EASTGROUP PROPERTIES INC

Listed Company

EGPCIK 0000049600NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$721.34M

Net Income

$257.46M

Total Assets

$5.43B

Equity

$3.50B

Shares Out

53.76M

Op. Cash Flow

$480.73M

Business

EASTGROUP PROPERTIES INC is an internally-managed equity REIT that develops, acquires and operates industrial real estate focused on location-sensitive distribution facilities in major Sunbelt markets. The Company offers development, acquisition, ownership, leasing, property management and property administration services for business distribution, bulk distribution and business service facilities. Its business is organized around an operating portfolio and a development/value-add program, supported by regional offices overseeing development, asset and property management. EastGroup markets and leases properties primarily in Texas, Florida, California, Arizona and North Carolina and other U.S. Sunbelt locations.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Income from real estate operations	719	638	566	487	409
Other revenue	2	2	4	208,000	63,000
Revenues	721	640	571	487	409
Expenses from real estate operations	192	174	154	134	115
Depreciation and amortization	217	189	171	154	127
General and administrative	24	21	17	16	16
Indirect leasing costs	839,000	785,000	582,000	546,000	700,000
Expenses	434	385	342	304	259
Interest expense	−32	−39	−48	−38	−33
Gain on sales of real estate investments	0	9	18	41	39
Other	2	3	2	1	830,000
NET INCOME	257	228	201	186	158
Net income attributable to noncontrolling interest in joint ventures	−56,000	−56,000	−57,000	−92,000	−81,000
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	257	228	200	186	158
Other comprehensive loss Interest rate swaps	−14	−3	−11	—	—
TOTAL COMPREHENSIVE INCOME	244	225	189	—	—
Net income attributable to common stockholders (per share)	4.88	4.67	4.43	4.37	3.91
Weighted average shares outstanding (in shares)	53	49	45	43	40
Net income attributable to common stockholders (per share)	4.87	4.66	4.42	4.36	3.9
Weighted average shares outstanding (in shares)	53	49	45	43	40

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate properties	5,990	5,503	4,854	4,396	—
Development and value-add properties	710	674	640	538	—
Real estate, development and value-add properties	6,700	6,178	5,493	4,934	4,051
Accumulated depreciation	−1,584	−1,416	−1,274	−1,151	−1,036
Real estate, development and value-add properties, net	5,116	4,762	4,219	3,784	3,016
Unconsolidated investment	7	7	8	7	7
Cash and cash equivalents	1	18	—	—	—
Other assets, net	307	290	252	245	182
TOTAL ASSETS	5,432	5,077	4,519	4,036	3,215
Unsecured bank credit facilities, net of debt issuance costs	16	−4	−2	168	—
Unsecured debt, net of debt issuance costs	1,611	1,507	1,676	1,691	1,243
Accounts payable and accrued expenses	170	147	146	137	110
Other liabilities	138	134	89	84	82
Total Liabilities	1,935	1,785	1,911	2,082	1,644
Common shares; $.0001 par value; 70,000,000 shares authorized; 53,348,800 shares issued and outstanding at December 31, 2025 and 51,825,798 at December 31, 2024	5,000	5,000	5,000	4,000	4,000
Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued	0	0	0	0	—
Additional paid-in capital	3,947	3,673	2,950	2,252	1,887
Distributions in excess of earnings	−459	−403	−366	−335	−318
Accumulated other comprehensive income	8	22	25	36	1
Total Stockholders Equity	3,496	3,292	2,608	1,953	1,570
Noncontrolling interest in joint ventures	387,000	365,000	307,000	441,000	1
Total Equity	3,497	3,293	2,609	1,953	1,571
TOTAL LIABILITIES AND EQUITY	5,432	5,077	4,519	4,036	3,215
Common shares, outstanding	53	52	48	44	41
Common shares, issued	53	52	48	44	41
Common shares, authorized	70	70	70	70	70
Common shares, par value (in dollars per share)	0	0	0	0	0
Excess shares, par value	0	0	0	0	0
Excess Stock, Shares Authorized	30	30	30	30	—
Excess Stock, Shares Issued	0	0	0	0	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	217	189	171	154	127
Stock-based compensation expense	12	10	9	8	8
Gain on sales of real estate investments	0	−9	−18	−41	−39
Gain on sales of non-operating real estate	0	−362,000	−446,000	0	0
Gain on involuntary conversion and business interruption claims	−2	−2	−4	—	—
Accrued income and other assets	−19	−13	−15	−9	−12
Accounts payable, accrued expenses and prepaid rent	13	11	−6	17	13
Other	2	2	2	1	1
NET CASH PROVIDED BY OPERATING ACTIVITIES	481	417	338	317	256
Development and value-add properties	−322	−245	−388	−494	−419
Purchases of real estate properties	−143	−390	−165	−2	−108
Real estate improvements	−76	−59	−51	−41	−37
Net proceeds from sales of real estate investments and non-operating real estate	3	18	42	51	44
Leasing commissions	−35	−32	−32	−37	−33
Proceeds from involuntary conversion on real estate assets	3	2	5	0	0
Changes in accrued development costs	−5	−17	12	—	—
Changes in other assets and other liabilities	−2	−795,000	8	−2	2
NET CASH USED IN INVESTING ACTIVITIES	−576	−724	−570	−521	−529
Proceeds from unsecured bank credit facilities	340	65	472	942	626
Repayments on unsecured bank credit facilities	−321	−65	−642	−981	−541
Proceeds from unsecured debt	250	0	100	525	175
Repayments on unsecured debt	−145	−170	−115	−75	−40
Repayments on secured debt	0	0	−2	−60	−77
Debt issuance costs	−2	−3	−2	−2	−3
Distributions paid to stockholders (not including dividends accrued)	−303	−253	−226	−194	−132
Proceeds from common stock offerings	264	718	692	76	273
Common stock offering related costs	−186,000	−507,000	−834,000	−247,000	−312,000
Other	−4	−6	−5	−30	−4
NET CASH PROVIDED BY FINANCING ACTIVITIES	79	285	272	200	277
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	−17	−23	40	−4	4
Cash paid for interest, net of amount capitalized	31	37	47	34	32
Capitalized interest	22	20	16	12	9
Cash paid for operating lease liabilities	4	2	2	2	2
Operating lease liabilities arising from obtaining right of use assets	0	22	2	559,000	13
Development costs payable	16	16	29	—	—
Retainage payable	6	11	15	—	—
Real estate improvements and capitalized leasing costs payable	10	9	5	—	—
Dividends payable	85	74	62	—	—

Filings

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