Equity One Agrees to Contribute $197.4 Million of Properties to GRI Joint Venture

NORTH MIAMI BEACH, Fla.--(Business Wire)--
Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of
shopping centers, announced today that it has agreed to contribute
seven properties to its existing joint venture with Global Retail
Investors, LLC in a transaction valued at approximately $197.4
million. In addition to its ten percent continuing interest in the
joint venture, Equity One expects to realize net proceeds of
approximately $129.8 million following the contribution of all seven
properties. The proceeds will be used to fund existing development and
redevelopment projects, decrease leverage, fund opportunistic
acquisitions and other general corporate purposes.

The contribution portfolio includes two regional centers, three
supermarket anchored shopping centers and two retail strip centers
located in three states. At December 31, 2007, the properties were
97.7% occupied.

"We are very excited to add these properties to our strategic
relationship with GRI," said Jeff Olson, Chief Executive Officer of
Equity One. "This transaction allows us to add critical mass to our
asset-management platform, recycle capital at attractive prices and
strengthen our balance sheet while, at the same time, managing and
maintaining an ownership stake in seven great properties."

The initial contribution of the following five properties occurred
today:

-0-
*T
Property Location Size Major tenants
(in
square
feet)
----------------------------------------------------------------------
Concord Shopping Miami, Florida Winn-Dixie, Home
Center Depot, Big Lots
298,986 and Dollar Tree
The Shoppes at Miami, Florida Publix
Quail Roost 73,550
The Shoppes of West Palm Beach, Florida Publix
Ibis 79,420
The Shoppes of Miami, Florida
Sunset 21,704
The Shoppes of Miami, Florida
Sunset II 27,767
*T

At subsequent closings to occur following the defeasance or
assumption of existing mortgage indebtedness, and subject to other
closing conditions, the following properties will be contributed to
the joint venture:

-0-
*T
Property Location Size (in Major tenants
square
feet)
----------------------------------------------------------------------
Presidential Snellville, Georgia 396,408 Target, Publix,
Marketplace Marshalls, and Bed
Bath & Beyond
Sparkleberry Columbia, South Carolina 339,051 Kohl's, Kroger,
Square Ross Dress for
Less, Pier 1
Imports, and
Circuit City
*T

As previously announced, Equity One entered into the joint venture
with Global Retail Investors, LLC, an entity formed by an affiliate of
First Washington Realty, Inc. and The State of California Public
Employees' Retirement System, in February 2008 to invest in shopping
centers throughout the United States. The joint venture is 90% owned
by GRI and 10% owned by Equity One. Equity One has agreed to manage
and lease properties acquired by the joint venture. As its first
investment, the joint venture acquired Airpark Plaza, a
Publix-anchored shopping center with Home Depot Expo, Office Depot and
Starbucks, located in Miami, Florida. Following the contribution of
the seven properties, the joint venture will be comprised of
approximately 1.4 million square feet of retail properties.

About Equity One, Inc.

As of December 31, 2007, the Company owns or has interests in 169
properties, consisting of 152 shopping centers comprising
approximately 17.1 million square feet, seven projects in development,
six non-retail properties, and four parcels of land.

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
macroeconomic 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
Greg Andrews, EVP and Chief Financial Officer
305-947-1664

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