Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 42

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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20252024 (In thousands)Income from real estate operations$172,644 154,074 Expenses from real estate operations(46,760)(43,003)Noncontrolling interest in PNOI of consolidated joint ventures(15)(16)PNOI from 50% owned unconsolidated investment309 308 PROPERTY NET OPERATING INCOME (“PNOI”)$126,178 111,363 

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 months ended March 31, 2025 and 2024.

 Three Months EndedMarch 31, 20252024 (In thousands, except per share data)NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES,  INC. COMMON STOCKHOLDERS$59,423 58,644 Depreciation and amortization52,520 45,169 Company’s share of depreciation from unconsolidated investment 31 31 Depreciation and amortization attributable to noncontrolling interest(1)(1)Gain on sales of real estate investments— (8,751)Gain on sales of non-operating real estate— (222)FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS111,973 94,870 Gain on involuntary conversion and business interruption claims(1,763)— FFO ATTRIBUTABLE TO COMMON STOCK