Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 142

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 2
Chunk 142
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)PNOI from 2024 and 2025 operating property dispositions— (51)(40)(329)Other PNOI215 20 928 122 SAME PNOI119,522 112,611 350,225 329,854 Lease termination fee income from same properties(101)(1,745)(893)(1,957)SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS$119,421 110,866 349,332 327,897 

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

 Three Months EndedSeptember 30,Nine Months Ended                                                                                                                                            September 30, 2025202420252024 (In thousands)Income from real estate operations$182,089 162,861 531,989 474,268 Expenses from real estate operations(48,004)(44,163)(143,127)(131,017)Noncontrolling interest in PNOI of consolidated joint ventures(15)(16)(46)(47)PNOI from 50% owned unconsolidated investment304 308 920 924 PROPERTY NET OPERATING INCOME (“PNOI”)$134,374 118,990 389,736 344,128 

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 F