2018 Q2 Form 10-Q Financial Statement

#000004960018000021 Filed on July 23, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $74.89M $67.89M
YoY Change 10.3% 9.65%
Cost Of Revenue $21.45M $20.24M
YoY Change 5.98% 13.96%
Gross Profit $53.43M $47.65M
YoY Change 12.13% 7.9%
Gross Profit Margin 71.35% 70.18%
Selling, General & Admin $3.740M $2.900M
YoY Change 28.97% -3.97%
% of Gross Profit 7.0% 6.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.81M $20.87M
YoY Change 9.31% 8.49%
% of Gross Profit 42.69% 43.79%
Operating Expenses $26.55M $23.77M
YoY Change 11.7% 6.83%
Operating Profit $26.88M $23.88M
YoY Change 12.57% 9.04%
Interest Expense $8.842M $9.015M
YoY Change -1.92% -1.71%
% of Operating Profit 32.89% 37.75%
Other Income/Expense, Net $220.0K $260.0K
YoY Change -15.38% -31.58%
Pretax Income $18.26M $36.98M
YoY Change -50.62% -16.13%
Income Tax
% Of Pretax Income
Net Earnings $18.26M $36.98M
YoY Change -50.61% -16.14%
Net Earnings / Revenue 24.39% 54.46%
Basic Earnings Per Share $0.52 $1.09
Diluted Earnings Per Share $0.52 $1.08
COMMON SHARES
Basic Shares Outstanding 35.20M shares 33.99M shares
Diluted Shares Outstanding 35.26M shares 34.04M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $100.0K
YoY Change 200.0%
Cash & Equivalents $252.0K $78.00K
Short-Term Investments
Other Short-Term Assets $7.300M $8.900M
YoY Change -17.98% 41.27%
Inventory
Prepaid Expenses
Receivables $37.20M $32.10M
Other Receivables $7.400M $0.00
Total Short-Term Assets $52.20M $41.10M
YoY Change 27.01% 0.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.890B $1.755B
YoY Change 7.72% 13.53%
Goodwill $990.0K $990.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.852M $7.643M
YoY Change 2.73% -2.1%
Other Assets
YoY Change
Total Long-Term Assets $1.970B $1.830B
YoY Change 7.65% 13.38%
TOTAL ASSETS
Total Short-Term Assets $52.20M $41.10M
Total Long-Term Assets $1.970B $1.830B
Total Assets $2.022B $1.871B
YoY Change 8.07% 13.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $26.80M $24.20M
YoY Change 10.74% 13.62%
Deferred Revenue
YoY Change
Short-Term Debt $1.400M $2.300M
YoY Change -39.13%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $73.60M $64.80M
YoY Change 13.58% 16.34%
LONG-TERM LIABILITIES
Long-Term Debt $1.094B $1.071B
YoY Change 2.19% 10.56%
Other Long-Term Liabilities $13.20M $14.30M
YoY Change -7.69% -38.36%
Total Long-Term Liabilities $1.107B $1.085B
YoY Change 2.06% 9.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.60M $64.80M
Total Long-Term Liabilities $1.107B $1.085B
Total Liabilities $1.181B $1.150B
YoY Change 2.71% 9.79%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.144B $1.020B
YoY Change 12.15% 11.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $839.1M $716.5M
YoY Change
Total Liabilities & Shareholders Equity $2.022B $1.871B
YoY Change 8.07% 13.04%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $18.26M $36.98M
YoY Change -50.61% -16.14%
Depreciation, Depletion And Amortization $22.81M $20.87M
YoY Change 9.31% 8.49%
Cash From Operating Activities $52.00M $43.40M
YoY Change 19.82% -5.03%
INVESTING ACTIVITIES
Capital Expenditures -$68.40M -$48.20M
YoY Change 41.91% 85.38%
Acquisitions
YoY Change
Other Investing Activities -$3.400M $32.30M
YoY Change -110.53% -30.84%
Cash From Investing Activities -$71.80M -$16.00M
YoY Change 348.75% -177.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00M -27.40M
YoY Change -172.99% -58.73%
NET CHANGE
Cash From Operating Activities 52.00M 43.40M
Cash From Investing Activities -71.80M -16.00M
Cash From Financing Activities 20.00M -27.40M
Net Change In Cash 200.0K 0.000000007451
YoY Change 2684354559999900.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $52.00M $43.40M
Capital Expenditures -$68.40M -$48.20M
Free Cash Flow $120.4M $91.60M
YoY Change 31.44% 27.75%

Facts In Submission

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us-gaap General And Administrative Expense
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CY2017Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
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CY2018Q2 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
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0 USD
CY2017Q4 us-gaap Investment Building And Building Improvements
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CY2017Q4 us-gaap Land
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Land
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1953221000 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2021726000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Consumer Real Estate
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4581000 USD
CY2018Q2 us-gaap Loans And Leases Receivable Consumer Real Estate
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2623000 USD
CY2017Q4 us-gaap Minority Interest
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1658000 USD
CY2018Q2 us-gaap Minority Interest
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1622000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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108000 USD
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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67195000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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37000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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72000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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36890000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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49709000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18227000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
46940000 USD
CY2017Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
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CY2018Q2 us-gaap Notes Payable To Bank
NotesPayableToBank
176958000 USD
CY2017Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
26884000 USD
us-gaap Operating Income Loss
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53263000 USD
CY2017Q4 us-gaap Other Assets
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CY2018Q2 us-gaap Other Assets
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CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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-984000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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426000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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1186000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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4792000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-984000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
426000 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1186000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
4792000 USD
CY2017Q4 us-gaap Other Liabilities
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28842000 USD
CY2018Q2 us-gaap Other Liabilities
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CY2017Q4 us-gaap Other Liabilities Current
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15000 USD
CY2018Q2 us-gaap Other Liabilities Current
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15000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
654000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
828000 USD
CY2017Q2 us-gaap Other Operating Income
OtherOperatingIncome
39000 USD
us-gaap Other Operating Income
OtherOperatingIncome
56000 USD
CY2018Q2 us-gaap Other Operating Income
OtherOperatingIncome
1165000 USD
us-gaap Other Operating Income
OtherOperatingIncome
1248000 USD
CY2017Q2 us-gaap Other Operating Income Expense Net
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255000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
470000 USD
CY2018Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
222000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
976000 USD
us-gaap Payments For Capital Improvements
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11106000 USD
us-gaap Payments For Capital Improvements
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us-gaap Payments For Proceeds From Other Investing Activities
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7572000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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5240000 USD
us-gaap Payments Of Debt Issuance Costs
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110000 USD
us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Ordinary Dividends
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us-gaap Payments Of Ordinary Dividends
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45449000 USD
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us-gaap Payments To Acquire Commercial Real Estate
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27660000 USD
us-gaap Payments To Develop Real Estate Assets
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47767000 USD
us-gaap Payments To Develop Real Estate Assets
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CY2017Q4 us-gaap Prepaid Expense And Other Assets
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CY2018Q2 us-gaap Prepaid Expense And Other Assets
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us-gaap Proceeds From Bank Debt
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Unsecured Debt
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0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
39934000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
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CY2017Q2 us-gaap Profit Loss
ProfitLoss
36977000 USD
us-gaap Profit Loss
ProfitLoss
49950000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
18264000 USD
us-gaap Profit Loss
ProfitLoss
47012000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2018Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2018Q2 us-gaap Real Estate Investment Property At Cost
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CY2017Q4 us-gaap Real Estate Investment Property Net
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CY2018Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
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CY2017Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
67855000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
133992000 USD
CY2018Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
73720000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
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us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
217640000 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
7098000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
5570000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
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CY2017Q2 us-gaap Revenues
Revenues
67894000 USD
us-gaap Revenues
Revenues
134048000 USD
CY2018Q2 us-gaap Revenues
Revenues
74885000 USD
us-gaap Revenues
Revenues
147088000 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
199512000 USD
CY2018Q2 us-gaap Secured Debt
SecuredDebt
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CY2017Q4 us-gaap Security Deposit Liability
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CY2018Q2 us-gaap Security Deposit Liability
SecurityDepositLiability
17317000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3087000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2823000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
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us-gaap Stock Issued During Period Value New Issues
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q2 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2017Q4 us-gaap Tenant Improvements
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CY2017Q4 us-gaap Unsecured Debt
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CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;text-align:justify;font-size:5pt;"><font style="font-family:inherit;font-size:5pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited financial statements of EastGroup Properties, Inc. (&#8220;EastGroup&#8221; or &#8220;the Company&#8221;) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to&#160;Form 10-Q and Rule 10-01 of Regulation S-X.&#160;&#160;Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.&#160;&#160;In management&#8217;s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.&#160;&#160;The financial statements should be read in conjunction with the financial statements contained in the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> annual report on Form 10-K and the notes thereto. Certain reclassifications have been made in the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> consolidated financial statements to conform to the </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> presentation.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements.&#160;&#160;Actual results could differ from those estimates.</font></div></div>

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