Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 44

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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.  PNOI and FFO as calculated by the Company may not be comparable to similarly titled but differently calculated measures for other REITs.  Investors should be aware that items excluded from or added back to FFO are significant components in understanding and assessing the Company’s financial performance.  These non-GAAP figures should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP.

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The following table presents reconciliations of Net Income to PNOI, Same PNOI and Same PNOI, Excluding Income from Lease Terminations, for the three and six months ended June 30, 2025 and 2024.

 Three Months EndedJune 30,Six Months Ended                                                                                                                                            June 30, 2025202420252024 (In thousands)NET INCOME$63,313 55,301 122,750 113,959 Gain on sales of real estate investments— — — (8,751)Gain on sales of non-operating real estate— — — (222)Interest income(277)(241)(509)(516)Other revenue(30)(1,757)(1,835)(1,907)Indirect leasing costs171 220 434 397 Depreciation and amortization53,012 45,663 105,532 90,832 Company’s share of depreciation from unconsolidated investment31 31 62 62 Interest expense 7,690 9,832 15,715 19,893 General and administrative expense 5,290 4,741 13,244 11,422 Noncontrolling interest in PNOI of consolidated joint ventures(16)(15)(31)(31)PROPERTY NET OPERATING INCOME (“PNOI”)129,184 113,775 255,362 225,138 PNOI from 2024 acquisitions(6,989)(1,371)(14,019)(2,070)PNOI from 2024 and 2025 development and value-add properties(6,125)(3,138)(11,313)(5,649)PNOI from 2024 and 2025 operating property dispositions15 (50)(40)(278)Other PNOI455 21 713 102 SAME PNOI116,540 109,