Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 96

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 1
Chunk 96
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AR database on the SEC’s website at www.sec.gov. 

Administration

EastGroup maintains its principal executive office and headquarters in Ridgeland, Mississippi.  The Company also has regional offices in Dallas, Los Angeles and Atlanta and asset management offices in Houston, Orlando, Tampa and Phoenix.  EastGroup's property management teams are located in San Antonio, Austin, Miami, Jacksonville, San Francisco, Charlotte, Las Vegas and Greenville.  These locations allow the Company to provide property management services to 87% of the Company’s operating portfolio on a square foot basis.  In addition, the Company currently provides property administration (accounting of operations) for its entire portfolio.  The regional offices in Texas, California and Georgia provide oversight of the Company’s development and value-add program (as described in Note 1(e) in the Notes to Consolidated Financial Statements).  As of December 31, 2024, EastGroup had 101 full-time employees.

Business Overview

EastGroup’s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location-sensitive customers (primarily in the 20,000 to 100,000 square foot range).  The Company develops, acquires and operates distribution facilities, the majority of which are clustered around major transportation features in supply-constrained submarkets in major Sunbelt regions.  The Company’s core markets are in the states of Texas, Florida, California, Arizona and North Carolina.  

As of December 31, 2024, EastGroup owned 536 industrial properties in 12 states.  As of that same date, the Company’s portfolio, including development projects and value-add properties in lease-up and under construction, included approximately 63.1 million square feet consisting of 497 business distribution properties containing 57.8 million square feet, 17 bulk distribution properties containing 4.4 million square feet, and 22 business service properties containing 900,000 square feet.  As of December 31, 2024, EastGroup’s operating portfolio was 97.1% leased to tenants in approximately 1,600 leases, with no single tenant accounting for more than approximately 1.6% of the Company’s annualized based rent (as defined in Item 2. 

5

Properties) for the year ended December 31, 2024.  The properties in the Company's development and value-add program were 21.8% leased as