Equity One : Reports Fourth Quarter 2016 Operating Results

FOR IMMEDIATE RELEASE:

New York, NY, February 28, 2017 - Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today its financial results for the three months and year ended December 31, 2016. Net income attributable to Equity One, Inc. was

$17.6 million, or $0.12 per diluted share, for the quarter ended December 31, 2016, as compared to $13.4 million, or $0.10 per diluted share, for the fourth quarter of 2015. Net income attributable to Equity One, Inc. was $72.8 million, or $0.51 per diluted share, for the year ended December 31, 2016, as compared to $65.5 million, or $0.51 per diluted share, for the same period of 2015. Net income attributable to Equity One, Inc. for the three months and year ended December 31, 2016 included $5.5 million of merger expenses associated with the company's pending merger with Regency Centers Corporation ("Regency"). Net income attributable to Equity One, Inc. for the year ended December 31, 2016 also included $14.7 million of debt extinguishment losses and $3.1 million of impairment losses. Net income attributable to Equity One, Inc. for the year ended December 31, 2015 included $16.8 million of impairment losses,

$7.3 million of debt extinguishment losses and $8.8 million of income associated with the redemption of the company's interest in a joint venture.

Highlights of the quarter and recent activity include:

• Generated net income attributable to Equity One, Inc. for the quarter of $0.12 per diluted share, representing a 20% increase as compared to the fourth quarter of 2015, and generated net income attributable to Equity One, Inc. of $0.51 per diluted share for the year ended December 31, 2016, consistent with the same period in 2015

• Generated Funds From Operations (FFO) for the quarter of $0.29 per diluted share, consistent with the fourth quarter of 2015, and Core FFO of $0.36 per diluted share for the quarter, representing a 6% increase as compared to the fourth quarter of 2015, and generated FFO and Core FFO for the year ended December 31, 2016 of $1.23 and $1.41 per diluted share, respectively, representing growth of 1% and 7%, respectively, as compared to the same period in 2015

• Same-property net operating income (NOI) increased by 4.8% (6.3% including redevelopments) for the quarter as compared to the fourth quarter of 2015, and increased 4.5% (5.6% including redevelopments) for the year ended December 31, 2016 as compared to the same period in 2015

• Retail occupancy (excluding developments and redevelopments) was 95.8% as of December 31, 2016, up 40 basis points as compared to September 30, 2016, and down 20 basis points as compared to December 31, 2015

• Executed 98 leases totaling 489,200 square feet during the quarter, including 94 same-space new leases, renewals, and options totaling 481,101 square feet at an average rent spread of 14.3% on a cash basis. On a same-space basis, 29 new leases and 65 renewals and options were executed during the quarter at an average rent spread of 19.8% and 12.0%, respectively

• Retail portfolio average base rent (including developments and redevelopments) was $20.59 per square foot as of December 31, 2016 as compared to $20.13 as of September 30, 2016

   Acquired San Carlos Marketplace, a 153,510 square foot shopping center located in San Carlos, California, for $97.0 million in October 2016

• Closed on the sale of a non-core asset for a total gross sales price of $2.7 million in December 2016. Additionally, subsequent to year end, closed on the sale of three non-core assets for a total gross sales price of $34.1 million

The company's previously announced planned merger with Regency is expected to close on or about March 1, 2017, subject to the satisfaction of customary closing conditions. On February 24, 2017, the stockholders of both Equity One and Regency approved the merger and other related items at their respective stockholder meetings.

Financial and Operational Highlights

Net income attributable to Equity One, Inc. for the three months and year ended December 31, 2016 of $17.6 million and $72.8 million, respectively, included $5.5 million of merger expenses associated with the company's pending merger with Regency. Also included in net income attributable to Equity One, Inc. for the year ended December 31, 2016 is $14.7 million of debt extinguishment losses primarily from the redemption of the company's 6.00% and 6.25% senior notes and the defeasance of a mortgage loan, and $3.1 million

of impairment losses. Net income attributable to Equity One, Inc. for the three months ended December 31, 2015 of $13.4 million included $4.7 million of debt extinguishment losses and $2.8 million of impairment losses. Net income attributable to Equity One, Inc. for the year ended December 31, 2015 of $65.5 million included $7.3 million of debt extinguishment losses, $16.8 million of impairment losses and $8.8 million of income associated with the redemption of the company's interest in a joint venture.

In the fourth quarter of 2016, the company generated FFO of $42.7 million, or $0.29 per diluted share, as compared to $40.1 million, or

$0.29 per diluted share, for the fourth quarter of 2015. Core FFO was $51.7 million, or $0.36 per diluted share, for the fourth quarter of 2016, as compared to $47.3 million, or $0.34 per diluted share, for the fourth quarter of 2015, representing a 6% increase on a per share basis. During the year ended December 31, 2016, the company generated FFO of $176.3 million, or $1.23 per diluted share, as compared to $170.8 million, or $1.22 per diluted share for the same period of 2015, representing an increase of 1% on a per share basis. Core FFO was $202.1 million, or $1.41 per diluted share, for the year ended December 31, 2016, as compared to $184.5 million, or $1.32 per diluted share, for the same period of 2015, representing a 7% increase on a per share basis. A reconciliation of net income attributable to Equity One, Inc. to FFO and to Core FFO is provided in the tables accompanying this press release.

Same-property NOI excluding redevelopments increased by 4.8% for the fourth quarter of 2016 as compared to the fourth quarter of 2015, which was driven primarily by increased minimum rent throughout the portfolio from new rent commencements, lease renewals and contractual rent increases at properties including Westwood Complex, Buckhead Station and Willows Shopping Center. Same-

property NOI for the broader same-property pool including redevelopments increased by 6.3% for the fourth quarter of 2016 as compared to the fourth quarter of 2015 largely due to 17.1% NOI growth from redevelopment assets, especially at 101 7th Avenue. A reconciliation of net income attributable to Equity One, Inc. to same-property NOI is provided in the tables accompanying this press release. On a same-property basis, occupancy for the company's retail portfolio was 95.7%, up 40 basis points as compared to September 30, 2016 and down 30 basis points as compared to December 31, 2015.

One of the company's anchor tenants, The Sports Authority, filed for bankruptcy in March 2016, which ultimately led to the rejection of all of the company's four leases. The four leases comprised a total of 108,000 square feet of GLA and aggregate annualized base rent of approximately $3.8 million. The company executed leases totaling approximately 93,000 square feet of GLA at three of these locations (Broadway Plaza, The Gallery at Westbury Plaza and Westbury Plaza) at an aggregate annualized base rent of approximately

$3.4 million, which exceeds the rent previously paid by The Sports Authority in those locations. Two of the new tenants commenced rent in October 2016 and the other new tenant is expected to commence paying rent in the fourth quarter of 2017. The company is actively marketing the one remaining location.

Development and Redevelopment Activities

As of December 31, 2016, the company had approximately $232.8 million of active development and redevelopment projects underway of which $89.8 million remained to be incurred.

At Serramonte Center in Daly City, California, construction is underway on all significant components of the $109.1 million, 247,000 square foot multi-phased redevelopment. The entertainment portion of the project, anchored by Dave & Buster's, opened and commenced paying rent during the fourth quarter of 2016. Daiso also opened during the fourth quarter of 2016. The balance to complete this project is estimated at $53.8 million as of December 31, 2016.

At Countryside Shops in Cooper City, Florida, the company continued site work during the fourth quarter of 2016 to build a new 45,600 square foot store for Publix that is expected to be delivered in the second quarter of 2017, reconfigure existing space to accommodate Ross Dress for Less, and make other enhancements to the center. The balance to complete this project is estimated at $15.7 million as of December 31, 2016.

At Pablo Plaza, in Jacksonville, Florida, an $18.0 million project is underway which will add a Whole Foods specialty grocery anchor, add a PetSmart junior anchor, reconfigure shop space to accommodate another junior anchor, and add a Chipotle as an outparcel to the center. Both PetSmart and the Chipotle opened for business and commenced paying rent during the fourth quarter of 2016. The company closed on the purchase of a 4,000 square foot outparcel, adjacent to the property and occupied by Mattress Firm, for $2.6 million in November 2016. The balance to complete this project is estimated at $10.6 million as of December 31, 2016.

At Point Royale in Miami, Florida, the approximately 50,500 square foot space built for Burlington substantially replaces the space previously leased to Best Buy. Burlington opened and commenced paying rent during the fourth quarter of 2016. The company is in discussions with national tenants to lease the center's remaining 30,000 square feet of junior anchor space. The total budget for the redevelopment of Point Royale is estimated at $9.8 million with a balance to complete of $5.7 million as of December 31, 2016.

Acquisition and Disposition Activity

In October 2016, the company acquired San Carlos Marketplace, a 153,510 square foot shopping center located in San Carlos, California, for $97.0 million and paid $3.4 million for the prepayment penalty on the existing mortgage loan encumbering the property that was not

assumed in the acquisition. The property is 100% leased and anchored by TJMaxx/HomeGoods, Best Buy, PetSmart and Bassett Furniture. In connection with this transaction, the company drew the remaining $75.0 million under its $300.0 million delayed draw term loan facility.

In December 2016, the company closed on the sale of Thomasville Commons located in Thomasville, North Carolina, for a gross sales price of $2.7 million. Additionally, subsequent to year end, the company closed on the sale of Lantana Village located in Lantana, Florida, Riverview Shopping Center located in Durham, North Carolina, and Centre Pointe Plaza located in Smithfield, North Carolina for an aggregate gross sales price of $34.1 million.

Balance Sheet Highlights

At December 31, 2016, the company's total market capitalization (including debt and equity) was $5.9 billion, comprising 145.3 million shares of common stock outstanding (on a fully diluted basis) valued at approximately $4.5 billion and approximately $1.4 billion of debt (excluding any debt premium/discount). The company's ratio of net debt (net of cash) to total market capitalization was 23.9%. At December 31, 2016, the company had approximately $16.7 million of cash and cash equivalents on hand and $118.0 million outstanding under its $850.0 million revolving credit facility. During the quarter, the company did not sell any shares of its common stock under its "at-the-market" equity offering program.

The company believes FFO (combined with the primary presentations in accordance with accounting principles generally accepted in the United States of America ("GAAP")) is a useful, supplemental measure of its 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 diminishes 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 by themselves."

FFO, as defined by NAREIT, is "net income (computed in accordance with GAAP), excluding gains (or losses) from sales of, or impairment charges related to, depreciable operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures." NAREIT further states that "adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis." The company makes certain adjustments to FFO, which it refers to as Core FFO, to account for items it does not believe are representative of ongoing operating results, including transaction costs associated with acquisition and disposition activity and other financing and investing activities, merger expenses, impairment of goodwill, land and joint venture investments, severance and reorganization costs, gains (or losses) on the extinguishment of debt, and gains (or losses) on the disposal of non-depreciable assets. The company also believes that Core FFO is a useful, supplemental measure of its core operating performance that facilitates comparability of historical financial periods. The company believes that the presentation of comparable period operating results generated from its FFO and Core FFO measures provides financial analysts, investors and stockholders with more complete information regarding the company's performance than they would have without the presentation of this information.

The company uses NOI and cash NOI, which are non-GAAP financial measures, internally as performance measures and believes NOI and cash NOI provide useful information to investors regarding the company's financial condition and results of operations because they reflect only those income and expense items that are incurred at the property level and when compared across periods, reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis. In this release, the company has provided NOI information on a same-property basis. Information provided on a same-property basis, unless otherwise noted, includes the results of properties that the company consolidated, owned and operated for the entirety of both periods being compared and excludes non-retail properties and properties for which significant development or redevelopment occurred during either of the periods being compared. The same-property pool including redevelopments includes those properties that the company consolidated, owned and operated for the entirety of both periods being compared, including properties for which significant redevelopment occurred during either of the periods being compared, but excluding non-retail properties and development properties. For the three months ended December 31, 2016, the company moved three properties that had been under redevelopment (Boynton Plaza, Kirkman Shoppes and Willows Shopping Center) with 473,210 square feet into the same-property pool. In addition, during the year ended December 31, 2016, the company moved one property that had been under redevelopment (Alafaya Commons) with 130,811 square feet into the same-property pool and moved one property (Point Royale), with 182,339 square feet out of the same-property pool as it is undergoing redevelopment.

The company's method of calculating FFO, Core FFO, NOI, cash NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO, Core FFO, NOI, cash NOI and same-property NOI are presented to assist investors in analyzing the company's operating performance. Neither FFO, Core FFO, NOI, cash NOI nor same- property NOI (i) represents cash flow from operations as defined by GAAP, (ii) is indicative of cash available to fund all cash flow

needs, including the ability to make distributions, (iii) is an alternative to cash flow as a measure of liquidity, or (iv) should be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating the company's operating performance. The company believes net income attributable to Equity One, Inc. is the most directly comparable GAAP measure to FFO, Core FFO, NOI, cash NOI and same-property NOI. Reconciliations of these measures to their respective comparable GAAP measures have been provided in the tables accompanying this press release.

Retail occupancy as used herein refers to the company's consolidated portfolio and excludes developments and redevelopments and non-retail and unconsolidated joint venture properties.

For a copy of the company's fourth quarter supplemental information package, please access the "Investors" section of Equity One's web site at www.equityone.com. To be included in the company's e-mail distributions for press releases and other company notices, please click here or send contact details to Investor Relations at investorrelations@equityone.com.

As of December 31, 2016, the company's portfolio comprised 122 properties, including 101 retail properties and five non-retail properties totaling approximately 12.8 million square feet of gross leasable area, or GLA, 10 development or redevelopment properties with approximately 2.3 million square feet of GLA, and six land parcels. As of December 31, 2016, the company's retail occupancy excluding developments and redevelopments was 95.8% and included national, regional and local tenants. Additionally, the company had joint venture interests in six retail properties and two office buildings totaling approximately 1.4 million square feet of GLA.

Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "might," "would," "expect," "anticipate," "estimate," "could," "should," "believe," "intend," "project," "forecast," "target," "plan," or "continue" or the negative of these words or other variations or comparable terminology. Although Equity One believes that the expectations reflected in such forward-looking statements are 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 the ability to consummate the previously announced merger between Equity One and Regency; volatility in the capital markets and changes in borrowing rates; changes in macro-economic conditions and the demand for retail space in the markets in which Equity One owns properties; the continuing financial success of Equity One's current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time and cost to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the timing, extent and ultimate proceeds realized from asset dispositions; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; the success of Equity One's efforts to lease up vacant space; changes in key personnel; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; changes in Equity One's credit ratings; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission.