Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 53

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 June 30, 2024.  The Company recognized Gains on sales of real estate investments of $8,751,000 ($0.18 per diluted share) during the six months ended June 30, 2024.  The Company’s 2024 and 2025 sales transactions are described in Note 8 of the Notes to Consolidated Financial Statements.

•Depreciation and amortization expense was $53,012,000 ($1.01 per diluted share) and $45,663,000 ($0.94 per diluted share) during the three months ended June 30, 2025 and 2024, respectively, which was an increase of $0.07 per diluted share.  Depreciation and amortization expense was $105,532,000 ($2.02 per diluted share) and $90,832,000 ($1.89 per diluted share) during the six months ended June 30, 2025 and 2024, respectively, which was an increase of $0.13 per diluted share.  The increase is primarily due to the operating properties acquired by the Company in 2024 and the properties transferred from Development and value-add properties in 2024 and 2025, partially offset by operating properties sold in 2024 and 2025.  

•Interest expense recognized was $7,690,000 ($0.15 per diluted share) and $9,832,000 ($0.20 per diluted share) during the three months ended June 30, 2025 and 2024, respectively, which was a decrease of $0.05 per share.  Interest expense recognized was $15,715,000 ($0.30 per diluted share) and $19,893,000 ($0.41 per diluted share) during the six months ended June 30, 2025 and 2024, respectively, which was a decrease of $0.11 per diluted share.  Refer to the table below for additional details.

•EastGroup recognized gains on involuntary conversion and business interruption claims of $1,763,000 ($0.03 per diluted share) and $1,708,000 ($0.04 per diluted share) during the six months ended June 30, 2025 and 2024, respectively, which was a decrease of $0.01 per diluted share.  The Company recognized $1,708,000 ($0.04 per diluted share) during the three months ended June 30,