Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 257

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 257
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NET INCOME                                                                                     $227,807 200,548 186,274 Gain on sales of real estate investments                          (8,751)(17,965)(40,999)Gain on sales of non-operating real estate(362)(446)— Interest income                                                                                     (1,334)(879)(100)Other revenue                                                                                   (2,199)(4,412)(208)Indirect leasing costs785 582 546 Depreciation and amortization189,411 171,078 153,638 Company’s share of depreciation from unconsolidated investment125 124 124 Interest expense                                                                                     38,956 47,996 38,499 General and administrative expense                          20,619 16,757 16,362 Noncontrolling interest in PNOI of consolidated joint ventures(62)(62)(105)PROPERTY NET OPERATING INCOME (“PNOI”)464,995 413,321 354,031 PNOI from 2023 and 2024 acquisitions(19,249)(3,334)*PNOI from 2023 and 2024 development and value-add properties(31,544)(13,190)*PNOI from 2023 and 2024 operating property dispositions(177)(2,819)*Other PNOI208 166 *SAME PNOI414,233 394,144 *Lease termination fee income from same properties(2,192)(1,020)*SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS$412,041 393,124 *

* Same property metrics are not applicable to the year ended December 31, 2022, as the same property metrics for 2024 and 2023 are based on operating properties owned during the entire current and prior year reporting periods (January 1, 2023 through December 31, 2024).

23

PNOI was calculated as follows for the three fiscal years ended December 31, 2024, 2023 and 2022.  

 Years Ended December 31,202420232022(In thousands)Income from real estate operations                       $638,035 566,179 486,817