Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 56

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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182.02 per share. The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward equity sale agreements.  Also during the three months ended March 31, 2025, the Company settled outstanding forward equity sale agreements that were previously entered into under its ATM programs by issuing 385,253 shares of common stock in exchange for net proceeds of approximately $66,902,000.  

Subsequent to March 31, 2025, EastGroup settled outstanding forward equity sale agreements that were previously entered into under the ATM programs by issuing 250,516 shares of common stock in exchange for net proceeds of approximately $44,430,000. As of April 22, 2025, the Company had 793,355 shares of common stock, or approximately $143,597,000 of net proceeds, based on a weighted average forward price of $181.00 per share, available for settlement prior to the applicable  settlement period expirations, ranging from February through March 2026.  

As of April 22, 2025, approximately $523,593,000 of common stock remains available to be sold.  Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

EastGroup’s other material cash requirements from known contractual and other obligations, including real estate property obligations, development and value-add obligations and tenant improvements as of December 31, 2024, did not materially change during the three months ended March 31, 2025.

The Company has no material off-balance sheet arrangements that have had or are reasonably likely to have a material current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES 

The Company’s management considers the following accounting policies and estimates to be critical to the reported operations of the Company.

Acquisition and Development of Real Estate Properties

The FASB Codification provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values.  Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions