Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 95

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 the three months ended March 31, 2025, EastGroup entered into forward equity sale agreements with certain financial institutions acting as forward counterparties under its ATM common stock offering program with respect to 1,043,871 shares of common stock with an initial weighted average forward price of $182.02 per share. The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time we entered into forward equity sale agreements.  Also during the three months ended March 31, 2025, the Company settled outstanding forward equity sale agreements that were previously entered into by issuing 385,253 shares of common stock in exchange for net proceeds of approximately $66,902,000.  

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Additionally, on June 13, 2024, the Company amended its unsecured bank credit facilities to extend the maturity date by three years to July 31, 2028.  EastGroup’s financing and equity issuances are further described in Liquidity and Capital Resources.

The Company’s primary source of revenue is rental income.  During the three months ended March 31, 2025, EastGroup executed new and renewal leases on 2,594,000 square feet (representing 4.4% of the operating portfolio’s total square footage of 59,101,000).  For new and renewal leases signed during the first three months of 2025, average rental rates increased by 46.9%, as compared to the former leases on the same spaces.

On a diluted per share basis, Net Income Attributable to EastGroup Properties, Inc. Common Stockholders was $1.14 for the three months ended March 31, 2025, compared to $1.22 for the same period of 2024, a 6.6% decrease.  See the Company’s analysis of performance trends below for further details.

Property Net Operating Income (“PNOI”) Excluding Income from Lease Terminations from same properties (defined as operating properties owned during the entire period from January 1, 2024 through March 31, 2025), increased 5.3% for the three months ended March 31, 2025, as compared to the same period in 2024.  

EastGroup’s operating portfolio was 97.3% leased and 96.5% occupied as of March 31, 2025, compared to 98.0% and 97.7%, respectively, at March 31,