Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 48

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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000 due to 2024 and 2025 acquisitions and $8,277,000 due to newly developed and value-add properties; PNOI decreased $289,000 due to operating properties sold in 2024 and 2025.

•The change in Same PNOI represents the PNOI increase or decrease for the same operating properties owned during the entire period from January 1, 2024 through September 30, 2025.  Same PNOI, excluding income from lease terminations, increased 7.7% and 6.5% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024.

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•Same property average occupancy represents the average month-end percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through September 30, 2025).  Same property average occupancy was 96.6% for the three months ended September 30, 2025, compared to 96.9% for the same period of 2024.  Same property average occupancy was 96.3% for the nine months ended September 30, 2025, compared to 97.1% for the same period of 2024.

•The same property average rental rate calculated in accordance with GAAP represents the average annual rental rates of leases in place for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through September 30, 2025).  The same property average rental rate was $8.91 and $8.73 per square foot for the three and nine months ended September 30, 2025, respectively, compared to $8.30 and $8.20 per square foot for the same periods of 2024. 

•Occupancy is the percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage as of the close of the reporting period.  Occupancy at September 30, 2025 was 95.9%.  Quarter-end occupancy ranged from 96.0% to 96.5% over the previous four quarters ended September 30, 2024 to June 30, 2025.

•Rental rate change represents the rental rate increase