x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Maryland
|
52-1794271
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
1600
N.E. Miami Gardens Drive, North Miami Beach, FL
|
33179
|
|
(
Address
of principal executive office
)
|
(Zip
code)
|
Common
Stock, $.01 Par Value
|
New
York Stock Exchange
|
|
(Title
of each class)
|
(Name
of exchange on which registered)
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Page
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|||
Part
I
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|||
Item
1.
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4
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||
Item
1A.
|
11
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||
Item
1B.
|
17
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||
Item
2
.
|
17
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||
Item
3
.
|
33
|
||
Item
4
.
|
33
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||
Part
II
|
|||
Item
5.
|
33
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||
Item
6.
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34
|
||
Item
7.
|
36
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||
Item
7A.
|
59
|
||
Item
8.
|
61
|
||
Item
9.
|
61
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||
Item
9A.
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61
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||
Item
9B.
|
62
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||
Part
III
|
|||
Item
10.
|
63
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||
Item
11.
|
63
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||
Item
12.
|
63
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||
Item
13.
|
63
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||
Item
14.
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63
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||
Part
IV
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|||
Item
15.
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64
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||
68
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·
|
general
economic conditions, and the effect of these conditions on rental
rates in
the markets where our shopping centers are
located;
|
·
|
risks
that tenants will not remain in occupancy or pay
rent;
|
·
|
the
effects of hurricanes and other natural disasters;
|
·
|
interest
rate levels and the availability of
financing;
|
·
|
potential
environmental liability and other risks associated with the ownership,
development and acquisition of shopping center
properties;
|
·
|
greater
than anticipated construction or operating
costs;
|
·
|
inflationary
and other general economic trends;
|
·
|
management’s
ability to successfully combine and integrate the operations of
properties
or companies that we may acquire in the future;
and
|
·
|
those
risks described in Item 1A below and such other risks as may be
detailed
from time to time in the reports filed by us with the Securities
and
Exchange Commission.
|
BU
SI
NESS
|
·
|
maximize
the value of our existing shopping centers by leasing and re-leasing
those
properties to credit worthy tenants at higher rental rates and
by
renovating and redeveloping those properties to make them more
attractive
to such tenants;
|
·
|
acquire
and develop additional neighborhood and community shopping centers
in high
growth, high density metropolitan areas that are primarily anchored
by
supermarkets or other necessity-oriented
retailers;
|
·
|
redevelop
our existing or newly acquired centers to capitalize on alternative
uses
for those properties, including mixed-use opportunities such
as
residential high-rises or related office
components.
|
·
|
recycle
our capital by selling or disposing of properties or interests
in
properties that do not meet our investment criteria, asset type,
or
geographic focus, or to invest the proceeds of such sales in
more stable,
attractive properties or markets;
|
·
|
consider
alternative strategies and other lines of business that complement
our
existing business, leverage our strengths and expertise or utilize
our
existing portfolio of properties; and
|
·
|
capitalize
on our substantial asset base to effectively access capital to
fund our
growth.
|
·
|
the
location, construction quality, design and visibility of the
property;
|
·
|
economic,
demographic, regulatory and zoning conditions in the property’s local and
regional market;
|
·
|
the
tenants’ gross sales per square foot measured against industry standards,
and the rent payable by the
tenants;
|
·
|
competition
from comparable retail properties in the market area and the
possibility
of future competition;
|
·
|
the
current and projected cash flow of the property and the potential
to
increase that cash flow;
|
·
|
the
terms of tenant leases, including the relationship between the
property’s
current rents and market rents and the ability to increase rents
over
time;
|
·
|
the
supply of and demand for properties of a similar type in the
market
area;
|
·
|
the
potential to complete a strategic renovation, expansion or re-tenanting
of
the property;
|
·
|
the
property’s current expense structure and the potential to increase
operating margins; and
|
·
|
the
potential for capital appreciation of the
property.
|
·
|
Site
Selection:
Our development projects are typically located in metropolitan
areas that
have strong demographic features, such as being densely populated,
having
higher than average household income or having projected future
growth. In
addition, we typically select sites within our target markets
that are
well situated near transportation arteries.
|
·
|
Pre-Leasing:
We
typically do not initiate construction of our development projects
until
we have secured a leasing commitment from an anchor
tenant.
|
·
|
Financing:
We
typically fund development costs from operating cash flow and
our
revolving credit facility. This provides us the flexibility to
control the
pace of development without delays due to outside financing
needs.
|
·
|
Our
occupancy rate in our core shopping center portfolio was 93.4%
at December
31, 2005;
|
·
|
We
achieved a 2.1% increase in same property net operating income,
or NOI,
excluding termination fees, and an overall NOI margin of
73.6%;
|
·
|
We
increased our rental rate by 4.2% to $15.16 per square foot on
344 lease
renewals aggregating 736,000 square feet;
and
|
·
|
We
executed 345 new leases totaling 1.4 million square feet at an
average
rental rate of $10.18 per square
foot.
|
·
|
Shopping
Centers Anchored by Supermarkets or Necessity-Oriented
Retailers
.
As of December 31, 2005, shopping centers anchored by supermarkets
or
other necessity retailers such as drug stores or discount retail
stores
accounted for 99% of our total annualized minimum rent. We believe
that
supermarkets and other necessity-oriented retailers are more
resistant to
economic downturns by the nature of their businesses and generate
frequent
consumer traffic through our shopping centers. This traffic enhances
the
quality, appeal and longevity of our shopping centers and benefits
our
other tenants.
|
·
|
Attractive
Locations in High-Growth Areas
.
Our portfolio of properties is concentrated in high-density areas
that are
experiencing high population growth such as Florida, Texas and
Georgia. As
of December 31, 2005, these states constitute 46.7%, 15.1% and
14.0% of our retail property gross leasable area, respectively. The
strong demographics of these and our other markets provide our
properties
with a growing supply of shoppers and increasing demand for the
goods and
services of our tenants.
|
·
|
Diverse
Tenant Base.
As
of December 31, 2005, no single tenant represented more than
10.0% of our
annualized minimum rent and only Publix, at 8.4%, represented
more than
5.0% of such rent. As of December 31, 2005, we had over 3,200
leases with
tenants, including national and regional supermarket chains,
drug stores,
discount retail stores, other nationally or regionally known
stores, a
variety of other regional and local retailers and a number of
local
service providers such as doctors, dentists, hair salons, restaurants
and
others. We believe that this diversity of tenants enables us
to generate
more stable cash flows over time and limits our exposure to the
financial
conditions of any particular
tenant.
|
·
|
Seasoned
Management Team
.
Our senior executives and managers average more than 20 years
of
experience in the acquisition, management, leasing, finance,
development
and construction of real estate or retail properties. In particular,
we
believe that our in-depth market knowledge and the long-term
tenant
relationships developed by our senior management team provide
us with a
key competitive advantage.
|
·
|
Property
Acquisition Strengths.
We
believe we have certain competitive advantages which enhance
our ability
to capitalize on acquisition opportunities, including our long-standing
relationships with bankers, brokers, tenants and institutional
and other
real estate owners in our current target markets; our access
to capital;
our ability to offer cash and tax advantaged structures to sellers;
and
our demonstrated ability to conduct a rapid, efficient and effective
due
diligence investigation of the property, portfolio or
company.
|
·
|
Development
Experience
.
We have significant experience in both the development and construction
of
real estate projects which, combined with our valuable relationships
with
local developers, enhance our ability to identify, design and
construct
new projects.
|
·
|
Strong
Relationship with Tenants
.
We believe we have cultivated strong relationships with supermarket
and
other anchor tenants, which, in combination with our in-depth
knowledge of
our primary markets, have contributed substantially to our success
in
identifying, acquiring and operating our
properties.
|
ITEM
1A.
|
RISK
F
A
CTORS
|
·
|
the
stockholder’s failure to make a payment of principal or interest when
due;
|
·
|
the
occurrence of another default that would entitle any of the stockholder’s
other creditors to accelerate payment of any debts and obligations
owed to
them by the stockholder;
|
·
|
if
the bank, in its absolute discretion, deems that a change has
occurred in
the condition of the stockholder to which the bank has not given
its prior
written consent; and
|
·
|
if,
in the opinion of the bank, the value of the pledged shares shall
be
reduced or is likely to be reduced (for example, the price of
our common
stock declines).
|
ITEM 1B. |
UNRE
S
OLVED
STAFF
COMMENTS
|
Property
|
Year
Acquired/ Built
|
GLA
(Sq. Ft.) at Dec. 31, 2005
|
Number
of Tenants
(1)
|
Annualized
Minimum Rent as of December 31, 2005
(2)
|
Average
Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2005
|
Percent
Leased at Dec. 31, 2005
|
Anchor
Stores and Certain Tenants
(3)
|
|||||||
El
Novillo
Miami
Beach
|
2001
|
10,000
|
1
|
$159,373
|
$15.94
|
100.0%
|
Jumbo
Buffet
|
|||||||
Homestead
Gas Station
Homestead
|
2005
|
2,136
|
1
|
43,416
|
20.33
|
100.0%
|
||||||||
Greenwood
Palm
Springs
|
2003
|
132,325
|
38
|
1,537,429
|
12.26
|
94.8%
|
Publix,
Bealls, World Savings Bank
|
|||||||
Lago
Mar
Miami
|
2003
|
82,613
|
20
|
1,102,173
|
13.34
|
100.0%
|
Publix,
Blockbuster
|
|||||||
Lantana
Village
Lantana
|
1998
|
181,780
|
26
|
1,296,246
|
7.19
|
99.2%
|
Winn-Dixie,
Kmart, Rite Aid* (Dollar Store), Hollywood Video
|
|||||||
Meadows
Miami
|
2002
|
75,524
|
20
|
974,347
|
12.90
|
100.0%
|
Publix
|
|||||||
Oakbrook
Square
Palm
Beach Gardens
|
2004
|
212,074
|
30
|
2,686,324
|
13.66
|
92.7%
|
Publix,
CVS Pharmacy, Homegoods, Stein Mart, Basset Furniture
|
|||||||
Pine
Island
Davie
|
1999
|
254,907
|
47
|
2,588,209
|
10.49
|
96.8%
|
Publix,
Home Depot Expo, Bealls Outlet
|
|||||||
Pine
Ridge Square
Coral
Springs
|
2003
|
117,399
|
35
|
1,601,085
|
13.87
|
98.3%
|
Fresh
Market, Bed Bath & Beyond, Off Main Furniture,
Blockbuster
|
|||||||
Plaza
Alegre
Miami
|
2003
|
91,611
|
21
|
1,323,586
|
14.64
|
98.7%
|
Publix,
Goodwill, Blockbuster
|
|||||||
Point
Royale
Miami
|
1995
|
209,863
|
25
|
1,338,129
|
6.50
|
98.2%
|
Winn-Dixie,
Best Buy, CVS Pharmacy* (Anna’s Linens)
|
|||||||
Prosperity
Center
Palm
Beach Gardens
|
2001
|
122,106
|
9
|
1,908,727
|
15.63
|
100.0%
|
Office
Depot, Barnes & Noble, Bed Bath & Beyond, Carmine’s, TJ
Maxx
|
|||||||
Ridge
Plaza
Davie
|
1999
|
155,204
|
29
|
1,466,435
|
9.58
|
98.7%
|
AMC
Theatre, Kabooms, Wachovia* (United Collection), Sofa Kings,
Round
Up
|
|||||||
Riverside
Square
Coral
Springs
|
2003
|
107,941
|
36
|
1,356,332
|
13.63
|
92.2%
|
Publix,
Tuesday Morning
|
|||||||
Sawgrass
Promenade
Deerfield
Beach
|
2001
|
107,092
|
29
|
1,179,900
|
11.36
|
97.0%
|
Publix,
Walgreens, Blockbuster
|
|||||||
Sheridan
Plaza
Hollywood
|
2003
|
455,843
|
66
|
6,158,812
|
13.88
|
97.3%
|
Publix,
Ross Dress For Less, Bed Bath & Beyond, Office Depot, AMC Theater, CVS
Pharmacy, Blockbuster
|
|||||||
Shoppes
of Ibis
West
Palm Beach
|
2002
|
79,420
|
18
|
1,024,661
|
12.90
|
100%
|
Publix
|
(1)
|
Number
of tenants includes both occupied and vacant
units.
|
(2)
|
Calculated
by annualizing the tenant’s monthly base rent payment at December 31,
2005, excluding expense reimbursements, percentage rent payments
and other
charges.
|
(3)
|
Includes
supermarket tenants and certain other tenants, as well as, occupants
that
are on an adjacent or contiguous, separately owned parcel and
do not pay
any rent or expense recoveries.
|
(4)
|
This
tenant is on adjacent or contiguous, separately owned
parcel.
|
(5)
|
There
are 539 storage units at this
property.
|
*
|
Indicates
a tenant that has closed its store and ceased to operate at the
property,
but continues to pay rent under the terms of its lease. The sub-tenant,
if
any, is shown in parentheses.
|
Supermarket
Anchor Tenants
|
Other
Anchor Tenants
|
Non-anchor
Tenants
|
Total
|
|||||
Leased
GLA (sq. ft.)
|
5,823,102
|
5,648,629
|
6,564,100
|
18,035,831
|
||||
Percentage
of Total Leased GLA
|
32.3%
|
31.3%
|
36.4%
|
100.0%
|
Supermarket
Anchor Tenants
|
Other
Anchor Tenants
|
Non-anchor
Tenants
|
Total
|
|||||
Annual
Minimum Rent (“AMR”)
|
$46,717,920
|
$43,790,731
|
$105,258,813
|
$195,767,464
|
||||
Percentage
of Total AMR
|
23.8%
|
22.4%
|
53.8%
|
100.0%
|
Tenant
|
Number
of Leases
|
GLA
(square feet)
|
Percent
of Total GLA
|
Annualized
Minimum Rent at December 31, 2005
|
Percent
of Aggregate Annualized Minimum Rent
|
Average
Annual Minimum Rent per Square Foot
|
|||||||||||||
Publix
|
49
|
2,166,120
|
11.2
|
%
|
$
|
15,952,949
|
8.4
|
%
|
$
|
7.36
|
|||||||||
Albertsons/Shaw’s
|
9
|
572,286
|
3.0
|
%
|
8,094,619
|
4.3
|
%
|
14.14
|
|||||||||||
Kroger
|
16
|
935,367
|
4.8
|
%
|
7,784,396
|
4.1
|
%
|
8.32
|
|||||||||||
Winn-Dixie
|
14
|
653,987
|
3.4
|
%
|
4,462,868
|
2.4
|
%
|
6.82
|
|||||||||||
Blockbuster
|
30
|
174,892
|
0.9
|
%
|
2,777,670
|
1.5
|
%
|
15.88
|
|||||||||||
H.E.
Butt Grocery
|
4
|
256,262
|
1.3
|
%
|
2,775,355
|
1.5
|
%
|
10.83
|
|||||||||||
Bed
Bath & Beyond
|
7
|
227,689
|
1.2
|
%
|
2,192,531
|
1.2
|
%
|
9.63
|
|||||||||||
CVS
Pharmacy
|
19
|
193,889
|
1.0
|
%
|
2,139,358
|
1.1
|
%
|
11.03
|
|||||||||||
Safeway/Randall’s
|
5
|
258,183
|
1.3
|
%
|
1,927,503
|
1.0
|
%
|
7.47
|
|||||||||||
TJ
Maxx/Marshall’s
|
8
|
239,117
|
1.3
|
%
|
1,849,006
|
1.0
|
%
|
7.37
|
|||||||||||
Total
top ten tenants
|
161
|
5,677,792
|
29.4
|
%
|
$
|
49,956,255
|
26.5
|
%
|
$
|
8.80
|
All
Tenants
|
|||||||||||||||||||
Year
|
Number
of Leases
|
GLA
(square feet)
|
Percent
of Total GLA
|
Annualized
Minimum Rent at Expiration
|
Percent
of Aggregate Annualized Minimum Rent at
Expiration
|
Average
Annual Minimum Rent per Square Foot at Expiration
|
|||||||||||||
M-T-M
|
112
|
245,971
|
1.3
|
%
|
$
|
2,590,595
|
1.3
|
%
|
$
|
10.53
|
|||||||||
2006
|
698
|
1,980,985
|
10.3
|
%
|
24,853,791
|
12.7
|
%
|
12.55
|
|||||||||||
2007
|
657
|
2,081,151
|
10.8
|
%
|
25,760,948
|
13.2
|
%
|
12.38
|
|||||||||||
2008
|
646
|
1,912,765
|
9.9
|
%
|
25,782,481
|
13.2
|
%
|
13.48
|
|||||||||||
2009
|
387
|
1,772,263
|
9.2
|
%
|
19,597,005
|
10.0
|
%
|
11.06
|
|||||||||||
2010
|
375
|
1,765,824
|
9.1
|
%
|
19,706,446
|
10.1
|
%
|
11.16
|
|||||||||||
2011
|
73
|
1,023,238
|
5.3
|
%
|
8,644,952
|
4.4
|
%
|
8.45
|
|||||||||||
2012
|
50
|
939,427
|
4.9
|
%
|
7,878,101
|
4.0
|
%
|
8.39
|
|||||||||||
2013
|
34
|
664,694
|
3.4
|
%
|
6,172,592
|
3.2
|
%
|
9.29
|
|||||||||||
2014
|
33
|
760,424
|
3.9
|
%
|
6,176,827
|
3.2
|
%
|
8.12
|
|||||||||||
2015
|
37
|
707,445
|
3.7
|
%
|
7,355,265
|
3.8
|
%
|
10.40
|
|||||||||||
Thereafter
|
166
|
4,181,644
|
21.6
|
%
|
41,248,461
|
20.9
|
%
|
9.86
|
|||||||||||
Sub-total/Average
|
3,268
|
18,035,831
|
93.4
|
%
|
$
|
195,767,464
|
100.0
|
%
|
$
|
10.85
|
|||||||||
Vacant
|
373
|
1,277,689
|
6.6
|
%
|
N/A
|
N/A
|
N/A
|
||||||||||||
Total/Average
|
3,641
|
19,313,520
|
100.0
|
%
|
$
|
195,767,464
|
100.0
|
%
|
$
|
10.14
|
Anchor
Tenants (10,000 sq. ft. or greater)
|
|||||||||||||||||||
Year
|
Number
of Leases
|
GLA
(square feet)
|
Percent
of Total GLA
|
Annualized
Minimum Rent at Expiration
|
Percent
of Aggregate Annualized Minimum Rent at
Expiration
|
Average
Annual Minimum Rent per Square Foot at Expiration
|
|||||||||||||
M-T-M
|
3
|
34,594
|
0.3
|
%
|
$
|
275,811
|
0.3
|
%
|
$
|
7.97
|
|||||||||
2006
|
25
|
605,871
|
5.0
|
%
|
3,708,880
|
4.1
|
%
|
6.12
|
|||||||||||
2007
|
30
|
784,805
|
6.5
|
%
|
5,381,143
|
5.9
|
%
|
6.86
|
|||||||||||
2008
|
24
|
580,928
|
4.8
|
%
|
4,001,317
|
4.4
|
%
|
6.89
|
|||||||||||
2009
|
37
|
976,148
|
8.1
|
%
|
6,358,662
|
7.0
|
%
|
6.51
|
|||||||||||
2010
|
45
|
972,630
|
8.1
|
%
|
6,001,354
|
6.6
|
%
|
6.17
|
|||||||||||
2011
|
24
|
916,211
|
7.6
|
%
|
5,930,424
|
6.6
|
%
|
6.47
|
|||||||||||
2012
|
22
|
829,581
|
6.9
|
%
|
5,570,295
|
6.2
|
%
|
6.71
|
|||||||||||
2013
|
15
|
589,538
|
4.9
|
%
|
4,590,453
|
5.1
|
%
|
7.79
|
|||||||||||
2014
|
15
|
684,976
|
5.7
|
%
|
4,689,522
|
5.2
|
%
|
6.85
|
|||||||||||
20
15
|
17
|
631,569
|
5.3
|
%
|
5,881,851
|
6.5
|
%
|
9.31
|
|||||||||||
Thereafter
|
80
|
3,864,880
|
32.3
|
%
|
38,118,939
|
42.1
|
%
|
9.86
|
|||||||||||
Sub-total/Average
|
337
|
11,471,731
|
95.5
|
%
|
$
|
90,508,651
|
100.0
|
%
|
$
|
7.89
|
|||||||||
Vacant
|
19
|
545,548
|
4.5
|
%
|
N/A
|
N/A
|
N/A
|
||||||||||||
Total/Average
|
356
|
12,017,279
|
100.0
|
%
|
$
|
90,508,651
|
100.0
|
%
|
$
|
7.53
|
Local
Tenants (less than 10,000 sq. ft.)
|
|||||||||||||||||||
Year
|
Number
of Leases
|
GLA
(square feet)
|
Percent
of Total GLA
|
Annualized
Minimum Rent at Expiration
|
Percent
of Aggregate Annualized Minimum Rent at
Expiration
|
Average
Annual Minimum Rent per Square Foot at Expiration
|
|||||||||||||
M-T-M
|
109
|
211,377
|
2.9
|
%
|
$
|
2,314,784
|
2.2
|
%
|
$
|
10.95
|
|||||||||
2006
|
673
|
1,375,114
|
18.8
|
%
|
21,144,911
|
20.1
|
%
|
15.38
|
|||||||||||
2007
|
627
|
1,296,346
|
17.8
|
%
|
20,379,805
|
19.4
|
%
|
15.72
|
|||||||||||
2008
|
622
|
1,331,837
|
18.3
|
%
|
21,781,164
|
20.7
|
%
|
16.35
|
|||||||||||
2009
|
350
|
796,115
|
10.9
|
%
|
13,238,343
|
12.6
|
%
|
16.63
|
|||||||||||
2010
|
330
|
793,194
|
10.8
|
%
|
13,705,092
|
13.0
|
%
|
17.28
|
|||||||||||
2011
|
49
|
107,027
|
1.5
|
%
|
2,714,528
|
2.6
|
%
|
25.36
|
|||||||||||
2012
|
28
|
109,846
|
1.5
|
%
|
2,307,806
|
2.2
|
%
|
21.01
|
|||||||||||
2013
|
19
|
75,156
|
1.0
|
%
|
1,582,139
|
1.5
|
%
|
21.05
|
|||||||||||
2014
|
18
|
75,448
|
1.0
|
%
|
1,487,305
|
1.4
|
%
|
19.71
|
|||||||||||
20
15
|
20
|
75,876
|
0.9
|
%
|
1,473,414
|
1.4
|
%
|
19.42
|
|||||||||||
Thereafter
|
86
|
316,764
|
4.6
|
%
|
3,129,522
|
2.9
|
%
|
9.88
|
|||||||||||
Sub-total/Average
|
2,931
|
6,564,100
|
90.0
|
%
|
$
|
105,258,813
|
100.00
|
%
|
$
|
16.04
|
|||||||||
Vacant
|
354
|
732,141
|
10.0
|
%
|
N/A
|
N/A
|
N/A
|
||||||||||||
Total/Average
|
3,285
|
7,296,241
|
100.0
|
%
|
$
|
105,258,813
|
100.00
|
%
|
$
|
14.43
|
ITEM
3.
|
High
|
Low
|
Distributions
Declared
|
||||
First
Quarter, 2005
|
$
23.13
|
$
19.85
|
$
0.29
|
|||
Second
Quarter, 2005
|
$
23.15
|
$
19.92
|
$
0.29
|
|||
Third
Quarter, 2005
|
$
24.47
|
$
22.00
|
$
0.29
|
|||
Fourth
Quarter, 2005
|
$
23.89
|
$
22.05
|
$
0.30
|
High
|
Low
|
Distributions
Declared
|
||||
First
Quarter, 2004
|
$
19.65
|
$
17.05
|
$
0.28
|
|||
Second
Quarter, 2004
|
$
19.25
|
$
15.78
|
$
0.28
|
|||
Third
Quarter, 2004
|
$
19.99
|
$
17.95
|
$
0.28
|
|||
Fourth
Quarter, 2004
|
$
23.83
|
$
20.08
|
$
0.29
|
ITEM
6.
|
SELECT
E
D
FINANCIAL DATA
|
Year
Ended December 31,
|
||||||||||||||||
2005
|
2004
|
2003
|
2002
|
2001
|
||||||||||||
(in
thousands other than per share, percentage and ratio data)
|
||||||||||||||||
Statement
of Operations Data:
(1)
|
||||||||||||||||
Total
rental income
|
$
|
252,964
|
$
|
226,593
|
$
|
176,799
|
$
|
90,306
|
$
|
73,787
|
||||||
Property
operating expenses
|
66,818
|
60,102
|
51,405
|
26,960
|
23,265
|
|||||||||||
Rental
property depreciation and amortization
|
43,162
|
35,631
|
26,028
|
12,213
|
10,255
|
|||||||||||
Litigation
settlement
|
-
|
-
|
-
|
2,067
|
-
|
|||||||||||
General
and administrative expenses
|
17,281
|
16,601
|
11,046
|
6,852
|
3,553
|
|||||||||||
Total
operating expenses
|
127,261
|
112,334
|
88,479
|
48,092
|
37,073
|
|||||||||||
Interest
expense
|
(51,750
|
)
|
(45,733
|
)
|
(36,115
|
)
|
(20,431
|
)
|
(20,215
|
)
|
||||||
Amortization
of deferred financing fees
|
(1,512
|
)
|
(1,370
|
)
|
(993
|
)
|
(759
|
)
|
(1,080
|
)
|
||||||
Other
|
8,439
|
2,883
|
1,263
|
4,235
|
2,732
|
|||||||||||
Minority
interest
|
(188
|
)
|
(576
|
)
|
(756
|
)
|
(101
|
)
|
(1,726
|
)
|
||||||
Income
from continuing operations
|
$
|
80,692
|
$
|
69,463
|
$
|
51,719
|
$
|
25,158
|
$
|
16,425
|
||||||
Net
income
|
$
|
92,741
|
$
|
97,804
|
$
|
63,647
|
$
|
39,934
|
$
|
18,721
|
||||||
Basic
earnings per share:
|
||||||||||||||||
Income
from
continuing operations
|
$
|
1.10
|
$
|
0.99
|
$
|
0.86
|
$
|
0.77
|
$
|
0.73
|
||||||
Net
income
|
$
|
1.26
|
$
|
1.39
|
$
|
1.06
|
$
|
1.22
|
$
|
0.83
|
||||||
Diluted
earnings per share:
|
||||||||||||||||
Income
from
continuing operations
|
$
|
1.08
|
$
|
0.97
|
$
|
0.86
|
$
|
0.76
|
$
|
0.73
|
||||||
Net
income
|
$
|
1.24
|
$
|
1.37
|
$
|
1.05
|
$
|
1.20
|
$
|
0.83
|
||||||
Balance
Sheet Data:
|
||||||||||||||||
Total
rental properties, net of accumulated depreciation
|
$
|
1,896,505
|
$
|
1,873,687
|
$
|
1,617,299
|
$
|
678,431
|
$
|
627,687
|
||||||
Total
assets
|
2,052,033
|
1,992,292
|
1,677,386
|
730,069
|
668,536
|
|||||||||||
Mortgage
notes payable
|
446,925
|
495,056
|
459,103
|
332,143
|
345,047
|
|||||||||||
Total
liabilities
|
1,077,879
|
1,059,507
|
834,162
|
375,969
|
386,400
|
|||||||||||
Minority
interest
|
1,425
|
1,397
|
12,672
|
3,869
|
3,869
|
|||||||||||
Shareholders’
equity
|
972,729
|
931,388
|
830,552
|
350,231
|
278,267
|
|||||||||||
Other
Data:
|
||||||||||||||||
Funds
from operations
(2)
|
$
|
124,836
|
$
|
113,663
|
$
|
89,870
|
$
|
45,487
|
$
|
29,848
|
||||||
Cash
flows from:
|
||||||||||||||||
Operating
activities
|
117,192
|
113,110
|
78,262
|
45,613
|
28,214
|
|||||||||||
Investing
activities
|
(82,371
|
)
|
(244,851
|
)
|
(326,160
|
)
|
(51,439
|
)
|
(42,435
|
)
|
||||||
Financing
activities
|
(39,841
|
)
|
135,897
|
245,920
|
7,864
|
12,780
|
||||||||||
GLA
(square feet) at end of period
|
19,699
|
19,914
|
19,883
|
8,530
|
8,637
|
|||||||||||
Occupancy
of core shopping center portfolio at end of period
|
93
|
%
|
95
|
%
|
90
|
%
|
89
|
%
|
86
|
%
|
||||||
Dividends
per share
|
$
|
1.17
|
$
|
1.13
|
$
|
1.10
|
$
|
1.08
|
$
|
1.06
|
(1)
|
Reclassified
to reflect the reporting of discontinued
operations.
|
(2)
|
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, in particular, REITs. Accounting for real estate
assets
using historical cost accounting under accounting principles
generally
accepted in the United States of America (“GAAP”) assumes that the value
of real estate diminishes predictably over time. The National
Association
of Real Estate Investment Trusts (“NAREIT”) stated in its April 2002 White
Paper on Funds from Operations “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.”
|
Year
Ended December 31,
|
||||||||||||||||
2005
|
2004
|
2003
|
2002
|
2001
|
||||||||||||
Net
income
|
$
|
92,741
|
$
|
97,804
|
$
|
63,647
|
$
|
39,934
|
$
|
18,721
|
||||||
Adjustments:
|
||||||||||||||||
Rental
property depreciation and amortization, including discontinued
operations
|
43,445
|
37,215
|
28,007
|
13,810
|
11,665
|
|||||||||||
(Gain)
loss on disposal of income producing properties
|
(11,460
|
)
|
(22,176
|
)
|
(3,083
|
)
|
(9,264
|
)
|
609
|
|||||||
Minority
interest
|
110
|
623
|
803
|
101
|
99
|
|||||||||||
Other
Items:
|
||||||||||||||||
Interest
on convertible partnership units
|
-
|
-
|
43
|
259
|
259
|
|||||||||||
Deferred
income tax (benefit) expense
|
-
|
-
|
-
|
-
|
(374
|
)
|
||||||||||
Minority
interest in CEFUS share of FFO adjustments
|
-
|
-
|
-
|
-
|
(1,369
|
)
|
||||||||||
Pro-rata
share of real estate depreciation from joint ventures
|
-
|
197
|
453
|
647
|
238
|
|||||||||||
Funds
from operations
|
$
|
124,836
|
$
|
113,663
|
$
|
89,870
|
$
|
45,487
|
$
|
29,848
|
|
Year
Ended December 31,
|
|||||||||||||||
2005
|
2004
|
2003
|
2002
|
2001
|
||||||||||||
Earnings
per diluted share*
|
$
|
1.24
|
$
|
1.37
|
$
|
1.05
|
$
|
1.20
|
$
|
0.83
|
||||||
Adjustments:
|
||||||||||||||||
Rental
property depreciation and amortization, including discontinued
operations
|
0.58
|
0.52
|
0.45
|
0.41
|
0.52
|
|||||||||||
(Gain)
loss on disposal of income producing properties
|
(0.15
|
)
|
(0.31
|
)
|
(0.05
|
)
|
(0.27
|
)
|
0.03
|
|||||||
Other
items:
|
||||||||||||||||
Deferred
income tax (benefits) expense
|
-
|
-
|
-
|
-
|
(0.02
|
)
|
||||||||||
Minority
interest in CEFUS share of FFO adjustments
|
-
|
-
|
-
|
-
|
(0.06
|
)
|
||||||||||
Pro-rata
share of real estate depreciation from joint ventures
|
-
|
-
|
0.01
|
0.02
|
0.01
|
|||||||||||
Funds
from operations per diluted share
|
$
|
1.67
|
$
|
1.58
|
$
|
1.46
|
$
|
1.36
|
$
|
1.31
|
·
|
We
acquired two retail properties, two non-retail buildings, and
three land
parcels held for future development, for aggregate consideration
of
approximately $54.1 million.
|
·
|
We
sold four non-core properties for aggregate consideration of
approximately
$45.7 million.
|
·
|
We
completed the development of a supermarket anchored shopping
center
containing 82,500 square feet of gross leasable area located
in Homestead,
FL, and added 29,000 square feet to an existing center, started
development on two supermarket anchored centers and have 15 other
significant developments and redevelopments in various stages
of
construction.
|
·
|
In
February 2005, we entered into a joint venture that acquired
a 155 acre
development parcel in Pasco County, Florida. We have a 60 percent
controlling interest in the venture and expect to receive an
eight percent
preferred return on our capital investment. We currently expect
that upon
completion, the project will include office, retail and residential
components. Also, in January 2006, we entered into a joint venture
that
acquired a supermarket anchored shopping center located in St.
Pete Beach,
Florida. We have a 50 percent interest in the venture and expect
to
receive an eight percent preferred return on our capital investment.
Upon
completion, we expect the project will be a mixed use of retail
and
residential components.
|
·
|
During
September of 2005, we raised $120 million in an offering of unsecured
senior notes with a stated interest rate of 5.375% and matures
in October
2015.
|
·
|
We
increased the base rental rate by 4.2% on 344 lease renewals
aggregating
735,729 square feet to $15.16 per square foot. We executed 345
new leases
totaling 1.4 million square feet at an average rate of $10.18
per square
foot.
|
·
|
At
December 31, 2005, we directly and indirectly owned approximately
2.4
million ordinary shares in DIM Vastgoed N.V. (“DIM”). DIM is a public
company organized under the laws of the Netherlands the shares
of which
are listed on the Euronext Amsterdam Stock Exchange, and which
operates as
a closed-end investment company owning and operating a portfolio
of 18
shopping center properties aggregating 2.6 million square feet
in the
southeastern United States. As of February 28, 2006, we had increased
our
ownership of DIM to approximately 3.6 million shares, representing
approximately 48.5% of its total outstanding ordinary shares.
We have
committed to buy an additional 45,362 ordinary shares of DIM,
in September
2007, for total consideration of
$941,000.
|
·
|
In
June 2005, we announced that we are exploring strategic alternatives
for
our Texas portfolio; we are currently considering a possible
joint venture
transaction with a strategic
partner.
|
Payments
due by period
|
||||||||||||||||
Contractual
Obligations
|
Total
|
Less
than 1 year
|
1-3
years
|
3-5
years
|
More
than 5 years
|
|||||||||||
Mortgage
notes payable:
|
||||||||||||||||
Scheduled
amortization
|
$
|
108,723
|
$
|
10,206
|
$
|
20,996
|
$
|
19,392
|
$
|
58,129
|
||||||
Balloon
payments
|
338,202
|
28,927
|
42,968
|
122,803
|
143,504
|
|||||||||||
Total
mortgage obligations
|
446,925
|
39,133
|
63,964
|
142,195
|
201,633
|
|||||||||||
Unsecured
revolving credit facilities
|
93,165
|
165
|
-
|
93,000
|
-
|
|||||||||||
Unsecured
senior notes
(1)
|
470,000
|
50,000
|
75,000
|
200,000
|
145,000
|
|||||||||||
Capital
leases
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Operating
leases
|
755
|
356
|
228
|
89
|
82
|
|||||||||||
Development
and redevelopment
|
34,404
|
34,404
|
-
|
-
|
-
|
|||||||||||
Total
contractual obligations
|
$
|
1,045,249
|
$
|
124,058
|
$
|
139,192
|
$
|
435,284
|
$
|
346,715
|
(1)
|
$100
million of the outstanding balance has been swapped to a floating
interest
rate based on the 6 month LIBOR in arrears, plus 0.4375%. The
contractual
obligations for the unsecured senior notes do not reflect this
interest
rate swap.
|
Payments
due by Period
|
||||||||||||||||
Interest
Obligations
|
Total
|
Less
than 1 year
|
1-3
years
|
3-5
years
|
More
than 5 years
|
|||||||||||
Mortgage
notes
|
$
|
167,227
|
$
|
31,124
|
$
|
55,653
|
$
|
42,534
|
$
|
37,916
|
||||||
Unsecured
senior notes
(2)
|
122,175
|
25,094
|
40,508
|
21,383
|
35,190
|
|||||||||||
Unsecured
revolving credit facilities
(3)
|
13,247
|
4,361
|
8,705
|
181
|
-
|
|||||||||||
Total
interest obligations
|
$
|
302,649
|
$
|
60,579
|
$
|
104,866
|
$
|
64,098
|
$
|
73,106
|
(2)
|
$100
million of the outstanding principal balance has been swapped
to a
floating interest rate based on the 6 month LIBOR in arrears,
plus
0.4375%. The interest obligations for the unsecured senior notes
presented
above assume that the rate that was in effect at December 31,
2005 remains
the same for this interest rate
swap.
|
(3)
|
Interest
on the unsecured revolving credit facility is variable; these
amounts
assume that the weighted average interest rate remains the same
as the
rate at December 31, 2005.
|
·
|
Letters
of credit totaling $1.4 million have been provided as security
for certain
performance requirements;
|
·
|
We
have committed to fund $34.4
million,
based on current plans and estimates, in order to complete pending
development and redevelopment projects. These obligations, comprised
principally of construction contracts, are generally due as the
work is
performed and are expected to be financed by our available credit
facilities;
|
·
|
We
have committed to buy, in September 2007, an additional 45,362
shares of
DIM Vastgoed N.V. ordinary shares for total consideration of
$941,000;
and
|
·
|
We
own interests in an unconsolidated joint venture that owns a
parcel of
land that is held for future development or sale. We are obligated
to fund
50% of any working capital that is required (as determined jointly
by us
and our joint venture partner). The current obligations are a
nominal
amount to pay property taxes and other carrying costs. The joint
venture
currently has no outstanding debt obligations or contractual
commitments
and we have not guaranteed any obligations or retained any contingent
interest in any assets.
|
For
the year ended December 31,
|
||||||||||
2005
|
2004
|
Change
|
||||||||
Total
rental revenue
|
$
|
252,964
|
$
|
226,593
|
11.6
|
%
|
||||
Property
operating expenses
|
$
|
66,818
|
$
|
60,102
|
11.2
|
%
|
||||
Rental
property depreciation and amortization
|
$
|
43,162
|
$
|
35,631
|
21.1
|
%
|
||||
General
and administrative expenses
|
$
|
17,281
|
$
|
16,601
|
4.1
|
%
|
||||
Interest
expense
|
$
|
51,750
|
$
|
45,733
|
13.2
|
%
|
||||
Investment
income
|
$
|
7,941
|
$
|
2,346
|
238.5
|
%
|
||||
Discontinued
operations
|
$
|
12,049
|
$
|
28,341
|
57.5
|
%
|
·
|
Properties
acquired during 2005 increased rental revenue by approximately
$1.4
million;
|
·
|
The
full year 2005 benefited from properties acquired during 2004
which
increased rental revenue by approximately $15.1 million;
|
·
|
Same
property rental revenue increased by approximately $7.9 million
in 2005
due to higher termination fees, expense recovery revenue and
increases in
rental rates, and
|
·
|
The
completion of development and redevelopment properties increased
rental
revenue by approximately $2.5 million.
|
·
|
Properties
acquired during 2005 increased operating expenses by approximately
$576,000;
|
·
|
Properties
acquired during 2004 increased the full year 2005 operating expenses
by
approximately $1.9 million;
|
·
|
Same
property operating expenses increased by approximately $3.3 million
as a
result of higher hurricane related clean up and repairs and other
maintenance expenses; and
|
·
|
The
completion of development and redevelopment properties increased
operating
expenses by $500,000.
|
·
|
Properties
acquired during 2005 increased depreciation and amortization
by $341,000;
|
·
|
Properties
acquired during 2004 increased the full year 2005 depreciation
and
amortization expense by approximately $4.3
million;
|
·
|
Same
property depreciation and amortization increased by $2.4 million
related
to leasing and tenant improvement amortization; and
|
·
|
Completion
of development and redevelopment properties increased depreciation
and
amortization by $936,000.
|
·
|
An
increase of $1.9 million attributable to the $200 million unsecured
senior
notes issued in March 2004 and $1.8 million attributable to the
$120
million unsecured senior notes issued in September
2005;
|
·
|
An
increase of $1.6 million in interest expense attributable to
an increase
in the variable interest rate on the $100 million swap;
|
·
|
An
increase of $1.7 million attributable to the assumption of mortgage
debt
related to the acquisition of properties during
2004;
|
·
|
An
increase of $1.7 million attributable to outstanding principal
balances on
our line credit, resulting from the payoff of $26.7 million of
mortgage
notes, acquisitions of property and development activities and
increase in
the variable interest rate on the
borrowings;
|
·
|
A
decrease of $2.5 million of interest expense attributable to
the payoff of
$26.7 million of mortgage notes and amortization of loan principal;
and
|
·
|
An
increase in capitalized interest due to development and redevelopment
activities which decreased interest expense by
$150,000.
|
For
the year ended December 31,
|
||||||||||
2004
|
2003
|
%
Change
|
||||||||
Total
rental revenue
|
$
|
226,593
|
$
|
176,799
|
28.2
|
%
|
||||
Property
operating expenses
|
$
|
60,102
|
$
|
51,405
|
16.9
|
%
|
||||
Rental
property depreciation and amortization
|
$
|
35,631
|
$
|
26,028
|
36.9
|
%
|
||||
General
and administrative expenses
|
$
|
16,601
|
$
|
11,046
|
50.3
|
%
|
||||
Interest
expense
|
$
|
45,733
|
$
|
36,115
|
26.6
|
%
|
·
|
Properties
acquired during 2004 increased rental revenue by approximately
$15.9
million;
|
·
|
The
full year 2004 benefited from properties acquired during 2003
which
increased rental revenue by approximately $18.3
million;
|
·
|
The
acquisition of IRT increased rental revenue by approximately
$11.2
million;
|
·
|
Same
property rental revenue increased by approximately $1.9 million
in 2004
due to higher occupancy at the centers and increases in rental
rates;
and
|
·
|
The
completion of development and redevelopment properties increased
rental
revenue by approximately $2.4
million.
|
·
|
Properties
acquired during 2004 increased operating expenses by approximately
$3.6
million;
|
·
|
Properties
acquired during 2003 increased the full year 2004 operating expenses
by
approximately $3.4 million;
|
·
|
The
acquisition of IRT increased property operating expenses by approximately
$1.2 million;
|
·
|
Same
property operating expenses decreased by approximately $345,000
due to
lower maintenance expense; and
|
·
|
The
completion of development and redevelopment properties increased
operating
expenses by $594,000.
|
·
|
Properties
acquired during 2004 increased depreciation and amortization
by
approximately $2.9 million;
|
·
|
Properties
acquired during 2003 increased depreciation and amortization
by
approximately $2.3 million;
|
·
|
The
acquisition of IRT increased the full year 2004 depreciation
and
amortization by approximately $2.8 million;
|
·
|
Same
property depreciation and amortization increased by $285,000
related to
leasing and tenant improvement amortization;
and
|
·
|
The
completion of development and redevelopment properties increased
depreciation and amortization by $1.2
million.
|
·
|
An
increase of $5.9 million attributable to the $200 million unsecured
senior
notes issued in March, 2004;
|
·
|
An
increase of $1.8 million attributable to the assumption of debt
related to
the acquisition of properties during
2004;
|
·
|
Properties
acquired during 2003, including the acquisition of IRT, increased
interest
expense by $2.9 million due to assumption of mortgage
loans;
|
·
|
Interest
incurred on same properties decreased by $485,000 due to the
repayment of
certain existing mortgage notes;
|
·
|
Interest
on the revolving credit lines decreased by $1.2 million due to
repayment
of outstanding balances from the proceeds received from the issuance
of
the senior notes and decreased borrowing activities, and
|
·
|
A
decrease in capitalized interest due to the completion of development
and
redevelopment activities which increased interest expense by
$618,000.
|
December
31,
|
|||||||
2005
|
2004
|
||||||
Mortgage
Notes Payable
|
|||||||
Fixed
rate mortgage loans
|
$
|
446,925
|
$
|
495,056
|
|||
Unamortized
net premium on mortgage notes payable
|
11,006
|
12,721
|
|||||
Total
|
$
|
457,931
|
$
|
507,777
|
December
31,
|
|||||||
2005
|
2004
|
||||||
Unsecured
Senior Notes Payable
|
|||||||
7.77%
Senior Notes, due 4/1/06
|
$
|
50,000
|
$
|
50,000
|
|||
7.25%
Senior Notes, due 8/15/07
|
75,000
|
75,000
|
|||||
3.875%
Senior Notes, due 4/15/09
|
200,000
|
200,000
|
|||||
Fair
value of interest rate swap
|
(4,596
|
)
|
(2,739
|
)
|
|||
7.84%
Senior Notes, due 1/23/12
|
25,000
|
25,000
|
|||||
5.375%
Senior Notes, due 10/15/15
|
120,000
|
-
|
|||||
Unamortized
net premium on unsecured senior notes payable
|
4,824
|
8,882
|
|||||
Total
|
$
|
470,228
|
$
|
356,143
|
December
31,
|
|||||||
2005
|
2004
|
||||||
Unsecured
Revolving Credit Facilities
|
|||||||
Wells
Fargo
|
$
|
93,000
|
$
|
147,000
|
|||
City
National Bank
|
165
|
-
|
|||||
Total
|
$
|
93,165
|
$
|
147,000
|
Property
|
Balance
at December 31, 2005
|
Interest
Rate
(1)
|
Maturity
Date
|
Balance
Due at Maturity
|
|||||
Fixed
Rate Mortgage Debt
|
|||||||||
Walden
Woods
|
$
2,148
|
7.875%
|
08/01/06
|
$
2,071
|
|||||
Highland
Square
|
3,847
|
8.870%
|
12/01/06
|
3,743
|
|||||
Crossroads
Square
|
12,123
|
8.440%
|
12/01/06
|
11,922
|
|||||
Rosemeade
|
3,031
|
8.295%
|
12/01/07
|
2,864
|
|||||
Colony
Square
|
2,932
|
7.540%
|
01/01/08
|
2,834
|
|||||
Parkwood
|
6,015
|
7.280%
|
01/01/08
|
5,805
|
|||||
Richwood
|
3,099
|
7.280%
|
01/01/08
|
2,990
|
|||||
Commonwealth
|
2,510
|
7.000%
|
02/15/08
|
2,217
|
|||||
Mariners
Crossing
|
3,280
|
7.080%
|
03/01/08
|
3,154
|
|||||
Pine
Island/Ridge Plaza
|
24,195
|
6.910%
|
07/01/08
|
23,104
|
|||||
Forestwood
|
6,961
|
5.070%
|
01/01/09
|
6,406
|
|||||
Shoppes
of North Port
|
3,902
|
6.650%
|
02/08/09
|
3,526
|
|||||
Prosperity
Centre
|
5,624
|
7.875%
|
03/01/09
|
4,137
|
|||||
Shoppes
of Ibis
|
5,497
|
6.730%
|
09/01/09
|
4,680
|
|||||
Tamarac
Town Square
|
6,029
|
9.190%
|
10/01/09
|
5,583
|
Property
|
Balance
at December 31, 2005
|
Interest
Rate
(1)
|
Maturity
Date
|
Balance
Due at Maturity
|
|||||
Park
Promenade
|
$ 6,173
|
8.100%
|
02/01/10
|
$ 5,833
|
|||||
Skipper
Palms
|
3,493
|
8.625%
|
03/01/10
|
3,318
|
|||||
Jonathan’s
Landing
|
2,832
|
8.050%
|
05/01/10
|
2,639
|
|||||
Bluff’s
Square
|
9,914
|
8.740%
|
06/01/10
|
9,401
|
|||||
Kirkman
Shoppes
|
9,362
|
8.740%
|
06/01/10
|
8,878
|
|||||
Ross
Plaza
|
6,529
|
8.740%
|
06/01/10
|
6,192
|
|||||
Boynton
Plaza
|
7,345
|
8.030%
|
07/01/10
|
6,902
|
|||||
Pointe
Royale
|
4,015
|
7.950%
|
07/15/10
|
2,502
|
|||||
Westgate
|
29,159
|
4.880%
|
07/31/10
|
26,702
|
|||||
Shops
at Skylake
|
13,874
|
7.650%
|
08/01/10
|
11,644
|
|||||
Parkwest
Crossing
|
4,636
|
8.100%
|
09/01/10
|
4,352
|
|||||
Spalding
Village
|
9,899
|
8.190%
|
09/01/10
|
7,932
|
|||||
Minyards
|
2,432
|
8.320%
|
11/01/10
|
2,175
|
|||||
Charlotte
Square
|
3,479
|
9.190%
|
02/01/11
|
2,992
|
|||||
Forest
Village
|
4,389
|
7.270%
|
04/01/11
|
4,044
|
|||||
Boca
Village
|
8,114
|
7.200%
|
05/01/11
|
7,466
|
|||||
MacLand
Pointe
|
5,731
|
7.250%
|
05/01/11
|
5,267
|
|||||
Pine
Ridge Square
|
7,184
|
7.020%
|
05/01/11
|
6,579
|
|||||
Sawgrass
Promenade
|
8,115
|
7.200%
|
05/01/11
|
7,466
|
|||||
Presidential
Markets
|
26,872
|
7.650%
|
06/01/11
|
24,863
|
|||||
Lake
Mary
|
24,011
|
7.250%
|
11/01/11
|
21,973
|
|||||
Lake
St. Charles
|
3,790
|
7.130%
|
11/01/11
|
3,461
|
|||||
Belfair
Towne Village
|
10,984
|
7.320%
|
12/01/11
|
9,322
|
|||||
Marco
Town Center
|
8,413
|
6.700%
|
01/01/12
|
7,150
|
|||||
Riverside
Square
|
7,474
|
9.190%
|
03/01/12
|
6,458
|
|||||
Sparkleberry
Square
|
6,526
|
6.170%
|
11/30/12
|
5,374
|
|||||
Cashmere
|
5,032
|
5.880%
|
11/01/12
|
4,084
|
|||||
Eastwood
|
5,996
|
5.880%
|
11/01/12
|
4,866
|
|||||
Meadows
|
6,301
|
5.870%
|
11/01/12
|
5,113
|
|||||
Lutz
Lake
|
7,500
|
6.280%
|
12/01/12
|
7,012
|
|||||
Summerlin
Square
|
3,326
|
6.750%
|
02/01/14
|
-
|
|||||
Bird
Ludlum
|
9,035
|
7.680%
|
02/15/15
|
-
|
|||||
Treasure
Coast
|
4,238
|
8.000%
|
04/01/15
|
-
|
|||||
Shoppes
of Silverlakes
|
2,460
|
7.750%
|
07/01/15
|
-
|
|||||
Medford
(3)
|
5,206
|
8.690%
|
02/01/16
|
-
|
|||||
Swampscott
(3)
|
2,262
|
8.690%
|
02/01/16
|
-
|
|||||
Plymouth
(3)
|
3,805
|
8.690%
|
02/01/16
|
-
|
|||||
Grassland
Crossing
|
5,657
|
7.870%
|
12/01/16
|
2,601
|
|||||
Mableton
Crossing
|
3,961
|
6.850%
|
08/15/18
|
1,869
|
|||||
Sparkleberry
Square
|
7,618
|
6.750%
|
06/30/20
|
-
|
|||||
BridgeMill
|
9,221
|
7.940%
|
05/05/21
|
3,761
|
|||||
Westport
Plaza
|
4,782
|
7.490%
|
08/24/23
|
1,340
|
Property
|
Balance
at December 31, 2005
|
Interest
Rate
(1)
|
Maturity
Date
|
Balance
Due at Maturity
|
|||||
Chastain
Square
|
$ 3,719
|
6.500%
|
02/28/24
|
-
|
|||||
Daniel
Village
|
4,064
|
6.500%
|
02/28/24
|
-
|
|||||
Douglas
Commons
|
4,842
|
6.500%
|
02/28/24
|
-
|
|||||
Fairview
Oaks
|
4,583
|
6.500%
|
02/28/24
|
-
|
|||||
Madison
Centre
|
3,718
|
6.500%
|
02/28/24
|
-
|
|||||
Paulding
Commons
|
6,312
|
6.500%
|
02/28/24
|
-
|
|||||
Siegen
Village
|
4,107
|
6.500%
|
02/28/24
|
-
|
|||||
Wesley
Chapel Crossing
|
3,242
|
6.500%
|
02/28/24
|
-
|
Total
Fixed Rate Mortgage Debt
(65
loans)
|
|
446,925
|
7.19
|
%
|
5.2
years
|
$
|
326,567
|
||||||
(wtd.-avg.
interest
rate)
|
(wtd.-avg.
maturity)
|
||||||||||||
Fixed
Rate Unsecured Senior Notes Payable
|
|||||||||||||
7.77%
senior notes
|
|
50,000
|
7.77
|
%
|
04/01/06
|
$
|
50,000
|
||||||
7.25%
senior notes
|
75,000
|
7.25
|
%
|
08/15/07
|
75,000
|
||||||||
3.875%
senior notes (2)
|
200,000
|
3.875
|
%
|
04/15/09
|
200,000
|
||||||||
Fair
value of interet rate swap (2)
|
(4,596
|
)
|
6-month
LIBOR
+
0.4375
|
%
|
04/15/09
|
-
|
|||||||
7.84%
senior notes
|
25,000
|
7.84
|
%
|
01/23/12
|
25,000
|
||||||||
5.375%
senior notes
|
120,000
|
5.375
|
%
|
10/15/15
|
120,000
|
||||||||
Total
Fixed Rate Unsecured Senior Notes Payable
|
|
465,404
|
5.20
|
%
|
4.55
years
|
$
|
470,000
|
||||||
(wtd.-avg.
interest
rate)
|
(wtd.-avg.
maturity)
|
||||||||||||
Unsecured
Variable Rate Revolving Credit Facilities
|
|||||||||||||
Wells
Fargo
|
|
93,000
|
4.68
|
%
|
1/16/09
|
$
|
93,000
|
||||||
City
National Bank
|
165
|
5.237
|
%
|
2/12/06
|
165
|
||||||||
Total
Unsecured Variable Rate Revolving Credit Facilities
|
93,165
|
$
|
93,165
|
||||||||||
Total
Debt
|
$
|
1,005,494
|
(1)
|
The
rate in effect on December 31, 2005, excludes effect of
premium/discounts.
|
(2)
|
$100
million of the outstanding balance has been swapped to a floating
interest
rate based on the 6 month LIBOR in arrears, plus 0.4375%. The
indicated
rate and weighted average rate for the unsecured senior notes
do not
reflect this interest rate swap.
|
(3)
|
We
notified the lender of our intent to prepay these mortgages on
March 1,
2006.
|
Secured
Debt
|
Unsecured
Debt
|
|||||||||||||||
Year
Due
|
Scheduled
Amortization
|
Balloon
Payments
|
Revolving
Credit Facilities
|
Senior
Notes
(1)
|
Total
|
|||||||||||
2006
|
$
|
10,206
|
$
|
28,927
|
$
|
165
|
$
|
50,000
|
$
|
89,298
|
||||||
2007
|
10,464
|
2,864
|
-
|
75,000
|
88,328
|
|||||||||||
2008
|
10,532
|
40,104
|
-
|
-
|
50,636
|
|||||||||||
2009
|
10,189
|
24,332
|
93,000
|
200,000
|
327,521
|
|||||||||||
2010
|
9,203
|
98,471
|
-
|
-
|
107,674
|
|||||||||||
2011
|
7,376
|
93,433
|
-
|
-
|
100,809
|
|||||||||||
2012
|
6,110
|
40,056
|
-
|
25,000
|
71,166
|
|||||||||||
2013
|
5,696
|
-
|
-
|
-
|
5,696
|
|||||||||||
2014
|
5,666
|
-
|
-
|
-
|
5,666
|
|||||||||||
2015
|
4,192
|
30
|
-
|
120,000
|
124,222
|
|||||||||||
Thereafter
|
29,089
|
9,985
|
-
|
-
|
39,074
|
|||||||||||
Total
|
$
|
108,723
|
$
|
338,202
|
$
|
93,165
|
$
|
470,000
|
$
|
1,010,090
|
(1)
|
Excludes
the fair value of the interest rate
swap.
|
·
|
The
development of two supermarket-anchored shopping centers, in
McDonough,
Georgia and Huntsville, Alabama;
|
·
|
Shops
at Skylake in North Miami Beach, Florida, where we are in the
process of
adding 37,000 square feet of additional retail
space;
|
·
|
Belfair
Towne Village in Bluffton, South Carolina, where we are adding
41,250
square feet of retail space;
|
·
|
St.
Lucie West Plaza, adjacent to our Cashmere Corners property in
Port St.
Lucie, Florida, where we are building 20,000 square feet of retail
shops;
|
·
|
Mariner
Crossing in Spring Hill, Florida, where we are building a 6,000
square
foot building on an out parcel;
|
·
|
West
Roxbury in West Roxbury, Massachusetts, where we are adding 8,000
square
feet of retail space to the existing center;
and
|
·
|
Bluebonnet
Village in Baton Rouge, Louisiana, where we are adding 10,750
square feet
of retail space on an out parcel.
|
ITEM
9A.
|
CONT
RO
LS
AND PROCEDURES
|
ITEM
9B.
|
OTH
ER
INFORMATION
|
ITEM
10.
|
DIR
EC
TORS
AND EXECUTIVE OFFICERS OF THE
REGISTRANT
|
ITEM
11.
|
EXE
CU
TIVE
COMPENSATION
|
ITEM
12.
|
SEC
UR
ITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
|
Plan
category
|
Number
of securities to be issued upon exercise of outstanding options,
warrants
and rights
|
Weighted-average
exercise price of outstanding options, warrants and rights
|
Number
of securities remaining available for future issuance under equity
compensation plans (excluding securities reflected in column
(a))
|
(a)
|
(b)
|
(c)
|
|
Equity
compensation plans approved by security holders
(1)
|
977,230
|
$16.00
|
2,825,557
|
Equity
compensation plans not approved by security holders
|
-
|
-
|
-
|
Total
|
977,230
|
$16.00
|
2,825,557
|
(1)
|
Includes
information related to our 1995 Stock Option Plan, 2000 Executive
Incentive Compensation Plan, 1989 IRT Stock Option Plan and 1998
IRT
Long-Term Incentive Plan.
|
ITEM
13.
|
CER
TA
IN
RELATIONSHIPS
AND RELATED TRANSACTIONS
|
ITEM
14.
|
PRI
N
CIPAL
ACCOUNTANT FEES AND
SERVICES
|
ITEM
15.
|
EXHI
B
ITS
AND FINANCIAL STATEMENT
SCHEDULES
|
(a)
|
The
following consolidated financial information is included as a
separate
section of this Form 10-K:
|
1.
|
Financial
Statements:
|
|
Page
|
||
Management
Report on Internal Control Over Financial Reporting
|
F-
1
|
|
Report
of Independent Registered Public Accounting Firm
on
Management Report on Internal Control over Financial
Reporting
|
F-
2
|
|
Report
of Independent Registered Public Accounting Firm
|
F- 4
|
|
Consolidated
Balance Sheets as of December 31, 2005 and 2004
|
F-
6
|
|
Consolidated
Statements of Operations for the years ended December 31, 2005,
2004 and
2003
|
F-
7 - F- 8
|
|
Consolidated
Statements of Comprehensive Income for the years ended December
31, 2005,
2004 and 2003
|
F-
9
|
|
Consolidated
Statements of Stockholders’ Equity for the years ended December 31, 2005,
2004 and 2003
|
F-
10
|
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2005,
2004 and
2003
|
F-
11 - F- 12
|
|
Notes
to the Consolidated Financial Statements
|
F-
13 - F- 42
|
|
2.
|
Financial
statement schedules required to be filed
|
|
Schedule
III - Real Estate Investments and Accumulated Depreciation
|
S-1
|
|
Schedules
I, II, IV and V are not required to be filed.
|
(b)
|
Exhibits:
The following exhibits are filed as part of, or incorporated
by reference
into, this annual report.
|
EXHIBIT
NO.
|
DESCRIPTION
|
|
3.1
|
Composite
Charter of the Company (Exhibit 3.1) (1)
|
|
3.2
|
Amended
and Restated Bylaws of the Company (Exhibit 3.2) (2)
|
|
4.1
|
Indenture
dated November 9, 1995 between the Company, as successor-by-merger
to IRT
Property Company, and SunTrust Bank, as Trustee (Exhibit 4(c))
(3)
|
|
4.2
|
Supplemental
Indenture No. 1, dated March 26, 1996, between the Company, as
successor-by-merger to IRT Property Company, and SunTrust Bank,
as Trustee
(Exhibit 4) (4)
|
|
4.3
|
Supplemental
Indenture No. 2, dated August 15, 1997, between the Company,
as
successor-by-merger to IRT Property Company, and SunTrust Bank,
as Trustee
(Exhibit 4) (5)
|
|
4.4
|
Supplemental
Indenture No. 3, dated September 9, 1998, between the Company,
as
successor-by-merger to IRT Property Company, and SunTrust Bank,
as Trustee
(Exhibit 4.1) (6)
|
|
4.5
|
Supplemental
Indenture No. 4, dated November 1, 1999, between the Company,
as
successor-by-merger to IRT Property Company, and SunTrust Bank,
as Trustee
(Exhibit 4.1) (7)
|
|
4.6
|
Supplemental
Indenture No. 5, dated February 12, 2003, between the Company
and SunTrust
Bank, as Trustee (Exhibit 4.1) (8)
|
4.7
|
Supplemental
Indenture No. 6, dated April 23, 2004, between the Company and
SunTrust
Bank, as Trustee (Exhibit 4.2) (9)
|
|
4.8
|
Supplemental
Indenture No. 7, dated May 20, 2005, between the Company and
SunTrust
Bank, as Trustee (Exhibit 4.1) (25)
|
|
4.9
|
Indenture,
dated September 9, 1998, between the Company, as successor-by-merger
to
IRT Property Company, and SunTrust Bank, as Trustee (Exhibit
4.2)
(6)
|
|
4.10
|
Supplemental
Indenture No. 1, dated September 9, 1998, between the Company,
as
successor-by-merger to IRT Property Company, and SunTrust Bank,
as Trustee
(Exhibit 4.3) (6)
|
|
4.11
|
Supplemental
Indenture No. 2, dated November 1, 1999, between the Company,
as
successor-by-merger to IRT Property Company, and SunTrust Bank,
as Trustee
(Exhibit 4.5) (7)
|
|
4.12
|
Supplemental
Indenture No. 3, dated February 12, 2003, between the Company
and SunTrust
Bank, as Trustee (Exhibit 4.2) (8)
|
|
4.13
|
Supplemental
Indenture No. 4, dated March 26, 2004, between the Company and
SunTrust
Bank, as Trustee (Exhibit 4.1) (10)
|
|
4.14
|
Supplemental
Indenture No. 5, dated April 23, 2004, between the Company and
SunTrust
Bank, as Trustee (Exhibit 4.1) (9)
|
|
4.15
|
Supplemental
Indenture No. 6 dated May 20, 2005, between the Company and Sun
Trust
Bank, as Trustee (Exhibit 4.2)(25)
|
|
4.16
|
Supplemental
Indenture No. 7 dated September 20, 2005, between the Company
and Sun
Trust Bank, as Trustee (Exhibit 4.1)(26)
|
|
4.17
|
Supplemental
Indenture No. 8 dated December 30, 2005, between the Company
and Sun Trust
Bank, as Trustee
|
|
10.1
|
Form
of Indemnification Agreement (Exhibit 10.1)(30)
|
|
10.2
|
1995
Stock Option Plan, as amended (11)*
|
|
10.3
|
Amended
and Restated 2000 Executive Incentive Plan (Annex A)
(12)*
|
|
10.4
|
Form
of Stock Option Agreement for stock options awarded under the
Amended and
Restated 2000 Executive Incentive Plan (Exhibit 10.3)
(21)*
|
|
10.5
|
Form
of Restricted Stock Agreement for restricted stock awarded under
the
Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.4)
(21)*
|
|
10.6
|
IRT
1989 Stock Option Plan, assumed by the Company (13)*
|
|
10.7
|
IRT
1998 Long-Term Incentive Plan, assumed by the Company
(14)*
|
|
10.8
|
2004
Employee Stock Purchase Plan (Annex B) (12)*
|
|
10.9
|
Registration
Rights Agreement, dated as of January 1, 1996 by and among the
Company,
Chaim Katzman, Gazit Holdings, Inc., Dan Overseas Ltd., Globe
Reit
Investments, Ltd., Eli Makavy, Doron Valero and David Wulkan,
as amended.
(Exhibit 10.6, Amendment No. 3) (15)
|
|
10.10
|
Stock
Exchange Agreement dated May 18, 2001 among the Company, First
Capital
Realty Inc. and First Capital America Holding Corp (16)
|
|
10.11
|
Use
Agreement, regarding use of facilities, by and between Gazit
(1995), Inc.
and the Company, dated January 1, 1996. (Exhibit 10.15, Amendment
No. 1)
(15)
|
|
10.12
|
Subscription
Agreement, dated October 4, 2000, made by Alony Hetz Properties
&
Investments, Ltd. (Exhibit 10.13) (17)
|
|
10.13
|
Stockholders
Agreement, dated October 4, 2000, among the Company, Alony Hetz
Properties
& Investments, Ltd., Gazit-Globe (1982), Ltd., M.G.N. (USA), Inc.
and
Gazit (1995), Inc. (Exhibit 10.14) (17)
|
|
10.14
|
First
Amendment to Stockholders Agreement, dated December 19, 2001,
among the
Company Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982),
Ltd., M.G.N. (USA), Inc. and Gazit (1995), Inc. (Exhibit 10.15)
(17)
|
|
10.15
|
Second
Amendment to Stockholders Agreement, dated October 28, 2002,
among the
Company Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982),
Ltd., M.G.N. (USA), Inc. and Gazit (1995), Inc. (18)
|
|
10.16
|
Third
Amendment to Stockholders Agreement, dated May 23, 2003, among
the Company
Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982), Ltd.,
M.G.N. (USA), Inc. and Gazit (1995), Inc. (9)
|
|
10.17
|
Amended
and Restated Employment Agreement dated effective as of January
1, 2002
between the Company and Chaim Katzman (Exhibit 10.1)
(1)*
|
10.18
|
First
Amendment to Amended and Restated Employment Agreement, dated
September 1,
2003, with Chaim Katzman (Exhibit 10.1) (19)*
|
|
10.19
|
Amended
and Restated Employment Agreement dated effective as of January
1, 2002
between the Company and Doron Valero (Exhibit 10.2)
(1)*
|
|
10.20
|
First
Amendment to Amended and Restated Employment Agreement, dated
September 1,
2003, with Doron Valero (Exhibit 10.2) (19)*
|
|
10.21
|
Second
Amended and Restated Employment Agreement, dated September 1,
2003,
between the Company and Howard M. Sipzner (Exhibit 10.1)
(20)*
|
|
10.22
|
Employment
Letter, dated March 11, 2003, by and between Alan Merkur and
the Company
(Exhibit 10.5) (21)*
|
|
10.23
|
Employment
Letter, dated March 24, 2003, by and between Arthur L. Gallagher
and the
Company (Exhibit 10.6) (21)*
|
|
10.24
|
Registration
Rights Agreement, dated October 28, 2002, between the Company
and certain
Purchasers (Exhibit 99.3) (22)
|
|
10.25
|
Credit
Agreement, dated February 7, 2003, among the Company, each of
the
financial institutions initially a signatory thereto; Commerzbank
AG New
York and Grand Cayman Branches, Keybank National Association
and
Southtrust Bank, as Documentary Agents; and Wells Fargo Bank,
National
Association, as Sole Lead Arranger and Administration Agent (Exhibit
10.1)
(10)
|
|
10.25
|
Amendment
No. 1 to Credit Agreement, dated as of March 18, 2004, among
the Company,
Wells Fargo Bank, National Association, in its capacity as contractual
representative of the lenders named therein (Exhibit 10.1)
(23)
|
|
10.26
|
Amendment
No. 2 to Credit Agreement, dated as of July 19, 2004, among the
Company,
Wells Fargo Bank, National Association, in its capacity as contractual
representative of the lenders named therein (Exhibit 10.1)
(24)
|
|
10.27
|
Amended
and Restated Credit Agreement, dated as of January 17, 2006, among
the Company, each of the financial institutions initially a signatory
thereto, Wachovia Bank National Association and SunTrust Bank,
as
Co-Syndication Agents, PNC Bank National Association and JP Morgan
Chase
Bank, N.A., as Co-Documentation Agents, Bank of America, N.A.,
Harris
Nesbitt (Bank Of Montreal) and Branch Banking and Trust Company,
as
Managing Agents, and Wells Fargo Bank, National Association as
Administrative Agent and as Sole Lead Arranger. (Exhibit
10.1)(27)
|
|
10.28
|
Clarification
Agreement and Protocol, dated as of January 1, 2004, among the
Company and
Gazit-Globe (1982), Ltd. (Exhibit 10.2) (23)
|
|
10.29
|
Employment
Agreement dated as of May 26, 2005 between the Company and Alan
Merkur
(Exhibit 10.1)(28)
|
|
10.30
|
Employment
Agreement dated as of May 31, 2005 between the Company and David
Briggs
(Exhibit 10.2)(28)
|
|
10.31
|
Equity
One, Inc. Non-Qualified Deferred Compensation Plan. (Exhibit
10.1)
(29)
|
|
12.1
|
Ratios
of Earnings to Fixed Charges
|
|
21.1
|
List
of Subsidiaries of the Registrant
|
|
23.1
|
Consent
of Ernst & Young LLP
|
|
23.2
|
Consent
of Deloitte & Touche LLP
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant
to 18
U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley
Act of
2002
|
(1)
|
Previously
filed as an exhibit to our Quarterly Report on Form 10-Q for
the period
ended June 30, 2002, and incorporated by reference
herein.
|
(2)
|
Previously
filed as an exhibit to our Annual Report on Form 10-K for the
period ended
December 31, 2003, and incorporated by reference
herein.
|
(3)
|
Previously
filed by IRT Property Company as an exhibit to IRT’s Annual Report on Form
10-K for the period ending December 31, 1995, and incorporated
by
reference herein.
|
(4)
|
Previously
filed by IRT Property Company as an exhibit to IRT’s Current Report on
Form 8-K filed on March 26, 1996, and incorporated by reference
herein.
|
(5)
|
Previously
filed by IRT Property Company as an exhibit to IRT’s Current Report on
Form 8-K filed on August 13, 1997, and incorporated by reference
herein.
|
(6)
|
Previously
filed by IRT Property Company as an exhibit to IRT’s Current Report on
Form 8-K filed on September 15, 1998, and incorporated by reference
herein.
|
(7)
|
Previously
filed by IRT Property Company as an exhibit to IRT’s Current Report on
Form 8-K filed on November 12, 1999, and incorporated by reference
herein.
|
(8)
|
Previously
filed as an exhibit to our Current Report on Form 8-K filed on
February
20, 2003, and incorporated by reference
herein.
|
(9)
|
Previously
filed as an exhibit to our Quarterly Report on Form 10-Q for
the period
ended March 31, 2004, and incorporated by reference
herein.
|
(10)
|
Previously
filed as an exhibit to our Current Report on Form 8-K filed on
March 31,
2004, and incorporated by reference
herein.
|
(11)
|
Previously
filed with our definitive Proxy Statement for the Annual Meeting
of
Stockholders held on June 30, 1999, and incorporated herein by
reference.
|
(12)
|
Previously
filed with our definitive Proxy Statement for the Annual Meeting
of
Stockholders held on May 21, 2004, and incorporated herein by
reference.
|
(13)
|
Previously
filed by IRT Property Company as an exhibit to IRT’s Current Report on
Form 8-K filed on March 22, 1989, and incorporated herein by
reference.
|
(14)
|
Previously
filed by IRT Property Company with IRT’s definitive Proxy Statement for
the Annual Meeting of Stockholders held on May 22, 1998, and
incorporated
herein by reference.
|
(15)
|
Previously
filed with our Registration Statement on Form S-11, as amended
(Registration No. 333-3397), and incorporated herein by
reference.
|
(16)
|
Previously
filed as Appendix A to our definitive Proxy Statement for the
Special
Meeting of Stockholders held on September 6, 2001 and incorporated
herein
by reference.
|
(17)
|
Previously
filed with our Annual Report Form 10-K/A filed on March 18, 2002,
and
incorporated herein by reference.
|
(18)
|
Previously
filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for
the period
ended September 30, 2002, and incorporated by reference
herein.
|
(19)
|
Previously
filed with our Quarterly Report on Form 10-Q for the period ended
September 30, 2003, and incorporated by reference
herein.
|
(20)
|
Previously
filed with our Current Report on Form 8-K filed on January 6,
2004, and
incorporated by reference herein.
|
(21)
|
Previously
filed with our Current Report on Form 8-K filed on February 18,
2005, and
incorporated by reference herein.
|
(22)
|
Previously
filed as Exhibit 2.1 to our Current Report on Form 8-K filed
on October
30, 2002, and incorporated by reference
herein.
|
(23)
|
Previously
filed as an exhibit to our Current Report on Form 8-K filed on
March 16,
2004, and incorporated by reference
herein.
|
(24)
|
Previously
filed as an exhibit to our Current Report on Form 8-K filed on
July 26,
2004, and incorporated by reference
herein.
|
(25)
|
Previously
filed as an exhibit to our Quarterly Report on Form 10-Q for
the period
ended June 30, 2005, and incorporated by reference
herein.
|
(26)
|
Previously
filed as an exhibit to our Current Report on Form 8-K filed on
September
20, 2005, and incorporated by reference
herein.
|
(27)
|
Previously
filed as an exhibit to our Current Report on Form 8-K on January
20, 2006,
and incorporated by reference
herein.
|
(28)
|
Previously
filed as an exhibit to our Current Report on Form 8-K on June
1 2005, and
incorporated by reference herein.
|
(29)
|
Previously
filed as an exhibit to our Current Report on Form 8-K on July
7, 2005, and
incorporated by reference herein.
|
(30)
|
Previously
filed as an exhibit to our Annual Report on Form 10-K on March
16, 2005,
and incorporated by reference
herein.
|
Date:
March 1, 2006
|
EQUITY
ONE, INC.
|
By:
/s/ Chaim Katzman
|
|
Chaim
Katzman
Chairman
of the Board and
Chief
Executive Officer
|
SIGNATURE
|
TITLE
|
DATE
|
||
/s/
Chaim Katzman
|
Chairman
of the Board and
|
March
1, 2006
|
||
Chaim
Katzman
|
Chief
Executive Officer
|
|||
(Principal
Executive Officer)
|
||||
/s/
Doron Valero
|
President,
Chief Operating Officer
|
March
1, 2006
|
||
Doron
Valero
|
and
Director
|
|||
/s/
Howard M. Sipzner
|
Executive
Vice President and
|
March
1, 2006
|
||
Howard
M. Sipzner
|
Chief
Financial Officer
|
|||
(Principal
Accounting and
|
||||
Financial
Officer)
|
||||
/s/
Noam Ben Ozer
|
Director
|
March
1, 2006
|
||
Noam
Ben Ozer
|
||||
/s/
James S. Cassel
|
Director
|
March
1, 2006
|
||
James
S. Cassel
|
||||
/s/
Robert L. Cooney
|
Director
|
March
1, 2006
|
||
Robert
L. Cooney
|
||||
/s/
Neal Flanzraich
|
Director
|
March
1, 2006
|
||
Neal
Flanzraich
|
||||
/s/
Patrick L. Flinn
|
Director
|
March
1, 2006
|
||
Patrick
L. Flinn
|
||||
/s/
Nathan Hetz
|
Director
|
March
1, 2006
|
||
Nathan
Hetz
|
||||
/s/
Peter Linneman
|
Director
|
March
1, 2006
|
||
Peter
Linneman
|
||||
/s/
Shaiy Pilpel
|
Director
|
March
1, 2006
|
||
Dr.
Shaiy Pilpel
|
||||
/s/
Dori Segal
|
Director
|
March
1, 2006
|
||
Dori
Segal
|
Page
|
||
Management
Report on Internal Control Over Financial Reporting
|
F-1
|
|
Report
of Independent Registered Public Accounting Firm on Management
Report on Internal Control over Financial
Reporting
|
F-2
|
|
Reports
of Independent Registered Public Accounting Firms
|
F-4
|
|
Consolidated
Balance Sheets as of December 31, 2005 and 2004
|
F-6
|
|
Consolidated
Statements of Operations for the years ended December 31, 2005,
2004,
2003
|
F-7
- F-8
|
|
Consolidated
Statements of Comprehensive Income for the years ended December
31, 2005,
2004, 2003
|
F-9
|
|
Consolidated
Statements of Stockholders’ Equity for the years ended December 31, 2005,
2004, 2003
|
F-10
|
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2005,
2004,
2003
|
F-11
- F-12
|
|
Notes
to the Consolidated Financial Statements
|
F-13
- F-42
|
·
|
Pertain
to the maintenance of records that in reasonable detail accurately
and
fairly reflect the transactions and dispositions of the assets
of the
Company;
|
·
|
Provide
reasonable assurance that transactions are recorded as necessary
to permit
preparation of financial statements in accordance with generally
accepted
accounting principles, and that receipts and expenditures of
the Company
are being made only in accordance with authorizations of management
and
directors of the Company; and
|
·
|
Provide
reasonable assurance regarding prevention or timely detection
of
unauthorized acquisition, use or disposition of the Company’s assets that
could have a material effect on the financial
statements.
|
2005
|
2004
|
||||||
ASSETS
|
|||||||
PROPERTIES:
|
|||||||
Income
producing
|
$
|
1,661,243
|
$
|
1,915,216
|
|||
Less:
accumulated depreciation
|
(111,031
|
)
|
(95,934
|
)
|
|||
Income
producing property, net
|
1,550,212
|
1,819,282
|
|||||
Construction
in progress and land held for development
|
64,202
|
41,759
|
|||||
Property
held for sale
|
282,091
|
12,646
|
|||||
Properties,
net
|
1,896,505
|
1,873,687
|
|||||
CASH
AND CASH EQUIVALENTS
|
102
|
5,122
|
|||||
ACCOUNTS
AND OTHER RECEIVABLES, NET
|
17,600
|
15,699
|
|||||
SECURITIES
|
67,588
|
35,756
|
|||||
GOODWILL
|
12,013
|
14,020
|
|||||
OTHER
ASSETS
|
58,225
|
48,008
|
|||||
TOTAL
|
$
|
2,052,033
|
$
|
1,992,292
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
LIABILITIES:
|
|||||||
NOTES
PAYABLE
|
|||||||
Mortgage
notes payable
|
$
|
392,480
|
$
|
495,056
|
|||
Mortgage
notes payable related to property held for sale
|
54,445
|
-
|
|||||
Unsecured
revolving credit facilities
|
93,165
|
147,000
|
|||||
Unsecured
senior notes payable
|
465,404
|
347,261
|
|||||
1,005,494
|
989,317
|
||||||
Unamortized
premium/discount on notes payable
|
15,830
|
21,603
|
|||||
Total
notes payable
|
1,021,324
|
1,010,920
|
|||||
OTHER
LIABILITIES
|
|||||||
Accounts
payable and accrued expenses
|
40,161
|
32,857
|
|||||
Tenant
security deposits
|
9,561
|
8,559
|
|||||
Other
liabilities
|
6,833
|
7,171
|
|||||
Total
liabilities
|
1,077,879
|
1,059,507
|
|||||
MINORITY
INTEREST
|
1,425
|
1,397
|
|||||
COMMITMENTS
AND CONTINGENCIES
|
|||||||
STOCKHOLDERS’
EQUITY:
|
|||||||
Preferred
stock, $0.01 par value - 10,000 shares authorized but
unissued
|
-
|
-
|
|||||
Common
stock, $0.01 par value - 100,000 shares authorized, 75,409 and
73,597
shares issued and outstanding for 2005 and 2004,
respectively
|
754
|
736
|
|||||
Additional
paid-in capital
|
955,378
|
920,616
|
|||||
Retained
earnings
|
22,950
|
17,481
|
|||||
Accumulated
other comprehensive income
|
3,404
|
4,633
|
|||||
Unamortized
restricted stock compensation
|
(9,692
|
)
|
(11,928
|
)
|
|||
Notes
receivable from issuance of common stock
|
(65
|
)
|
(150
|
)
|
|||
Total
stockholders’ equity
|
972,729
|
931,388
|
|||||
TOTAL
|
$
|
2,052,033
|
$
|
1,992,292
|
2005
|
2004
|
2003
|
||||||||
RENTAL
REVENUE:
|
||||||||||
Minimum
rents
|
$
|
191,634
|
$
|
173,151
|
$
|
134,640
|
||||
Expense
recoveries
|
54,643
|
48,037
|
39,132
|
|||||||
Termination
fees
|
4,940
|
3,490
|
1,363
|
|||||||
Percentage
rent payments
|
1,747
|
1,915
|
1,664
|
|||||||
Total
rental
revenue
|
252,964
|
226,593
|
176,799
|
|||||||
EXPENSES:
|
||||||||||
Property
operating expenses
|
66,818
|
60,102
|
51,405
|
|||||||
Rental
property depreciation and amortization
|
43,162
|
35,631
|
26,028
|
|||||||
General
and administrative expenses
|
17,281
|
16,601
|
11,046
|
|||||||
Total
costs and expenses
|
127,261
|
112,334
|
88,479
|
|||||||
INCOME
BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST AND DISCONTINUED
OPERATIONS
|
125,703
|
114,259
|
88,320
|
|||||||
OTHER
INCOME AND EXPENSE:
|
||||||||||
Interest
expense
|
(51,750
|
)
|
(45,733
|
)
|
(36,115
|
)
|
||||
Amortization
of deferred financing fees
|
(1,512
|
)
|
(1,370
|
)
|
(993
|
)
|
||||
Investment
income
|
7,941
|
2,346
|
1,089
|
|||||||
Other
income
|
498
|
537
|
687
|
|||||||
Loss
on extinguishment of debt
|
-
|
-
|
(513
|
)
|
||||||
INCOME
BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS
|
80,880
|
70,039
|
52,475
|
|||||||
MINORITY
INTEREST
|
(188
|
)
|
(576
|
)
|
(756
|
)
|
||||
INCOME
FROM CONTINUING OPERATIONS
|
80,692
|
69,463
|
51,719
|
|||||||
DISCONTINUED
OPERATIONS:
|
||||||||||
Income
from rental properties sold or held for sale
|
589
|
6,278
|
8,892
|
|||||||
Gain
on disposal of income producing properties
|
11,460
|
22,176
|
3,083
|
|||||||
Minority
interest
|
-
|
(113
|
)
|
(47
|
)
|
|||||
Total
income from discontinued operations
|
12,049
|
28,341
|
11,928
|
|||||||
NET
INCOME
|
$
|
92,741
|
$
|
97,804
|
$
|
63,647
|
2005
|
2004
|
2003
|
||||||||
EARNINGS
PER SHARE:
|
||||||||||
BASIC
EARNINGS PER SHARE
|
||||||||||
Income
from continuing operations
|
$
|
1.10
|
$
|
0.99
|
$
|
0.86
|
||||
Income
from discontinued operations
|
0.16
|
0.40
|
0.20
|
|||||||
Total
basic earnings per share
|
$
|
1.26
|
$
|
1.39
|
$
|
1.06
|
||||
NUMBER
OF SHARES USED IN COMPUTING
BASIC
EARNINGS PER SHARE
|
73,840
|
70,447
|
59,998
|
|||||||
DILUTED
EARNINGS PER SHARE
|
||||||||||
Income
from continuing operations
|
$
|
1.08
|
$
|
0.97
|
$
|
0.86
|
||||
Income
from discontinued operations
|
0.16
|
0.40
|
0.19
|
|||||||
Total
diluted earnings per share
|
$
|
1.24
|
$
|
1.37
|
$
|
1.05
|
||||
NUMBER
OF SHARES USED IN COMPUTING
DILUTED
EARNINGS PER SHARE
|
74,790
|
72,036
|
61,665
|
|||||||
|
(Concluded | ) |
2005
|
2004
|
2003
|
||||||||
NET
INCOME
|
$
|
92,741
|
$
|
97,804
|
$
|
63,647
|
||||
OTHER
COMPREHENSIVE INCOME (LOSS):
|
||||||||||
Changes
in fair value of cash flow hedges
|
--
|
122
|
(122
|
)
|
||||||
Net
unrealized holding gain on securities available for sale
|
4,330
|
4,633
|
46
|
|||||||
Reclassification
adjustment for gain on the sale of securities included in net
income
|
(5,559
|
)
|
--
|
--
|
||||||
COMPREHENSIVE
INCOME
|
$
|
91,512
|
$
|
102,559
|
$
|
63,571
|
Common
Stock
|
Additional
Paid-In Capital
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income/ (Loss)
|
Unamortized
Restricted Stock Compensation
|
Notes
Receivable from the Issuance of Common Stock
|
Total
Stockholders’ Equity
|
||||||||||||||||
BALANCE,
JANUARY
1, 2003
|
$
|
345
|
$
|
355,450
|
$
|
5,969
|
$
|
(46
|
)
|
$
|
(4,375
|
)
|
$
|
(7,112
|
)
|
$
|
350,231
|
|||||
Issuance
of common stock
|
||||||||||||||||||||||
IRT
transaction
|
175
|
231,562
|
-
|
-
|
-
|
-
|
231,737
|
|||||||||||||||
Other
issuances
|
174
|
259,445
|
-
|
-
|
(5,716
|
)
|
3,505
|
257,408
|
||||||||||||||
Stock
issuance cost
|
-
|
(1,718
|
)
|
-
|
-
|
-
|
-
|
(1,718
|
)
|
|||||||||||||
Net
income
|
-
|
-
|
63,647
|
-
|
-
|
-
|
63,647
|
|||||||||||||||
Dividends
paid
|
-
|
(1,061
|
)
|
(69,616
|
)
|
-
|
-
|
-
|
(70,677
|
)
|
||||||||||||
Changes
in fair value of cash flow hedges
|
-
|
-
|
-
|
(122
|
)
|
-
|
-
|
(122
|
)
|
|||||||||||||
Net
unrealized holding gain on securities available for sale
|
-
|
-
|
-
|
46
|
-
|
-
|
46
|
|||||||||||||||
BALANCE,
DECEMBER
31, 2003
|
694
|
843,678
|
-
|
(122
|
)
|
(10,091
|
)
|
(3,607
|
)
|
830,552
|
||||||||||||
Issuance
of common stock
|
42
|
77,853
|
-
|
-
|
(1,837
|
)
|
-
|
76,058
|
||||||||||||||
Stock
issuance cost
|
-
|
(334
|
)
|
-
|
-
|
-
|
-
|
(334
|
)
|
|||||||||||||
Repayments
of notes receivable from issuance of common stock
|
-
|
-
|
-
|
-
|
-
|
3,457
|
3,457
|
|||||||||||||||
Net
income
|
-
|
-
|
97,804
|
-
|
-
|
-
|
97,804
|
|||||||||||||||
Dividends
paid
|
-
|
(581
|
)
|
(80,323
|
)
|
-
|
-
|
-
|
(80,904
|
)
|
||||||||||||
Changes
in fair value of cash flow hedges
|
-
|
-
|
-
|
122
|
-
|
-
|
122
|
|||||||||||||||
Net
unrealized holding gain on securities available for sale
|
-
|
-
|
-
|
4,633
|
-
|
-
|
4,633
|
|||||||||||||||
BALANCE,
DECEMBER
31, 2004
|
$
|
736
|
$
|
920,616
|
$
|
17,481
|
$
|
4,633
|
$
|
(11,928
|
)
|
$
|
(150
|
)
|
$
|
931,388
|
||||||
Issuance
of common stock
|
18
|
34,943
|
-
|
-
|
2,236
|
-
|
37,197
|
|||||||||||||||
Stock
issuance cost
|
-
|
(181
|
)
|
-
|
-
|
-
|
-
|
(181
|
)
|
|||||||||||||
Repayments
of notes receivable from issuance of common stock
|
-
|
-
|
-
|
-
|
-
|
85
|
85
|
|||||||||||||||
Net
income
|
-
|
-
|
92,741
|
-
|
-
|
-
|
92,741
|
|||||||||||||||
Dividends
paid
|
-
|
-
|
(87,272
|
)
|
-
|
-
|
-
|
(87,272
|
)
|
|||||||||||||
Net
unrealized holding gain on securities available for sale
|
-
|
-
|
-
|
(1,229
|
)
|
-
|
-
|
(1,229
|
)
|
|||||||||||||
BALANCE,
DECEMBER
31, 2005
|
$
|
754
|
$
|
955,378
|
$
|
22,950
|
$
|
3,404
|
$
|
(9,692
|
)
|
$
|
(65
|
)
|
$
|
972,729
|
2005
|
2004
|
2003
|
||||||||
OPERATING
ACTIVITIES:
|
||||||||||
Net
income
|
$
|
92,741
|
$
|
97,804
|
$
|
63,647
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||
Straight
line rent adjustment
|
(4,450
|
)
|
(3,835
|
)
|
(1,974
|
)
|
||||
Amortization
of above/(below) market intangibles
|
(1,006
|
)
|
(192
|
)
|
-
|
|||||
Provision
for losses on accounts receivable
|
893
|
199
|
582
|
|||||||
Amortization
of premium on notes payable
|
(5,159
|
)
|
(4,958
|
)
|
(3,584
|
)
|
||||
Amortization
of deferred financing fees
|
1,512
|
1,459
|
1,111
|
|||||||
Rental
property depreciation and amortization
|
43,445
|
37,215
|
28,007
|
|||||||
Amortization
of restricted stock
|
5,973
|
5,401
|
3,061
|
|||||||
Gain
on disposal of real estate
|
(11,460
|
)
|
(22,334
|
)
|
(3,083
|
)
|
||||
Gain
on sale of securities
|
(5,223
|
)
|
(593
|
)
|
(9
|
)
|
||||
Loss
on debt extinguishment
|
-
|
-
|
623
|
|||||||
Equity
in loss (income) of joint ventures
|
-
|
46
|
(500
|
)
|
||||||
Minority
interest in earnings of consolidated subsidiary
|
188
|
689
|
803
|
|||||||
Changes
in assets and liabilities:
|
||||||||||
Accounts
and other receivables
|
(1,832
|
)
|
(2,406
|
)
|
(5,080
|
)
|
||||
Other
assets
|
(2,768
|
)
|
(2,147
|
)
|
(2,969
|
)
|
||||
Accounts
payable and accrued expenses
|
3,674
|
4,662
|
(5,606
|
)
|
||||||
Tenant
security deposits
|
1,002
|
853
|
1,038
|
|||||||
Other
liabilities
|
(338
|
)
|
1,247
|
2,195
|
||||||
Net
cash provided by operating activities
|
117,192
|
113,110
|
78,262
|
|||||||
INVESTING
ACTIVITIES:
|
||||||||||
Additions
to and purchases of rental property
|
(36,081
|
)
|
(263,640
|
)
|
(151,630
|
)
|
||||
Purchases
of land held for development
|
(29,290
|
)
|
(4,214
|
)
|
(1,688
|
)
|
||||
Additions
to construction in progress
|
(23,058
|
)
|
(21,557
|
)
|
(32,375
|
)
|
||||
Proceeds
from disposal of rental properties
|
44,024
|
72,568
|
25,013
|
|||||||
Decrease
(increase) in cash held in escrow
|
(51
|
)
|
-
|
12,897
|
||||||
Proceeds
from sales of joint venture interest
|
-
|
-
|
2,230
|
|||||||
(Contributions
to joint venture) distributions from joint venture related to
sale of
property
|
(12
|
)
|
3,119
|
5,424
|
||||||
Increase
in deferred leasing expenses
|
(5,877
|
)
|
(6,668
|
)
|
(4,455
|
)
|
||||
Additions
to notes receivable
|
(4,227
|
)
|
-
|
-
|
||||||
Proceeds
from repayments of notes receivable
|
40
|
6,090
|
5,074
|
|||||||
Proceeds
from sale of securities
|
32,764
|
5,814
|
976
|
|||||||
Cash
used to purchase securities
|
(60,603
|
)
|
(36,363
|
)
|
-
|
|||||
Cash
used in the purchase of IRT
|
-
|
-
|
(189,382
|
)
|
||||||
Cash
acquired in acquisitions
|
-
|
-
|
1,756
|
|||||||
Net
cash used in investing activities
|
(82,371
|
)
|
(244,851
|
)
|
(326,160
|
)
|
||||
FINANCING
ACTIVITIES:
|
||||||||||
Repayments
of mortgage notes payable
|
(48,131
|
)
|
(25,721
|
)
|
(63,586
|
)
|
||||
Net
(repayments) borrowings under revolving credit facilities
|
(53,835
|
)
|
(15,000
|
)
|
131,000
|
|||||
Increase
in deferred financing expenses
|
(463
|
)
|
(1,926
|
)
|
(888
|
)
|
||||
Proceeds
from stock subscription and issuance of common stock
|
31,510
|
58,304
|
249,205
|
|||||||
Proceeds
from senior debt offering
|
118,606
|
198,550
|
-
|
|||||||
Stock
issuance costs
|
(181
|
)
|
(334
|
)
|
(1,718
|
)
|
||||
Repayment
of notes receivable from issuance of common stock
|
85
|
3,457
|
3,505
|
|||||||
Cash
dividends paid to stockholders
|
(87,272
|
)
|
(80,904
|
)
|
(70,677
|
)
|
||||
Distributions
to minority interest
|
(160
|
)
|
(529
|
)
|
(921
|
)
|
||||
Net
cash (used in) provided by financing activities
|
$
|
(39,841
|
)
|
$
|
135,897
|
$
|
245,920
|
|||
(continued
|
)
|
Organization
and Basis of Presentation
|
2.
|
Summary
of Significant Accounting
Policies
|
Land
improvements
|
40
years
|
|
Buildings
|
30-40
years
|
|
Building
improvements
|
5-40
years
|
|
Tenant
improvements
|
Over
the shorter of the term of the related lease or economic useful
life
|
|
Equipment
|
5-7
years
|
Years
Ended December 31,
|
|||||||||||||
2005
|
2004
|
2003
|
|||||||||||
Net
Income
|
As
reported
|
$
|
92,741
|
$
|
97,804
|
$
|
63,647
|
||||||
Add:
|
Stock-based
employee compensation expense included in reported net
income
|
5,660
|
5,163
|
2,833
|
|||||||||
Deduct:
|
Total
fair value stock-based employee compensation expense for all
awards
|
(6,486
|
)
|
(5,926
|
)
|
(3,729
|
)
|
||||||
Pro
forma
|
$
|
91,915
|
$
|
97,041
|
$
|
62,751
|
|||||||
Basic
earnings per share
|
As
reported
|
$
|
1.26
|
$
|
1.39
|
$
|
1.06
|
||||||
Pro
forma
|
$
|
1.24
|
$
|
1.38
|
$
|
1.05
|
|||||||
Diluted
earnings per share
|
As
reported
|
$
|
1.24
|
$
|
1.37
|
$
|
1.05
|
||||||
Pro
forma
|
$
|
1.23
|
$
|
1.36
|
$
|
1.03
|
2005
|
2004
|
2003
|
|||||||||||||||||
Stock
Options
|
Weighted
Average Exercise Price
|
Stock
Options
|
Weighted
Average Exercise Price
|
Stock
Options
|
Weighted
Average Exercise Price
|
||||||||||||||
Outstanding
at the beginning of year
|
1,481
|
$
|
14.52
|
1,701
|
$
|
13.22
|
960
|
$
|
11.78
|
||||||||||
Granted
|
106
|
20.89
|
400
|
17.17
|
860
|
14.44
|
|||||||||||||
IRT
options*
|
-
|
-
|
-
|
-
|
827
|
11.17
|
|||||||||||||
Forfeited
|
(14
|
)
|
12.93
|
-
|
-
|
(51
|
)
|
-
|
|||||||||||
Exercised
|
(596
|
)
|
13.26
|
(620
|
)
|
12.64
|
(895
|
)
|
10.96
|
||||||||||
Outstanding
at the end of year
|
977
|
$
|
16.00
|
1,481
|
$
|
14.52
|
1,701
|
$
|
13.22
|
||||||||||
Exercisable,
end of year
|
428
|
$
|
14.11
|
1,091
|
$
|
13.57
|
708
|
$
|
12.09
|
||||||||||
Weighted
average fair value of options granted during the year
|
$
|
4.48
|
$
|
1.45
|
$
|
1.24
|
2005
|
2004
|
2003
|
|||||
Dividend
Yield
|
5.0%
|
6.5%
|
6.5%
- 7.0%
|
||||
Risk-free
interest rate
|
4.0%
- 4.2%
|
4.3%
|
1.2%
- 4.3%
|
||||
Expected
option life (years)
|
10
|
10
|
1-10
|
||||
Expected
volatility
|
19.0%
- 22.0%
|
16.0%
|
16.5%
- 25.0%
|
Options
Outstanding
|
Options
Exercisable
|
||||||
Exercise
Price
|
Number
Outstanding
|
Weighted
Average Remaining Contractual Life
(in
years)
|
Number
Exercisable
|
||||
$9.00-9.99
|
1
|
4.4
|
1
|
||||
$10.00-10.99
|
58
|
3.0
|
58
|
||||
$11.00-11.99
|
15
|
4.9
|
15
|
||||
$12.00-12.99
|
1
|
1.4
|
1
|
||||
$13.00-13.99
|
211
|
7.0
|
211
|
||||
$14.00-14.99
|
10
|
7.5
|
10
|
||||
$16.22
|
175
|
7.0
|
-
|
||||
$17.17
|
400
|
8.0
|
122
|
||||
$20.59
|
90
|
9.3
|
-
|
||||
$21.07
|
6
|
9.3
|
-
|
||||
$23.52
|
10
|
9.0
|
10
|
||||
977
|
428
|
3.
|
Properties
|
Composition
in the consolidated balance sheets:
|
December
31,
|
||||||
2005
|
2004
|
||||||
Land
and land improvements
|
$
|
700,680
|
$
|
793,508
|
|||
Building
and building improvements
|
932,769
|
1,097,150
|
|||||
Tenant
improvements
|
27,794
|
24,558
|
|||||
1,661,243
|
1,915,216
|
||||||
Less:
accumulated depreciation
|
(111,031
|
)
|
(95,934
|
)
|
|||
Income
producing
property, net
|
$
|
1,550,212
|
$
|
1,819,282
|
Property
|
Location
|
Month
Purchased
|
Square
Feet/
Acres
|
Purchase
Price
|
||||
Sunlake
Development Parcel
|
Tampa,
FL
|
February
|
155
acres
|
$
12,600
|
||||
Winchester
Plaza Development
|
Huntsville.
AL
|
February
|
33
acres
|
2,326
|
||||
Young
Circle Shopping Center
|
Hollywood,
FL
|
May
|
65,834
|
22,000
|
||||
Hairston
Center
|
Decatur,
GA
|
August
|
13,000
|
2,175
|
||||
Banco
Popular Building
|
North
Miami Beach, FL
|
September
|
32,737
|
5,200
|
||||
River
Green Land
|
Canton,
GA
|
September
|
11.2
acres
|
3,550
|
||||
Laurel
Walk Apartments
|
Charlotte,
NC
|
October
|
106,480
|
6,200
|
||||
Total
|
$
54,051
|
4.
|
Accounts
and Other Receivables
|
Composition
in the consolidated balance sheets:
|
December
31,
|
||||||
2005
|
2004
|
||||||
Tenants
|
$
|
16,456
|
$
|
15,678
|
|||
Other
|
2,677
|
1,421
|
|||||
Allowance
for doubtful accounts
|
(1,533
|
)
|
(1,400
|
)
|
|||
Total
accounts and other receivables
|
$
|
17,600
|
$
|
15,699
|
5.
|
Investments
in Joint Ventures
|
6.
|
Other
Assets
|
7.
|
Notes
Payable
|
December
31,
|
|||||||
2005
|
2004
|
||||||
Mortgage
Notes Payable
|
|||||||
Fixed
rate mortgage loans
|
$
|
446,925
|
$
|
495,056
|
|||
Unamortized
net premium on mortgage notes payable
|
11,006
|
12,721
|
|||||
Total
|
$
|
457,931
|
$
|
507,777
|
December
31,
|
|||||||
2005
|
2004
|
||||||
Unsecured
Senior Notes Payable
|
|||||||
7.77%
Senior Notes, due 4/1/06
|
$
|
50,000
|
$
|
50,000
|
|||
7.25%
Senior Notes, due 8/15/07
|
75,000
|
75,000
|
|||||
3.875%
Senior Notes, due 4/15/09
|
200,000
|
200,000
|
|||||
7.84%
Senior Notes, due 1/23/12
|
25,000
|
25,000
|
|||||
5.375%
Senior Notes, due 10/15/15
|
120,000
|
-
|
|||||
Fair
value of interest rate swap
|
(4,596
|
)
|
(2,739
|
)
|
|||
Unamortized
net premium on unsecured senior notes payable
|
4,824
|
8,882
|
|||||
Total
|
$
|
470,228
|
$
|
356,143
|
December
31,
|
|||||||
2005
|
2004
|
||||||
Unsecured
Revolving Credit Facilities
|
|||||||
Wells
Fargo
|
$
|
93,000
|
$
|
147,000
|
|||
City
National Bank
|
165
|
-
|
|||||
Total
|
$
|
93,165
|
$
|
147,000
|
Year
ending December 31,
|
Amount
|
|||
2006
|
$
|
89,298
|
||
2007
|
88,328
|
|||
2008
|
50,636
|
|||
2009
|
327,521
|
|||
2010
|
107,674
|
|||
Thereafter
|
346,633
|
|||
Total
|
$
|
1,010,090
|
8.
|
Financial
Instruments - Derivatives and
Hedging
|
9.
|
Consolidating
Financial Information
|
Condensed
Balance Sheet
|
Equity
One,
Inc.
|
Guarantors
Combined
Subsidiaries
|
Non
Guarantors
|
Eliminating
Entries
|
Consolidated
Equity One
|
|||||||||||
As
of
December
31, 2005
|
||||||||||||||||
ASSETS
|
||||||||||||||||
Properties,
net
|
$
|
356,624
|
$
|
1,085,261
|
$
|
454,620
|
$
|
-
|
$
|
1,896,505
|
||||||
Investment
in affiliates
|
628,317
|
-
|
-
|
(628,317
|
)
|
-
|
||||||||||
Other
assets
|
58,754
|
29,114
|
67,660
|
-
|
155,528
|
|||||||||||
Total
|
$
|
1,
043,695
|
$
|
1,114,375
|
$
|
522,280
|
$
|
(628,317
|
)
|
$
|
2,052,033
|
|||||
LIABILITIES
|
||||||||||||||||
Mortgage
notes payable
|
$
|
48,738
|
$
|
139,177
|
$
|
259,010
|
$
|
-
|
$
|
446,925
|
||||||
Unsecured
revolving credit facilities
|
93,165
|
-
|
-
|
-
|
93,165
|
|||||||||||
Unsecured
senior notes, net
|
465,404
|
-
|
-
|
-
|
465,404
|
|||||||||||
Unamortized
premium on notes payable
|
5,024
|
2,832
|
7,974
|
-
|
15,830
|
|||||||||||
Other
liabilities
|
23,365
|
24,086
|
9,104
|
-
|
56,555
|
|||||||||||
Total
liabilities
|
635,696
|
166,095
|
276,088
|
-
|
1,077,879
|
|||||||||||
MINORITY
INTEREST
|
-
|
-
|
-
|
1,425
|
1,425
|
|||||||||||
STOCKHOLDERS
’
EQUITY
|
||||||||||||||||
Total
stockholders’ equity
|
407,999
|
948,280
|
246,192
|
(629,742
|
)
|
972,729
|
||||||||||
Total
|
$
|
1,043,695
|
$
|
1,114,375
|
$
|
522,280
|
$
|
(628,317
|
)
|
$
|
2,052,033
|
Condensed
Balance Sheet
|
Equity
One,
Inc.
|
Guarantors
Combined
Subsidiaries
|
Non
Guarantors
|
Eliminating
Entries
|
Consolidated
Equity One
|
|||||||||||
As
of
December
31, 2004
|
||||||||||||||||
ASSETS
|
||||||||||||||||
Properties,
net
|
$
|
490,627
|
$
|
789,082
|
$
|
593,978
|
$
|
-
|
$
|
1,873,687
|
||||||
Investment
in affiliates
|
435,752
|
-
|
-
|
(435,752
|
)
|
-
|
||||||||||
Other
assets
|
73,945
|
23,955
|
20,705
|
-
|
118,605
|
|||||||||||
Total
|
$
|
1,000,324
|
$
|
813,037
|
$
|
614,683
|
$
|
(435,752
|
)
|
$
|
1,992,292
|
|||||
LIABILITIES
|
||||||||||||||||
Mortgage
notes payable
|
$
|
71,591
|
$
|
187,681
|
$
|
235,784
|
$
|
-
|
$
|
495,056
|
||||||
Unsecured
revolving credit facilities
|
147,000
|
-
|
-
|
-
|
147,000
|
|||||||||||
Unsecured
senior notes, net
|
347,261
|
-
|
-
|
-
|
347,261
|
|||||||||||
Unamortized
premium on notes payable
|
9,546
|
9,408
|
2,649
|
-
|
21,603
|
|||||||||||
Other
liabilities
|
20,526
|
18,027
|
10,034
|
-
|
48,587
|
|||||||||||
Total
liabilities
|
595,924
|
215,116
|
248,467
|
-
|
1,059,507
|
|||||||||||
MINORITY
INTEREST
|
-
|
-
|
-
|
1,397
|
1,397
|
|||||||||||
STOCKHOLDERS
’
EQUITY
|
||||||||||||||||
Total
stockholders’ equity
|
404,400
|
597,921
|
366,216
|
(437,149
|
)
|
931,388
|
||||||||||
Total
|
$
|
1,000,324
|
$
|
813,037
|
$
|
614,683
|
$
|
(435,752
|
)
|
$
|
1,992,292
|
Condensed
Statement of Operations
|
Equity
One, Inc.
|
Guarantors
Combined
Subsidiaries
|
Non-
Guarantors
|
Eliminating
Entries
|
Consolidated
|
|||||||||||
OTHER
INCOME AND EXPENSE:
|
||||||||||||||||
Interest
expense
|
(22,891
|
)
|
(10,085
|
)
|
(18,774
|
)
|
-
|
(51,750
|
)
|
|||||||
Amortization
of deferred financing fees
|
(1,209
|
)
|
(120
|
)
|
(183
|
)
|
-
|
(1,512
|
)
|
|||||||
Investment
income
|
7,504
|
280
|
157
|
-
|
7,941
|
|||||||||||
Other
income
|
50
|
448
|
-
|
-
|
498
|
|||||||||||
Minority
interest
|
-
|
(78
|
)
|
(110
|
)
|
-
|
(188
|
)
|
||||||||
INCOME
FROM CONTINUING OPERATIONS
|
88,466
|
65,111
|
18,725
|
(91,610
|
)
|
80,692
|
||||||||||
DISCONTINUED
OPERATIONS:
|
||||||||||||||||
Income
from rental properties sold or held for sale
|
409
|
72
|
108
|
-
|
589
|
|||||||||||
Gain
on disposal of income producing properties
|
3,866
|
3,837
|
3,757
|
-
|
11,460
|
|||||||||||
Total
I
ncome
from discontinued operations
|
4,275
|
3,909
|
3,865
|
-
|
12,049
|
|||||||||||
NET
INCOME
|
$
|
92,741
|
$
|
69,020
|
$
|
22,590
|
$
|
(91,610
|
)
|
$
|
92,741
|
Condensed
Statement of Operations
|
Equity
One, Inc.
|
Guarantors
Combined
Subsidiaries
|
Non-
Guarantors
|
Eliminating
Entries
|
Consolidated
|
|||||||||||
For
the Year Ended December 31, 2004
|
||||||||||||||||
RENTAL
REVENUE:
|
||||||||||||||||
Minimum
rents
|
$
|
34,940
|
$
|
97,308
|
$
|
40,903
|
$
|
-
|
$
|
173,151
|
||||||
Expense
recoveries
|
8,542
|
27,721
|
11,774
|
-
|
48,037
|
|||||||||||
Termination
fees
|
177
|
3,133
|
180
|
-
|
3,490
|
|||||||||||
Percentage
rent payments
|
197
|
1,138
|
580
|
-
|
1,915
|
|||||||||||
Total
rental revenue
|
43,856
|
129,300
|
53,437
|
-
|
226,593
|
|||||||||||
EQUITY
IN SUBSIDIARIES EARNINGS
|
100,026
|
-
|
-
|
(100,026
|
)
|
-
|
||||||||||
COSTS
AND EXPENSES:
|
||||||||||||||||
Property
operating expenses
|
10,024
|
37,516
|
12,562
|
-
|
60,102
|
|||||||||||
Rental
property depreciation and amortization
|
6,519
|
20,755
|
8,357
|
-
|
35,631
|
|||||||||||
General
and administrative expenses
|
15,927
|
626
|
48
|
-
|
16,601
|
|||||||||||
Total
costs and expenses
|
32,470
|
58,897
|
20,967
|
-
|
112,334
|
|||||||||||
INCOME
BEFORE OTHER INCOME AND EXPENSE AND DISCONTINUED OPERATIONS
|
111,412
|
70,403
|
32,470
|
(100,026
|
)
|
114,259
|
||||||||||
OTHER
INCOME AND EXPENSE:
|
||||||||||||||||
Interest
expense
|
(16,376
|
)
|
(11,265
|
)
|
(18,092
|
)
|
-
|
(45,733
|
)
|
|||||||
Amortization
of deferred financing fees
|
(1,036
|
)
|
(144
|
)
|
(190
|
)
|
-
|
(1,370
|
)
|
|||||||
Investment
income
|
2,023
|
198
|
125
|
-
|
2,346
|
|||||||||||
Other
income (expense)
|
208
|
329
|
-
|
-
|
537
|
|||||||||||
Minority
interest
|
-
|
(470
|
)
|
(106
|
)
|
-
|
(576
|
)
|
Condensed
Statement of Operations
|
Equity
One, Inc.
|
Guarantors
Combined
Subsidiaries
|
Non-
Guarantors
|
Eliminating
Entries
|
Consolidated
|
|||||||||||
For
the Year Ended December 31, 2004
|
||||||||||||||||
INCOME
FROM CONTINUING OPERATIONS
|
96,231
|
59,051
|
14,207
|
(100,026
|
)
|
69,463
|
||||||||||
DISCONTINUED
OPERATIONS:
|
||||||||||||||||
Income
from rental properties sold or held for sale
|
1,573
|
4,297
|
408
|
-
|
6,278
|
|||||||||||
Gain
on disposal of income producing properties
|
-
|
21,599
|
577
|
-
|
22,176
|
|||||||||||
Minority
Interest
|
-
|
(113
|
)
|
-
|
-
|
(113
|
)
|
|||||||||
Total
I
ncome
from discontinued operations
|
1,573
|
25,783
|
985
|
-
|
28,341
|
|||||||||||
NET
INCOME
|
$
|
97,804
|
$
|
84,834
|
$
|
15,192
|
$
|
(100,026
|
)
|
$
|
97,804
|
Condensed
Statement of Operations
|
Equity
One, Inc.
|
Guarantors’
Combined Subsidiaries
|
IRT
Partners
|
Non-
Guarantor
|
Eliminating
Entries
|
Consolidated
|
|||||||||||||
For
the Year Ended December 31, 2003
|
|||||||||||||||||||
RENTAL
REVENUE:
|
|
||||||||||||||||||
Minimum
rents
|
$
|
30,412
|
$
|
57,518
|
$
|
15,455
|
$
|
31,255
|
$
|
-
|
$
|
134,640
|
|||||||
Expense
recoveries
|
7,799
|
16,253
|
4,647
|
10,433
|
-
|
39,132
|
|||||||||||||
Termination
fees
|
107
|
495
|
27
|
734
|
-
|
1,363
|
|||||||||||||
Percentage
rent
|
223
|
527
|
295
|
619
|
-
|
1,664
|
|||||||||||||
Total
rental revenue
|
38,541
|
74,793
|
20,424
|
43,041
|
-
|
176,799
|
|||||||||||||
EQUITY
IN SUBSIDIARIES EARNINGS
|
59,428
|
-
|
-
|
-
|
(59,428
|
)
|
-
|
||||||||||||
COSTS
AND EXPENSES:
|
|||||||||||||||||||
Property
operating expenses
|
9,062
|
25,206
|
6,295
|
10,842
|
-
|
51,405
|
|||||||||||||
Rental
property depreciation and amortization
|
5,357
|
12,091
|
2,672
|
5,908
|
-
|
26,028
|
|||||||||||||
General
and administrative expenses
|
11,012
|
16
|
16
|
2
|
-
|
11,046
|
|||||||||||||
Total
costs and expenses
|
25,431
|
37,313
|
8,983
|
16,752
|
-
|
88,479
|
|||||||||||||
INCOME
BEFORE OTHER INCOME AND EXPENSES, MINORITY INTEREST AND DISCONTINUED
OPERATIONS
|
72,538
|
37,480
|
11,441
|
26,289
|
(59,428
|
)
|
88,320
|
||||||||||||
OTHER
INCOME AND EXPENSES:
|
|||||||||||||||||||
Interest
expense
|
(10,610
|
)
|
(8,397
|
)
|
(2,161
|
)
|
(14,947
|
)
|
-
|
(36,115
|
)
|
||||||||
Amortization
of deferred financing fees
|
(600
|
)
|
(209
|
)
|
(1
|
)
|
(183
|
)
|
-
|
(993
|
)
|
||||||||
Investment
income
|
386
|
508
|
72
|
123
|
-
|
1,089
|
|||||||||||||
Other
Income
|
505
|
182
|
-
|
-
|
-
|
687
|
|||||||||||||
Loss
on extinguishment of debt
|
-
|
(513
|
)
|
-
|
-
|
-
|
(513
|
)
|
|||||||||||
Minority
interest
|
-
|
(130
|
)
|
(523
|
)
|
(103
|
)
|
-
|
(756
|
)
|
Condensed
Statement of Operations
|
Equity
One, Inc.
|
Guarantors’
Combined Subsidiaries
|
IRT
Partners
|
Non-
Guarantor
|
Eliminating
Entries
|
Consolidated
|
|||||||||||||
For
the Year Ended December 31, 2003
|
|||||||||||||||||||
INCOME
FROM CONTINUING OPERATIONS
|
62,219
|
28,921
|
8,828
|
11,179
|
(59,428
|
)
|
51,719
|
||||||||||||
DISCONTINUED
OPERATIONS:
|
|||||||||||||||||||
Income
from rental properties sold or held for sale
|
1,428
|
5,594
|
839
|
1,031
|
-
|
8,892
|
|||||||||||||
Gain
on disposal of income producing properties
|
-
|
970
|
-
|
2,113
|
-
|
3,083
|
|||||||||||||
Minority
Interest
|
-
|
-
|
(47
|
)
|
-
|
-
|
(47
|
)
|
|||||||||||
I
ncome
from discontinued operations
|
1,428
|
6,564
|
792
|
3,144
|
-
|
11,928
|
|||||||||||||
NET
INCOME
|
$
|
63,647
|
$
|
35,485
|
$
|
9,620
|
$
|
14,323
|
$
|
(59,428
|
)
|
$
|
63,647
|
Condensed
Statement of Cash Flows
|
Equity
One, Inc.
|
Guarantors
Combined
Subsidiaries
|
Non-Guarantors
|
Consolidated
|
|||||||||
For
the year ended December 31
,
2005
|
|||||||||||||
Net
cash provided by operating activities
|
$
|
(2,477
|
)
|
$
|
90,685
|
$
|
28,984
|
$
|
117,192
|
||||
INVESTING
ACTIVITIES:
|
|||||||||||||
Additions
to and purchase of properties
|
(2,673
|
)
|
(31,991
|
)
|
(1,417
|
)
|
(36,081
|
)
|
|||||
Purchases
of land held for development
|
(1,215
|
)
|
(28,075
|
)
|
-
|
|
(29,290
|
)
|
|||||
Additions
to construction in progress
|
-
|
(15,551
|
)
|
(7,507
|
)
|
(23,058
|
)
|
||||||
Proceeds
from disposal of properties
|
15,482
|
12,682
|
15,860
|
44,024
|
|||||||||
Decrease
in cash held in escrow
|
(51
|
)
|
-
|
-
|
(51
|
)
|
|||||||
Contributions
paid to joint ventures
|
-
|
-
|
(12
|
)
|
(12
|
)
|
|||||||
Increase
in deferred leasing costs
|
(1,239
|
)
|
(3,962
|
)
|
(676
|
)
|
(5,877
|
)
|
|||||
Additions
to notes receivable
|
(4,215
|
)
|
(12
|
)
|
-
|
(4,227
|
)
|
||||||
Proceeds
from repayment of notes receivable
|
18
|
17
|
5
|
40
|
|||||||||
Proceeds
from sale of securities
|
32,764
|
-
|
-
|
32,764
|
|||||||||
Cash
used to purchase securities
|
(12,212
|
)
|
-
|
(48,391
|
)
|
(60,603
|
)
|
||||||
Advances
from (to) affiliates
|
(36,139
|
)
|
(1,915
|
)
|
38,054
|
-
|
|||||||
Net
cash (used in) provided by investing activities
|
(9,480
|
)
|
(68,807
|
)
|
(4,084
|
)
|
(82,371
|
)
|
|||||
FINANCING
ACTIVITIES:
|
|||||||||||||
Repayment
of mortgage notes payable
|
(1,513
|
)
|
(21,828
|
)
|
(24,790
|
)
|
(48,131
|
)
|
|||||
Net
repayments under revolving credit facilities
|
(53,835
|
)
|
-
|
-
|
(53,835
|
)
|
|||||||
Increase
in deferred financing costs
|
(463
|
)
|
-
|
-
|
(463
|
)
|
|||||||
Proceeds
from issuance of common stock
|
31,510
|
-
|
-
|
31,510
|
|||||||||
Proceeds
from senior debt offering
|
118,606
|
118,606
|
|||||||||||
Stock
issuance costs
|
(181
|
)
|
-
|
-
|
(181
|
)
|
Condensed
Statement of Cash Flows
|
Equity
One, Inc.
|
Guarantors
Combined
Subsidiaries
|
Non-Guarantors
|
Consolidated
|
|||||||||
For
the year ended December 31
,
2005
|
|||||||||||||
Repayment
of notes receivable from issuance of common stock
|
85
|
-
|
-
|
85
|
|||||||||
Cash
dividends paid to stockholders
|
(87,272
|
)
|
-
|
-
|
(87,272
|
)
|
|||||||
Distributions
to minority interest
|
(50
|
)
|
(110
|
)
|
(160
|
)
|
|||||||
Net
cash provided by (used in) financing activities
|
6,937
|
(21,878
|
)
|
(24,900
|
)
|
(39,841
|
)
|
||||||
NET
DECREASE IN CASH AND CASH EQUIVALENTS
|
(5,020
|
)
|
-
|
-
|
(5,020
|
)
|
|||||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
|
5,122
|
-
|
-
|
5,122
|
|||||||||
CASH
AND CASH EQUIVALENTS, END OF THE PERIOD
|
$
|
102
|
-
|
-
|
$
|
102
|
Guarantors
|
||||||||||||||||
Condensed
Statement of Cash Flows
|
Equity
One, Inc.
|
Combined
Subsidiaries
|
IRT
Partners
LP
|
Non-Guarantors
|
Consolidated
|
|||||||||||
For
the year ended December 31
,
2004
|
||||||||||||||||
Net
cash provided by operating activities
|
$
|
30,099
|
$
|
47,019
|
$
|
8,048
|
$
|
27,944
|
$
|
113,110
|
||||||
INVESTING
ACTIVITIES:
|
||||||||||||||||
Additions
to and purchase of properties
|
-
|
(183,168
|
)
|
-
|
(80,472
|
)
|
(263,640
|
)
|
||||||||
Purchases
of land held for development
|
-
|
(4,214
|
)
|
-
|
-
|
(4,214
|
)
|
|||||||||
Additions
to construction in progress
|
-
|
(21,557
|
)
|
-
|
-
|
(21,557
|
)
|
|||||||||
Proceeds
from disposal of properties
|
-
|
48,949
|
59
|
23,560
|
72,568
|
|||||||||||
Distributions
received from joint ventures
|
3,119
|
-
|
-
|
-
|
3,119
|
|||||||||||
Increase
in deferred leasing costs
|
-
|
(4,235
|
)
|
-
|
(2,433
|
)
|
(6,668
|
)
|
||||||||
Proceeds
from repayment of notes receivable
|
6,090
|
-
|
-
|
-
|
6,090
|
|||||||||||
Proceeds
from sale of securities
|
5,814
|
-
|
-
|
-
|
5,814
|
|||||||||||
Cash
used to purchase securities
|
(36,363
|
)
|
-
|
-
|
-
|
(36,363
|
)
|
|||||||||
Advances
from (to) affiliates
|
(166,221
|
)
|
131,123
|
(7,789
|
)
|
42,887
|
-
|
|||||||||
Net
cash (used in) provided by investing activities
|
(187,561
|
)
|
(33,102
|
)
|
(7,730
|
)
|
(16,458
|
)
|
(244,851
|
)
|
||||||
FINANCING
ACTIVITIES:
|
||||||||||||||||
Repayment
of mortgage notes payable
|
-
|
(13,917
|
)
|
(318
|
)
|
(11,486
|
)
|
(25,721
|
)
|
|||||||
Net
repayments under revolving credit facilities
|
(15,000
|
)
|
-
|
-
|
-
|
(15,000
|
)
|
|||||||||
Increase
in deferred financing costs
|
(1,926
|
)
|
-
|
-
|
-
|
(1,926
|
)
|
|||||||||
Proceeds
from issuance of common stock
|
58,304
|
-
|
-
|
-
|
58,304
|
|||||||||||
Proceeds
from senior debt offering
|
198,550
|
-
|
-
|
-
|
198,550
|
|||||||||||
Stock
issuance costs
|
(334
|
)
|
-
|
-
|
-
|
(334
|
)
|
|||||||||
Repayment
of notes receivable from issuance of common stock
|
3,457
|
-
|
-
|
-
|
3,457
|
Guarantors
|
||||||||||||||||
Condensed
Statement of Cash Flows
|
Equity
One, Inc.
|
Combined
Subsidiaries
|
IRT
Partners
LP
|
Non-Guarantors
|
Consolidated
|
|||||||||||
For
the year ended December 31
,
2004
|
||||||||||||||||
Cash
dividends paid to stockholders
|
(80,904
|
)
|
-
|
-
|
-
|
(80,904
|
)
|
|||||||||
Distributions
to minority interest
|
(529
|
)
|
-
|
-
|
-
|
(529
|
)
|
|||||||||
Net
cash provided by (used in) financing activities
|
161,618
|
(13,917
|
)
|
(318
|
)
|
(11,486
|
)
|
135,897
|
||||||||
NET
INCREASE IN CASH AND CASH EQUIVALENTS
|
4,156
|
-
|
-
|
-
|
4,156
|
|||||||||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
|
966
|
-
|
-
|
-
|
966
|
|||||||||||
CASH
AND CASH EQUIVALENTS, END OF THE PERIOD
|
$
|
5,122
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
5,122
|
Guarantors
|
||||||||||||||||
Condensed
Statement of Cash Flows
|
Equity
One, Inc.
|
Combined
Subsidiaries
|
IRT
Partners
LP
|
Non-Guarantors
|
Consolidated
|
|||||||||||
For
the year ended December 31
,
2003
|
||||||||||||||||
Net
cash provided by operating activities
|
$
|
(16,794
|
)
|
$
|
69,445
|
$
|
13,381
|
$
|
12,230
|
$
|
78,262
|
|||||
INVESTING
ACTIVITIES:
|
||||||||||||||||
Additions
to and purchase of properties
|
-
|
(110,000
|
)
|
(2,565
|
)
|
(39,065
|
)
|
(151,630
|
)
|
|||||||
Purchases
of land held for development
|
-
|
-
|
-
|
(1,688
|
)
|
(1,688
|
)
|
|||||||||
Additions
to construction in progress
|
-
|
(14,375
|
)
|
-
|
(18,000
|
)
|
(32,375
|
)
|
||||||||
Proceeds
from disposal of properties
|
-
|
17,555
|
-
|
7,458
|
25,013
|
|||||||||||
Decrease
in cash held in escrow
|
8,864
|
-
|
4,033
|
-
|
12,897
|
|||||||||||
Proceeds
from sales of joint venture interest
|
2,230
|
-
|
-
|
-
|
2,230
|
|||||||||||
Distributions
received from joint ventures
|
5,424
|
-
|
-
|
-
|
5,424
|
|||||||||||
Increase
in deferred leasing costs
|
-
|
(2,355
|
)
|
-
|
(2,100
|
)
|
(4,455
|
)
|
||||||||
Proceeds
from repayment of notes receivable
|
5,074
|
-
|
-
|
-
|
5,074
|
|||||||||||
Proceeds
from sale of securities
|
976
|
-
|
-
|
-
|
976
|
|||||||||||
Cash
used in the purchase of IRT
|
(189,382
|
)
|
-
|
-
|
-
|
(189,382
|
)
|
|||||||||
Cash
acquired in acquisition
|
1,756
|
-
|
-
|
-
|
1,756
|
|||||||||||
Advances
from (to) affiliates
|
(129,632
|
)
|
75,141
|
(7,773
|
)
|
62,264
|
-
|
|||||||||
Net
cash (used in) provided by investing activities
|
(294,690
|
)
|
(34,034
|
)
|
(6,305
|
)
|
8,869
|
(326,160
|
)
|
|||||||
FINANCING
ACTIVITIES:
|
||||||||||||||||
Repayment
of mortgage notes payable
|
-
|
(35,411
|
)
|
(7,076
|
)
|
(21,099
|
)
|
(63,586
|
)
|
|||||||
Net
repayments under revolving credit facilities
|
131,000
|
-
|
-
|
-
|
131,000
|
|||||||||||
Increase
in deferred financing costs
|
(888
|
)
|
-
|
-
|
-
|
(888
|
)
|
|||||||||
Proceeds
from issuance of common stock
|
249,205
|
-
|
-
|
-
|
249,205
|
|||||||||||
Stock
issuance costs
|
(1,718
|
)
|
-
|
-
|
-
|
(1,718
|
)
|
Guarantors
|
||||||||||||||||
Condensed
Statement of Cash Flows
|
Equity
One, Inc.
|
Combined
Subsidiaries
|
IRT
Partners
LP
|
Non-Guarantors
|
Consolidated
|
|||||||||||
For
the year ended December 31
,
2004
|
||||||||||||||||
Repayment
of notes receivable from issuance of common stock
|
3,505
|
-
|
-
|
-
|
3,505
|
|||||||||||
Cash
dividends paid to stockholders
|
(70,677
|
)
|
-
|
-
|
-
|
(70,677
|
)
|
|||||||||
Distributions
to minority interest
|
(921
|
)
|
-
|
-
|
-
|
(921
|
)
|
|||||||||
Net
cash provided by (used in) financing activities
|
309,506
|
(35,411
|
)
|
(7,076
|
)
|
(21,099
|
)
|
245,920
|
||||||||
NET
DECREASE IN CASH AND CASH EQUIVALENTS
|
(1,978
|
)
|
-
|
-
|
-
|
(1,978
|
)
|
|||||||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
|
2,944
|
-
|
-
|
-
|
2,944
|
|||||||||||
CASH
AND CASH EQUIVALENTS, END OF THE PERIOD
|
$
|
966
|
-
|
-
|
-
|
$
|
966
|
10.
|
Dispositions
|
Property
|
Location
|
Date
Sold
|
Square
Feet/
Acres
|
Gross
Sales Price
|
Gain
On Sale
|
||||||
200
5
Dispositions
|
|||||||||||
North
River Village
|
North
Ellenton, FL
|
January
|
177,138
|
$
14,880
|
$
1,615
|
||||||
Big
Curve
|
Yuma,
AZ
|
April
|
126,402
|
13,640
|
3,757
|
||||||
Waterlick
|
Lynchburg,
VA
|
July
|
98,694
|
8,900
|
2,253
|
||||||
Park
Northern
|
Phoenix,
AZ
|
August
|
126,852
|
8,300
|
3,835
|
||||||
Total
for 2005
|
$
45,720
|
$
11,460
|
For
the Year Ended December 31,
|
||||||||||
2005
|
2004
|
2003
|
||||||||
Rental
Revenue
|
$
|
1,777
|
$
|
12,686
|
$
|
17,112
|
||||
Expenses
|
||||||||||
Property
operating expenses
|
672
|
3,293
|
4,441
|
|||||||
Rental
property depreciation and amortization.
|
283
|
1,584
|
1,979
|
|||||||
Interest
expense
|
233
|
1,396
|
2,071
|
|||||||
Amortization
of deferred financing fees
|
-
|
89
|
119
|
|||||||
Other
(income) expense
|
-
|
46
|
(390
|
)
|
||||||
Income
from properties sold or held for sale
|
$
|
589
|
$
|
6,278
|
$
|
8,892
|
For
the Year Ended December 31,
|
||||||||||
2005
|
2004
|
2003
|
||||||||
Rental
Revenue
|
$
|
42,145
|
$
|
38,440
|
$
|
30,175
|
||||
Expenses
|
||||||||||
Property
operating expenses
|
10,932
|
9,870
|
8,088
|
|||||||
Rental
property depreciation and amortization.
|
8,122
|
5,620
|
4,194
|
|||||||
Interest
expense
|
3,955
|
4,247
|
3,450
|
|||||||
Amortization
of deferred financing fees
|
58
|
34
|
90
|
|||||||
Income
from properties held for sale with continuing involvement
|
$
|
19,078
|
$
|
18,669
|
$
|
14,353
|
11.
|
Stockholders’
Equity and Earnings Per Share
|
Common
Stock*
|
Options
Exercised
|
Total
|
||||||||
Board
of Directors
|
8
|
** |
26
|
34
|
||||||
Officers
|
(156
|
)** |
557
|
401
|
||||||
Employees
and other
|
50
|
13
|
63
|
|||||||
Dividend
Reinvestment and Stock Purchase Plan
|
1,314
|
-
|
1,314
|
|||||||
Total
|
1,216
|
596
|
1,812
|
2005
|
2004
|
|||||||||||||||
Date
|
Per
Share
|
Amount
|
Date
|
Per
Share
|
Amount
|
|||||||||||
March
31
|
$
|
0.29
|
$
|
21,426
|
March 31 |
$
|
0.28
|
$
|
19,630
|
|||||||
June
30
|
$
|
0.29
|
21,575
|
June 30 |
$
|
0.28
|
19,725
|
|||||||||
September
30
|
$
|
0.29
|
21,683
|
September 30 |
$
|
0.28
|
20,272
|
|||||||||
December
30
|
$
|
0.30
|
22,588
|
December 31 |
$
|
0.29
|
21,277
|
|||||||||
Total
|
$
|
87,272
|
Total
|
$
|
80,904
|
For
the Year Ended December 31, 2005
|
||||||||||
Income
(Numerator)
|
Shares
(Denominator)
|
Per
Share
Amount
|
||||||||
Net
Income
|
$
|
92,741
|
||||||||
Basic
EPS
|
||||||||||
Income
attributable to common stockholders
|
$
|
92,741
|
73,840
|
$
|
1.26
|
|||||
Effect
of Dilutive Securities
|
||||||||||
Walden
Woods Village, Ltd.
|
109
|
94
|
||||||||
Unvested
restricted stock
|
-
|
575
|
||||||||
Stock
options
|
-
|
281
|
||||||||
109
|
950
|
|||||||||
Diluted
EPS
|
||||||||||
Income
attributable to common stockholders assuming conversions
|
$
|
92,850
|
74,790
|
$
|
1.24
|
For
the Year Ended December 31, 2004
|
||||||||||
Income
(Numerator)
|
Shares
(Denominator)
|
Per
Share
Amount
|
||||||||
Net
Income
|
$
|
97,804
|
||||||||
Basic
EPS
|
||||||||||
Income
attributable to common stockholders
|
$
|
97,804
|
70,447
|
$
|
1.39
|
|||||
Effect
of Dilutive Securities
|
||||||||||
Walden
Woods Village, Ltd.
|
106
|
94
|
||||||||
Unvested
restricted stock
|
-
|
611
|
||||||||
Convertible
partnership units
|
517
|
520
|
||||||||
Stock
options
|
-
|
364
|
||||||||
623
|
1,589
|
|||||||||
Diluted
EPS
|
||||||||||
Income
attributable to common stockholders assuming conversions
|
$
|
98,427
|
72,036
|
$
|
1.37
|
For
the Year Ended December 31, 2003
|
||||||||||
Income
(Numerator)
|
Shares
(Denominator)
|
Per
Share
Amount
|
||||||||
Net
Income
|
$
|
63,647
|
||||||||
Basic
EPS
|
||||||||||
Income
attributable to common stockholders
|
$
|
63,647
|
59,998
|
$
|
1.06
|
|||||
Effect
of Dilutive Securities
|
||||||||||
Walden
Woods Village, Ltd.
|
103
|
94
|
||||||||
Unvested
restricted stock
|
-
|
612
|
||||||||
Convertible
partnership units
|
700
|
648
|
||||||||
Stock
options
|
-
|
313
|
||||||||
803
|
1,667
|
|||||||||
Diluted
EPS
|
||||||||||
Income
attributable to common stockholders assuming conversions
|
$
|
64,450
|
61,665
|
$
|
1.05
|
13.
|
Benefit
Plans
|
Year
Ending December 31,
|
Number
of Shares
|
|||
2006
|
373
|
|||
2007
|
76
|
|||
2008
|
69
|
|||
Total
|
518
|
14.
|
Future
Minimum Rental Income, Commitments and Contingent
Liabilities
|
Year
Ending December 31,
|
Amount
|
|||
2006
|
$
|
180,874
|
||
2007
|
154,414
|
|||
2008
|
129,342
|
|||
2009
|
104,787
|
|||
2010
|
85,388
|
|||
Thereafter
|
440,041
|
|||
Total
|
$
|
1,094,846
|
15.
|
Related
Party Transactions
|
16.
|
Subsequent
Events
|
17.
|
Quarterly
Financial Data (unaudited)
|
First
Quarter
(1)
|
Second
Quarter
(1)
|
Third
Quarter
(1)
|
Fourth
Quarter
(1)
|
Total
(2)
|
||||||||||||
2005:
|
||||||||||||||||
Total
revenues
|
$
|
61,563
|
$
|
64,411
|
$
|
61,847
|
$
|
65,143
|
$
|
252,964
|
||||||
Income
from
continuing
operations
|
19,799
|
21,198
|
21,931
|
17,764
|
80,692
|
|||||||||||
Net
income
|
21,790
|
25,143
|
28,041
|
17,767
|
92,741
|
|||||||||||
Basic
per share data
|
||||||||||||||||
Income
from continuing operations
|
$
|
0.27
|
$
|
0.29
|
$
|
0.30
|
$
|
0.24
|
$
|
1.10
|
||||||
Net
Income
|
0.30
|
0.34
|
0.38
|
0.24
|
1.26
|
|||||||||||
Diluted
per share data
|
||||||||||||||||
Income
from continuing operations
|
$
|
0.27
|
$
|
0.29
|
$
|
0.29
|
$
|
0.24
|
$
|
1.08
|
||||||
Net
income
|
0.29
|
0.34
|
0.37
|
0.24
|
1.24
|
First
Quarter
(1)
|
Second
Quarter
(1)
|
Third
Quarter
(1)
|
Fourth
Quarter
(1)
|
Total
(2)
|
||||||||||||
2004:
|
||||||||||||||||
Total
revenues
|
$
|
51,691
|
$
|
54,913
|
$
|
56,994
|
$
|
62,995
|
$
|
226,593
|
||||||
Income
from continuing operations
|
16,411
|
16,265
|
17,607
|
19,180
|
69,463
|
|||||||||||
Net
income
|
20,239
|
18,535
|
30,701
|
28,329
|
97,804
|
|||||||||||
Basic
per share data
|
||||||||||||||||
Income
from continuing operations
|
$
|
0.24
|
$
|
0.23
|
$
|
0.25
|
$
|
0.27
|
$
|
0.99
|
||||||
Net
Income
|
0.29
|
0.28
|
0.43
|
0.39
|
1.39
|
|||||||||||
Diluted
per share data
|
||||||||||||||||
Income
from continuing operations
|
$
|
0.24
|
$
|
0.23
|
$
|
0.25
|
$
|
0.27
|
$
|
0.97
|
||||||
Net
income
|
0.29
|
0.26
|
0.43
|
0.39
|
1.37
|
(1)
|
Reclassified
to reflect the reporting of discontinued
operations.
|
(2)
|
The
sum of quarterly earnings per share amounts may differ from annual
earnings per share.
|
Initial
Cost to Company
|
Gross
Amounts at Which Carried at Close of Period
|
|||||||||||||||||||||||||||||||||
Property
|
Location
|
Encum-
brances
|
|
Land
|
|
Building
and Improve-
ments
|
Capitalized
Subsequent to Acquisition or
Improvement
|
Land
|
Improve-
ments
|
Total
|
Accumulated
Depreciation
|
Date
Acquired
|
Depreciable
Life
|
|||||||||||||||||||||
Income
Producing Properties
|
||||||||||||||||||||||||||||||||||
ALABAMA
|
||||||||||||||||||||||||||||||||||
Madison
Centre
|
Madison
|
$
|
3,718
|
$
|
1,424
|
$
|
5,187
|
$
|
34
|
$
|
1,424
|
$
|
5,222
|
$
|
6,645
|
$ |
(563
|
)
|
February
12, 2003
|
40
|
||||||||||||||
West
Gate Plaza
|
Mobile
|
-
|
1,288
|
3,162
|
-
|
1,288
|
3,163
|
4,450
|
(228
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
FLORIDA
|
||||||||||||||||||||||||||||||||||
NorthFlorida
|
||||||||||||||||||||||||||||||||||
Atlantic
Village
|
Atlantic
Beach
|
-
|
1,190
|
4,760
|
1,035
|
1,190
|
5,795
|
6,985
|
(1,905
|
)
|
June
30, 1995
|
40
|
||||||||||||||||||||||
Beauclerc
Village
|
Jacksonville
|
-
|
560
|
2,242
|
840
|
651
|
2,991
|
3,642
|
(819
|
)
|
May
15, 1998
|
40
|
||||||||||||||||||||||
Commonwealth
|
Jacksonville
|
2,510
|
730
|
2,920
|
1,750
|
884
|
4,516
|
5,400
|
(1,428
|
)
|
February
28, 1994
|
40
|
||||||||||||||||||||||
Forest
Village
|
Tallahassee
|
4,389
|
725
|
6,392
|
3,222
|
3,895
|
7,117
|
(734
|
)
|
January
28, 1999
|
40
|
|||||||||||||||||||||||
Ft.
Caroline
|
Jacksonville
|
-
|
738
|
2,432
|
86
|
738
|
2,519
|
3,256
|
(911
|
)
|
January
24, 1994
|
40
|
||||||||||||||||||||||
Mandarin
Mini
|
Jacksonville
|
-
|
362
|
1,148
|
318
|
362
|
1,466
|
1,828
|
(426
|
)
|
May
10, 1994
|
40
|
||||||||||||||||||||||
Mandarin
Landing
|
Jacksonville
|
-
|
4,443
|
4,747
|
1,354
|
4,443
|
6,101
|
10,544
|
(1,345
|
)
|
December
10, 1999
|
40
|
||||||||||||||||||||||
Medical
& Merchants
|
Jacksonville
|
-
|
7,649
|
13,209
|
-
|
9,156
|
11,702
|
20,858
|
(550
|
)
|
May
27, 2004
|
40
|
||||||||||||||||||||||
Middle
Beach Shopping Center
|
Panama
City Beach
|
-
|
2,159
|
5,542
|
52
|
2,195
|
5,558
|
7,753
|
(299
|
)
|
December
23, 2003
|
40
|
||||||||||||||||||||||
Monument
Point
|
Jacksonville
|
-
|
1,336
|
2,330
|
129
|
1,336
|
2,459
|
3,795
|
(579
|
)
|
January
31, 1997
|
40
|
||||||||||||||||||||||
Oak
Hill
|
Jacksonville
|
-
|
690
|
2,760
|
141
|
690
|
2,901
|
3,591
|
(779
|
)
|
December
7, 1995
|
40
|
||||||||||||||||||||||
Parkmore
Plaza
|
Milton
|
-
|
3,181
|
3,002
|
34
|
3,181
|
3,036
|
6,217
|
(341
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Pensacola
Plaza
|
Pensacola
|
-
|
1,122
|
990
|
75
|
1,122
|
1,065
|
2,187
|
(121
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
South
Beach
|
Jacksonville
Beach
|
-
|
5,799
|
23,102
|
144
|
9,545
|
19,500
|
29,045
|
(1,505
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Central
Florida
|
||||||||||||||||||||||||||||||||||
Alafaya
Commons
|
Orlando
|
-
|
6,742
|
9,677
|
46
|
5,758
|
10,707
|
16,465
|
(773
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Conway
Crossing
|
Orlando
|
-
|
4,423
|
5,818
|
34
|
2,615
|
7,660
|
10,275
|
(526
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Shoppes
of Eastwood
|
Orlando
|
5,996
|
1,680
|
6,976
|
73
|
1,688
|
7,041
|
8,729
|
(636
|
)
|
June
28, 2002
|
40
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Walden
Woods
|
Plant
City
|
2,148
|
950
|
550
|
3,896
|
950
|
4,446
|
5,396
|
(1,039
|
)
|
January
1, 1999
|
40
|
||||||||||||||||||||||
Eustis
Square
|
Eustis
|
-
|
1,450
|
4,515
|
1,994
|
1,463
|
6,496
|
7,959
|
(2,581
|
)
|
October
22, 1993
|
40
|
||||||||||||||||||||||
Hunters
Creek
|
Orlando
|
-
|
2,035
|
5,445
|
25
|
1,562
|
5,943
|
7,505
|
(345
|
)
|
September
23, 2003
|
40
|
||||||||||||||||||||||
Kirkman
Shoppes
|
Orlando
|
9,362
|
3,237
|
9,714
|
209
|
3,222
|
9,938
|
13,160
|
(1,612
|
)
|
August
15, 2000
|
33
|
||||||||||||||||||||||
Lake
Mary
|
Orlando
|
24,011
|
5,578
|
13,878
|
6,296
|
7,092
|
18,661
|
25,752
|
(4,327
|
)
|
November
9, 1995
|
40
|
Initial
Cost to Company
|
Gross
Amounts at Which Carried at Close of Period
|
|||||||||||||||||||||||||||||||||
Property
|
Location
|
Encum-
brances
|
|
Land
|
Building
and Improve-
ments
|
Capitalized
Subsequent to Acquisition or
Improvement
|
|
Land
|
Improve-
ments
|
Total
|
|
Accumulated
Depreciation
|
Date
Acquired
|
Depreciable
Life
|
||||||||||||||||||||
Park
Promenade
|
Orlando
|
6,173
|
2,810
|
6,444
|
499
|
2,810
|
6,943
|
9,753
|
(1,386
|
)
|
January
31, 1999
|
40
|
||||||||||||||||||||||
Town
& Country
|
Kissimmee
|
-
|
1,426
|
4,397
|
18
|
1,282
|
4,559
|
5,841
|
(329
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Unigold
|
Winter
Park
|
-
|
2,181
|
8,195
|
1,744
|
4,304
|
7,816
|
12,120
|
(620
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Florida
West Coast
|
||||||||||||||||||||||||||||||||||
Bay
Pointe Plaza
|
St.
Petersburg
|
-
|
2,733
|
7,810
|
43
|
4,655
|
5,932
|
10,586
|
(482
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Carrollwood
|
Tampa
|
-
|
1,873
|
7,322
|
522
|
2,756
|
6,961
|
9,717
|
(530
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Charlotte
Square
|
Port
Charlotte
|
3,479
|
1,924
|
6,644
|
85
|
4,155
|
4,499
|
8,653
|
(390
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Chelsea
Place
|
New
Port Richey
|
-
|
3,708
|
6,491
|
10
|
2,591
|
7,618
|
10,209
|
(525
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Lake
St. Charles
|
Tampa
|
3,790
|
1,256
|
3,768
|
27
|
1,268
|
3,783
|
5,051
|
(405
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Lutz
Lake
|
Lutz
|
7,500
|
4,742
|
5,199
|
32
|
3,644
|
6,329
|
9,973
|
(461
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Marco
Town Center
|
Marco
Island
|
8,413
|
3,872
|
11,966
|
593
|
3,872
|
12,558
|
16,431
|
(1,819
|
)
|
August
15, 2000
|
37
|
||||||||||||||||||||||
Mariners
Crossing
|
Spring
Hill
|
3,280
|
1,110
|
4,447
|
44
|
1,110
|
4,491
|
5,601
|
(612
|
)
|
September
12, 2000
|
40
|
||||||||||||||||||||||
Pavilion
|
Naples
|
-
|
12,716
|
11,080
|
-
|
10,827
|
12,969
|
23,796
|
(514
|
)
|
February
4, 2004
|
40
|
||||||||||||||||||||||
Regency
Crossing
|
Port
Richey
|
-
|
1,752
|
6,754
|
15
|
1,982
|
6,538
|
8,521
|
(476
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Ross
Plaza
|
Tampa
|
6,529
|
2,115
|
6,346
|
144
|
2,115
|
6,489
|
8,605
|
(1,054
|
)
|
August
15, 2000
|
33
|
||||||||||||||||||||||
Seven
Hills
|
Spring
Hill
|
-
|
1,556
|
4,931
|
-
|
2,167
|
4,320
|
6,487
|
(342
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Shoppes
of North Port
|
North
Port
|
3,902
|
1,452
|
5,807
|
115
|
1,452
|
5,921
|
7,374
|
(752
|
)
|
December
5, 2000
|
40
|
||||||||||||||||||||||
Skipper
Palms
|
Tampa
|
3,493
|
1,302
|
3,940
|
21
|
1,315
|
3,948
|
5,263
|
(451
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Summerlin
Square
|
Fort
Myers
|
3,326
|
1,043
|
7,989
|
1,353
|
2,187
|
8,198
|
10,385
|
(1,592
|
)
|
June
10, 1998
|
40
|
||||||||||||||||||||||
Venice
Shopping Center
|
Venice
|
-
|
3,836
|
2,562
|
126
|
3,857
|
2,667
|
6,524
|
(127
|
)
|
March
31, 2004
|
40
|
||||||||||||||||||||||
Venice
Plaza
|
Venice
|
-
|
3,120
|
450
|
1,612
|
2,235
|
2,946
|
5,182
|
(446
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Florida
Treasure Coast
|
||||||||||||||||||||||||||||||||||
Bluffs
Square
|
Jupiter
|
9,914
|
3,232
|
9,917
|
298
|
3,232
|
10,216
|
13,447
|
(1,724
|
)
|
August
15, 2000
|
33
|
||||||||||||||||||||||
Cashmere
Corners
|
Port
St. Lucie
|
5,032
|
1,436
|
5,530
|
139
|
1,435
|
5,669
|
7,105
|
(706
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
Jonathan's
Landing
|
Jupiter
|
2,832
|
1,145
|
3,442
|
4
|
1,146
|
3,445
|
4,591
|
(490
|
)
|
August
15, 2000
|
37
|
||||||||||||||||||||||
New
Smyrna Beach
|
New
Smyrna Beach
|
-
|
2,598
|
9,532
|
76
|
3,217
|
8,988
|
12,206
|
(678
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Old
King Commons
|
Palm
Coast
|
-
|
1,695
|
5,005
|
120
|
1,420
|
5,400
|
6,820
|
(391
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Ryanwood
|
Vero
Beach
|
-
|
2,281
|
6,880
|
603
|
2,281
|
7,482
|
9,764
|
(744
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
|
- | |||||||||||||||||||||||||||||||||
Salerno
Village
|
Stuart
|
-
|
807
|
775
|
7,255
|
2,125
|
6,712
|
8,837
|
(303
|
)
|
May
6, 2002
|
40
|
||||||||||||||||||||||
Treasure
Coast
|
Vero
Beach
|
4,238
|
2,676
|
8,444
|
180
|
1,359
|
9,941
|
11,300
|
(686
|
)
|
February
12, 2003
|
40
|
Initial
Cost to Company
|
Gross
Amounts at Which Carried at Close of Period
|
|||||||||||||||||||||||||||||||||
Property
|
Location
|
Encum-
brances
|
|
Land
|
Building
and Improve-
ments
|
|
Capitalized
Subsequent to Acquisition or
Improvement
|
Land
|
|
Improve-
ments
|
Total
|
|
Accumulated
Depreciation
|
Date
Acquired
|
|
Depreciable
Life
|
||||||||||||||||||
South
Florida / Atlantic Coast
|
||||||||||||||||||||||||||||||||||
Banco
Popular Building
|
N
Miami Beach
|
-
|
4,995
|
3,363
|
1,631
|
4,995
|
(19
|
)
|
September
27, 2005
|
40
|
||||||||||||||||||||||||
Bird
Ludlum
|
Miami
|
9,035
|
4,080
|
16,318
|
684
|
4,088
|
16,994
|
21,082
|
(4,927
|
)
|
August
11, 1994
|
40
|
||||||||||||||||||||||
Boca
Village
|
Boca
Raton
|
8,114
|
3,385
|
10,174
|
261
|
3,385
|
10,435
|
13,820
|
(1,524
|
)
|
August
15, 2000
|
37
|
||||||||||||||||||||||
Boynton
Plaza
|
Boynton
Beach
|
7,345
|
2,943
|
9,100
|
250
|
2,943
|
9,351
|
12,293
|
(1,568
|
)
|
August
15, 2000
|
33
|
||||||||||||||||||||||
Countryside
Shops
|
Cooper
City
|
-
|
13,963
|
13,853
|
99
|
11,343
|
16,572
|
27,915
|
(1,159
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Crossroads
Square
|
Ft.
Lauderdale
|
12,123
|
6,674
|
4,405
|
8,066
|
8,492
|
10,653
|
19,145
|
(838
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
CVS
Plaza
|
Miami
|
-
|
727
|
3,090
|
1,628
|
995
|
4,450
|
5,445
|
(155
|
)
|
July
23, 1999
|
40
|
||||||||||||||||||||||
El
Novillo
|
Miami
Beach
|
-
|
250
|
1,000
|
151
|
250
|
1,151
|
1,401
|
(343
|
)
|
April
30, 1998
|
40
|
||||||||||||||||||||||
Greenwood
|
Palm
Springs
|
-
|
6,646
|
10,295
|
120
|
4,117
|
12,944
|
17,061
|
(880
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Homestead
Gas Station
|
Homestead
|
-
|
1,157
|
-
|
13
|
1,170
|
-
|
1,170
|
-
|
November
8, 2004
|
||||||||||||||||||||||||
Lago
Mar
|
Miami
|
-
|
5,020
|
6,609
|
208
|
4,216
|
7,621
|
11,837
|
(529
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Lantana
Village
|
Lantana
|
-
|
1,350
|
7,978
|
890
|
1,350
|
8,868
|
10,218
|
(1,617
|
)
|
January
6, 1998
|
40
|
||||||||||||||||||||||
Meadows
|
Miami
|
6,301
|
2,303
|
6,670
|
93
|
2,304
|
6,762
|
9,066
|
(654
|
)
|
May
23, 2002
|
40
|
||||||||||||||||||||||
Oakbrook
|
Palm
Beach Gardens
|
-
|
4,915
|
8,718
|
12,654
|
7,706
|
18,581
|
26,287
|
(1,836
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
Pine
Island
|
Davie
|
24,195
|
8,557
|
12,860
|
274
|
8,557
|
13,134
|
21,691
|
(2,229
|
)
|
August
26, 1999
|
40
|
||||||||||||||||||||||
Pine
Ridge Square
|
Coral
Springs
|
7,184
|
9,006
|
9,842
|
-
|
6,528
|
12,320
|
18,848
|
(877
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Plaza
Alegre
|
Miami
|
-
|
1,550
|
9,191
|
803
|
2,004
|
9,540
|
11,544
|
(1,056
|
)
|
February
26, 2002
|
40
|
||||||||||||||||||||||
Point
Royale
|
Miami
|
4,015
|
3,720
|
5,005
|
1,296
|
3,720
|
6,301
|
10,021
|
(1,610
|
)
|
July
27, 1995
|
40
|
||||||||||||||||||||||
Prosperity
Centre
|
Palm
Beach Gardens
|
5,624
|
4,597
|
13,838
|
122
|
4,597
|
13,960
|
18,557
|
(2,055
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
Ridge
Plaza
|
Davie
|
-
|
3,905
|
7,450
|
660
|
3,905
|
8,110
|
12,015
|
(1,491
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
Riverside
Square
|
Coral
Springs
|
7,474
|
7,202
|
8,260
|
157
|
6,423
|
9,195
|
15,619
|
(678
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Sawgrass
Promenade
|
Deerfield
Beach
|
8,114
|
3,280
|
9,351
|
813
|
3,280
|
10,164
|
13,444
|
(1,726
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
Sheridan
|
Hollywood
|
-
|
39,408
|
36,241
|
2,209
|
38,888
|
38,970
|
77,858
|
(2,352
|
)
|
July
14, 2003
|
40
|
||||||||||||||||||||||
Shoppes
of Ibis
|
West
Palm Beach
|
5,497
|
3,001
|
6,299
|
40
|
3,002
|
6,337
|
9,340
|
(570
|
)
|
July
10, 2002
|
40
|
||||||||||||||||||||||
Shops
at Skylake
|
North
Miami Beach
|
13,874
|
7,630
|
-
|
32,096
|
13,955
|
25,772
|
39,726
|
(2,741
|
)
|
August
19, 1997
|
40
|
||||||||||||||||||||||
Shoppes
of Silverlakes
|
Pembroke
Pines
|
2,460
|
12,072
|
10,131
|
81
|
10,306
|
11,978
|
22,284
|
(834
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Tamarac
Town Square
|
Tamarac
|
6,029
|
2,504
|
7,874
|
204
|
4,742
|
5,840
|
10,582
|
(487
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Waterstone
|
Homestead
|
-
|
1,811
|
-
|
7,647
|
1,320
|
8,138
|
9,458
|
(85
|
)
|
April
10, 1992
|
40
|
||||||||||||||||||||||
West
Lakes Plaza
|
Miami
|
-
|
2,141
|
5,789
|
410
|
2,141
|
6,199
|
8,340
|
(1,527
|
)
|
November
6, 1996
|
40
|
||||||||||||||||||||||
Westport
Plaza
|
Davie
|
4,782
|
3,595
|
3,446
|
14
|
3,609
|
3,446
|
7,055
|
(101
|
)
|
December
17, 2004
|
40
|
||||||||||||||||||||||
Young
Circle
|
Hollywood
|
-
|
3,865
|
8,894
|
-
|
3,865
|
8,894
|
12,759
|
(156
|
)
|
May
19, 2005
|
40
|
Initial
Cost to Company
|
Gross
Amounts at Which Carried at Close of Period
|
|||||||||||||||||||||||||||||||||
Property
|
Location
|
Encum-
brances
|
Land
|
Building
and Improve-
ments
|
Capitalized
Subsequent to Acquisition or
Improvement
|
Land
|
Improve-
ments
|
Total
|
Accumulated
Depreciation
|
Date
Acquired
|
Depreciable
Life
|
|||||||||||||||||||||||
NORTH
CAROLINA
|
||||||||||||||||||||||||||||||||||
Centre
Pointe Plaza
|
Smithfield
|
-
|
3,273
|
1,633
|
2,401
|
2,081
|
5,226
|
7,307
|
(395
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Chestnut
Square
|
Brevard
|
-
|
793
|
1,326
|
40
|
517
|
1,642
|
2,159
|
(110
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Laurel
Walk Apartments
|
Charlotte
|
-
|
2,062
|
4,491
|
-
|
2,062
|
4,491
|
6,553
|
(10
|
)
|
October
31, 2005
|
40
|
||||||||||||||||||||||
The
Galleria
|
Wrightsville
Beach
|
-
|
1,847
|
3,875
|
426
|
1,493
|
4,655
|
6,148
|
(327
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Parkwest
Crossing
|
Durham
|
4,636
|
1,712
|
6,727
|
204
|
1,788
|
6,855
|
8,643
|
(507
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Plaza
North
|
Hendersonville
|
-
|
945
|
1,887
|
28
|
758
|
2,102
|
2,860
|
(149
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Providence
Square
|
Charlotte
|
-
|
1,719
|
2,575
|
46
|
1,112
|
3,228
|
4,340
|
(230
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Riverview
Shopping Center
|
Durham
|
-
|
2,644
|
4,745
|
140
|
2,202
|
5,326
|
7,529
|
(407
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Salisbury
Marketplace
|
Salisbury
|
-
|
1,652
|
6,395
|
484
|
3,118
|
5,413
|
8,531
|
(424
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Shelby
Plaza
|
Shelby
|
-
|
2,061
|
338
|
41
|
868
|
1,572
|
2,440
|
(89
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Stanley
Market Place
|
Stanley
|
-
|
808
|
669
|
74
|
396
|
1,155
|
1,551
|
(77
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
4101
South I-85 Industrial
|
Charlotte
|
-
|
2,127
|
950
|
76
|
1,619
|
1,534
|
3,153
|
(124
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Thomasville
Commons
|
Thomasville
|
-
|
2,975
|
4,567
|
39
|
1,212
|
6,370
|
7,581
|
(442
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Willowdale
Shopping Center
|
Durham
|
-
|
2,416
|
6,499
|
326
|
2,073
|
7,168
|
9,241
|
(639
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
SOUTH
CAROLINA
|
||||||||||||||||||||||||||||||||||
Belfair
Towne Village
|
Bluffton
|
10,984
|
9,909
|
10,036
|
129
|
9,854
|
10,221
|
20,074
|
(689
|
)
|
December
22, 2003
|
40
|
||||||||||||||||||||||
Woodruff
|
Greenville
|
-
|
2,689
|
5,448
|
101
|
2,420
|
5,818
|
8,238
|
(381
|
)
|
December
23, 2003
|
40
|
||||||||||||||||||||||
Lancaster
Plaza
|
Lancaster
|
-
|
317
|
153
|
-
|
317
|
153
|
470
|
(18
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Lancaster
Shopping Center
|
Lancaster
|
-
|
48
|
32
|
362
|
280
|
162
|
442
|
(20
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
North
Village Center
|
Durham
|
1,207
|
3,235
|
1,218
|
2,860
|
2,800
|
5,660
|
(400
|
)
|
February
12, 2003
|
40
|
|||||||||||||||||||||||
Sparkleberry
Square
|
Columbia
|
14,144
|
11,774
|
32,979
|
349
|
11,000
|
34,103
|
45,102
|
(1,372
|
)
|
March
31, 2004
|
40
|
||||||||||||||||||||||
Spring
Valley
|
Columbia
|
-
|
1,508
|
5,050
|
116
|
1,098
|
5,576
|
6,674
|
(422
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
Windy
Hill
|
North
Myrtle Beach
|
-
|
830
|
1,906
|
27
|
833
|
1,930
|
2,763
|
(84
|
)
|
April
8, 2004
|
40
|
||||||||||||||||||||||
TENNESSEE
|
||||||||||||||||||||||||||||||||||
Smyrna
Village
|
Smyrna
|
-
|
1,667
|
4,694
|
259
|
1,503
|
5,117
|
6,620
|
(385
|
)
|
February
12, 2003
|
40
|
||||||||||||||||||||||
TEXAS
|
||||||||||||||||||||||||||||||||||
Dallas
|
||||||||||||||||||||||||||||||||||
Rosemeade
|
Carrollton
|
3,031
|
1,175
|
3,525
|
32
|
1,197
|
3,535
|
4,732
|
(384
|
)
|
September
21, 2001
|
40
|
Initial
Cost to Company
|
Gross
Amounts at Which Carried at Close of Period
|
|||||||||||||||||||||||||||||||||
Property
|
Location
|
Encum-
brances
|
Land
|
Building
and Improve-
ments
|
Capitalized
Subsequent to Acquisition or
Improvement
|
Land
|
Improve-
ments
|
Total
|
Accumulated
Depreciation
|
Date
Acquired
|
Depreciable
Life
|
|||||||||||||||||||||||
Florida
Treasure Coast
|
0
|
|||||||||||||||||||||||||||||||||
Cashmere
Corners
|
Port
St. Lucie
|
-
|
386
|
125
|
-
|
511
|
511
|
August
15, 2000
|
||||||||||||||||||||||||||
Cashmere
Dev 2
|
Port
St. Lucie
|
-
|
790
|
2,280
|
-
|
3,070
|
3,070
|
August
15, 2000
|
||||||||||||||||||||||||||
Ryanwood
|
Vero
Beach
|
-
|
-
|
27
|
-
|
27
|
27
|
|||||||||||||||||||||||||||
Salerno
Village
|
Stuart
|
-
|
32
|
-
|
-
|
32
|
32
|
May
6, 2002
|
||||||||||||||||||||||||||
South
Florida / Atlantic Coast
|
||||||||||||||||||||||||||||||||||
Waterstone
|
Homestead
|
-
|
-
|
990
|
-
|
990
|
990
|
April
10, 1992
|
||||||||||||||||||||||||||
Oakbrook
|
Palm
Beach Gardens
|
-
|
200
|
654
|
-
|
854
|
854
|
August
15, 2000
|
||||||||||||||||||||||||||
Prosperity
Centre
|
Palm
Beach Gardens
|
85
|
-
|
85
|
85
|
August
15, 2000
|
||||||||||||||||||||||||||||
Shoppes
at Silver Lakes
|
Pembroke
Pines
|
-
|
-
|
1
|
-
|
1
|
1
|
February
12, 2003
|
||||||||||||||||||||||||||
Shops
at Skylake
|
North
Miami Beach
|
3,179
|
1,673
|
-
|
4,852
|
4,852
|
August
19, 1997
|
|||||||||||||||||||||||||||
Westport
|
Davie
|
571
|
-
|
35
|
571
|
35
|
606
|
December
17, 2004
|
||||||||||||||||||||||||||
Young
Circle
|
Hollywood
|
9,537
|
-
|
379
|
9,537
|
379
|
9,916
|
May
19, 2005
|
||||||||||||||||||||||||||
GEORGIA
|
||||||||||||||||||||||||||||||||||
Atlanta
|
||||||||||||||||||||||||||||||||||
Hamilton
Ridge
|
Buford
|
-
|
-
|
464
|
427
|
37
|
464
|
December
18, 2003
|
||||||||||||||||||||||||||
River
Green
|
Canton
|
3,550
|
-
|
71
|
3,599
|
22
|
3,621
|
September
27, 2005
|
||||||||||||||||||||||||||
Wesley
Chapel
|
Atlanta
|
-
|
-
|
190
|
-
|
190
|
190
|
February
12, 2003
|
||||||||||||||||||||||||||
VW
Mall
|
McDonough
|
-
|
-
|
6,931
|
-
|
6,931
|
6,931
|
February
12, 2003
|
||||||||||||||||||||||||||
Central
Georgia
|
||||||||||||||||||||||||||||||||||
Spalding
Village
|
Griffin
|
-
|
-
|
2,421
|
-
|
2,421
|
2,421
|
February
12, 2003
|
||||||||||||||||||||||||||
LOUISIANA
|
||||||||||||||||||||||||||||||||||
Ambassador
Row Courtyard
|
Lafayette
|
1
|
-
|
1
|
1
|
February
12, 2003
|
||||||||||||||||||||||||||||
Bluebonnet
Village
|
Baton
Rouge
|
909
|
-
|
704
|
509
|
1,104
|
1,613
|
February
12, 2003
|
||||||||||||||||||||||||||
MASSACHUSETTS
|
||||||||||||||||||||||||||||||||||
Quincy
Star Market
|
Quincy
|
5
|
-
|
5
|
5
|
October
7, 2004
|
||||||||||||||||||||||||||||
West
Roxbury Shaw's Plaza
|
West
Roxbury
|
480
|
-
|
1,328
|
493
|
1,315
|
1,808
|
October
7, 2004
|
||||||||||||||||||||||||||
Swampscott
|
Swampscott
|
5
|
-
|
5
|
5
|
October
7, 2004
|
Initial
Cost to Company
|
Gross
Amounts at Which Carried at Close of Period
|
|||||||||||||||||||||||||||||||||
Property
|
Location
|
Encum-
brances
|
Land
|
Building
and Improve-
ments
|
Capitalized
Subsequent to Acquisition or
Improvement
|
Land
|
Improve-
ments
|
Total
|
Accumulated
Depreciation
|
Date
Acquired
|
Depreciable
Life
|
|||||||||||||||||||||||
Grogan's
Mill
|
The
Woodlands
|
-
|
3,117
|
9,373
|
72
|
3,115
|
9,447
|
12,562
|
(1,356
|
)
|
August
15, 2000
|
37
|
||||||||||||||||||||||
Hedwig
|
Houston
|
-
|
1,892
|
5,625
|
275
|
1,893
|
5,900
|
7,792
|
(639
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Highland
Square
|
Sugarland
|
3,847
|
1,923
|
5,768
|
106
|
1,941
|
5,856
|
7,797
|
(674
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Market
at First Colony
|
Sugarland
|
-
|
3,292
|
9,906
|
166
|
3,323
|
10,041
|
13,364
|
(1,161
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Mason
Park
|
Katy
|
-
|
2,524
|
7,578
|
184
|
2,548
|
7,738
|
10,286
|
(869
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Mission
Bend
|
Houston
|
-
|
2,514
|
7,854
|
297
|
2,514
|
8,150
|
10,665
|
(1,276
|
)
|
August
15, 2000
|
37
|
||||||||||||||||||||||
Spring
Shadows
|
Houston
|
-
|
1,206
|
3,617
|
4,423
|
2,533
|
6,713
|
9,246
|
(908
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
Steeplechase
|
Jersey
Village
|
-
|
2,666
|
8,021
|
174
|
2,666
|
8,195
|
10,861
|
(1,233
|
)
|
August
15, 2000
|
37
|
||||||||||||||||||||||
Wal-Mart
Stores, Inc.
|
Marble
Falls
|
-
|
1,951
|
-
|
1,951
|
-
|
1,951
|
-
|
February
12, 2003
|
40
|
||||||||||||||||||||||||
Westgate
|
Houston
|
29,159
|
12,611
|
30,557
|
-
|
11,376
|
31,792
|
43,168
|
(1,359
|
)
|
June
1, 2004
|
40
|
||||||||||||||||||||||
Dallas
|
||||||||||||||||||||||||||||||||||
Creekside
Plaza
|
Arlington
|
-
|
6,828
|
6,106
|
484
|
4,018
|
9,401
|
13,418
|
(408
|
)
|
March
24, 2004
|
40
|
||||||||||||||||||||||
DeSoto
Shopping Center
|
DeSoto
|
-
|
3,130
|
4,978
|
9
|
3,140
|
4,978
|
8,117
|
(145
|
)
|
November
12, 2004
|
40
|
||||||||||||||||||||||
Green
Oaks
|
Arlington
|
-
|
1,045
|
3,134
|
61
|
1,054
|
3,186
|
4,240
|
(367
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Melbourne
Plaza
|
Hurst
|
-
|
932
|
2,796
|
59
|
941
|
2,846
|
3,787
|
(327
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Minyards
|
Garland
|
2,432
|
885
|
2,665
|
-
|
885
|
2,665
|
3,550
|
(369
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
Parkwood
|
Plano
|
6,015
|
2,222
|
6,668
|
198
|
2,286
|
6,802
|
9,088
|
(758
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Richwood
|
Richardson
|
3,099
|
1,170
|
3,512
|
98
|
1,208
|
3,572
|
4,780
|
(405
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Sterling
Plaza
|
Irving
|
-
|
1,834
|
5,504
|
216
|
1,834
|
5,720
|
7,554
|
(851
|
)
|
August
15, 2000
|
37
|
||||||||||||||||||||||
Townsend
Square
|
Desoto
|
-
|
2,247
|
6,793
|
70
|
2,247
|
6,863
|
9,110
|
(986
|
)
|
August
15, 2000
|
37
|
||||||||||||||||||||||
Village
by the Park
|
Arlngton
|
-
|
1,671
|
5,066
|
276
|
1,671
|
5,342
|
7,013
|
(847
|
)
|
August
15, 2000
|
36
|
||||||||||||||||||||||
Village
Center
|
Southlake
|
-
|
6,882
|
10,351
|
-
|
3,465
|
13,768
|
17,233
|
(602
|
)
|
March
24, 2004
|
40
|
||||||||||||||||||||||
San
Antonio
|
||||||||||||||||||||||||||||||||||
Bandera
Festival
|
San
Antonio
|
-
|
2,629
|
3,111
|
7,099
|
2,778
|
10,061
|
12,839
|
(1,417
|
)
|
September
21, 2001
|
40
|
||||||||||||||||||||||
Blanco
Village
|
San
Antonio
|
-
|
5,723
|
10,559
|
3,444
|
5,723
|
14,003
|
19,726
|
(977
|
)
|
May
10, 2002
|
40
|
||||||||||||||||||||||
Wurzbach
|
San
Antonio
|
-
|
389
|
1,226
|
-
|
389
|
1,226
|
1,615
|
(168
|
)
|
August
15, 2000
|
40
|
||||||||||||||||||||||
Total
Property Held for Sale
|
54,445
|
82,623
|
189,014
|
23,393
|
77,204
|
217,826
|
295,030
|
(21,894
|
)
|
|||||||||||||||||||||||||
Grand
Total
|
$
|
446,925
|
$
|
652,461
|
$
|
1,175,151
|
$
|
192,863
|
$
|
659,153
|
$
|
1,361,322
|
$
|
2,020,475
|
$ |
(132,925
|
)
|
EXHIBIT
NO.
|
DESCRIPTION
|
|
Supplemental
Indenture No. 8
|
||
Ratio
of Earnings to Fixed Charges
|
||
List
of Subsidiaries of the Registrant
|
||
Consent
of Ernst & Young LLP
|
||
Consent
of Deloitte & Touche LLP
|
||
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
||
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
||
Certification
of Chief Executive Officer and Chief Financial Officer pursuant
to 18
U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act
of
2002
|
EQUITY
ONE, INC., Issuer
|
||
By:
|
/s/
Chaim Katzman
|
|
Name:
|
Chaim
Katzman
|
|
Title:
|
Chairman
and Chief Executive Officer
|
|
Address:
|
||
1600
N.E. Miami Gardens Drive
|
||
Miami,
Florida 33179
|
||
Attention:
Chief Financial Officer
|
||
GUARANTORS
|
||
Equity
One Realty & Management SE, Inc.
|
||
Equity
One (Louisiana Portfolio) LLC
|
||
Equity
One (Quincy Project) LLC
|
||
Equity
One (Sunlake) Inc.
|
||
Equity
(Texas Holdings) One GP LLC
|
||
Equity
One (Young Circle) Inc.
|
||
Louisiana
Holding Corp.
|
||
Equity
One (Northeast Portfolio) Inc.
|
||
Equity
One (Southeast Portfolio) Inc.
|
||
By:
|
/s/
Chaim Katzman
|
|
Chaim
Katzman
|
||
President
|
||
Equity
(Texas) One Creekside LP
|
||
By:
Equity (Texas Holdings) One GP LLC, its general partner
|
||
By:
|
s/
Chaim Katzman
|
|
Chaim
Katzman
|
||
President
|
Equity
(Texas) One Creekside Phase II LP
|
||
By:
Equity (Texas Holdings) One GP LLC, its general partner
|
||
By:
|
s/
Chaim Katzman
|
|
Chaim
Katzman
|
||
President
|
||
Equity
(Texas) One Desoto LP
|
||
By:
Equity (Texas Holdings) One GP LLC, its general partner
|
||
By:
|
s/
Chaim Katzman
|
|
Chaim
Katzman
|
||
President
|
||
Equity
(Texas) One Village Center LP
|
||
By:
Equity (Texas Holdings) One GP LLC, its general partner
|
||
By:
|
s/
Chaim Katzman
|
|
Chaim
Katzman
|
||
President
|
||
Equity
(Texas) One Westgate Phase III LP
|
||
By:
Equity (Texas Holdings) One GP LLC, its general partner
|
||
By:
|
s/
Chaim Katzman
|
|
Chaim
Katzman
|
||
President
|
SUNTRUST
BANK, as Trustee
|
||
By:
|
George
Hogan
|
|
Name:
|
George
Hogan
|
|
Title:
|
Vice
President
|
Net
income
|
$
|
92,741
|
|||||
Adjustments:
|
|||||||
Minority
interest
|
188
|
||||||
Income
from discontinued operations
|
(12,049
|
)
|
|||||
Distributed
income of equity investees
|
-
|
(11,861
|
)
|
||||
Fixed
Charges:
|
|||||||
Interest
expense
|
51,750
|
||||||
Capitalized
interest
|
3,354
|
||||||
Amortization
of premium
|
5,159
|
||||||
Amortization
of deferred financing fees
|
1,512
|
61,775
|
|||||
Less:
interest capitalized
|
(3,354
|
)
|
(3,354
|
)
|
|||
Earnings,
as defined
|
$
|
139,301
|
|||||
Divide
by fixed charges
|
$
|
61,775
|
|||||
Ratio
of earnings to fixed charges
|
2.25
|
Name
of Entity
|
State
of Organization
|
|
Bandera
Festival GP, LLC
|
Texas
|
|
Bandera
Festival Partners, LP
|
Texas
|
|
BC
Center Partners, LP
|
Texas
|
|
Beechnut
Centre Corp.
|
Texas
|
|
Beechnut
Centre I L.P.
|
Texas
|
|
Bend
Shopping Centre Corp.
|
Texas
|
|
Bend
Shopping Centre I L.P.
|
Texas
|
|
Boca
Village Square, Inc.
|
Florida
|
|
Boca
Village Square, Ltd.
|
Florida
|
|
Boynton
Plaza Shopping Center, Inc.
|
Florida
|
|
Cashmere
Developments, Inc.
|
Florida
|
|
Centrefund
(US), LLC
|
Delaware
|
|
CDG
Park Place LLC
|
Delaware
|
|
Centrefund
Development Group LLC
|
Delaware
|
|
Centrefund
Realty (U.S.) Corporation
|
Delaware
|
|
Colony
GP, LLC
|
Texas
|
|
Dolphin
Village Partners, LLC
|
Florida
|
|
Equity
(Park Promenade) Inc.
|
Texas
|
|
Equity
(Texas Holdings) One GP LLC
|
Texas
|
|
Equity
(Texas) One Creekside GP LLC
|
Texas
|
|
Equity
(Texas) One Creekside LP
|
Texas
|
|
Equity
(Texas) One Creekside Phase II LP
|
Texas
|
|
Equity
(Texas) One Desoto GP LLC
|
Texas
|
|
Equity
(Texas) One DeSoto LP
|
Texas
|
|
Equity
(Texas) One Green Oaks GP LLC
|
Texas
|
|
Equity
(Texas) One Green Oaks LP
|
Texas
|
|
Equity
(Texas) One Parkwood LP
|
Texas
|
|
Equity
(Texas) One Richwood LP
|
Texas
|
|
Equity
(Texas) One South Lake GP LLC
|
Texas
|
|
Equity
(Texas) One Village Center LP
|
Texas
|
|
Equity
(Texas) One Westgate GP Inc.
|
Texas
|
|
Equity
(Texas) One Westgate LP
|
Texas
|
|
Equity
(Texas) One Westgate Phase III LP
|
Texas
|
|
Equity
(Texas) One Westgate Phase III GP LLC
|
Texas
|
|
Equity
One (Belfair) Inc.
|
South
Carolina
|
Equity
One (Boston Portfolio) Inc.
|
Massachusetts
|
|
Equity
One (Bridgemill) Inc.
|
Georgia
|
|
Equity
One (Commonwealth) Inc.
|
Florida
|
|
Equity
One (Delta) Inc.
|
Florida
|
|
Equity
One (Florida Portfolio) Inc.
|
Florida
|
|
Equity
One (Forest Village) Inc.
|
Florida
|
|
Equity
One (Lake Mary) Inc.
|
Florida
|
|
Equity
One (Louisiana Portfolio) LLC
|
Florida
|
|
Equity
One (Mariner) Inc.
|
Florida
|
|
Equity
One (North Port) Inc.
|
Florida
|
|
Equity
One (Northeast Portfolio) Inc.
|
Massachusetts
|
Equity
One (Pine Island) Inc.
|
Florida
|
|
Equity
One (Point Royale) Inc.
|
Florida
|
|
Equity
One (Presidential Markets) Inc.
|
Georgia
|
|
Equity
One (Sky Lake) Inc.
|
Florida
|
|
Equity
One (Southeast Portfolio) Inc.
|
Georgia
|
|
Equity
One (Sparkelberry Kohl’s) Inc.
|
South
Carolina
|
|
Equity
One (Sparkelberry Kroger) Inc.
|
South
Carolina
|
|
Equity
One (Summerlin) Inc.
|
Florida
|
|
Equity
One (Sunlake) Inc.
|
Florida
|
|
Equity
One (Walden Woods) Inc.
|
Florida
|
|
Equity
One (Westport) Inc.
|
Florida
|
|
Equity
One Acquisition Corp.
|
Florida
|
|
Equity
One Realty & Management FL, Inc.
|
Florida
|
|
Equity
One Realty & Management NE, Inc.
|
Massachusetts
|
|
Equity
One Realty & Management SE, Inc.
|
Georgia
|
|
Equity
One Realty & Management Texas, Inc.
|
Texas
|
|
EQY
(Southwest Portfolio) Inc.
|
Texas
|
|
FC
Market GP, LLC
|
Texas
|
|
FC
Market Partners, LP
|
Texas
|
|
Forestwood
Equity Partners GP, LLC
|
Texas
|
|
Forestwood
Equity Partners, LP
|
Texas
|
|
Garland
& Jupiter, LLC
|
Texas
|
|
Gazit
(Meridian) Inc.
|
Florida
|
|
Grogan
Centre Corp.
|
Texas
|
|
Grogan
Centre I L.P.
|
Texas
|
|
Harbor
Barker Cypress GP, LLC
|
Texas
|
|
Hedwig
GP, LLC
|
Texas
|
|
Hedwig
Partners, LP
|
Texas
|
|
IRT
Alabama, Inc.
|
Alabama
|
|
IRT
Capital Corporation II
|
Georgia
|
|
IRT
Coral Springs, LLC
|
Delaware
|
|
IRT
MacLand Pointe, LLC
|
Delaware
|
|
IRT
Management Company
|
Georgia
|
|
IRT
Parkwest Crossing, LLC
|
North
Carolina
|
|
IRT
Partners L.P.
|
Georgia
|
|
KirkBiss
GP, LLC
|
Texas
|
|
Kirkwood-Bissonnet
Partners, LP
|
Texas
|
|
Louisiana
Holding Corp.
|
Florida
|
|
Marco
Town Center, Inc.
|
Florida
|
|
Mason
Park GP, LLC
|
Texas
|
|
Mason
Park Partners, LP
|
Texas
|
|
Parcel
F, LLC
|
Florida
|
|
Prosperity
Shopping Center Corp.
|
Florida
|
|
SA
Blanco Village Partners GP, LLC
|
Texas
|
|
SA
Blanco Village Partners, LP
|
Texas
|
|
Sawgrass
Promenade, Inc.
|
Florida
|
|
Shoppes
at Jonathan’s Landing, Inc.
|
Florida
|
|
Skipper
Palms Properties, Inc.
|
Florida
|
|
Southeast
U.S. Holdings B.V.
|
The
Netherlands
|
|
Southeast
U.S. Holdings Inc.
|
Florida
|
|
Spring
Shadows GP, LLC
|
Texas
|
|
Steeplechase
Centre Corp.
|
Texas
|
|
Steeplechase
Centre I L.P.
|
Texas
|
|
Sterling
Shopping Centre I L.P.
|
Texas
|
|
Sterling
Shopping Centre, Inc.
|
Texas
|
|
Texas
CP Land, LP
|
Texas
|
Texas
Equity Holdings LLC
|
Florida
|
|
Texas
Spring Shadows Partners, LP
|
Texas
|
|
The
Bluffs Shopping Center Corporation
|
Florida
|
|
The
Meadows Shopping Center, LLC
|
Florida
|
|
The
Shoppes of Eastwood, LLC
|
Florida
|
|
The
Shoppes of Ibis, LLC
|
Florida
|
|
The
Shoppes of North Port, Ltd.
|
Florida
|
|
Turkey
Lake Shopping Center, Inc.
|
Florida
|
|
UIRT
- Colony Plaza, Inc.
|
Texas
|
|
UIRT
- Highland Square, Inc.
|
Texas
|
|
UIRT
- Lake St. Charles, L.L.C.
|
Florida
|
|
UIRT
- Rosemeade, Inc.
|
Texas
|
|
UIRT
- Skipper Palms, L.L.C.
|
Florida
|
|
UIRT
GP, L.L.C.
|
Florida
|
|
UIRT
LP, L.L.C.
|
Florida
|
|
UIRT,
Ltd.
|
Florida
|
|
United
Investors Pembroke, Inc.
|
Florida
|
|
Walden
Woods Village, Ltd.
|
Florida
|
|
West
Hills Shopping Center, Inc.
|
Florida
|
1.
|
I
have reviewed this annual report on Form 10-K of Equity One,
Inc.;
|
2.
|
Based
on my knowledge, this annual report does not contain any untrue
statement
of a material fact or omit to state a material fact necessary to
make the
statements made, in light of the circumstances under which such
statements
were made, not misleading with respect to the period covered by
this
annual report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial
information
included in this annual report, fairly present in all material
respects
the financial condition, results of operations and cash flows of
the
registrant as of, and for, the periods presented in this annual
report;
|
4.
|
The
company’s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures
(as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the company and
have:
|
a.
|
Designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the company, including its
consolidated subsidiaries, is made known to us by others within
those
entities, particularly during the period in which this report is
being
prepared;
|
b.
|
Designed
such internal control over financial reporting, or caused such
internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
|
c
.
|
Evaluated
the effectiveness of the company’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness
of the
disclosure controls and procedures, as of the period covered by
this
report based on such evaluation;
|
d.
|
Disclosed
in this report any change in the company’s internal control over financial
reporting that occurred during the company’s most recent fiscal quarter
(the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially
affect, the company’s internal control over financial reporting; and
|
5.
|
The
company’s other certifying officer(s) and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the company’s auditors and the audit committee of the company’s board of
directors (or persons performing the equivalent
functions):
|
a.
|
All
significant deficiencies and material weaknesses in the design
or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the company’s ability to record,
process, summarize and report financial information;
and
|
b.
|
Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date:
March 1, 2006
|
/s/
CHAIM KATZMAN
|
Chaim
Katzman
|
|
Chief
Executive Officer
|
1.
|
I
have reviewed this annual report on Form 10-K of Equity One,
Inc.;
|
2.
|
Based
on my knowledge, this annual report does not contain any untrue
statement
of a material fact or omit to state a material fact necessary to
make the
statements made, in light of the circumstances under which such
statements
were made, not misleading with respect to the period covered by
this
annual report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial
information
included in this annual report, fairly present in all material
respects
the financial condition, results of operations and cash flows of
the
registrant as of, and for, the periods presented in this annual
report;
|
4.
|
The
company’s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures
(as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the company and
have:
|
a.
|
Designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the company, including its
consolidated subsidiaries, is made known to us by others within
those
entities, particularly during the period in which this report is
being
prepared;
|
b.
|
Designed
such internal control over financial reporting, or caused such
internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated
the effectiveness of the company’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness
of the
disclosure controls and procedures, as of the period covered by
this
report based on such evaluation;
|
d.
|
Disclosed
in this report any change in the company’s internal control over financial
reporting that occurred during the company’s most recent fiscal quarter
(the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially
affect, the company’s internal control over financial reporting; and
|
5.
|
The
company’s other certifying officer(s) and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the company’s auditors and the audit committee of the company’s board of
directors (or persons performing the equivalent
functions):
|
a.
|
All
significant deficiencies and material weaknesses in the design
or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the company’s ability to record,
process, summarize and report financial information;
and
|
b.
|
Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date:
March 1, 2006
|
/s/
HOWARD M. SIPZNER
|
Howard
M. Sipzner
|
|
Executive
Vice President and
|
|
Chief
Financial Officer
|
(i)
|
The
accompanying Annual Report on Form 10-K for the year ended December
31,
2005 (the “Report”) fully complies with the requirements of Section 13(a)
or 15(d), as applicable, of the Securities Exchange Act of 1934,
as
amended; and
|
(ii)
|
The
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of
the
Company.
|
Date:
March 1, 2006
|
/s/
CHAIM KATZMAN
|
Chaim
Katzman
|
|
Chief
Executive Officer
|
|
Date:
March 1, 2006
|
/s/
HOWARD M. SIPZNER
|
Howard
Sipzner
|
|
Executive
Vice President and
|
|
Chief
Financial Officer
|