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Equity One Enters Into Agreement to Acquire Three Shopping Centers in Long Beach, California

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^{Published in Business and Finance on Wednesday, December 15th 2010 at 4:10 GMT by Market Wire}  

NORTH MIAMI BEACH, Fla.--([ BUSINESS WIRE ])--Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today that it has entered into a contract to purchase three shopping centers (aThe Circle Centersa) in Long Beach, California for $72 million. Two of the properties are unencumbered and one property has a mortgage of approximately $11.6 million that will be assumed. The Circle Centers comprise a total of approximately 273,000 square feet and are currently 97% leased. The anchor tenants include Vons, Ross, Rite Aid, Ralphs and Marshalls. The centers have been under the same ownership since they were developed between 1972 and 1989.

"This portfolio contains all of the key criteria established within our targeted acquisition strategy: major metropolitan market, severe supply constraints, strong tenant sales, below market anchor rents with short-term lease expirations, functional layout, and highly visible growth in net operating income"

The properties are centrally located in the retail hub of the Long Beach traffic circle, at the intersection of Pacific Coast Highway, Los Coyotes Diagonal and Lakewood Boulevard. The surrounding market is densely populated with high barriers to entry. The population within a 3-mile radius is 259,624 with an average household income of $70,401.

aThis portfolio contains all of the key criteria established within our targeted acquisition strategy: major metropolitan market, severe supply constraints, strong tenant sales, below market anchor rents with short-term lease expirations, functional layout, and highly visible growth in net operating income,a said Jeff Olson, CEO of Equity One.

ABOUT EQUITY ONE, INC.

As of September 30, 2010, Equity One owned or had interests in 189 properties, consisting of 174 shopping centers comprising approximately 19.5 million square feet, four projects in development/redevelopment, six non-retail properties, and five parcels of land. Additionally, Equity One had joint venture interests in fourteen retail properties and one office building totaling approximately 1.9 million square feet.

FORWARD-LOOKING STATEMENTS

Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include the failure of pending acquisitions and dispositions, if any, to be consummated; changes in the capital markets; changes in macro-economic conditions and the demand for retail space in the states in which Equity One owns properties; the continuing financial success of Equity Onea™s current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the impact ofacquisitions and dispositions of real estate properties and of joint venture interests on its operating results including expenses incurred by Equity One in connection with its acquisition and disposition activity; the success of its efforts to lease up vacant space; the effects of natural and other disasters; impairment charges; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity Onea™s filings with the Securities and Exchange Commission.