Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 136

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 136
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 increased during the year ended December 31, 2024, as compared to 2023, primarily due to the 

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increase in PNOI and the decrease in interest expense, partially offset by an increase in general and administrative expense.  

•For the year ended December 31, 2024, PNOI increased by $51,674,000, or 12.5%, compared to 2023.  PNOI increased $20,089,000 from same property operations, $18,354,000 from newly developed and value-add properties and $15,915,000 from 2023 and 2024 acquisitions; PNOI decreased $2,642,000 from operating properties sold in 2023 and 2024.

•The change in Same PNOI represents the PNOI increase or decrease for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2023 through December 31, 2024).  Same PNOI, excluding income from lease terminations, increased 4.8% for the year ended December 31, 2024, compared to 2023.

•Same property average occupancy represents the average month-end percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2023 through December 31, 2024).  Same property average occupancy for the year ended December 31, 2024 was 96.7% compared to 98.2% for 2023.   

•The same property average rental rate calculated in accordance with GAAP represents the average annual rental rates of leases in place for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2023 through December 31, 2024).  The same property average rental rate was $8.22 per square foot for the year ended December 31, 2024, compared to $7.76 per square foot for the year ended December 31, 2023. 

•Occupancy is the percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage as of the close of the reporting period.  Occupancy at December 31, 2024 was 96.1%.  Quarter-end occupancy ranged from 96.5%