Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 113

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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3% for the three months ended June 30, 2025, compared to 97.1% for the same period of 2024.  Same property average occupancy was 96.2% for the six months ended June 30, 2025, compared to 97.3% 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 June 30, 2025).  The same property average rental rate was $8.73 and $8.64 per square foot for the three and six months ended June 30, 2025, respectively, compared to $8.21 and $8.15 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 June 30, 2025 was 96.0%.  Quarter-end occupancy ranged from 96.1% to 97.1% over the previous four quarters ended June 30, 2024 to March 31, 2025.

•Rental rate change represents the rental rate increase or decrease on new and renewal leases compared to the prior leases on the same space.  Rental rate increases on new and renewal leases (3.2% of the operating portfolio’s total square footage) averaged 44.4% for the three months ended June 30, 2025.  For the six months ended June 30, 2025, rental rate increases on new and renewal leases (7.6% of the operating portfolio’s total square footage) averaged 45.8%.

FINANCIAL CONDITION

EastGroup’s Total Assets were $5,189,608,000 at June 30, 2025, an increase of $112,132,000 from December 31, 2024.  Total Liabilities decreased $2,435,000 to $1,782,497,000, and Total Equity increased $114,567,000 to $3,407,111,000 during the same period.  The following paragraphs explain these changes in additional detail.

Assets

Real Estate Properties

Real estate properties increased $191,507