Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 133

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 133
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 further details.

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Equity

Additional paid-in capital increased $73,504,000 during the three months ended March 31, 2025, primarily due to the issuance of common stock under the Company’s ATM program (as discussed in Note 16 in the Notes to Consolidated Financial Statements) and activity related to stock-based compensation (as discussed in Note 17 in the Notes to Consolidated Financial Statements).  

For the three months ended March 31, 2025, Distributions in excess of earnings increased $13,886,000 as a result of dividends on common stock of $73,309,000 exceeding Net Income Attributable to EastGroup Properties, Inc. Common Stockholders of $59,423,000.  

Accumulated other comprehensive income decreased $6,927,000 during the three months ended March 31, 2025.  The decrease resulted from the change in fair value of the Company’s interest rate swaps (cash flow hedges) which are further discussed in Notes 13 and 14 in the Notes to Consolidated Financial Statements. 

RESULTS OF OPERATIONS

Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the three months ended March 31, 2025 was $59,423,000 ($1.14 per basic and diluted share), compared to $58,644,000 ($1.23 per basic and $1.22 per diluted share) for the same period in 2024.  The following paragraphs provide further details with respect to these changes: 

•PNOI was $126,178,000 ($2.43 per diluted share) for the three months ended March 31, 2025, compared to $111,363,000 ($2.32 per diluted share) during the same period of 2024.  PNOI increased $6,331,000 due to 2024 acquisitions, $6,161,000 due to same property operations and $2,677,000 due to newly developed and value-add properties; PNOI decreased $177,000 due to operating properties sold in 2024.  Straight-lining of rent increased Income from real estate operations by $3,564,000 and $2,224,000 for the three months ended March 31, 2025 and 2024, respectively.

•EastGroup had no operating property sales during the three months ended March 31, 2025.  The Company recognized Gains on sales