The Supermarket REITwww.equityone.net

August 2005

Certain matters discussed in this presentation 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 cangive no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Texas, Georgia, Massachusetts and the other states in which Equity One owns properties; the continuing financial success of Equity One's current and prospective tenants; continuing supply constraints in Equity One’s geographic markets; the availability of properties for acquisition; the success of Equity One’s efforts to lease up vacant properties; the effects of natural and other disasters; 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 One's filings with the Securities and Exchange Commission.

Forward Looking Statements

3

Mission Statement

Equity One will be adominant supermarket-anchored

shopping center REITin its target markets

4

188 Properties Totaling 19.5 Million Square Feet

127 Supermarket anchored centers 14.5 MM square feet43 Retail anchored centers 3.9 MM square feet8 Drug store anchored centers 0.8 MM square feet3 Commercial properties 0.3 MM square feet7 Retail developments

5

Investment Highlights

• Established mid-cap REIT 74.7 million shares$1.8 billion equity market capitalization$2.8 billion enterprise value

• Most desirable asset class 75% of GLA in supermarket-anchored shopping centers

• Excellent market demographics 76% of GLA in Florida, Texas & Georgia

• Strong organization, systems Experienced management team; Integrated operating platform

• Significant tenant diversification Over 3,300 leases only Publix > 5% of AMR

• Embedded upside potential 1.2 million square feet to lease;Significant lease-up momentum

6

Investment Highlights (continued)

• Conservative balance sheet Under 40% leverageUnder 30% of debt is variable rate3.5x EBITDA to interest coverage

• Investment grade ratings Moody’s: Baa3 with positive outlookS&P: BBB- with stable outlook

• Outstanding shareholder returns 39% 1-year(all to 7/31/05) 30% 3-year

29% 5-year21% since IPO (May 1998)

• Attractive valuation (at $23.77) 13.4x $1.78 2006 consensus FFO

• Excellent current return 4.9% dividend yield 67.4% FFO payout ratio (Q2 2005)

• Increased dividend From $0.28 to $0.29 in Q4 2004

7

Experienced and Seasoned Management Team

Chaim KatzmanChairman & CEO

Doron ValeroPresident & COO

Arthur GallagherSecretary & Gen. Counsel

Howard SipznerExecutive VP & CFO

Alan MerkurAcquisitions / Dispositions

Peter Pelt, Greg Kessel, Ken ChoquetteDevelopments & Construction

Jay Levy, Cindy MorseAsset Management

Barbara Miller, Bob Mitzel, Randy LausengRegional Property Management Heads

Tom Meredith, Thornton Anderson, Kevin ButhRegional Leasing Directors

David BriggsAccounting

Charles WolfCapital Markets

Ilan ZacharSystems

8

Company Timeline

Note: Data is through July 31, 2005.

50

100

150

200

250

300

350

400

450

May-98Nov-98May-99Nov-99May-00Nov-00May-01Nov-01May-02Nov-02May-03Nov-03May-04Nov-04May-05

Inde

xed

Tota

l Ret

urn

4.7MM ShareIPO

$148MM UIRTAcquisition

$281MM CEFUSAcquisition

3.45MM ShareEquity Offering

$763MM IRTAcquisition

3MM ShareEquity Offering

3MM ShareEquity Offering

$200MM Unsecured5-YR Bond Sale

9.7% Equity Stakein CDR

$120MM BostonPortfolio Purchase

302.7% Cumulative Total Return (IPO to Present)

9

$188MM of Annual Minimum Rent at 6/30/2005

Florida, Texas and Georgia Provide 81% of Annual Minimum Rent

Georgia13%

South Carolina4%

Florida51%

Texas17%

Louisiana5%

North Carolina4%

AL, AZ, KY,MS, TN, VA

2%Massachusetts4%

10

We Operate in Very Strong Markets

Florida, Texas & Georgia outperform the national averages (2000-05)

Source: US Census Bureau

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

Per a

nnum

gro

wth

Population Employment Per Capita Retail SalesUnited States Texas Florida Georgia

11

Sales AMR AMR / PSF AMR PSF Sales(1)

$511 $15.7MM $7.20 1.4%

$337 $8.0MM $8.31 2.3%

$433 $6.6MM $19.62 4.2%

$266 $5.1MM $6.93 2.6%

$681 $2.8MM $10.83 1.8%

$284 $2.0MM $6.66 2.5%

$366 $1.4MM $7.19 2.0%

$308 $1.0MM $4.53 2.2%

Our Supermarkets are Top Performers

(1) Data is limited to stores that provide sales data.Note: Kash n’ Karry data also includes Food Lion figures; both companies are owned by Delhaize Group.

12

Our Income is Well Diversified

Number GLA Annualized % of Aggregateof (Square Minimum Rent Annualized

Tenant Leases Feet) at 06/30/05 Minimum Rent

Publix 49 2,164,544 $15,614,741 8.3%Kroger 17 962,697 7,998,271 4.3%Albertsons / Shaw's 9 570,286 7,567,853 4.0%Winn Dixie 16 730,442 5,059,331 2.7%H.E. Butt Grocery 4 256,262 2,775,355 1.5%Blockbuster 29 170,092 2,691,745 1.4%CVS Pharmacy 20 204,389 2,233,007 1.2%Bed Bath & Beyond 7 227,689 2,192,531 1.2%Safeway / Randalls 6 309,694 2,111,866 1.1%Food Lion / Kash N' Karry 9 292,256 1,965,651 1.0%

Subtotal 166 5,888,351 $50,210,351 26.7%

Remaining Tenants 3,142 12,342,976 137,948,966 73.3%

Total 3,308 18,231,327 $188,159,317 100.0%

13

Favorable Lease Profile with Balanced Rollover

No more than 13% of AMR rolls in any of the next 5 years

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

After

Supermarkets

Other Anchors

Local Tenants

Average Remaining Lease Term

• 5.7 years (all tenants)

• 3.0 years (local tenants)

• 7.2 years (other anchors)

• 10.5 years (supermarkets)

33% of leases have contractualrent increases by year-end 2007

14

Impressive Q2 2005 Results

• $0.43 per share FFO (7.5% growth over Q2 2004)

• We accelerated our leasing activity in Q2 2005Increased new rents by 19% and renewals by 4%

Created $1.3MM of incremental AMR excluding terminations through 6/30/05

• 4.4% same store NOI growth (excluding termination fees)

• YTD 2005, closed $36.9MM of acquisitions and $45.7MM of dispositionsGenerated $11.4MM of gains on sale

• Completed and leased $7.1MM of developments with $628K of annualized NOIIn excess of an 8.8% initial yield

15

Leasing Has Driven Our Historical Operating Results

Note: Reflects those properties which were in the core operating portfolio at the end of the indicated quarter.

Equity One - Core Portfolio Occupancy

93.7%

88.7%

90.1%

91.6% 91.8%92.5%

93.8%94.9% 94.8%

87.0%

91.5%

96.0%

Q2 2003 Q3 2003 Q4 2003 Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005

16

Florida 11.3% 10.0% 10.1% 8.8% 9.5% 11.1% 9.9%

Texas 11.4% 11.0% 12.4% 10.0% 10.2%

Georgia 10.5% 7.5% 9.4%

Carolinas 10.0% 8.3% 9.1%

Louisiana 10.4% 10.4%

All Other 13.4% 9.4% 10.1%

Overall 11.3% 10.5% 10.9% 9.6% 9.7% 9.2% 9.9%

Our Acquisitions Have Been Highly Accretive

(1) Last 12 months NOI through 06/30/05 divided by average gross book value excluding LHD/CIP, for properties owned for full twelve months.

(2) Legacy EQY are assets owned by Equity One on or before 12/31/2001.

(3) Single assets purchased or developed by Equity One on or after 1/1/2002 in the indicated year.

Yield Legacy Single Assets(3)

on Cost(1) EQY(2) CEFUS UIRT IRT 2002 2003 Overall

17

Robust Acquisition Activity Post IRT Merger

Note: Amounts include capitalized asset value classified as Other Assets for balance sheet presentation.

Gross Real Estate Book Value ($MM)

$325 $317

$137 $134

$259 $247

$735 $707

$591

$0

$200

$400

$600

$800

3/31/2003 6/30/2005

EQY Legacy UIRT CEFUS IRT Single Asset

22% 9% 18% 51% 16% 7% 12% 36% 29%

Total = $1,996Total = $1,456

18

• Miami, Florida

• Completed Q4 2003

• 98.7% leased @ 6/30/05

• 11.0% yield based on 2005 budget

• Atlanta, Georgia

• Completed Q4 2003

• 100% leased @ 6/30/05

• 9.2% yield based on 2005 budget

Completed Ground-up Developments

19

Expanding Our Development Pipeline

Waterstone Plaza• 12 acres in Homestead, FL• 90,000 square foot Publix-anchored center• $9.6MM cost / $8.9MM funded @ 6/30/05• Q3 2005 expected completion

St. Lucie West Plaza• 4 acres in Port St. Lucie, FL• 19,359 square foot center• $3.4MM cost / $1.4MM funded @ 6/30/05• Q4 2005 expected completion

20

Expanding Our Development Pipeline (cont’d)

The Shops at Westridge• 13.5 acres in McDonough, GA• 66,297 square foot Publix-anchored center• $9.0MM cost / $2.3MM funded @ 6/30/05• Q1 2006 expected completion

Winchester Plaza• 33.0 acres in Huntsville, AL• 75,700 square foot Publix-anchored center• $8.1MM cost / $2.4MM funded @ 6/30/05• Q2 2006 expected completion

21

Pursuing Mixed-Use DevelopmentsSunlake Development Parcel• 155 acres in Pasco County, 20 miles north of Tampa• 60% controlling JV interest, 8% preferred return on capital invested• $23.6MM total cost / $13.1MM funded @ 6/30/05• Retail, residential and commercial components

22

Pursuing Mixed-Use Developments (cont’d)

• 3.25 acres in Hollywood, FL• Existing 65,834 square foot Publix-anchored center; 100% occupied• $22MM purchase price• Designated air rights with retail and residential components

Young Circle Shopping Center

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How Will We Grow Our FFO?• Acquire stabilized grocery-anchored shopping centers in core markets

2004 closed $317MM at 7.5% average cap rate2005 plan includes up to $200MM of acquisitions at 7.25% average cap rate

• Dispose of non-core assets2004 closed $84MM at 8.9% average cap rateCurrently marketing over $50MM of assets at 8.25% average cap rate

• Develop and redevelop on a selective basisFund remaining $34MM of $96MM development pipeline @ 10% yieldCommence several new developments and redevelopments in 2005Identify additional land parcels for 2006 and beyond

• Identify and capitalize on distressed tenant opportunities

• Continue to lease vacant spaceAbsorbed over 590,000 square feet in 2004Improve core occupancy to 95% by year end 2005

24

Pursuing a Strategic Disposition

• 44 shopping centers totaling 4.4MM square feet / $40.7MM of ABR

32 Texas properties totaling 3.0MM square feet

$31.3MM of ABR and 92.1% occupied at 3/31/05

12 Louisiana properties totaling 1.4MM square feet

$9.4MM of ABR and 93.9% occupied at 3/31/05

• Engaged brokerage firm Secured Capital

Formal marketing process is underway

Closing expected by year-end 2005

25

Equity One Debt Summary as of 6/30/05Type Amount Pricing Term / DurationUnsecured Credit Facility $179MM 3.69% 2/12/06 + 1 year extensionUnsecured Notes 347MM 5.08% 3.3 years average lifeSecured Mortgage Debt 454MM 7.24% 5.8 years average lifePayable for securities 5MM

Sub-total $986MM 5.83% weighted averageFair Market Value Premium 19MM

Total Debt $1,005MM

Debt / Total Market Capitalization 36.6%EBITDA / Interest Coverage Ratio 3.5

Loan Maturity Schedule

$ Milli

ons

$ 0

$ 5 0

$ 1 0 0

$ 1 5 0

$ 2 0 0

$ 2 5 0

$ 3 0 0

2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 A f te r

C re d i t F a c i l i tie sU n se c u re d N o te sB a l lo o nA m o rtiz a tio n

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Maintain Conservative Credit Metrics(1)

(1) Coverage data is for Q1 2005 and leverage data is as of March 31, 2005.Data per CSFB’s Ranking the REITs: 1Q-2005 Update dated June 21, 2005.

EBITDA / Interest Expense + Preferred Dividends4.47 x

3.45 x 3.31 x2.87 x 2.65 x 2.64 x 2.63 x 2.49 x 2.26 x 1.98 x

1.50 x

3.00 x

4.50 x

KIM EQY PNP WRI FRT NXL HTG REG DDR RPT

Debt + Preferred / Total Market Capitalization

27.1% 30.4%36.5% 36.9% 39.5% 42.0% 47.0% 48.0% 49.7%

58.2%

20.0%

40.0%

60.0%

KIM PNP REG FRT EQY WRI NXL HTG DDR RPT

Debt + Preferred / Total Book Capital

51.4% 51.9% 52.4%57.1% 58.6% 62.5%

68.6% 69.1% 70.9% 72.0%

45.0%

60.0%

75.0%

EQY KIM PNP FRT HTG DDR NXL RPT REG WRI

27

Followed by 11 Wall Street REIT AnalystsFirm Target NAV Opinion Rank 2005 2006 Last Report

BB&T $26.00 $22.63 Buy 1 / 3 $1.65 $1.78 08-16-05

Bear Stearns 26.00 23.12 Outperform 1 / 3 1.68 1.85 08-05-05

CSFB 19.40 19.40 Neutral 2 / 3 1.64 1.73 06-22-05

Deutsche Bank 27.00 27.00 Buy 1 / 3 1.68 1.80 08-04-05

Friedman Billings 21.00 18.61 Market Perform 2 / 3 1.66 1.77 06-03-05

JP Morgan Underweight 3 / 3 1.68 1.78 08-05-05

Key / McDonald 27.00 21.47 Aggressive Buy 1 / 5 1.68 1.81 08-04-05

Legg Mason 28.00 24.50 Buy 1 / 3 1.69 1.71 08-04-05

Raymond James 26.00 20.91 Outperform 2 / 4 1.67 1.77 08-04-05

Stifel Nicolaus 27.00 23.27 Outperform 1 / 3 1.67 1.79 08-04-05

UBS 23.00 22.00 Reduce 3 / 3 1.66 1.81 08-16-05

Consensus $25.04 $22.29 $1.67 $1.78

28

We Are a Favorable Valuation Story

08/05/05 data per company websites and analyst consensus

Dividend Yield6.4% 6.2% 6.1% 6.0%

4.9% 4.7% 4.6% 4.6% 4.2% 3.8% 3.6% 3.6% 3.6%

3.0%

5.0%

7.0%

NXL IRC HTG RPT EQY DDR Median WRI KIM AKR REG FRT PNP

2006P FFO Multiple

11.3 x 11.4 x 11.9 x 13.2 x 13.4 x 13.5 x 13.7 x 14.0 x 15.2 x 15.7 x 15.8 x 16.3 x18.6 x

11.0 x

15.0 x

19.0 x

IRC RPT HTG DDR EQY WRI Median NXL KIM REG AKR PNP FRT

FFO Growth (2006P vs. 2005P)

2.1% 3.8% 5.0% 5.5% 5.5% 6.6% 6.7% 6.8% 7.7% 8.1% 8.3% 8.4% 8.5%

0.0%4.5%9.0%

HTG IRC RPT REG WRI EQY Median PNP DDR NXL KIM AKR FRT

29

Increased Our Dividend and Decreased Payout Ratio

* 2005 and 2006 FFO per analyst consensus; $0.29 current dividend annualized

$ 1.06

$ 1.16 $ 1.16

$ 1.08$ 1.13

$ 1.10

$ 1.46

$ 1.36$ 1.31

$ 1.58

$ 1.67

$ 1.78

65%

69%

72%75%

79%

81%

$0.80$0.90$1.00$1.10$1.20$1.30$1.40$1.50$1.60$1.70$1.80

2001 2002 2003 2004 2005* 2006*

FFO

& Di

viden

ds p

er sh

are

60%

65%

70%

75%

80%

85%

FFO

Payo

ut R

atio

Dividend FFO FFO Payout Ratio

30

Significant Inside Ownership

Over 37 million shares of public float

55.0%

Gazit Globe22.3%

Alony Hetz6.9%

First Capital17.4%

Public Float50.2%

Chaim Katzman1.4%

Other Officers & Directors

1.8%

31

Why Equity One?• Established mid-cap REIT

• Experienced management team

• Most desirable asset class

• Excellent market demographics

• Significant tenant diversification with balanced lease rollover

• Proven growth strategy

• Conservative and flexible balance sheet

• Favorable valuation metrics

• Attractive dividend and yield characteristics