS FLORIDA (89)
9,861,662
95.7%
1,937
168
3,049,813
   
  
$  11.91
                         
GEORGIA (25)        
     
                         
Atlanta (22)           
                         
 
BridgeMill
Canton
2000
89,102
97.3%
28
2
37,888
Publix
01/31/20
 
$  15.26
                         
 
Buckhead Station
Atlanta
1996
233,930
87.3%
15
4
     
Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW
19.41
                         
 
Butler Creek
Acworth
1990
95,597
98.5%
19
1
59,997
Kroger
06/30/18
 
11.14
                         
 
Chastain Square
Atlanta
1981 / 2001
91,637
98.9%
26
1
37,366
Publix
05/31/24
 
16.62
                         
 
Commerce Crossing
Commerce
1988
100,668
59.5%
7
4
32,000
Ingles
09/26/09
Fred's Store
4.69
                         
 
Douglas Commons
Douglasville
1988
97,027
96.5%
15
2
59,431
Kroger
08/31/13
 
9.88
                         
 
Fairview Oaks
Ellenwood
1997
77,052
97.2%
13
1
54,498
Kroger
09/30/16
 
11.11
 
Page 28

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
 
Grassland Crossing
Alpharetta
1996
90,906
98.6%
13
1
70,086
Kroger
06/30/16
 
11.50
                         
 
Hairston Center
Decatur
2000
13,000
46.2%
4
5
       
14.77
                         
 
Hamilton Ridge
Buford
2002
89,496
85.7%
15
5
54,166
Kroger
11/30/22
 
12.50
                         
 
Mableton Crossing
Mableton
1997
86,819
96.7%
15
2
63,419
Kroger
08/31/17
 
10.14
                         
 
Macland Pointe
Marietta
1992-93
79,699
98.5%
16
1
55,999
Publix
12/29/12
 
9.86
                         
 
Market Place
Norcross
1976
77,706
82.2%
18
4
     
Peachtree Cinema
11.63
                         
 
Paulding Commons
Dallas
1991
192,391
97.1%
27
3
49,700
Kroger
02/28/11
Kmart
8.01
                         
 
Piedmont Peachtree Crossing
Buckhead
1978 / 1998
152,239
100.0%
28
-
55,520
Kroger
05/31/10
Cost Plus Store / Binders Art Supplies
16.29
                         
 
Powers Ferry Plaza
Marietta
1979 / 1987 / 1998
86,473
94.3%
22
2
     
Micro Center
10.38
                         
 
Presidential Markets  
Snellville
1993 / 2000
396,408
95.5%
32
4
56,146
Publix
12/31/19
Marshall's / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot
10.94
                         
 
Shops of Huntcrest
Lawrenceville
2003
97,040
98.5%
25
1
54,340
Publix
01/31/23
 
13.94
                         
 
Shops of Westridge
McDonough
2006
66,297
83.1%
11
8
38,997
Publix
04/30/26
 
13.56
                         
 
Wesley Chapel
Decatur
1989
170,792
90.0%
16
10
32,000
Ingles*
09/25/09
Amazing Adventures / CVS Pharmacy
6.35
                         
 
West Towne Square
Rome
1988
89,596
83.0%
12
6
     
Big Lots
5.45
                         
 
Williamsburg @ Dunwoody
Dunwoody
1983
44,928
95.5%
25
2
       
19.13
                         
Central / South Georgia (4)  
                 
                         
 
Colony Square
Fitzgerald
1987
50,000
92.8%
4
2
32,200
Food Lion*
12/31/07
 
5.83
                         
 
Daniel Village
Augusta
1956 / 1997
171,932
93.5%
35
4
45,971
Bi-Lo
03/25/22
St. Joseph Home Health Care
8.45
                         
 
McAlpin Square
Savannah
1979
176,807
87.1%
23
3
43,600
Kroger
08/31/15
Big Lots / US Post Office
7.65
                         
 
Spalding Village
Griffin
1989
235,318
68.2%
22
6
59,431
Kroger
05/31/14
JC Penney* / Blockbuster / Fred's Store
7.86
                         
 
Walton Plaza
Augusta
1990
43,460
88.3%
6
2
32,960
Harris Teeter*
(Omni Fitness)
04/01/11
 
9.88
                         
TOTAL SHOPPING CENTERS GEORGIA (25) 
2,917,542
92.0%
464
78
933,324
   
  
$  11.10
 
Page 29

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
LOUISIANA (14)         
   
                         
 
Ambassador Row
Lafayette
1980 / 1991
193,978
84.1%
24
2
     
Conn's Appliances / Big Lots / Chuck E Cheese / Goody's
$  9.77
                         
 
Ambassador Row Courtyard
Lafayette
1986 / 1991 / 2005
146,697
93.6%
21
2
     
Bed Bath & Beyond / Marshall's / Hancock Fabrics / United Training Academy / Tuesday Morning
9.94
                         
 
Bluebonnet Village
Baton Rouge
1983
101,623
82.2%
21
3
33,387
Matherne's
11/30/10
 
10.11
                         
 
Boulevard
Lafayette
1976 / 1994
68,012
98.4%
13
1
     
Piccadilly / Harbor Freight Tools / Golfballs.com
7.43
                         
 
Country Club Plaza
Slidell
1982 / 1994
64,686
100.0%
10
-
33,387
Winn-Dixie
01/31/08
 
6.21
                         
 
Crossing
Slidell
1988 / 1993
114,806
91.5%
11
5
58,432
Save A Center
09/29/09
A-1 Home Appliance / Piccadilly
5.39
                         
  Elmwood Oaks Harahan
1989
133,995  96.5% 10 1      
Academy Sports / Dollar Tree / Home Décor
9.62
                         
 
Grand Marche (ground lease)
Lafayette
1969
200,585
100.0%
1
-
     
Grand Marche
NA
                         
 
Plaza Acadienne
Eunice
1980
105,419
49.0%
4
4
28,092
Super 1 Store
06/30/10
Fred's
4.02
                         
 
Sherwood South
Baton Rouge
1972 / 1988 / 1992
77,107
100.0%
9
-
     
Burke's Outlet / Harbor Freight Tools / Fred's Store
7.05
                         
 
Siegen Village
Baton Rouge
1988
170,416
100.0%
20
-
     
Office Depot / Big Lots / Dollar Tree / Stage / Party City
8.86
                         
 
Tarpon Heights
Galliano
1982
56,605
96.5%
8
1
     
Stage / Dollar General
4.96
                         
 
Village at Northshore
Slidell
1988
144,638
100.0%
14
-
     
Marshalls / Dollar Tree / Kirschman's* / Bed Bath & Beyond / Office Depot
8.64
                         
 
Wal-Mart Mathews
Mathews
1985
54,223
100.0%
1
-
     
Wal-Mart*
2.90
                     
 
 
TOTAL SHOPPING CENTERS LOUISIANA (14) 
1,632,790
92.1%
167
19
153,298
   
 
$  8.02
                         
MASSACHUSETTS (7)           
                         
 
Cambridge Star Market
Cambridge
1953 / 1997
66,108
100.0%
1
-
66,108
Star Market
01/02/16
 
$  26.89
                         
 
Medford Shaw's Supermarket
Medford
1995
62,656
100.0%
2
-
60,356
Shaw's
01/01/16
 
23.94
                         
 
Plymouth Shaw's Supermarket
Plymouth
1993
59,726
100.0%
1
-
59,726
Shaw's
01/01/16
 
17.77
                         
 
Quincy Star Market
Quincy
1965 / 1995
100,741
100.0%
1
-
100,741
Star Market
01/02/16
 
17.36
                         
 
Swampscott Whole Foods
Swampscott
1967 / 2005
35,907
100.0%
1
-
35,907
Whole Foods
01/01/16
 
21.00

Page 30

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
 
Webster Plaza
Webster
1963 / 1998
201,425
97.0%
13
2
56,766
Shaw's
02/28/23
K Mart / Family Dollar / Dollar Tree
7.88
                         
 
West Roxbury Shaw's Plaza
West Roxbury
1973 / 1995/ 2006
76,316
100.0%
12
-
54,928
Shaw's
01/02/16
 
23.68
                         
TOTAL SHOPPING CENTERS MASSACHUSETTS (7) 
602,879
99.0%
31
2
434,532
   
  
$  17.07
                         
MISSISSIPPI (1)  
                 
                         
 
Shipyard Plaza
Pascagoula
1987
66,857
100.0%
8
-
     
Big Lots / Buffalo Wild Wings
$  6.81
                     
 
 
TOTAL SHOPPING CENTERS MISSISSIPPI (1) 
66,857
100.0%
8
-
-
   
 
$  6.81
                         
NORTH CAROLINA (10)  
                 
                         
 
Centre Pointe Plaza
Smithfield
1989
163,642
94.8%
21
3
     
Belk's / Goody's / Dollar Tree / Aaron Rents
$  6.34
                         
 
Galleria
Wrightsville Beach
1986 / 1990
92,114
93.5%
32
4
28,000
Harris Teeter*
04/05/11
 
10.12
                         
 
Parkwest Crossing
Durham
1990
85,602
100.0%
17
-
38,052
Food Lion
12/14/10
 
10.44
                         
 
Plaza North
Hendersonville
1986
47,240
84.8%
7
3
     
Fred's
6.50
                       
.
 
Providence Square
Charlotte
1973
85,930
34.4%
14
11
       
9.50
                         
 
Riverview Shopping Center
Durham
1973 / 1995
128,498
93.1%
12
4
53,538
Kroger
12/31/14
Upchurch Drugs / Riverview Galleries
7.67
                         
 
Salisbury Marketplace
Salisbury
1987
79,732
91.6%
17
3
31,762
Food Lion
02/11/23
 
10.50
                         
 
Shelby Plaza
Shelby
1972
103,200
98.1%
8
1
     
Big Lots / Aaron Rents / Burke's Outlet / Tractor Supply Company
4.15
                         
 
Thomasville Commons
Thomasville
1991
148,754
95.2%
10
3
32,000
Ingles
09/29/12
Kmart
5.71
                         
 
Willowdaile Shopping Center
Durham
1986
120,984
83.1%
18
8
53,368
Harris Teeter
05/14/09
Hall of Fitness
10.37
                     
 
 
TOTAL SHOPPING CENTERS NORTH CAROLINA (10)
1,055,696
88.3%
156
40
236,720
   
 
$  7.77
                         
SOUTH CAROLINA (9)       
       
                         
 
Belfair Towne Village
Bluffton
2000 / 2003 / 2006
166,639
95.3%
30
4
55,696
Kroger
10/31/19
Steinmart
$  13.11
                         
 
Lancaster Plaza
Lancaster
1971 / 1990
77,400
32.6%
2
2
19,200
Bi-Lo
09/30/10
 
3.62
                         
 
Lancaster Shopping Center
Lancaster
1963 / 1987
29,047
100.0%
2
-
     
Sweet Union Furniture
2.07
                         
 
Milestone Plaza
Greenville
1995
98,777
98.0%
11
1
61,695
Bi-Lo
03/31/30
 
15.26
 
Page 31

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
 
North Village Center
North Myrtle Beach
1984
60,356
100.0%
13
-
24,806
Bi-Lo
05/31/09
Dollar General / Gold's Gym
8.94
                         
 
Sparkleberry Square
Columbia
1997 / 2004
339,051
99.9%
26
1
67,943
Kroger
08/31/17
Ross Dress for Less / Circuit City / Bed Bath & Beyond / Petsmart / Pier One / Kohl's
11.30
                         
 
Spring Valley
Columbia
1978 / 1997
75,415
95.2%
15
3
45,070
Bi-Lo
12/31/17
 
9.16
                         
 
Windy Hill
North Myrtle Beach
1968 / 1988 / 2006
68,465
100.0%
5
-
     
Rose's Store / Family Dollar Store
6.18
                         
 
Woodruff
Greenville
1995
68,055
100.0%
10
-
47,955
Publix
08/06/15
 
10.49
                         
TOTAL SHOPPING CENTERS SOUTH CAROLINA (9) 
983,205
93.3%
114
11
322,365
     
$  10.76
                         
TENNESSEE (1) 
                   
                         
 
Smyrna Village
Smyrna
1992
83,334
100.0%
12
-
59,214
Kroger
02/29/12
 
$  8.42
                         
TOTAL SHOPPING CENTERS TENNESSEE (1) 
83,334
100.0%
12
-
59,214
     
$  8.42
                         
TEXAS (1) 
                   
                         
 
Rosemeade
Carrollton
1986
51,231
76.9%
11
6
     
Russian Banya Family
$  7.51
                         
TOTAL SHOPPING CENTERS TEXAS (1) 
51,231
76.9%
11
6
-
     
$  7.51
                         
VIRGINIA (1) 
                   
                         
 
Smyth Valley Crossing
Marion
1989
126,841
97.8%
12
2
32,000
Ingles
09/25/10
Wal-Mart
$  5.85
                         
TOTAL SHOPPING CENTERS VIRGINIA (1) 
126,841
97.8%
12
2
32,000
     
$  5.85
                         
2,996
348
5,500,817
     
$  11.24

Page 32

 
EQUITY ONE, INC.
PROPERTY STATUS REPORT
As of June 30, 2007
 
     
Year
 Total
 
 Number
Supermarket anchor
 
Average
 
 
 
Built /
 Sq. Ft.
Percent
of tenants
 Owned
 
Expiration
 
base rent
Property
City
Renovated
 Owned
Leased
 Leased
 Vacant
 sq. ft.
Name
Date
Other anchor tenants
per leased SF
                         
                   
                         
 
4101 South I-85 Industrial
Charlotte, NC
1956 / 1963
188,513
38.0%
1
8
         
                         
 
Banco Popular Office Building
Miami, FL
1971
32,737
100.0%
21
-
         
                         
 
Commonwealth II
Jacksonville, FL
1984
-
0.0%
-
-
         
                         
 
Laurel Walk Apartments
Charlotte, NC
1985
106,480
93.6%
92
6
         
                         
 
Mandarin Mini-Storage
Jacksonville, FL
1982
475
         
                         
 
Prosperity Office Building
Palm Beach Gdns, FL
1972
3,200
0.0%
-
1
         
                         
589
80
 
   
 
 
 
                         
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (170)
18,462,392
93.3%
3,585
428
 
   
 
 
 
                         
DEVELOPMENTS, REDEVELOPMENTS & LAND (10)        
   
                         
 
Developments (3)
Various - See Schedule on Page 34     
       
                         
 
Redevelopments (4)
Various - See Schedule on Page 34.  Count excludes outparcel project at Mariners Crossing.    
 
                         
 
Land Held for Development (3)
Various
                   
                         
GRAND TOTAL - 180 Properties

Total square footage does not include shadow anchor square footage that is not owned 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 ( ).

Page 33


REAL ESTATE ACQUISITIONS AND DISPOSITIONS
As of June 30, 2007
(in thousands, except square foot data)
 

 
2007 Acquisition Activity
                     
Date Purchased
Property Name
City
State
 
Square Feet
   
Purchase
Price
   
 
 
January 9, 2007
Concord Shopping Plaza
Miami
FL
   
298,986
    $
48,433
         
February 7, 2007
Shelby Plaza Land
Shelby
NC
 
NA
     
505
         
February 15, 2007
Alafaya Commons Outparcel
Orlando
FL
 
NA
     
2,146
         
March 9, 2007
Buckhead Station
Atlanta
GA
   
233,930
     
68,000
         
June 13, 2007
Shoppes of Sunset
Miami
FL
   
21,704
     
5,000
         
June 21, 2007
Medical & Merchants - Crown Bank Outparcel
Jacksonville
FL
   
3,392
     
1,333
         
Total
                $
125,417
         

 
2007 Disposition Activity
                     
Date Sold
Property Name
City
State
 
Square Feet
   
Gross Sales
Price
   
Gain on Sale
 
January 11, 2007
Pinhook Plaza Office Building
Lafayette
LA
   
4,406
    $
350
    $
266
 
March 14, 2007
Eustis Square Shopping Center
Eustis
FL
   
126,791
     
7,100
     
1,454
 
       Sale of income producing property 
              $
7,450
    $
1,720
 
                               
                               
March 22, 2007
Venice Plaza Outparcel
Venice
FL
 
N/A
    $
1,500
    $
1,028
 
June 13, 2007
Shops at Hampton Oaks Outparcel
Atlanta
GA
 
N/A
     
1,300
     
303
 
June 29, 2007
Winchester Plaza Outparcel
Huntsville
AL
 
N/A
     
550
     
254
 
  Sale of real estate
                $
3,350
    $
1,585
 
                               
     Total - income producing and real estate 
              $
10,800
    $
3,305
 

 

Properties Held for Sale as of June 30, 2007
                     
 
Property Name
City
State
   
 
     
 
     
 
 
4101 South I-85 Industrial
Charlotte
NC
                       
 
Lancaster Plaza
Lancaster
SC
                       
 
Shops of Hampton Oaks Outparcel (1)
Atlanta
GA
                       
 
Sunlake Land Parcel (1)
Tampa
FL
                       
 
Winchester Plaza Outparcel (1)
Huntsville
AL
                       
 
 
 
 
                       
 
Notes

(1)
A portion of this property is held for sale.

Page 34


REAL ESTATE DEVELOPMENTS AND REDEVELOPMENTS
As of June 30, 2007
(in thousands, except square footage data)
 


Project
Location
 
Project
GLA*
 
Anchors
 
Target
Stabilization Date
   
Estimated Gross
Cost (1)
   
Estimated
Net Cost (2)
   
Funded as of
06/30/07
   
Balance to Complete
(Gross Cost)
 
Developments
                                       
Shops at Hampton Oaks  
South Fulton, GA (Atlanta)
   
21,000
 
CVS (not owned)
 
3Q08
     
8,439
     
4,704
     
2,718
     
5,721
 
Sunlake (3) (4)
Tampa, FL
   
110,000
 
Publix
 
4Q08
     
37,604
     
23,523
     
16,446
     
21,158
 
River Green
Canton, GA (Atlanta)
   
59,997
 
CVS (not owned)
 
2009 / 2010
     
10,803
     
8,811
     
2,956
     
7,847
 
Subtotal
     
190,997
              $
56,845
    $
37,038
    $
22,119
    $
34,727
 
 
                                                   
Redevelopments / Expansions / Outparcels      
                                       
Stanley Market Place
Stanley, NC
   
41,228
 
Food Lion
 
3Q07
    $
6,356
    $
5,979
    $
5,317
    $
1,039
 
Chapel Trail
Pembroke Pines, FL
   
51,703
 
LA Fitness
 
4Q07
     
11,463
     
11,463
     
9,746
     
1,717
 
Chestnut Square
Brevard, NC
   
14,550
 
Walgreen's
 
1Q08
     
5,401
     
5,251
     
2,334
     
3,067
 
Mariners Crossing - Outparcel
Spring Hill, FL (Tampa)
   
6,300
 
NA (outparcel)
 
2Q08
     
1,494
     
1,494
     
369
     
1,125
 
Mandarin Landing
Jacksonville, FL
   
54,500
 
Whole Foods
 
1Q09
     
8,208
     
8,058
     
2,665
     
5,542
 
Subtotal
     
168,281
              $
32,922
    $
32,245
    $
20,432
    $
12,490
 
 
                                                   
Total Development Activity 
   
359,278
              $
89,768
    $
69,284
    $
42,551
    $
47,217
 
 

 
Project notes

                                                             
(1)
Includes actual / allocated cost of land.
(2)
After sales of outparcels / land and after construction cost reimbursements.
(3)
Being developed in a JV.  Equity One funds all capital, on which it receives an 8% preferred return and receives 60% of residual cash flow.
(4)
Indicates a portion of this property is classified as held for sale as of June 30, 2007.

*
Project GLA is subject to change based upon changes related to build-to-suit requests and other tenant driven changes.

Page 35


CONSOLIDATED DEBT SUMMARY
As of June 30, 2007
(in thousands)
 
Debt Instrument
Maturity
date
 
Rate (1)
   
Jun 30, 2007
balance
   
Dec 31, 2006
balance
   
Percent of
debt maturing
 
                           
Mortgage debt 
                         
Rosemeade 
12/01/07
    8.295 %   $
2,902
    $
2,947
      0.25 %
Mariners Crossing 
03/01/08
    7.080 %    
3,194
     
3,224
      0.27 %
Commonwealth 
03/15/08
    7.000 %    
2,303
     
2,374
      0.20 %
Pine Island/Ridge Plaza
07/01/08
    6.910 %    
23,560
     
23,781
      2.01 %
North Port Shopping Center
02/08/09
    6.650 %    
3,729
     
3,788
      0.32 %
Prosperity Centre 
03/01/09
    7.875 %    
4,966
     
5,193
      0.42 %
Ibis Shopping Center 
09/01/09
    6.730 %    
5,187
     
5,294
      0.44 %
Tamarac Town Square
10/01/09
    9.190 %    
5,873
     
5,927
      0.50 %
Park Promenade 
02/01/10
    8.100 %    
6,060
     
6,100
      0.52 %
Skipper Palms 
03/01/10
    8.625 %    
3,436
     
3,456
      0.29 %
Jonathan's Landing 
05/01/10
    8.050 %    
2,773
     
2,793
      0.24 %
Bluff's Square 
06/01/10
    8.740 %    
9,760
     
9,815
      0.83 %
Kirkman Shoppes 
06/01/10
    8.740 %    
9,217
     
9,268
      0.79 %
Ross Plaza 
06/01/10
    8.740 %    
6,428
     
6,464
      0.55 %
Shoppes of Andros Isle
06/10/10
    7.900 %    
6,341
     
6,419
      0.54 %
Boynton Plaza 
07/01/10
    8.030 %    
7,213
     
7,259
      0.62 %
Pointe Royale 
07/15/10
    7.950 %    
3,570
     
3,724
      0.30 %
Shops at Skylake 
08/01/10
    7.650 %    
13,228
     
13,453
      1.13 %
Parkwest Crossing 
09/01/10
    8.100 %    
4,556
     
4,584
      0.39 %
Spalding Village 
09/01/10
    8.190 %    
9,346
     
9,538
      0.80 %
Charlotte Square 
02/01/11
    9.190 %    
3,361
     
3,402
      0.29 %
Forest Village 
04/01/11
    7.270 %    
4,303
     
4,333
      0.37 %
Boca Village 
05/01/11
    7.200 %    
7,956
     
8,011
      0.68 %
MacLand Pointe 
05/01/11
    7.250 %    
5,620
     
5,659
      0.48 %

Page 36

 
CONSOLIDATED DEBT SUMMARY
As of June 30, 2007
(in thousands)
 
Debt Instrument
Maturity
date
 
Rate (1)
   
Jun 30, 2007
balance
   
Dec 31, 2006
balance
   
Percent of
debt maturing
 
                           
Pine Ridge Square 
05/01/11
    7.020 %   $
7,039
    $
7,090
      0.60 %
Sawgrass Promenade
05/01/11
    7.200 %    
7,956
     
8,011
      0.68 %
Presidential Markets 
06/01/11
    7.650 %    
26,394
     
26,561
      2.25 %
Lake Mary 
11/01/11
    7.250 %    
23,564
     
23,720
      2.01 %
Lake St. Charles 
11/01/11
    7.130 %    
3,717
     
3,743
      0.32 %
Belfair Towne Village 
12/01/11
    7.320 %    
10,634
     
10,755
      0.91 %
Marco Town Center 
01/01/12
    6.700 %    
8,142
     
8,236
      0.69 %
Riverside Square 
03/01/12
    9.190 %    
7,280
     
7,347
      0.62 %
Cashmere Corners 
11/01/12
    5.880 %    
4,855
     
4,916
      0.41 %
Eastwood 
11/01/12
    5.880 %    
5,785
     
5,857
      0.49 %
Meadows Shopping Center
11/01/12
    5.870 %    
6,079
     
6,155
      0.52 %
Sparkleberry Square (2)
11/30/12
    6.170 %    
6,315
     
6,389
      0.54 %
Lutz Lake 
12/01/12
    6.280 %    
7,500
     
7,500
      0.64 %
Midpoint Center 
07/10/13
    5.770 %    
6,634
     
6,714
      0.57 %
Buckhead Station 
09/01/13
    6.880 %    
27,616
     
-
      2.35 %
Alafaya Village 
11/11/13
    5.990 %    
4,061
     
4,090
      0.35 %
Summerlin Square 
02/01/14
    6.750 %    
2,844
     
3,010
      0.24 %
South Point 
07/10/14
    5.720 %    
8,108
     
8,198
      0.69 %
Bird Ludlum 
02/15/15
    7.680 %    
7,954
     
8,328
      0.68 %
Treasure Coast Plaza
04/01/15
    8.000 %    
3,751
     
3,920
      0.32 %
Shoppes of Silverlakes
07/01/15
    7.750 %    
2,184
     
2,280
      0.19 %
Grassland Crossing 
12/01/16
    7.870 %    
5,375
     
5,473
      0.46 %
Mableton Crossing 
08/15/18
    6.850 %    
3,795
     
3,852
      0.32 %
Sparkleberry Square (2)
06/30/20
    6.750 %    
7,128
     
7,297
      0.61 %
BridgeMill 
05/05/21
    7.940 %    
8,932
     
9,033
      0.76 %

Page 37

 
CONSOLIDATED DEBT SUMMARY
As of June 30, 2007
(in thousands)
 
Debt Instrument
Maturity
date
 
Rate (1)
   
Jun 30, 2007
balance
   
Dec 31, 2006
balance
   
Percent of
debt maturing
 
Westport Plaza 
08/24/23
    7.490 %   $
4,628
    $
4,681
      0.39 %
Chastain Square 
02/28/24
    6.500 %    
3,550
     
3,608
      0.30 %
Daniel Village 
02/28/24
    6.500 %    
3,881
     
3,943
      0.33 %
Douglas Commons 
02/28/24
    6.500 %    
4,624
     
4,699
      0.39 %
Fairview Oaks 
02/28/24
    6.500 %    
4,376
     
4,447
      0.37 %
Madison Centre 
02/28/24
    6.500 %    
3,550
     
3,608
      0.30 %
Paulding Commons 
02/28/24
    6.500 %    
6,027
     
6,126
      0.51 %
Siegen Village 
02/28/24
    6.500 %    
3,922
     
3,985
      0.33 %
Wesley Chapel Crossing
02/28/24
    6.500 %    
3,096
     
3,147
      0.26 %
Webster Plaza 
08/15/24
    8.070 %    
8,064
     
8,122
      0.69 %
Total mortgage debt (59 loans outstanding)
      7.315 %   $
414,242
    $
391,647
      35.32 %
Net interest premium/(discount)
 
 (wtd-avg interest rate) 
   
11,500
     
10,463
      0.98 %
Total mortgage debt (including net interest premium/discount)
                $
425,742
    $
402,110
      36.30 %

Page 38

 
CONSOLIDATED DEBT SUMMARY
As of June 30, 2007
(in thousands)
 
Debt Instrument
Maturity
date
 
Rate (1)
   
Jun 30, 2007
balance
   
Dec 31, 2006
balance
   
Percent of
debt maturing
 
                           
Unsecured senior notes payable
                         
3.875% senior notes (3)
04/15/09
    3.875 %   $
200,000
    $
200,000
      17.05 %
Fair value of $100MM fixed-to-floating interest rate swap
04/15/09
 
6-month Libor +  
0.4375%       
  (3,630 )     (3,813 )     (0.31 %)
7.84% senior notes 
01/23/12
    7.840 %    
25,000
     
25,000
      2.13 %
5.375% senior notes 
10/15/15
    5.375 %    
120,000
     
120,000
      10.23 %
6.00% senior notes 
09/15/16
    6.000 %    
125,000
     
125,000
      10.66 %
6.25% senior notes 
01/15/17
    6.250 %    
125,000
     
125,000
      10.66 %
6.00% senior notes 
09/15/17
    6.000 %    
150,000
     
-
      12.79 %
  
                                 
Total unsecured senior notes payable
    5.761 %   $
741,370
    $
591,187
      63.22 %
Net interest premium/(discount)
(wtd-avg maturity)
 
(wtd-avg       
interest rate)  
  (353 )     (141 )     (0.03 %)
Total unsecured senior notes payable (including net interest premium/discount)
          $
741,017
    $
591,046
      63.19 %
  
                                 
Revolving credit facilities
                                 
$275MM Wells Fargo Unsecured
01/17/09
 
5.770
%   $
6,000
    $
76,500
      0.51 %
$5MM City National Bank Unsecured
05/11/07
 
N/A
     
-
     
-
      0.00 %
Total revolving credit facilities
            $
6,000
    $
76,500
      0.51 %
  
                                 
Total debt
            $
1,161,612
    $
1,059,334
      99.05 %
Net interest premium/(discount)
             
11,147
     
10,322
      0.95 %
Total debt (including net interest premium/discount)
            $
1,172,759
    $
1,069,656
      100.00 %
                                    
Senior Unsecured Debt Ratings
                                 
Moody's 
           
Baa3 (Positive)
   
Baa3 (Positive)
         
S&P
           
BBB- (Positive)
   
BBB- (Positive)
         
 
(1)
The rate in effect on March 31, 2007
(2)
Sparkleberry Square is encumbered by two separate mortgages
(3)
$100,000 of the outstanding balance has been swapped to a floating interest rate based on a six month LIBOR in arrears, plus 0.4375%. The indicated rate and the weighted rate for the unsecured notes does not reflect the effect of the interest rate swap.
 
 
Page 39