Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 109

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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 through September 30, 2025.  The Company presents Same PNOI and Same PNOI, Excluding Income from Lease Terminations, as a property-level supplemental measure of performance used to evaluate the performance of the Company’s investments in real estate assets and its operating results on a same property basis.    

FFO and PNOI are supplemental industry reporting measurements used to evaluate the performance of the Company’s investments in real estate assets and its operating results. The Company believes that the exclusion of depreciation and amortization in the calculations of PNOI and FFO provides supplemental indicators of the properties’ performance since real estate values have historically risen or fallen with market conditions.  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 nine months ended September 30, 2025 and 2024.

 Three Months EndedSeptember 30,Nine Months Ended                                                                                                                                            September 30, 2025202420252024 (In thousands)NET INCOME$66,957 55,194 189,707 169,153 Gain on sales of real estate investments— — — (8,751)Gain on sales of non-operating real estate— — — (222)Interest income(174)(306)(683)(822)Other revenue(47)(15)(1,882)(1,922)Indirect leasing costs199 159 633 556 Depreciation and amortization54,131 48,917 159,663 139,749 Company’s share of depreciation from unconsolidated investment31 32 93 94 Interest expense 7,685 9,871 23,400 29,764 General and administrative expense 5,607 5,154 18,851 16,576 Noncontrolling interest in PNOI of consolidated joint ventures(15)(16)(46)(