Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 134

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 134
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 of real estate investments of $8,751,000 ($0.18 per diluted share) during the three months ended March 31, 2024.  The Company’s 2024 sales transactions are described in Note 8 of the Notes to Consolidated Financial Statements.

•Depreciation and amortization expense was $52,520,000 ($1.01 per diluted share) during the three months ended March 31, 2025, compared to $45,169,000 ($0.94 per diluted share) during the same period of 2024. The increase is primarily due to the operating properties acquired by the Company in 2024 and the properties transferred from Development and value-add properties in 2024 and 2025, partially offset by operating properties sold in 2024.  

•Interest expense recognized was $8,025,000 ($0.15 per diluted share) during the three months ended March 31, 2025, compared to $10,061,000 ($0.21 per diluted share) during the same period of 2024.  Refer to the table below for additional details.

•EastGroup recognized gains on involuntary conversion and business interruption claims of $1,763,000 ($0.03 per diluted share) during the three months ended March 31, 2025.  There were no gains on involuntary conversion and business interruption claims during the same period of 2024.  Gains on involuntary conversion and business interruption claims are included in Other revenue on the Consolidated Statements of Income and Comprehensive Income.

•Weighted average shares outstanding increased by 4,067,000, on a diluted basis, during the period from March 31, 2024 to March 31, 2025.  The increase is primarily due to issuance of shares through common stock offerings, as discussed in Liquidity and Capital Resources.

EastGroup entered into 39 leases with certain rent concessions on 1,360,000 square feet during the three months ended March 31, 2025, with total rent concessions of $3,161,000 over the terms of the leases.  During the same period of 2024, the Company entered into 33 leases with certain rent concessions on 1,542,000 square feet with total rent concessions of $2,634,000 over the terms of the leases. 

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The Company’s percentage of leased square footage for the operating portfolio was 97.3% at March 31,