Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 44

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 31, 2025.  Same PNOI, excluding income from lease terminations, increased 5.3% for the three months ended March 31, 2025, as compared to the same period in 2024.

•Same property average occupancy represents the average month-end percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through March 31, 2025).  Same property average occupancy was 96.0% for the three months ended March 31, 2025, compared to 97.5% for the same period of 2024.  

•The same property average rental rate calculated in accordance with GAAP represents the average annual rental rates of leases in place for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through March 31, 2025).  The same property average rental rate was $8.55 per square foot for the three months ended March 31, 2025, compared to $8.08 per square foot for the same period of 2024. 

•Occupancy is the percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage as of the close of the reporting period.  Occupancy at March 31, 2025 was 96.5%.  Quarter-end occupancy ranged from 96.1% to 97.7% over the previous four quarters ended March 31, 2024 to December 31, 2024.

•Rental rate change represents the rental rate increase or decrease on new and renewal leases compared to the prior leases on the same space.  Rental rate increases on new and renewal leases (4.4% of the operating portfolio’s total square footage) averaged 46.9% for the three months ended March 31, 2025.  

FINANCIAL CONDITION

EastGroup’s Total Assets were $5,107,978,000 at March 31, 2025, an increase of $30,502,000 from December 31, 2024.  Total Liabilities decreased $22,111,000 to $1,762,821,000, and Total Equity increased $52,613,000 to $3,345,157,000 during the