Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 124

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 124
---
 total square footage of 59,101,000).  For new and renewal leases signed during the first three months of 2025, average rental rates increased by 46.9%, 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 $1.14 for the three months ended March 31, 2025, compared to $1.22 for the same period of 2024, a 6.6% 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 March 31, 2025), increased 5.3% for the three months ended March 31, 2025, as compared to the same period in 2024.  

EastGroup’s operating portfolio was 97.3% leased and 96.5% occupied as of March 31, 2025, compared to 98.0% and 97.7%, respectively, at March 31, 2024.  As of April 22, 2025, the operating portfolio was 96.9% leased and 95.9% occupied.  As of March 31, 2025, leases approximating 6.9% 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 5.8% as of April 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 three months ended March 31, 2025, EastGroup began construction of a redevelopment project, containing 262,000 square feet in Los Angeles.  EastGroup also transferred two development projects (375,000 square feet) in two markets from Development and value-add properties to Real estate properties, with costs of $43,018,000 at the date of transfer. As of March 31, 2025, EastGroup’s development and value-add program consisted of 20 projects (4,030,