Company: EGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000049600-25-000055
Chunk: 32

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 32
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342 |                  |     | 1,980 |                  |

(1) For 2024, the individual achievements against individual goals for each of our Named Executive Officers were comprised of the following:

• Mr. Loeb: Maintained strength of balance sheet by achieving a Debt-to-EBITDAre ratio of 3.2x; achieved operational performance measures of $8.35 FFO per diluted share and a 5.6% increase in Same PNOI; advanced our approach to environmental data management and improved our GRESB Real Estate Assessment scores through strengthened corporate responsibility initiatives and enhanced efforts around diversity initiatives; continued focus on cybersecurity effectiveness; continued investment program during 2024, which included $390.0 million in acquired operating properties; started new development projects with a projected total investment of $230.0 million in 2024.

• Mr. Wood: Maintained strength of balance sheet by achieving a Debt-to-EBITDAre ratio of 3.2x; issued common stock under our continuous common equity program in 2024 of $724.0 million; renewed the Company’s $675 million unsecured bank credit facilities in 2024; advanced our approach to environmental data management and improved our GRESB Real Estate Assessment scores through strengthened corporate responsibility initiatives and enhanced efforts around diversity initiatives; continued focus on cybersecurity effectiveness; met financial reporting timelines, including quarterly and other SEC filings; monitored debt maturities and executed opportunities for re-financing and new capital; actively managed dividends with the Company declaring $5.34 per share annual cash dividends in 2024 and increasing the annual cash dividends declared in 2024 by 6.0%; maintained debt covenant and REIT compliance.

• Mr. Coleman: Achieved operational performance by exceeding Same PNOI and average occupancy objectives; continued investment program during 2024 with development/value-add acquisitions/operating property acquisitions specific to his region; met operational goals related to development properties.

• Mr. Dunbar: Exceeded average occupancy objectives; achieved slightly below Same PNOI objectives; continued investment program during 2024 with development/value-add acquisitions/operating property acquisitions, specific to his region; exceeded operational goals related to development properties.

• Mr. Collins: Continued investment program during 2024 with development/value-add acquisitions/operating property acquisitions specific to his region; achieved below target on Same PNOI and average occupancy objectives; achieved property disposition goal; achieved goal related to internal property management for the Las Vegas market.

The annual incentive equity awards