----

----

| x | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|------------------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|----------------------------------------------------------------------------------------------------|

----

----

|   | Maryland                                                                            |   | 52-1794271                                           |   |
|--------|-------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
|   | (State      or other jurisdiction of  incorporation or      organization) |   | (I.R.S.      Employer  identification No.) |   |

|   | 1600      N.E. Miami Gardens DriveNorth      Miami Beach, FL |   |  33179     |   |
|--------|--------------------------------------------------------------|--------|-----------------|--------|
|   | (Address      of principal executive offices)                |   | (Zip      code) |   |

----

|   | Common      Stock, $.01 Par Value |   | New      York Stock Exchange                |   |
|--------|-----------------------------------|--------|---------------------------------------------|--------|
|   | (Title      of each class)        |   | (Name      of exchange on which registered) |   |

----

----

----

EQUIT

|          |   |                                                                                                                    | Page   |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|
|          |   |                                                                                                                    |   |
|          |   | Part      I                                                                                                             |   |
| Item      1.  |   | Business                                                                                                                | 1      |
| Item      1A. |   | Risk Factors                                                                                                            | 5      |
| Item      1B. |   | Unresolved Staff Comments                                                                                               | 12     |
| Item      2.  |   | Properties                                                                                                              | 13     |
| Item      3.  |   | Legal Proceedings                                                                                                       | 22     |
| Item      4.  |   | Submission of Matters to a Vote of Security      Holders                                                                | 22     |
|          |   |                                                                                                                    |   |
|          |   | Part      II                                                                                                            |   |
| Item      5.  |   | Market For Registrant’s Common Equity, Related Stockholder      Matters and Issuer Purchases of Equity Securities | 23     |
| Item      6.  |   | Selected Financial Data                                                                                                 | 25     |
| Item      7.  |   | Management’s Discussion and Analysis of Financial Condition      and Results of Operations                        | 28     |
| Item      7A. |   | Quantitative and Qualitative Disclosures about Market      Risk                                                         | 46     |
| Item      8.  |   | Financial Statements and Supplementary    Data                                                                          | 47     |
| Item      9.  |   | Changes in and Disagreements with Accountants on Accounting      and Financial Disclosure                               | 47     |
| Item      9A. |   | Controls and Procedures                                                                                                 | 47     |
| Item      9B. |   | Other information                                                                                                       | 47     |
|          |   |                                                                                                                    |   |
|          |   | Part      III                                                                                                           |   |
| Item      10. |   | Directors and Executive Officers of the      Registrant                                                                 | 48     |
| Item      11. |   | Executive Compensation                                                                                                  | 48     |
| Item      12. |   | Security Ownership of Certain Beneficial Owners and      Management                                                     | 48     |
| Item      13. |   | Certain Relationships and Related      Transactions                                                                     | 48     |
| Item      14. |   | Principal Accountant Fees and Services                                                                                  | 48     |
|          |   |                                                                                                                    |   |
|          |   | Part      IV                                                                                                            |   |
| Item      15. |   | Exhibits and Financial Statement    Schedules                                                                           | 49     |
|          |   | Signatures                                                                                                              | 53     |

----

Table of Contents

| ITEM      1.    | BUSINESS |
|--------------------------------|----------|

|   | · | Operating Strategy:      Maximizing the internal growth of revenue from our shopping centers by      leasing and re-leasing those properties to a diverse group of creditworthy      tenants at higher rental rates and redeveloping those properties to make      them more attractive to tenants or to permit additional or better      uses; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Investment      Strategy:  Using capital wisely to renovate or redevelop      our properties and to acquire and develop additional shopping centers      where expected returns meet or exceed our standards;  and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Capital      Strategy:  Financing our capital requirements with      internally generated funds, borrowings under our existing credit      facilities, proceeds from selling properties that do not meet our      investment criteria and access to institutional capital and debt and      equity capital markets. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | actively      manage and maintain the high standards and physical appearance of our      assets while maintaining competitive tenant occupancy    costs; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | maintain      a diverse tenant base in order to limit exposure to any one tenant’s      financial condition; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | · | develop      strong, mutually beneficial relationships with creditworthy tenants,      particularly our anchor tenants, by consistently meeting or exceeding      their expectations; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | increase      rental rates upon the renewal of expiring leases or as we lease space to      new tenants while minimizing vacancy and down-time;  and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | evaluate      renovation or redevelopment opportunities that will make our properties      more attractive for leasing or re-leasing to tenants, take advantage of      under-utilized land or existing square footage; or re-configure properties      for better uses. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | re-developing,      renovating, expanding, reconfiguring and/or re-tenanting our existing      properties; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | selectively      acquiring shopping centers that will benefit from our active management      and leasing strategies; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | selectively      developing new shopping centers to meet the needs of expanding      retailers. |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | the      expected returns in relation to our cost of capital, as well as the      anticipated risks we will face in achieving the expected      returns; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      current and projected cash flow of the property and the potential to      increase that cash flow; |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | the      tenant mix at the property, tenant sales performance and the      creditworthiness of those tenants; |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | · | economic,      demographic, regulatory and zoning conditions in the property’s local and      regional market; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | competitive      conditions in the vicinity of the property, including competition for      tenants and the potential that others may create competing properties      through redevelopment, new construction or  renovation; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      level and success of our existing investments in the relevant      market; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | the      current market value of the land, buildings and other improvements and the      potential for increasing those marketvalues; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      physical configuration of the property, its visibility, ease of entry and      exit, and availability of parking;and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      physical condition of the land, buildings and other improvements,      including the structural and environmental  conditions. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | maintaining      a prudent level of overall leverage and an appropriate pool of      unencumbered properties that is sufficient to support our unsecured      borrowings; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | managing      our exposure to variable-rate debt; |
|--------|--------|---------------------------------------------------|

|   | · | taking      advantage of market opportunities to refinance existing debt, reduce      interest costs and manage our debt maturity schedule;  and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | using      joint venture arrangements to access less expensive capital, mitigate      capital risk, or to capitalize on the expertise of local real estate      partners. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | the      Comprehensive Environmental Response, Compensation, and Liability Act of      1980, as amended, which we refer to asCERCLA; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      Resource Conservation & RecoveryAct; |
|--------|--------|---------------------------------------------------|

|   | · | the      Federal Clean Water Act; |
|--------|--------|-----------------------------------|

|   | · | the      Federal Clean Air Act; |
|--------|--------|---------------------------------|

|   | · | the      Toxic Substances Control Act; |
|--------|--------|----------------------------------------|

|   | · | the      Occupational Safety & Health Act;and |
|--------|--------|---------------------------------------------------|

|   | · | the      Americans with Disabilities Act. |
|--------|--------|-------------------------------------------|

----

Table of Contents

|   | Equity      One, Inc.                    |   |
|--------|------------------------------------------|--------|
|   | 1600      N.E. Miami Gardens Drive       |   |
|   | North      Miami Beach, Florida 33179    |   |
|   | Attn:      Investor Relations Department |   |
|   | (305)    947-1664                        |   |

----

Table of Contents

| ITEM      1A.  | RISK FACTORS |
|---------------------|--------------|

----

Table of Contents

|   | · | require      us to dedicate a substantial portion of our cash flow from operations to      payments on our debt, thereby reducing funds available for operations,      property acquisitions, redevelopments and other appropriate business      opportunities that may arise in thefuture; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | limit      our ability to make distributions on our outstanding shares of our common      stock, including the payment of dividends required to maintain our status      as a REIT; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | make      it difficult to satisfy our debt service  requirements; |
|--------|--------|-------------------------------------------------------------------|

|   | · | limit      our flexibility in planning for, or reacting to, changes in our business      and the factors that affect the profitability of our business, which may      place us at a disadvantage compared to competitors with less debt or debt      with less restrictive terms; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | limit      our ability to obtain any additional debt or equity financing we may need      in the future for working capital, debt refinancing, capital expenditures,      acquisitions, redevelopment or other general corporate purposes or to      obtain such financing on favorable terms;and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | require      us to dedicate increased amounts of our cash flow from operations to      payments on our variable rate, unhedged debt if interest rates      rise. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

|   | · | significant      time lag between commencement and completion subjects us to greater risks      due to fluctuation in the generaleconomy; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | failure      or inability to obtain construction or permanent financing on favorable      terms; |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | expenditure      of money and time on projects that may never be  completed; |
|--------|--------|------------------------------------------------------------------------------|

|   | · | inability      to achieve projected rental rates or anticipated pace of      lease-up; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | higher-than-estimated      construction costs, including labor and material costs;  and |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | possible      delay in completion of the project because of a number of factors,      including weather, labor disruptions, construction delays or delays in      receipt of zoning or other regulatory approvals, or man-made or natural      disasters (such as fires, hurricanes, earthquakes or    floods). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we      may not be able to identify suitable properties to acquire or may be      unable to complete the acquisition of the properties we      identify; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we      may not be able to integrate any acquisitions into our existing operations      successfully; |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | properties      we acquire may fail to achieve within the time frames we project the      occupancy or rental rates we project at the time we make the decision to      acquire, which may result in the properties’ failure to achieve the      returns we projected; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      pre-acquisition evaluation of the physical condition of each new      investment may not detect certain defects or identify necessary repairs,      which could significantly increase our total acquisition costs;      and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      investigation of a property or building prior to our acquisition, and any      representations we may receive from the seller of such building or      property, may fail to reveal various liabilities, which could reduce the      cash flow from the property or increase our acquisition    cost. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | reduce      properties available foracquisition; |
|--------|--------|--------------------------------------------------|

|   | · | increase      the cost of properties available for  acquisition; |
|--------|--------|------------------------------------------------------------------|

|   | · | reduce      the rate of return on theseproperties; |
|--------|--------|----------------------------------------------------|

|   | · | reduce      rents payable to us; |
|--------|--------|----------------------------------|

|   | · | interfere      with our ability to attract and retaintenants; |
|--------|--------|---------------------------------------------------------------|

|   | · | lead      to increased vacancy rates at our properties;  and |
|--------|--------|--------------------------------------------------------------|

|   | · | adversely      affect our ability to minimize expenses of  operation. |
|--------|--------|-----------------------------------------------------------------------|

----

Table of Contents

|   | · | we      would not be allowed a deduction for distributions to stockholders in      computing taxable income; |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | we      would be subject to federal income tax at regular corporate      rates; |
|--------|--------|---------------------------------------------------------------------------------|

|   | · | we      could be subject to the federal alternative minimum  tax; |
|--------|--------|-------------------------------------------------------------------|

|   | · | unless      we are entitled to relief under specific statutory provisions, we could      not elect to be taxed as a REIT for four taxable years following the year      during which we were disqualified; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we      could be required to pay significant income taxes, which would      substantially reduce the funds available for investment or for      distribution to our stockholders for each year in which we failed or were      not permitted to qualify; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we      would no longer be required by law to make any distributions to our      stockholders. |
|--------|--------|------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | the      stockholder’s failure to make a payment of principal or interest when      due; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | the      occurrence of another default that would entitle any of the stockholder’s      other creditors to accelerate payment of any debts and obligations owed to      them by the stockholder; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | if      the bank, in its absolute discretion, deems that a change has occurred in      the condition of the stockholder to which the bank has not given its prior      written consent; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | if,      in the opinion of the bank, the value of the pledged shares shall be      reduced or is likely to be reduced (for example, the price of our common      stock declines). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our      financial condition and results of future  operations; |
|--|--------|-----------------------------------------------------------------|

----

Table of Contents

|  | ·  | the      performance of lease terms bytenants; |
|--|--------------|------------------------------------------------|

|  | ·  | the      terms of our loan covenants;and |
|--|--------------|------------------------------------------|

|  | ·  | our      ability to acquire, finance, develop or redevelop and lease additional      properties at attractiverates. |
|--|--------------|---------------------------------------------------------------------------------------------------------------------|

|   | · | the      REIT ownership limit describedabove; |
|--------|--------|-----------------------------------------------|

|   | · | the      ability to issue preferred stock with the powers, preferences or rights      determined by our board ofdirectors; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

|   | · | special      meetings of our stockholders may be called only by the chairman of the      board, the chief executive officer, the president or by the board of      directors; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | advance      notice requirements for stockholderproposals; |
|--------|--------|------------------------------------------------------------|

|   | · | the      absence of cumulative voting rights;and |
|--------|--------|--------------------------------------------------|

|   | · | provisions      relating to the removal of incumbentdirectors. |
|--------|--------|----------------------------------------------------------------|

| ITEM      1B.   | UNRESOLVED STAFFCOMMENTS |
|---------------------------|--------------------------|

----

Table of Contents

| ITEM      2.   | PROPERTIES |
|--------------------------|------------|

|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |
|---------------------------------------------|------------------|--------|----------|--------|---------------------------|---------|--------|---------|--------|--------|----------------|--------|--------|---------------------|
|                                        | Year             |   |     |   | GLA                       |    |   |    |   |   | Average        |   |   | Other               |
|                                        | Built      /     |   | Year     |   | Sq.      Ft.              |    |   | Percent |   |   | base      rent |   | Grocer | Anchors             |
| Property                                    | Renovated        |   | Acquired |   | at      12/31/07      (1) |    |   | Leased  |   |   | PSF      (2)   |   | Anchor | >      10,000 sf |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |
| ALABAMA      (2)                            |             |   |     |   |                      |    |   |    |   |   |
| Madison      Centre                         | 1997             |   | 2003     |   |                      | 64,837  |   |    |   | 95.7   | %              |   | $      | 9.38                |   | Publix | Rite      Aid |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |
| Winchester      Plaza                       | 2006             |   | 2005     |   |                      | 78,544  |   |    |   | 91.9   | %              |   |   | 11.76               |   | Publix |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS ALABAMA (2)     | 143,381          |   |     |   | 93.6                      | %       |   | $       | 10.66  |   |           |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |
| CONNECTICUT      (1)                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |
| Brookside      Plaza                        | 1985      / 2006 |   | 2006     |   |                      | 210,588 |   |    |   | 88.9   | %              |   | $      | 11.34               |   | Shaw's | Bed      Bath & Beyond, |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   | Walgreens,      Staples, |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   | Old      Country Buffet |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| TOTAL      SHOPPING CENTERS CONNECTICUT (1) | 210,588          |   |     |   | 88.9                      | %       |   | $       | 11.34  |   |           |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| FLORIDA      (84)                           |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Orlando      / Central Florida (10)         |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |
| Alafaya      Commons                        | 1987             |   | 2003     |   |                      | 126,333 |   |    |   | 99.2   | %              |   | $      | 13.67               |   | Publix |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Alafaya      Village                        | 1986             |   | 2006     |   |                      | 39,477  |   |    |   | 96.2   | %              |   |   | 19.57               |   | Super      Saver |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   | (Shadow      - dark) |   |
| Conway      Crossing                        | 2002             |   | 2003     |   |                      | 76,321  |   |    |   | 94.5   | %              |   |   | 11.77               |   | Publix |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Eastwood,      Shoppes of                   | 1997             |   | 2002     |   |                      | 69,037  |   |    |   | 100.0  | %              |   |   | 11.15               |   | Publix |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Hunter's      Creek                         | 1998             |   | 2003     |   |                      | 73,204  |   |    |   | 97.8   | %              |   |   | 13.24               |   |   | Office      Depot, |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   | Lifestyle      Family Fitness |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Kirkman      Shoppes                        | 1973             |   | 2000     |   |                      | 88,820  |   |    |   | 100.0  | %              |   |   | 18.12               |   |   | Party      America |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Lake      Mary Centre                       | 1988      / 2001 |   | 1995     |   |                      | 339,084 |   |    |   | 97.4   | %              |   |   | 13.00               |   | Albertsons | Kmart, |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   | Lifestyle      Fitness Center, |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   | Office      Depot |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Park      Promenade                         | 1987      / 2000 |   | 1999     |   |                      | 128,848 |   |    |   | 89.7   | %              |   |   | 8.02                |   |   | Beauty      Depot, |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   | Orange      County Library |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Town      & Country                     | 1993             |   | 2003     |   |                      | 72,043  |   |    |   | 94.4   | %              |   |   | 8.43                |   | Albertsons* |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   | (Ross      /DD's      Discount) |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Unigold      Shopping Center                | 1987             |   | 2003     |   |                      | 117,527 |   |    |   | 99.1   | %              |   |   | 11.11               |   | Winn-Dixie | Lifestyle      Family Fitness |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Jacksonville      / North Florida (7)       |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |
| Beauclerc      Village                      | 1962      / 1988 |   | 1998     |   |                      | 70,429  |   |    |   | 84.7   | %              |   |   | 8.19                |   |   | Big      Lots, Goodwill, |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   | Bealls      Outlet |
| Forest      Village                         | 2000             |   | 1999     |   |                      | 71,526  |   |    |   | 85.0   | %              |   |   | 10.58               |   | Publix |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Ft.      Caroline                           | 1985      / 1995 |   | 1994     |   |                      | 74,546  |   |    |   | 98.7   | %              |   |   | 7.55                |   | Winn-Dixie | Citi      Trends |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Medical      & Merchants                | 1993             |   | 2004     |   |                      | 156,153 |   |    |   | 96.2   | %              |   |   | 12.66               |   | Publix | Memorial      Hospital |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Middle      Beach                           | 1994             |   | 2003     |   |                      | 69,277  |   |    |   | 98.7   | %              |   |   | 9.65                |   | Publix |   |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Oak      Hill                               | 1985      / 1997 |   | 1995     |   |                      | 78,492  |   |    |   | 96.5   | %              |   |   | 7.45                |   | Publix | Beall's |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   |   |
| South      Beach                            | 1990      / 1991 |   | 2003     |   |                      | 289,964 |   |    |   | 96.8   | %              |   |   | 12.06               |   |   | Beall's,      Bed Bath & Beyond |
|                                        |             |   |     |   |                      |    |   |    |   |   |           |   |   |                |   |   |   | Home      Depot, Stein Mart |
| Miami-Dade      / Broward / Palm Beach (39) |             |   |     |   |                      |    |   |    |   |   |           |   |

----

Table of Contents

|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |
|---------------------------------|-------------------------|--------|----------|--------|----------------------|---------|--------|---------|--------|--------|----------------|--------|--------|---------------------|
|                            | Year                    |   |     |   | GLA                  |    |   |    |   |   | Average        |   |   | Other               |
|                            | Built      /            |   | Year     |   | Sq.      Ft.         |    |   | Percent |   |   | base      rent |   | Grocer |  Anchors       |
| Property                        | Renovated               |   | Acquired |   | at      12/31/07 (1) |    |   | Leased  |   |   | PSF      (2)   |   | Anchor | >      10,000 sf |
| Bird      Ludlum                | 1988      / 1998        |   | 1994     |   |                 | 192,282 |   |    |   | 96.3   | %              |   | $      | 15.47               |   | Winn-Dixie | CVS      Pharmacy |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Bird      Executive, Goodwill |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Boca      Village               | 1978                    |   | 2000     |   |                 | 93,428  |   |    |   | 92.9   | %              |   |   | 15.73               |   | Publix | CVS      Pharmacy |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Boynton      Plaza              | 1978      / 1999        |   | 2000     |   |                 | 99,324  |   |    |   | 99.0   | %              |   |   | 14.13               |   | Publix | CVS      Pharmacy |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Bluffs      Square              | 1986                    |   | 2000     |   |                 | 132,395 |   |    |   | 85.8   | %              |   |   | 13.49               |   | Publix | Walgreens |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Chapel      Trail               | 2007                    |   | 2006     |   |                 | 56,378  |   |    |   | 97.2   | %              |   |   | 22.05               |   |   | LA      Fitness |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Concord      Shopping Plaza     | 1962      / 1992 / 1993 |   | 2006     |   |                 | 298,986 |   |    |   | 99.3   | %              |   |   | 9.83                |   | Winn      Dixie | Home      Depot, Big Lots |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Coral      Reef Shopping Center | 1968      / 1990        |   | 2006     |   |                 | 74,680  |   |    |   | 84.8   | %              |   |   | 20.26               |   |   | Office      Depot |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Countryside      Shops          | 1986      / 1988 / 1991 |   | 2003     |   |                 | 179,561 |   |    |   | 97.9   | %              |   |   | 13.45               |   | Publix | CVS      Pharmacy, Stein Mart |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Crossroads      Square          | 1973                    |   | 2000     |   |                 | 84,387  |   |    |   | 71.1   | %              |   |   | 17.67               |   |   | CVS      Pharmacy |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| CVS      Plaza                  | 2004                    |   | 1999     |   |                 | 29,204  |   |    |   | 100.0  | %              |   |   | 17.05               |   |   | CVS      Pharmacy |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| El      Novillo                 | 1970      / 2000        |   | 1998     |   |                 | 10,000  |   |    |   | 100.0  | %              |   |   | 21.00               |   |   | Jumbo      Buffet |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Greenwood                       | 1982      / 1994        |   | 2003     |   |                 | 132,325 |   |    |   | 98.3   | %              |   |   | 12.86               |   | Publix | Beall's      Outlet |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Jonathan's      Landing         | 1997                    |   | 2000     |   |                 | 26,820  |   |    |   | 79.5   | %              |   |   | 20.77               |   | Albertsons |   |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | (shadow) |   |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Lago      Mar                   | 1995                    |   | 2003     |   |                 | 82,613  |   |    |   | 95.4   | %              |   |   | 13.95               |   | Publix |   |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Lantana      Village            | 1976      / 1999        |   | 1998     |   |                 | 181,780 |   |    |   | 98.1   | %              |   |   | 7.41                |   | Winn-Dixie | Kmart, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Rite      Aid* (Family Dollar) |
| Meadows                         | 1997                    |   | 2002     |   |                 | 75,524  |   |    |   | 100.0  | %              |   |   | 13.45               |   | Publix |   |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Oakbrook      Square            | 1974      / 2000 / 2003 |   | 2000     |   |                 | 212,074 |   |    |   | 91.5   | %              |   |   | 14.74               |   | Publix | Stein      Mart, TJ Maxx, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Home      Goods, CVS Pharmacy, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Basset      Furniture, Duffy's |
| Oaktree      Plaza              | 1985                    |   | 2006     |   |                 | 23,745  |   |    |   | 74.8   | %              |   |   | 15.20               |   |   |   |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Pine      Island                | 1983      / 1999        |   | 1999     |   |                 | 254,907 |   |    |   | 98.9   | %              |   |   | 11.45               |   | Publix | Home      Depot Expo, Staples |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Pine      Ridge Square          | 1986      / 1998 / 1999 |   | 2003     |   |                 | 117,399 |   |    |   | 94.4   | %              |   |   | 14.63               |   | Fresh      Market | Bed      Bath & Beyond, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Nordic      Interiors |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Plaza      Alegre               | 2003                    |   | 2002     |   |                 | 91,611  |   |    |   | 100.0  | %              |   |   | 15.43               |   | Publix | Goodwill |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Point      Royale               | 1970      / 2000        |   | 1995     |   |                 | 216,760 |   |    |   | 95.8   | %              |   |   | 6.63                |   | Winn-Dixie | Best      Buy |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Prosperity      Centre          | 1993                    |   | 2000     |   |                 | 122,014 |   |    |   | 96.6   | %              |   |   | 17.38               |   |   | Office      Depot, CVS Pharmacy, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Bed      Bath & Beyond, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Carmine's,      TJ Maxx |
| Ridge      Plaza                | 1984      / 1999        |   | 2000     |   |                 | 155,204 |   |    |   | 92.2   | %              |   |   | 10.74               |   |   |   |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | AMC      Theater, Kabooms, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Wachovia*      (United Collection), |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Round      Up |
| Riverside      Square           | 1987                    |   | 2003     |   |                 | 104,241 |   |    |   | 96.5   | %              |   |   | 13.82               |   | Publix |   |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Sawgrass      Promenade         | 1982      / 1998        |   | 2000     |   |                 | 107,092 |   |    |   | 95.0   | %              |   |   | 11.52               |   | Publix | Walgreens |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |   |
| Sheridan**                      | 1973      / 1991        |   | 2003     |   |                 | 504,495 |   |    |   | 97.3   | %              |   |   | 13.71               |   | Publix | Kohl's,      Ross, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | Bed      Bath & Beyond, Office Depot, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | CVS      Pharmacy, Sheridan Plaza, |
|                            |                    |   |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   | LA      Fitness, USA Baby, Child Space |
| Shoppes      of Andros Isles    | 2000                    |   | 2006     |   |                 | 79,420  |   |    |   | 96.5   | %              |   |   | 13.12               |   | Publix |   |

----

Table of Contents

|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
|-----------------------------------------------------------------|-------------------------|----------|--------|----------------------|---------|--------|---------|--------|--------|----------------|--------|--------|---------------------|
|                                                            | Year                    |     |   | GLA                  |    |   |    |   |   | Average        |   |   | Other               |
|                                                            | Built      /            | Year     |   | Sq.      Ft.         |    |   | Percent |   |   | base      rent |   | Grocer |  Anchors       |
| Property                                                        | Renovated               | Acquired |   | at      12/31/07 (1) |    |   | Leased  |   |   | PSF      (2)   |   | Anchor | >      10,000 sf |
| Shoppes      of Ibis                                            | 1999                    | 2002     |   |                 | 79,420  |   |    |   | 100.0  | %              |   | $      | 13.45               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Shoppes      at Quail Roost                                     | 2005                    | 2006     |   |                 | 73,550  |   |    |   | 98.2   | %              |   |   | 15.58               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Shoppes      of Silverlakes                                     | 1995      / 1997        | 2003     |   |                 | 126,788 |   |    |   | 95.3   | %              |   |   | 16.83               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Shops      at Skylake                                           | 1999      / 2005 / 2006 | 1997     |   |                 | 284,943 |   |    |   | 99.2   | %              |   |   | 15.83               |   | Publix | CVS      Pharmacy, LA Fitness, |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Goodwill |
| Shoppes      of Sunset                                          | 1979                    | 2007     |   |                 | 21,704  |   |    |   | 97.2   | %              |   |   | 16.42               |   |   |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Shoppes      of Sunset II                                       | 1980                    | 2007     |   |                 | 27,767  |   |    |   | 72.6   | %              |   |   | 18.77               |   |   |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Tamarac      Town Square                                        | 1987                    | 2003     |   |                 | 127,635 |   |    |   | 88.4   | %              |   |   | 11.59               |   | Publix | Dollar      Tree |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Waterstone                                                      | 2005                    | 1992     |   |                 | 82,531  |   |    |   | 100.0  | %              |   |   | 15.20               |   | Publix | Walgreens |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| West      Lakes Plaza                                           | 1984      / 2000        | 1996     |   |                 | 100,747 |   |    |   | 100.0  | %              |   |   | 12.16               |   | Winn-Dixie | Navarro      Pharmacy |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Westport      Plaza                                             | 2002                    | 2004     |   |                 | 49,980  |   |    |   | 99.1   | %              |   |   | 17.85               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Young      Circle                                               | 1962      / 1997        | 2005     |   |                 | 65,834  |   |    |   | 96.7   | %              |   |   | 15.87               |   | Publix | Walgreens |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Florida      Treasure / Northeast Coast (8)                     |                    |     |   |                 |    |   |    |   |   |           |   |   |
| Cashmere      Corners                                           | 2001                    | 2000     |   |                 | 92,734  |   |    |   | 96.0   | %              |   |   | 9.31                |   | Albertsons |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| New      Smyrna Beach                                           | 1987                    | 2003     |   |                 | 118,451 |   |    |   | 100.0  | %              |   |   | 11.29               |   | Publix | Walgreens*      (Bealls Outlet), |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Bealls      Home Outlet |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Old      King Commons                                           | 1988                    | 2003     |   |                 | 84,759  |   |    |   | 100.0  | %              |   |   | 8.94                |   |   | Wal-Mart,      Staples, |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Bealls      Outlet |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Ryanwood                                                        | 1987                    | 2000     |   |                 | 114,925 |   |    |   | 97.4   | %              |   |   | 10.76               |   | Publix | Bealls      Outlet, |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Books-A-Million |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Salerno      Village                                            | 1987                    | 2002     |   |                 | 82,477  |   |    |   | 99.1   | %              |   |   | 10.79               |   | Winn-Dixie | CVS      Pharmacy |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Shops      at St. Lucie                                         | 2006                    | 2000     |   |                 | 19,361  |   |    |   | 74.2   | %              |   |   | 19.70               |   |   |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| South      Point Center                                         | 2003                    | 2006     |   |                 | 64,790  |   |    |   | 94.1   | %              |   |   | 15.70               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Treasure      Coast                                             | 1983                    | 2003     |   |                 | 133,781 |   |    |   | 97.5   | %              |   |   | 9.71                |   | Publix | TJ      Maxx |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Tampa      / St. Petersburg / Venice / Cape Coral / Naples (20) |                    |     |   |                 |    |   |    |   |   |           |   |
| Bay      Pointe Plaza                                           | 1984      / 2002        | 2003     |   |                 | 103,986 |   |    |   | 95.6   | %              |   |   | 10.27               |   | Publix | Bealls      Outlet |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Carrollwood                                                     | 1970      / 2002        | 2003     |   |                 | 94,203  |   |    |   | 94.4   | %              |   |   | 13.02               |   | Publix | Golf      Locker |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Charlotte      Square                                           | 1980                    | 2003     |   |                 | 96,188  |   |    |   | 95.4   | %              |   |   | 8.40                |   |   | American      Signature Furniture, |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Seafood      Buffet |
| Chelsea      Place                                              | 1992                    | 2003     |   |                 | 81,144  |   |    |   | 100.0  | %              |   |   | 11.76               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Dolphin      Village                                            | 1967      / 1990        | 2006     |   |                 | 138,129 |   |    |   | 88.2   | %              |   |   | 11.30               |   | Publix | Dollar      Tree, CVS Pharmacy |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Lake      St. Charles                                           | 1999                    | 2001     |   |                 | 57,015  |   |    |   | 100.0  | %              |   |   | 10.14               |   | Sweet      Bay |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Lutz      Lake                                                  | 2002                    | 2003     |   |                 | 64,985  |   |    |   | 93.8   | %              |   |   | 13.68               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Marco      Town Center                                          | 2001                    | 2000     |   |                 | 109,830 |   |    |   | 94.9   | %              |   |   | 17.28               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Mariners      Crossing                                          | 1989      / 1999        | 2000     |   |                 | 91,608  |   |    |   | 100.0  | %              |   |   | 9.75                |   | Kash      n' Karry |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Midpoint      Center                                            | 2002                    | 2006     |   |                 | 75,386  |   |    |   | 100.0  | %              |   |   | 11.54               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Pavilion                                                        | 1982                    | 2004     |   |                 | 167,745 |   |    |   | 92.0   | %              |   |   | 14.37               |   | Publix | Pavilion      6 Theatre |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Regency      Crossing                                           | 1986      / 2001        | 2003     |   |                 | 85,864  |   |    |   | 81.2   | %              |   |   | 10.28               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Ross      Plaza                                                 | 1984      / 1996        | 2000     |   |                 | 89,859  |   |    |   | 77.4   | %              |   |   | 11.46               |   |   | Ross      Dress for Less |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Seven      Hills                                                | 1991                    | 2003     |   |                 | 72,590  |   |    |   | 92.1   | %              |   |   | 10.72               |   | Publix |   |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Shoppes      of North Port                                      | 1991                    | 2000     |   |                 | 84,705  |   |    |   | 100.0  | %              |   |   | 10.56               |   | Publix | Bealls      Outlet |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Summerlin      Square                                           | 1986      / 1998        | 1998     |   |                 | 109,156 |   |    |   | 80.3   | %              |   |   | 10.68               |   | Winn-Dixie | Lee      County Sheriff's Office |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Sunpoint      Shopping Center                                   | 1984                    | 2006     |   |                 | 132,374 |   |    |   | 66.1   | %              |   |   | 9.53                |   |   | Bealls      Outlet, Goodwill, |
|                                                            |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Ozzie's      Buffet |

----

Table of Contents

|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
|------------------------------------------|-------------------------|----------|--------|----------------------|---------|--------|---------|--------|--------|----------------|--------|--------|---------------------|
|                                     | Year                    |     |   | GLA                  |    |   |    |   |   | Average        |   |   | Other               |
|                                     | Built      /            | Year     |   | Sq.      Ft.         |    |   | Percent |   |   | base      rent |   | Grocer |  Anchors       |
| Property                                 | Renovated               | Acquired |   | at      12/31/07 (1) |    |   | Leased  |   |   | PSF      (2)   |   | Anchor | >      10,000 sf |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Venice      Plaza                        | 1971      / 1979 / 1999 | 2003     |   |                 | 132,345 |   |    |   | 96.7   | %              |   | $      | 5.97                |   | Sweet      Bay | TJ      Maxx, Blockbuster |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Venice      Shopping Center              | 1968      / 2000        | 2004     |   |                 | 111,934 |   |    |   | 98.1   | %              |   |   | 5.69                |   | Publix | Beall's      Outlet |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Walden      Woods                        | 1985      / 1998 / 2003 | 1999     |   |                 | 75,874  |   |    |   | 89.7   | %              |   |   | 6.79                |   |   | Dollar      Tree, Aaron Rents, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Dollar      General |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS FLORIDA (84) | 9,406,827               |     |   |                 | 95.0    | %      |    | $      | 12.36  |           |   |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| GEORGIA      (25)                        |                    |     |   |                 |    |   |    |   |   |           |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Atlanta      (21)                        |                    |     |   |                 |    |   |    |   |   |           |   |
| BridgeMill                               | 2000                    | 2003     |   |                 | 89,102  |   |    |   | 96.4   | %              |   | $      | 15.36               |   | Publix |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Buckhead      Station                    | 1996                    |     |   |                 | 233,930 |   |    |   | 89.7   | %              |   |   | 19.70               |   |   | Bed      Bath & Beyond, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | TJ      Maxx, Old Navy, Toys R Us, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | DSW,      Goldsmith, Ulta |
| Butler      Creek                        | 1990                    | 2003     |   |                 | 95,597  |   |    |   | 93.5   | %              |   |   | 10.79               |   | Kroger |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Chastain      Square                     | 1981      / 2001        | 2003     |   |                 | 91,637  |   |    |   | 94.5   | %              |   |   | 17.12               |   | Publix |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Commerce      Crossing                   | 1988                    | 2003     |   |                 | 100,668 |   |    |   | 62.4   | %              |   |   | 4.76                |   | Ingles | Fred's      Store |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Douglas      Commons                     | 1988                    | 2003     |   |                 | 97,027  |   |    |   | 98.9   | %              |   |   | 10.41               |   | Kroger |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Fairview      Oaks                       | 1997                    | 2003     |   |                 | 77,052  |   |    |   | 95.4   | %              |   |   | 11.32               |   | Kroger |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Grassland      Crossing                  | 1996                    | 2003     |   |                 | 90,906  |   |    |   | 98.6   | %              |   |   | 11.82               |   | Kroger |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Hairston      Center                     | 2000                    | 2005     |   |                 | 13,000  |   |    |   | 46.2   | %              |   |   | 14.91               |   |   |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Hamilton      Ridge                      | 2002                    | 2003     |   |                 | 89,496  |   |    |   | 85.3   | %              |   |   | 12.44               |   | Kroger |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Mableton      Crossing                   | 1997                    | 2003     |   |                 | 86,819  |   |    |   | 98.1   | %              |   |   | 10.55               |   | Kroger |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Macland      Pointe                      | 1992-93                 | 2003     |   |                 | 79,699  |   |    |   | 98.5   | %              |   |   | 9.99                |   | Publix |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Market      Place                        | 1976                    | 2003     |   |                 | 77,706  |   |    |   | 82.3   | %              |   |   | 11.70               |   |   | Peachtree      Cinema |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Paulding      Commons                    | 1991                    | 2003     |   |                 | 192,391 |   |    |   | 97.1   | %              |   |   | 7.53                |   | Kroger | Kmart |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Piedmont      Peachtree Crossing         | 1978      / 1998        | 2006     |   |                 | 152,239 |   |    |   | 100.0  | %              |   |   | 16.41               |   | Kroger | Cost      Plus Store, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Binders      Art Supplies |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Powers      Ferry Plaza                  | 1979      / 1987 / 1998 | 2003     |   |                 | 86,473  |   |    |   | 91.2   | %              |   |   | 9.63                |   |   | Micro      Center |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Presidential      Markets                | 1993      / 2000        | 2003     |   |                 | 396,408 |   |    |   | 96.3   | %              |   |   | 11.09               |   | Publix | Marshall's,      TJ Maxx, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Bed      Bath & Beyond, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Carmike      Cinemas, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Ross      Dress for Less, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Office      Depot, Shoe Carnival, |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Grand      Harbor Import Co., |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Borders |
| Shops      of Huntcrest                  | 2003                    | 2003     |   |                 | 97,040  |   |    |   | 96.9   | %              |   |   | 13.97               |   | Publix |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Shops      of Westridge                  | 2006                    | 2003     |   |                 | 66,297  |   |    |   | 89.4   | %              |   |   | 13.86               |   | Publix |   |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Wesley      Chapel                       | 1989                    | 2003     |   |                 | 170,792 |   |    |   | 32.5   | %              |   |   | 7.07                |   | Ingles* | CVS      Pharmacy |
|                                     |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Williamsburg      @ Dunwoody             | 1983                    | 2003     |   |                 | 44,928  |   |    |   | 98.2   | %              |   |   | 18.69               |   |   |   |

----

Table of Contents

|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
|-----------------------------------------------|-------------------------|----------|--------|----------------------|---------|--------|---------|--------|--------|----------------|--------|--------|---------------------|
|                                          | Year                    |     |   | GLA                  |    |   |    |   |   | Average        |   |   | Other               |
|                                          | Built      /            | Year     |   | Sq.      Ft.         |    |   | Percent |   |   | base      rent |   | Grocer | Anchors             |
| Property                                      | Renovated               | Acquired |   | at      12/31/07 (1) |    |   | Leased  |   |   | PSF      (2)   |   | Anchor | >      10,000 sf |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
| Central      / South Georgia (4)              |                    |     |   |                 |    |   |    |   |   |
| Daniel      Village                           | 1956      / 1997        | 2003     |   |                 | 171,932 |   |    |   | 95.3   | %              |   | $      | 8.50                |   | Bi-Lo | St.      Joseph Home Health Care |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| McAlpin      Square                           | 1979                    | 2003     |   |                 | 176,807 |   |    |   | 87.1   | %              |   |   | 8.06                |   | Kroger | Big      Lots, U.S. Post Office |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Spalding      Village                         | 1989                    | 2003     |   |                 | 235,318 |   |    |   | 67.6   | %              |   |   | 7.85                |   | Kroger | JC      Penney*, Blockbuster, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Fred's      Store |
| Walton      Plaza                             | 1990                    | 2003     |   |                 | 43,460  |   |    |   | 100.0  | %              |   |   | 10.11               |   | Harris      Teeter*(Omni      Fitness) |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS GEORGIA (25)      | 3,056,724               |     |   |                 | 80.9    | %      |    | $      | 11.63  |           |   |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
|  LOUSIANA (14)                           |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Ambassador      Row                           | 1980      / 1991        | 2003     |   |                 | 193,978 |   |    |   | 84.1   | %              |   | $      | 9.79                |   |   | Conn's      Appliances, Big Lots, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Chuck      E Cheese, Goody's |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Ambassador      Row Courtyard                 | 1986      / 1991 / 2005 | 2003     |   |                 | 146,697 |   |    |   | 99.1   | %              |   |   | 9.95                |   |   | Bed      Bath & Beyond, Marshall's |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Hancock      Fabrics, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | United      Training Academy, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Tuesday      Morning |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Bluebonnet      Village                       | 1983                    | 2003     |   |                 | 101,623 |   |    |   | 79.7   | %              |   |   | 10.24               |   | Matherne's |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Boulevard                                     | 1976      / 1994        | 2003     |   |                 | 68,012  |   |    |   | 98.4   | %              |   |   | 8.59                |   |   | Piccadilly, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Harbor      Freight Tools, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Golfballs.com |
| Country      Club Plaza                       | 1982      / 1994        | 2003     |   |                 | 64,686  |   |    |   | 100.0  | %              |   |   | 6.32                |   | Winn-Dixie |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Crossing                                      | 1988      / 1993        | 2003     |   |                 | 114,806 |   |    |   | 93.8   | %              |   |   | 5.65                |   | Save      A Center | A-1      Home Appliance, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Piccadilly |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Elmwood      Oaks                             | 1989                    | 2003     |   |                 | 133,995 |   |    |   | 98.1   | %              |   |   | 9.49                |   |   | Academy      Sports, Dollar Tree |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Home      Décor |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Grand      Marche (ground lease)              | 1969                    | 2003     |   |                 | 200,585 |   |    |   | 100.0  | %              |   | NA     |                |   | Grande      Marche |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Plaza      Acadienne                          | 1980                    | 2003     |   |                 | 105,419 |   |    |   | 49.0   | %              |   |   | 4.02                |   | Super      1 Store | Fred's      Store |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Sherwood      South                           | 1972      / 1988 / 1992 | 2003     |   |                 | 77,107  |   |    |   | 86.0   | %              |   |   | 6.15                |   |   | Burke's      Outlet, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Harbor      Freight Tools, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Fred's      Store |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Siegen      Village                           | 1988                    | 2003     |   |                 | 170,416 |   |    |   | 99.2   | %              |   |   | 8.79                |   |   | Office      Depot, Big Lots, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Dollar      Tree, Stage, Party City |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Tarpon      Heights                           | 1982                    | 2003     |   |                 | 56,605  |   |    |   | 89.8   | %              |   |   | 5.09                |   |   | Stage,      Dollar General |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Village      at Northshore                    | 1988                    | 2003     |   |                 | 144,638 |   |    |   | 100.0  | %              |   |   | 8.68                |   |   | Marshall's,      Dollar Tree, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Kirschman's*,      Bed Bath & Beyond, |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Office      Depot |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Wal-Mart      Mathews                         | 1985                    | 2003     |   |                 | 54,223  |   |    |   | 100.0  | %              |   |   | 2.90                |   |   | Wal-Mart* |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS LOUISIANA (14)    | 1,632,790               |     |   |                 | 91.7    | %      |    | $      | 8.08   |           |   |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
|  MASSACHUSETTS (7)                       |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Cambridge      Star Market                    | 1953      / 1997        | 2004     |   |                 | 66,108  |   |    |   | 100.0  | %              |   | $      | 26.89               |   | Star      Market |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Medford      Shaw's Supermarket               | 1995                    | 2004     |   |                 | 62,656  |   |    |   | 100.0  | %              |   |   | 23.94               |   | Shaw's |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Plymouth      Shaw's Supermarket              | 1993                    | 2004     |   |                 | 59,726  |   |    |   | 100.0  | %              |   |   | 17.77               |   | Shaw's |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Quincy      Star Market                       | 1965      / 1995        | 2004     |   |                 | 100,741 |   |    |   | 100.0  | %              |   |   | 17.36               |   | Star      Market |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Swampscott      Whole Foods                   | 1967      / 2005        | 2004     |   |                 | 35,907  |   |    |   | 100.0  | %              |   |   | 21.00               |   | Whole      Foods |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Webster      Plaza                            | 1963      / 1998        | 2006     |   |                 | 201,425 |   |    |   | 97.0   | %              |   |   | 7.88                |   | Shaw's | Kmart,      Family Dollar, Dollar Tree |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| West      Roxbury Shaw's Plaza                | 1973      / 1995/ 2006  | 2004     |   |                 | 76,316  |   |    |   | 100.0  | %              |   |   | 23.44               |   | Shaw's |   |
|                                          |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS MASSACHUSETTS (7) | 602,879                 |     |   |                 | 99.0    | %      |    | $      | 17.04  |           |   |   |

----

Table of Contents

|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
|------------------------------------------------------|-------------------------|----------|--------|----------------------|---------|--------|---------|--------|--------|----------------|--------|--------|---------------------|
|                                                 | Year                    |     |   | GLA                  |    |   |    |   |   | Average        |   |   | Other               |
|                                                 | Built      /            | Year     |   | Sq.      Ft.         |    |   | Percent |   |   | base      rent |   | Grocer |  Anchors       |
| Property                                             | Renovated               | Acquired |   | at      12/31/07 (1) |    |   | Leased  |   |   | PSF      (2)   |   | Anchor | >      10,000 sf |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
| MISSISSIPPI      (1)                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
| Shipyard      Plaza                                  | 1987                    | 2003     |   |                 | 66,857  |   |    |   | 100.0  | %              |   | $      | 7.02                |   |   | Big      Lots, Buffalo Wild Wings |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS MISSISSIPPI (1)          | 66,857                  |     |   |                 | 100.0   | %      |    | $      | 7.02   |           |   |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| NORTH      CAROLINA (8)                              |                    |     |   |                 |    |   |    |   |   |           |   |   |
| Centre      Pointe Plaza                             | 1989                    | 2003     |   |                 | 163,642 |   |    |   | 95.8   | %              |   | $      | 6.33                |   |   | Belk's,      Goody's, Dollar Tree, |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Aaron      Rents |
| Galleria                                             | 1986      / 1990        | 2003     |   |                 | 92,114  |   |    |   | 92.9   | %              |   |   | 10.25               |   | Harris      Teeter* |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Parkwest      Crossing                               | 1990                    | 2003     |   |                 | 85,602  |   |    |   | 100.0  | %              |   |   | 10.36               |   | Food      Lion |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Riverview      Shopping Center                       | 1973      / 1995        | 2003     |   |                 | 128,498 |   |    |   | 93.4   | %              |   |   | 7.82                |   | Kroger | Upchurch      Drugs, Riverview Galleries |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Salisbury      Marketplace                           | 1987                    | 2003     |   |                 | 79,732  |   |    |   | 91.6   | %              |   |   | 10.56               |   | Food      Lion | Family      Dollar |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Stanley      Market Place                            | 2007                    | 2003     |   |                 | 53,228  |   |    |   | 93.4   | %              |   |   | 9.82                |   | Food      Lion |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Thomasville      Commons                             | 1991                    | 2003     |   |                 | 148,754 |   |    |   | 95.2   | %              |   |   | 5.73                |   | Ingles | Kmart |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Willowdaile      Shopping Center                     | 1986                    | 2003     |   |                 | 120,984 |   |    |   | 93.2   | %              |   |   | 10.04               |   | Harris      Teeter | Hall      of Fitness |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
|  TOTAL      SHOPPING CENTERS NORTH CAROLINA (8) | 872,554                 |     |   |                 | 94.6    | %      |    | $      | 8.36   |           |   |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| SOUTH      CAROLINA (8)                              |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
| Belfair      Towne Village                           | 2000      / 2003 / 2006 | 2003     |   |                 | 166,639 |   |    |   | 95.3   | %              |   | $      | 12.93               |   | Kroger | Stein      Mart |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Lancaster      Plaza                                 | 1971      / 1990        | 2003     |   |                 | 77,400  |   |    |   | 32.6   | %              |   |   | 3.62                |   | Bi-Lo |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Lancaster      Shopping Center                       | 1963      / 1987        | 2003     |   |                 | 29,047  |   |    |   | 100.0  | %              |   |   | 2.09                |   |   | Sweet      Union Furniture |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Milestone      Plaza                                 | 1995                    | 2006     |   |                 | 98,777  |   |    |   | 89.5   | %              |   |   | 14.97               |   | Bi-Lo |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| North      Village Center                            | 1984                    | 2003     |   |                 | 60,356  |   |    |   | 96.8   | %              |   |   | 8.87                |   | Bi-Lo | Dollar      General, Gold's Gym |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Sparkleberry      Square                             | 1997      / 2004        | 2004     |   |                 | 339,051 |   |    |   | 99.5   | %              |   |   | 11.35               |   | Kroger | Ross      Dress for Less, Circuit City, |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Bed      Bath & Beyond, Petsmart, |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   | Pier      One, Kohl's |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Windy      Hill                                      | 1968      / 1988 / 2006 | 2004     |   |                 | 68,465  |   |    |   | 100.0  | %              |   |   | 6.18                |   |   | Rose's      Store, Family Dollar Store |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Woodruff                                             | 1995                    | 2003     |   |                 | 68,055  |   |    |   | 98.2   | %              |   |   | 10.45               |   | Publix |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS SOUTH CAROLINA (8)       | 907,790                 |     |   |                 | 91.7    | %      |    | $      | 10.81  |           |   |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TEXAS      (1)                                       |                    |     |   |                 |    |   |    |   |   |           |   |   |                |
| Rosemeade                                            | 1986                    | 2001     |   |                 | 51,231  |   |    |   | 79.2   | %              |   | $      | 7.20                |   |   | Russian      Banya Spa |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS TEXAS (1)                | 51,231                  |     |   |                 | 79.2    | %      |    | $      | 7.20   |           |   |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| VIRGINIA      (1)                                    |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Smyth      Valley Crossing                           | 1989                    | 2003     |   |                 | 126,841 |   |    |   | 98.9   | %              |   | $      | 5.93                |   | Ingles | Wal-Mart |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      SHOPPING CENTERS VIRGINIA (1)             | 126,841                 |     |   |                 | 98.9    | %      |    | $      | 5.93   |           |   |   |
|                                                 |                    |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      CORE SHOPPING CENTER PORTFOLIO (152)      | 17,078,462              |     |   |                 | 93.2    | %      |    | $      | 11.66  |           |   |   |

----

Table of Contents

|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |
|----------------------------------------------------|------------------|----------|--------|----------------------|---------|--------|---------|--------|--------|----------------|--------|--------|---------------------|
|                                               | Year             |     |   | GLA                  |    |   |    |   |   | Average        |   |   | Other               |
|                                               | Built      /     | Year     |   | Sq.      Ft.         |    |   | Percent |   |   | base      rent |   | Grocer | Anchors             |
| Property                                           | Renovated        | Acquired |   | at      12/31/07 (1) |    |   | Leased  |   |   | PSF      (2)   |   | Anchor | >      10,000 sf |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |
| OTHER      PROPERTIES (6)                          |             |     |   |                 |    |   |    |   |   |
| 4101      South I-85 Industrial                    | 1956      / 1963 | 2003     |   |                 | 188,513 |   |    |   | 38.0   | %              |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Banco      Popular Office Building                 | 1971             | 2005     |   |                 | 32,737  |   |    |   | 90.1   | %              |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Laurel      Walk Apartments                        | 1985             | 2005     |   |                 | 106,480 |   |    |   | 87.3   | %              |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Mandarin      Mini-Storage                         | 1982             | 1994     |   |                 | 52,300  |   |    |   | 82.1   | %              |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Prosperity      Office Building                    | 1972             | 2006     |   |                 | 3,200   |   |    |   | 0.0    | %              |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Providence      Square                             | 1973             | 2003     |   |                 | 85,930  |   |    |   | 32.5   | %              |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      OTHER PROPERTIES (6)                    | 469,160          |     |   |                 | 56.6    | %      |    |   |   |           |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| TOTAL      EXCLUDING DEV / REDEV & LAND (158)  | 17,547,622       |     |   |                 | 92.2    | %      |    |   |   |           |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| DEVELOPMENTS      / REDEVELOPMENTS & LAND (11) |             |     |   |                 |    |   |    |   |   |           |   |   |
| Developments      (3)                              |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Redevelopments      (4)                            |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| Land      Held for Development (4)                 |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
|                                               |             |     |   |                 |    |   |    |   |   |           |   |   |                |   |   |   |
| GRAND      TOTAL - 169 Properties                  |             |     |   |                 |    |   |    |   |   |           |   |   |

| (1) | Total      square footage does not include shadow anchor square footage that is not      owned by Equity One. |
|-----|---------------------------------------------------------------------------------------------------------------|

| (2) | Calculated      by annualizing the center’s monthly base rent at December 31, 2007,      excluding expense reimbursements, percentage rent payments and other      charges divided by GLA. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | *  | Indicates      a tenant which continues to pay rent, but has closed its store and ceased      operations. |
|--|---------|-----------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                |   |                     |      |   |                     |   |      |              |   |   |      |   |
|-------------------------------------|--------|--------------------------|-----------|--------|--------------------------|--------|-----------|-------------------|--------|--------|-----------|--------|
|                                |   | SupermarketAnchorTenants |      |   | Other      AnchorTenants |   |      | Non-anchorTenants |   |   | Total     |   |
| Leased      GLA (sq. ft.)           |   |                     | 5,082,066 |   |                     |   | 5,277,245 |              |   |   | 5,560,389 |   |   |   | 15,919,700 |   |
|                                |   |                     |      |   |                     |   |      |              |   |   |      |   |   |   |   |   |
| Percentage      of Total Leased GLA |   |                     | 31.9      | %      |                     |   | 33.2      | %                 |   |   | 34.9      | %      |   |   | 100.0 | % |
|                                |   |                     |      |   |                     |   |      |              |   |   |      |   |   |   |   |   |

|                                         |   |                     |       |   |                     |   |       |              |   |   |        |   |
|----------------------------------------------|--------|--------------------------|------------|--------|--------------------------|--------|------------|-------------------|--------|--------|-------------|--------|
|                                         |   | SupermarketAnchorTenants |       |   | Other      AnchorTenants |   |       | Non-anchorTenants |   |   | Total       |   |
| Annual      Minimum Rent (“AMR”) |   | $                        | 44,624,919 |   |                     | $      | 45,681,357 |              |   | $      | 100,877,270 |   |   | $ | 191,183,546 |   |
|                                         |   |                     |       |   |                     |   |       |              |   |   |        |   |   |   |   |   |
| Percentage      of Total AMR                 |   |                     | 23.3       | %      |                     |   | 23.9       | %                 |   |   | 52.8        | %      |   |   | 100.0 | % |
|                                         |   |                     |       |   |                     |   |       |              |   |   |        |   |   |   |   |   |

|                       |   |                 |   |   |                  |   |      |                    |   |   |                                  |   |   |                                          |       |   |                                        |   |
|----------------------------|--------|----------------------|--------|--------|-----------------------|--------|-----------|-------------------------|--------|--------|---------------------------------------|--------|--------|-----------------------------------------------|------------|--------|---------------------------------------------|--------|
| Tenant                     |   | Numberof      Leases |   |   | GLA(square feet) |   |      | Percentof      TotalGLA |   |   | AnnualizedMinimumRentat      12/31/07 |   |   | Percent      ofAggregateAnnualizedMinimumRent |       |   | AverageAnnualMinimumRent      perSquareFoot |   |
| Publix                     |   |                 | 54     |   |                  |   | 2,415,977 |                    |   |   | 14.1%                                 |   |   | $                                             | 19,074,490 |   |                                        |   | 10.4% |   |   | $ | 7.90 |   |
| Supervalu                  |   |                 | 7      |   |                  |   | 458,273   |                    |   |   | 2.7%                                  |   |   |                                          | 8,302,236  |   |                                        |   | 4.5% |   |   |   | 18.12 |   |
| Kroger                     |   |                 | 13     |   |                  |   | 747,025   |                    |   |   | 4.4%                                  |   |   |                                          | 6,057,487  |   |                                        |   | 3.3% |   |   |   | 8.11 |   |
| Bed      Bath & Beyond |   |                 | 10     |   |                  |   | 321,490   |                    |   |   | 1.9%                                  |   |   |                                          | 3,620,831  |   |                                        |   | 2.0% |   |   |   | 11.26 |   |
| Winn      Dixie            |   |                 | 10     |   |                  |   | 476,128   |                    |   |   | 2.8%                                  |   |   |                                          | 2,891,202  |   |                                        |   | 1.6% |   |   |   | 6.07 |   |
| TJ      Maxx Companies     |   |                 | 10     |   |                  |   | 310,658   |                    |   |   | 1.8%                                  |   |   |                                          | 2,556,245  |   |                                        |   | 1.4% |   |   |   | 8.23 |   |
| LA      Fitness            |   |                 | 3      |   |                  |   | 144,307   |                    |   |   | 0.8%                                  |   |   |                                          | 2,517,941  |   |                                        |   | 1.4% |   |   |   | 17.45 |   |
| Blockbuster                |   |                 | 23     |   |                  |   | 122,124   |                    |   |   | 0.7%                                  |   |   |                                          | 2,277,865  |   |                                        |   | 1.2% |   |   |   | 18.65 |   |
| CVS      Pharmacy          |   |                 | 14     |   |                  |   | 152,365   |                    |   |   | 0.9%                                  |   |   |                                          | 2,222,981  |   |                                        |   | 1.2% |   |   |   | 14.59 |   |
| Office      Depot          |   |                 | 7      |   |                  |   | 190,206   |                    |   |   | 1.1%                                  |   |   |                                          | 2,063,628  |   |                                        |   | 1.1% |   |   |   | 10.85 |   |
| Total      top ten tenants |   |                 | 151    |   |                  |   | 5,338,553 |                    |   |   | 31.2%                                 |   |   | $                                             | 51,584,906 |   |                                        |   | 28.1% |   |   | $ | 9.66 |   |

----

Table of Contents

| ALL      TENANTS  |   |
|-------------------|--------|
| Year              |   | Number      of Leases |   |   | GLA      (square feet) |   |   | Percent      of Total GLA |   |   | Annualized      Minimum Rent at Expiration |   |   | Percent      of Aggregate Annualized Minimum Rent at Expiration |   |   | Average      Annual Minimum Rent per Square Foot at Expiration |   |
| M-T-M             |   |   | 91 |   |   |   | 186,275 |   |   |   |   1.1% |   |   | $ | 2,632,686 |   |   |   |        1.4% |   |   | $ | 14.13 |   |
| 2008              |   |   | 591 |   |   |   | 1,395,686 |   |   |   |        8.2% |   |   |   | 21,132,295 |   |   |   |  11.1% |   |   |   | 15.14 |   |
| 2009              |   |   | 557 |   |   |   | 1,985,673 |   |   |   |  11.6% |   |   |   | 24,580,784 |   |   |   |  12.9% |   |   |   | 12.38 |   |
| 2010              |   |   | 553 |   |   |   | 2,097,306 |   |   |   |  12.3% |   |   |   | 25,283,953 |   |   |   |  13.2% |   |   |   | 12.06 |   |
| 2011              |   |   | 371 |   |   |   | 1,989,203 |   |   |   |  11.6% |   |   |   | 23,618,759 |   |   |   |  12.4% |   |   |   | 11.87 |   |
| 2012              |   |   | 313 |   |   |   | 1,748,605 |   |   |   |  10.2% |   |   |   | 20,506,557 |   |   |   |  10.7% |   |   |   | 11.73 |   |
| 2013              |   |   | 75 |   |   |   | 991,322 |   |   |   |   5.8% |   |   |   | 9,981,112 |   |   |   |        5.2% |   |   |   | 10.07 |   |
| 2014              |   |   | 45 |   |   |   | 792,319 |   |   |   |        4.6% |   |   |   | 6,830,088 |   |   |   |        3.6% |   |   |   | 8.62 |   |
| 2015              |   |   | 33 |   |   |   | 399,382 |   |   |   |        2.3% |   |   |   | 4,393,324 |   |   |   |        2.3% |   |   |   | 11.00 |   |
| 2016              |   |   | 34 |   |   |   | 910,930 |   |   |   |        5.3% |   |   |   | 13,697,924 |   |   |   |        7.1% |   |   |   | 15.04 |   |
| 2017              |   |   | 32 |   |   |   | 592,401 |   |   |   |        3.4% |   |   |   | 7,270,278 |   |   |   |        3.8% |   |   |   | 12.27 |   |
| Thereafter        |   |   | 110 |   |   |   | 2,830,598 |   |   |   |  16.4% |   |   |   | 31,255,786 |   |   |   |  16.3% |   |   |   | 11.04 |   |
| Sub-total/Average |   |   | 2,805 |   |   |   | 15,919,700 |   |   |   |  93.2% |   |   | $ | 191,183,546 |   |   |   | 100.0% |   |   | $ | 12.01 |   |
| Vacant            |   |   | 375 |   |   |   | 1,158,762 |   |   |   |        6.8% |   |   | NA |   |   | NA |   |   | NA |   |
| Total/Average     |   |   | 3,180 |   |   |   | 17,078,462 |   |   |   | 100.0% |   |   | $ | 191,183,546 |   |   |   | 100.0% |   |   | NA |   |

| ANCHOR      TENANTS > 10,000 SF |   |
|------------------------------------|--------|
| Year                               |   | Number      of Leases |   |   | GLA      (square feet) |   |   | Percent      of Total GLA |   |   | Annualized      Minimum Rent at Expiration |   |   | Percent      of Aggregate Annualized Minimum Rent at Expiration |   |   | Average      Annual Minimum Rent per Square Foot at Expiration |   |
| M-T-M                              |   |   | 2 |   |   |   | 33,978 |   |   |   |        0.3% |   |   | $ | 390,565 |   |   |   |        0.4% |   |   | $ | 11.49 |   |
| 2008                               |   |   | 13 |   |   |   | 211,324 |   |   |   |        1.9% |   |   |   | 1,461,123 |   |   |   |        1.6% |   |   |   | 6.91 |   |
| 2009                               |   |   | 33 |   |   |   | 886,200 |   |   |   |        8.1% |   |   |   | 6,033,373 |   |   |   |        6.7% |   |   |   | 6.81 |   |
| 2010                               |   |   | 38 |   |   |   | 1,030,540 |   |   |   |        9.5% |   |   |   | 6,340,522 |   |   |   |        7.0% |   |   |   | 6.15 |   |
| 2011                               |   |   | 42 |   |   |   | 1,215,396 |   |   |   |  11.2% |   |   |   | 8,802,132 |   |   |   |        9.7% |   |   |   | 7.24 |   |
| 2012                               |   |   | 32 |   |   |   | 1,093,763 |   |   |   |  10.1% |   |   |   | 7,472,072 |   |   |   |        8.3% |   |   |   | 6.83 |   |
| 2013                               |   |   | 20 |   |   |   | 832,049 |   |   |   |        7.6% |   |   |   | 6,752,824 |   |   |   |        7.5% |   |   |   | 8.12 |   |
| 2014                               |   |   | 16 |   |   |   | 693,616 |   |   |   |        6.4% |   |   |   | 4,788,277 |   |   |   |        5.3% |   |   |   | 6.90 |   |
| 2015                               |   |   | 11 |   |   |   | 324,938 |   |   |   |        3.0% |   |   |   | 2,791,511 |   |   |   |        3.1% |   |   |   | 8.59 |   |
| 2016                               |   |   | 17 |   |   |   | 847,255 |   |   |   |        7.8% |   |   |   | 12,276,939 |   |   |   |  13.6% |   |   |   | 14.49 |   |
| 2017                               |   |   | 13 |   |   |   | 498,622 |   |   |   |        4.6% |   |   |   | 5,325,139 |   |   |   |        5.9% |   |   |   | 10.68 |   |
| Thereafter                         |   |   | 64 |   |   |   | 2,691,630 |   |   |   |  24.7% |   |   |   | 27,871,799 |   |   |   |  30.9% |   |   |   | 10.35 |   |
| Sub-total/Average                  |   |   | 301 |   |   |   | 10,359,311 |   |   |   |  95.2% |   |   | $ | 90,306,276 |   |   |   | 100.0% |   |   | $ | 8.72 |   |
| Vacant                             |   |   | 19 |   |   |   | 520,089 |   |   |   |        4.8% |   |   | NA |   |   |        NA |   |   | NA |   |
| Total/Average                      |   |   | 320 |   |   |   | 10,879,400 |   |   |   | 100.0% |   |   | $ | 90,306,276 |   |   |   | 100.0% |   |   | NA |   |

----

Table of Contents

| LOCAL      TENANTS < 10,000 SF |   |
|-----------------------------------|--------|
| Year                              |   | Number      of Leases |   |   | GLA      (square feet) |   |   | Percent      of Total GLA |   |   | Annualized      Minimum Rent at Expiration |   |   | Percent      of Aggregate Annualized Minimum Rent at Expiration |   |   | Average      Annual Minimum Rent per Square Foot at Expiration |   |
| M-T-M                             |   |   | 89 |   |   |   | 152,297 |   |   |   |        2.5% |   |   | $ | 2,242,121 |   |   |   | 2.2 | % |   | $ | 14.72 |   |
| 2008                              |   |   | 578 |   |   |   | 1,184,362 |   |   |   |  19.1% |   |   |   | 19,671,172 |   |   |   | 19.5 | % |   |   | 16.61 |   |
| 2009                              |   |   | 524 |   |   |   | 1,099,473 |   |   |   |  17.7% |   |   |   | 18,547,411 |   |   |   | 18.4 | % |   |   | 16.87 |   |
| 2010                              |   |   | 515 |   |   |   | 1,066,766 |   |   |   |  17.2% |   |   |   | 18,943,431 |   |   |   | 18.8 | % |   |   | 17.76 |   |
| 2011                              |   |   | 329 |   |   |   | 773,807 |   |   |   |  12.5% |   |   |   | 14,816,627 |   |   |   | 14.7 | % |   |   | 19.15 |   |
| 2012                              |   |   | 281 |   |   |   | 654,842 |   |   |   |  10.6% |   |   |   | 13,034,485 |   |   |   | 12.9 | % |   |   | 19.90 |   |
| 2013                              |   |   | 55 |   |   |   | 159,273 |   |   |   |        2.6% |   |   |   | 3,228,288 |   |   |   | 3.2 | % |   |   | 20.27 |   |
| 2014                              |   |   | 29 |   |   |   | 98,703 |   |   |   |        1.6% |   |   |   | 2,041,811 |   |   |   | 2.0 | % |   |   | 20.69 |   |
| 2015                              |   |   | 22 |   |   |   | 74,444 |   |   |   |        1.2% |   |   |   | 1,601,813 |   |   |   | 1.6 | % |   |   | 21.52 |   |
| 2016                              |   |   | 17 |   |   |   | 63,675 |   |   |   |        1.0% |   |   |   | 1,420,985 |   |   |   | 1.4 | % |   |   | 22.32 |   |
| 2017                              |   |   | 19 |   |   |   | 93,779 |   |   |   |        1.5% |   |   |   | 1,945,139 |   |   |   | 1.9 | % |   |   | 20.74 |   |
| Thereafter                        |   |   | 46 |   |   |   | 138,968 |   |   |   |        2.2% |   |   |   | 3,383,987 |   |   |   | 3.4 | % |   |   | 24.35 |   |
| Sub-total/Average                 |   |   | 2,504 |   |   |   | 5,560,389 |   |   |   |  89.7% |   |   | $ | 100,877,270 |   |   |   | 100.0 | % |   | $ | 18.14 |   |
| Vacant                            |   |   | 356 |   |   |   | 638,673 |   |   |   |  10.3% |   |   | NA |   |   | NA |   |   | NA |   |
| Total/Average                     |   |   | 2,860 |   |   |   | 6,199,062 |   |   |   | 100.0% |   |   | $ | 100,877,270 |   |   |   | 100.0 | % |   | NA |   |

| ITEM      3.    | LEGAL      PROCEEDINGS |
|--------------------------------|------------------------|

| ITEM      4.   | SUBMISSION OF MATTERS TO A VOTE OF SECURITY    HOLDERS |
|--------------------------|--------------------------------------------------------|

----

Table of Contents

| ITEM      5.   | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER      MATTERS AND ISSUER PURCHASES OF EQUITY  SECURITIES |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------|

|                      |   |   |   |   |   |   |   |                  |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|-----------------------|--------|
|                      |   | High   |   |   | Low    |   |   | DistributionsDeclared |   |
| First      Quarter, 2007  |   | $      | 28.76  |   |   | $      | 25.52  |                  |   | $ | 0.30 |   |
| Second      Quarter, 2007 |   | $      | 29.30  |   |   | $      | 25.55  |                  |   | $ | 0.30 |   |
| Third      Quarter, 2007  |   | $      | 28.09  |   |   | $      | 22.77  |                  |   | $ | 0.30 |   |
| Fourth      Quarter, 2007 |   | $      | 28.68  |   |   | $      | 21.49  |                  |   | $ | 0.30 |   |
|                      |   |   |   |   |   |   |   |                  |   |   |   |   |
| First      Quarter, 2006  |   | $      | 24.90  |   |   | $      | 22.40  |                  |   | $ | 0.30 |   |
| Second      Quarter, 2006 |   | $      | 24.00  |   |   | $      | 20.48  |                  |   | $ | 1.30 | (1) |
| Third      Quarter, 2006  |   | $      | 25.48  |   |   | $      | 21.15  |                  |   | $ | 0.30 |   |
| Fourth      Quarter, 2006 |   | $      | 28.14  |   |   | $      | 23.89  |                  |   | $ | 0.30 |   |
|                      |   |   |   |   |   |   |   |                  |   |   |   |   |

----

Table of Contents

----

Table of Contents

| ITEM      6.    | SELECTED FINANCIAL DATA |
|--------------------------------|-------------------------|

|                                                              |   | Years      Ended December 31,                                       |      |
|-------------------------------------------------------------------|--------|---------------------------------------------------------------------|-----------|
|                                                              |   | 2007                                                                |      |   | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
|                                                              |   | (in      thousands other than per share, percentage and ratio data) |      |
| Statement of Operations      Data:(1)                             |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      rental income                                          |   | $                                                                   | 246,613   |   |   | $ | 224,777 |   |   | $ | 201,781 |   |   | $ | 178,998 |   |   | $ | 137,647 |   |
| Property      operating expenses                                  |   |                                                                | 64,500    |   |   |   | 61,161 |   |   |   | 51,355 |   |   |   | 45,837 |   |   |   | 39,727 |   |
| Property      management and leasing services                     |   |                                                                | 963       |   |   |   | 1,861 |   |   |   | 229 |   |   |   | 82 |   |   |   | 42 |   |
| Rental      property depreciation and amortization                |   |                                                                | 46,103    |   |   |   | 40,312 |   |   |   | 33,467 |   |   |   | 28,655 |   |   |   | 20,675 |   |
| General      and administrative expenses                          |   |                                                                | 25,846    |   |   |   | 29,757 |   |   |   | 19,734 |   |   |   | 18,708 |   |   |   | 12,694 |   |
| Total      operating expenses                                     |   |                                                                | 137,412   |   |   |   | 133,091 |   |   |   | 104,785 |   |   |   | 93,282 |   |   |   | 73,138 |   |
| Interest      expense                                             |   |                                                                | (66,663   | ) |   |   | (53,983 | ) |   |   | (47,308 | ) |   |   | (40,987 | ) |   |   | (32,157 | ) |
| Amortization      of deferred financing fees                      |   |                                                                | (1,680    | ) |   |   | (1,485 | ) |   |   | (1,449 | ) |   |   | (1,329 | ) |   |   | (896 | ) |
| Other      income, net                                            |   |                                                                | 9,893     |   |   |   | 16,628 |   |   |   | 7,941 |   |   |   | 2,704 |   |   |   | 1,095 |   |
| Minority      interest                                            |   |                                                                | (112      | ) |   |   | (206 | ) |   |   | (188 | ) |   |   | (576 | ) |   |   | (756 | ) |
| Impairment                                                        |   |                                                                | (1,851    | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Income      from continuing operations                            |   | $                                                                   | 48,788    |   |   | $ | 52,640 |   |   | $ | 55,992 |   |   | $ | 45,528 |   |   | $ | 31,795 |   |
| Net      income                                                   |   | $                                                                   | 69,385    |   |   | $ | 176,955 |   |   | $ | 92,741 |   |   | $ | 97,804 |   |   | $ | 63,647 |   |
|                                                              |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      earnings per share:                                    |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      from continuing operations                            |   | $                                                                   | 0.67      |   |   | $ | 0.71 |   |   | $ | 0.76 |   |   | $ | 0.65 |   |   | $ | 0.53 |   |
| Net      income                                                   |   | $                                                                   | 0.95      |   |   | $ | 2.40 |   |   | $ | 1.26 |   |   | $ | 1.39 |   |   | $ | 1.06 |   |
| Diluted      earnings per share:                                  |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      from continuing operations                            |   | $                                                                   | 0.67      |   |   | $ | 0.71 |   |   | $ | 0.75 |   |   | $ | 0.63 |   |   | $ | 0.52 |   |
| Net      income                                                   |   | $                                                                   | 0.95      |   |   | $ | 2.38 |   |   | $ | 1.24 |   |   | $ | 1.37 |   |   | $ | 1.05 |   |
|                                                              |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      Sheet Data:                                          |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      rental properties, net of accumulated depreciation     |   | $                                                                   | 1,875,342 |   |   | $ | 1,752,018 |   |   | $ | 1,896,505 |   |   | $ | 1,873,687 |   |   | $ | 1,617,299 |   |
| Total      assets      (2)                                        |   |                                                                | 2,174,384 |   |   |   | 2,069,775 |   |   |   | 2,059,881 |   |   |   | 1,992,292 |   |   |   | 1,677,386 |   |
| Mortgage      notes payable                                       |   |                                                                | 397,112   |   |   |   | 391,647 |   |   |   | 446,925 |   |   |   | 495,056 |   |   |   | 459,103 |   |
| Total      liabilities      (2)                                   |   |                                                                | 1,257,463 |   |   |   | 1,143,108 |   |   |   | 1,085,727 |   |   |   | 1,059,507 |   |   |   | 834,162 |   |
| Minority      interest                                            |   |                                                                | 989       |   |   |   | 989 |   |   |   | 1,425 |   |   |   | 1,397 |   |   |   | 12,672 |   |
| Shareholders’      equity                                   |   |                                                                | 915,932   |   |   |   | 925,678 |   |   |   | 972,729 |   |   |   | 931,388 |   |   |   | 830,552 |   |
|                                                              |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      Data:                                                  |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Funds      from operations(3)                                     |   | $                                                                   | 98,409    |   |   | $ | 110,311 |   |   | $ | 124,836 |   |   | $ | 113,663 |   |   | $ | 89,870 |   |
| Cash      flows from:                                             |   |                                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      activities                                         |   |                                                                | 107,016   |   |   |   | 94,643 |   |   |   | 117,192 |   |   |   | 113,110 |   |   |   | 78,262 |   |
| Investing      activities                                         |   |                                                                | (104,602  | ) |   |   | 114,813 |   |   |   | (82,371 | ) |   |   | (244,851 | ) |   |   | (326,160 | ) |
| Financing      activities                                         |   |                                                                | (1,101    | ) |   |   | (209,558 | ) |   |   | (39,841 | ) |   |   | 135,897 |   |   |   | 245,920 |   |
| GLA      (square feet) at end of period                           |   |                                                                | 17,548    |   |   |   | 18,353 |   |   |   | 19,699 |   |   |   | 19,914 |   |   |   | 19,883 |   |
| Occupancy      of core shopping center portfolio at end of period |   |                                                                | 93.2      | % |   |   | 95.0 | % |   |   | 93.0 | % |   |   | 95.0 | % |   |   | 90.0 | % |
| Dividends      per share                                          |   | $                                                                   | 1.20      |   |   | $ | 2.20 |   |   | $ | 1.17 |   |   | $ | 1.13 |   |   | $ | 1.10 |   |

|   | (1) | Reclassified      to reflect the reporting of discontinued  operations. |
|--------|-----|-------------------------------------------------------------------------|

|   | (2) | Amounts      have been reclassified to conform to the 2007  presentation. |
|--------|-----|---------------------------------------------------------------------------|

|   | (3) | We      believe Funds from Operations (“FFO”) (combined with the primary GAAP      presentations) is a useful supplemental measure of our operating      performance that is a recognized metric used extensively by the real      estate industry and, in particular, REITs.  The National      Association of Real Estate Investment Trusts (“NAREIT”) stated in its      April 2002 White Paper on Funds from Operations,  “Historical      cost accounting for real estate assets implicitly assumes that the value      of real estate assets diminish predictably over time.  Since      real estate values instead have historically risen or fallen with market      conditions, many industry investors have considered presentations of      operating results for real estate companies that use historical cost      accounting to be insufficient bythemselves.” |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                       |   |                         |    |
|--------------------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                                       |   | Year      Ended December 31, |    |
|                                                                                       |   | 2007                         |    |   | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
|                                                                                       |   | (In      thousands)          |    |
| Net      income                                                                            |   | $                            | 69,385  |   |   | $ | 176,955 |   |   | $ | 92,741 |   |   | $ | 97,804 |   |   | $ | 63,647 |   |
| Adjustments:                                                                               |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental      property depreciation and amortization, including discontinued      operations |   |                         | 47,514  |   |   |   | 44,791 |   |   |   | 43,445 |   |   |   | 37,215 |   |   |   | 28,007 |   |
| Gain      on disposal of income- producing properties                                      |   |                         | (18,885 | ) |   |   | (112,995 | ) |   |   | (11,460 | ) |   |   | (22,176 | ) |   |   | (3,083 | ) |
| Minority      interest                                                                     |   |                         | 112     |   |   |   | 206 |   |   |   | 110 |   |   |   | 623 |   |   |   | 803 |   |
| Loss      on disposal of fixed assets                                                      |   |                         | 283     |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                       |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      Items:                                                                          |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      on convertible partnership units                                             |   |                         | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 43 |   |
| Pro-rata      share of real estate depreciation from joint ventures                        |   |                         | -       |   |   |   | 1,354 |   |   |   | - |   |   |   | 197 |   |   |   | 453 |   |
| Funds      from operations                                                                 |   | $                            | 98,409  |   |   | $ | 110,311 |   |   | $ | 124,836 |   |   | $ | 113,663 |   |   | $ | 89,870 |   |
|                                                                                       |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                                       |   |                         |   |
|--------------------------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                                       |   | Year      Ended December 31, |   |
|                                                                                       |   | 2007                         |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
|                                                                                       |   | (In      thousands)          |   |
| Earnings      per diluted share*                                                           |   | $                            | 0.95   |   |   | $ | 2.38 |   |   | $ | 1.24 |   |   | $ | 1.37 |   |   | $ | 1.05 |   |
|                                                                                       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustments:                                                                               |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental      property depreciation and amortization, including discontinued      operations |   |                         | 0.65   |   |   |   | 0.60 |   |   |   | 0.58 |   |   |   | 0.52 |   |   |   | 0.45 |   |
| Gain      on disposal of income-producing properties                                       |   |                         | (0.26  | ) |   |   | (1.52 | ) |   |   | (0.15 | ) |   |   | (0.31 | ) |   |   | (0.05 | ) |
| Loss      on disposal of fixed assets                                                      |   |                         | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      items:                                                                          |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pro-rata      share of real estate depreciation from joint ventures                        |   |                         | -      |   |   |   | 0.02 |   |   |   | - |   |   |   | - |   |   |   | 0.01 |   |
| Funds      from operations per diluted share                                               |   | $                            | 1.34   |   |   | $ | 1.48 |   |   | $ | 1.67 |   |   | $ | 1.58 |   |   | $ | 1.46 |   |
|                                                                                       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|  | ITEM      7.   | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND      RESULTS OF OPERATIONS |
|--|--------------------------|--------------------------------------------------------------------------------------------------|

|   | · | a      3.3% increase in same property net operating income as compared to      2006; |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | an      increase in the average rental rate of 14.6% to $16.02 per square foot on      370 lease renewals aggregating approximately 940,000 square feet;      and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 200      additional new leases totaling 758,122 square feet at an average rental      rate of $12.64 per square foot. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | the      sale of 14 non-core properties and six land parcels for an aggregate      consideration of $77.5 million and an aggregate gain of $21.2      million; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      acquisition of four retail properties, three outparcels and one land      parcel for an aggregate consideration of $133.2 million;    and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      completion of approximately $35.1 million of development and redevelopment      projects. |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | the      issuance of $150.0 million of 6.0% unsecured fixed-rate notes maturing in      September 2017; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | the      prepayment of $11.5 million of certain mortgage  notes. |
|--------|--------|------------------------------------------------------------------|

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|                                                   |   |                                 |    |   |   |   |    |          |   |
|--------------------------------------------------------|--------|--------------------------------------|---------|--------|--------|--------|---------|---------------|--------|
|                                                   |   |                                 |    |   |   |   |    |          |   |
|                                                   |   | For      the year ended December 31, |    |
|                                                   |   | 2007                                 |    |   | 2006   |   |    | %      Change |   |
|                                                   |   | (in      thousands)                  |    |   |   |   |
| Total      rental revenue                              |   | $                                    | 246,613 |   |   | $      | 224,777 |          |   |   | 9.7 | % |
| Property      operating expenses                       |   |                                 | 64,500  |   |   |   | 61,161  |          |   |   | 5.5 | % |
| Management      and leasing services expenses          |   |                                 | 963     |   |   |   | 1,861   |          |   |   | -48.3 | % |
| Rental      property depreciation and amortization     |   |                                 | 46,103  |   |   |   | 40,312  |          |   |   | 14.4 | % |
| General      and administrative expenses               |   |                                 | 25,846  |   |   |   | 29,757  |          |   |   | -13.1 | % |
| Investment      income                                 |   |                                 | 7,329   |   |   |   | 7,487   |          |   |   | -2.1 | % |
| Equity      in income of unconsolidated joint ventures |   |                                 | -       |   |   |   | 1,650   |          |   |   | -100.0 | % |
| Interest      expense                                  |   |                                 | 66,663  |   |   |   | 53,983  |          |   |   | 23.5 | % |
| Gain      on sale of real estate                       |   |                                 | 2,537   |   |   |   | 6,937   |          |   |   | -63.4 | % |
| Impairment      loss                                   |   |                                 | 1,851   |   |   |   | -       |          |   |   | N/A |   |
| Income      from discontinued operations               |   |                                 | 20,597  |   |   |   | 124,315 |          |   |   | -83.4 | % |
| Net      income                                        |   |                                 | 69,385  |   |   |   | 176,955 |          |   |   | -60.8 | % |
|                                                   |   |                                 |    |   |   |   |    |          |   |   |   |   |
|                                                   |   |                                 |    |   |   |   |    |          |   |   |   |   |

|   | · | an      increase of approximately $20.0 million associated with properties      acquired in 2007 and 2006; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of approximately $2.2 million in same-property revenue due      primarily to higher rental rates, tenant expense recovery income and      percentage rent income; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of approximately $1.5 million related to the completion of      various development/redevelopment projects, partly offset by a decrease of      $300,000 for development/redevelopment projects currently under      construction; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      decrease of approximately $1.0 million associated with property      management, leasing and accounting services revenue for a portfolio of      Texas properties, which services were terminated in the second quarter of      2007; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | a      decrease of approximately $600,000 in non-retail property      revenue. |
|--------|--------|--------------------------------------------------------------------------------|

|   | · | an      increase of approximately $5.4 million related to properties acquired in      2007 and 2006; |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | an      increase of $800,000 related to the completion of various      development/redevelopmentproperties; |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | a      decrease of approximately $2.0 million in property operating costs partly      due to lower common area maintenance expense, property      management/maintenance salary, lease termination expense, hurricane      expense and real estate tax expense partially offset by higher insurance      and bad debt provision expense; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      decrease of $200,000 in general operating expenses for our non-retail      properties; and |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | · | a      decrease of approximately $700,000 in office-related expense primarily      related to closing the operation of various property management satellite      locations. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $4.9      million related to the operations of properties acquired in 2007 and      2006; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | the      completion of various development/redevelopment projects increased      depreciation and amortization by $400,000, partially offset by a decrease      of approximately $200,000 of depreciation expense related to projects      currently in various stages of construction;and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | same      property depreciation and amortization increased by $700,000 related to      increased leasing and tenant improvement  activity. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $1.5      million decrease in compensation and employment-related expenses paid in      2006 related to executive management changes partly offset by higher      severance-related expense paid to former employees in 2007 as well as      higher payroll and payroll-relatedexpenses; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | $1.0      million decrease attributable to lower pre-acquisition    costs; |
|--------|--------|----------------------------------------------------------------------------|

|   | · | a      decrease of approximately $700,000 related to lower travel and      entertainment expenses; |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | a      decrease of approximately $400,000 related to lower income      taxes; |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | $400,000      decrease in fees reflecting fewer directors and fewer      meetings; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | a      decrease of approximately $200,000 related to lower general office      expenses; and |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | an      increase of approximately $300,000 of professional fees mainly related to      higher audit fees. |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

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|   | · | an      increase of approximately $7.8 million related to higher total unsecured      senior debt outstanding; |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of approximately $1.7 million related to the decrease in the      amortization of the fair value debt premium related to two unsecured      senior notes that were paid off in April and August  2006; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of approximately $2.6 million of interest expense related to      lower capitalized interest for completed development/redevelopment      projects; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of $1.5 million in mortgage interest which is primarily related      to properties acquired in 2007 and 2006 partly offset by the repayment of      certain mortgages;  and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      decrease of approximately $900,000 related to lower interest expense      associated with our unsecured line of credit  facility. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                   |   |                                 |    |   |   |   |    |          |   |
|--------------------------------------------------------|--------|--------------------------------------|---------|--------|--------|--------|---------|---------------|--------|
|                                                   |   |                                 |    |   |   |   |    |          |   |
|                                                   |   | For      the year ended December 31, |    |
|                                                   |   | 2006                                 |    |   | 2005   |   |    | %      Change |   |
|                                                   |   | (in      thousands)                  |    |   |   |   |
| Total      rental revenue                              |   | $                                    | 224,777 |   |   | $      | 201,781 |          |   |   | 11.4 | % |
| Property      operating expenses                       |   |                                 | 61,161  |   |   |   | 51,355  |          |   |   | 19.1 | % |
| Management      and leasing services expenses          |   |                                 | 1,861   |   |   |   | 229     |          |   |   | 712.7 | % |
| Rental      property depreciation and amortization     |   |                                 | 40,312  |   |   |   | 33,467  |          |   |   | 20.5 | % |
| General      and administrative expenses               |   |                                 | 29,757  |   |   |   | 19,734  |          |   |   | 50.8 | % |
| Investment      income                                 |   |                                 | 7,487   |   |   |   | 7,941   |          |   |   | -5.7 | % |
| Equity      in income of unconsolidated joint ventures |   |                                 | 1,650   |   |   |   | -       |          |   |   | N/A |   |
| Interest      expense                                  |   |                                 | 53,983  |   |   |   | 47,308  |          |   |   | 14.1 | % |
| Gain      on sale of real estate                       |   |                                 | 6,937   |   |   |   | -       |          |   |   | N/A |   |
| Income      from discontinued operations               |   |                                 | 124,315 |   |   |   | 36,749  |          |   |   | 238.3 | % |
| Net      income                                        |   |                                 | 176,955 |   |   |   | 92,741  |          |   |   | 90.8 | % |
|                                                   |   |                                 |    |   |   |   |    |          |   |   |   |   |
|                                                   |   |                                 |    |   |   |   |    |          |   |   |   |   |

|   | · | an      increase of  $14.9 million associated with properties acquired      in 2006 and 2005; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | an      increase of $7.6 million in same property revenue due to higher      termination fees, expense recovery revenue and increases in rental      rates; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of $1.7 million in property management and leasing services      revenue as a result of providing property management and leasing services      for the Texas properties; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      decrease of approximately $1.2 million due to various      development/redevelopment projects. |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | an      increase of approximately $7.0 million related to properties acquired in      2006 and 2005; |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | an      increase of approximately $1.7 million in property operating expenses      primarily due to higher repairs and maintenance expenses;    and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      completion of various development/redevelopment projects increased      operating expenses by approximately $1.1  million. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of $5.6 million related to properties acquired during 2006 and      2005; |
|--------|--------|--------------------------------------------------------------------------------------------|

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|   | · | same      property depreciation and amortization increased by approximately $1.1      million related to leasing and tenant improvement amortization;      and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of approximately $100,000 related to the completion of various      development/redevelopment projects. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of $13.6 million attributable to the issuance in September 2005      of $120.0 million principal amount of 5.375% unsecured senior notes, the      issuance in March 2006 of $125.0 million principal amount of 6.0%      unsecured senior notes and the issuance in August 2006 of $125.0 million      principal amount of 6.25% unsecured senior notes, all of which was      partially offset by the decrease of $1.9 million in interest on the      repayment in March 2006 of the $50.0 million principal amount of 7.77%      unsecured senior notes and the prepayment in August 2006 of the $75.0      million principal amount of 7.25% unsecured senior  notes; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase of $843,000 in interest expense attributable to an increase in      the variable interest rate on the $100.0 million notional principal swap      of our unsecured notes; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      decrease of $2.5 million of interest expense related to an increase in      capitalized interest related to increased development/redevelopment      activity; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      decrease of $2.0 million of interest expense related to the repayment of      certain mortgage notes; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | a      decrease of $1.3 million of interest expense attributable to a lower      outstanding balance on our line ofcredit. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | · | cash      provided by operations that is not distributed to      stockholders, |
|--------|--------|--------------------------------------------------------------------------------|

|   | · | unsecured      debt financing and/or mortgagefinancings, |
|--------|--------|----------------------------------------------------------|

|   | · | proceeds      from the issuance of new debt or equity  securities, |
|--------|--------|--------------------------------------------------------------------|

|   | · | proceeds      of property dispositions, or |
|--------|--------|--------------------------------------------|

|   | · | other      debt and equity alternatives, including formation of joint ventures, in a      manner consistent with our intention to operate with a conservative debt      structure. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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|                                                 |   |                                 |     |   |   |   |     |               |   |
|------------------------------------------------------|--------|--------------------------------------|----------|--------|--------|--------|----------|--------------------|--------|
|                                                 |   |                                 |     |   |   |   |     |               |   |
|                                                 |   | For      the year ended December 31, |     |
|                                                 |   | 2007                                 |     |   | 2006   |   |     | Increase(Decrease) |   |
|                                                 |   | (in      thousands)                  |     |   |   |   |
| Cash      provided by operating activities           |   | $                                    | 107,016  |   |   | $      | 94,643   |               |   | $ | 12,373 |   |
| Cash      provided by (used in) investing activities |   |                                 | (104,602 | )      |   |   | 114,813  |               |   |   | (219,415 | ) |
| Cash      used in financing activities               |   |                                 | (1,101   | )      |   |   | (209,558 | )                  |   |   | 208,457 |   |
| Cash      and cash equivalents, end of year          |   |                                 | 1,313    |   |   |   | -        |               |   |   | 1,313 |   |
|                                                 |   |                                 |     |   |   |   |     |               |   |   |   |   |

----

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|                                       |   |
|--------------------------------------------|--------|
| Payments      due by period                |   |
|                                       |   |   |   |   | Less      than |   |   |   |   |   | 3-5      years |   |   | More      than |   |
| Contractual      Obligations               |   | Total |   |   | 1      year |   |   | 1-3      years |   |   |   |   |   | 5      years |   |
|                                       |   | (In      thousands) |   |
| Mortgage      notes payable:               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Scheduled      amortization                |   | $ | 98,601 |   |   | $ | 10,986 |   |   | $ | 29,874 |   |   | $ | 20,638 |   |   | $ | 37,103 |   |
| Balloon      payments                      |   |   | 298,511 |   |   |   | 23,104 |   |   |   | 183,435 |   |   |   | 79,211 |   |   |   | 12,761 |   |
| Total      mortgage obligations            |   |   | 397,112 |   |   |   | 34,090 |   |   |   | 213,309 |   |   |   | 99,849 |   |   |   | 49,864 |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unsecured      revolving credit facilities |   |   | 37,000 |   |   |   | - |   |   |   | 37,000 |   |   |   | - |   |   |   | - |   |
| Unsecured      senior notes(1)             |   |   | 745,000 |   |   |   | - |   |   |   | 200,000 |   |   |   | 25,000 |   |   |   | 520,000 |   |
| Capital      leases                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Operating      leases                      |   |   | 547,253 |   |   |   | 202,670 |   |   |   | 180,392 |   |   |   | 90,524 |   |   |   | 73,667 |   |
| Construction      commitments              |   |   | 8,108 |   |   |   | 6,908 |   |   |   | 1,200 |   |   |   | - |   |   |   | - |   |
| Total      contractual obligations         |   | $ | 1,734,473 |   |   | $ | 243,668 |   |   | $ | 631,901 |   |   | $ | 215,373 |   |   | $ | 643,531 |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | (1) | $100      million of the outstanding balance has been swapped to a floating interest      rate based on the six-month LIBOR in arrears, plus 0.4375%.  The      contractual obligations for the unsecured senior notes do not reflect this      interest rate swap. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |   |                        |    |
|-----------------------------------------------|--------|-----------------------------|---------|
|                                          |   | Payments      due by period |    |
|                                          |   |                        |    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   | Total                       |    |   | Less      than1      year |   |   | 1-3      years |   |   | 3-5      years |   |   | More      than5      years |   |
|                                          |   | (In      thousands)         |    |
|                                          |   | (In      thousands)         |    |
|                                          |   |                        |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage      notes                           |   | $                           | 127,212 |   |   | $ | 28,187 |   |   | $ | 47,317 |   |   | $ | 23,911 |   |   | $ | 27,797 |   |
| Unsecured      senior notes(2)                |   |                        | 293,415 |   |   |   | 41,632 |   |   |   | 68,366 |   |   |   | 63,648 |   |   |   | 119,769 |   |
| Unsecured      revolving credit facilities(3) |   |                        | 1,936   |   |   |   | 1,850 |   |   |   | 86 |   |   |   | - |   |   |   | - |   |
| Total      interest obligations               |   | $                           | 422,563 |   |   | $ | 71,669 |   |   | $ | 115,769 |   |   | $ | 87,559 |   |   | $ | 147,566 |   |
|                                          |   |                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | (2) | $100      million of the outstanding principal balance has been swapped to a      floating interest rate based on the six-month LIBOR in arrears, plus      0.4375%.  The interest obligations for the unsecured senior      notes presented above assume that the rate that was in effect at December      31, 2007 remains the same for this interest rate  swap. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Interest      on the unsecured revolving credit facility is variable; these amounts      assume that the weighted average interest rate remains the same as the      rate at December 31, 2007. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                  |   |                   |   |   |          |   |     |   |                |   |
|---------------------------------------|--------|------------------------|--------|--------|---------------|--------|----------|--------|---------------------|--------|
|                                  |   |                   |   |   |          |   |     |   |                |   |
|                                  |   | Balance      at        |   |   |          |   | Maturity |   | Balance      Due    |   |
| Property                              |   | December      31, 2007 |   |   | Rate      (1) |   | date     |   | at      Maturity    |   |
|                                  |   | (in      thousands)    |   |   |          |   |     |   | (in      thousands) |   |
| Mortgage      debt                    |   |                   |   |   |          |   |     |   |                |   |
| Pine      Island/Ridge Plaza          |   | $                      | 23,336 |   |          |   | 6.910    | %      | 07/01/08            |   | $ | 23,104 |   |
| North      Port Shopping Center       |   |                   | 3,667  |   |          |   | 6.650    | %      | 02/08/09            |   |   | 3,526 |   |
| Prosperity      Centre                |   |                   | 4,728  |   |          |   | 7.875    | %      | 03/01/09            |   |   | 4,137 |   |
| Shoppes      at Ibis                  |   |                   | 5,077  |   |          |   | 6.730    | %      | 09/01/09            |   |   | 4,680 |   |
| Tamarac      Town Square              |   |                   | 5,816  |   |          |   | 9.190    | %      | 10/01/09            |   |   | 5,583 |   |
| Park      Promenade                   |   |                   | 6,019  |   |          |   | 8.100    | %      | 02/01/10            |   |   | 5,833 |   |
| Jonathan's      Landing               |   |                   | 2,752  |   |          |   | 8.050    | %      | 05/01/10            |   |   | 2,639 |   |
| Bluff's      Square                   |   |                   | 9,706  |   |          |   | 8.740    | %      | 06/01/10            |   |   | 9,401 |   |
| Kirkman      Shoppes                  |   |                   | 9,166  |   |          |   | 8.740    | %      | 06/01/10            |   |   | 8,878 |   |
| Ross      Plaza                       |   |                   | 6,393  |   |          |   | 8.740    | %      | 06/01/10            |   |   | 6,192 |   |
| Shoppes      of Andros Isle           |   |                   | 6,259  |   |          |   | 7.900    | %      | 06/10/10            |   |   | 5,800 |   |
| Boynton      Plaza                    |   |                   | 7,167  |   |          |   | 8.030    | %      | 07/01/10            |   |   | 6,902 |   |
| Pointe      Royale                    |   |                   | 3,409  |   |          |   | 7.950    | %      | 07/15/10            |   |   | 2,502 |   |
| Shops      at Skylake                 |   |                   | 12,996 |   |          |   | 7.650    | %      | 08/01/10            |   |   | 11,644 |   |
| Parkwest      Crossing                |   |                   | 4,527  |   |          |   | 8.100    | %      | 09/01/10            |   |   | 4,352 |   |
| Spalding      Village                 |   |                   | 9,146  |   |          |   | 8.190    | %      | 09/01/10            |   |   | 7,932 |   |
| Charlotte      Square                 |   |                   | 3,317  |   |          |   | 9.190    | %      | 02/01/11            |   |   | 2,992 |   |
| Forest      Village                   |   |                   | 4,273  |   |          |   | 7.270    | %      | 04/01/11            |   |   | 4,044 |   |
| Boca      Village                     |   |                   | 7,900  |   |          |   | 7.200    | %      | 05/01/11            |   |   | 7,466 |   |
| MacLand      Pointe                   |   |                   | 5,581  |   |          |   | 7.250    | %      | 05/01/11            |   |   | 5,268 |   |
| Pine      Ridge Square                |   |                   | 6,988  |   |          |   | 7.020    | %      | 05/01/11            |   |   | 6,580 |   |
| Sawgrass      Promenade               |   |                   | 7,900  |   |          |   | 7.200    | %      | 05/01/11            |   |   | 7,466 |   |
| Presidential      Markets             |   |                   | 26,225 |   |          |   | 7.650    | %      | 06/01/11            |   |   | 24,863 |   |
| Lake      Mary Centre                 |   |                   | 23,406 |   |          |   | 7.250    | %      | 11/01/11            |   |   | 21,973 |   |
| Lake      St. Charles                 |   |                   | 3,691  |   |          |   | 7.130    | %      | 11/01/11            |   |   | 3,461 |   |
| Belfair      Towne Village            |   |                   | 10,509 |   |          |   | 7.320    | %      | 12/01/11            |   |   | 9,322 |   |
| Marco      Town Center                |   |                   | 8,046  |   |          |   | 6.700    | %      | 01/01/12            |   |   | 7,150 |   |
| Riverside      Square                 |   |                   | 7,209  |   |          |   | 9.190    | %      | 03/01/12            |   |   | 6,458 |   |
| Cashmere      Corners                 |   |                   | 4,793  |   |          |   | 5.880    | %      | 11/01/12            |   |   | 4,084 |   |
| Eastwood                              |   |                   | 5,711  |   |          |   | 5.880    | %      | 11/01/12            |   |   | 4,866 |   |
| Meadows      Shopping Center          |   |                   | 6,001  |   |          |   | 5.870    | %      | 11/01/12            |   |   | 5,113 |   |
| Sparkleberry      Square (Kohl's) (2) |   |                   | 6,242  |   |          |   | 6.170    | %      | 11/30/12            |   |   | 5,374 |   |
| Lutz      Lake Crossing               |   |                   | 7,500  |   |          |   | 6.280    | %      | 12/01/12            |   |   | 7,012 |   |
| Midpoint      Center                  |   |                   | 6,552  |   |          |   | 5.770    | %      | 07/10/13            |   |   | 5,458 |   |
| Buckhead      Station                 |   |                   | 27,355 |   |          |   | 6.880    | %      | 09/01/13            |   |   | 23,584 |   |
| Alafaya      Village                  |   |                   | 4,032  |   |          |   | 5.990    | %      | 11/11/13            |   |   | 3,603 |   |
| Summerlin      Square                 |   |                   | 2,672  |   |          |   | 6.750    | %      | 02/01/14            |   |   | - |   |
| South      Point                      |   |                   | 8,014  |   |          |   | 5.720    | %      | 07/10/14            |   |   | 6,509 |   |
| Bird      Ludlum                      |   |                   | 7,565  |   |          |   | 7.680    | %      | 02/15/15            |   |   | - |   |
| Treasure      Coast Plaza             |   |                   | 3,575  |   |          |   | 8.000    | %      | 04/01/15            |   |   | - |   |
| Shoppes      of Silverlakes I         |   |                   | 2,085  |   |          |   | 7.750    | %      | 07/01/15            |   |   | - |   |
| Grassland      Crossing               |   |                   | 5,274  |   |          |   | 7.870    | %      | 12/01/16            |   |   | 2,601 |   |
| Mableton      Crossing                |   |                   | 3,736  |   |          |   | 6.850    | %      | 08/15/18            |   |   | 1,869 |   |

----

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|                                            |   |                   |    |   |          |                        |     |              |                |   |
|-------------------------------------------------|--------|------------------------|---------|--------|---------------|-----------------------------|----------|-------------------|---------------------|--------|
|                                            |   |                   |    |   |          |                        |     |              |                |   |
|                                            |   | Balance      at        |    |   |          |                        | Maturity |              | Balance      Due    |   |
| Property                                        |   | December      31, 2007 |    |   | Rate      (1) |                        | date     |              | at      Maturity    |   |
|                                            |   | (in      thousands)    |    |   |          |                        |     |              | (in      thousands) |   |
| Sparkleberry      Square (Kroger) (2)           |   | $                      | 6,954   |   |          |                        | 6.750%   |              | 06/30/20            |   | $ | - |   |
| BridgeMill                                      |   |                   | 8,829   |   |          |                        | 7.940%   |              | 05/05/21            |   |   | 3,761 |   |
| Westport      Plaza                             |   |                   | 4,573   |   |          |                        | 7.490%   |              | 08/24/23            |   |   | 1,221 |   |
| Chastain      Square                            |   |                   | 3,491   |   |          |                        | 6.500%   |              | 02/28/24            |   |   | - |   |
| Daniel      Village                             |   |                   | 3,816   |   |          |                        | 6.500%   |              | 02/28/24            |   |   | - |   |
| Douglas      Commons                            |   |                   | 4,546   |   |          |                        | 6.500%   |              | 02/28/24            |   |   | - |   |
| Fairview      Oaks                              |   |                   | 4,303   |   |          |                        | 6.500%   |              | 02/28/24            |   |   | - |   |
| Madison      Centre                             |   |                   | 3,491   |   |          |                        | 6.500%   |              | 02/28/24            |   |   | - |   |
| Paulding      Commons                           |   |                   | 5,926   |   |          |                        | 6.500%   |              | 02/28/24            |   |   | - |   |
| Siegen Village                                  |   |                   | 3,855   |   |          |                        | 6.500%   |              | 02/28/24            |   |   | - |   |
| Wesley Chapel Crossing                          |   |                   | 3,044   |   |          |                        | 6.500%   |              | 02/28/24            |   |   | - |   |
| Webster      Plaza                              |   |                   | 7,968   |   |          |                        | 8.070%   |              | 08/15/24            |   |   | 2,746 |   |
| Total      mortgage debt (55 loans outstanding) |   | $                      | 397,112 |   |          |                        | 7.420%   |              | 4.5                 |   | $ | 297,948 |   |
|                                            |   |                   |    |   |          | (wtd-avginterest      rate) |     | (wtd-avgmaturity) |                |   |   |   |

| (1) | The      rate in effect on December 31,2007. |
|-----|----------------------------------------------|

| (2) | Sparkleberry      Square is encumbered by two separatemortgages. |
|-----|------------------------------------------------------------------|

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|                                                           |   |                   |    |   |          |                                                      |              |     |                |   |
|----------------------------------------------------------------|--------|------------------------|---------|--------|---------------|-----------------------------------------------------------|-------------------|----------|---------------------|--------|
|                                                           |   |                   |    |   |          |                                                      |              |     |                |   |
|                                                           |   | Balance      at        |    |   |          |                                                      | Maturity          |     | Balance      Due    |   |
| Revolving      credit facilities                               |   | December      31, 2007 |    |   | Rate      (1) |                                                      | date              |     | at      Maturity    |   |
|                                                           |   | (in      thousands)    |    |   |          |                                                      |              |     | (in      thousands) |   |
|                                                           |   |                   |    |   |          |                                                      |              |     |                |   |
| 3.875%      senior notes      (2)                              |   | $                      | 200,000 |   |          |                                                      | 3.875             | %        | 04/15/09            |   | $ | 200,000 |   |
| Fair      value of $100MM fixed-to-floating interest rate swap |   |                   | (315    | )      |          | 6-month      Libor + 0.4375                               | %                 | 04/15/09 |                |   | (315 | ) |
| 7.84%      senior notes                                        |   |                   | 25,000  |   |          |                                                      | 7.840             | %        | 01/23/12            |   |   | 25,000 |   |
| 5.375%      senior notes                                       |   |                   | 120,000 |   |          |                                                      | 5.375             | %        | 10/15/15            |   |   | 120,000 |   |
| 6.00%      senior notes                                        |   |                   | 125,000 |   |          |                                                      | 6.000             | %        | 09/15/16            |   |   | 125,000 |   |
| 6.25%      senior notes                                        |   |                   | 125,000 |   |          |                                                      | 6.250             | %        | 01/15/17            |   |   | 125,000 |   |
| 6.00%      senior notes                                        |   |                   | 150,000 |   |          |                                                      | 6.000             | %        | 09/15/17            |   |   | 150,000 |   |
|                                                           |   |                   |    |   |          |                                                      |              |     |                |   |   |   |   |
| Total      unsecured senior notes payable                      |   | $                      | 744,685 |   |          |                                                      | 5.674             | %        | 7.55                |   | $ | 744,685 |   |
|                                                           |   |                   |    |   |          | (wtd-avg          interest      rate) | (wtd-avgmaturity) |     |                |   |   |
|                                                           |   |                   |    |   |          |                                                      |              |     |                |   |   |   |   |

| (1) | The      rate in effect on December 31,2007. |
|-----|----------------------------------------------|

|  (2) | $100.0      million of the outstanding balance has been swapped to a floating interest      rate based on the six-month LIBOR in arrears, plus 0.4375%.  The      indicated rate and weighted average rate for the unsecured senior notes do      not reflect this interest rateswap. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                   |   |                   |   |   |          |             |     |     |                |   |
|----------------------------------------|--------|------------------------|--------|--------|---------------|------------------|----------|----------|---------------------|--------|
|                                   |   |                   |   |   |          |             |     |     |                |   |
|                                   |   | Balance      at        |   |   |          |             | Maturity |     | Balance      Due    |   |
| Revolving      credit facilities       |   | December      31, 2007 |   |   | Rate      (1) |             | date     |     | at      Maturity    |   |
|                                   |   | (in      thousands)    |   |   |          |             |     |     | (in      thousands) |   |
|                                   |   |                   |   |   |          |             |     |     |                |   |
| $275MM      Wells Fargo Unsecured      |   | $                      | 37,000 |   |          |             | 5.000    | %        | 01/17/09            |   | $ | 37,000 |   |
| $5MM      City National Bank Unsecured |   |                   | -      |   |          | LIBOR      + 1.0 | %        | 05/11/07 |                |   | - |   |
| Total      revolving credit facilities |   | $                      | 37,000 |   |          |             |     |     |                |   | $ | 37,000 |   |
|                                   |   |                   |   |   |          |             |     |     |                |   |   |   |   |

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| ITEM      7A.    | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK |
|---------------------------------|-----------------------------------------------------------------|

----

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| ITEM      8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY  DATA |
|--------------|----------------------------------------------|

| ITEM      9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING      AND FINANCIAL      DISCLOSURE |
|--------------|-----------------------------------------------------------------------------------------------------|

| ITEM      9A.     | CONTROLS AND PROCEDURES |
|---------------------------------------|-------------------------|

| ITEM      9B. |  OTHER INFORMATION |
|---------------|-------------------------|

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| ITEM      10. | DIRECTORS AND EXECUTIVE OFFICERS OF THE    REGISTRANT |
|---------------|-------------------------------------------------------|

| ITEM      11. | EXECUTIVECOMPENSATION |
|---------------|-----------------------|

| ITEM      12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT      AND RELATD STOCKHOLDERMATTERS |
|---------------|---------------------------------------------------------------------------------------------------|

| Plan      category                                                 |   | Number      of securitiesto      be issued uponexercise      of outstandingoptions,      warrants andrights |      |   | Weighted-averageexercise      price ofoutstanding      options,warrants      and rights |   |   | Number      of securitiesremaining      availablefor      future issuanceunder      equitycompensation      plans(excluding      securitiesreflected      in column(a)) |   |
|--------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|-----------|--------|-----------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                               |   | (a)                                                                                                         |      |   | (b)                                                                                     |   |   | (c)                                                                                                                                                                     |   |
| Equity      compensation plans approved by security holders(1)     |   |                                                                                                        | 1,959,943 |   |                                                                                    | $      | 23.69  |                                                                                                                                                                    |   |   | 3,669,716 |   |
| Equity      compensation plans not approved by security holders(1) |   |                                                                                                        | 364,660   |   |                                                                                    | $      | 24.70  |                                                                                                                                                                    |   |   | - |   |
| Total                                                              |   |                                                                                                        | 2,324,603 |   |                                                                                    | $      | 23.85  |                                                                                                                                                                    |   |   | 3,669,716 |   |

|   | (1) | Includes      information related to our 1995 Stock Option Plan, 2000 Executive      Incentive Compensation Plan, 1989 IRT Stock Option Plan and 1998 IRT      Long-Term Incentive Plan. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM      13. | CERTAIN RELATIONSHIPS AND RELATED  TRANSACTIONS |
|---------------|-------------------------------------------------|

| ITEM 14. | PRINCIPAL      ACCOUNTANT FEES AND SERVICES |
|----------|---------------------------------------------|

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| ITEM 15. | EXHIBITS      AND FINANCIAL STATEMENT SCHEDULES                                                                         |                                                                                                                                |
|----------|-------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|
| (a)      | The      following consolidated financial information is included as a separate      section of this Form 10-K:    |                                                                                                                                |
|     |                                                                                                                    |                                                                                                                                |   |
|     | 1.                                                                                                                      | Financial      Statements:                                                                                                          |   |
|     |                                                                                                                    |                                                                                                                                | Page |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Management      Report on Internal Control Over Financial Reporting                                                                 | F-1 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Report      of Independent Registered Public Accounting Firm on Management Report on      Internal Control over Financial Reporting | F-2 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Report      of Independent Registered Public Accounting Firm                                                                        | F-3 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Consolidated      Balance Sheets as of December 31, 2007 and 2006                                                                   | F-4 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Consolidated      Statements of Operations for the years ended December 31, 2007, 2006 and      2005                                | F-5 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Consolidated      Statements of Comprehensive Income for the years ended December 31, 2007,      2006 and 2005                      | F-6 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Consolidated      Statements of Stockholders’ Equity for the years ended December 31, 2007,      2006 and 2005                | F-7 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Consolidated      Statements of Cash Flows for the years ended December 31, 2007, 2006 and      2005                                | F-8      - F-9 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Notes      to the Consolidated Financial Statements                                                                                 | F-10      - F-44 |
|     |                                                                                                                    |                                                                                                                                |    |
|     | 2.                                                                                                                      | Financial      statement schedules required to be filed                                                                             |   |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Schedule      III - Real Estate Investments and Accumulated Depreciation                                                            | S-1      – S-4 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Schedule      IV – Mortgage Loans on Real Estate                                                                              | S-5 |
|     |                                                                                                                    |                                                                                                                                |   |
|     |                                                                                                                    | Schedules      I and V are not required to be filed.                                                                                |   |
|     |                                                                                                                    |                                                                                                                                |   |
| (b)      | Exhibits:      The following exhibits are filed as part of, or incorporated by reference      into, this annual report. |                                                                                                                                |

| EXHIBIT      NO. |   | DESCRIPTION                                                                                                                                                                                |
|------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |   |                                                                                                                                                                                       |
| 3.1              |   | Composite      Charter of the Company (Exhibit 3.1) (1)                                                                                                                                    |
| 3.2              |   | Amended      and Restated Bylaws of the Company (Exhibit 3.2) (2)                                                                                                                          |
| 4.1              |   | Indenture      dated November 9, 1995 between the Company, as successor-by-merger to IRT      Property Company, and SunTrust Bank, as Trustee (Exhibit 4(c))      (3)                      |
| 4.2              |   | Supplemental      Indenture No. 1, dated March 26, 1996, between the Company, as      successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee      (Exhibit 4) (4)      |
| 4.3              |   | Supplemental      Indenture No. 2, dated August 15, 1997, between the Company, as      successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee      (Exhibit 4) (5)     |
| 4.4              |   | Supplemental      Indenture No. 3, dated September 9, 1998, between the Company, as      successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee      (Exhibit 4.1) (6) |
| 4.5              |   | Supplemental      Indenture No. 4, dated November 1, 1999, between the Company, as      successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee      (Exhibit 4.1) (7)  |
| 4.6              |   | Supplemental      Indenture No. 5, dated February 12, 2003, between the Company and SunTrust      Bank, as Trustee (Exhibit 4.1) (8)                                                       |
| 4.7              |   | Supplemental      Indenture No. 6, dated April 23, 2004, between the Company and SunTrust      Bank, as Trustee (Exhibit 4.2) (9)                                                          |
| 4.8              |   | Supplemental      Indenture No. 7, dated May 20, 2005, between the Company and SunTrust      Bank, as Trustee (Exhibit 4.1) (10)                                                           |

----

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| EXHIBIT      NO. |   | DESCRIPTION |
|------------------|--------|-------------|

| 4.9   |   | Indenture,      dated September 9, 1998, between the Company, as successor-by-merger to      IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.2)      (6)                                                                                                                    |
|-------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.10  |   | Supplemental      Indenture No. 1, dated September 9, 1998, between the Company, as      successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee      (Exhibit 4.3) (6)                                                                                                 |
| 4.11  |   | Supplemental      Indenture No. 2, dated November 1, 1999, between the Company, as      successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee      (Exhibit 4.5) (7)                                                                                                  |
| 4.12  |   | Supplemental      Indenture No. 3, dated February 12, 2003, between the Company and SunTrust      Bank, as Trustee (Exhibit 4.2) (8)                                                                                                                                                       |
| 4.13  |   | Supplemental      Indenture No. 4, dated March 26, 2004, between the Company and SunTrust      Bank, as Trustee (Exhibit 4.1) (11)                                                                                                                                                         |
| 4.14  |   | Supplemental      Indenture No. 5, dated April 23, 2004, between the Company and SunTrust      Bank, as Trustee (Exhibit 4.1) (9)                                                                                                                                                          |
| 4.15  |   | Supplemental      Indenture No. 6 dated May 20, 2005, between the Company and SunTrust Bank,      as Trustee (Exhibit 4.2)(10)                                                                                                                                                             |
| 4.16  |   | Supplemental      Indenture No. 7 dated September 20, 2005, between the Company and SunTrust      Bank, as Trustee (Exhibit 4.1)(12)                                                                                                                                                       |
| 4.17  |   | Supplemental      Indenture No. 8 dated December 30, 2005, between the Company and SunTrust      Bank, as Trustee (Exhibit 4.1)(13)                                                                                                                                                        |
| 4.18  |   | Supplemental      Indenture No. 9 dated March 10, 2006 between the Company and SunTrust      Bank, as Trustee (Exhibit 4.1) (14)                                                                                                                                                           |
| 4.19  |   | Supplemental      Indenture No. 10 dated August 18, 2006 between the Company and SunTrust      Bank, as Trustee (Exhibit 4.1) (15)                                                                                                                                                         |
| 4.20  |   | Supplemental      Indenture No. 11 dated April 18 , 2007, between the Company and U.S.      Bank Nation Association, as Trustee (Exhibit 4.1) (27)                                                                                                                                    |
| 10.1  |   | Form      of Indemnification Agreement (Exhibit 10.1)(16)                                                                                                                                                                                                                                  |
| 10.2  |   | 1995      Stock Option Plan, as amended (17)*                                                                                                                                                                                                                                              |
| 10.3  |   | Amended      and Restated 2000 Executive Incentive Plan (Annex A)  (32)*                                                                                                                                                                                                                   |
| 10.4  |   | Form      of Stock Option Agreement for stock options awarded under the Amended and      Restated 2000 Executive Incentive Plan (Exhibit 10.3)  (19)*                                                                                                                                      |
| 10.5  |   | Form      of Restricted Stock Agreement for restricted stock awarded under the      Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.4)      (19)*                                                                                                                           |
| 10.6  |   | IRT      1989 Stock Option Plan, assumed by the Company (20)*                                                                                                                                                                                                                              |
| 10.7  |   | IRT      1998 Long-Term Incentive Plan, assumed by the Company  (21)*                                                                                                                                                                                                                      |
| 10.8  |   | 2004      Employee Stock Purchase Plan (Annex B) (18)*                                                                                                                                                                                                                                     |
| 10.9  |   | Registration      Rights Agreement, dated as of January 1, 1996 by and among the Company,      Chaim Katzman, Gazit Holdings, Inc., Dan Overseas Ltd., Globe Reit      Investments, Ltd., Eli Makavy, Doron Valero and David Wulkan, as amended.      (Exhibit 10.6, Amendment No. 3) (22) |
| 10.10 |   | Stock      Exchange Agreement dated May 18, 2001 among the Company, First Capital      Realty Inc. and First Capital America Holding Corp (23)                                                                                                                                             |
| 10.11 |   | Use      Agreement, regarding use of facilities, by and between Gazit (1995), Inc.      and the Company, dated January 1, 1996. (Exhibit 10.15, Amendment No. 1)      (22)                                                                                                                 |
| 10.12 |   | Subscription      Agreement, dated October 4, 2000, made by Alony Hetz Properties &      Investments, Ltd. (Exhibit 10.13) (24)                                                                                                                                                        |
| 10.13 |   | Stockholders      Agreement, dated October 4, 2000, among the Company, Alony Hetz Properties      & Investments, Ltd., Gazit-Globe (1982), Ltd., M.G.N. (USA), Inc. and      Gazit (1995), Inc. (Exhibit 10.14) (24)                                                                   |
| 10.14 |   | First      Amendment to Stockholders Agreement, dated December 19, 2001, among the      Company Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982),      Ltd., M.G.N. (USA), Inc. and Gazit (1995), Inc. (Exhibit 10.15)      (24)                                          |
| 10.15 |   | Second      Amendment to Stockholders Agreement, dated October 28, 2002, among the      Company Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982),      Ltd., M.G.N. (USA), Inc. and Gazit (1995), Inc. (25)                                                               |
| 10.16 |   | Third      Amendment to Stockholders Agreement, dated May 23, 2003, among the Company      Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982), Ltd.,      M.G.N. (USA), Inc. and Gazit (1995), Inc. (9)                                                                     |
| 10.17 |   | Chairman      Compensation Agreement effective as of January 1, 2007 between the Company      and Chaim Katzman (Exhibit 10.1) (26)*                                                                                                                                                       |
| 10.18 |   | First      Amended and Restated Employment Agreement effective as of September 15,      2006 between the Company and Jeffrey S. Olson (Exhibit 10.2)      (26)*                                                                                                                            |

----

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| EXHIBIT      NO. |   | DESCRIPTION |
|------------------|--------|-------------|

| 10.19 |   | Employment      Agreement effective as of November 15, 2006 between the Company and      Gregory R. Andrews (Exhibit 10.3) (26)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.20 |   | Employment      Agreement, effective as of November 6, 2006 between the Company and      Jeffrey S. Stauffer (Exhibit 10.4) (26)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.21 |   | Fourth      Amendment to Stockholders Agreement, dated June 23, 2004 , among the Company, Alony-Hetz      Properties & Investments, Ltd., Gazit-Globe, Ltd., MGN (USA), Inc. and      Gazit (1995), Inc.                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.22 |   | Registration      Rights Agreement, dated October 28, 2002, between the Company and certain      Purchasers (Exhibit 99.3) (28)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.23 |   | Amended      and Restated Credit Agreement, dated as of January 17, 2006, among      the Company, each of the financial institutions initially a signatory      thereto, Wachovia Bank National Association and SunTrust Bank, as      Co-Syndication Agents, PNC Bank National Association and JP Morgan Chase      Bank, N.A., as Co-Documentation Agents, Bank of America, N.A., Harris      Nesbitt (Bank Of Montreal) and Branch Banking and Trust Company, as      Managing Agents, and Wells Fargo Bank, National Association as      Administrative Agent and as Sole Lead Arranger. (Exhibit      10.1)(29) |
| 10.24 |   | Clarification      Agreement and Protocol, dated as of  January 1, 2004, among the      Company and Gazit-Globe (1982), Ltd. (Exhibit 10.2)(30)                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.25 |   | Equity      One, Inc. Non-Qualified Deferred Compensation Plan. (Exhibit 10.1)      (31)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.26 |   | Consulting      Agreement effective as of January 1, 2007 between the Company and Doron      Valero (Exhibit 10.6) (26)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 12.1  |   | Ratios      of Earnings to Fixed Charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 21.1  |   | List      of Subsidiaries of the Registrant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 23.1  |   | Consent      of Ernst & Young LLP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 31.1  |   | Certification      of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.2  |   | Certification      of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.1  |   | Certification      of Chief Executive Officer and Chief Financial Officer pursuant to 18      U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of      2002                                                                                                                                                                                                                                                                                                                                                                                                                                               |

----

| (1) | Previously      filed as an exhibit to our Quarterly Report on Form 10-Q for the period      ended June 30, 2002, and incorporated by reference  herein. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Previously      filed as an exhibit to our Annual Report on Form 10-K for the period ended      December 31, 2003, and incorporated by reference  herein. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Previously      filed by IRT Property Company as an exhibit to IRT’s Annual Report on Form      10-K for the period ending December 31, 1995, and incorporated by      reference herein. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Previously      filed by IRT Property Company as an exhibit to IRT’s Current Report on      Form 8-K filed on March 26, 1996, and incorporated by reference      herein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Previously      filed by IRT Property Company as an exhibit to IRT’s Current Report on      Form 8-K filed on August 13, 1997, and incorporated by reference      herein. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Previously      filed by IRT Property Company as an exhibit to IRT’s Current Report on      Form 8-K filed on September 15, 1998, and incorporated by reference      herein. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Previously      filed by IRT Property Company as an exhibit to IRT’s Current Report on      Form 8-K filed on November 12, 1999, and incorporated by reference      herein. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Previously      filed as an exhibit to our Current Report on Form 8-K filed on February      20, 2003, and incorporated by referenceherein. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Previously      filed as an exhibit to our Quarterly Report on Form 10-Q for the period      ended March 31, 2004, and incorporated by reference  herein. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Previously      filed as an exhibit to our Quarterly Report on Form 10-Q for the period      ended June 30, 2005, and incorporated by reference  herein. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Previously      filed as an exhibit to our Current Report on Form 8-K filed on March 31,      2004, and incorporated by referenceherein. |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Previously      filed as an exhibit to our Current Report on Form 8-K filed on September      20, 2005, and incorporated by referenceherein. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Previously      filed as an exhibit to our Annual Report on Form 10-K on March 3, 2006,      and incorporated by referenceherein. |
|------|-----------------------------------------------------------------------------------------------------------------------------------|

| (14) | Previously      filed as an exhibit to our Current Report on Form 8-K on March 13, 2006,      and incorporated by referenceherein. |
|------|------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Previously      filed as an exhibit to our Current Report on Form 8-K filed on August 22,      2006, and incorporated by referenceherein. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|

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| (16) | Previously      filed as an exhibit to our Annual Report on Form 10-K on March 16, 2005,      and incorporated by referenceherein. |
|------|------------------------------------------------------------------------------------------------------------------------------------|

| (17) | Previously      filed with our definitive Proxy Statement for the Annual Meeting of      Stockholders held on June 30, 1999, and incorporated herein by      reference. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (18) | Previously      filed with our definitive Proxy Statement for the Annual Meeting of      Stockholders held on May 21, 2004, and incorporated herein by      reference. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (19) | Previously      filed with our Current Report on Form 8-K filed on February 18, 2005, and      incorporated by reference herein. |
|------|----------------------------------------------------------------------------------------------------------------------------------|

| (20) | Previously      filed by IRT Property Company as an exhibit to IRT’s Current Report on      Form 8-K filed on March 22, 1989, and incorporated herein by      reference. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (21) | Previously      filed by IRT Property Company with IRT’s definitive Proxy Statement for      the Annual Meeting of Stockholders held on May 22, 1998, and incorporated      herein by reference. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (22) | Previously      filed with our Registration Statement on Form S-11, as amended      (Registration No. 333-3397), and incorporated herein by      reference. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (23) | Previously      filed as Appendix A to our definitive Proxy Statement for the Special      Meeting of Stockholders held on September 6, 2001 and incorporated herein      by reference. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (24) | Previously      filed with our Annual Report Form 10-K/A filed on March 18, 2002, and      incorporated herein by reference. |
|------|------------------------------------------------------------------------------------------------------------------------------|

| (25) | Previously      filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the period      ended September 30, 2002, and incorporated by reference      herein. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (26) | Previously      filed as an exhibit to our Quarterly Report on Form 10-Q on November 9,      2006, and incorporated by referenceherein. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------|

| (27) | Previously      filed as an exhibit to our Current Report on Form 8-K filed on April      20, 2007, and incorporated by reference  herein. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (28) | Previously      filed as Exhibit 2.1 to our Current Report on Form 8-K filed on October      30, 2002, and incorporated by referenceherein. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (29) | Previously      filed as an exhibit to our Current Report on Form 8-K filed on      January 20, 2006, and incorporated by reference  herein. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (30) | Previously      filed as an exhibit to our Current Report on Form 8-K filed on March 16,      2004, and incorporated by referenceherein. |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

| (31) | Previously      filed as an exhibit to our Current Report on Form 8-K filed on July      7, 2005, and incorporated by referenceherein. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (32) | Previously      filed as Annex A to our definitive Proxy Statement for the Annual      Meeting      of Stockholders held on June 4, 2007 and incorporated herein by      reference. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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GNAT

| Date:      February 22, 2008 | EQUITY      ONE, INC.                             |
|------------------------------|---------------------------------------------------|
|                         |                                              |
|                         | By:/s/      Jeffrey S. OlsonJeffrey      S. Olson |
|                         | President      and Chief Executive Officer        |

| SIGNATURE                                        | TITLE                                                                              | DATE                   |
|--------------------------------------------------|------------------------------------------------------------------------------------|------------------------|
|                                             |                                                                               |                   |
| /s/      Jeffrey S.      Olson                   | President      and Chief Executive Officer                                         | February      22, 2008 |
| Jeffrey      S. Olson                            | (Principal      Executive Officer and      Director)                               |                   |
|                                             |                                                                               |                   |
| /s/      Gregory R.      Andrews                 | Executive      Vice President and                                                  | February      22, 2008 |
|           Gregory R. Andrews | Chief      Financial Officer(Principal      Accounting and Financial      Officer) |                   |
|                                             |                                                                               |                   |
| /s/      Chaim      Katzman                      | Chairman      of the Board                                                         | February      22, 2008 |
|      Chaim      Katzman |                                                                               |                   |
|                                             |                                                                               |                   |
| /s/      Noam      Ben-Ozer                      | Director                                                                           | February      22, 2008 |
|           Noam Ben-Ozer      |                                                                               |                   |
|                                             |                                                                               |                   |
| /s/      James S.      Cassel                    | Director                                                                           | February      22, 2008 |
|           James S. Cassel    |                                                                               |                   |
|                                             |                                                                               |                   |
| /s/      Cynthia      Cohen                      | Director                                                                           | February      22, 2008 |
|           Cynthia Cohen      |                                                                               |                   |
|                                             |                                                                               |                   |
| /s/      Neil      Flanzraich                    | Director                                                                           | February      22, 2008 |
|           Neil Flanzraich    |                                                                               |                   |
|                                             |                                                                               |                   |
| /s/      Nathan      Hetz                        | Director                                                                           | February      22, 2008 |
|           Nathan Hetz        |                                                                               |                   |
|                                             |                                                                               |                   |
| /s/      Peter      Linneman                     | Director                                                                           | February      22, 2008 |
|           Peter Linneman     |                                                                               |                   |
|                                             |                                                                               |                   |
| /s/      Dori J.      Segal                      | Director                                                                           | February      22, 2008 |
|           Dori J. Segal      |                                                                               |                   |

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|                                                                                                                                           | Page                  |
|------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|
|                                                                                                                                           |                  |
| Management      Report on Internal Control Over Financial Reporting                                                                            | F-1                   |
|                                                                                                                                           |                  |
| Report      of Independent Registered Public Accounting Firm on Management Report      on  Internal Control over Financial Reporting | F-2                   |
|                                                                                                                                           |                  |
| Reports      of Independent Registered Public Accounting Firm                                                                                  | F-3                   |
|                                                                                                                                           |                  |
| Consolidated      Balance Sheets as of December 31, 2007 and 2006                                                                              | F-4                   |
|                                                                                                                                           |                  |
| Consolidated      Statements of Operations for the years ended December 31, 2007, 2006 and      2005                                           | F-5                   |
|                                                                                                                                           |                  |
| Consolidated      Statements of Comprehensive Income for the years ended December 31, 2007,      2006 and 2005                                 | F-6                   |
|                                                                                                                                           |                  |
| Consolidated      Statements of Stockholders’ Equity for the years ended December 31, 2007,      2006 and 2005                           | F-7                   |
|                                                                                                                                           |                  |
| Consolidated      Statements of Cash Flows for the years ended December 31, 2007, 2006 and      2005                                           | F-8      -      F-9   |
|                                                                                                                                           |                  |
| Notes      to the Consolidated Financial Statements                                                                                            | F-10      -      F-44 |
|                                                                                                                                           |                  |

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|   | · | Pertain      to the maintenance of records that in reasonable detail accurately and      fairly reflect the transactions and dispositions of the assets of the      Company; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Provide      reasonable assurance that transactions are recorded as necessary to permit      preparation of financial statements in accordance with generally accepted      accounting principles, and that receipts and expenditures of the Company      are being made only in accordance with authorizations of management and      directors of the Company; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Provide      reasonable assurance regarding prevention or timely detection of      unauthorized acquisition, use or disposition of the Company’s assets that      could have a material effect on the financial  statements. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| EQUITY      ONE, INC. AND SUBSIDIARIES                                                                                                                        |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED      BALANCE SHEETS                                                                                                                              |   |
| DECEMBER      31, 2007 and 2006                                                                                                                               |   |
| (In      thousands, except per share amounts)                                                                                                                 |   |
|                                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                                          |   | December      31,2007 |   |   | December      31,2006 |   |
| ASSETS                                                                                                                                                        |   |   |   |   |   |   |
| PROPERTIES:                                                                                                                                                   |   |   |   |   |   |   |
| Income      producing                                                                                                                                         |   | $ | 2,047,993 |   |   | $ | 1,896,843 |   |
| Less:      accumulated depreciation                                                                                                                           |   |   | (172,651 | ) |   |   | (144,825 | ) |
| Income-producing      properties, net                                                                                                                         |   |   | 1,875,342 |   |   |   | 1,752,018 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |
| Construction      in progress and land held for development                                                                                                   |   |   | 81,574 |   |   |   | 113,340 |   |
| Properties      held for sale                                                                                                                                 |   |   | 323 |   |   |   | 20,353 |   |
| Properties,      net                                                                                                                                          |   |   | 1,957,239 |   |   |   | 1,885,711 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                                                                                |   |   | 1,313 |   |   |   | - |   |
| Cash      held in escrow                                                                                                                                      |   |   | 54,460 |   |   |   | 1,547 |   |
| Accounts      and other receivables, net                                                                                                                      |   |   | 14,148 |   |   |   | 18,967 |   |
| Securities                                                                                                                                                    |   |   | 72,299 |   |   |   | 75,102 |   |
| Goodwill                                                                                                                                                      |   |   | 12,496 |   |   |   | 13,092 |   |
| Other      assets                                                                                                                                             |   |   | 62,429 |   |   |   | 75,356 |   |
| TOTAL      ASSETS                                                                                                                                             |   | $ | 2,174,384 |   |   | $ | 2,069,775 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                                                                               |   |   |   |   |   |   |   |   |
| Liabilities:                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Notes      Payable                                                                                                                                            |   |   |   |   |   |   |   |   |
| Mortgage      notes payable                                                                                                                                   |   | $ | 397,112 |   |   | $ | 391,647 |   |
| Unsecured      revolving credit facilities                                                                                                                    |   |   | 37,000 |   |   |   | 76,500 |   |
| Unsecured      senior notes payable                                                                                                                           |   |   | 744,685 |   |   |   | 591,187 |   |
|                                                                                                                                                          |   |   | 1,178,797 |   |   |   | 1,059,334 |   |
| Unamortized      premium/discount on notes payable                                                                                                            |   |   | 10,042 |   |   |   | 10,322 |   |
| Total      notes payable                                                                                                                                      |   |   | 1,188,839 |   |   |   | 1,069,656 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |
| Other      liabilities                                                                                                                                        |   |   |   |   |   |   |   |   |
| Accounts      payable and accrued expenses                                                                                                                    |   |   | 30,499 |   |   |   | 36,565 |   |
| Tenant      security deposits                                                                                                                                 |   |   | 9,685 |   |   |   | 9,622 |   |
| Other      liabilities                                                                                                                                        |   |   | 28,440 |   |   |   | 27,265 |   |
| Total      liabilities                                                                                                                                        |   |   | 1,257,463 |   |   |   | 1,143,108 |   |
| Minority      interest                                                                                                                                        |   |   | 989 |   |   |   | 989 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |
| COMMIITMENTS      AND CONTINGENCIES                                                                                                                           |   |   |   |   |   |   |   |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |
| Stockholders'  equity:                                                                                                                              |   |   |   |   |   |   |   |   |
| Preferred      stock, $0.01 par value – 10,000 shares authorized but    unissued                                                                        |   |   | - |   |   |   | - |   |
| Common      stock, $0.01 par value – 100,000 shares authorized, 73,300 and 72,756      shares issued and outstanding for 2007 and 2006,    respectively |   |   | 733 |   |   |   | 728 |   |
| Additional      paid-in capital                                                                                                                               |   |   | 906,174 |   |   |   | 895,247 |   |
| Retained      earnings                                                                                                                                        |   |   | 17,987 |   |   |   | 37,201 |   |
| Accumulated      other comprehensive loss                                                                                                                     |   |   | (8,962 | ) |   |   | (7,498 | ) |
| Total      stockholders’ equity                                                                                                                         |   |   | 915,932 |   |   |   | 925,678 |   |
| TOTAL      LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                               |   | $ | 2,174,384 |   |   | $ | 2,069,775 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |
| See      accompanying notes to the consolidated financial    statements.                                                                                      |   |   |   |   |   |   |   |   |

----

Table of Contents

| EQUITY      ONE, INC. AND SUBSIDIARIES                                                           |   |
|--------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED      STATEMENTS OF OPERATIONS                                                       |   |
| YEARS      ENDED DECEMBER 31, 2007, 2006 AND 2005                                                |   |
| (In      thousands, except per share amounts)                                                    |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                             |   | 2007 |   |   | 2006 |   |   | 2005 |   |
| REVENUE:                                                                                         |   |   |   |   |   |   |   |   |   |
| Minimum      rents                                                                               |   | $ | 189,727 |   |   | $ | 171,602 |   |   | $ | 157,136 |   |
| Expense      recoveries                                                                          |   |   | 53,523 |   |   |   | 49,076 |   |   |   | 42,461 |   |
| Percentage      rent                                                                             |   |   | 2,200 |   |   |   | 2,032 |   |   |   | 1,686 |   |
| Management      and leasing services                                                             |   |   | 1,163 |   |   |   | 2,067 |   |   |   | 498 |   |
| Total      revenue                                                                               |   |   | 246,613 |   |   |   | 224,777 |   |   |   | 201,781 |   |
| COSTS      AND EXPENSES:                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Property      operating                                                                          |   |   | 64,500 |   |   |   | 61,161 |   |   |   | 51,355 |   |
| Management      and leasing services                                                             |   |   | 963 |   |   |   | 1,861 |   |   |   | 229 |   |
| Rental      property depreciation and amortization                                               |   |   | 46,103 |   |   |   | 40,312 |   |   |   | 33,467 |   |
| General      and administrative                                                                  |   |   | 25,846 |   |   |   | 29,757 |   |   |   | 19,734 |   |
| Total      costs and expenses                                                                    |   |   | 137,412 |   |   |   | 133,091 |   |   |   | 104,785 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME      BEFORE OTHER INCOME AND EXPENSES, MINORITY INTEREST AND DISCONTINUED      OPERATIONS |   |   | 109,201 |   |   |   | 91,686 |   |   |   | 96,996 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      INCOME AND EXPENSE:                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment      income                                                                           |   |   | 7,329 |   |   |   | 7,487 |   |   |   | 7,941 |   |
| Equity      in income of unconsolidated joint ventures                                           |   |   | - |   |   |   | 1,650 |   |   |   | - |   |
| Other      income                                                                                |   |   | 310 |   |   |   | 389 |   |   |   | - |   |
| Interest      expense                                                                            |   |   | (66,663 | ) |   |   | (53,983 | ) |   |   | (47,308 | ) |
| Amortization      of deferred financing fees                                                     |   |   | (1,680 | ) |   |   | (1,485 | ) |   |   | (1,449 | ) |
| Gain      on the sale of real estate                                                             |   |   | 2,537 |   |   |   | 6,937 |   |   |   | - |   |
| Loss      on the sale of fixed assets                                                            |   |   | (283 | ) |   |   | - |   |   |   | - |   |
| Gain      on extinguishment of debt                                                              |   |   | - |   |   |   | 165 |   |   |   | - |   |
| Impairment      loss                                                                             |   |   | (1,851 | ) |   |   | - |   |   |   | - |   |
| INCOME      BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS                                 |   |   | 48,900 |   |   |   | 52,846 |   |   |   | 56,180 |   |
| Minority      Interest                                                                           |   |   | (112 | ) |   |   | (206 | ) |   |   | (188 | ) |
| INCOME      FROM CONTINUING OPERATIONS                                                           |   |   | 48,788 |   |   |   | 52,640 |   |   |   | 55,992 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| DISCONTINUED      OPERATIONS:                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Operations      of income-producing properties sold or held for sale                             |   |   | 1,712 |   |   |   | 9,147 |   |   |   | 25,289 |   |
| Gain      on disposal of income-producing properties                                             |   |   | 18,885 |   |   |   | 115,168 |   |   |   | 11,460 |   |
| Income      from discontinued operations                                                         |   |   | 20,597 |   |   |   | 124,315 |   |   |   | 36,749 |   |
| NET      INCOME                                                                                  |   | $ | 69,385 |   |   | $ | 176,955 |   |   | $ | 92,741 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| EARNINGS      PER SHARE:                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC      EARNINGS PER SHARE                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      from continuing operations                                                           |   | $ | 0.67 |   |   | $ | 0.71 |   |   | $ | 0.76 |   |
| Income      from discontinued operations                                                         |   |   | 0.28 |   |   |   | 1.69 |   |   |   | 0.50 |   |
|                                                                                             |   | $ | 0.95 |   |   | $ | 2.40 |   |   | $ | 1.26 |   |
| Number      of Shares Used in Computing Basic Earnings per Share                                 |   |   | 73,091 |   |   |   | 73,598 |   |   |   | 73,840 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| DILUTED      EARNINGS PER SHARE                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      from continuing operations                                                           |   | $ | 0.67 |   |   | $ | 0.71 |   |   | $ | 0.75 |   |
| Income      from discontinued operations                                                         |   |   | 0.28 |   |   |   | 1.67 |   |   |   | 0.49 |   |
| Total      diluted earnings per share                                                            |   | $ | 0.95 |   |   | $ | 2.38 |   |   | $ | 1.24 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Number      of Shares Used in Computing Diluted Earnings per Share                               |   |   | 73,362 |   |   |   | 74,324 |   |   |   | 74,790 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| See      accompanying notes to the consolidated financial    statements.                         |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| EQUITY      ONE, INC. AND SUBSIDIARIES                                                                                      |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED      STATEMENTS OF COMPREHENSIVE INCOME                                                                        |   |
| YEARS      ENDED DECEMBER 31, 2007, 2006 AND 2005                                                                           |   |
| (In      thousands)                                                                                                         |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |
| NET      INCOME                                                                                                             |   | $ | 69,385 |   |   | $ | 176,955 |   |   | $ | 92,741 |   |
| OTHER      COMPREHENSIVE INCOME:                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      unrealized holding (loss)/gain on securities available for      sale                                               |   |   | (1,386 | ) |   |   | (9,780 | ) |   |   | 4,330 |   |
| Changes      in fair value of cash flow hedges                                                                              |   |   | 75 |   |   |   | (2,574 | ) |   |   | - |   |
| Reclassification      adjustment for gain/(loss) on the sale of securities and cash flow hedges      included in net income |   |   | 2,322 |   |   |   | 29 |   |   |   | (5,559 | ) |
| Net      realized gain/(loss) on settlement of interest rate    contracts                                                   |   |   | (2,498 | ) |   |   | 1,543 |   |   |   | - |   |
| Net      amortization of interest rate contracts                                                                            |   |   | 23 |   |   |   | (120 | ) |   |   | - |   |
| Other      comprehensive income adjustment                                                                                  |   |   | (1,464 | ) |   |   | (10,902 | ) |   |   | (1,229 | ) |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPREHENSIVE      INCOME                                                                                                   |   | $ | 67,921 |   |   | $ | 166,053 |   |   | $ | 91,512 |   |
|                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| See      accompanying notes to the consolidated financial    statements.                                                    |   |

----

Table of Contents

| EQUITY      ONE, INC. AND SUBSIDIARIESCONSOLIDATED      STATEMENTS OF STOCKHOLDERS' EQUITYYEARS      ENDED DECEMBER 31, 2007, 2006 AND 2005(In      thousands, except per share data) |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   | CommonStock |   |   | AdditionalPaid-InCapital |   |   | RetainedEarnings |   |   | AccumulatedOtherComprehensiveLoss |   |   | UnamortizedRestrictedStockCompensation |   |   | NotesReceivablefrom      theIssuance      ofCommonStock |   |   | TotalStockholders'Equity |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE,      JANUARY 1, 2005                                                                                                                                                         |   | $ | 736 |   |   | $ | 920,616 |   |   | $ | 17,481 |   |   | $ | 4,633 |   |   | $ | (11,928 | ) |   | $ | (150 | ) |   | $ | 931,388 |   |
| Issuance      of common stock                                                                                                                                                         |   |   | 18 |   |   |   | 34,943 |   |   |   | - |   |   |   | - |   |   |   | 2,236 |   |   |   | - |   |   |   | 37,197 |   |
| Stock      issuance cost                                                                                                                                                              |   |   | - |   |   |   | (181 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (181 | ) |
| Repayments      of notes receivable from                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| issuance      of common stock                                                                                                                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 85 |   |   |   | 85 |   |
| Net      income                                                                                                                                                                       |   |   | - |   |   |   | - |   |   |   | 92,741 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 92,741 |   |
| Dividends      paid                                                                                                                                                                   |   |   | - |   |   |   | - |   |   |   | (87,272 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (87,272 | ) |
| Other      comprehensive income adjustment                                                                                                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,229 | ) |   |   | - |   |   |   | - |   |   |   | (1,229 | ) |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE,      DECEMBER 31, 2005                                                                                                                                                       |   |   | 754 |   |   |   | 955,378 |   |   |   | 22,950 |   |   |   | 3,404 |   |   |   | (9,692 | ) |   |   | (65 | ) |   |   | 972,729 |   |
| Cumulative      effect of change in                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| accounting      principle                                                                                                                                                             |   |   | (5 | ) |   |   | (5,188 | ) |   |   | - |   |   |   | - |   |   |   | 9,692 |   |   |   | - |   |   |   | 4,499 |   |
| Issuance      of common stock                                                                                                                                                         |   |   | 9 |   |   |   | 8,074 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,083 |   |
| Stock      issuance cost                                                                                                                                                              |   |   | - |   |   |   | (69 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (69 | ) |
| Repurchase      of common stock                                                                                                                                                       |   |   | (30 | ) |   |   | (69,073 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (69,103 | ) |
| Share-based      compensation expense                                                                                                                                                 |   |   | - |   |   |   | 6,125 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,125 |   |
| Repayments      of notes receivable from                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     issuance      of common stock                                                                                                                                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 65 |   |   |   | 65 |   |
| Net      income                                                                                                                                                                       |   |   | - |   |   |   | - |   |   |   | 176,955 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 176,955 |   |
| Dividends      paid                                                                                                                                                                   |   |   | - |   |   |   | - |   |   |   | (162,704 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (162,704 | ) |
| Other      comprehensive income adjustment                                                                                                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (10,902 | ) |   |   | - |   |   |   |   |   |   |   | (10,902 | ) |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE,      DECEMBER 31, 2006                                                                                                                                                       |   |   | 728 |   |   |   | 895,247 |   |   |   | 37,201 |   |   |   | (7,498 | ) |   |   | - |   |   |   | - |   |   |   | 925,678 |   |
| Issuance      of common stock                                                                                                                                                         |   |   | 5 |   |   |   | 3,877 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,882 |   |
| Share-based      compensation expense                                                                                                                                                 |   |   | - |   |   |   | 7,050 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7,050 |   |
| Net      income                                                                                                                                                                       |   |   | - |   |   |   | - |   |   |   | 69,385 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 69,385 |   |
| Dividends      paid                                                                                                                                                                   |   |   | - |   |   |   | - |   |   |   | (88,599 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (88,599 | ) |
| Other      comprehensive income adjustment                                                                                                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,464 | ) |   |   | - |   |   |   | - |   |   |   | (1,464 | ) |
| BALANCE,      DECEMBER 31, 2007                                                                                                                                                       |   | $ | 733 |   |   | $ | 906,174 |   |   | $ | 17,987 |   |   | $ | (8,962 | ) |   | $ | - |   |   | $ | - |   |   | $ | 915,932 |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See      accompanying notes to the condensed consolidated financial      statements.                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

| EQUITY      ONE, INC. AND SUBSIDIARIES                                                           |   |
|--------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED      STATEMENTS OF CASH FLOWS                                                       |   |
| YEARS      ENDED DECEMBER 31, 2007, 2006 and 2005                                                |   |
| (In      thousands)                                                                              |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                                             |   | 2007 |   |   | 2006 |   |   | 2005 |   |
| OPERATING      ACTIVITIES:                                                                       |   |   |   |   |   |   |   |   |   |
| Net      income                                                                                  |   | $ | 69,385 |   |   | $ | 176,955 |   |   | $ | 92,741 |   |
| Adjustments      to reconcile net income to net cash provided by operating      activities: |   |   |   |   |   |   |   |   |   |   |   |   |
| Straight      line rent adjustment                                                               |   |   | (1,582 | ) |   |   | (4,066 | ) |   |   | (4,450 | ) |
| Amortization      of above/(below) market lease intangibles                                      |   |   | (4,586 | ) |   |   | (2,612 | ) |   |   | (1,006 | ) |
| Provision      for losses on accounts receivable                                                 |   |   | 1,559 |   |   |   | 742 |   |   |   | 893 |   |
| Amortization      of premium on notes payable                                                    |   |   | (2,102 | ) |   |   | (5,864 | ) |   |   | (5,159 | ) |
| Amortization      of deferred financing fees                                                     |   |   | 1,684 |   |   |   | 1,503 |   |   |   | 1,512 |   |
| Rental      property depreciation and amortization                                               |   |   | 47,514 |   |   |   | 44,791 |   |   |   | 43,445 |   |
| Share-based      compensation                                                                    |   |   | 7,050 |   |   |   | 6,125 |   |   |   | 5,973 |   |
| Amortization      of derivatives                                                                 |   |   | 23 |   |   |   | (120 | ) |   |   | - |   |
| Gain      on disposal of real estate and income-producing properties                             |   |   | (21,423 | ) |   |   | (122,105 | ) |   |   | (11,460 | ) |
| Impairment      loss                                                                             |   |   | 3,360 |   |   |   | - |   |   |   | - |   |
| Loss      on extinguishment of debt                                                              |   |   | 491 |   |   |   | - |   |   |   | - |   |
| Loss      on sale of fixed assets                                                                |   |   | 283 |   |   |   | - |   |   |   | - |   |
| Loss/(gain)      on sale of securities                                                           |   |   | (325 | ) |   |   | (282 | ) |   |   | (5,223 | ) |
| Equity      in income of unconsolidated joint ventures                                           |   |   | - |   |   |   | (1,853 | ) |   |   | - |   |
| Operating      distributions from unconsolidated joint ventures                                  |   |   | - |   |   |   | 1,373 |   |   |   | - |   |
| Minority      interest                                                                           |   |   | 112 |   |   |   | 206 |   |   |   | 188 |   |
| Changes      in assets and liabilities:                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts      and other receivables                                                              |   |   | 3,262 |   |   |   | (1,988 | ) |   |   | (1,832 | ) |
| Other      assets                                                                                |   |   | 8,465 |   |   |   | 1,807 |   |   |   | (2,768 | ) |
| Accounts      payable and accrued expenses                                                       |   |   | (2,191 | ) |   |   | 2,946 |   |   |   | 3,674 |   |
| Tenant      security deposits                                                                    |   |   | 63 |   |   |   | 60 |   |   |   | 1,002 |   |
| Other      liabilities                                                                           |   |   | (4,026 | ) |   |   | (2,975 | ) |   |   | (338 | ) |
| Net      cash provided by operating activities                                                   |   |   | 107,016 |   |   |   | 94,643 |   |   |   | 117,192 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| INVESTING      ACTIVITIES:                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions      to and purchases of rental property                                               |   | $  | (107,587 | ) |   | $  | (186,006 | ) |   | $  | (36,081 | ) |
| Land      held for development                                                                   |   |   | (2,651 | ) |   |   | (45,784 | ) |   |   | (29,290 | ) |
| Additions      to construction in progress                                                       |   |   | (15,212 | ) |   |   | (47,429 | ) |   |   | (23,058 | ) |
| Proceeds      from disposal of rental properties                                                 |   |   | 71,273 |   |   |   | 411,090 |   |   |   | 44,024 |   |
| Increase      in cash held in escrow                                                             |   |   | (52,913 | ) |   |   | (1,547 | ) |   |   | (51 | ) |
| Increase      in deferred leasing costs                                                          |   |   | (3,884 | ) |   |   | (6,163 | ) |   |   | (5,877 | ) |
| Additions      to notes receivable                                                               |   |   | (14 | ) |   |   | (33 | ) |   |   | (4,227 | ) |
| Proceeds      from repayment of notes receivable                                                 |   |   | 4,745 |   |   |   | 5,735 |   |   |   | 40 |   |
| Proceeds      from sale of securities                                                            |   |   | 2,822 |   |   |   | 12,852 |   |   |   | 32,764 |   |
| Cash      used to purchase securities                                                            |   |   | (1,181 | ) |   |   | (29,837 | ) |   |   | (60,603 | ) |
| Distributions      from (to) unconsolidated joint ventures from sale of    property              |   |   | - |   |   |   | 1,935 |   |   |   | (12 | ) |
| Net      cash (used in) provided by investing activities                                         |   |   | (104,602 | ) |   |   | 114,813 |   |   |   | (82,371 | ) |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| FINANCING      ACTIVITIES:                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Repayments      of mortgage notes payable                                                        |   | $ | (22,270 | ) |   | $ | (88,880 | ) |   | $ | (48,131 | ) |
| Net      repayments under revolving credit facilities                                            |   |   | (39,500 | ) |   |   | (16,665 | ) |   |   | (53,835 | ) |
| Proceeds      from senior debt offerings                                                         |   |   | 148,874 |   |   |   | 246,868 |   |   |   | 118,606 |   |
| Repayment      of senior debt                                                                    |   |   | - |   |   |   | (125,000 | ) |   |   | - |   |
| Cash      paid for settlement of interest rate contracts                                         |   |   | (2,498 | ) |   |   | - |   |   |   | - |   |
| Increase      in deferred financing costs                                                        |   |   | (878 | ) |   |   | (1,947 | ) |   |   | (463 | ) |
| Proceeds      from issuance of common stock                                                      |   |   | 3,882 |   |   |   | 8,083 |   |   |   | 31,510 |   |
| Repayment      of notes receivable from issuance of common stock                                 |   |   | - |   |   |   | 65 |   |   |   | 85 |   |
| Stock      issuance costs                                                                        |   |   | - |   |   |   | (69 | ) |   |   | (181 | ) |
| Repurchase      of common stock                                                                  |   |   | - |   |   |   | (69,103 | ) |   |   | - |   |
| Cash      dividends paid to stockholders                                                         |   |   | (88,599 | ) |   |   | (162,704 | ) |   |   | (87,272 | ) |
| Distributions      to minority interest                                                          |   |   | (112 | ) |   |   | (206 | ) |   |   | (160 | ) |
| Net      cash used in financing activities                                                       |   |   | (1,101 | ) |   |   | (209,558 | ) |   |   | (39,841 | ) |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      increase in cash and cash equivalents                                                   |   |   | 1,313 |   |   |   | (102 | ) |   |   | (5,020 | ) |
| Cash      and cash equivalents at beginning of the year                                          |   |   | - |   |   |   | 102 |   |   |   | 5,122 |   |
| Cash      and cash equivalents at end of the year                                                |   | $ | 1,313 |   |   | $ | - |   |   | $ | 102 |   |

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| EQUITY      ONE, INC. AND SUBSIDIARIES                                                                                                                |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED      STATEMENTS OF CASH FLOWS                                                                                                            |   |
| YEARS      ENDED DECEMBER 31, 2007, 2006 and 2005                                                                                                     |   |
| (In      thousands)                                                                                                                                   |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURE OF CASH FLOW INFORMATION:                                                                                                |   |   |   |   |   |   |   |   |   |
| Cash      paid for interest (net of capitalized interest of $3.2 million, $5.8      million and $3.4 million in 2007, 2006 and 2005,    respectively) |   | $ | 66,386 |   |   | $ | 57,684 |   |   | $ | 55,249 |   |
| SUPPLEMENTAL      SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Change      in unrealized holding loss on securities                                                                                                  |   | $ | (1,386 | ) |   | $ | (9,753 | ) |   | $ | (1,229 | ) |
| Change      in cash flow hedges                                                                                                                       |   | $ | 75 |   |   | $ | (2,574 | ) |   |   |   |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| The      Company acquired and assumed mortgages on the acquisition of certain      rental properties:                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair      value of rental property                                                                                                                    |   | $ | 69,069 |   |   | $ | 58,551 |   |   |   |   |   |
| Assumption      of mortgage notes payable                                                                                                             |   |   | (27,740 | ) |   |   | (33,602 | ) |   |   |   |   |
| Fair      value adjustment of mortgage notes payable                                                                                                  |   |   | (1,974 | ) |   |   | (1,863 | ) |   |   |   |   |
| Cash      paid for rental property                                                                                                                    |   | $ | 39,355 |   |   | $ | 23,086 |   |   |   |   |   |
| The      Company issued senior unsecured notes:                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Face      value of notes                                                                                                                              |   | $ | 150,000 |   |   | $ | 250,000 |   |   | $ | 120,000 |   |
| Underwriting      Costs                                                                                                                               |   |   | (975 | ) |   |   | (1,624 | ) |   |   | (780 | ) |
| Discount                                                                                                                                              |   |   | (151 | ) |   |   | (1,508 | ) |   |   | (614 | ) |
| Cash      received                                                                                                                                    |   | $ | 148,874 |   |   | $ | 246,868 |   |   | $ | 118,606 |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| (Concluded)                                                                                                                                           |   |
|                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|  See      accompanying notes to the consolidated financial    statements.                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |

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| Buildings                            | 30-40      years                                |
|--------------------------------------|-------------------------------------------------|
| Buildings and Land      Improvements | 5-40      years                                 |
| Tenant      improvements             | Minimum      lease term or economic useful life |
| Furniture      and Equipment         | 5-7      years                                  |

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|  | · | our      intent and ability to hold the securities for a period of time sufficient      to allow for any anticipated recovery in fair  value; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      assessment of the net asset value of the properties held by DIM based upon      our expertise in the shopping center real estate  business; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      assessment by DIM’s management of its net asset value, or NAV, based upon      its use of fair valueaccounting; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      financial and operational condition of DIM’s  properties; |
|--------|--------|--------------------------------------------------------------------------|

|   | · | market      and economic conditions that might affect DIM’s  prospects; |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | the      extent to which fair value of DIM is below our cost basis and the period      of time over which the decline hasexisted; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      relevance of the market price given the thin trading in DIM shares and the      concentration of share ownership between ourselves and one other      institutional investor; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      share-price premium that might be warranted given our ownership of a large      block of the outstanding commonstock. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

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|                   |   |                    |                           |   |                 |   |   |      |   |   |                 |   |
|------------------------|--------|-------------------------|--------------------------------|--------|----------------------|--------|--------|-----------|--------|--------|----------------------|--------|
|                   |   |                    |                           |   |                 |   |   |      |   |   |                 |   |
|                   |   | As      of December 31, |                           |
|                   |   | 2007                    |                           |   | 2006                 |   |
|                   |   | (In      thousands)     |                           |   | (In      thousands)  |   |
| Investment             |   | FairValue               |                           |   | Unrealized      Loss |   |   | FairValue |   |   | Unrealized      Loss |   |
| Equity      securities |   | $                       | 72,300     |   |                 | $      | 7,911  |      |   | $      | 75,103               |   |   | $ | 6,349 |   |
|                   |   |                    |                           |   |                 |   |   |      |   |   |                 |   |   |   |   |   |
|                   |   |                    |                           |   |                 |   |   |      |   |   |                 |   |   |   |   |   |

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|                         |   |                          |   |   |   |   |   |   |   |
|------------------------------|--------|-------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                         |   |                          |   |   |   |   |   |   |   |
|                         |   | Years      Ended December 31, |   |
|                         |   | 2007                          |   |   | 2006   |   |   | 2005   |   |
| Dividend      paid per share |   | $                             | 1.20   |   |   | $      | 2.20   |   |   | $ | 1.17 |   |
| Ordinary      income         |   |                          | 51.26  | %      |   |   | 23.62  | %      |   |   | 68.17 | % |
| Return      of capital       |   |                          | 20.41  | %      |   |   | 29.86  | %      |   |   | 26.92 | % |
| Capital      gains           |   |                          | 28.33  | %      |   |   | 46.52  | %      |   |   | 4.91 | % |
|                         |   |                          |   |   |   |   |   |   |   |   |   |   |

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|                                      |   |                |   |   |   |   |
|-------------------------------------------|--------|---------------------|--------|--------|--------|--------|
|                                      |   |                |   |
|                                      |   | 2007                |   |   | 2006   |   |
|                                      |   | (In      thousands) |   |
|                                      |   |                |   |   |   |   |
| Restricted      Stock                     |   | $                   | 5,234  |   |   | $      | 5,543 |   |
| Options                                   |   |                | 1,799  |   |   |   | 747 |   |
| Employee      stock purchase plan         |   |                | 12     |   |   |   | 12 |   |
| less:      amounts capitalized            |   |                | (494   | )      |   |   | (178 | ) |
| Net      share-based compensation expense |   | $                   | 6,551  |   |   | $      | 6,124 |   |
|                                      |   |                |   |   |   |   |   |   |

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|                                          |                                                                                           |   |   |   |
|-----------------------------------------------|------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                          |                                                                                           |   |   |   |
|                                          |                                                                                           |   | 2005   |   |
| (in      thousands, except per share amounts) |                                                                                           |
|                                          |                                                                                           |   |   |   |
| Net      Income                               | As      reported                                                                               |   | $      | 92,741 |   |
|                                          |                                                                                           |   |   |   |   |
| Add:                 | Stock-based      employee compensation expense included in reported net    income              |   |   | 5,660  |   |
|                                          |                                                                                           |   |   |   |   |
| Deduct:         | Total      fair value stock-based employee  compensation expense for all      awards |   |   | (6,486 | ) |
|                                          | Proforma                                                                                       |   | $      | 91,915 |   |
|                                          |                                                                                           |   |   |   |   |
| Basic      earnings per share                 | As      reported                                                                               |   | $      | 1.26   |   |
|                                          | Proforma                                                                                       |   | $      | 1.24   |   |
|                                          |                                                                                           |   |   |   |   |
| Diluted      earnings per share               | As      reported                                                                               |   | $      | 1.24   |   |
|                                          | Proforma                                                                                       |   | $      | 1.23   |   |
|                                          |                                                                                           |   |   |   |   |
|                                          |                                                                                           |   |   |   |   |

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|                                    |   |              |      |   |   |   |
|-----------------------------------------|--------|-------------------|-----------|--------|--------|--------|
|                                    |   |              |      |   |   |   |
|                                    |   | December      31, |      |
|                                    |   | 2007              |      |   | 2006   |   |
|                                    |   | (thousands)       |      |
|                                    |   |              |      |   |   |   |
| Land      and land improvements         |   | $                 | 891,431   |   |   | $      | 802,925 |   |
| Building      and building improvements |   |              | 1,116,936 |   |   |   | 1,054,467 |   |
| Tenant      improvements                |   |              | 39,626    |   |   |   | 39,451 |   |
|                                    |   |              | 2,047,993 |   |   |   | 1,896,843 |   |
| Less:      accumulated depreciation     |   |              | (172,651  | )      |   |   | (144,825 | ) |
| Income-producing      property, net     |   | $                 | 1,875,342 |   |   | $      | 1,752,018 |   |
|                                    |   |              |      |   |   |   |   |   |

|     |                                                |                  |   |                    |    |   |                |   |
|----------|-----------------------------------------------------|-----------------------|--------|-------------------------|---------|--------|---------------------|--------|
| Date     | Property                                            | City,      State      |   |  GrossLeasableArea |    |   | PurchasePrice       |   |
|     |                                                |                  |   | (In      square feet)   |    |   | (In      thousands) |   |
|     |                                                |                  |   |                    |    |   |                |   |
| 01/09/07 | Concord      Shopping Plaza                         | Miami,      FL        |   |                    | 298,986 |   |                | $      | 48,433 |   |
| 02/07/07 | Shelby      Plaza Land                              | Shelby,      NC       |   |                    | N/A     |   |                |   | 505 |   |
| 02/15/07 | Alafaya      Commons Outparcel                      | Orlando,      FL      |   |                    | N/A     |   |                |   | 2,146 |   |
| 03/09/07 | Buckhead      Station                               | Atlanta,      GA      |   |                    | 233,930 |   |                |   | 68,000 |   |
| 06/13/07 | Shoppes      of Sunset                              | Miami,      FL        |   |                    | 21,704  |   |                |   | 5,000 |   |
| 06/21/07 | Medical      & Merchants - Crown Bank Outparcel | Jacksonville,      FL |   |                    | 3,392   |   |                |   | 1,333 |   |
| 11/01/07 | Sunset      II                                      | Miami,      FL        |   |                    | 27,767  |   |                |   | 5,400 |   |
| 11/06/07 | Concord      Outparcel                              | Miami,      FL        |   |                    | N/A     |   |                |   | 2,400 |   |
|     |     Total                       |                  |   |                    |    |   |                | $      | 133,217 |   |
|     |                                                |                  |   |                    |    |   |                |   |   |   |

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|                                           |   |               |   |   |   |   |
|------------------------------------------------|--------|--------------------|--------|--------|--------|--------|
|                                           |   |               |   |   |   |   |
|                                           |   | December      31,  |   |
|                                           |   | 2007               |   |   | 2006   |   |
|                                           |   | (in      thosands) |   |
|                                           |   |               |   |   |   |   |
| Tenants                                        |   | $                  | 15,654 |   |   | $      | 18,312 |   |
| Other                                          |   |               | 737    |   |   |   | 2,264 |   |
| Allowance      for doubtful accounts           |   |               | (2,243 | )      |   |   | (1,609 | ) |
| Total      accounts and other receivables, net |   | $                  | 14,148 |   |   | $      | 18,967 |   |
|                                           |   |               |   |   |   |   |   |   |

|                              |   |                |   |   |   |   |
|-----------------------------------|--------|---------------------|--------|--------|--------|--------|
|                              |   |                |   |   |   |   |
|                              |   | December      31,   |   |
|                              |   | 2007                |   |   | 2006   |   |
|                              |   | (In      thousands) |   |
| Notes      receivable             |   | $                   | 69     |   |   | $      | 4,800 |   |
| Deposits      and escrow impounds |   |                | 9,175  |   |   |   | 11,909 |   |
| Deferred      financing fees, net |   |                | 6,474  |   |   |   | 6,307 |   |
| Leasing      commissions, net     |   |                | 10,743 |   |   |   | 11,134 |   |
| Intangible      assets, net       |   |                | 18,649 |   |   |   | 20,579 |   |
| Furniture      and equipment, net |   |                | 2,370  |   |   |   | 2,700 |   |
| Prepaid      and other assets     |   |                | 14,949 |   |   |   | 17,927 |   |
| Total      other assets           |   | $                   | 62,429 |   |   | $      | 75,356 |   |
|                              |   |                |   |   |   |   |   |   |

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|                                                   |   |                |    |   |   |   |
|--------------------------------------------------------|--------|---------------------|---------|--------|--------|--------|
|                                                   |   |                |    |   |   |   |
|                                                   |   | December      31,   |    |
|                                                   |   | 2007                |    |   | 2006   |   |
| Mortgage      Notes Payable                            |   | (In      thousands) |    |
|                                                   |   |                |    |   |   |   |
| Fixed      rate mortgage loans                         |   | $                   | 397,112 |   |   | $      | 391,647 |   |
| Unamortized      net premium on mortgage notes payable |   |                | 10,455  |   |   |   | 10,463 |   |
| Total                                                  |   | $                   | 407,567 |   |   | $      | 402,110 |   |
|                                                   |   |                |    |   |   |   |   |   |

|                                                                      |   |                |    |   |   |   |
|---------------------------------------------------------------------------|--------|---------------------|---------|--------|--------|--------|
|                                                                      |   |                |    |   |   |   |
|                                                                      |   | December      31,   |    |
|                                                                      |   | 2007                |    |   | 2006   |   |
|                                                                      |   | (In      thousands) |    |
| Unsecured      Senior Notes Payable                                       |   |                |    |   |   |   |
| 3.875%      Senior Notes, due 4/15/09                                     |   | $                   | 200,000 |   |   | $      | 200,000 |   |
| Fair      value of interest rate swap                                     |   |                | (315    | )      |   |   | (3,813 | ) |
| 7.84%      Senior Notes, due 1/23/12                                      |   |                | 25,000  |   |   |   | 25,000 |   |
| 5.375%      Senior Notes, due 10/15/15                                    |   |                | 120,000 |   |   |   | 120,000 |   |
| 6.0%      Senior Notes, due 9/15/16                                       |   |                | 125,000 |   |   |   | 125,000 |   |
| 6.25%      Senior Notes, due 1/15/17                                      |   |                | 125,000 |   |   |   | 125,000 |   |
| 6.0%      Senior Notes, due 9/15/17                                       |   |                | 150,000 |   |   |   | - |   |
| Unamortized      net premium (discount) on unsecured senior notes payable |   |                | (413    | )      |   |   | (141 | ) |
| Total                                                                     |   | $                   | 744,272 |   |   | $      | 591,046 |   |

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|                                       |   |                |   |   |   |   |
|--------------------------------------------|--------|---------------------|--------|--------|--------|--------|
|                                       |   |                |   |   |   |   |
|                                       |   | December      31,   |   |
|                                       |   | 2007                |   |   | 2006   |   |
| Unsecured      Revolving Credit Facilities |   | (In      thousands) |   |
|                                       |   |                |   |   |   |   |
| Wells      Fargo                           |   | $                   | 37,000 |   |   | $      | 76,500 |   |
| City      National Bank                    |   |                | -      |   |   |   | - |   |
|                                       |   |                |   |   |   |   |   |   |
| Total                                      |   | $                   | 37,000 |   |   | $      | 76,500 |   |
|                                       |   |                |   |   |   |   |   |   |

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|                                               |   |                |      |
|----------------------------------------------------|--------|---------------------|-----------|
|                                               |   |                |      |
| Principal      Maturities Year ending December 31, |   | Amount              |      |
|                                               |   | (In      thousands) |      |
| 2008                                               |   | $                   | 34,090    |   |
| 2009                                               |   |                | 228,843   |   |
| 2010                                               |   |                | 119,268   |   |
| 2011                                               |   |                | 102,197   |   |
| 2012                                               |   |                | 72,645    |   |
| Thereafter                                         |   |                | 622,069   |   |
| Total                                              |   | $                   | 1,179,112 |   |

| 7. | Consolidating      Financial Information |
|----|------------------------------------------|

|                                                 |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |
|------------------------------------------------------|--------|----------------------|-----------|--------|-------------------------------|--------|-----------|---------------------------|--------|--------|--------------------|--------|--------|--------------|----------|
| Condensed      Balance Sheet As of December 31, 2007 |   | EquityOne,      Inc. |      |   | CombinedGuarantorSubsidiaries |   |      | Non-GuarantorSubsidiaries |   |   | EliminatingEntries |   |   | Consolidated |     |
| ASSETS                                               |   | (In      thousands)  |      |
| Properties,      net                                 |   | $                    | 320,703   |   |                          | $      | 1,258,413 |                      |   | $      | 378,123            |   |   | $            | -        |   |   | $ | 1,957,239 |   |
| Investment      in affiliates                        |   |                 | 628,309   |   |                          |   | -         |                      |   |   | -                  |   |   |         | (628,309 | ) |   |   | - |   |
| Other      assets                                    |   |                 | 81,989    |   |                          |   | 43,874    |                      |   |   | 91,282             |   |   |         | -        |   |   |   | 217,145 |   |
| Total      Assets                                    |   | $                    | 1,031,001 |   |                          | $      | 1,302,287 |                      |   | $      | 469,405            |   |   | $            | (628,309 | ) |   | $ | 2,174,384 |   |
|                                                 |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |
| LIABILITIES                                          |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |
| Mortgage      notes payable                          |   | $                    | 45,366    |   |                          | $      | 134,311   |                      |   | $      | 217,435            |   |   | $            | -        |   |   | $ | 397,112 |   |
| Unsecured      revolving credit facilities           |   |                 | 37,000    |   |                          |   | -         |                      |   |   | -                  |   |   |         | -        |   |   |   | 37,000 |   |
| Unsecured      senior notes payable                  |   |                 | 744,685   |   |                          |   | -         |                      |   |   | -                  |   |   |         | -        |   |   |   | 744,685 |   |
| Unamortized      premium on notes payable            |   |                 | (310      | )      |                          |   | 3,379     |                      |   |   | 6,973              |   |   |         | -        |   |   |   | 10,042 |   |
| Other      liabilities                               |   |                 | 69,775    |   |                          |   | 15,536    |                      |   |   | (16,687            | )      |   |         | -        |   |   |   | 68,624 |   |
| Total      Liabilities                               |   |                 | 896,516   |   |                          |   | 153,226   |                      |   |   | 207,721            |   |   |         | -        |   |   |   | 1,257,463 |   |
|                                                 |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |
| MINORITY      INTEREST                               |   |                 | -         |   |                          |   | -         |                      |   |   | -                  |   |   |         | 989      |   |   |   | 989 |   |
|                                                 |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |
| STOCKHOLDERS’      EQUITY                      |   |                 | 134,485   |   |                          |   | 1,149,061 |                      |   |   | 261,684            |   |   |         | (629,298 | ) |   |   | 915,932 |   |
| Total      Liabilities and Stockholders' Equity      |   | $                    | 1,031,001 |   |                          | $      | 1,302,287 |                      |   | $      | 469,405            |   |   | $            | (628,309 | ) |   | $ | 2,174,384 |   |
|                                                 |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |

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|                                                     |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |
|----------------------------------------------------------|--------|----------------------|-----------|--------|-------------------------------|--------|-----------|---------------------------|--------|--------|--------------------|--------|--------|--------------|----------|
| Condensed      Balance SheetAs      of December 31, 2006 |   | EquityOne,      Inc. |      |   | CombinedGuarantorSubsidiaries |   |      | Non-GuarantorSubsidiaries |   |   | EliminatingEntries |   |   | Consolidated |     |
| ASSETS                                                   |   | (In      thousands)  |      |
| Properties,      net                                     |   | $                    | 355,817   |   |                          | $      | 1,003,181 |                      |   | $      | 526,713            |   |   | $            | -        |   |   | $ | 1,885,711 |   |
| Investment      in affiliates                            |   |                 | 700,622   |   |                          |   | 140,134   |                      |   |   | (201,618           | )      |   |         | (639,138 | ) |   |   | - |   |
| Other      assets                                        |   |                 | 48,917    |   |                          |   | 38,575    |                      |   |   | 96,572             |   |   |         | -        |   |   |   | 184,064 |   |
| Total      Assets                                        |   | $                    | 1,105,356 |   |                          | $      | 1,181,890 |                      |   | $      | 421,667            |   |   | $            | (639,138 | ) |   | $ | 2,069,775 |   |
|                                                     |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |
| LIABILITIES                                              |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |
| Mortgage      notes payable                              |   | $                    | 47,113    |   |                          | $      | 99,867    |                      |   | $      | 244,667            |   |   | $            | -        |   |   | $ | 391,647 |   |
| Unsecured      revolving credit facilities               |   |                 | 76,500    |   |                          |   | -         |                      |   |   | -                  |   |   |         | -        |   |   |   | 76,500 |   |
| Unsecured      senior notes payable                      |   |                 | 591,187   |   |                          |   | -         |                      |   |   | -                  |   |   |         | -        |   |   |   | 591,187 |   |
| Unamortized      premium on notes payable                |   |                 | 11        |   |                          |   | 2,346     |                      |   |   | 7,965              |   |   |         | -        |   |   |   | 10,322 |   |
| Other      liabilities                                   |   |                 | 26,217    |   |                          |   | 28,623    |                      |   |   | 18,612             |   |   |         | -        |   |   |   | 73,452 |   |
| Total      Liabilities                                   |   |                 | 741,028   |   |                          |   | 130,836   |                      |   |   | 271,244            |   |   |         | -        |   |   |   | 1,143,108 |   |
|                                                     |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |
| MINORITY      INTEREST                                   |   |                 | -         |   |                          |   | -         |                      |   |   | -                  |   |   |         | 989      |   |   |   | 989 |   |
|                                                     |   |                 |      |   |                          |   |      |                      |   |   |               |   |   |         |     |   |   |   |   |   |
| STOCKHOLDERS’      EQUITY                          |   |                 | 364,328   |   |                          |   | 1,051,054 |                      |   |   | 150,423            |   |   |         | (640,127 | ) |   |   | 925,678 |   |
| Total      Liabilities and Stockholders' Equity          |   | $                    | 1,105,356 |   |                          | $      | 1,181,890 |                      |   | $      | 421,667            |   |   | $            | (639,138 | ) |   | $ | 2,069,775 |   |

----

Table of Contents

|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |
|--------------------------------------------------------------------------------------------------|--------|---------------------|---------------|--------|-------------------------------|--------|---------|---------------------------|--------|--------|--------------------|--------|--------|--------------|----------------|
| Condensed      Statement of Operationsfor      the year endedDecember      31, 2007              |   | EquityOne      Inc. |          |   | CombinedGuarantorSubsidiaries |   |    | Non-GuarantorSubsidiaries |   |   | EliminatingEntries |   |   | Consolidated |           |
|                                                                                             |   | (In      thousands) |          |
| REVENUE:                                                                                         |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |
| Minimum      rents                                                                               |   | $                   | 32,889        |   |                          | $      | 115,901 |                      |   | $      | 40,937             |   |   | $            | -              |   |   | $ | 189,727 |   |
| Expense      recoveries                                                                          |   |                | 9,507         |   |                          |   | 30,577  |                      |   |   | 13,439             |   |   |         | -              |   |   |   | 53,523 |   |
| Percentage      rent                                                                             |   |                | 194           |   |                          |   | 1,292   |                      |   |   | 714                |   |   |         | -              |   |   |   | 2,200 |   |
| Management      and leasing services                                                             |   |                | -             |   |                          |   | 1,163   |                      |   |   | -                  |   |   |         | -              |   |   |   | 1,163 |   |
| Total      revenue                                                                               |   |                | 42,590        |   |                          |   | 148,933 |                      |   |   | 55,090             |   |   |         | -              |   |   |   | 246,613 |   |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| EQUITY      IN SUBSIDIARIES EARNINGS                                                             |   |                |  103,208 |   |                          |   |  - |                      |   |   |  -            |   |   |         |  (103,208 | )  |   |    |         - |   |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| COSTS      AND EXPENSES:                                                                         |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| Property      operating                                                                          |   |                | 10,919        |   |                          |   | 38,704  |                      |   |   | 14,877             |   |   |         | -              |   |   |   | 64,500 |   |
| Management      and leasing services                                                             |   |                | -             |   |                          |   | 963     |                      |   |   | -                  |   |   |         | -              |   |   |   | 963 |   |
| Rental      property depreciation and amortization                                               |   |                | 7,059         |   |                          |   | 29,098  |                      |   |   | 9,946              |   |   |         | -              |   |   |   | 46,103 |   |
| General      and administrative                                                                  |   |                | 22,621        |   |                          |   | 3,109   |                      |   |   | 116                |   |   |         | -              |   |   |   | 25,846 |   |
| Total      costs and expenses                                                                    |   |                | 40,599        |   |                          |   | 71,874  |                      |   |   | 24,939             |   |   |         | -              |   |   |   | 137,412 |   |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| INCOME      BEFORE OTHER INCOME AND EXPENSES, MINORITY INTEREST AND DISCONTINUED      OPERATIONS |   |                | 105,199       |   |                          |   | 77,059  |                      |   |   | 30,151             |   |   |         | (103,208       | )  |   |   | 109,201 |   |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| OTHER      INCOME AND EXPENSES:                                                                  |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| Investment      income                                                                           |   |                | 1,147         |   |                          |   | 34      |                      |   |   | 6,148              |   |   |         | -              |   |   |   | 7,329 |   |
| Other      income                                                                                |   |                | 310           |   |                          |   | -       |                      |   |   | -                  |   |   |         | -              |   |   |   | 310 |   |
| Interest      expense                                                                            |   |                | (43,381       | )      |                          |   | (8,293  | )                         |   |   | (14,989            | )      |   |         | -              |   |   |   | (66,663 | ) |
| Amortization      of deferred financing fees                                                     |   |                | (1,474        | )      |                          |   | (76     | )                         |   |   | (130               | )      |   |         | -              |   |   |   | (1,680 | ) |
| Gain      on the sale of real estate                                                             |   |                | 1,027         |   |                          |   | 1,510   |                      |   |   | -                  |   |   |         | -              |   |   |   | 2,537 |   |
| Loss      on the sale of fixed assets                                                            |   |                | (283          | )      |                          |   | -       |                      |   |   | -                  |   |   |         | -              |   |   |   | (283 | ) |
| Impairment      loss                                                                             |   |                | -             |   |                          |   | -       |                      |   |   | (1,851             | )      |   |         | -              |   |   |   | (1,851 | ) |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| INCOME      BEFORE MINORITY INTEREST AND  DISCONTINUED      OPERATIONS                 |   |                | 62,545        |   |                          |   | 70,234  |                      |   |   | 19,329             |   |   |         | -              |   |   |   | 48,900 |   |
| Minority      Interest                                                                           |   |                | -             |   |                          |   | -       |                      |   |   | (112               | )      |   |         | (103,208       | )  |   |   | (112 | ) |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| INCOME      FROM CONTINUING OPERATIONS                                                           |   |                | 62,545        |   |                          |   | 70,234  |                      |   |   | 19,217             |   |   |         | (103,208       | ) |   |   | 48,788 |   |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| DISCONTINUED      OPERATIONS:                                                                    |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| Operations      of income producing-properties sold or held for sale                             |   |                | 418           |   |                          |   | 1,460   |                      |   |   | (166               | )      |   |         | -              |   |   |   | 1,712 |   |
| Gain      on disposal of income-producing properties                                             |   |                | 6,422         |   |                          |   | 9,761   |                      |   |   | 2,702              |   |   |         | -              |   |   |   | 18,885 |   |
| Income      from discontinued operations                                                         |   |                | 6,840         |   |                          |   | 11,221  |                      |   |   | 2,536              |   |   |         | -              |   |   |   | 20,597 |   |
|                                                                                             |   |                |          |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| NET      INCOME                                                                                  |   | $                   | 69,385        |   |                          | $      | 81,455  |                      |   | $      | 21,753             |   |   | $            | (103,208       | )  |   | $ | 69,385 |   |

----

Table of Contents

|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |
|--------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|-------------------------------|--------|---------|---------------------------|--------|--------|--------------------|--------|--------|--------------|----------------|
| Condensed      Statement of Operationsfor      the year endedDecember      31, 2006              |   | EquityOne      Inc. |    |   | CombinedGuarantorSubsidiaries |   |    | Non-GuarantorSubsidiaries |   |   | EliminatingEntries |   |   | Consolidated |           |
|                                                                                             |   | (In      thousands) |    |
| REVENUE:                                                                                         |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |
| Minimum      rents                                                                               |   | $                   | 34,766  |   |                          | $      | 90,610  |                      |   | $      | 46,226             |   |   | $            | -              |   |   | $ | 171,602 |   |
| Expense      recoveries                                                                          |   |                | 9,474   |   |                          |   | 26,289  |                      |   |   | 13,313             |   |   |         | -              |   |   |   | 49,076 |   |
| Percentage      rent                                                                             |   |                | 178     |   |                          |   | 1,303   |                      |   |   | 551                |   |   |         | -              |   |   |   | 2,032 |   |
| Management      and leasing services                                                             |   |                | -       |   |                          |   | 2,067   |                      |   |   | -                  |   |   |         | -              |   |   |   | 2,067 |   |
| Total      revenue                                                                               |   |                | 44,418  |   |                          |   | 120,269 |                      |   |   | 60,090             |   |   |         | -              |   |   |   | 224,777 |   |
|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| EQUITY      IN SUBSIDIARIES EARNINGS                                                             |   |                | 203,222 |   |                          |   |  - |                      |   |   |  -            |   |   |         |  (203,222 | )  |   |   |  - |   |
|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| COSTS      AND EXPENSES:                                                                         |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| Property      operating                                                                          |   |                | 10,387  |   |                          |   | 36,319  |                      |   |   | 14,455             |   |   |         | -              |   |   |   | 61,161 |   |
| Management      and leasing services                                                             |   |                | 275     |   |                          |   | 1,406   |                      |   |   | 180                |   |   |         | -              |   |   |   | 1,861 |   |
| Rental      property depreciation and amortization                                               |   |                | 6,785   |   |                          |   | 22,047  |                      |   |   | 11,480             |   |   |         | -              |   |   |   | 40,312 |   |
| General      and administrative                                                                  |   |                | 25,851  |   |                          |   | 3,906   |                      |   |   | -                  |   |   |         | -              |   |   |   | 29,757 |   |
| Total      costs and expenses                                                                    |   |                | 43,298  |   |                          |   | 63,678  |                      |   |   | 26,115             |   |   |         | -              |   |   |   | 133,091 |   |
|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| INCOME      BEFORE OTHER INCOME AND EXPENSES, MINORITY INTEREST AND DISCONTINUED      OPERATIONS |   |                | 204,342 |   |                          |   | 56,591  |                      |   |   | 33,975             |   |   |         | (203,222       | )  |   |   | 91,686 |   |
|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| OTHER      INCOME AND EXPENSES:                                                                  |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| Investment      income                                                                           |   |                | 2,883   |   |                          |   | 265     |                      |   |   | 4,339              |   |   |         | -              |   |   |   | 7,487 |   |
| Equity      in income of unconsolidated joint ventures                                           |   |                | -       |   |                          |   | 1,650   |                      |   |   | -                  |   |   |         | -              |   |   |   | 1,650 |   |
| Other      income                                                                                |   |                | 389     |   |                          |   | -       |                      |   |   | -                  |   |   |         | -              |   |   |   | 389 |   |
| Interest      expense                                                                            |   |                | (33,040 | )      |                          |   | (5,771  | )                         |   |   | (15,172            | )      |   |         | -              |   |   |   | (53,983 | ) |
| Amortization      of deferred financing fees                                                     |   |                | (1,280  | )      |                          |   | (76     | )                         |   |   | (129               | )      |   |         | -              |   |   |   | (1,485 | ) |
| Gain      on the sale of real estate                                                             |   |                | -       |   |                          |   | 5,651   |                      |   |   | 1,286              |   |   |         | -              |   |   |   | 6,937 |   |
| Gain      (loss) on extinguishment of debt                                                       |   |                | 457     |   |                          |   | -       |                      |   |   | (292               | )      |   |         | -              |   |   |   | 165 |   |
|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| INCOME      BEFORE MINORITY INTEREST AND  DISCONTINUED      OPERATIONS                 |   |                | 173,751 |   |                          |   | 58,310  |                      |   |   | 24,007             |   |   |         | (203,222       | )  |   |   | 52,846 |   |
| Minority      Interest                                                                           |   |                | -       |   |                          |   | -       |                      |   |   | (206               | )      |   |         | -              |   |   |   | (206 | ) |
|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| INCOME      FROM CONTINUING OPERATIONS                                                           |   |                | 173,751 |   |                          |   | 58,310  |                      |   |   | 23,801             |   |   |         | (203,222       | )  |   |   | 52,640 |   |
|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| DISCONTINUED      OPERATIONS:                                                                    |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| Operations      of income producing-properties sold or held for sale                             |   |                | 2,144   |   |                          |   | 7,582   |                      |   |   | (579               | )      |   |         | -              |   |   |   | 9,147 |   |
| Gain      on disposal of income-producing properties                                             |   |                | 1,060   |   |                          |   | 108,337 |                      |   |   | 5,771              |   |   |         | -              |   |   |   | 115,168 |   |
| Income      from discontinued operations                                                         |   |                | 3,204   |   |                          |   | 115,919 |                      |   |   | 5,192              |   |   |         | -              |   |   |   | 124,315 |   |
|                                                                                             |   |                |    |   |                          |   |    |                      |   |   |               |   |   |         |           |   |   |   |   |   |
| NET      INCOME                                                                                  |   | $                   | 176,955 |   |                          | $      | 174,229 |                      |   | $      | 28,993             |   |   | $            | (203,222       | )  |   | $ | 176,955 |   |

----

Table of Contents

|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |
|--------------------------------------------------------------------------------------------------|--------|---------------------------|---------|--------|-------------------------------|--------|---------|---------------------------|--------|--------|--------------------|--------|--------|--------------|---------|
| Condensed      Statement of Operationsfor      the year endedDecember      31, 2005              |   | Equity One      Inc. |    |   | CombinedGuarantorSubsidiaries |   |    | Non-GuarantorSubsidiaries |   |   | EliminatingEntries |   |   | Consolidated |    |
|                                                                                             |   | (In      thousands)       |    |
| REVENUE:                                                                                         |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |
| Minimum      rents                                                                               |   | $                         | 34,929  |   |                          | $      | 79,753  |                      |   | $      | 42,454             |   |   | $            | -       |   |   | $ | 157,136 |   |
| Expense      recoveries                                                                          |   |                      | 9,104   |   |                          |   | 20,695  |                      |   |   | 12,662             |   |   |         | -       |   |   |   | 42,461 |   |
| Percentage      rent                                                                             |   |                      | 173     |   |                          |   | 947     |                      |   |   | 566                |   |   |         | -       |   |   |   | 1,686 |   |
| Management      and leasing services                                                             |   |                      | 50      |   |                          |   | 448     |                      |   |   | -                  |   |   |         | -       |   |   |   | 498 |   |
| Total      revenue                                                                               |   |                      | 44,256  |   |                          |   | 101,843 |                      |   |   | 55,682             |   |   |         | -       |   |   |   | 201,781 |   |
|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| EQUITY      IN SUBSIDIARIES EARNINGS                                                             |   |                      | 91,447  |   |                          |   |  - |                      |   |   |  -            |   |   |         | (91,447 | )  |   |   |  - |   |
|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| COSTS      AND EXPENSES:                                                                         |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| Property      operating                                                                          |   |                      | 10,054  |   |                          |   | 28,560  |                      |   |   | 12,741             |   |   |         | -       |   |   |   | 51,355 |   |
| Management      and leasing services                                                             |   |                      | -       |   |                          |   | 229     |                      |   |   | -                  |   |   |         | -       |   |   |   | 229 |   |
| Rental      property depreciation and amortization                                               |   |                      | 6,292   |   |                          |   | 18,174  |                      |   |   | 9,001              |   |   |         | -       |   |   |   | 33,467 |   |
| General      and administrative                                                                  |   |                      | 16,962  |   |                          |   | 2,478   |                      |   |   | 294                |   |   |         | -       |   |   |   | 19,734 |   |
| Total      costs and expenses                                                                    |   |                      | 33,308  |   |                          |   | 49,441  |                      |   |   | 22,036             |   |   |         | -       |   |   |   | 104,785 |   |
|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| INCOME      BEFORE OTHER INCOME AND EXPENSES, MINORITY INTEREST AND DISCONTINUED      OPERATIONS |   |                      | 102,395 |   |                          |   | 52,402  |                      |   |   | 33,646             |   |   |         | (91,447 | )  |   |   | 96,996 |   |
|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| OTHER      INCOME AND EXPENSES:                                                                  |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| Investment      income                                                                           |   |                      | 7,503   |   |                          |   | 280     |                      |   |   | 158                |   |   |         | -       |   |   |   | 7,941 |   |
| Interest      expense                                                                            |   |                      | (22,891 | )      |                          |   | (7,910  | )                         |   |   | (16,507            | )      |   |         | -       |   |   |   | (47,308 | ) |
| Amortization      of deferred financing fees                                                     |   |                      | (1,209  | )      |                          |   | (57     | )                         |   |   | (183               | )      |   |         | -       |   |   |   | (1,449 | ) |
|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| INCOME      BEFORE MINORITY INTEREST AND  DISCONTINUED      OPERATIONS                 |   |                      | 85,798  |   |                          |   | 44,715  |                      |   |   | 17,114             |   |   |         | (91,447 | )  |   |   | 56,180 |   |
| Minority      Interest                                                                           |   |                      | (78     | )      |                          |   | -       |                      |   |   | (110               | )      |   |         | -       |   |   |   | (188 | ) |
|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| INCOME      FROM CONTINUING OPERATIONS                                                           |   |                      | 85,720  |   |                          |   | 44,715  |                      |   |   | 17,004             |   |   |         | (91,447 | )  |   |   | 55,992 |   |
|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| DISCONTINUED      OPERATIONS:                                                                    |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| Operations      of income-producing properties sold or held for sale                             |   |                      | 3,155   |   |                          |   | 20,305  |                      |   |   | 1,829              |   |   |         | -       |   |   |   | 25,289 |   |
| Gain      on disposal of income-producing properties                                             |   |                      | 3,866   |   |                          |   | 3,837   |                      |   |   | 3,757              |   |   |         | -       |   |   |   | 11,460 |   |
| Income      from discontinued operations                                                         |   |                      | 7,021   |   |                          |   | 24,142  |                      |   |   | 5,586              |   |   |         | -       |   |   |   | 36,749 |   |
|                                                                                             |   |                      |    |   |                          |   |    |                      |   |   |               |   |   |         |    |   |   |   |   |   |
| NET      INCOME                                                                                  |   | $                         | 92,741  |   |                          | $      | 68,857  |                      |   | $      | 22,590             |   |   | $            | (91,447 | )  |   | $ | 92,741 |   |

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Table of Contents

|                                                                                |   |                 |    |   |                          |   |     |                      |   |   |         |   |
|-------------------------------------------------------------------------------------|--------|----------------------|---------|--------|-------------------------------|--------|----------|---------------------------|--------|--------|--------------|--------|
| Condensed      Statement of Cash Flowsfor      the year endedDecember      31, 2007 |   | EquityOne,      Inc. |    |   | CombinedGuarantorSubsidiaries |   |     | Non-GuarantorSubsidiaries |   |   | Consolidated |   |
|                                                                                |   | (In      thousands)  |    |
| Net      cash provided by operating activities                                      |   |                 | (17,171 | )      |                          |   | 95,255   |                      |   |   | 28,932       |   |   |   | 107,016 |   |
|                                                                                |   |                 |    |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| INVESTING      ACTIVITIES:                                                          |   |                 |    |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| Additions      to and purchase of rental property                                   |   |                 | (2,421  | )      |                          |   | (106,323 | )                         |   |   | 1,157        |   |   |   | (107,587 | ) |
| Purchased      s of land held for development                                       |   |                 | -       |   |                          |   | (2,529   | )                         |   |   | (122         | )      |   |   | (2,651 | ) |
| Additions      to construciton in progress                                          |   |                 | (58     | )      |                          |   | (14,256  | )                         |   |   | (898         | )      |   |   | (15,212 | ) |
| Proceeds  from      disposal of rental properties                         |   |                 | 29,833  |   |                          |   | 37,793   |                      |   |   | 3,647        |   |   |   | 71,273 |   |
| Increase      in cash held in escrow                                                |   |                 | (52,913 | )      |                          |   | -        |                      |   |   | -            |   |   |   | (52,913 | ) |
| Proceeds      from sale of securities                                               |   |                 | 2,822   |   |                          |   | -        |                      |   |   | -            |   |   |   | 2,822 |   |
| Cash      used to purchase securities                                               |   |                 | (1,181  | )      |                          |   |     |                      |   |   | -            |   |   |   | (1,181 | ) |
| Addtions      to notes receivable                                                   |   |                 | -       |   |                          |   | (14      | )                         |   |   |         |   |   |   | (14 | ) |
| Proceeds      from repayment of notes receivable                                    |   |                 | 4,706   |   |                          |   | 26       |                      |   |   | 13           |   |   |   | 4,745 |   |
| Increase      in deferred financing costs                                           |   |                 | (3,884  | )      |                          |   | -        |                      |   |   | -            |   |   |   | (3,884 | ) |
| Advances      from (to) affiliates                                                  |   |                 | 22,271  |   |                          |   | (3,157   | )                         |   |   | (19,114      | )      |   |   | - |   |
| Net      cash (used in) provided by investing activities                            |   |                 | (825    | )      |                          |   | (88,460  | )                         |   |   | (15,317      | )      |   |   | (104,602 | ) |
|                                                                                |   |                 |    |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| FINANCING      ACTIVITIES:                                                          |   |                 |    |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| Repayment      of mortgage notes payable                                            |   |                 | (1,860  | )      |                          |   | (6,795   | )                         |   |   | (13,615      | )      |   |   | (22,270 | ) |
| Net      repayments under revolving credit facilities                               |   |                 | (39,500 | )      |                          |   | -        |                      |   |   | -            |   |   |   | (39,500 | ) |
| Proceeds      from senior debt offering                                             |   |                 | 148,874 |   |                          |   | -        |                      |   |   | -            |   |   |   | 148,874 |   |
| Cash      paid for settlement of interest rate contracts                            |   |                 | (2,498  | )      |                          |   | -        |                      |   |   | -            |   |   |   | (2,498 | ) |
| Increase      in deferred financing costs                                           |   |                 | (878    | )      |                          |   | -        |                      |   |   | -            |   |   |   | (878 | ) |
| Stock      issuance costs                                                           |   |                 | 3,882   |   |                          |   | -        |                      |   |   | -            |   |   |   | 3,882 |   |
| Cash      dividends paid to stockholders                                            |   |                 | (88,599 | )      |                          |   | -        |                      |   |   | -            |   |   |   | (88,599 | ) |
| Distributions      to minority interest                                             |   |                 | (112    | )      |                          |   | -        |                      |   |   | -            |   |   |   | (112 | ) |
| Net      cash used in financing activities                                          |   |                 | 19,309  |   |                          |   | (6,795   | )                         |   |   | (13,615      | )      |   |   | (1,101 | ) |
|                                                                                |   |                 |    |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| Net      increase in cash and cash equivalents                                      |   |                 | 1,313   |   |                          |   | -        |                      |   |   | -            |   |   |   | 1,313 |   |
| Cash      and cash equivalents at beginning of the period                           |   |                 | -       |   |                          |   | -        |                      |   |   | -            |   |   |   | - |   |
| Cash      and cash equivalents at end of the period                                 |   | $                    | 1,313   |   |                          | $      | -        |                      |   | $      | -            |   |   | $ | 1,313 |   |

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Table of Contents

|                                                                                |   |                 |     |   |                          |   |     |                      |   |   |         |   |
|-------------------------------------------------------------------------------------|--------|----------------------|----------|--------|-------------------------------|--------|----------|---------------------------|--------|--------|--------------|--------|
| Condensed      Statement of Cash Flowsfor      the year endedDecember      31, 2006 |   | EquityOne,      Inc. |     |   | CombinedGuarantorSubsidiaries |   |     | Non-GuarantorSubsidiaries |   |   | Consolidated |   |
|                                                                                |   | (In      thousands)  |     |
| Net      cash provided by operating activities                                      |   | $                    | (39,286  | )      |                          | $      | 106,419  |                      |   | $      | 27,510       |   |   | $ | 94,643 |   |
|                                                                                |   |                 |     |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| INVESTING      ACTIVITIES:                                                          |   |                 |     |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| Additions      to and purchase of rental property                                   |   |                 | (5,648   | )      |                          |   | (72,671  | )                         |   |   | (107,687     | )      |   |   | (186,006 | ) |
| Land      held for development                                                      |   |                 | -        |   |                          |   | (20,740  | )                         |   |   | (25,044      | )      |   |   | (45,784 | ) |
| Additions      to construction in progress                                          |   |                 | (2,462   | )      |                          |   | (32,011  | )                         |   |   | (12,956      | )      |   |   | (47,429 | ) |
| Proceeds  from      disposal of rental properties                         |   |                 | 2,569    |   |                          |   | 381,348  |                      |   |   | 27,173       |   |   |   | 411,090 |   |
| Increase      in cash held in escrow                                                |   |                 | (1,547   | )      |                          |   | -        |                      |   |   | -            |   |   |   | (1,547 | ) |
| Increase      in deferred leasing costs                                             |   |                 | (810     | )      |                          |   | (4,505   | )                         |   |   | (848         | )      |   |   | (6,163 | ) |
| Additions      to notes receivable                                                  |   |                 |     |   |                          |   | (18      | )                         |   |   | (15          | )      |   |   | (33 | ) |
| Proceeds      from repayment of notes receivable                                    |   |                 | 5,693    |   |                          |   | 28       |                      |   |   | 14           |   |   |   | 5,735 |   |
| Proceeds      from sale of securities                                               |   |                 | 12,852   |   |                          |   | -        |                      |   |   | -            |   |   |   | 12,852 |   |
| Cash      used to purchase securities                                               |   |                 | (434     | )      |                          |   | -        |                      |   |   | (29,403      | )      |   |   | (29,837 | ) |
| Advances      from (to) affiliates                                                  |   |                 | 151,090  |   |                          |   | (330,322 | )                         |   |   | 179,232      |   |   |   | - |   |
| Distributions      from unconsolidated joint ventures from sale of property         |   |                 | -        |   |                          |   | -        |                      |   |   | 1,935        |   |   |   | 1,935 |   |
| Net      cash (used in) provided by investing activities                            |   |                 | 161,303  |   |                          |   | (78,891  | )                         |   |   | 32,401       |   |   |   | 114,813 |   |
|                                                                                |   |                 |     |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| FINANCING      ACTIVITIES:                                                          |   |                 |     |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| Repayment      of mortgage notes payable                                            |   |                 | (1,619   | )      |                          |   | (27,350  | )                         |   |   | (59,911      | )      |   |   | (88,880 | ) |
| Net      repayments under revolving credit facilities                               |   |                 | (16,665  | )      |                          |   | -        |                      |   |   | .            |   |   |   | (16,665 | ) |
| Proceeds      from senior debt offering                                             |   |                 | 246,868  |   |                          |   | -        |                      |   |   | -            |   |   |   | 246,868 |   |
| Repayment      of senior debt                                                       |   |                 | (125,000 | )      |                          |   | -        |                      |   |   | -            |   |   |   | (125,000 | ) |
| Increase      in deferred financing costs                                           |   |                 | (1,947   | )      |                          |   | -        |                      |   |   | -            |   |   |   | (1,947 | ) |
| Proceeds      from issuance of common stock                                         |   |                 | 8,083    |   |                          |   | -        |                      |   |   | -            |   |   |   | 8,083 |   |
| Repayment      of notes receivable from issuance of common stock                    |   |                 | 65       |   |                          |   | -        |                      |   |   | -            |   |   |   | 65 |   |
| Stock      issuance costs                                                           |   |                 | (69      | )      |                          |   | -        |                      |   |   | -            |   |   |   | (69 | ) |
| Repurchase      of common stock                                                     |   |                 | (69,103  | )      |                          |   | -        |                      |   |   | -            |   |   |   | (69,103 | ) |
| Cash      dividends paid to stockholders                                            |   |                 | (162,704 | )      |                          |   | -        |                      |   |   | -            |   |   |   | (162,704 | ) |
| Distributions      to minority interest                                             |   |                 | (28      | )      |                          |   | (178     | )                         |   |   | -            |   |   |   | (206 | ) |
| Net      cash used in financing activities                                          |   |                 | (122,119 | )      |                          |   | (27,528  | )                         |   |   | (59,911      | )      |   |   | (209,558 | ) |
|                                                                                |   |                 |     |   |                          |   |     |                      |   |   |         |   |   |   |   |   |
| Net      increase in cash and cash equivalents                                      |   |                 | (102     | )      |                          |   | -        |                      |   |   | -            |   |   |   | (102 | ) |
| Cash      and cash equivalents at beginning of the period                           |   |                 | 102      |   |                          |   | -        |                      |   |   | -            |   |   |   | 102 |   |
| Cash      and cash equivalents at end of the period                                 |   | $                    | -        |   |                          | $      | -        |                      |   | $      | -            |   |   | $ | - |   |

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Table of Contents

|                                                                                |   |                 |    |   |                          |   |    |                      |   |   |         |   |
|-------------------------------------------------------------------------------------|--------|----------------------|---------|--------|-------------------------------|--------|---------|---------------------------|--------|--------|--------------|--------|
| Condensed      Statement of Cash Flowsfor      the year endedDecember      31, 2005 |   | Equity      One,Inc. |    |   | CombinedGuarantorSubsidiaries |   |    | Non-GuarantorSubsidiaries |   |   | Consolidated |   |
|                                                                                |   | (In      thousands)  |    |
| Net      cash provided by operating activities                                      |   | $                    | (2,477  | )      |                          | $      | 90,685  |                      |   | $      | 28,984       |   |   | $ | 117,192 |   |
|                                                                                |   |                 |    |   |                          |   |    |                      |   |   |         |   |   |   |   |   |
| INVESTING      ACTIVITIES:                                                          |   |                 |    |   |                          |   |    |                      |   |   |         |   |   |   |   |   |
| Additions      to and purchase of rental property                                   |   |                 | (2,673  | )      |                          |   | (31,991 | )                         |   |   | (1,417       | )      |   |   | (36,081 | ) |
| Land      held for development                                                      |   |                 | (1,215  | )      |                          |   | (28,075 | )                         |   |   | -            |   |   |   | (29,290 | ) |
| Additions      to construction in progress                                          |   |                 | -       |   |                          |   | (15,551 | )                         |   |   | (7,507       | )      |   |   | (23,058 | ) |
| Proceeds  from      disposal of rental properties                         |   |                 | 15,482  |   |                          |   | 12,682  |                      |   |   | 15,860       |   |   |   | 44,024 |   |
| Increase      in cash held in escrow                                                |   |                 | (51     | )      |                          |   | -       |                      |   |   | -            |   |   |   | (51 | ) |
| Increase      in deferred leasing costs                                             |   |                 | (1,239  | )      |                          |   | (3,962  | )                         |   |   | (676         | )      |   |   | (5,877 | ) |
| Additions      to notes receivable                                                  |   |                 | (4,215  | )      |                          |   | (12     | )                         |   |   | -            |   |   |   | (4,227 | ) |
| Proceeds      from repayment of notes receivable                                    |   |                 | 18      |   |                          |   | 17      |                      |   |   | 5            |   |   |   | 40 |   |
| Proceeds      from sale of securities                                               |   |                 | 32,764  |   |                          |   | -       |                      |   |   | -            |   |   |   | 32,764 |   |
| Cash      used to purchase securities                                               |   |                 | (12,212 | )      |                          |   | -       |                      |   |   | (48,391      | )      |   |   | (60,603 | ) |
| Advances      from (to) affiliates                                                  |   |                 | (36,139 | )      |                          |   | (1,915  | )                         |   |   | 38,054       |   |   |   | - |   |
| Distributions      to unconsolidated joint ventures from sale of property           |   |                 | -       |   |                          |   | -       |                      |   |   | (12          | )      |   |   | (12 | ) |
| Net      cash (used in) provided by investing activities                            |   |                 | (9,480  | )      |                          |   | (68,807 | )                         |   |   | (4,084       | )      |   |   | (82,371 | ) |
|                                                                                |   |                 |    |   |                          |   |    |                      |   |   |         |   |   |   |   |   |
| FINANCING      ACTIVITIES:                                                          |   |                 |    |   |                          |   |    |                      |   |   |         |   |   |   |   |   |
| Repayment      of mortgage notes payable                                            |   |                 | (1,513  | )      |                          |   | (21,828 | )                         |   |   | (24,790      | )      |   |   | (48,131 | ) |
| Net      repayments under revolving credit facilities                               |   |                 | (53,835 | )      |                          |   | -       |                      |   |   | .            |   |   |   | (53,835 | ) |
| Proceeds      from senior debt offering                                             |   |                 | 118,606 |   |                          |   | -       |                      |   |   | -            |   |   |   | 118,606 |   |
| Increase      in deferred financing costs                                           |   |                 | (463    | )      |                          |   | -       |                      |   |   | -            |   |   |   | (463 | ) |
| Proceeds      from issuance of common stock                                         |   |                 | 31,510  |   |                          |   | -       |                      |   |   | -            |   |   |   | 31,510 |   |
| Stock      issuance costs                                                           |   |                 | (181    | )      |                          |   | -       |                      |   |   | -            |   |   |   | (181 | ) |
| Repayment      of notes receivable from issuance of common stock                    |   |                 | 85      |   |                          |   | -       |                      |   |   | -            |   |   |   | 85 |   |
| Cash      dividends paid to stockholders                                            |   |                 | (87,272 | )      |                          |   | -       |                      |   |   | -            |   |   |   | (87,272 | ) |
| Distributions      to minority interest                                             |   |                 | -       |   |                          |   | (50     | )                         |   |   | (110         | )      |   |   | (160 | ) |
| Net      cash used in financing activities                                          |   |                 | 6,937   |   |                          |   | (21,878 | )                         |   |   | (24,900      | )      |   |   | (39,841 | ) |
|                                                                                |   |                 |    |   |                          |   |    |                      |   |   |         |   |   |   |   |   |
| Net      increase in cash and cash equivalents                                      |   |                 | (5,020  | )      |                          |   | -       |                      |   |   | -            |   |   |   | (5,020 | ) |
| Cash      and cash equivalents at beginning of the period                           |   |                 | 5,122   |   |                          |   | -       |                      |   |   | -            |   |   |   | 5,122 |   |
| Cash      and cash equivalents at end of the period                                 |   | $                    | 102     |   |                          | $      | -       |                      |   | $      | -            |   |   | $ | 102 |   |

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Table of Contents

|                             |                                 |                    |   |                  |    |   |                |   |   |                         |   |
|----------------------------------|--------------------------------------|-------------------------|--------|-----------------------|---------|--------|---------------------|--------|--------|------------------------------|--------|
| Date                             | Property                             | City,      State        |   | GrossLeasableArea     |    |   | SalesPrice          |   |   | Gain      (loss)On      Sale |   |
|                             |                                 |                    |   | (In      square feet) |    |   | (In      thousands) |   |
| Income-producing      properties |                                 |                    |   |                  |    |   |                |   |   |                         |
| 01/11/07                         | Pinhook      Plaza Office Building   | Lafayette,      LA      |   |                  | 4,406   |   |                | $      | 350    |                         |   | $ | 266 |   |
| 03/14/07                         | Eustis      Square Shopping Center   | Eustis,      FL         |   |                  | 126,791 |   |                |   | 7,100  |                         |   |   | 1,454 |   |
| 11/19/07                         | Commonwealth                         | Jacksonville,      FL   |   |                  | 81,467  |   |                |   | 7,307  |                         |   |   | 3,290 |   |
| 12/11/07                         | Monument      Point                  | Jacksonville,      FL   |   |                  | 75,128  |   |                |   | 6,000  |                         |   |   | 2,664 |   |
| 12/11/07                         | Skipper      Palms                   | Tampa,      FL          |   |                  | 86,355  |   |                |   | 7,750  |                         |   |   | 2,656 |   |
| 12/13/07                         | Colony      Square                   | Fitzgerald,      GA     |   |                  | 50,000  |   |                |   | 575    |                         |   |   | (13 | ) |
| 12/13/07                         | West      Towne Square               | Rome,      GA           |   |                  | 89,596  |   |                |   | 3,575  |                         |   |   | (92 | ) |
| 12/20/07                         | Parkmore      Plaza                  | Pensacola,      FL      |   |                  | 159,093 |   |                |   | 9,100  |                         |   |   | 3,047 |   |
| 12/20/07                         | Pensacola      Plaza                 | Pensacola,      FL      |   |                  | 56,098  |   |                |   | 2,800  |                         |   |   | 678 |   |
| 12/20/07                         | Shelby      Plaza                    | Shelby,      NC         |   |                  | 103,200 |   |                |   | 3,815  |                         |   |   | 986 |   |
| 12/20/07                         | Smyrna      Village                  | Smyrna,      TN         |   |                  | 83,334  |   |                |   | 8,350  |                         |   |   | 2,023 |   |
| 12/20/07                         | Spring      Valley                   | Columbia,      SC       |   |                  | 75,415  |   |                |   | 7,900  |                         |   |   | 1,698 |   |
| 12/20/07                         | Westgate                             | Mobile,      AL         |   |                  | 64,378  |   |                |   | 5,100  |                         |   |   | 820 |   |
| 12/31/07                         | Plaza      North                     | Hendersonville,      NC |   |                  | 47,240  |   |                |   | 2,300  |                         |   |   | (826 | ) |
|                             |     Subtotal     |                    |   |                  |    |   |                | $      | 72,022 |                         |   | $ | 18,651 |   |
|                             |                                 |                    |   |                  |    |   |                |   |   |                         |   |   |   |   |
| Sale of real      estate         |                                 |                    |   |                  |    |   |                |   |   |                         |   |   |   |
| 03/22/07                         | Venice      Plaza Outparcel          | Venice,      FL         |   |                  | N/A     |   |                | $      | 1,500  |                         |   | $ | 1,028 |   |
| 06/13/07                         | Shops      of Hampton Oaks Outparcel | Atlanta,      GA        |   |                  | N/A     |   |                |   | 1,300  |                         |   |   | 303 |   |
| 06/29/07                         | Winchester      Plaza Outparcel      | Huntsville,      AL     |   |                  | N/A     |   |                |   | 550    |                         |   |   | 254 |   |
| 08/31/07                         | Winchester      Plaza Outparcel      | Huntsville,      AL     |   |                  | N/A     |   |                |   | 575    |                         |   |   | 408 |   |
| 11/19/07                         | Commonwealth      Land               | Jacksonville,      FL   |   |                  | N/A     |   |                |   | 1,118  |                         |   |   | 347 |   |
| 12/20/07                         | Shelby      Land                     | Shelby,      NC         |   |                  | N/A     |   |                |   | 450    |                         |   |   | 197 |   |
|                             | Subtotal                             |                    |   |                  |    |   |                | $      | 5,493  |                         |   | $ | 2,537 |   |
|                             |                                 |                    |   |                  |    |   |                |   |   |                         |   |   |   |   |
|                             | Total                                |                    |   |                  |    |   |                | $      | 77,515 |                         |   | $ | 21,188 |   |
|                             |                                 |                    |   |                  |    |   |                |   |   |                         |   |   |   |   |

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Table of Contents

|                                                                 |   |                |   |   |   |   |   |   |   |
|----------------------------------------------------------------------|--------|---------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                 |   | 2007                |   |   | 2006   |   |   | 2005   |   |
|                                                                 |   | (In      thousands) |   |
|                                                                 |   |                |   |   |   |   |   |   |   |
| Rental      Revenue:                                                 |   | $                   | 8,206  |   |   | $      | 23,237 |   |   | $ | 53,458 |   |
| Expenses:                                                            |   |                |   |   |   |   |   |   |   |   |   |   |
| Property      operating expenses                                     |   |                | 2,635  |   |   |   | 6,193  |   |   |   | 13,451 |   |
| Rental      property depreciation and amortization                   |   |                | 1,411  |   |   |   | 4,479  |   |   |   | 9,980 |   |
| Interest      expense                                                |   |                | 444    |   |   |   | 1,539  |   |   |   | 4,675 |   |
| Amortization      of deferred financing fees                         |   |                | 4      |   |   |   | 18     |   |   |   | 63 |   |
| Other      (income) expense                                          |   |                | 2,000  |   |   |   | 1,861  |   |   |   | - |   |
| Operations      of income-producing properties sold or held for sale |   | $                   | 1,712  |   |   | $      | 9,147  |   |   | $ | 25,289 |   |
|                                                                 |   |                |   |   |   |   |   |   |   |   |   |   |

|                     |   |                |   |   |                   |   |   |   |   |
|--------------------------|--------|---------------------|--------|--------|------------------------|--------|--------|--------|--------|
|                     |   |                |   |   |                   |   |   |   |   |
|                     |   | Common      Stock   |   |   | Options      Exercised |   |   | Total  |   |
|                     |   | (In      thousands) |   |
|                     |   |                |   |   |                   |   |   |   |   |
| Board      of Directors* |   |                | 29     |   |                   |   | 141    |   |   |   | 170 |   |
| Officers*                |   |                | 83     |   |                   |   | 267    |   |   |   | 350 |   |
| Employees      and other |   |                | 20     |   |                   |   | 5      |   |   |   | 25 |   |
| Total                    |   |                | 132    |   |                   |   | 413    |   |   |   | 545 |   |
|                     |   |                |   |   |                   |   |   |   |   |   |   |   |

|   | *Net      of shares surrendered on the exercise of  options. |
|--------|--------------------------------------------------------------|

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Table of Contents

|                                                                 |   |                                          |   |
|----------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                 |   |                                          |   |
|                                                                 |   | For      the Year Ended December 31, 2007     |   |
|                                                                 |   | Income                                        |   |   | Shares |   |   | Per      Share |   |
|                                                                 |   | (Numerator)                                   |   |   | (Denominator) |   |   | Amount |   |
|                                                                 |   | (In      thousands, except per share amounts) |   |
|                                                                 |   |                                          |   |   |   |   |   |   |   |
| Net    Income                                                        |   | $                                             | 69,385 |   |   |   |   |   |   |   |
|                                                                 |   |                                          |   |   |   |   |   |   |   |   |
| Basic      EPS                                                       |   |                                          |   |   |   |   |   |   |   |   |
| Income      attributable to common stockholders                      |   | $                                             | 69,385 |   |   |   | 73,091 |   |   | $ | 0.95 |   |
|                                                                 |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Effect      of Dilutive Securities                                   |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Walden      Woods Village, Ltd.                                      |   |                                          | 112    |   |   |   | 94 |   |   |   |   |   |
| Unvested      restricted stock using the treasury method             |   |                                          |   |   |   |   | 99 |   |   |   |   |   |
| Common      stock options using the treasury method                  |   |                                          |   |   |   |   | 78 |   |   |   |   |   |
|                                                                 |   |                                          | 112    |   |   |   | 271 |   |   |   |   |   |
| Diluted      EPS                                                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Income      attributable to common stockholders assuming conversions |   | $                                             | 69,497 |   |   |   | 73,362 |   |   | $ | 0.95 |   |
|                                                                 |   |                                          |   |   |   |   |   |   |   |   |   |   |

|                                                                 |   |                                            |    |
|----------------------------------------------------------------------|--------|-------------------------------------------------|---------|
|                                                                 |   |  For      the Year Ended December 31, 2006 |    |
|                                                                 |   | Income                                          |    |   | Shares |   |   | Per      Share |   |
|                                                                 |   | (Numerator)                                     |    |   | (Denominator) |   |   | Amount |   |
|                                                                 |   | (In      thousands, except per share amounts)   |    |
|                                                                 |   |                                            |    |   |   |   |   |   |   |
| Net      Income                                                      |   | $                                               | 176,955 |   |   |   |   |   |   |   |
|                                                                 |   |                                            |    |   |   |   |   |   |   |   |
| Basic      EPS                                                       |   |                                            |    |   |   |   |   |   |   |   |
| Income      attributable to common stockholders                      |   | $                                               | 176,955 |   |   |   | 73,598 |   |   | $ | 2.40 |   |
|                                                                 |   |                                            |    |   |   |   |   |   |   |   |   |   |
| Effect      of Dilutive Securities                                   |   |                                            |    |   |   |   |   |   |   |   |   |   |
| Walden      Woods Village, Ltd.                                      |   |                                            | 206     |   |   |   | 94 |   |   |   |   |   |
| Unvested      restricted stock                                       |   |                                            | -       |   |   |   | 439 |   |   |   |   |   |
| Stock      options                                                   |   |                                            | -       |   |   |   | 193 |   |   |   |   |   |
|                                                                 |   |                                            | 206     |   |   |   | 726 |   |   |   |   |   |
| Diluted      EPS                                                     |   |                                            |    |   |   |   |   |   |   |   |   |   |
| Income      attributable to common stockholders assuming conversions |   | $                                               | 177,161 |   |   |   | 74,324 |   |   | $ | 2.38 |   |
|                                                                 |   |                                            |    |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                                                                 |   |                                          |   |   |          |   |   |           |   |
|----------------------------------------------------------------------|--------|-----------------------------------------------|--------|--------|---------------|--------|--------|----------------|--------|
|                                                                 |   |                                          |   |   |          |   |   |           |   |
|                                                                 |   | For      the Year Ended December 31, 2005     |   |
|                                                                 |   | (In      thousands, except per share amounts) |   |
|                                                                 |   |                                          |   |   |          |   |   |           |   |
|                                                                 |   | Income                                        |   |   | Shares        |   |   | Per      Share |   |
|                                                                 |   | (Numerator)                                   |   |   | (Denominator) |   |   | Amount         |   |
|                                                                 |   |                                          |   |   |          |   |   |           |   |
| Net      Income                                                      |   | $                                             | 92,741 |   |          |   |   |           |   |   |
|                                                                 |   |                                          |   |   |          |   |   |           |   |   |
| Basic      EPS                                                       |   |                                          |   |   |          |   |   |           |   |   |
| Income      attributable to common stockholders                      |   | $                                             | 92,741 |   |          |   | 73,840 |           |   | $ | 1.26 |   |
|                                                                 |   |                                          |   |   |          |   |   |           |   |   |   |   |
| Effect      of Dilutive Securities                                   |   |                                          |   |   |          |   |   |           |   |   |   |   |
| Walden      Woods Village, Ltd.                                      |   |                                          | 109    |   |          |   | 94     |           |   |   |   |   |
| Unvested      restricted stock                                       |   |                                          | -      |   |          |   | 575    |           |   |   |   |   |
| Stock      options                                                   |   |                                          | -      |   |          |   | 281    |           |   |   |   |   |
|                                                                 |   |                                          | 109    |   |          |   | 950    |           |   |   |   |   |
| Diluted      EPS                                                     |   |                                          |   |   |          |   |   |           |   |   |   |   |
| Income      attributable to common stockholders assuming conversions |   | $                                             | 92,850 |   |          |   | 74,790 |           |   | $ | 1.24 |   |
|                                                                 |   |                                          |   |   |          |   |   |           |   |   |   |   |

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----

Table of Contents

|                                                                |   | 2007                |   |   | 2006                          |   |   | 2005                |   |
|---------------------------------------------------------------------|--------|---------------------|--------|--------|-------------------------------|--------|--------|---------------------|--------|
|                                                                |   | SharesUnderOption   |   |   | Weighted-AverageExercisePrice |   |   | SharesUnderOption   |   |   | WeightedAverageExercisePrice |   |   | SharesUnderOption |   |   | WeightedAverageExercisePrice |   |
|                                                                |   | (In      thousands) |   |   |                          |   |   | (In      thousands) |   |   |   |   |   | (In      thousands) |   |   |   |   |
| Outstanding      at the beginning of the year                       |   |                | 2,437  |   |                          | $      | 22.82  |                |   |   | 977 |   |   | $ | 16.00 |   |   |   | 1,481 |   |   | $ | 14.52 |   |
| Granted                                                             |   |                | 305    |   |                          |   | 23.40  |                |   |   | 1,843 |   |   |   | 24.77 |   |   |   | 106 |   |   |   | 20.89 |   |
| Exercised                                                           |   |                | (412   | )      |                          |   | 17.36  |                |   |   | (383 | ) |   |   | 14.85 |   |   |   | (596 | ) |   |   | 13.26 |   |
| Forfeited      or expired                                           |   |                | (5     | )      |                          |   | 27.28  |                |   |   | - |   |   |   | - |   |   |   | (14 | ) |   |   | 12.93 |   |
| Outstanding      at the end of the year                             |   |                | 2,325  |   |                          | $      | 23.85  |                |   |   | 2,437 |   |   | $ | 22.82 |   |   |   | 977 |   |   | $ | 16.00 |   |
|                                                                |   |                |   |   |                          |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vested      at the end of year                                      |   |                | 678    |   |                          | $      | 22.29  |                |   |   | 168 |   |   | $ | 14.93 |   |   |   | 428 |   |   | $ | 14.11 |   |
|                                                                |   |                |   |   |                          |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average fair value of options granted during the year |   |                |   |   |                          | $      | 3.43   |                |   |   |   |   |   | $ | 3.17 |   |   |   |   |   |   | $ | 4.48 |   |
|                                                                |   |                |   |   |                          |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                              |               |   |                   |   |               |
|-----------------------------------|--------------------|--------|------------------------|--------|--------------------|
|                              |               |   |                   |   |               |
|                              | 2007               |   | 2006                   |   | 2005               |
| Dividend      Yield               | 5.1%               |   | 4.7%      - 5.0%       |   | 5.0%               |
| Risk-free      interest rate      | 4.1%      - 4.9%   |   |  4.6%      - 4.8% |   | 4.0%      - 4.2%   |
| Expected      option life (years) | 4.3                |   | 3.0      - 3.3         |   | 10                 |
| Expected      volatility          | 20.0%      - 22.0% |   | 20.0%                  |   | 19.0%      - 22.0% |
|                              |               |   |                   |   |               |

----

Table of Contents

| Options      Outstanding |        |   | OptionsExercisable                |   |
|--------------------------|-------------|--------|-----------------------------------|--------|
|                     |        |   | Number      of OptionsOutstanding |   |   | Weighted      AverageRemaining      Contractual Life |   |   | Number      of OptionsExercisable |   |
|                     |        |   | (In      thousands)               |   |   | (In      years) |   |   | (In      thousands) |   |
| Exercise      Price      |        |   |                              |   |   |   |   |   |   |   |
| $                        | 10.00-10.99 |   |                              |   | 42 |   |   |   | 0.80 |   |   |   | 42 |   |
| $                        | 11.00-11.99 |   |                              |   | 1 |   |   |   | 0.50 |   |   |   | 1 |   |
| $                        | 13.00-13.99 |   |                              |   | 5 |   |   |   | 4.40 |   |   |   | 5 |   |
| $                        | 17.00-17.99 |   |                              |   | 135 |   |   |   | 6.00 |   |   |   | 135 |   |
| $                        | 23.00-23.99 |   |                              |   | 285 |   |   |   | 9.80 |   |   |   | 10 |   |
| $                        | 24.00-24.99 |   |                              |   | 1,237 |   |   |   | 8.70 |   |   |   | 310 |   |
| $                        | 25.00-25.99 |   |                              |   | 500 |   |   |   | 8.90 |   |   |   | 125 |   |
| $                        | 26.00-26.99 |   |                              |   | 95 |   |   |   | 8.80 |   |   |   | 42 |   |
| $                        | 28.00-28.99 |   |                              |   | 25 |   |   |   | 8.90 |   |   |   | 8 |   |
|                     |        |   |                              |   | 2,325 |   |   |   |   |   |   |   | 678 |   |
|                     |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |

|                                    |   |                 |   |   |                  |   |
|-----------------------------------------|--------|----------------------|--------|--------|-----------------------|--------|
|                                    |   | Unvested      Shares |   |   | Weighted-AveragePrice |   |
|                                    |   | (In      thousands)  |   |   |                  |   |
|                                    |   |                 |   |   |                  |   |
| Unvested      at December 31, 2006      |   |                 | 381    |   |                  | $      | 23.58 |   |
| Granted                                 |   |                 | 393    |   |                  |   | 26.38 |   |
| Vested                                  |   |                 | (252   | )      |                  |   | 24.13 |   |
| Forfeited                               |   |                 | (30    | )      |                  |   | 23.75 |   |
| Unvested      at December 31, 2007 |   |                 | 492    |   |                  | $      | 25.52 |   |
|                                    |   |                 |   |   |                  |   |   |   |

----

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----

Table of Contents

|             |   |                |    |
|------------------|--------|---------------------|---------|
|             |   |                |    |
| Year      Ending |   | Amount              |    |
|             |   | (In      thousands) |    |
|             |   |                |    |
| 2008             |   | $                   | 178,107 |   |
| 2009             |   |                | 157,233 |   |
| 2010             |   |                | 134,083 |   |
| 2011             |   |                | 111,144 |   |
| 2012             |   |                | 87,940  |   |
| Thereafter       |   |                | 314,057 |   |
| Total            |   | $                   | 982,564 |   |
|             |   |                |    |   |

----

Table of Contents

|                                   |   |                  |   |   |                   |   |   |                  |   |   |                   |   |   |           |   |
|----------------------------------------|--------|-----------------------|--------|--------|------------------------|--------|--------|-----------------------|--------|--------|------------------------|--------|--------|----------------|--------|
|                                   |   | FirstQuarter      (1) |   |   | SecondQuarter      (1) |   |   | ThirdQuarter      (1) |   |   | FourthQuarter      (1) |   |   | Total      (2) |   |
| 2007:                                  |   |                  |   |   |                   |   |   |                  |   |   |                   |   |   |           |   |
| Total      revenues                    |   | $                     | 61,470 |   |                   | $      | 63,158 |                  |   | $      | 61,313                 |   |   | $              | 60,672 |   |   | $ | 246,613 |   |
| Income      from continuing operations |   | $                     | 17,185 |   |                   | $      | 12,688 |                  |   | $      | 10,004                 |   |   | $              | 8,911  |   |   | $ | 48,788 |   |
| Net      income                        |   | $                     | 20,019 |   |                   | $      | 12,868 |                  |   | $      | 10,666                 |   |   | $              | 25,832 |   |   | $ | 69,385 |   |
|                                   |   |                  |   |   |                   |   |   |                  |   |   |                   |   |   |           |   |   |   |   |   |   |
| Basic      per share data              |   |                  |   |   |                   |   |   |                  |   |   |                   |   |   |           |   |   |   |   |   |   |
| Income      from continuing operations |   | $                     | 0.24   |   |                   | $      | 0.17   |                  |   | $      | 0.14                   |   |   | $              | 0.12   |   |   | $ | 0.67 |   |
| Net      Income                        |   | $                     | 0.27   |   |                   | $      | 0.18   |                  |   | $      | 0.15                   |   |   | $              | 0.35   |   |   | $ | 0.95 |   |
|                                   |   |                  |   |   |                   |   |   |                  |   |   |                   |   |   |           |   |   |   |   |   |   |
| Diluted      per share data            |   |                  |   |   |                   |   |   |                  |   |   |                   |   |   |           |   |   |   |   |   |   |
| Income      from continuing operations |   | $                     | 0.23   |   |                   | $      | 0.17   |                  |   | $      | 0.14                   |   |   | $              | 0.12   |   |   | $ | 0.67 |   |
| Net      income                        |   | $                     | 0.27   |   |                   | $      | 0.17   |                  |   | $      | 0.14                   |   |   | $              | 0.35   |   |   | $ | 0.95 |   |
|                                   |   |                  |   |   |                   |   |   |                  |   |   |                   |   |   |           |   |   |   |   |   |   |

| (1) | Reclassified      to reflect the reporting of discontinued  operations. |
|-----|-------------------------------------------------------------------------|

| (2) | The      sum of quarterly earnings per share amounts may differ from annual      earnings per share. |
|-----|------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                   |   |                  |   |   |                   |   |    |                              |   |   |                                |   |   |                       |   |
|----------------------------------------|--------|-----------------------|--------|--------|------------------------|--------|---------|-----------------------------------|--------|--------|-------------------------------------|--------|--------|----------------------------|--------|
|                                   |   | FirstQuarter      (1) |   |   | SecondQuarter      (1) |   |    |        ThirdQuarter      (1) |   |   |        Fourth      Quarter (1) |   |   |        Total      (2) |   |
| 2006:                                  |   |                  |   |   |                   |   |    |                              |   |   |                                |   |   |                       |   |
| Total      revenues                    |   | $                     | 53,404 |   |                   | $      | 55,199  |                              |   | $      | 55,423                              |   |   | $                          | 60,751 |   |   | $ | 224,777 |   |
| Income      from continuing operations |   | $                     | 15,102 |   |                   | $      | 18,358  |                              |   | $      | 10,615                              |   |   | $                          | 8,565  |   |   | $ | 52,640 |   |
| Net      income                        |   | $                     | 22,365 |   |                   | $      | 111,347 |                              |   | $      | 14,120                              |   |   | $                          | 29,123 |   |   | $ | 176,955 |   |
|                                   |   |                  |   |   |                   |   |    |                              |   |   |                                |   |   |                       |   |   |   |   |   |   |
| Basic      per share data              |   |                  |   |   |                   |   |    |                              |   |   |                                |   |   |                       |   |   |   |   |   |   |
| Income      from continuing operations |   | $                     | 0.20   |   |                   | $      | 0.25    |                              |   | $      | 0.15                                |   |   | $                          | 0.12   |   |   | $ | 0.71 |   |
| Net      Income                        |   | $                     | 0.30   |   |                   | $      | 1.50    |                              |   | $      | 0.19                                |   |   | $                          | 0.40   |   |   | $ | 2.40 |   |
|                                   |   |                  |   |   |                   |   |    |                              |   |   |                                |   |   |                       |   |   |   |   |   |   |
| Diluted      per share data            |   |                  |   |   |                   |   |    |                              |   |   |                                |   |   |                       |   |   |   |   |   |   |
| Income      from continuing operations |   | $                     | 0.20   |   |                   | $      | 0.24    |                              |   | $      | 0.14                                |   |   | $                          | 0.12   |   |   | $ | 0.71 |   |
| Net      income                        |   | $                     | 0.29   |   |                   | $      | 1.48    |                              |   | $      | 0.19                                |   |   | $                          | 0.40   |   |   | $ | 2.38 |   |
|                                   |   |                  |   |   |                   |   |    |                              |   |   |                                |   |   |                       |   |   |   |   |   |   |

| (1) | Reclassified      to reflect the reporting of discontinued  operations. |
|-----|-------------------------------------------------------------------------|

| (2) | The      sum of quarterly earnings per share amounts may differ from annual      earnings per share. |
|-----|------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                        |     |                         |   |          |   |   | INITIAL      COST      TO COMPANY |   |   |                             | GROSS      AMOUNTS      AT      WHICH CARRIED      AT      CLOSE      OF PERIOD |   |                                                                 |   |   |   |   |   |                            |   |   |   |
|---------------------------------------------|----------|------------------------------|--------|---------------|--------|--------|-----------------------------------|--------|--------|----------------------------------|---------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|--------|--------|--------|--------|---------------------------------|--------|--------|--------|
| Property                                    | Location | Location                     |   | Encum-brances |   |   | Land                              |   |   | Building      & Improvements |                                                                            |   | Capitalized      Subsequent      to Acquisition      or Improvements |   |   | Land   |   |   | Building      &Improvements |   |   | Total  |   |   | Accumulated      Depreciation |   |   | Date of      Construction |   | Date      Acquired |   | Dep      - reciable      Life      (yrs) |   |
|                                        |     |                         |   |          |   |   |                              |   |   |                             |                                                                            |   |                                                                 |   |   |   |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2400      PGA                               | FL       | Palm      Beach Gardens |   | $             | -      |   |                              | $      | 1,418  |                             |                                                                            | $      | -                                                                    |   |   | $      | -      |   |                            | $      | 1,418  |   |   | $ | - |   |   | $ | 1,419 |   |   | $ | - |   |   |   |   | 03/20/06 |   |   | 40 |   |
| 4101      South I-85 Industrial             | NC       | Charlotte,      NC           |   |          | -      |   |                              |   | 1,619  |                             |                                                                            |   | 950                                                                  |   |   |   | 585    |   |                            |   | 1,619  |   |   |   | 1,535 |   |   |   | 3,154 |   |   |   | (228 | ) |   |  1956,1963 |   | 02/12/03 |   |   | 40 |   |
| Alafaya      Commons                        | FL       | Orlando                      |   |          | -      |   |                              |   | 6,858  |                             |                                                                            |   | 10,720                                                               |   |   |   | 1,217  |   |                            |   | 6,858  |   |   |   | 11,937 |   |   |   | 18,795 |   |   |   | (1,356 | ) |   | 1987 |   | 02/12/03 |   |   | 40 |   |
| Alafaya Village                        | FL       | Orlando                      |   |          | 4,032  |   |                              |   | 1,444  |                             |                                                                            |   | 4,967                                                                |   |   |   | 80     |   |                            |   | 1,444  |   |   |   | 5,047 |   |   |   | 6,491 |   |   |   | (250 | ) |   | 1986 |   | 04/20/06 |   |   | 40 |   |
| Ambassador      Row                         | LA       | Lafayette,      LA           |   |          | -      |   |                              |   | 3,880  |                             |                                                                            |   | 10,570                                                               |   |   |   | 1,324  |   |                            |   | 3,880  |   |   |   | 11,894 |   |   |   | 15,774 |   |   |   | (1,574 | ) |   | 1980 |   | 02/12/03 |   |   | 40 |   |
| Ambassador      Row Courtyard               | LA       | Lafayette,      LA           |   |          | -      |   |                              |   | 3,110  |                             |                                                                            |   | 9,208                                                                |   |   |   | 1,840  |   |                            |   | 3,110  |   |   |   | 11,048 |   |   |   | 14,158 |   |   |   | (1,433 | ) |   | 1986 |   | 02/12/03 |   |   | 40 |   |
| Atlantic Village                       | FL       | Atlantic Beach          |   |          | -      |   |                              |   | 1,190  |                             |                                                                            |   | 4,760                                                                |   |   |   | 1,246  |   |                            |   | 1,190  |   |   |   | 6,006 |   |   |   | 7,196 |   |   |   | (2,297 | ) |   | 1984 |   | 06/30/95 |   |   | 40 |   |
| Banco      Popular Building                 | FL       | N      Miami Beach           |   |          | -      |   |                              |   | 3,363  |                             |                                                                            |   | 1,566                                                                |   |   |   | 152    |   |                            |   | 3,363  |   |   |   | 1,718 |   |   |   | 5,081 |   |   |   | (140 | ) |   | 1971 |   | 09/27/05 |   |   | 40 |   |
| Bay Pointe Plaza                  | FL       | St.      Petersburg          |   |          | -      |   |                              |   | 4,655  |                             |                                                                            |   | 5,870                                                                |   |   |   | 82     |   |                            |   | 4,655  |   |   |   | 5,952 |   |   |   | 10,607 |   |   |   | (793 | ) |   | 1984 |   | 02/12/03 |   |   | 40 |   |
| Beauclerc Village                      | FL       | Jacksonville                 |   |          | -      |   |                              |   | 651    |                             |                                                                            |   | 2,242                                                                |   |   |   | 758    |   |                            |   | 651    |   |   |   | 3,000 |   |   |   | 3,651 |   |   |   | (1,070 | ) |   | 1962 |   | 05/15/98 |   |   | 40 |   |
| Belfair Towne Village             | SC       | Bluffton,      SC            |   |          | 10,508 |   |                              |   | 11,071 |                             |                                                                            |   | 10,037                                                               |   |   |   | 4,036  |   |                            |   | 11,238 |   |   |   | 13,906 |   |   |   | 25,144 |   |   |   | (1,420 | ) |   | 2000 |   | 12/22/03 |   |   | 40 |   |
| Bird      Ludlum                            | FL       | Miami                        |   |          | 7,566  |   |                              |   | 4,088  |                             |                                                                            |   | 16,318                                                               |   |   |   | 677    |   |                            |   | 4,088  |   |   |   | 16,995 |   |   |   | 21,083 |   |   |   | (5,860 | ) |   | 1988 |   | 08/11/94 |   |   | 40 |   |
| Bluebonnet Village                     | LA       | Baton      Rouge, LA         |   |          | -      |   |                              |   | 2,790  |                             |                                                                            |   | 4,231                                                                |   |   |   | 1,130  |   |                            |   | 2,449  |   |   |   | 5,702 |   |   |   | 8,151 |   |   |   | (589 | ) |   | 1983 |   | 02/12/03 |   |   | 40 |   |
| Bluffs      Square Shoppes                  | FL       | Jupiter                      |   |          | 9,706  |   |                              |   | 3,232  |                             |                                                                            |   | 9,917                                                                |   |   |   | 297    |   |                            |   | 3,232  |   |   |   | 10,214 |   |   |   | 13,446 |   |   |   | (2,370 | ) |   | 1986 |   | 08/15/00 |   |   | 33 |   |
| Boca Village                           | FL       | Boca      Raton              |   |          | 7,900  |   |                              |   | 3,385  |                             |                                                                            |   | 10,174                                                               |   |   |   | 330    |   |                            |   | 3,385  |   |   |   | 10,504 |   |   |   | 13,889 |   |   |   | (2,112 | ) |   | 1978 |   | 08/15/00 |   |   | 37 |   |
| Boynton Plaza                          | FL       | Boynton      Beach           |   |          | 7,167  |   |                              |   | 2,943  |                             |                                                                            |   | 9,100                                                                |   |   |   | 290    |   |                            |   | 2,943  |   |   |   | 9,390 |   |   |   | 12,333 |   |   |   | (2,192 | ) |   | 1978 |   | 08/15/00 |   |   | 33 |   |
| BridgeMill                                  | GA       | Canton,      GA              |   |          | 8,828  |   |                              |   | 8,593  |                             |                                                                            |   | 6,310                                                                |   |   |   | 608    |   |                            |   | 8,593  |   |   |   | 6,918 |   |   |   | 15,511 |   |   |   | (889 | ) |   | 2000 |   | 11/13/03 |   |   | 40 |   |
| Brookside Plaza                        | CT       | Enfield,      CT             |   |          | -      |   |                              |   | 2,290  |                             |                                                                            |   | 26,260                                                               |   |   |   | 3,558  |   |                            |   | 2,291  |   |   |   | 29,817 |   |   |   | 32,108 |   |   |   | (1,600 | ) |   | 1985 |   | 01/12/06 |   |   | 40 |   |
| Buckhead      Station                       | GA       | Atlanta,      GA             |   |          | 27,355 |   |                              |   | 27,138 |                             |                                                                            |   | 45,277                                                               |   |   |   | -      |   |                            |   | 27,138 |   |   |   | 45,277 |   |   |   | 72,415 |   |   |   | (1,082 | ) |   | 1996 |   | 03/09/07 |   |   | 40 |   |
| Butler      Creek                           | GA       | Acworth,      GA             |   |          | -      |   |                              |   | 2,808  |                             |                                                                            |   | 7,648                                                                |   |   |   | 1,752  |   |                            |   | 2,808  |   |   |   | 9,400 |   |   |   | 12,208 |   |   |   | (1,461 | ) |   | 1990 |   | 07/15/03 |   |   | 40 |   |
| Carrollwood                                 | FL       | Tampa                        |   |          | -      |   |                              |   | 2,756  |                             |                                                                            |   | 6,553                                                                |   |   |   | 651    |   |                            |   | 2,756  |   |   |   | 7,204 |   |   |   | 9,960 |   |   |   | (964 | ) |   | 1970 |   | 02/12/03 |   |   | 40 |   |
| Cashmere      Corners                       | FL       | Port St.      Lucie     |   |          | 4,792  |   |                              |   | 1,435  |                             |                                                                            |   | 5,707                                                                |   |   |   | 512    |   |                            |   | 1,947  |   |   |   | 5,707 |   |   |   | 7,654 |   |   |   | (1,042 | ) |   | 2001 |   | 08/15/00 |   |   | 40 |   |
| Centre Pointe Plaza               | NC       | Smithfield,      NC          |   |          | -      |   |                              |   | 2,081  |                             |                                                                            |   | 4,411                                                                |   |   |   | 917    |   |                            |   | 2,081  |   |   |   | 5,328 |   |   |   | 7,409 |   |   |   | (778 | ) |   | 1989 |   | 02/12/03 |   |   | 40 |   |
| Chapel Trail Plaza                | FL       | Pembroke      Pines          |   |          | -      |   |                              |   | 3,641  |                             |                                                                            |   | 5,777                                                                |   |   |   | 2,718  |   |                            |   | 3,641  |   |   |   | 8,495 |   |   |   | 12,136 |   |   |   | (255 | ) |   | 1996 |   | 05/10/06 |   |   | 40 |   |
| Charlotte      Square                       | FL       | Port      Charlotte          |   |          | 3,317  |   |                              |   | 4,155  |                             |                                                                            |   | 4,414                                                                |   |   |   | 105    |   |                            |   | 4,155  |   |   |   | 4,519 |   |   |   | 8,674 |   |   |   | (650 | ) |   | 1980 |   | 02/12/03 |   |   | 40 |   |
| Chastain      Square                        | GA       | Atlanta,      GA             |   |          | 3,491  |   |                              |   | 10,689 |                             |                                                                            |   | 5,937                                                                |   |   |   | 125    |   |                            |   | 10,689 |   |   |   | 6,062 |   |   |   | 16,751 |   |   |   | (796 | ) |   | 1981 |   | 02/12/03 |   |   | 40 |   |
| Chelsea      Place                          | FL       | New      Port Richey         |   |          | -      |   |                              |   | 2,591  |                             |                                                                            |   | 6,491                                                                |   |   |   | 1,152  |   |                            |   | 2,591  |   |   |   | 7,643 |   |   |   | 10,234 |   |   |   | (923 | ) |   | 1992 |   | 02/12/03 |   |   | 40 |   |
| Chestnut      Square                        | NC       | Brevard,      NC             |   |          | -      |   |                              |   | 1,189  |                             |                                                                            |   | 1,326                                                                |   |   |   | 3,284  |   |                            |   | 1,189  |   |   |   | 4,610 |   |   |   | 5,799 |   |   |   | (204 | ) |   | 1985 |   | 02/12/03 |   |   | 40 |   |
| Commerce      Crossing                      | GA       | Commerce,      GA            |   |          | -      |   |                              |   | 2,013  |                             |                                                                            |   | 1,301                                                                |   |   |   | 405    |   |                            |   | 2,013  |   |   |   | 1,706 |   |   |   | 3,719 |   |   |   | (349 | ) |   | 1988 |   | 02/12/03 |   |   | 40 |   |
| Concord      Shopping Plaza                 | FL       | Miami,      FL               |   |          | -      |   |                              |   | 35,128 |                             |                                                                            |   | 17,492                                                               |   |   |   | 79     |   |                            |   | 35,128 |   |   |   | 17,572 |   |   |   | 52,700 |   |   |   | (548 | ) |   | 1962 |   | 01/09/07 |   |   | 40 |   |
| Conway      Crossing                        | FL       | Orlando                      |   |          | -      |   |                              |   | 2,615  |                             |                                                                            |   | 5,818                                                                |   |   |   | 1,863  |   |                            |   | 2,615  |   |   |   | 7,681 |   |   |   | 10,296 |   |   |   | (920 | ) |   | 2002 |   | 02/12/03 |   |   | 40 |   |
| Coral Reef Shopping      Center   | FL       | South      Miami             |   |          | -      |   |                              |   | 16,465 |                             |                                                                            |   | 4,376                                                                |   |   |   | -      |   |                            |   | 16,465 |   |   |   | 4,376 |   |   |   | 20,841 |   |   |   | (168 | ) |   | 1968 |   | 09/01/06 |   |   | 40 |   |
| Corporate                                   | FL       | Miami,      FL               |   |          | -      |   |                              |   | -      |                             |                                                                            |   | 242                                                                  |   |   |   | -      |   |                            |   | -      |   |   |   | 242 |   |   |   | 242 |   |   |   | (10 | ) |   | various |   | various |   |   |   |   |
| Country Club Plaza                | LA       | Slidell,      LA             |   |          | -      |   |                              |   | 1,294  |                             |                                                                            |   | 2,060                                                                |   |   |   | 133    |   |                            |   | 1,294  |   |   |   | 2,193 |   |   |   | 3,487 |   |   |   | (332 | ) |   | 1982 |   | 02/12/03 |   |   | 40 |   |
| Countryside      Shops                      | FL       | Cooper City             |   |          | -      |   |                              |   | 11,343 |                             |                                                                            |   | 13,853                                                               |   |   |   | 3,042  |   |                            |   | 11,343 |   |   |   | 16,895 |   |   |   | 28,238 |   |   |   | (2,030 | ) |   | 1986 |   | 02/12/03 |   |   | 40 |   |
| Crossroads      Square                      | FL       | Ft. Lauderdale          |   |          | -      |   |                              |   | 3,592  |                             |                                                                            |   | 4,401                                                                |   |   |   | 5,766  |   |                            |   | 3,592  |   |   |   | 10,167 |   |   |   | 13,759 |   |   |   | (1,325 | ) |   | 1973 |   | 08/15/00 |   |   | 40 |   |
| Cutler      Ridge                           | FL       | South      Miami             |   |          | -      |   |                              |   | 1,064  |                             |                                                                            |   | 326                                                                  |   |   |   | -      |   |                            |   | 1,064  |   |   |   | 326 |   |   |   | 1,390 |   |   |   | (17 | ) |   | 1972 |   | 09/14/06 |   |   | 40 |   |
| CVS Plaza                              | FL       | Miami                        |   |          | -      |   |                              |   | 995    |                             |                                                                            |   | 3,090                                                                |   |   |   | 1,386  |   |                            |   | 995    |   |   |   | 4,476 |   |   |   | 5,471 |   |   |   | (406 | ) |   | 2004 |   | 07/23/99 |   |   | 40 |   |
| Daniel Village                         | GA       | Augusta,      GA             |   |          | 3,815  |   |                              |   | 3,439  |                             |                                                                            |   | 8,352                                                                |   |   |   | 70     |   |                            |   | 3,439  |   |   |   | 8,422 |   |   |   | 11,861 |   |   |   | (1,063 | ) |   | 1956 |   | 02/12/03 |   |   | 40 |   |
| Dolphin Village                        | FL       | St.      Petersburg          |   |          | -      |   |                              |   | 17,404 |                             |                                                                            |   | 10,098                                                               |   |   |   | 2,156  |   |                            |   | 17,607 |   |   |   | 12,051 |   |   |   | 29,658 |   |   |   | (731 | ) |   | 1967 |   | 01/04/06 |   |   | 40 |   |
| Douglas Commons                        | GA       | Douglasville,      GA        |   |          | 4,546  |   |                              |   | 3,681  |                             |                                                                            |   | 7,588                                                                |   |   |   | 151    |   |                            |   | 3,681  |   |   |   | 7,739 |   |   |   | 11,420 |   |   |   | (1,036 | ) |   | 1988 |   | 02/12/03 |   |   | 40 |   |
| El      Novillo                             | FL       | Miami      Beach             |   |          | -      |   |                              |   | 250    |                             |                                                                            |   | 1,000                                                                |   |   |   | 151    |   |                            |   | 250    |   |   |   | 1,151 |   |   |   | 1,401 |   |   |   | (393 | ) |   | 1970 |   | 04/30/98 |   |   | 40 |   |
| Elmwood      Oaks                           | LA       | Harahan,      LA             |   |          | -      |   |                              |   | 4,088  |                             |                                                                            |   | 8,221                                                                |   |   |   | 516    |   |                            |   | 4,088  |   |   |   | 8,737 |   |   |   | 12,825 |   |   |   | (1,153 | ) |   | 1989 |   | 02/12/03 |   |   | 40 |   |
| Fairview      Oaks                          | GA       | Ellenwood,      GA           |   |          | 4,303  |   |                              |   | 1,929  |                             |                                                                            |   | 6,187                                                                |   |   |   | 1,647  |   |                            |   | 1,929  |   |   |   | 7,834 |   |   |   | 9,763 |   |   |   | (948 | ) |   | 1997 |   | 02/12/03 |   |   | 40 |   |
| Forest Village                         | FL       | Tallahassee                  |   |          | 4,273  |   |                              |   | 4,997  |                             |                                                                            |   | 3,206                                                                |   |   |   | 715    |   |                            |   | 3,397  |   |   |   | 5,521 |   |   |   | 8,918 |   |   |   | (1,021 | ) |   | 2000 |   | 01/28/99 |   |   | 40 |   |
| Ft. Caroline                           | FL       | Jacksonville                 |   |          | -      |   |                              |   | 938    |                             |                                                                            |   | 2,800                                                                |   |   |   | 199    |   |                            |   | 738    |   |   |   | 3,199 |   |   |   | 3,937 |   |   |   | (1,126 | ) |   | 1985 |   | 01/24/94 |   |   | 40 |   |
| Galleria                                    | NC       | Wrightsville      Beach, NC  |   |          | -      |   |                              |   | 1,493  |                             |                                                                            |   | 3,875                                                                |   |   |   | 776    |   |                            |   | 1,493  |   |   |   | 4,651 |   |   |   | 6,144 |   |   |   | (570 | ) |   | 1986 |   | 02/12/03 |   |   | 40 |   |
| Grand      Marche                           | LA       | Lafayette,      LA           |   |          | -      |   |                              |   | 304    |                             |                                                                            |   | -                                                                    |   |   |   | -      |   |                            |   | 304    |   |   |   | - |   |   |   | 304 |   |   |   | - |   |   | 1969 |   | 02/12/03 |   |   | 40 |   |
| Grassland      Crossing                     | GA       | Alpharetta,      GA          |   |          | 5,274  |   |                              |   | 3,656  |                             |                                                                            |   | 7,885                                                                |   |   |   | 569    |   |                            |   | 3,656  |   |   |   | 8,454 |   |   |   | 12,110 |   |   |   | (1,056 | ) |   | 1996 |   | 02/12/03 |   |   | 40 |   |
| Greenwood                                   | FL       | Palm      Springs            |   |          | -      |   |                              |   | 4,117  |                             |                                                                            |   | 10,295                                                               |   |   |   | 2,833  |   |                            |   | 4,117  |   |   |   | 13,128 |   |   |   | 17,245 |   |   |   | (1,577 | ) |   | 1982 |   | 02/12/03 |   |   | 40 |   |
| Hairston Center                        | GA       | Decatur,      GA             |   |          | -      |   |                              |   | 1,644  |                             |                                                                            |   | 642                                                                  |   |   |   | 1      |   |                            |   | 1,644  |   |   |   | 643 |   |   |   | 2,287 |   |   |   | (40 | ) |   | 2000 |   | 08/25/05 |   |   | 40 |   |
| Hamilton      Ridge                         | GA       | Buford,      GA              |   |          | -      |   |                              |   | 5,612  |                             |                                                                            |   | 7,167                                                                |   |   |   | 1,440  |   |                            |   | 5,612  |   |   |   | 8,607 |   |   |   | 14,219 |   |   |   | (1,070 | ) |   | 2002 |   | 12/18/03 |   |   | 40 |   |
| Hampton      Oaks                           | GA       | Atlanta,      GA             |   |          | -      |   |                              |   | 835    |                             |                                                                            |   | -                                                                    |   |   |   | 1,327  |   |                            |   | 835    |   |   |   | 1,327 |   |   |   | 2,162 |   |   |   | - |   |   | n/a |   | 11/30/06 |   |   |   |   |
| Homestead      Gas Station                  | FL       | Homestead                    |   |          | -      |   |                              |   | 1,170  |                             |                                                                            |   | -                                                                    |   |   |   | 26     |   |                            |   | 1,170  |   |   |   | 26 |   |   |   | 1,196 |   |   |   | - |   |   | 1959 |   | 11/08/04 |   |   | 40 |   |
| Hunters      Creek                          | FL       | Orlando                      |   |          | -      |   |                              |   | 1,562  |                             |                                                                            |   | 5,445                                                                |   |   |   | 2,292  |   |                            |   | 1,562  |   |   |   | 7,737 |   |   |   | 9,299 |   |   |   | (711 | ) |   | 1998 |   | 09/23/03 |   |   | 40 |   |
| Kirkman      Shoppes                        | FL       | Orlando                      |   |          | 9,166  |   |                              |   | 3,222  |                             |                                                                            |   | 9,714                                                                |   |   |   | 250    |   |                            |   | 3,222  |   |   |   | 9,964 |   |   |   | 13,186 |   |   |   | (2,222 | ) |   | 1973 |   | 08/15/00 |   |   | 33 |   |
| Lago      Mar                               | FL       | Miami                        |   |          | -      |   |                              |   | 4,216  |                             |                                                                            |   | 6,609                                                                |   |   |   | 1,031  |   |                            |   | 4,216  |   |   |   | 7,640 |   |   |   | 11,856 |   |   |   | (919 | ) |   | 1995 |   | 02/12/03 |   |   | 40 |   |
| Lake Mary                              | FL       | Orlando                      |   |          | 23,406 |   |                              |   | 7,092  |                             |                                                                            |   | 13,878                                                               |   |   |   | 5,033  |   |                            |   | 7,092  |   |   |   | 18,911 |   |   |   | 26,003 |   |   |   | (5,290 | ) |   | 1988 |   | 11/09/95 |   |   | 40 |   |
| Lake St.      Charles                  | FL       | Tampa                        |   |          | 3,692  |   |                              |   | 1,496  |                             |                                                                            |   | 3,768                                                                |   |   |   | 16     |   |                            |   | 1,497  |   |   |   | 3,783 |   |   |   | 5,280 |   |   |   | (604 | ) |   | 1999 |   | 09/21/01 |   |   | 40 |   |
| Lancaster Plaza                        | SC       | Lancaster,      SC           |   |          | -      |   |                              |   | 317    |                             |                                                                            |   | 153                                                                  |   |   |   | 19     |   |                            |   | 317    |   |   |   | 172 |   |   |   | 489 |   |   |   | (39 | ) |   | 1971 |   | 02/12/03 |   |   | 40 |   |
| Lancaster Shopping      Center         | SC       | Lancaster,      SC           |   |          | -      |   |                              |   | 280    |                             |                                                                            |   | 120                                                                  |   |   |   | 45     |   |                            |   | 280    |   |   |   | 165 |   |   |   | 445 |   |   |   | (50 | ) |   | 1963 |   | 02/12/03 |   |   | 40 |   |
| Lantana Village                        | FL       | Lantana                      |   |          | -      |   |                              |   | 1,350  |                             |                                                                            |   | 7,978                                                                |   |   |   | 1,451  |   |                            |   | 1,350  |   |   |   | 9,429 |   |   |   | 10,779 |   |   |   | (2,086 | ) |   | 1976 |   | 01/06/98 |   |   | 40 |   |
| Laurel Walk      Apartments            | NC       | Charlotte,      NC           |   |          | -      |   |                              |   | 2,065  |                             |                                                                            |   | 4,491                                                                |   |   |   | -      |   |                            |   | 2,065  |   |   |   | 4,491 |   |   |   | 6,556 |   |   |   | (234 | ) |   | 1985 |   | 10/31/05 |   |   | 40 |   |
| Lutz Lake                              | FL       | Lutz                         |   |          | 7,500  |   |                              |   | 3,619  |                             |                                                                            |   | 5,199                                                                |   |   |   | 1,142  |   |                            |   | 3,619  |   |   |   | 6,341 |   |   |   | 9,960 |   |   |   | (780 | ) |   | 2002 |   | 02/12/03 |   |   | 40 |   |
| Mableton      Crossing                      | GA       | Mableton,      GA            |   |          | 3,736  |   |                              |   | 3,331  |                             |                                                                            |   | 6,403                                                                |   |   |   | 51     |   |                            |   | 3,331  |   |   |   | 6,454 |   |   |   | 9,785 |   |   |   | (816 | ) |   | 1997 |   | 02/12/03 |   |   | 40 |   |
| Macland      Pointe                         | GA       | Marietta,      GA            |   |          | 5,581  |   |                              |   | 3,462  |                             |                                                                            |   | 4,814                                                                |   |   |   | 25     |   |                            |   | 3,462  |   |   |   | 4,839 |   |   |   | 8,301 |   |   |   | (633 | ) |   | 1992 |   | 02/12/03 |   |   | 40 |   |
| Madison Centre                         | AL       | Madison,      AL             |   |          | 3,491  |   |                              |   | 1,424  |                             |                                                                            |   | 5,187                                                                |   |   |   | 57     |   |                            |   | 1,424  |   |   |   | 5,244 |   |   |   | 6,668 |   |   |   | (953 | ) |   | 1997 |   | 02/12/03 |   |   | 40 |   |
| Mandarin      Landing                       | FL       | Jacksonville                 |   |          | -      |   |                              |   | 4,443  |                             |                                                                            |   | 4,747                                                                |   |   |   | 3,313  |   |                            |   | 4,443  |   |   |   | 8,060 |   |   |   | 12,503 |   |   |   | (1,701 | ) |   | 1976 |   | 12/10/99 |   |   | 40 |   |
| Mandarin      Mini                          | FL       | Jacksonville                 |   |          | -      |   |                              |   | 362    |                             |                                                                            |   | 1,148                                                                |   |   |   | 318    |   |                            |   | 362    |   |   |   | 1,466 |   |   |   | 1,828 |   |   |   | (501 | ) |   | 1982 |   | 05/10/94 |   |   | 40 |   |
| Marco Town Center                 | FL       | Marco Island            |   |          | 8,047  |   |                              |   | 3,872  |                             |                                                                            |   | 11,966                                                               |   |   |   | 578    |   |                            |   | 3,872  |   |   |   | 12,544 |   |   |   | 16,416 |   |   |   | (2,489 | ) |   | 2001 |   | 08/15/00 |   |   | 37 |   |
| Mariners      Crossing                      | FL       | Spring      Hill             |   |          | -      |   |                              |   | 1,262  |                             |                                                                            |   | 4,447                                                                |   |   |   | 2,368  |   |                            |   | 1,262  |   |   |   | 6,815 |   |   |   | 8,077 |   |   |   | (905 | ) |   | 1989 |   | 09/12/00 |   |   | 40 |   |
| Market      Place                           | GA       | Norcross,      GA            |   |          | -      |   |                              |   | 1,667  |                             |                                                                            |   | 4,078                                                                |   |   |   | 92     |   |                            |   | 1,667  |   |   |   | 4,170 |   |   |   | 5,837 |   |   |   | (551 | ) |   | 1976 |   | 02/12/03 |   |   | 40 |   |
| McAlphin      Square                        | GA       | Savannah,      GA            |   |          | -      |   |                              |   | 3,536  |                             |                                                                            |   | 6,963                                                                |   |   |   | 496    |   |                            |   | 3,536  |   |   |   | 7,459 |   |   |   | 10,995 |   |   |   | (1,020 | ) |   | 1979 |   | 02/12/03 |   |   | 40 |   |
| Meadows                                     | FL       | Miami                        |   |          | 6,001  |   |                              |   | 2,304  |                             |                                                                            |   | 6,670                                                                |   |   |   | 101    |   |                            |   | 2,304  |   |   |   | 6,771 |   |   |   | 9,075 |   |   |   | (1,025 | ) |   | 1997 |   | 05/23/02 |   |   | 40 |   |
| Medical      & Merchants                | FL       | Jacksonville                 |   |          | -      |   |                              |   | 10,323 |                             |                                                                            |   | 12,174                                                               |   |   |   | 29     |   |                            |   | 10,323 |   |   |   | 12,202 |   |   |   | 22,525 |   |   |   | (1,224 | ) |   | 1993 |   | 05/27/04 |   |   | 40 |   |
| Middle Beach Shopping      Center | FL       | Panama      City Bch         |   |          | -      |   |                              |   | 2,195  |                             |                                                                            |   | 5,542                                                                |   |   |   | 5      |   |                            |   | 2,195  |   |   |   | 5,547 |   |   |   | 7,742 |   |   |   | (566 | ) |   | 1994 |   | 12/23/03 |   |   | 40 |   |
| Midpoint Center                        | FL       | Cape      Coral              |   |          | 6,552  |   |                              |   | 5,417  |                             |                                                                            |   | 6,705                                                                |   |   |   | -      |   |                            |   | 5,417  |   |   |   | 6,705 |   |   |   | 12,122 |   |   |   | (206 | ) |   | 2002 |   | 12/08/06 |   |   | 40 |   |
| Milestone Plaza                        | SC       | Greenville,      SC          |   |          | -      |   |                              |   | 11,576 |                             |                                                                            |   | 9,031                                                                |   |   |   | 23     |   |                            |   | 11,576 |   |   |   | 9,054 |   |   |   | 20,630 |   |   |   | (308 | ) |   | 1995 |   | 08/25/06 |   |   | 40 |   |

----

Table of Contents

|                                       |     |                         |   |          |   |   | INITIAL      COST      TO COMPANY |    |   |                            | GROSS      AMOUNTS      AT      WHICH CARRIED      AT CLOSE      OF PERIOD |      |                                                                 |   |   |    |   |   |                            |    |   |   |
|--------------------------------------------|----------|------------------------------|--------|---------------|--------|--------|-----------------------------------|---------|--------|---------------------------------|----------------------------------------------------------------------------|-----------|----------------------------------------------------------------------|--------|--------|---------|--------|--------|---------------------------------|---------|--------|--------|
| Property                                   | Location | Location                     |   | Encum-brances |   |   | Land                              |    |   | Building      &Improvements |                                                                       |      | Capitalized      Subsequent      to Acquisition      or Improvements |   |   | Land    |   |   | Building      &Improvements |    |   | Total  |   |   | Accumulated      Depreciation |   |   | Date      of Construction |   | Date      Acquired |   | Dep      - reciable      Life      (yrs) |   |
| North Village Center             | SC       | N      Myrtle Beach, SC      |   |          | -      |   |                              |    | 2,860  |                            |                                                                       |      | 2,774                                                                |   |   |    | 117    |   |                            |    | 2,860  |   |   |   | 2,891 |   |   |   | 5,751 |   |   |   | (689 | ) |   | 1984 |   | 02/12/03 |   |   | 40 |   |
| NSB      Regional                          | FL       | New      Smyrna Beach   |   |          | -      |   |                              |    | 3,217  |                            |                                                                       |      | 8,896                                                                |   |   |    | 86     |   |                            |    | 3,217  |   |   |   | 8,982 |   |   |   | 12,199 |   |   |   | (1,136 | ) |   | 1987 |   | 02/12/03 |   |   | 40 |   |
| Oak      Hill                              | FL       | Jacksonville                 |   |          | -      |   |                              |    | 690    |                            |                                                                       |      | 2,760                                                                |   |   |    | 132    |   |                            |    | 690    |   |   |   | 2,892 |   |   |   | 3,582 |   |   |   | (910 | ) |   | 1985 |   | 12/07/95 |   |   | 40 |   |
| Oakbrook                                   | FL       | Palm      Beach Gardens |   |          | -      |   |                              |    | 7,706  |                            |                                                                       |      | 16,079                                                               |   |   |    | `3,549 |   |                            |    | 7,706  |   |   |   | 19,628 |   |   |   | 27,334 |   |   |   | (2,901 | ) |   | 1974 |   | 08/15/00 |   |   | 40 |   |
| Oaktree Plaza                         | FL       | North      Palm Beach        |   |          | -      |   |                              |    | 1,589  |                            |                                                                       |      | 2,275                                                                |   |   |    | 73     |   |                            |    | 1,589  |   |   |   | 2,348 |   |   |   | 3,937 |   |   |   | (100 | ) |   | 1985 |   | 10/16/06 |   |   | 40 |   |
| Old      Kings Commons                     | FL       | Palm Coast              |   |          | -      |   |                              |    | 1,420  |                            |                                                                       |      | 5,005                                                                |   |   |    | 387    |   |                            |    | 1,420  |   |   |   | 5,392 |   |   |   | 6,812 |   |   |   | (662 | ) |   | 1988 |   | 02/12/03 |   |   | 40 |   |
| Park      Promenade                        | FL       | Orlando                      |   |          | 6,020  |   |                              |    | 2,670  |                            |                                                                       |      | 6,444                                                                |   |   |    | 508    |   |                            |    | 2,670  |   |   |   | 6,952 |   |   |   | 9,622 |   |   |   | (1,847 | ) |   | 1987 |   | 01/31/99 |   |   | 40 |   |
| Parkwest      Crossing                     | NC       | Durham,      NC              |   |          | 4,527  |   |                              |    | 1,788  |                            |                                                                       |      | 6,727                                                                |   |   |    | 171    |   |                            |    | 1,788  |   |   |   | 6,898 |   |   |   | 8,686 |   |   |   | (877 | ) |   | 1990 |   | 02/12/03 |   |   | 40 |   |
| Paulding      Commons                      | GA       | Hiram,      GA               |   |          | 5,926  |   |                              |    | 3,848  |                            |                                                                       |      | 11,985                                                               |   |   |    | 116    |   |                            |    | 3,848  |   |   |   | 12,101 |   |   |   | 15,949 |   |   |   | (1,525 | ) |   | 1991 |   | 02/12/03 |   |   | 40 |   |
| Pavilion                                   | FL       | Naples                       |   |          | -      |   |                              |    | 10,827 |                            |                                                                       |      | 11,299                                                               |   |   |    | 2,572  |   |                            |    | 10,827 |   |   |   | 13,871 |   |   |   | 24,698 |   |   |   | (1,370 | ) |   | 1982 |   | 02/04/04 |   |   | 40 |   |
| Piedmont      Peachtree Crossing           | GA       | Atlanta,      GA             |   |          | -      |   |                              |    | 34,337 |                            |                                                                       |      | 17,992                                                               |   |   |    | 576    |   |                            |    | 34,338 |   |   |   | 18,567 |   |   |   | 52,905 |   |   |   | (1,011 | ) |   | 1978 |   | 03/06/06 |   |   | 40 |   |
| Pine Island                           | FL       | Davie                        |   |          | 23,336 |   |                              |    | 8,557  |                            |                                                                       |      | 12,860                                                               |   |   |    | 262    |   |                            |    | 8,557  |   |   |   | 13,122 |   |   |   | 21,679 |   |   |   | (2,872 | ) |   | 1983 |   | 08/26/99 |   |   | 40 |   |
| Pine      Ridge Square                     | FL       | Coral      Springs           |   |          | 6,988  |   |                              |    | 6,528  |                            |                                                                       |      | 9,850                                                                |   |   |    | 2,496  |   |                            |    | 6,528  |   |   |   | 12,346 |   |   |   | 18,874 |   |   |   | (1,540 | ) |   | 1986 |   | 02/12/03 |   |   | 40 |   |
| Plaza      Acadienne                       | LA       | Eunice,      LA              |   |          | -      |   |                              |    | 2,108  |                            |                                                                       |      | 168                                                                  |   |   |    | 9      |   |                            |    | 2,108  |   |   |   | 177 |   |   |   | 2,285 |   |   |   | (26 | ) |   | 1980 |   | 02/12/03 |   |   | 40 |   |
| Plaza      Alegre                          | FL       | Miami                        |   |          | -      |   |                              |    | 2,011  |                            |                                                                       |      | 9,191                                                                |   |   |    | 350    |   |                            |    | 2,011  |   |   |   | 9,541 |   |   |   | 11,552 |   |   |   | (1,785 | ) |   | 2003 |   | 02/26/02 |   |   | 40 |   |
| Point      Royale                          | FL       | Miami                        |   |          | 3,409  |   |                              |    | 3,720  |                            |                                                                       |      | 5,005                                                                |   |   |    | 1,570  |   |                            |    | 3,720  |   |   |   | 6,575 |   |   |   | 10,295 |   |   |   | (1,976 | ) |   | 1970 |   | 07/27/95 |   |   | 40 |   |
| Powers Ferry Plaza               | GA       | Marietta,      GA            |   |          | -      |   |                              |    | 3,236  |                            |                                                                       |      | 5,227                                                                |   |   |    | 579    |   |                            |    | 3,236  |   |   |   | 5,806 |   |   |   | 9,042 |   |   |   | (978 | ) |   | 1979 |   | 02/12/03 |   |   | 40 |   |
| Presidential      Markets                  | GA       | Snellville,      GA          |   |          | 26,225 |   |                              |    | 21,761 |                            |                                                                       |      | 28,779                                                               |   |   |    | 272    |   |                            |    | 21,761 |   |   |   | 29,051 |   |   |   | 50,812 |   |   |   | (4,083 | ) |   | 1993 |   | 02/12/03 |   |   | 40 |   |
| Prosperity      Centre                     | FL       | Palm      Beach Gardens |   |          | 4,728  |   |                              |    | 4,597  |                            |                                                                       |      | 13,838                                                               |   |   |    | 177    |   |                            |    | 4,597  |   |   |   | 14,015 |   |   |   | 18,612 |   |   |   | (2,826 | ) |   | 1993 |   | 08/15/00 |   |   | 40 |   |
| Providence      Square                     | NC       | Charlotte,      NC           |   |          | -      |   |                              |    | 1,112  |                            |                                                                       |      | 2,575                                                                |   |   |    | 718    |   |                            |    | 1,112  |   |   |   | 3,293 |   |   |   | 4,405 |   |   |   | (424 | ) |   | 1973 |   | 02/12/03 |   |   | 40 |   |
| Quincy      Star Market                    | MA       | Boston,      MA              |   |          | -      |   |                              |    | 6,121  |                            |                                                                       |      | 18,444                                                               |   |   |    | -      |   |                            |    | 6,121  |   |   |   | 18,444 |   |   |   | 24,565 |   |   |   | (1,612 | ) |   | 1965 |   | 10/07/04 |   |   | 40 |   |
| Regency      Crossing                      | FL       | Port      Richey             |   |          | -      |   |                              |    | 1,982  |                            |                                                                       |      | 6,524                                                                |   |   |    | 61     |   |                            |    | 1,982  |   |   |   | 6,585 |   |   |   | 8,567 |   |   |   | (814 | ) |   | 1986 |   | 02/12/03 |   |   | 40 |   |
| Ridge Plaza                           | FL       | Davie                        |   |          | -      |   |                              |    | 3,905  |                            |                                                                       |      | 7,450                                                                |   |   |    | 812    |   |                            |    | 3,905  |   |   |   | 8,262 |   |   |   | 12,167 |   |   |   | (1,938 | ) |   | 1984 |   | 08/15/00 |   |   | 40 |   |
| River      Green (land)                    | GA       | Atlanta,      GA             |   |          | -      |   |                              |    | 2,587  |                            |                                                                       |      | -                                                                    |   |   |    | 537    |   |                            |    | 2,587  |   |   |   | 537 |   |   |   | 3,124 |   |   |   | - |   |   | n/a |   | 09/27/05 |   |   |   |   |
| Riverside      Square                      | FL       | Coral      Springs           |   |          | 7,209  |   |                              |    | 6,423  |                            |                                                                       |      | 8,260                                                                |   |   |    | 1,007  |   |                            |    | 6,423  |   |   |   | 9,267 |   |   |   | 15,690 |   |   |   | (1,207 | ) |   | 1987 |   | 02/12/03 |   |   | 40 |   |
| Riverview Shopping      Center        | NC       | Durham,      NC              |   |          | -      |   |                              |    | 2,277  |                            |                                                                       |      | 4,745                                                                |   |   |    | 1,646  |   |                            |    | 2,202  |   |   |   | 6,466 |   |   |   | 8,668 |   |   |   | (710 | ) |   | 1973 |   | 02/12/03 |   |   | 40 |   |
| Rosemeade                                  | TX       | Carrollton,      TX          |   |          | -      |   |                              |    | 812    |                            |                                                                       |      | 2,719                                                                |   |   |    | -      |   |                            |    | 812    |   |   |   | 2,719 |   |   |   | 3,531 |   |   |   | (572 | ) |   | 1986 |   | 09/21/01 |   |   | 40 |   |
| Ross Plaza                            | FL       | Tampa                        |   |          | 6,392  |   |                              |    | 2,115  |                            |                                                                       |      | 6,346                                                                |   |   |    | 322    |   |                            |    | 2,115  |   |   |   | 6,668 |   |   |   | 8,783 |   |   |   | (1,491 | ) |   | 1984 |   | 08/15/00 |   |   | 33 |   |
| Ryanwood      Square                       | FL       | Vero      Beach              |   |          | -      |   |                              |    | 2,281  |                            |                                                                       |      | 6,880                                                                |   |   |    | 662    |   |                            |    | 2,281  |   |   |   | 7,542 |   |   |   | 9,823 |   |   |   | (1,145 | ) |   | 1987 |   | 08/15/00 |   |   | 40 |   |
| Salerno      Village Square                | FL       | Stuart                       |   |          | -      |   |                              |    | 2,596  |                            |                                                                       |      | 1,511                                                                |   |   |    | 4,946  |   |                            |    | 2,291  |   |   |   | 6,762 |   |   |   | 9,053 |   |   |   | (674 | ) |   | 1987 |   | 05/06/02 |   |   | 40 |   |
| Salisbury      Marketplace                 | NC       | Salisbury,      NC           |   |          | -      |   |                              |    | 3,118  |                            |                                                                       |      | 5,099                                                                |   |   |    | 321    |   |                            |    | 3,118  |   |   |   | 5,420 |   |   |   | 8,538 |   |   |   | (709 | ) |   | 1987 |   | 02/12/03 |   |   | 40 |   |
| Sawgrass      Promenade                    | FL       | Deerfield      Beach         |   |          | 7,900  |   |                              |    | 3,280  |                            |                                                                       |      | 9,351                                                                |   |   |    | 918    |   |                            |    | 3,280  |   |   |   | 10,269 |   |   |   | 13,549 |   |   |   | (2,386 | ) |   | 1982 |   | 08/15/00 |   |   | 40 |   |
| Seven      Hills                           | FL       | Spring      Hill             |   |          | -      |   |                              |    | 2,167  |                            |                                                                       |      | 5,167                                                                |   |   |    | 621    |   |                            |    | 2,167  |   |   |   | 5,788 |   |   |   | 7,955 |   |   |   | (594 | ) |   | 1991 |   | 02/12/03 |   |   | 40 |   |
| Shaw's      @ Medford                      | MA       | Boston,      MA              |   |          | -      |   |                              |    | 7,750  |                            |                                                                       |      | 11,390                                                               |   |   |    | -      |   |                            |    | 7,750  |   |   |   | 11,390 |   |   |   | 19,140 |   |   |   | (991 | ) |   | 1995 |   | 10/07/04 |   |   | 40 |   |
| Shaw's      @ Plymouth                     | MA       | Boston,      MA              |   |          | -      |   |                              |    | 4,917  |                            |                                                                       |      | 12,199                                                               |   |   |    | -      |   |                            |    | 4,917  |   |   |   | 12,199 |   |   |   | 17,116 |   |   |   | (1,060 | ) |   | 1993 |   | 10/07/04 |   |   | 40 |   |
| Sheridan                                   | FL       | Hollywood                    |   |          | -      |   |                              |    | 38,888 |                            |                                                                       |      | 36,241                                                               |   |   |    | 4,819  |   |                            |    | 38,888 |   |   |   | 41,060 |   |   |   | 79,948 |   |   |   | (4,408 | ) |   | 1973 |   | 07/14/03 |   |   | 40 |   |
| Sherwood      South                        | LA       | Baton      Rouge, LA         |   |          | -      |   |                              |    | 833    |                            |                                                                       |      | 2,412                                                                |   |   |    | 927    |   |                            |    | 746    |   |   |   | 3,426 |   |   |   | 4,172 |   |   |   | (536 | ) |   | 1972 |   | 02/12/03 |   |   | 40 |   |
| Shipyard Plaza                        | MS       | Pascagoula,      MS          |   |          | -      |   |                              |    | 1,337  |                            |                                                                       |      | 1,653                                                                |   |   |    | 424    |   |                            |    | 1,337  |   |   |   | 2,077 |   |   |   | 3,414 |   |   |   | (285 | ) |   | 1987 |   | 02/12/03 |   |   | 40 |   |
| Shoppes      at Andros Isle                | FL       | West      Palm Beach         |   |          | 6,259  |   |                              |    | 6,009  |                            |                                                                       |      | 7,832                                                                |   |   |    | 31     |   |                            |    | 6,009  |   |   |   | 7,863 |   |   |   | 13,872 |   |   |   | (234 | ) |   | 2000 |   | 12/08/06 |   |   | 40 |   |
| Shoppes      at Silverlakes                | FL       | Pembroke      Pines          |   |          | 2,085  |   |                              |    | 10,306 |                            |                                                                       |      | 10,131                                                               |   |   |    | 1,862  |   |                            |    | 10,306 |   |   |   | 11,993 |   |   |   | 22,299 |   |   |   | (1,467 | ) |   | 1995 |   | 02/12/03 |   |   | 40 |   |
| Shoppes      of Eastwood                   | FL       | Orlando                      |   |          | 5,711  |   |                              |    | 1,688  |                            |                                                                       |      | 6,976                                                                |   |   |    | 69     |   |                            |    | 1,688  |   |   |   | 7,045 |   |   |   | 8,733 |   |   |   | (1,005 | ) |   | 1999 |   | 06/28/02 |   |   | 40 |   |
| Shoppes      of Ibis                       | FL       | West      Palm Beach         |   |          | 5,077  |   |                              |    | 3,002  |                            |                                                                       |      | 6,299                                                                |   |   |    | 44     |   |                            |    | 3,002  |   |   |   | 6,343 |   |   |   | 9,345 |   |   |   | (902 | ) |   | 1999 |   | 07/10/02 |   |   | 40 |   |
| Shoppes      of Jonathan's Landing         | FL       | Jupiter                      |   |          | 2,751  |   |                              |    | 1,146  |                            |                                                                       |      | 3,442                                                                |   |   |    | 42     |   |                            |    | 1,146  |   |   |   | 3,484 |   |   |   | 4,630 |   |   |   | (676 | ) |   | 1997 |   | 08/15/00 |   |   | 37 |   |
| Shoppes      of North Port            | FL       | North Port              |   |          | 3,667  |   |                              |    | 1,452  |                            |                                                                       |      | 5,807                                                                |   |   |    | 145    |   |                            |    | 1,452  |   |   |   | 5,952 |   |   |   | 7,404 |   |   |   | (1,083 | ) |   | 1991 |   | 12/05/00 |   |   | 40 |   |
| Shoppes      of Sunset                     | FL       | Miami,      FL               |   |          | -      |   |                              |    | 3,640  |                            |                                                                       |      | 1,282                                                                |   |   |    | -      |   |                            |    | 3,640  |   |   |   | 1,282 |   |   |   | 4,922 |   |   |   | (30 | ) |   | 1979 |   | 06/13/07 |   |   | 40 |   |
| Shoppes      of Sunset II                  | FL       | Miami,      FL               |   |          | -      |   |                              |    | 3,593  |                            |                                                                       |      | 1,640                                                                |   |   |    | -      |   |                            |    | 3,593  |   |   |   | 1,640 |   |   |   | 5,233 |   |   |   | (11 | ) |   | 1980 |   | 11/01/07 |   |   | 40 |   |
| Shops      at Skylake                      | FL       | North      Miami Beach       |   |          | 12,996 |   |                              |    | 15,226 |                            |                                                                       |      | 7,206                                                                |   |   |    | 23,658 |   |                            |    | 15,226 |   |   |   | 30,864 |   |   |   | 46,090 |   |   |   | (4,302 | ) |   | 1999 |   | 08/19/97 |   |   | 40 |   |
| Shops      of Huntcrest                    | GA       | Lawrenceville,      GA       |   |          | -      |   |                              |    | 5,706  |                            |                                                                       |      | 7,641                                                                |   |   |    | 36     |   |                            |    | 5,706  |   |   |   | 7,677 |   |   |   | 13,383 |   |   |   | (1,082 | ) |   | 2003 |   | 02/12/03 |   |   | 40 |   |
| Siegen Village                        | LA       | Baton      Rouge, LA         |   |          | 3,856  |   |                              |    | 4,329  |                            |                                                                       |      | 9,691                                                                |   |   |    | 892    |   |                            |    | 4,329  |   |   |   | 10,583 |   |   |   | 14,912 |   |   |   | (2,293 | ) |   | 1988 |   | 02/12/03 |   |   | 40 |   |
| Smyth Valley      Crossing            | VA       | Marion,      VA              |   |          | -      |   |                              |    | 2,537  |                            |                                                                       |      | 3,890                                                                |   |   |    | 6      |   |                            |    | 2,537  |   |   |   | 3,896 |   |   |   | 6,433 |   |   |   | (475 | ) |   | 1989 |   | 02/12/03 |   |   | 40 |   |
| South Beach                           | FL       | Jacksonville      Bch        |   |          | -      |   |                              |    | 9,545  |                            |                                                                       |      | 19,228                                                               |   |   |    | 1,552  |   |                            |    | 9,545  |   |   |   | 20,780 |   |   |   | 30,325 |   |   |   | (2,565 | ) |   | 1990 |   | 02/12/03 |   |   | 40 |   |
| South      Point                           | FL       | Vero      Beach              |   |          | 8,015  |   |                              |    | 7,142  |                            |                                                                       |      | 7,098                                                                |   |   |    | -      |   |                            |    | 7,142  |   |   |   | 7,098 |   |   |   | 14,240 |   |   |   | (212 | ) |   | 2003 |   | 12/08/06 |   |   | 40 |   |
| Spalding Village                      | GA       | Griffin,      GA             |   |          | 9,147  |   |                              |    | 3,384  |                            |                                                                       |      | 5,005                                                                |   |   |    | 1,325  |   |                            |    | 4,709  |   |   |   | 5,005 |   |   |   | 9,714 |   |   |   | (828 | ) |   | 1989 |   | 02/12/03 |   |   | 40 |   |
| Sparkleberry      Square                   | SC       | Columbia,      SC            |   |          | 13,196 |   |                              |    | 10,956 |                            |                                                                       |      | 32,491                                                               |   |   |    | 1,583  |   |                            |    | 10,956 |   |   |   | 34,074 |   |   |   | 45,030 |   |   |   | (3,135 | ) |   | 1997 |   | 03/31/04 |   |   | 40 |   |
| St.      Lucie Land                        | FL       | Port St.      Lucie     |   |          | -      |   |                              |    | 7,728  |                            |                                                                       |      | -                                                                    |   |   |    | 929    |   |                            |    | 7,728  |   |   |   | 929 |   |   |   | 8,657 |   |   |   | - |   |   | n/a |   | 11/27/06 |   |   |   |   |
| Stanley      Market Place                  | NC       | Stanley,      NC             |   |          | -      |   |                              |    | 396    |                            |                                                                       |      | 669                                                                  |   |   |    | 4,918  |   |                            |    | 396    |   |   |   | 5,587 |   |   |   | 5,983 |   |   |   | (197 | ) |   | 1980 |   | 02/12/03 |   |   | 40 |   |
| Star's      @ Cambridge                    | MA       | Boston,      MA              |   |          | -      |   |                              |    | 11,358 |                            |                                                                       |      | 13,854                                                               |   |   |    | -      |   |                            |    | 11,358 |   |   |   | 13,854 |   |   |   | 25,212 |   |   |   | (1,207 | ) |   | 1953 |   | 10/07/04 |   |   | 40 |   |
| Summerlin      Square                      | FL       | Fort      Myers              |   |          | 2,672  |   |                              |    | 2,187  |                            |                                                                       |      | 7,989                                                                |   |   |    | 360    |   |                            |    | 2,187  |   |   |   | 8,349 |   |   |   | 10,536 |   |   |   | (2,005 | ) |   | 1986 |   | 06/10/98 |   |   | 40 |   |
| Sun      Point                             | FL       | Ruskin                       |   |          | -      |   |                              |    | 4,025  |                            |                                                                       |      | 4,228                                                                |   |   |    | -      |   |                            |    | 4,025  |   |   |   | 4,228 |   |   |   | 8,253 |   |   |   | (228 | ) |   | 1984 |   | 05/05/06 |   |   | 40 |   |
| Sunlake-Equity      One LLC                | FL       | Tampa                        |   |          | -      |   |                              |    | 16,095 |                            |                                                                       |      | -                                                                    |   |   |    | 2,362  |   |                            |    | 9,861  |   |   |   | 8,596 |   |   |   | 18,457 |   |   |   | - |   |   | n/a |   | 02/01/05 |   |   |   |   |
| Tamarac      Town Square                   | FL       | Tamarac                      |   |          | 5,816  |   |                              |    | 4,742  |                            |                                                                       |      | 5,610                                                                |   |   |    | 416    |   |                            |    | 4,742  |   |   |   | 6,026 |   |   |   | 10,768 |   |   |   | (833 | ) |   | 1987 |   | 02/12/03 |   |   | 40 |   |
| Tarpon Heights                        | LA       | Galliano,      LA            |   |          | -      |   |                              |    | 1,133  |                            |                                                                       |      | 631                                                                  |   |   |    | 640    |   |                            |    | 1,133  |   |   |   | 1,271 |   |   |   | 2,404 |   |   |   | (528 | ) |   | 1982 |   | 02/12/03 |   |   | 40 |   |
| The      Boulevard                         | LA       | Lafayette,      LA           |   |          | -      |   |                              |    | 1,360  |                            |                                                                       |      | 1,675                                                                |   |   |    | 354    |   |                            |    | 1,360  |   |   |   | 2,029 |   |   |   | 3,389 |   |   |   | (428 | ) |   | 1976 |   | 02/12/03 |   |   | 40 |   |
| The      Crossing                          | LA       | Slidell,      LA             |   |          | -      |   |                              |    | 1,591  |                            |                                                                       |      | 3,650                                                                |   |   |    | 727    |   |                            |    | 1,591  |   |   |   | 4,377 |   |   |   | 5,968 |   |   |   | (528 | ) |   | 1988 |   | 02/12/03 |   |   | 40 |   |
| The      Plaza at St. Lucie West | FL       | Port St.      Lucie     |   |          | -      |   |                              |    | 790    |                            |                                                                       |      | 3,082                                                                |   |   |    | 938    |   |                            |    | 790    |   |   |   | 4,020 |   |   |   | 4,810 |   |   |   | (166 | ) |   |   |   |   | 08/15/00 |   |   | 40 |   |
| The      Shoppes at Quail Roost            | FL       | South      Miami             |   |          | -      |   |                              |    | 7,926  |                            |                                                                       |      | 7,008                                                                |   |   |    | 119    |   |                            |    | 7,926  |   |   |   | 7,127 |   |   |   | 15,053 |   |   |   | (267 | ) |   | 2005 |   | 08/31/06 |   |   | 40 |   |
| Thomasville      Commons                   | NC       | Thomasville,      NC         |   |          | -      |   |                              |    | 1,212  |                            |                                                                       |      | 4,567                                                                |   |   |    | 1,805  |   |                            |    | 1,212  |   |   |   | 6,372 |   |   |   | 7,584 |   |   |   | (786 | ) |   | 1991 |   | 02/12/03 |   |   | 40 |   |
| Town      & Country                    | FL       | Kissimmee                    |   |          | -      |   |                              |    | 2,499  |                            |                                                                       |      | 4,397                                                                |   |   |    | 242    |   |                            |    | 2,503  |   |   |   | 4,635 |   |   |   | 7,138 |   |   |   | (565 | ) |   | 1993 |   | 02/12/03 |   |   | 40 |   |
| Treasure Coast Plaza             | FL       | Vero      Beach              |   |          | 3,575  |   |                              |    | 1,359  |                            |                                                                       |      | 9,728                                                                |   |   |    | 2,090  |   |                            |    | 1,359  |   |   |   | 11,818 |   |   |   | 13,177 |   |   |   | (1,221 | ) |   | 1983 |   | 02/12/03 |   |   | 40 |   |
| Unigold                                    | FL       | Winter      Park             |   |          | -      |   |                              |    | 4,304  |                            |                                                                       |      | 6,413                                                                |   |   |    | 1,460  |   |                            |    | 4,304  |   |   |   | 7,873 |   |   |   | 12,177 |   |   |   | (1,107 | ) |   | 1987 |   | 02/12/03 |   |   | 40 |   |
| Union      City Commons (land)             | GA       | Fairburn,      GA            |   |          | -      |   |                              |    | 8,084  |                            |                                                                       |      | -                                                                    |   |   |    | 753    |   |                            |    | 8,084  |   |   |   | 753 |   |   |   | 8,837 |   |   |   | - |   |   | n/a |   | 06/22/06 |   |   |   |   |
| Venice Plaza                          | FL       | Venice                       |   |          | -      |   |                              |    | 2,755  |                            |                                                                       |      | 450                                                                  |   |   |    | 3,284  |   |                            |    | 2,755  |   |   |   | 3,734 |   |   |   | 6,489 |   |   |   | (762 | ) |   | 1971 |   | 02/12/03 |   |   | 40 |   |
| Venice Shopping      Center           | FL       | Venice                       |   |          | -      |   |                              |    | 3,857  |                            |                                                                       |      | 2,562                                                                |   |   |    | 138    |   |                            |    | 3,857  |   |   |   | 2,700 |   |   |   | 6,557 |   |   |   | (311 | ) |   | 1968 |   | 03/31/04 |   |   | 40 |   |
| Village      at Northshore                 | LA       | Slidell,      LA             |   |          | -      |   |                              |    | 1,034  |                            |                                                                       |      | 10,128                                                               |   |   |    | -      |   |                            |    | 1,034  |   |   |   | 10,128 |   |   |   | 11,162 |   |   |   | (1,195 | ) |   | 1988 |   | 02/12/03 |   |   | 40 |   |
| Walden Woods                          | FL       | Plant      City              |   |          | -      |   |                              |    | 950    |                            |                                                                       |      | 3,780                                                                |   |   |    | 996    |   |                            |    | 950    |   |   |   | 4,776 |   |   |   | 5,726 |   |   |   | (1,729 | ) |   | 1985 |   | 01/01/99 |   |   | 40 |   |
| Wal-Mart      Stores, Inc.                 | LA       | Mathews,      LA             |   |          | -      |   |                              |    | 2,688  |                            |                                                                       |      | -                                                                    |   |   |    | -      |   |                            |    | 2,688  |   |   |   | - |   |   |   | 2,688 |   |   |   | - |   |   | 1985 |   | 02/12/03 |   |   | 40 |   |
| Walton Plaza                          | GA       | Augusta,      GA             |   |          | -      |   |                              |    | 869    |                            |                                                                       |      | 2,827                                                                |   |   |    | 10     |   |                            |    | 869    |   |   |   | 2,837 |   |   |   | 3,706 |   |   |   | (350 | ) |   | 1990 |   | 02/12/03 |   |   | 40 |   |
| Waterlick Land                        | GA       | Atlanta,      GA             |   |          | -      |   |                              |    | 455    |                            |                                                                       |      |                                                                 |   |   |    | -      |   |                            |    | 455    |   |   |   | - |   |   |   | 455 |   |   |   | - |   |   | n/a |   | 02/12/03 |   |   |   |   |
| Waterstone                                 | FL       | Homestead                    |   |          | -      |   |                              |    | 1,820  |                            |                                                                       |      | 8,030                                                                |   |   |    | 457    |   |                            |    | 1,820  |   |   |   | 8,487 |   |   |   | 10,307 |   |   |   | (525 | ) |   | 2005 |   | 04/10/92 |   |   | 40 |   |
| Webster Plaza                         | MA       | Webster,      MA             |   |          | 7,967  |   |                              |    | 5,033  |                            |                                                                       |      | 14,465                                                               |   |   |    | 271    |   |                            |    | 5,033  |   |   |   | 14,736 |   |   |   | 19,769 |   |   |   | (514 | ) |   | 1963 |   | 10/12/06 |   |   | 40 |   |
| Wesley Chapel      Crossing           | GA       | Decatur,      GA             |   |          | 3,044  |   |                              |    | 6,389  |                            |                                                                       |      | 4,311                                                                |   |   |    | 625    |   |                            |    | 6,389  |   |   |   | 4,936 |   |   |   | 11,325 |   |   |   | (615 | ) |   | 1989 |   | 02/12/03 |   |   | 40 |   |
| West Lakes Plaza                 | FL       | Miami                        |   |          | -      |   |                              |    | 2,141  |                            |                                                                       |      | 5,789                                                                |   |   |    | 413    |   |                            |    | 2,141  |   |   |   | 6,202 |   |   |   | 8,343 |   |   |   | (1,800 | ) |   | 1984 |   | 11/06/96 |   |   | 40 |   |
| West      Roxbury Shaw's Plaza        | MA       | Boston,      MA              |   |          | -      |   |                              |    | 9,223  |                            |                                                                       |      | 13,588                                                               |   |   |    | 1,471  |   |                            |    | 9,207  |   |   |   | 15,074 |   |   |   | 24,281 |   |   |   | (1,251 | ) |   | 1973 |   | 10/07/04 |   |   | 40 |   |
| Westport      Outparcels                   | FL       | Davie                        |   |          | -      |   |                              |    | 1,347  |                            |                                                                       |      | 1,010                                                                |   |   |    | 5      |   |                            |    | 1,347  |   |   |   | 1,015 |   |   |   | 2,362 |   |   |   | (35 | ) |   | 1990 |   | 09/14/06 |   |   | 40 |   |
| Westport Plaza                        | FL       | Davie                        |   |          | 4,573  |   |                              |    | 3,609  |                            |                                                                       |      | 3,446                                                                |   |   |    | 659    |   |                            |    | 4,180  |   |   |   | 3,534 |   |   |   | 7,714 |   |   |   | (292 | ) |   | 2002 |   | 12/17/04 |   |   | 40 |   |
| Westridge                                  | GA       | McDonough,      GA           |   |          | -      |   |                              |    | 1,266  |                            |                                                                       |      | 4,390                                                                |   |   |    | 2,024  |   |                            |    | 1,696  |   |   |   | 5,984 |   |   |   | 7,680 |   |   |   | (231 | ) |   | 2003 |   | 02/12/03 |   |   | 40 |   |
| Whole      Foods @ Swampscott              | MA       | Boston,      MA              |   |          | -      |   |                              |    | 5,139  |                            |                                                                       |      | 6,539                                                                |   |   |    | -      |   |                            |    | 5,139  |   |   |   | 6,539 |   |   |   | 11,678 |   |   |   | (566 | ) |   | 1967 |   | 10/07/04 |   |   | 40 |   |
| Williamsburg      @ Dunwoody               | GA       | Dunwoody,      GA            |   |          | -      |   |                              |    | 4,347  |                            |                                                                       |      | 3,615                                                                |   |   |    | 752    |   |                            |    | 4,347  |   |   |   | 4,367 |   |   |   | 8,714 |   |   |   | (522 | ) |   | 1983 |   | 02/12/03 |   |   | 40 |   |
| Willowdale Shopping      Center       | NC       | Durham,      NC              |   |          | -      |   |                              |    | 2,073  |                            |                                                                       |      | 6,499                                                                |   |   |    | 979    |   |                            |    | 2,073  |   |   |   | 7,478 |   |   |   | 9,551 |   |   |   | (1,072 | ) |   | 1986 |   | 02/12/03 |   |   | 40 |   |
| Winchester Plaza                      | AL       | Huntsville,      AL          |   |          | -      |   |                              |    | 8,301  |                            |                                                                       |      | 8,784                                                                |   |   |    | (6,080 | )      |                            |    | 2,221  |   |   |   | 8,784 |   |   |   | 11,005 |   |   |   | (223 | ) |   | 2006 |   | 02/28/05 |   |   | 40 |   |
| Windy      Hill                            | SC       | N      Myrtle Beach, SC      |   |          | -      |   |                              |    | 941    |                            |                                                                       |      | 1,906                                                                |   |   |    | 658    |   |                            |    | 987    |   |   |   | 2,518 |   |   |   | 3,505 |   |   |   | (203 | ) |   | 1968 |   | 04/08/04 |   |   | 40 |   |
| Woodruff                                   | SC       | Greenville,      SC          |   |          | -      |   |                              |    | 2,420  |                            |                                                                       |      | 5,482                                                                |   |   |    | 334    |   |                            |    | 2,420  |   |   |   | 5,816 |   |   |   | 8,236 |   |   |   | (746 | ) |   | 1995 |   | 12/23/03 |   |   | 40 |   |
| Young      Circle                          | FL       | Hollywood                    |   |          | -      |   |                              |    | 13,410 |                            |                                                                       |      | 8,895                                                                |   |   |    | 1,348  |   |                            |    | 13,410 |   |   |   | 10,243 |   |   |   | 23,653 |   |   |   | (623 | ) |   | 1962 |   | 05/19/05 |   |   | 40 |   |
|                                       |     |                         |   |          |   |   |                              |    |   |                            |                                                                       |      |                                                                 |   |   |    |   |   |                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Grand      Total                           |     |                         | $      | 397,112       |   |   | $                                 | 800,010 |   |                            | $                                                                          | 1,166,023 |                                                                 |   | $      | 163,857 |   |   | $                               | 788,333 |   |   | $ | 1,341,557 |   |   | $ | 2,129,890 |   |   | $ | (172,651 | ) |   |   |   |   |   |   |   |   |   |

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Table of Contents

|                                                     |   | Year      ended |      |   | Year      ended |   |      | Year      ended |   |
|----------------------------------------------------------|--------|-----------------|-----------|--------|-----------------|--------|-----------|-----------------|--------|
|                                                     |   | 12/31/07        |      |   | 12/31/06        |   |      | 12/31/05        |   |
| Reconciliation      of total real estate carrying value: |   |            |      |   |            |   |      |            |   |
| Balance      at beginning of year                        |   | $               | 2,030,947 |   |            | $      | 2,020,475 |            |   | $ | 1,970,069 |   |
| Additions      during period:                            |   |            |      |   |            |   |      |            |   |   |   |   |
| Improvements                                             |   |            | 31,258    |   |            |   | 36,698    |            |   |   | 30,293 |   |
| Acquisitions                                             |   |            | 139,446   |   |            |   | 270,931   |            |   |   | 54,051 |   |
|                                                     |   |            |      |   |            |   |      |            |   |   |   |   |
| Deductions      during period:                           |   |            |      |   |            |   |      |            |   |   |   |   |
| Cost      of real estate sold/written off                |   |            | (71,761   | )      |            |   | (297,157  | )               |   |   | (33,938 | ) |
| Balance      at end of year                              |   | $               | 2,129,890 |   |            | $      | 2,030,947 |            |   | $ | 2,020,475 |   |
|                                                     |   |            |      |   |            |   |      |            |   |   |   |   |
| Reconciliation      of accumulated depreciation:         |   |            |      |   |            |   |      |            |   |   |   |   |
| Balance      at beginning of year                        |   | $               | (144,829  | )      |            | $      | (132,925  | )               |   | $ | (96,382 | ) |
| Depreciation      expense                                |   |            | (39,921   | )      |            |   | (37,684   | )               |   |   | (38,581 | ) |
| Cost      of real estate sold/written off                |   |            | 12,099    |   |            |   | 25,780    |            |   |   | 2,038 |   |
| Balance      at end of year                              |   | $               | (172,651  | )      |            | $      | (144,829  | )               |   | $ | (132,925 | ) |
|                                                     |   |            |      |   |            |   |      |            |   |   |   |   |
|                                                     |   |            |      |   |            |   |      |            |   |   |   |   |
| Aggregate      cost for federal income tax purposes      |   | $               | 1,887,755 |   |            | $      | 1,999,063 |            |   | $ | 1,825,102 |   |

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Table of Contents

|                                |   |                         |   |   |   |   |   |   |   |
|-------------------------------------|--------|------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                |   |                         |   |   |   |   |   |   |   |
|                                |   | Year      Ended December 31, |   |
|                                |   | 2007                         |   |   | 2006   |   |   | 2005   |   |
|                                |   | (In      thousands)          |   |
| Balance      at beginning of period |   | $                            | 4,700  |   |   | $      | 10,381 |   |   | $ | 6,181 |   |
| Additions      during period:       |   |                         |   |   |   |   |   |   |   |   |   |   |
| New      loans                      |   |                         | -      |   |   |   | -      |   |   |   | 4,215 |   |
| Reductions      during period:      |   |                         |   |   |   |   |   |   |   |   |   |   |
| Collection      of principal        |   |                         | (4,700 | )      |   |   | (5,681 | )      |   |   | (15 | ) |
| Balance      at end of period       |   | $                            | -      |   |   | $      | 4,700  |   |   | $ | 10,381 |   |
|                                |   |                         |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| EXHIBIT NO. | DESCRIPTION                                                                                                                                                                 |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                        |
|        |                                                                                                                                                                        |
| 10.21       | Fourth      Amendment to Stockholders Agreement                                                                                                                             |
| 12.1        | Ratio      of Earnings to Fixed Charges                                                                                                                                     |
| 21.1        | List      of Subsidiaries of the Registrant                                                                                                                                 |
| 23.1        | Consent      of Ernst & Young LLP                                                                                                                                       |
| 31.1        | Certification      of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002                                                                |
| 31.2        | Certification      of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002                                                                |
| 32.1        | Certification      of Chief Executive Officer and Chief Financial Officer pursuant to 18      U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of      2002 |

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