Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 258

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 258
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 Expenses from real estate operations                                (174,212)(154,030)(133,915)Noncontrolling interest in PNOI of consolidated joint ventures(62)(62)(105)PNOI from 50% owned unconsolidated investment1,234 1,234 1,234 PROPERTY NET OPERATING INCOME (“PNOI”)$464,995 413,321 354,031 

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.  

The following table presents reconciliations of Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO Attributable to Common Stockholders for the three fiscal years ended December 31, 2024, 2023 and 2022.

 Years Ended December 31,202420232022(In thousands, except per share data)NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS                                 $227,751 200,491 186,182 Depreciation and amortization189,411 171,078 153,638 Company’s share of depreciation from unconsolidated investment125 124 124 Depreciation and amortization attributable to noncontrolling interest(5)(5)(17)Gain on sales of real estate investments                       (8,751)(17,965)(40,999)Gain on sales of non-operating real estate(362)(446)— FFO ATTRIBUTABLE TO COMMON STOCK