EastGroup Properties Inc. Files Definitive Proxy Statement

Ticker: EGP · Form: DEF 14A · Filed: Apr 12, 2024 · CIK: 49600

Eastgroup Properties Inc DEF 14A Filing Summary
FieldDetail
CompanyEastgroup Properties Inc (EGP)
Form TypeDEF 14A
Filed DateApr 12, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$5.04, $1.27, $4.42, $7.79, $235.8 million
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, Executive Compensation, Stock Awards, EastGroup Properties

TL;DR

<b>EastGroup Properties Inc. filed its DEF 14A proxy statement on April 12, 2024, detailing executive compensation and stock awards for the fiscal year ending December 31, 2023.</b>

AI Summary

EASTGROUP PROPERTIES INC (EGP) filed a Proxy Statement (DEF 14A) with the SEC on April 12, 2024. Filing is a Definitive Proxy Statement (DEF 14A) for EastGroup Properties Inc. The report covers the fiscal year ending December 31, 2023. Filed on April 12, 2024. Company's principal business address is 400 W. Parkway Place, Suite 100, Ridgeland, MS 39157. The filing includes detailed information on stock awards and executive compensation for 2023 and 2022.

Why It Matters

For investors and stakeholders tracking EASTGROUP PROPERTIES INC, this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation, enabling informed voting on related proposals. The detailed breakdown of stock awards and their fair value changes offers insight into the company's incentive structures and potential dilution.

Risk Assessment

Risk Level: low — EASTGROUP PROPERTIES INC shows low risk based on this filing. The filing is a routine DEF 14A, which is standard for public companies and does not indicate any unusual financial or operational distress.

Analyst Insight

Review the executive compensation details and stock award grants to understand potential impacts on shareholder value and dilution.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-04-12 — Filing Date (Filed as of date)
  • 001-07094 — SEC File Number (SEC file number)
  • 132711135 — IRS Number (IRS number)

Key Players & Entities

  • EASTGROUP PROPERTIES INC (company) — Filer name
  • 400 W. PARKWAY PLACE (location) — Business and mailing address
  • RIDGELAND, MS 39157 (location) — Business and mailing address
  • EASTGROUP PROPERTIES II INC (company) — Former company name
  • ICM REALTY (company) — Former company name

FAQ

When did EASTGROUP PROPERTIES INC file this DEF 14A?

EASTGROUP PROPERTIES INC filed this Proxy Statement (DEF 14A) with the SEC on April 12, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by EASTGROUP PROPERTIES INC (EGP).

Where can I read the original DEF 14A filing from EASTGROUP PROPERTIES INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by EASTGROUP PROPERTIES INC.

What are the key takeaways from EASTGROUP PROPERTIES INC's DEF 14A?

EASTGROUP PROPERTIES INC filed this DEF 14A on April 12, 2024. Key takeaways: Filing is a Definitive Proxy Statement (DEF 14A) for EastGroup Properties Inc.. The report covers the fiscal year ending December 31, 2023.. Filed on April 12, 2024..

Is EASTGROUP PROPERTIES INC a risky investment based on this filing?

Based on this DEF 14A, EASTGROUP PROPERTIES INC presents a relatively low-risk profile. The filing is a routine DEF 14A, which is standard for public companies and does not indicate any unusual financial or operational distress.

What should investors do after reading EASTGROUP PROPERTIES INC's DEF 14A?

Review the executive compensation details and stock award grants to understand potential impacts on shareholder value and dilution. The overall sentiment from this filing is neutral.

How does EASTGROUP PROPERTIES INC compare to its industry peers?

EastGroup Properties Inc. operates as a Real Estate Investment Trust (REIT) within the Real Estate sector.

Are there regulatory concerns for EASTGROUP PROPERTIES INC?

The filing is a DEF 14A, which is a standard SEC filing required for companies soliciting proxies from shareholders.

Industry Context

EastGroup Properties Inc. operates as a Real Estate Investment Trust (REIT) within the Real Estate sector.

Regulatory Implications

The filing is a DEF 14A, which is a standard SEC filing required for companies soliciting proxies from shareholders.

What Investors Should Do

  1. Analyze the executive compensation structure and total compensation for named executive officers.
  2. Review the details of stock awards granted, vested, and outstanding, noting any significant changes from prior years.
  3. Understand the company's rationale for compensation decisions as presented in the proxy statement.

Key Dates

  • 2024-04-12: Filing Date — Definitive Proxy Statement (DEF 14A) filed.
  • 2023-12-31: Fiscal Year End — Period of report for the filing.

Year-Over-Year Comparison

This is the initial filing of the DEF 14A for the 2023 fiscal year, providing a baseline for future comparisons.

Filing Stats: 4,389 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-04-12 16:15:36

Key Financial Figures

  • $5.04 — ers. For 2023, we declared dividends of $5.04 per share. That marks 44 years of conse
  • $1.27 — h Consecutive Quarterly Cash Dividend – $1.27 per Share u Increased or Maintained Di
  • $4.42 — RMINATIONS (STRAIGHT- LINE BASIS) (1) $4.42 per diluted share in 2023 $7.79 per
  • $7.79 — (1) $4.42 per diluted share in 2023 $7.79 per diluted share FFO (1) in 2023 6.6
  • $235.8 million — expiration during 2023 27.6% in 2023 $235.8 million in acquisition costs during 2023 Oper
  • $18.4 million — square feet Land Acquired 328 acres $18.4 million realized gain for selling 231,000 squa
  • $575.7 million — ENDS MANAGEMENT OF THE BALANCE SHEET $575.7 million projected total investment with 18 pro
  • $363.4 million — 23 with a projected total investment of $363.4 million $5.04 per share declared annual cash
  • $699.3 million — ash dividends declared in 2023 by 7.2% $699.3 million Common Stock issued under our continuo
  • $170.77 — equity program in 2023 at an average of $170.77 per share $675 million total capacity
  • $675 million — 023 at an average of $170.77 per share $675 million total capacity on our unsecured bank c
  • $200 million — facilities (expanded total capacity by $200 million during 2023) (1) FFO and Same PNOI (e

Filing Documents

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 69

Security Ownership of Directors and Officers

Security Ownership of Directors and Officers 69 Certain Transactions and Relationships 70 Other Matters 71 About the 202 4 Annual Meeting of Shareholders 71 Frequently Requested Information Director Nominee Biographical Information and Experience 15 Director Nominee Skills and Diversity Matrix 22 Nominating Procedures 23 Committees of the Board 26 Board Oversight and Engagement 27 Compensation of Directors 32 Compensation Discussion and Analysis 39 Components of Our Compensation Program 46 Compensation Tables 56 Stock Ownership Information 69 About the 202 4 Annual Meeting of Shareholders 71 2 EastGroup Properties 2023 Performance Highlights Company Overview EastGroup Properties, Inc. (New York Stock Exchange ("NYSE"): EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company's goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 59.7 million square feet. (1) GEOGRAPHIC FOCUS u Major Sunbelt Growth Markets u Emphasis in Local Economies Growing Faster than the U.S. Economy u Economic Cycle Diversification

Properties

Properties Regional Offices Corporate Headquarters PROPERTY FOCUS u 59.7 Million Square Feet Under Ownership (1) u Multi-tenant u In-fill Sites/Supply Constrained Submarkets u Last Mile E-commerce Locations u Shallow Bay Industrial u Competitive Protection Through Location (1) As of March 31, 2024 2024 Proxy Statement 3 2023 Performance Highlights Business and Strategic Highlights CAPITALIZATION (As of 12.31.2023) DIVIDEND GROWTH (As of Fourth Quarter 2023) u Declared 176th Consecutive Quarterly Cash Dividend – $1.27 per Share u Increased or Maintained Dividend for 31 Consecutive Years u Dividend Has Increased 28 of the Past 31 Years – Increased in Each of the Last 12 Years OPERATING RESULTS Net Income Attributable to Common Stockholders (per diluted share) Same PNOI Growth (excluding income from lease terminations) (1) (straight- line basis) FFO per Diluted Share (1) Leased Operating Portfolio (1) FFO and Same PNOI (excluding income from lease terminations) are not computed in accordance with GAAP. Reconciliations of FFO and Same PNOI (excluding income from lease terminations) and other required disclosure can be found on pages 23-24 of our Annual Report on Form 10-K for the year ended December 31, 2023, which we filed with the Securities and Exchange Commission ("SEC") on February 14, 2024. PRIMARY GOAL OUR PORTFOLIO STRATEGY FOR GROWTH Maximize shareholder value by being a leading provider in our markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 20,000 to 100,000 square foot range). 59.7 million sq. ft. As of March 31, 2024 (including development projects and value-add acquisitions in lease-up and under construction). 4 EastGroup Properties 2023 Performance Highlights 2023 Comp

Executive Compensation Snapshot

Executive Compensation Snapshot Pay Element CEO Other NEOs Why It Is Provided Key Features Base Salary u We pay a base level of competitive cash salary to attract and retain executive talent. u We determine base salary based on experience, job scope, market data and individual performance. u We annually review our Named Executive Officers' ("NEOs") base salaries against our peers to maintain competitive levels. Annual Cash and Equity Incentive Target u Our annual cash and equity incentives are based on the achievement of objective at-risk Company performance metrics and individual goals to align compensation with strategic goals. u A balanced mix of financial metrics commonly used to measure REIT performance and individual performance goals: u FFO per share (50%) u Same PNOI change (10%) u Debt to earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") ratio (10%) u Fixed charge coverage ratio (10%) u Individual objectives (20%) u Paid 50% in cash and 50% in equity . Cash is paid and a portion of the equity vests at the end of the one-year performance period , and the remainder vests ratably over an additional two years . Performance- Based Long Term Equity Incentive Target u We grant performance-based (70%) and service-based restricted shares (30%) to our executives to encourage retention and align executive compensation with shareholders' interests. u Performance-based awards are only earned by achieving the Company's three-year Total Shareholder Return ("TSR") performance hurdles relative to the Nareit Equity Index and member companies of the Nareit Industrial Index . u A portion of the shares vest at the end of the three-year performance period, and the remainder vests after an additional one-year vesting period. Service-Based Long Term Equity Incentive Target u Service-based awards vest ratably over four years. 2024 Proxy Statement 11 Proxy Voting Roadmap TARGET COMPENSATION MIX C

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