Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 45

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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237 230,703 217,243 Lease termination fee income from same properties(213)(65)(792)(212)SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS$116,327 109,172 229,911 217,031 

PNOI was calculated as follows for the three and six months ended June 30, 2025 and 2024.

 Three Months EndedJune 30,Six Months Ended                                                                                                                                            June 30, 2025202420252024 (In thousands)Income from real estate operations$177,256 157,333 349,900 311,407 Expenses from real estate operations(48,363)(43,851)(95,123)(86,854)Noncontrolling interest in PNOI of consolidated joint ventures(16)(15)(31)(31)PNOI from 50% owned unconsolidated investment307 308 616 616 PROPERTY NET OPERATING INCOME (“PNOI”)$129,184 113,775 255,362 225,138 

Income from real estate operations is comprised of rental income, expense reimbursement pass-through income and other real estate income.  Expenses from real estate operations is comprised of property taxes, insurance, utilities, repair and maintenance expenses, management fees and other operating costs.  Generally, the Company’s most significant operating expenses are property taxes and insurance.  Tenant leases may be net leases in which the total operating expenses are recoverable, modified gross leases in which some of the operating expenses are recoverable, or gross leases in which no expenses are recoverable (gross leases represent only a small portion of the Company’s total leases).  Increases in property operating expenses are fully recoverable under net leases and recoverable to a high degree under modified gross leases.  Modified gross leases often include base year amounts, and expense increases over these amounts are recoverable.  The Company’s exposure to property operating expenses is primarily due to vacancies and leases for occupied space that limit the amount of expenses that can be recovered.

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The following table presents reconciliations of Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO Attributable to Common Stockholders for the three and six months ended June 30, 2025 and 2024.

 Three Months EndedJune 30,Six Months Ended                                                                                                                                            June 30, 2025202420252024