Georgia Mortgage Second

Equity One Reports Strong Second Quarter 2006 FFO per Share and ...

NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)--Aug. 1, 2006--Equity One, Inc. (NYSE:EQY), an owner, developer and operator of community and neighborhood shopping centers located in high growth markets in the southern and northeastern United States, announced today its financial results for the three- and six-month periods ended June 30, 2006. The second quarter 2006 results reflect the Company's sale in April 2006 of 29 Texas properties to a joint venture in which the Company retained a 20% interest. The highlights are as follows:

Second Quarter 2006 Financial Highlights

-- Net income totaled $111.3 million, compared to $25.1 million for 2005. Net income for the second quarter of 2006 included $92.7 million of gains on the sale of income producing real estate, while the second quarter of 2005 included $3.8 million of gains on the sale of income producing real estate;

-- Net income per diluted share was $1.49 versus $0.34 in 2005;

-- Funds from Operations ("FFO") totaled $30.8 million versus $32.4 million in 2005;

-- FFO per diluted share was $0.41 versus $0.43 in 2005;

-- Interest expense coverage ratio equaled 3.2 times for the second quarter of 2006; and

-- Net debt to total market capitalization measured 36.9% as of June 30, 2006.