Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 106

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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 to extend the maturity date by three years to July 31, 2028.  EastGroup’s financing and equity issuances are further described in Liquidity and Capital Resources.

The Company’s primary source of revenue is rental income.  During the nine months ended September 30, 2025, EastGroup executed new and renewal leases on 6,997,000 square feet (representing 11.4% of the operating portfolio’s total square footage of 61,375,000).  For new and renewal leases signed during the first nine months of 2025, average rental rates increased by 42.1%, as compared to the former leases on the same spaces.

On a diluted per share basis, Net Income Attributable to EastGroup Properties, Inc. Common Stockholders was $3.60 for the nine months ended September 30, 2025, compared to $3.49 for the same period of 2024, a 3.2% increase.  See the Company’s analysis of performance trends below for further details.

Property Net Operating Income (“PNOI”), Excluding Income from Lease Terminations, from same properties (defined as operating properties owned during the entire period from January 1, 2024 through September 30, 2025), increased 6.5% for the nine months ended September 30, 2025, as compared to the same period in 2024.  

EastGroup’s operating portfolio was 96.7% leased and 95.9% occupied as of September 30, 2025, compared to 96.9% and 96.5%, respectively, at September 30, 2024.  As of October 22, 2025, the operating portfolio was 96.7% leased and 95.9% occupied.  As of September 30, 2025, leases approximating 2.4% of the operating portfolio, based on a percentage of annualized based rent, were scheduled to expire during the remainder of 2025. This percentage was reduced to 1.8% as of October 22, 2025.

The Company generates new sources of leasing revenue through its acquisitions and also its development and value-add program.  The Company mitigates risks associated with development through a Board-approved maximum level of land held for development and by adjusting development start dates according to leasing activity.   

During the nine months ended September 30, 2025, East