EastGroup Properties Inc. Files 2024 10-K

TL;DR

EGP filed its 2024 10-K. Full financials out.

AI Summary

EastGroup Properties Inc. filed its 2024 10-K on February 12, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The company, a real estate investment trust, operates in the real estate and construction sector. The filing details its financial position and operational results for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of EastGroup Properties Inc.'s financial health and operational performance for the fiscal year 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing for a publicly traded company, providing routine disclosures.

Key Numbers

• 2024-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-12 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• EASTGROUP PROPERTIES INC (company) — Filer
• 0000049600 (company) — Central Index Key
• 20241231 (date) — Fiscal Year End
• 20250212 (date) — Filing Date
• 6013543555 (dollar_amount) — Business Phone

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value per share EGP New York Stock
• $403,773,000 — s and 61.1 acres of land for a total of $403,773,000. Also during 2024, the Company began co
• $199,971,000 — 1,519,000 square feet and had costs of $199,971,000 at the date of transfer, from its devel
• $18,311,000 — ets, generating gross sales proceeds of $18,311,000. In the near term, the Company funds
• $675,000,000 — nt and acquisition programs through its $675,000,000 unsecured bank credit facilities, as di

Filing Documents

• egp-20241231.htm (10-K) — 5712KB
• exhibit106formofsecondamen.htm (EX-10.6) — 13KB
• exhibit108formoffirstamend.htm (EX-10.8) — 12KB
• exhibit191insidertradingpo.htm (EX-19.1) — 107KB
• exhibit2112024q4.htm (EX-21.1) — 5KB
• exhibit2312024q4.htm (EX-23.1) — 3KB
• exhibit3112024q4.htm (EX-31.1) — 12KB
• exhibit3122024q4.htm (EX-31.2) — 11KB
• exhibit3212024q4.htm (EX-32.1) — 6KB
• exhibit3222024q4.htm (EX-32.2) — 5KB
• egp-20241231_g1.jpg (GRAPHIC) — 29KB
• egp-20241231_g2.jpg (GRAPHIC) — 111KB
• 0000049600-25-000019.txt ( ) — 28999KB
• egp-20241231.xsd (EX-101.SCH) — 197KB
• egp-20241231_cal.xml (EX-101.CAL) — 83KB
• egp-20241231_def.xml (EX-101.DEF) — 610KB
• egp-20241231_lab.xml (EX-101.LAB) — 1631KB
• egp-20241231_pre.xml (EX-101.PRE) — 912KB
• egp-20241231_htm.xml (XML) — 7444KB

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 36 Item 9B. Other Information 36 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 36 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 37 Item 14. Principal Accounting Fees and Services 37 PART IV Item 15. Exhibits and Financial Statement Schedules 38 Item 16. Form 10-K Summary 91 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 Texas, Florida, California, Arizona 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 to its website all of the reports it files or furnishes with the Securities and Exchange Commission (the "SEC") pursuant to the Exchange Act, including its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and the exhibits and amendments to those reports, as soon as reasonably practicable after it electronically files or furnishes such materials to 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 wou

View Full Filing

View this 10-K filing on SEC EDGAR