EastGroup Properties Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>EastGroup Properties Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

EASTGROUP PROPERTIES INC (EGP) filed a Annual Report (10-K) with the SEC on February 14, 2024. EastGroup Properties Inc. filed its 2023 Form 10-K on February 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is in Ridgeland, MS. EastGroup Properties Inc. is classified under Real Estate Investment Trusts (SIC 6798). The company was formerly known as EastGroup Properties II Inc. and ICM Realty.

Why It Matters

For investors and stakeholders tracking EASTGROUP PROPERTIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of EastGroup Properties Inc.'s financial performance, operational activities, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks, aiding in investment decisions.

Risk Assessment

Risk Level: — EASTGROUP PROPERTIES INC shows moderate risk based on this filing. The company operates in the Real Estate Investment Trusts sector, which is subject to market fluctuations, interest rate changes, and economic downturns that can impact property values and rental income.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to real estate market dynamics and its strategies for mitigating these risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-02-14 — Filing Date (Date of Report)
• 6798 — Standard Industrial Classification (Industry Classification)

Key Players & Entities

• EASTGROUP PROPERTIES INC (company) — Filer
• 0000049600 (company) — Central Index Key
• MD (company) — State of Incorporation
• Ridgeland, MS (company) — Business Address
• EASTGROUP PROPERTIES II INC (company) — Former Company Name
• ICM REALTY (company) — Former Company Name

FAQ

Industry Context

EastGroup Properties Inc. operates as a Real Estate Investment Trust (REIT), focusing on the ownership, management, and development of industrial properties.

Regulatory Implications

As a publicly traded company, EastGroup Properties Inc. is subject to SEC regulations and reporting requirements, including the filing of annual 10-K reports.

What Investors Should Do

1. Analyze the company's financial statements for the fiscal year 2023.
2. Review the risk factors section for potential challenges in the real estate market.
3. Compare key financial metrics with previous years to identify trends.

Key Dates

• 2024-02-14: 10-K Filing — Annual report filing date
• 2023-12-31: Fiscal Year End — End of reporting period

Year-Over-Year Comparison

This filing is the 2023 annual report, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value per share EGP New York Stock
• $235,780,000 — and 328.3 acres of land for a total of $235,780,000. Also during 2023, the Company began co
• $271,568,000 — .3 million square feet and had costs of $271,568,000 at the date of transfer, from its devel
• $43,150,000 — land, which generated gross proceeds of $43,150,000. The Company typically initially fund
• $200,000,000 — which was increased in January 2023 by $200,000,000, from $475,000,000 to $675,000,000 (as
• $475,000,000 — d in January 2023 by $200,000,000, from $475,000,000 to $675,000,000 (as discussed under the
• $675,000,000 — 3 by $200,000,000, from $475,000,000 to $675,000,000 (as discussed under the heading Liquidi
• $625,000,000 — e interest rate margin on the Company's $625,000,000 unsecured credit facility is reduced by

Filing Documents

• egp-20231231.htm (10-K) — 5797KB
• exhibit2112023q4.htm (EX-21.1) — 5KB
• exhibit2312023q4.htm (EX-23.1) — 3KB
• exhibit3112023q4.htm (EX-31.1) — 12KB
• exhibit3122023q4.htm (EX-31.2) — 11KB
• exhibit3212023q4.htm (EX-32.1) — 6KB
• exhibit3222023q4.htm (EX-32.2) — 5KB
• exhibit971compensationreco.htm (EX-97.1) — 30KB
• egp-20231231_g1.jpg (GRAPHIC) — 29KB
• egp-20231231_g2.jpg (GRAPHIC) — 113KB
• 0000049600-24-000021.txt (&nbsp;) — 28315KB
• egp-20231231.xsd (EX-101.SCH) — 193KB
• egp-20231231_cal.xml (EX-101.CAL) — 81KB
• egp-20231231_def.xml (EX-101.DEF) — 607KB
• egp-20231231_lab.xml (EX-101.LAB) — 1669KB
• egp-20231231_pre.xml (EX-101.PRE) — 847KB
• egp-20231231_htm.xml (XML) — 7236KB

Forward-Looking Statements

Forward-Looking Statements 4 Item 1.

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 16 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. [Reserved] 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 36 Item 9A.

Controls and Procedures

Controls and Procedures 37 Item 9B. Other Information 37 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 PART III Item 10. Directors, Executive Officers and Corporate Governance 37 Item 11.

Executive Compensation

Executive Compensation 37 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 38 PART IV Item 15. Exhibits and Financial Statement Schedules 39 Item 16. Form 10-K Summary 93 3 PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "forward-looking statements" (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that reflect EastGroup Properties, Inc.'s (the "Company" or "EastGroup") expectations and projections about the Company's future results, performance, prospects, plans and opportunities. The Company has attempted to identify these forward-looking statements by the use of words such as "may," "will," "seek," "expects," "anticipates," "believes," "targets," "intends," "should," "estimates," "could," "continue," "assume," "projects," "goals," "plans" or variations of such words and similar expressions or the negative of such words, although not all forward-looking statements contain such words. These forward-looking statements are based on information currently available to the Company and are subject to a number of known and unknown assumptions, risks, uncertainties and other factors that may cause the Company's actual results, performance, plans or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among other things, those discussed below. The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or new information, future events or otherwise, except as may be required by law. The following are some, but not all, of the risks, uncertainties and other factors that could cause the Company's actual results to

BUSINESS

ITEM 1. BUSINESS. The Company EastGroup Properties, Inc., which we refer to in this Annual Report as the "Company," "EastGroup," "we," "us" or "our," is an internally-managed equity REIT first organized in 1969. EastGroup is focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina. EastGroup's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup is a Maryland corporation, and its common stock is publicly traded on the New York Stock Exchange ("NYSE") under the symbol "EGP." The Company has elected to be taxed and intends to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). Available Information The Company maintains a website at www.eastgroup.net. The Company posts its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, including exhibits and amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act as soon as reasonably practicable after it electronically files or furnishes such materials to the Securities and Exchange Commission (the "SEC"). In addition, the Company's website includes items related to corporate governance matters, including, among other things, the Company's corporate governance guidelines, charters of various committees of the Board of Directors, the Company's whistleblower program, and the Company's code of ethics and business conduct applicable to all employees, officers and directors. The Company intends to disclose on its website any amendment to, or waiver of, any provision of this code of business conduct and ethics applicable to the Company's directors and executive officers that would otherwise be required to be disclosed

View Full Filing

View this 10-K filing on SEC EDGAR