Equity One Announces Initiatives to Reduce Expenses, Streamline Management Structure

NORTH MIAMI BEACH, Fla.--(Business Wire)--
Equity One, Inc. (NYSE:EQY), an owner, developer and operator of shopping
centers, announced today several initiatives to reduce its general and
administrative expenses and streamline its management structure. The steps will
result in annual savings of approximately $1.9 million when fully realized.

As part of the streamlining of its management team, the company announced the
promotion of Mark Langer to Chief Financial Officer effective April 24, 2009.
Langer currently serves as Equity One`s Chief Administrative Officer and will
continue to serve in that capacity in conjunction with his new role. Greg
Andrews, Equity One`s current Chief Financial Officer, and Thomas McDonough, its
Chief Investment Officer, have agreed to terminate their employment arrangements
with the company. Mr. Andrews will continue to serve in his capacity as Chief
Financial Officer during a transition period ending April 24, 2009. Mr.
McDonough`s responsibilities will be assumed by Equity One`s President, Thomas
Caputo, following a transition period ending April 30, 2009.

The company expects to take a one-time charge of approximately $3.2 million in
the first quarter of 2009, $1.5 million of which represents non-cash expenses
relating to the accelerated vesting of stock and options.

"Equity One is taking these important steps to control expenses and realign
management in its on-going effort to build value for shareholders," said CEO
Jeff Olson. "I am very excited about Mark`s expanded leadership role at Equity
One. Since joining us, he has spearheaded our efforts to re-invent our company,
from our operational reporting to cost containment to our IT infrastructure. Our
marketing, research and human resources departments have also benefited from his
leadership. Given his accounting and finance background, his previous experience
as an audit partner at KPMG LLP and his in-depth knowledge of our company, he is
the ideal person to lead our accounting and finance team."

Mr. Olson continued, "I certainly want to express my appreciation to Greg and
Tom for their tireless efforts to make our company better and for their many
contributions to our success. Greg assembled an outstanding finance and
accounting team and helped us build one of the best balance sheets in our
industry. Tom was the driving force behind the formation of our CalPERS/GRI and
DRA joint ventures and has helped us instill the necessary financial rigor and
processes to evaluate our investment projects in this market. I wish them both
the best of luck in their endeavors and thank them for their valuable service to
our company."

About Equity One, Inc.

As of December 31, 2008, Equity One owned or had interests in 160 properties,
consisting of 146 shopping centers comprising approximately 16.0 million square
feet, four projects in development/redevelopment, six non-retail properties, and
four parcels of land. Additionally, Equity One had joint venture interests in
twelve shopping centers and one office building totaling approximately 1.9
million square feet.

Forward-Looking Statements

Certain matters discussed by Equity One in this press release constitute
forward-looking statements within the meaning of the federal securities
laws.Although Equity One believes that the expectations reflected in such
forward-looking statements is based upon reasonable assumptions, it can give no
assurance that these expectations will be achieved. Factors that could cause
actual results to differ materially from current expectations include changes in
macro-economic conditions and the demand for retail space in the states in which
Equity One owns properties; the continuing financial success of Equity One`s
current and prospective tenants; continuing supply constraints in its geographic
markets; the availability of properties for acquisition; the success of its
efforts to lease up vacant space; the effects of natural and other disasters;
the ability of Equity One successfully to integrate the operations and systems
of acquired companies and properties; and other risks, which are described in
Equity One`s filings with the Securities and Exchange Commission

Equity One, Inc., North Miami Beach
Arthur L. Gallagher, EVP, 305-947-1664, Ext. 123
agallagher@equityone.net

Copyright Business Wire 2009