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Equity OneNAREIT REITWeek Presentation

June 2010

®

LOCATIONLOCATIONLOCATION

Forward Looking Statements

Certain matters discussed by Equity One in this presentation constitute forward-lookingstatements within the meaning of the federal securities laws Although Equity One believesstatements within the meaning of the federal securities laws. Although Equity One believesthat the expectations reflected in such forward-looking statements are based uponreasonable assumptions, it can give no assurance that these expectations will be achieved.Factors that could cause actual results to differ materially from current expectations includechanges in macroeconomic conditions and the demand for retail space in the states in whichchanges in macroeconomic conditions and the demand for retail space in the states in whichEquity One owns properties; the continuing financial success of Equity One’s current andprospective tenants; continuing supply constraints in its geographic markets; the availabilityof properties for acquisition; the success of its efforts to lease up vacant space; the effects ofnatural and other disasters; the ability of Equity One to successfully integrate the operationsnatural and other disasters; the ability of Equity One to successfully integrate the operationsand systems of acquired companies and properties; and other risks, which are described inEquity One’s filings with the Securities and Exchange Commission.

Thi t ti l t i GAAP fi i l i l di F d fThis presentation also contains non-GAAP financial measures, including Funds fromOperations, or FFO. Reconciliations of these non-GAAP financial measures to the mostdirectly comparable GAAP measures can be found in Equity One’s quarterly supplementalinformation package which is available on its website at www.equityone.net.

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Table of Contents

I. Corporate OverviewII. Management TeamIII. Strategic Plan – Past and PresentIV A t M tIV. Asset Management

A. Portfolio CharacteristicsB. Operational ExcellenceC. Pillars of Asset ManagementgD. Capital & CountiesE. Case StudiesF. Redevelopment Pipeline

V B l Sh t M tV. Balance Sheet ManagementVI. Appendix

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Corporate Mission

Our mission is to be the leading owner operatorOur mission is to be the leading owner, operator, developer and asset manager of neighborhood and community shopping centers in the most supply constrained markets of the United States.

Nearly 60% of our portfolio value is derived from South FloridaNearly 60% of our portfolio value is derived from South Florida, California, and the Washington DC to Boston corridor. (1)

3(1) Portfolio values represent fair values as of 3/31/10 plus Veranda Shoppes and Capital & Counties. Does not include development, redevelopment, land held for development (except Westbury land), GRI and DRA properties. Percentage of gross value are pro-forma giving effect to consolidation of Capital & Counties.


7 Targeted Markets

C&C: $520M% of GV: 16%

Existing: $114M

Existing: $354M% of GV: 11%

C&C: $80M% of GV: 2%

E i ti $425M



Region $ (M) %

Existing: $858M


South Florida $858 27%Northern California 520 16%Orlando/Jacksonville/Tampa 425 13%Atlanta 359 11%Washington DC to Boston 354 11%Charlotte/Raleigh/Durham 114 4%Southern California 80 2%Other 511 16%

4(1) Gross values (GV) represent fair values as of 3/31/10 plus Veranda Shoppes and Capital & Counties. Does not include development, redevelopment, land held for development (except Westbury land), GRI and DRA properties. Percentage of gross value are pro-forma giving effect to consolidation of Capital & Counties.

% of GV: 27%Other 511 16%TOTAL $3,221 100%


Corporate Overview

• Equity One specializes in the acquisition, asset management, development and redevelopment of quality retail properties located across the United States.

• We own 185 properties in 13 states. (1)

• Our largest markets are: South Florida (35%), North Florida (20%), Atlanta (14%), and the Northeast (13%) (2)and the Northeast (13%). ( )

• We recently announced the $600M acquisition of Capital & Counties, one of the largest owners of retail real estate in the San Francisco Bay Area.

$• Total equity capitalization / total enterprise value as of March 31, 2010: $1.7 billion / $2.8 billion.

• Investment grade credit ratings (Baa3/BBB-) from both Moody’s and S&P.

• Management and board have substantial ownership stake and experience:– Beneficial ownership: 56.0%. (3)

– Management team has over 80 years of collective experience.

5(1) As of 3/31/10 plus Veranda Shoppes acquired in April 2010.(2) Ranked by percentage of total estimated fair value as of March 31, 2010 and includes Veranda Shoppes. Does not include JV properties.(3) Beneficial ownership of current executive officers and directors as of 3/15/10 in accordance with rules of the SEC and including options exercisable within 60 days. Beneficial ownership: Chaim Katzman 49.9% and Nathan Hetz 5.0%.


Equity One is led by a dedicated and disciplined management teamdisciplined management team

Jeffrey Olson CEO / Director

• Mr. Olson is responsible for all aspects of our business operations and growth strategy.• Prior to joining Equity One in 2006, Mr. Olson served as President of the Eastern and Western shopping center

regions of Kimco Realty Corporation, the largest shopping center REIT in the US.• Mr. Olson has over 20 years of industry experience serving in a variety of operations, acquisitions, finance and

accounting functions at UBS CIBC Salomon Brothers The Mills Corporation and The Reznick GroupCEO / Director

Thomas Caputo President

accounting functions at UBS, CIBC, Salomon Brothers, The Mills Corporation, and The Reznick Group (accounting, tax, and advisory services).

• Mr. Caputo is responsible for leasing, acquisitions, dispositions, property management, and our investment management program.

• Prior to joining Equity One in 2008, Mr. Caputo was an Executive Vice President at Kimco where he headed the acquisition group and portfolio management program.P i l h i i l ith RREEF i f d d i i ti id t il i iti d

Mark Langer CFO and CAO

• Previously, he was a principal with RREEF, a pension fund advisor, overseeing nationwide retail acquisitions and dispositions and was a member of its investment committee.

• Mr. Langer is responsible for all finance and accounting functions and joined Equity One in 2008.• Prior to joining Equity One, he had been with Johnson Capital Management, an investment advisor, since 2000

where he served as the Chief Operating Officer overseeing all infrastructure and administrative functions. • Previously he was an audit partner at KPMG LLP where he was also responsible for recruiting employee trainingCFO and CAO

Arthur Gallagher EVP, General

Counsel

Previously, he was an audit partner at KPMG LLP where he was also responsible for recruiting, employee training and practice development programs.

• Mr. Gallagher is responsible for the Company’s legal, transactional and regulatory affairs, including corporate governance, real estate acquisitions and dispositions, corporate and capital transactions, SEC compliance and litigation issues.

• Previously, he was with the law firms of Simpson Thacher & Bartlett, New York City, and Greenberg Traurig, P.A., MiamiCounsel Miami.

Lauren Holden VP – Portfolio Management

• Ms. Holden is responsible for portfolio management functions including Equity One’s acquisition and disposition efforts. In addition, Ms. Holden is in charge of the leasing and property management of Equity One’s Northeast portfolio.

• Prior to joining Equity One in 2008, Ms. Holden was a Senior Portfolio Manager at Kimco Realty Corporation.Previously she was part of the investment banking group at Banc of America Securities

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Management • Previously, she was part of the investment banking group at Banc of America Securities.


Equity One is led by a dedicated and disciplined management teamdisciplined management team

LeasingLaura Lynch

Asset ManagementLauren Holdeny

Kevin ButhBob Mitzel

D l t/C t ti

Sara LevAndrea Drasites

A ti /FiDevelopment/ConstructionMike BerfieldBob MalagonKen Choquette

Accounting/FinanceAngie ValdesKeith LaveryAdrienne Kelleyq

Property ManagementKen MillerJ L

y

AcquisitionsDaniel LovitzB d K itJoe Lopez

Legal LeasingBrent Levison

Brad Kritzer

ITIvan De Moya

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Brent Levison Ivan De Moya


2006 Strategic Plan

Sold over $700M of lower tier assets prior to market downturn

Initiative Status

Upgrade Portfolio Quality

• Sold over $700M of lower tier assets prior to market downturn.• Exited Texas and reduced exposure to other non-core markets.• Purchased over $350M of A quality assets in South Florida (Airpark Plaza, Coral Reef,

Sunset I & II, Concord, Gateway Plaza at Aventura, Veranda Shoppes), Atlanta (Buckhead Station), Long Island (Westbury + land), and Connecticut (Copps Hill Plaza).

• Identified additional target markets in the Northeast and on the West Coast.

Decrease Development

Exposure

Identified additional target markets in the Northeast and on the West Coast.

• Completed existing project starts and limited development starts.• Reduced overhead related to development team.• Reduced capital commitments by limiting approved development projects.

p

Strengthen Balance Sheet

• Reduced debt to undepreciated assets from 47.8% (12/31/06) to 44.4% (3/31/10).• Completed three equity offerings totaling $280M (Q3 2008, Q2 2009 and Q1 2010).• Raised $590M in long-term debt (6.2% average rate) to extend maturities.

Improve Access to Capital

• Formed over $275M in joint venture partnerships with CalPERS and DRA Advisors. • In October 2008, recast $227M line of credit (expires October 2012 (1)) at L+140bps.• In February 2010, expanded LOC commitments bringing total capacity to $272M.

8(1) Includes 1-year extension option.


Positive Market Response

Total Returns Since August 6, 2006 (1)

Acadia -11.5%Cedar -48.7%Developers Diversified -74.4%F d l R lt 9 5%Federal Realty 9.5%Kimco -57.9%Ramco-Gershenson -54.5%Regency -33.3%Saul Centers 2 9%Saul Centers 2.9%Weingarten -36.1%Average -33.8%

Equity One 9 4%Equity One -9.4%EQY Outperformance 2,434 bps

9(1) Source: Bloomberg, 26 May 2010.


2010 Strategic Plan

Initiative Strategy

Operational Excellence

• Focus on fundamentals – continue to improve all aspects of leasing process• Maximize the value of existing assets through aggressive leasing efforts and effective

property management / cost containment• Adopt consistent standards and vendor review procedures at all centers

• Upgrade portfolio quality through accretive acquisitions• Focus on supply constrained markets in targeted areas• Reduce concentration in the Southeast

Strategic Acquisitions

Creative Development

• Build a pipeline of urban infill development and redevelopment properties that represents 10% of total asset value

• Increase ownership concentration in targeted markets through accretive development projects

• Maintain quality balance sheet / financial discipline• Keep targeted leverage ratio of 40-45%• Net Debt to EBITDA goal of 6.5• Extend debt maturity profile

M i t i t lti l f it l

Balance Sheet Management

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• Maintain access to multiple sources of capital


Recent Transactions

• Announced the acquisition of Capital & Counties for $600M at a 7% pro forma cap rate.

Acquired Westbury Plaza in Long Island for $103 7M at an 8% cap rate and the adjacent• Acquired Westbury Plaza in Long Island for $103.7M at an 8% cap rate and the adjacent 22 acre land parcel for $24.5M.

• Acquired majority control of DIM Vastgoed in 1Q09 in a stock-for-stock transaction. Increased stake to 95.5% during 2010 via tender offer and additional purchases.

• Acquired Copps Hill Plaza (Ridgefield, Connecticut) for $33.4M, Veranda Shoppes (Plantation, Florida) for $11.7M, and Gateway Plaza at Aventura (Aventura, FL) for $8.0M.(Plantation, Florida) for $11.7M, and Gateway Plaza at Aventura (Aventura, FL) for $8.0M.

• Purchased the Chevron fuel station adjacent to EQY’s Banco Popular (North Miami Beach, FL) for $2.0M, the outparcel adjacent to EQY’s Coral Reef Shopping Center (Palmetto Bay FL) for $1 0M and the outparcel adjacent to EQY’s Ryanwood Square(Palmetto Bay, FL) for $1.0M, and the outparcel adjacent to EQY s Ryanwood Square (Vero Beach, FL) for $325K.

• In February 2010, we completed a $98.9 million equity offering in a bought transaction f $ /

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and a concurrent private placement at a net price of $18.31/share.


Our portfolio is focused on necessity-based consumer spendingconsumer spending

• We are an owner and operator of grocer-anchored neighborhood shopping centers. As of March 31, 2010, 75% of our NOI was derived from core properties that have a grocery store or drug store.(1)

• Our properties are primarily found in in-fill markets and well-located mature trade areas with healthy demographics (2):y g p

– 3-Mile average population density: 90,794 – 3-Mile average household income: $80,117 ($54,719 national average (3))

• Portfolio positioned to generate stable cash flows in a challenged operating environment:– Three of our top five tenants are grocers.– Percentage rent accounts for less than 1% of our rental income.– Occupancy as of March 31, 2010 was 90.3%.(4)

N h 13% f l ll i f h f h fi– No more than 13% of lease rollover in any year for each of the next five years.

(1) Excludes EQY developments/redevelopments, non-retail properties, land held, EQY joint ventures and DIM Vastgoed properties. NOI is Cash NOI and includes management fee expense.(2) Demographics as of March 31, 2010. Includes Veranda Shoppes and Capital & Counties. Exclude EQY development/redevelopments, non-retail properties, land held, and joint venture properties.(3) Source: SNL.(4) Occupancy for EQY core portfolio and DIM.

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Tenant Concentrationas of March 31 2010as of March 31, 2010

Numberof

storesCredit Rating

S&P/Moody's(1)Square

feet

% of totalsquare

feet

Annualizedminimum

rent

% of totalannualized

minimumrent

Average annualminimum

rent persquare foot

Top twenty tenants

Tenant

Top twenty tenantsPublix 63 N/A 2,805,085 14.6% $ 23,301,502 11.1% $ 8.31Supervalu 7 BB-/Ba3 458,273 2.4% 8,302,236 4.0% 18.12Kroger 15 BBB/Baa2 845,602 4.4% 6,641,076 3.2% 7.85Bed, Bath & Beyond 9 BBB 298,332 1.6% 3,510,789 1.7% 11.77TJ Maxx Companies 9 A/A3 294,484 1.5% 3,471,127 1.7% 11.79L.A. Fitness 4 N/A 196,235 1.0% 3,087,362 1.5% 15.73Costco 1 A+/A2 148 295 0 8% 2 972 590 1 4% 20 05Costco 1 A+/A2 148,295 0.8% 2,972,590 1.4% 20.05Winn Dixie 9 N/A 398,128 2.1% 2,937,815 1.4% 7.38Office Depot 10 B/B2 243,625 1.3% 2,772,145 1.3% 11.38Dollar Tree 23 N/A 252,041 1.3% 2,204,781 1.1% 8.75CVS Pharmacy 12 BBB+/Baa2 132,826 0.7% 2,112,980 1.0% 15.91Blockbuster 20 CC/Caa3 102,217 0.5% 1,968,060 0.9% 19.25Kmart 5 BB-/Ba2 439,558 2.3% 1,939,705 0.9% 4.41Food Lion 6 N/A 241,934 1.3% 1,850,161 0.9% 7.65, , ,Walgreens 6 A+/A2 96,562 0.5% 1,811,921 0.9% 18.76Goodwill 13 N/A 134,053 0.7% 1,637,441 0.8% 12.21Wal-Mart 1 AA/Aa2 110,054 0.6% 1,595,783 0.8% 14.50Nordstrom Rack 2 BBB+/Baa2 80,557 0.4% 1,261,210 0.6% 15.66American Multi-Cinema 1 B/B2 83,172 0.4% 1,247,580 0.6% 15.00Stein Mart 4 N/A 158,472 0.8% 1,207,231 0.6% 7.62

Sub-total top twenty tenants 220 7,519,505 39.2% $ 75,833,494 36.1% $ 10.08

Remaining tenants 2,517 9,812,322 51.1% 134,389,330 63.9% 13.70

Sub-total all tenants 2,737 17,331,827 90.3% $ 210,222,824 100.0% $ 12.27

Vacant 752 1,855,247 9.7% NA NA NA

13Note: Figures as of March 31, 2010. Excludes EQY developments, non-retail properties, EQY joint ventures and DIM Vastgoed properties. (1) Ratings as of March 31, 2010. Source: CreditRiskMonitor.

Total including vacant 3,489 19,187,074 100.0% $ 210,222,824 100.0% NA


Operational Excellence

• We are committed to maximizing the value of our existing centers through aggressive leasing efforts, attentive property management, and property enhancements.

• Our leasing efforts involve staying very close to the market with weekly executive team calls and frequent canvassing combined with incentives utilized to drive results.

• Our tenant relations team carefully monitors credit risk and regularly performs portfolio reviews with all major retailers to assess opportunities and strengthen relationships.

W ll ti i d i t l t d ll ti ff t• We are allocating increased internal resources toward collection efforts.

• We have rebid our largest property management contracts in an effort to reduce expenses.p

• We are committed to continue investing in our properties when many other landlords are not in a position to do so.

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Intensive Asset Management

New AnchorRenovate All/P t f C t

Expand Center

Or Major Tenant

Part of Center Center

Expand Space & Term of Anchor

Tenant(s)Acquire

Expense Control

e a t(s)Adjacent

Site/Space

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Capital & Counties – Executive Summary

• We have entered into an agreement to acquire Capital and Counties USA Inc. (C&C USA) through a joint venture with its parent company, Capital Shopping Centres Group PLC.

• All-stock transaction valued at approximately $600M (proforma cap rate is 7%)All stock transaction valued at approximately $600M (proforma cap rate is 7%)

• Capital Shopping Centres will receive 4.1M shares of EQY common stock and 10.9M joint venture units. (1)

• EQY will assume approximately $330M of mortgage debt, including its proportionate share of debt held by its joint ventures, with a weighted average interest rate of 5.7%.

“A” quality portfolio 15 properties in California totaling 2 6M square feet• “A” quality portfolio – 15 properties in California totaling 2.6M square feet

• 70% of the transaction value consists of retail assets

• Retail portfolio is concentrated in the San Francisco Bay Area and includes: Serramonte Shopping Center in Daly City, Plaza Escuela in Walnut Creek, The Willows Shopping Center in Concord, 222 Sutter Street in San Francisco and The Marketplace Shopping Center in DavisFrancisco, and The Marketplace Shopping Center in Davis.

• The retail portfolio was 83% leased as of April 30, 2010. When including several major leases recently executed or currently under letter of intent, the retail portfolio occupancy rate increases to 93%.

• The average population density within a 3-mile ring of the retail properties is 180,848 people and the average household income is $87,688.$ ,

• We intend to dispose of a majority of the non-core assets.

• Expected to close late in the third quarter of 2010.

• Expected to be modestly accretive to funds from operations in the first year prior to transaction expenses and non-cash purchase accounting adjustments

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cash purchase accounting adjustments.

(1) Capital Shopping Centres may redeem its units in the joint venture for Equity One common stock on a one-for-one basis or cash, at Equity One’s option.


Capital & CountiesOccupancy

Property Location GLAas of 4/30/10 Major Tenants Retail

1 Serramonte Shopping Center Daly City 849,061 80% Macy's, Target, New York & Company

2 Plaza Escuela Walnut Creek 152,183 81% Cheesecake Factory, Container Store

3 The Willows Shopping Center Concord 255,969 90% Old Navy, Cost Plus, REI, UFC Gym

4 222 Sutter Street San Francisco 127,878 87% Loehmann's5 The Marketplace Shopping Center Davis 112,974 91% Safeway, CVS, Petco

Retail Subtotal 1,498,065 83%

Office Office 6 The Senator Office Building (1) Sacramento 171,593 96% California Housing Finance

Agency (CHFA), State of California

7 595 Colorado Boulevard Pasadena 87,379 87% Bank of the West8 Pacific Financial Center (1) Los Angeles 217,038 80% Charles Dunn, Bovis

Lend Lease, Verizon9 Park Plaza Sacramento 72,649 93% Global Crossing Telecom

10 625 Third Street San Francisco 42,429 100% Ubisoft Office Subtotal 591,088 89%

Medical Office 11 Parnassus Heights Medical Center (1) San Francisco 143,865 100% UC San Francisco 12 Danville-San Ramon Medical Center Danville 74,599 99%

Medical Office Subtotal 218,464 99%

Other 13 Trio Apartments (retail / apt.) (1) Pasadena 284,835 93% Roy's Restaurant14 Antioch Land Antioch 15 Figueroa Land (1) Los Angeles

Other Subtotal 284,835 93%

T t l / W i ht d A 2 592 452 87%

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Total / Weighted Average 2,592,452 87%

(1) Property is held in a joint venture.


Equity One Becomes One of the Largest Retail Property Owners in Bay AreaRetail Property Owners in Bay Area

Serramonte Shopping Center 222 Sutter Street

The Marketplace Shopping Center

Plaza Escuela

A. Serramonte Shopping CenterB. Plaza EscuelaC. The Willows Shopping CenterD. 222 Sutter Street

The Willows Shopping Center

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E. The Marketplace Shopping Center


Serramonte Shopping Center – Ideally Positioned for Further DevelopmentPositioned for Further Development

Property ProfileGLA (sf) 849,061

No. of Stories 1Year Built 1968

Site Area (acres) 81( )

Occupancy 80%

Parking Ratio 5.5/1000Ownership Interest 100%

Population (3 miles) 188,821

Average HH income (3 miles) $84,036

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Plaza Escuela – Centrally Located in a Prime High-End Retail MarketPrime, High-End Retail Market

Property ProfileGLA (SF) 152,183

No. of Stories 2Year Built 2002

Sit A ( ) 5 2Site Area (acres) 5.2

Occupancy 81%




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The Willows Shopping Center – Concord, CAProperty ProfileGLA (SF) 255,969

No. of Stories 1

Year Built 1977

Sit A ( ) 24 9Site Area (acres) 24.9

Occupancy 90%

Parking Ratio 5.4/1000

Ownership Interest 100%



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222 Sutter Street - Urban Retail in San Francisco’s Union SquareFrancisco s Union Square

Property ProfileGLA (SF) 127,878

No. of Stories 9

Year Built/Renovated 1908/1984Year Built/Renovated 1908/1984

Site Area (acres) 0.37

Occupancy 87%

Parking Spaces 0

Ownership Interest 100%


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Davis Marketplace – Defensive Asset in High Barrier to Entry MarketBarrier to Entry Market

Property ProfileGLA (SF) 112,974No. of Stories 1

Year Built 1990

Site Area (acres) 9.7Occupancy 91%



A HH i (3 il ) $77 201Average HH income (3 miles) $77,201

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Non-Core Assets

Parnassus Heights Medical Center The Senator Office Building 625 Third Street Pacific Financial Center

D ill S R M di l C t P k Pl T i A t t / 595 C l d B l d

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Danville-San Ramon Medical Center Park Plaza Trio Apartments / 595 Colorado Boulevard


Case Study #1 Westbury OverviewWestbury Overview

Location: Westbury, NY

Westbury Plaza Development ParcelLocation: Westbury, NYy,

Closed: October 29, 2009

Cost: $103.7M

C t 8%

Location: Westbury, NY

Closed: November 16, 2009

Cost: $24.5M

Si 22Cap rate: 8%

Size: 398,602 square feet

Anchors: Costco, Wal-Mart and S t A th it

Size: 22 acres

Current zoning: Allows for retail development as-of-right

Sit S F A i it itSports Authority

Demographics (1): 3-mile 5-mile

Site Summary: Former Avis site sits adjacent to Westbury Plaza, less than one mile from Roosevelt Field, and b fit f 1 000Population: 152,426 418,640

Household income: $101,853 $114,235 benefits from over 1,000 feet of frontage along Old Country Road.

25(1) Source: Applied Geographic Solutions / TIGER Geography 07/08.


Case Study #1 Westbury AerialWestbury Aerial

26


Case Study #1 Westbury Preliminary RenderingWestbury Preliminary Rendering

27


Case Study #1 Westbury Preliminary Site PlanWestbury Preliminary Site Plan

28


Case Study #1 Westbury LandWestbury Land

29


Case Study #2Sheridan Plaza Hollywood FLSheridan Plaza, Hollywood, FL

BeforeProject Summary:Replaced an old, underperforming AMCunderperforming AMC Theater and five adjacent tenants totaling 11,663 sf with a new 102 666 sf twonew 102,666 sf two-story Kohl’s. Relocated inline Starbucks and Eastern Financial to vacant outparcelvacant outparcel. Created new outparcel ground leased to TD Bank. Replaced Conine’s with Azteca

After

Conine s with Azteca Mexican Restaurant.

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After


Case Study #3Wesley Chapel Crossing Decatur GAWesley Chapel Crossing, Decatur, GA

Project Summary:Leased 50,000 sf to Corinthian College (they operate as Everest Institute) for(they operate as Everest Institute) for the former Wal-Mart box. Executed new lease with Little Giant, a local grocery store operator, for the former Ingles space (32 000 sf) Tenant is expected to

Before

space (32,000 sf). Tenant is expected to open in April 2010. Since Corinthian College has opened, demand for space has increased significantly and we have interest from several national tenants forinterest from several national tenants for the remaining 30,000 sf of the former Wal-Mart space.

After

After

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After


Case Study #4Outparcel Acquisitions/AdditionsOutparcel Acquisitions/Additions

Concord Shopping PlazaProject Summary:Maximize GLA by acquiring adjacent outparcels and upgrading tenant mix.

Concord Shopping Plaza: Acquired the adjacent parcel and replaced a vacant former

Shops at Skylake / Banco Popular

gas station with a new TD Bank.

Shops at Skylake / Banco Popular: Acquired the adjacent parcel and replaced a Chevron gas station with a new TD Bank.

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Redevelopment Pipeline

Our goal is to build a development and redevelopment pipeline that represents approximately 10% of our total asset value by 2012.

Active Redevelopments• Westbury – Currently in the predevelopment

stages and have already identified over a dozen

Under Evaluation:• Boca Village• Coral Reefg y

retailers interested in entering this market or relocating an existing store to our site.

• South Beach Regional – Executed lease with Staples for old Hooters space

Coral Reef• Dolphin Village• El Novillo• Hammocks• Middlebeach• Pavilion – Executed lease with LA Fitness for

Publix space• Banco Popular – Purchased adjacent parcel.

Replaced Chevron gas station with a new TD Bank

• Middlebeach• North Village Center• Piedmont Peachtree Crossing• Pointe Royale

Shops at SkylakeBank• Concord Shopping Plaza – Purchased adjacent

parcel. Replaced vacant gas station with a new TD Bank

• Shops at Skylake• Star’s at Cambridge• Star’s at Quincy• Summerlin

Y Ci l

33

• Young Circle


We maintain a healthy balance sheet with modest leverage, ample liquidity, and investment-grade metricsleverage, ample liquidity, and investment grade metrics

• Key leverage ratios:

– Net debt to total market cap as of March 31, 2010: 41.1%.p , %

– Net Debt to Gross Real Estate & Securities as of March 31, 2010: 45.4%.

– Net Debt to EBITDA of 6.7X as of March 31, 2010.

EBITDA to interest expense coverage of 2 2X as of March 31 2010– EBITDA to interest expense coverage of 2.2X as of March 31, 2010.

– Weighted average term to maturity for our total debt of 5.4 years as of March 31, 2010.

55.0%

Q1 2010 Leverage (Total Debt + Preferred / Gross Assets)

40 0%

45.0%

50.0%

%

30.0%

35.0%

40.0%

FRT (BBB+/Baa1) EQY (BBB-/Baa3) KIM (BBB+/Baa1) REG (BBB/Baa2) WRI (BBB/Baa2)

34

Source: Company filings.


Current Liquidity Position

• We maintain a manageable debt maturity schedule with limited maturities through 2015.

In Millions Debt Maturity Schedule

$250

$300In Millions

5 3%

6.2%

$100

$150

$200

7.3%

5.3%

6 3%7.0%

O $190M il bl li f dit t 3/31/10

$0

$50

2010 2011 2012 2013 2014 2015

7.9%6.3%

• Over $190M available on line of credit at 3/31/10.• Growing unencumbered asset base through maturing low LTV secured debt.• Strong lending relationships with both traditional banks and life insurance companies.• Demonstrated access to the public markets

35Note: Debt Maturity Schedule and weighted average interest rates as of 03/31/10. Includes scheduled principal amortization. Credit facilities are shown as due on the initial maturity dates, though certain extension options may be available.

Demonstrated access to the public markets.

LOCATIONLOCATIONLOCATIONInvestment Thesis

Well-located, high quality, and productive grocery-anchored shopping centers with an intensive focus on asset managementshopping centers with an intensive focus on asset management

A management team who has proven to be effective allocators of capitaleffective allocators of capital

Investment strategy focused on identified core markets leading to an upgrade in portfolio quality and further geographic diversityan upgrade in portfolio quality and further geographic diversity

A healthy financial structure including a strong balance sheet, modest leverage and ample liquidity

We are a premier operator positioned for growth

modest leverage and ample liquidity

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