2020 Q1 Form 10-Q Financial Statement

#000004960020000061 Filed on May 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $88.63M $78.80M
YoY Change 12.47% 9.13%
Cost Of Revenue $25.83M $22.30M
YoY Change 15.83% 7.83%
Gross Profit $62.80M $56.50M
YoY Change 11.15% 9.64%
Gross Profit Margin 70.86% 71.7%
Selling, General & Admin $3.280M $3.840M
YoY Change -14.58% 10.98%
% of Gross Profit 5.22% 6.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.89M $23.75M
YoY Change 17.46% 9.5%
% of Gross Profit 44.41% 42.03%
Operating Expenses $31.28M $27.69M
YoY Change 12.96% 10.14%
Operating Profit $31.52M $28.81M
YoY Change 9.41% 9.22%
Interest Expense $8.457M $8.846M
YoY Change -4.4% 2.78%
% of Operating Profit 26.83% 30.7%
Other Income/Expense, Net $240.0K $240.0K
YoY Change 0.0% -68.0%
Pretax Income $23.30M $22.53M
YoY Change 3.42% -21.63%
Income Tax
% Of Pretax Income
Net Earnings $23.30M $22.53M
YoY Change 3.39% -21.62%
Net Earnings / Revenue 26.29% 28.6%
Basic Earnings Per Share $0.60 $0.62
Diluted Earnings Per Share $0.60 $0.62
COMMON SHARES
Basic Shares Outstanding 38.88M shares 36.47M shares
Diluted Shares Outstanding 38.96M shares 36.53M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $700.0K $1.800M
YoY Change -61.11%
Cash & Equivalents $671.0K $1.831M
Short-Term Investments
Other Short-Term Assets $17.80M $8.400M
YoY Change 111.9% 1.2%
Inventory
Prepaid Expenses
Receivables $45.70M $40.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $64.20M $50.90M
YoY Change 26.13% 14.9%
LONG-TERM ASSETS
Property, Plant & Equipment $2.457B $2.044B
YoY Change 20.22% 10.98%
Goodwill $990.0K $990.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.613M $7.879M
YoY Change -3.38% 0.18%
Other Assets
YoY Change
Total Long-Term Assets $2.541B $2.121B
YoY Change 19.8% 10.54%
TOTAL ASSETS
Total Short-Term Assets $64.20M $50.90M
Total Long-Term Assets $2.541B $2.121B
Total Assets $2.605B $2.172B
YoY Change 19.94% 10.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $34.60M $30.50M
YoY Change 13.44% 75.29%
Deferred Revenue
YoY Change
Short-Term Debt $17.90M $10.60M
YoY Change 68.87% 523.53%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $126.3M $114.9M
YoY Change 9.92% 80.66%
LONG-TERM LIABILITIES
Long-Term Debt $1.250B $1.120B
YoY Change 11.62% 0.78%
Other Long-Term Liabilities $35.70M $15.10M
YoY Change 136.42% 15.27%
Total Long-Term Liabilities $1.286B $1.135B
YoY Change 13.28% 0.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $126.3M $114.9M
Total Long-Term Liabilities $1.286B $1.135B
Total Liabilities $1.412B $1.250B
YoY Change 12.98% 5.22%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.526B $1.246B
YoY Change 22.5% 15.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.191B $919.9M
YoY Change
Total Liabilities & Shareholders Equity $2.605B $2.172B
YoY Change 19.94% 10.64%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $23.30M $22.53M
YoY Change 3.39% -21.62%
Depreciation, Depletion And Amortization $27.89M $23.75M
YoY Change 17.46% 9.5%
Cash From Operating Activities $51.44M $41.48M
YoY Change 24.0% 91.04%
INVESTING ACTIVITIES
Capital Expenditures -$85.30M -$48.50M
YoY Change 75.88% 33.24%
Acquisitions
YoY Change
Other Investing Activities $14.75M $4.857M
YoY Change 203.77% 107.21%
Cash From Investing Activities -$98.62M -$48.93M
YoY Change 101.56% 336.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.73M $24.40M
YoY Change -39.61% 68.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $47.63M $8.905M
YoY Change 434.89% -185.0%
NET CHANGE
Cash From Operating Activities $51.44M $41.48M
Cash From Investing Activities -$98.62M -$48.93M
Cash From Financing Activities $47.63M $8.905M
Net Change In Cash $447.0K $1.457M
YoY Change -69.32% 6838.1%
FREE CASH FLOW
Cash From Operating Activities $51.44M $41.48M
Capital Expenditures -$85.30M -$48.50M
Free Cash Flow $136.7M $89.98M
YoY Change 51.96% 54.84%

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CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q1 egp Operatingleaseliabilitiesarisingfromobtainingrightofuseassets
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CY2020Q1 us-gaap Basis Of Accounting
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<div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</span></div><div style="line-height:120%;text-align:justify;font-size:5pt;"><span style="font-family:inherit;font-size:5pt;font-weight:bold;"> </span></div><span style="font-family:inherit;font-size:10pt;">The accompanying unaudited financial statements of EastGroup Properties, Inc. (“EastGroup” or “the Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.  In management’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  The financial statements should be read in conjunction with the financial statements contained in the Company’s annual report on Form 10-K for the year ended </span><span style="font-family:inherit;font-size:10pt;">December 31, 2019</span> and the notes thereto.
CY2020Q1 egp Percentageofassetsliabilitiesrevenuesandexpensesofthebuildingsheldinjointventureswiththenoncontrollinginterests
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1
CY2020Q1 us-gaap Use Of Estimates
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<div style="line-height:120%;text-align:justify;font-size:10pt;"><span 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.  Actual results could differ from those estimates.</span></div>
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
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OperatingLeaseVariableLeaseIncome
19745000 USD
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OperatingLeaseLeaseIncome
88577000 USD
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OperatingLeaseLeaseIncome
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Depreciation
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Land
458270000 USD
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Land
452698000 USD
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1907963000 USD
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487189000 USD
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471909000 USD
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RealEstateInvestmentPropertyNet
2393427000 USD
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Percentageofoccupancytoqualifyasvalueaddproperty
0.75
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0.20
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P40Y
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CY2020Q1 egp Total Ground Lease Expenditures For Continuing And Discontinued Operations
TotalGroundLeaseExpendituresForContinuingAndDiscontinuedOperations
261000 USD
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198000 USD
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PaymentIncreaseIntervalMinimum
P3Y
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PaymentIncreaseIntervalMaximum
P10Y
CY2020Q1 egp Weighted Averagetermforgroundleases
WeightedAveragetermforgroundleases
P43Y
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
727000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
970000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
970000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
975000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
999000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
38916000 USD
CY2020Q1 egp Operatingleasesfutureminimumpaymentsduetotal
Operatingleasesfutureminimumpaymentsduetotal
43557000 USD
CY2020Q1 egp Imputedinterestrelatedtorightofuseassetsforgroundleases
Imputedinterestrelatedtorightofuseassetsforgroundleases
-31723000 USD
CY2020Q1 us-gaap Ground Leases Net
GroundLeasesNet
11834000 USD
CY2019Q1 egp Incrementalborrowingrateusedindeterminingthepresentvalueofleasepayments
Incrementalborrowingrateusedindeterminingthepresentvalueofleasepayments
0.073
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1334000 USD
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
991000 USD
CY2020Q1 egp Rental Income Increase Decrease For Amortization Of Acquired In Place Lease Intangibles
RentalIncomeIncreaseDecreaseForAmortizationOfAcquiredInPlaceLeaseIntangibles
-374000 USD
CY2019Q1 egp Rental Income Increase Decrease For Amortization Of Acquired In Place Lease Intangibles
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-192000 USD
CY2020Q1 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
92507000 USD
CY2019Q4 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
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DeferredCostsLeasingAccumulatedAmortization
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DeferredCostsLeasingAccumulatedAmortization
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DeferredCostsLeasingNet
56494000 USD
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DeferredCostsLeasingNet
54228000 USD
CY2019Q4 egp Rightofuseassets Office Leases
RightofuseassetsOfficeLeases
2115000 USD
CY2019Q4 egp Totaldebt
Totaldebt
1182602000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
990000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
990000 USD
CY2020Q1 us-gaap Prepaid Expense And Other Assets
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28571000 USD
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16916000 USD
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1723000 USD
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1062000 USD
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AccumulatedAmortizationAcquiredAboveMarketLeaseIntangibles
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CY2020Q1 egp Acquired Above Market Leases Net Of Accumulated Amortization
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41280000 USD
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Straightlinerentsreceivable
40369000 USD
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Accountsreceivable
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Accountsreceivable
5581000 USD
CY2020Q1 egp Mortgageloansreceivable
Mortgageloansreceivable
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CY2019Q4 egp Mortgageloansreceivable
Mortgageloansreceivable
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CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
0 USD
CY2019Q4 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
3485000 USD
CY2020Q1 egp Rightofuseassets Office Leases
RightofuseassetsOfficeLeases
2499000 USD
CY2019Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
18545000 USD
CY2020Q1 us-gaap Other Assets
OtherAssets
141807000 USD
CY2019Q4 us-gaap Other Assets
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144622000 USD
CY2020Q1 egp Totaldebt
Totaldebt
1250403000 USD
CY2020Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
13963000 USD
CY2019Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
2696000 USD
CY2020Q1 us-gaap Construction Payable Current And Noncurrent
ConstructionPayableCurrentAndNoncurrent
13203000 USD
CY2019Q4 us-gaap Construction Payable Current And Noncurrent
ConstructionPayableCurrentAndNoncurrent
11766000 USD
CY2020Q1 egp Propertycapitalexpenditurespayable
Propertycapitalexpenditurespayable
4944000 USD
CY2019Q4 egp Propertycapitalexpenditurespayable
Propertycapitalexpenditurespayable
4636000 USD
CY2020Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
6315000 USD
CY2019Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
6370000 USD
CY2020Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
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DividendsPayableCurrentAndNoncurrent
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Bookoverdraft
17868000 USD
CY2019Q4 egp Bookoverdraft
Bookoverdraft
25771000 USD
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AccountsPayableOtherCurrentAndNoncurrent
4789000 USD
CY2019Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
10071000 USD
CY2020Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
91215000 USD
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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92024000 USD
CY2019Q4 egp Accumulated Amortization Acquired Below Market Lease Intangibles
AccumulatedAmortizationAcquiredBelowMarketLeaseIntangibles
-4494000 USD
CY2019Q4 egp Prepaidtenantimprovementreimbursements
Prepaidtenantimprovementreimbursements
56000 USD
CY2019Q4 us-gaap Other Liabilities
OtherLiabilities
69123000 USD
CY2020Q1 egp Accumulated Amortization Acquired Below Market Lease Intangibles
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-4923000 USD
CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5650000 USD
CY2020Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
20705000 USD
CY2019Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
20351000 USD
CY2020Q1 us-gaap Advance Rent
AdvanceRent
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CY2019Q4 us-gaap Advance Rent
AdvanceRent
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CY2020Q1 egp Operatingleaseliabilitiesgroundleases
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11834000 USD
CY2019Q4 egp Operatingleaseliabilitiesgroundleases
Operatingleaseliabilitiesgroundleases
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CY2020Q1 egp Operatingleaseliabilitiesofficeleases
Operatingleaseliabilitiesofficeleases
2528000 USD
CY2019Q4 egp Operatingleaseliabilitiesofficeleases
Operatingleaseliabilitiesofficeleases
2141000 USD
CY2020Q1 egp Acquired Below Market Lease Intangibles Gross
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8637000 USD
CY2019Q4 egp Acquired Below Market Lease Intangibles Gross
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8616000 USD
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3714000 USD
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4122000 USD
CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
12983000 USD
CY2019Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
678000 USD
CY2020Q1 egp Prepaidtenantimprovementreimbursements
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215000 USD
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
15872000 USD
CY2020Q1 us-gaap Other Liabilities
OtherLiabilities
70781000 USD
CY2019Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
4388000 USD
CY2020Q1 egp Numberofinterestrateswaps
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7 Integer
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
2807000 USD
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AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2020Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2313000 USD
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36465000 shares
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23297000 USD
CY2020Q1 egp Incremental Common Shares Attributable To Nonvested Restricted Stock
IncrementalCommonSharesAttributableToNonvestedRestrictedStock
79000 shares
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23297000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22529000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38882000 shares
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22529000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38882000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36465000 shares
CY2019Q1 egp Incremental Common Shares Attributable To Nonvested Restricted Stock
IncrementalCommonSharesAttributableToNonvestedRestrictedStock
61000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38961000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36526000 shares
CY2019Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
497000 USD

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