Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 130

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 130
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 for the three months ended March 31, 2025, compared to 97.5% 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 March 31, 2025).  The same property average rental rate was $8.55 per square foot for the three months ended March 31, 2025, compared to $8.08 per square foot for the same period 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 March 31, 2025 was 96.5%.  Quarter-end occupancy ranged from 96.1% to 97.7% over the previous four quarters ended March 31, 2024 to December 31, 2024.

•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 (4.4% of the operating portfolio’s total square footage) averaged 46.9% for the three months ended March 31, 2025.  

FINANCIAL CONDITION

EastGroup’s Total Assets were $5,107,978,000 at March 31, 2025, an increase of $30,502,000 from December 31, 2024.  Total Liabilities decreased $22,111,000 to $1,762,821,000, and Total Equity increased $52,613,000 to $3,345,157,000 during the same period.  The following paragraphs explain these changes in additional detail.

Assets

Real Estate Properties

Real estate properties increased $62,320,000 during the three months ended March 31, 2025, primarily due to: (i) the transfer of projects from Development and value-add properties to Real estate properties; (ii) capital improvements at the Company’s properties; and (iii) costs incurred on development and value-add projects subsequent to transfer to Real estate properties discussed below.  

There were no operating property acquisitions or dispositions during the three months ended March 31, 2025.

During the three