Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 129

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 129
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 trends in evaluating the revenues and expenses of the Company:

•Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the three months ended March 31, 2025 was $59,423,000 ($1.14 per basic and diluted share), compared to $58,644,000 ($1.23 per basic and $1.22 per diluted share) for the same period in 2024.  See Results of Operations for further analysis.

•The change in FFO per share represents the increase or decrease in FFO per share from the current period compared to the same period in the prior year.  For the three months ended March 31, 2025, FFO was $2.15 per share compared 

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with $1.98 per share for the same period of 2024, an increase of 8.6%.  FFO increased during the three months ended March 31, 2025, as compared to the same period in 2024, primarily due to the increase in PNOI, the decrease in interest expense, and an increase in gain on involuntary conversion, partially offset by an increase in general and administrative expense.

•For the three months ended March 31, 2025, PNOI increased by $14,815,000, or 13.3%, as compared to the same period in 2024.  PNOI increased $6,331,000 due to 2024 acquisitions, $6,161,000 due to same property operations and $2,677,000 due to newly developed and value-add properties; PNOI decreased $177,000 due to operating properties sold in 2024.

•The change in Same PNOI represents the PNOI increase or decrease for the same operating properties owned during the entire period from January 1, 2024 through March 31, 2025.  Same PNOI, excluding income from lease terminations, increased 5.3% for the three months ended March 31, 2025, as compared to the same period in 2024.

•Same property average occupancy represents the average month-end percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through March 31, 2025).  Same property average occupancy was 96.0%