Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 31

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 as part of the Company’s development costs.  Stock-based compensation expense for directors was $206,000 for the three months ended March 31, 2025, and $171,000 for the same period in 2024.Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to participants with the related weighted average grant date fair value share prices.  Of the shares that vested in the three months ended March 31, 2025, the Company withheld 24,745 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan.  As of the grant dates, the fair value of shares that were granted during the three months ended March 31, 2025 was $8,718,000.  As of the vesting dates, the aggregate fair value of shares that vested during the three months ended March 31, 2025 was $9,982,000.Three Months EndedMarch 31, 2025RESTRICTED STOCK ACTIVITY  SharesWeighted Average Grant Date Fair ValueUnvested at beginning of period89,173 $160.76 Granted (1) (2)45,970 189.65 Forfeited — — Vested (59,851)163.94 Unvested at end of period 75,292 $175.87 (1) Includes restricted shares granted during the year without performance or market conditions. Also includes restricted shares granted in previous years, for long-term and annual equity compensation awards for the Company's executive officers, for which performance-based or market-based conditions have been satisfied and the resulting number of shares have been determined during the year.

(2) Does not include restricted shares subject to open performance periods. For the long-term equity compensation awards established in 2023 and 2024 and the long-term and annual equity compensation awards established in 2025, the number of shares to be earned depends on the satisfaction of performance-based or market-based conditions, which may range from zero to 155,875.

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(18) FAIR VALUE OF FINANCIAL INSTRUMENTS

 ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in