Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 48

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 to 2024 acquisitions, $6,161,000 due to same property operations and $2,677,000 due to newly developed and value-add properties; PNOI decreased $177,000 due to operating properties sold in 2024.  Straight-lining of rent increased Income from real estate operations by $3,564,000 and $2,224,000 for the three months ended March 31, 2025 and 2024, respectively.

•EastGroup had no operating property sales during the three months ended March 31, 2025.  The Company recognized Gains on sales of real estate investments of $8,751,000 ($0.18 per diluted share) during the three months ended March 31, 2024.  The Company’s 2024 sales transactions are described in Note 8 of the Notes to Consolidated Financial Statements.

•Depreciation and amortization expense was $52,520,000 ($1.01 per diluted share) during the three months ended March 31, 2025, compared to $45,169,000 ($0.94 per diluted share) during the same period of 2024. The increase is primarily due to the operating properties acquired by the Company in 2024 and the properties transferred from Development and value-add properties in 2024 and 2025, partially offset by operating properties sold in 2024.  

•Interest expense recognized was $8,025,000 ($0.15 per diluted share) during the three months ended March 31, 2025, compared to $10,061,000 ($0.21 per diluted share) during the same period of 2024.  Refer to the table below for additional details.

•EastGroup recognized gains on involuntary conversion and business interruption claims of $1,763,000 ($0.03 per diluted share) during the three months ended March 31, 2025.  There were no gains on involuntary conversion and business interruption claims during the same period of 2024.  Gains on involuntary conversion and business interruption claims are included in Other revenue on the Consolidated Statements of Income and Comprehensive Income.

•Weighted average shares outstanding increased by 4,067,000, on a diluted basis, during the period from March 31, 2024 to March 31, 2025.  The increase is primarily due to issuance of shares through common stock offerings, as discussed in Liquidity and Capital Resources.

EastGroup