Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 129

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 129
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 also believes it can issue common and/or preferred equity and obtain debt financing on currently acceptable terms.  

During 2024, EastGroup sold, and subsequently settled the issuance of, 1,373,459 shares of common stock directly through sales agents under its at-the-market (“ATM”) common stock offering programs at a weighted average price of $174.30 per share, providing aggregate net proceeds to the Company of $236,996,000.  

During 2024, EastGroup entered into forward equity sale agreements with certain financial institutions acting as forward counterparties under its ATM programs with respect to 2,677,289 shares of common stock with an initial weighted average forward price of $178.32 per share. The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward equity sale agreements.  Also during 2024, the Company settled outstanding forward equity sale agreements that were previously entered into under its ATM programs by issuing 2,698,077 shares of common stock in exchange for net proceeds of approximately $480,663,000.  

Additionally, on June 13, 2024, the Company amended its unsecured bank credit facilities to extend the maturity date by three years to July 31, 2028.  EastGroup’s financing and equity issuances are further described in Liquidity and Capital Resources. 

The Company’s primary source of revenue is rental income.  During 2024, EastGroup executed leases on 9,384,000 square feet of operating properties (15.9% of EastGroup’s total square footage of 58,987,000 as of December 31, 2024).  For new and renewal leases signed during 2024, average rental rates increased by 53.0% 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 $4.66 for the year ended December 31, 2024, compared to $4.42 for 2023, a 5.4% increase.  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 current and prior year reporting periods – January 1, 2023 through December 31, 2024), increased 4.8% for