Equity One is a fully integrated real estate investment trust specializing in the acquisition, asset management, development and redevelopment of quality retail properties located in strategic metropolitan areas across the United States. These centers are anchored by leading supermarkets, pharmacies and retail store chains.

As of June 30, 2011, Equity One owned or had interests in 199 properties, consisting of 176 shopping centers comprising approximately 20.7 million square feet, ten projects in development/redevelopment, eight non-retail properties, and five parcels of land. Additionally, Equity One had joint venture interests in sixteen shopping centers, three office buildings and one apartment building totaling approximately 3.2 million square feet.



Equity One Announces the Strategic Sale of 36 Shopping Centers for $473 million

Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced that it has entered into an agreement to sell 36 shopping centers comprising approximately 3.9 million square feet for $473.1 million to Blackstone Real Estate Partners VII. These assets were encumbered by mortgage loans having an aggregate principal balance of approximately $177.4 million as of June 30, 2011.

The shopping centers are predominately located in the Atlanta, Tampa and Orlando markets, with additional properties located in North Carolina, South Carolina, Alabama, Tennessee and Maryland. The portfolio generated net operating income of approximately $35.4 million for the twelve-month period ended June 30, 2011 and was 91% occupied as of June 30, 2011.

Equity One intends to use the proceeds from the sale to retire debt, fund its redevelopment pipeline, for future acquisitions and other corporate purposes.

Equity One estimates that as a result of entering into the transaction it will recognize a net impairment loss of approximately $32.0 to $36.0 million in the third quarter of 2011, which includes approximately $17.0 million related to unamortized debt discount costs on mortgages that are to be assumed by the buyer. Once there is more certainty on the exact closing date, Equity One will update its 2011 earnings guidance. The company's previous guidance specifically excluded impairment related charges and transaction costs and did not include the other effects of this sale of income producing properties.

More about EQY at www.equityone.net

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