Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 54

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 2024. There were no gains on involuntary conversion and business interruption claims during the three months ended June 30, 2025.  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 4,234,000 shares on a diluted basis for the three months ended June 30, 2025, as compared to the same period of 2024.  Weighted average shares outstanding increased by 4,151,000 shares on a diluted basis for the six months ended June 30, 2025, as compared to the same period of 2024.  

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The increase is primarily due to issuance of shares through common stock offerings, as discussed in Liquidity and Capital Resources.

EastGroup entered into 35 leases with certain rent concessions on 727,000 square feet during the three months ended June 30, 2025, with total rent concessions of $1,635,000 over the terms of the leases.  During the same period of 2024, the Company entered into 31 leases with certain rent concessions on 1,112,000 square feet with total rent concessions of $3,164,000 over the terms of the leases. 

EastGroup entered into 74 leases with certain rent concessions on 2,087,000 square feet during the six months ended June 30, 2025, with total rent concessions of $4,796,000 over the terms of the leases.  During the same period of 2024, the Company entered into 64 leases with certain rent concessions on 2,654,000 square feet with total rent concessions of $5,798,000 over the terms of the leases. 

The Company’s percentage of leased square footage for the operating portfolio was 97.1% at June 30, 2025, compared to 97.4% at June 30, 2024.  Occupancy for the Company’s operating portfolio at June 30, 2025 was 96.0% compared to 97.1% at June 30, 2024.

The following table presents the components of Interest expense for the three and six months ended June 30, 2025 and 2024:

 Three Months EndedJune 30,Six Months Ended                                                                                                                                            June 30, 20252024Increase(Decrease)20252024Increase(Decrease)