Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 265

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 265
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 EastGroup Properties, Inc. Common Stockholders for the year ended December 31, 2024 was $227,751,000 ($4.67 per basic and $4.66 per diluted share) compared to $200,491,000 ($4.43 per basic and $4.42 per diluted share) for the year ended December 31, 2023.  The following paragraphs provide further details with respect to these changes:

•PNOI was $464,995,000 ($9.51 per diluted share) for the year ended December 31, 2024, compared to $413,321,000 ($9.12 per diluted share) for the year ended December 31, 2023.  PNOI increased $20,089,000 from same property operations, $18,354,000 from newly developed and value-add properties and $15,915,000 from 2023 and 2024 acquisitions; PNOI decreased $2,642,000 from operating properties sold in 2023 and 2024.  Straight-lining of rent increased Income from real estate operations by $11,450,000 and $11,289,000 in 2024 and 2023, respectively.

•EastGroup recognized Gains on sales of real estate investments of $8,751,000 ($0.18 per diluted share) during 2024, compared to $17,965,000 ($0.40 per diluted share) during 2023.  The Company’s sales transactions are described in Note 2 of the Notes to Consolidated Financial Statements.

•Depreciation and amortization was $189,411,000 ($3.87 per diluted share) for the year ended December 31, 2024, compared to $171,078,000 ($3.77 per diluted share) for the year ended December 31, 2023.  The increase is primarily due to the operating properties acquired by the Company in 2023 and 2024 and the properties transferred from Development and value-add properties in 2023 and 2024. These increases are partially offset by operating properties sold in 2023 and 2024.

•Interest expense recognized was $38,956,000 ($0.80 per diluted share) during 2024, compared to $47,996,000 ($1.06 per diluted share) during 2023. See the table below for details.

•EastGroup recognized gains on involuntary conversion and business