2018 Q3 Form 10-Q Financial Statement

#000004960018000029 Filed on October 22, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $75.33M $68.75M
YoY Change 9.57% 8.79%
Cost Of Revenue $21.72M $20.11M
YoY Change 8.01% 8.41%
Gross Profit $53.61M $48.64M
YoY Change 10.22% 8.96%
Gross Profit Margin 71.17% 70.75%
Selling, General & Admin $3.060M $3.210M
YoY Change -4.67% 37.77%
% of Gross Profit 5.71% 6.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.97M $21.01M
YoY Change 9.32% 8.52%
% of Gross Profit 42.85% 43.2%
Operating Expenses $26.03M $24.22M
YoY Change 7.47% 11.66%
Operating Profit $27.58M $24.42M
YoY Change 12.93% 7.17%
Interest Expense $8.804M $8.704M
YoY Change 1.15% -1.55%
% of Operating Profit 31.92% 35.64%
Other Income/Expense, Net $220.0K $260.0K
YoY Change -15.38% -69.41%
Pretax Income $23.04M $15.97M
YoY Change 44.27% 7.91%
Income Tax
% Of Pretax Income
Net Earnings $23.04M $15.97M
YoY Change 44.26% 7.92%
Net Earnings / Revenue 30.59% 23.23%
Basic Earnings Per Share $0.64 $0.46
Diluted Earnings Per Share $0.64 $0.46
COMMON SHARES
Basic Shares Outstanding 35.72M shares 34.22M shares
Diluted Shares Outstanding 35.80M shares 34.29M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $0.00
YoY Change
Cash & Equivalents $257.0K $10.00K
Short-Term Investments
Other Short-Term Assets $5.900M $7.700M
YoY Change -23.38% 14.93%
Inventory
Prepaid Expenses
Receivables $39.70M $33.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $45.90M $41.60M
YoY Change 10.34% 8.33%
LONG-TERM ASSETS
Property, Plant & Equipment $1.960B $1.778B
YoY Change 10.28% 9.96%
Goodwill $990.0K $990.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.686M $7.836M
YoY Change -1.91% 1.67%
Other Assets
YoY Change
Total Long-Term Assets $2.043B $1.852B
YoY Change 10.3% 10.26%
TOTAL ASSETS
Total Short-Term Assets $45.90M $41.60M
Total Long-Term Assets $2.043B $1.852B
Total Assets $2.089B $1.894B
YoY Change 10.3% 10.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $40.50M $35.70M
YoY Change 13.45% 16.29%
Deferred Revenue
YoY Change
Short-Term Debt $14.20M $7.600M
YoY Change 86.84%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $123.9M $83.20M
YoY Change 48.92% 18.18%
LONG-TERM LIABILITIES
Long-Term Debt $1.084B $1.072B
YoY Change 1.11% 5.16%
Other Long-Term Liabilities $11.50M $12.60M
YoY Change -8.73% -46.61%
Total Long-Term Liabilities $1.095B $1.085B
YoY Change 1.0% 3.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.9M $83.20M
Total Long-Term Liabilities $1.095B $1.085B
Total Liabilities $1.219B $1.168B
YoY Change 4.4% 4.89%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.176B $1.032B
YoY Change 14.0% 12.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $868.3M $721.8M
YoY Change
Total Liabilities & Shareholders Equity $2.089B $1.894B
YoY Change 10.3% 10.22%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $23.04M $15.97M
YoY Change 44.26% 7.92%
Depreciation, Depletion And Amortization $22.97M $21.01M
YoY Change 9.32% 8.52%
Cash From Operating Activities $68.30M $55.50M
YoY Change 23.06% 30.28%
INVESTING ACTIVITIES
Capital Expenditures -$93.40M -$40.30M
YoY Change 131.76% -54.46%
Acquisitions
YoY Change
Other Investing Activities -$1.700M -$4.200M
YoY Change -59.52% -139.62%
Cash From Investing Activities -$95.10M -$44.40M
YoY Change 114.19% -43.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.90M -11.20M
YoY Change -340.18% -131.64%
NET CHANGE
Cash From Operating Activities 68.30M 55.50M
Cash From Investing Activities -95.10M -44.40M
Cash From Financing Activities 26.90M -11.20M
Net Change In Cash 100.0K -100.0K
YoY Change -200.0% -200.0%
FREE CASH FLOW
Cash From Operating Activities $68.30M $55.50M
Capital Expenditures -$93.40M -$40.30M
Free Cash Flow $161.7M $95.80M
YoY Change 68.79% -26.93%

Facts In Submission

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CY2018Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Gains Losses On Sales Of Investment Real Estate
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CY2017Q4 us-gaap Goodwill
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2017Q4 us-gaap Interest Payable Current And Noncurrent
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CY2017Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
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CY2018Q3 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
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0 USD
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1953221000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
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2089165000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Consumer Real Estate
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CY2017Q4 us-gaap Minority Interest
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151000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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-18461000 USD
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 Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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141995000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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88000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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329000 USD
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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31000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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103000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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15884000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65593000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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69950000 USD
CY2017Q4 us-gaap Notes Payable To Bank
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195709000 USD
CY2018Q3 us-gaap Notes Payable To Bank
NotesPayableToBank
169261000 USD
CY2017Q3 us-gaap Operating Income Loss
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24421000 USD
us-gaap Operating Income Loss
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CY2018Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2018Q3 us-gaap Other Assets
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CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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224000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
650000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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553000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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5345000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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224000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
650000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
553000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
5345000 USD
CY2017Q4 us-gaap Other Liabilities
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28842000 USD
CY2018Q3 us-gaap Other Liabilities
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CY2017Q4 us-gaap Other Liabilities Current
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15000 USD
CY2018Q3 us-gaap Other Liabilities Current
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65000 USD
us-gaap Other Operating Activities Cash Flow Statement
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765000 USD
us-gaap Other Operating Activities Cash Flow Statement
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1330000 USD
CY2017Q3 us-gaap Other Operating Income
OtherOperatingIncome
34000 USD
us-gaap Other Operating Income
OtherOperatingIncome
90000 USD
CY2018Q3 us-gaap Other Operating Income
OtherOperatingIncome
20000 USD
us-gaap Other Operating Income
OtherOperatingIncome
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CY2017Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
255000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
725000 USD
CY2018Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
216000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1192000 USD
us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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us-gaap Payments For Proceeds From Other Investing Activities
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9804000 USD
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us-gaap Payments Of Debt Issuance Costs
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1857000 USD
us-gaap Payments Of Ordinary Dividends
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64623000 USD
us-gaap Payments Of Ordinary Dividends
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us-gaap Payments To Acquire Commercial Real Estate
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us-gaap Payments To Acquire Commercial Real Estate
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us-gaap Payments To Develop Real Estate Assets
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80462000 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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CY2018Q3 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 Bank Debt
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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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-2711000 USD
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
24508000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
15972000 USD
us-gaap Profit Loss
ProfitLoss
65922000 USD
CY2018Q3 us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2018Q3 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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CY2018Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2018Q3 us-gaap Real Estate Investment Property Net
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us-gaap Repayments Of Bank Debt
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us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
55478000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
8410000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
-50000000 USD
CY2017Q3 us-gaap Revenues
Revenues
68746000 USD
us-gaap Revenues
Revenues
202794000 USD
CY2018Q3 us-gaap Revenues
Revenues
75326000 USD
us-gaap Revenues
Revenues
222414000 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
199512000 USD
CY2018Q3 us-gaap Secured Debt
SecuredDebt
191292000 USD
CY2017Q4 us-gaap Security Deposit Liability
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16668000 USD
CY2018Q3 us-gaap Security Deposit Liability
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17986000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4266000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4033000 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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CY2018Q3 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2017Q4 us-gaap Tenant Improvements
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CY2018Q3 us-gaap Tenant Improvements
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CY2017Q4 us-gaap Unsecured Debt
UnsecuredDebt
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CY2018Q3 us-gaap Unsecured Debt
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CY2017Q3 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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CY2018Q3 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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CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q3 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
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<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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