Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 44

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 15
Chunk 44
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 through October 25, 2024. In addition, we previously established a $750,000,000 ATM program on December 16, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $464,305,000 through October 25, 2023.

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Direct Common Stock Issuance ActivityThe following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the years ended December 31, 2024, 2023 and 2022:Years Ended December 31,Common Stock Issued (1)Weighted Average PriceGross ProceedsNet Proceeds(In shares)(Per share)(In thousands)(In thousands)20241,373,459 $174.30 $239,390 $236,996 20234,094,896 170.77 699,304 692,312 2022393,406 194.17 76,386 75,622 (1)   Excludes shares of common stock sold on a forward basis as described in the following paragraph.Forward Equity Offering ActivityIn connection with the Current ATM program, we may sell shares of our common stock through sales agents or through certain financial institutions acting as forward purchasers whereby, at our discretion, the forward counterparties, or their agents or affiliates, may borrow from third parties and subsequently sell shares of our common stock. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.The following table presents the Company’s forward equity offering activity during the years ended December 31, 2024 and December 31, 2023:Common Stock Weighted Average PriceGross Proceeds(In shares)(Per share)(In thousands)Forward Sale Agreements Outstanding at December 31, 2022— N/A$— Forward sale agreements settled — shares issued and proceedsreceived— N/A—