Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 106

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 106
---
 ($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 entered into 39 leases with certain rent concessions on 1,360,000 square feet during the three months ended March 31, 2025, with total rent concessions of $3,161,000 over the terms of the leases.  During the same period of 2024, the Company entered into 33 leases with certain rent concessions on 1,542,000 square feet with total rent concessions of $2,634,000 over the terms of the leases. 

-30-

The Company’s percentage of leased square footage for the operating portfolio was 97.3% at March 31, 2025, compared to 98.0% at March 31, 2024.  Occupancy for the Company’s operating portfolio at March 31, 2025 was 96.5% compared to 97.7% at March 31, 2024.

The following table presents the components of Interest expense for the three months ended March 31, 2025 and 2024:

 Three Months EndedMarch 31, 20252024Increase(Decrease) (In thousands)VARIABLE RATE INTEREST EXPENSE   Unsecured bank credit facilities interest — variable rate(excluding amortization of facility fees and debt issuance costs)                                                                                                                                                       $11 42 (31)Amortization of facility fees — unsecured bank credit facilities244 252 (8)Amortization of debt issuance costs — unsecured bank credit facilities265 253 12    Total variable rate interest expense520 547 (27)FIXED RATE INTEREST EXPENSE   Unsecured debt interest (excluding amortization of debt issuance costs) (1)12,464 14,141 (1,677)Amortization of debt issuance costs — unsecured debt 201 226 (25