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EastGroup Properties Inc. (EGP-0.14%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $5,077,476,000 from $4,519,213,000 in the previous year. This increase is attributed to acquisitions and development projects.
EastGroup reported a net income attributable to common stockholders of $227,751,000 for the year, up from $200,491,000 in 2023. The increase is primarily due to higher property net operating income and reduced interest expenses.
During 2024, EastGroup acquired 2,474,000 square feet of operating properties for $390,011,000 and began construction on 10 development projects totaling 1,585,000 square feet.
The company sold a group of operating properties in Jackson, Mississippi, generating gross sales proceeds of $14,050,000 and recognized a gain of $8,751,000.
EastGroup's operating portfolio was 97.1% leased at the end of 2024, compared to 98.7% at the end of 2023. The occupancy rate was 96.1% at the end of 2024.
Funds from operations (FFO) attributable to common stockholders were $408,169,000 for 2024, compared to $353,277,000 in 2023. FFO per diluted share was $8.35, up from $7.79 in the previous year.
The company issued 4,071,536 shares of common stock during 2024, raising net proceeds of approximately $717,152,000. This included settlements of forward equity sale agreements.
EastGroup's unsecured debt decreased to $1,510,000,000 from $1,680,000,000 in 2023, following repayments of $170,000,000.
The company continues to focus on the development and acquisition of industrial properties in major Sunbelt markets, with a strategy centered on owning premier distribution facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EastGroup Properties Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.