Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 128

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 128
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 taxes, insurance, utilities, repair and maintenance expenses, management fees and other operating costs.  Generally, the Company’s most significant operating expenses are property taxes and insurance.  Tenant leases may be net leases in which the total operating expenses are recoverable, modified gross leases in which some of the operating expenses are recoverable, or gross leases in which no expenses are recoverable (gross leases represent only a small portion of the Company’s total leases).  Increases in property operating expenses are fully recoverable under net leases and recoverable to a high degree under modified gross leases.  Modified gross leases often include base year amounts, and expense increases over these amounts are recoverable.  The Company’s exposure to property operating expenses is primarily due to vacancies and leases for occupied space that limit the amount of expenses that can be recovered.

The following table presents reconciliations of Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO Attributable to Common Stockholders for the three months ended March 31, 2025 and 2024.

 Three Months EndedMarch 31, 20252024 (In thousands, except per share data)NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES,  INC. COMMON STOCKHOLDERS$59,423 58,644 Depreciation and amortization52,520 45,169 Company’s share of depreciation from unconsolidated investment 31 31 Depreciation and amortization attributable to noncontrolling interest(1)(1)Gain on sales of real estate investments— (8,751)Gain on sales of non-operating real estate— (222)FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS111,973 94,870 Gain on involuntary conversion and business interruption claims(1,763)— FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS — EXCLUDING GAIN ON INVOLUNTARY CONVERSION AND BUSINESS INTERRUPTION CLAIMS$110,210 94,870 Net income attributable to common stockholders per diluted share$1.14 1.22 FFO attributable to common stockholders per diluted share$2.15 1.98 FFO attributable to common stockholders per diluted share — excluding gain on involuntary conversion and business interruption claims $2.12 1.98 Diluted shares for earnings per share and funds from operations per share52,028 47,961 

The Company analyzes the following performance