Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 139

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 2
Chunk 139
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’s total square footage of 59,873,000).  For new and renewal leases signed during the first six months of 2025, average rental rates increased by 45.8%, 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 $2.35 for the six months ended June 30, 2025, compared to $2.37 for the same period of 2024, a 0.8% decrease.  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 June 30, 2025), increased 5.9% for the six months ended June 30, 2025, as compared to the same period in 2024.  

EastGroup’s operating portfolio was 97.1% leased and 96.0% occupied as of June 30, 2025, compared to 97.4% and 97.1%, respectively, at June 30, 2024.  As of July 22, 2025, the operating portfolio was 96.6% leased and 95.3% occupied.  As of June 30, 2025, leases approximating 4.6% 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 3.4% as of July 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 six months ended June 30, 2025, EastGroup acquired 94.5 acres of development land in two markets for $50,228,000.  The Company also began construction of a redevelopment project and two development projects containing 731,000 square feet in three markets.  EastGroup also transferred six development projects (1,160,000 square feet) in five markets from Development and value-add properties to Real estate properties, with costs of $151,928,000 at the date