EastGroup Properties, Inc. is an equity real estate investment trust, which engages in the development, acquisition and operation of industrial properties in the United States. It operates through Industrial Properties segment. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina. The company was founded in 1969 and is headquartered in Ridgeland, MS.
PNOI increased by $18,234,000 ($0.49 per diluted share), or 11.6%, for the nine months ended September 30, 2019, as compared to the same period of 2018. PNOI increased $8,853,000 from newly developed and value-add properties, $6,776,000 from same property operations and $3,423,000 from 2018 and 2019 acquisitions; PNOI decreased $943,000 from operating properties sold in 2018 and 2019. Lease termination fee income was $1,019,000 and $173,000 for the nine months ended September 30, 2019 and 2018, respectively. The Company recorded reserves for uncollectible rent of $339,000 and $282,000 during the nine months ended September 30, 2019 and 2018, respectively. Straight-lining of rent increased Income from real estate operations by $3,789,000 and $3,950,000 for the nine months ended September 30, 2019 and 2018, respectively.