NORTH MIAMI BEACH-All arrows point up in locally based Equity One's Q4 and full-year 2004 earnings report. Soon after reporting annual increases in income, occupancy and rental rates, the shopping center owner also said that none of its 16 Winn-Dixie leases is listed on the troubled supermarket chain's bankruptcy court petition.

The Winn-Dixie leases at Equity One properties average 45,653 sf, have an average remaining lease term of nine years and pay an average of $6.93 per sf in annual minimum rent. In all, as of Dec. 31, the supermarket chain accounted for 2.7% of Equity One's annualized minimum rents. Of the 16 Winn-Dixie units at Equity One properties, 13 are in Florida and one each is in Alabama, North Carolina and Louisiana.

Meanwhile, Equity One's 2004 funds from operations rose to $113.5 million, up 26.3% over the previous year. Net income rose 53.7% to $97.8 million versus $63.6 million in 2003. The company also achieved a 3.8% increase in same property net operating income in 2004 compared with the previous year. At year-end 2004, occupancy in the company's core shopping center portfolio was 94.9%, an increase from 91.6% at the end of 2003. Rental rates also rose by 4.5% to average $13.96 per sf by the end of 2004. For the year, Equity One gained approximately $6.6 million of annualized minimum rent, including renewals, new leases and departing tenants and achieved total net absorption of 593,000 sf. "The execution of our strategic objectives…resulted in record-breaking occupancy and rent gains, superb financial performance and a durable and flexible balance sheet," said Chaim Katzman, chairman and CEO. The company completed more than $48 million in development projects during 2004 and upgraded its portfolio, Katzman said, from the purchase of $317 million in new properties and the sale of $84 million in non-core assets. "We remain optimistic about our future prospects."

Equity One owns 188 properties consisting of 133 supermarket-anchored shopping centers, eight drug store-anchored shopping centers, 40 other retail-anchored centers, four development parcels and three commercial properties along with a non-controlling interest in one unconsolidated joint venture.