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

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 of common    stock, common stock offering, net of    expenses— 49,294 — — — 49,294 Withheld 33,381 shares of common stock to    satisfy tax withholding obligations in    connection with the vesting of restricted   stock— (6,125)— — — (6,125)Withheld 68 shares of common stock to    satisfy tax withholding obligations in    connection with the issuance of common   stock— (13)— — — (13)Net distributions to noncontrolling interest— — — — (67)(67)Contributions from noncontrolling interest— — — — 62 62 BALANCE, MARCH 31, 2024$5 2,997,210 (368,954)30,782 316 2,659,359 

See accompanying Notes to Consolidated Financial Statements (unaudited).

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 Three Months Ended March 31, 20252024(In thousands)OPERATING ACTIVITIES  Net income                                                                                                       $59,437 58,658 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation and amortization52,520 45,169 Stock-based compensation expense4,232 3,507 Gain on sales of real estate investments— (8,751)Gain on sales of non-operating real estate— (222)Gain on involuntary conversion and business interruption claims(1,763)— Changes in operating assets and liabilities:  Accrued income and other assets168 4,485 Accounts payable, accrued expenses and prepaid rent18,603 13,851 Other                                                                                                       511 203 NET CASH PROVIDED BY OPERATING ACTIVITIES133,708 116,900 INVESTING ACTIVITIES  Development and value-add properties(56,346)(57,771)Purchases of real estate— (54,859)Real estate improvements(19,795)(14,829)Net proceeds from sales of