2023 Q4 Form 10-Q Financial Statement

#000004960023000109 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $149.1M $146.5M
YoY Change 14.87% 16.61%
Cost Of Revenue $39.37M $40.71M
YoY Change 11.61% 16.2%
Gross Profit $109.8M $105.8M
YoY Change 16.09% 16.77%
Gross Profit Margin 73.6% 72.22%
Selling, General & Admin $3.740M $3.429M
YoY Change -3.08% -13.56%
% of Gross Profit 3.41% 3.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.25M $42.52M
YoY Change 11.56% 8.26%
% of Gross Profit 41.22% 40.18%
Operating Expenses $49.13M $46.10M
YoY Change 10.28% 6.3%
Operating Profit $60.65M $59.72M
YoY Change 21.26% 26.37%
Interest Expense -$11.11M $11.29M
YoY Change -4.64% 15.53%
% of Operating Profit -18.32% 18.9%
Other Income/Expense, Net $774.0K $474.0K
YoY Change 140.37% 45.4%
Pretax Income $63.47M $48.91M
YoY Change 64.05% 29.33%
Income Tax
% Of Pretax Income
Net Earnings $63.46M $48.91M
YoY Change 64.09% 29.33%
Net Earnings / Revenue 42.54% 33.38%
Basic Earnings Per Share $1.07
Diluted Earnings Per Share $1.35 $1.07
COMMON SHARES
Basic Shares Outstanding 46.33M shares 45.40M shares
Diluted Shares Outstanding 45.79M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.26M $374.0K
YoY Change 71798.21% -92.29%
Cash & Equivalents $40.26M $374.0K
Short-Term Investments
Other Short-Term Assets $14.78M $17.92M
YoY Change -10.29% 28.37%
Inventory
Prepaid Expenses
Receivables $82.34M $76.62M
Other Receivables $1.425M $4.433M
Total Short-Term Assets $138.8M $99.35M
YoY Change 57.9% 18.2%
LONG-TERM ASSETS
Property, Plant & Equipment $4.222B $4.084B
YoY Change 11.53% 10.07%
Goodwill $990.0K $990.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.539M $7.261M
YoY Change 4.27% -5.28%
Other Assets
YoY Change
Total Long-Term Assets $4.380B $4.256B
YoY Change 10.95% 9.73%
TOTAL ASSETS
Total Short-Term Assets $138.8M $99.35M
Total Long-Term Assets $4.380B $4.256B
Total Assets $4.519B $4.355B
YoY Change 11.98% 9.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $39.64M $98.97M
YoY Change 3.06% 11.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.419M
YoY Change -100.0% 712.11%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $205.1M $275.3M
YoY Change 6.09% 11.53%
LONG-TERM LIABILITIES
Long-Term Debt $1.676B $1.674B
YoY Change -9.96% -1.38%
Other Long-Term Liabilities $29.15M $25.89M
YoY Change 6.6% -6.0%
Total Long-Term Liabilities $1.706B $1.700B
YoY Change -9.72% -1.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $205.1M $275.3M
Total Long-Term Liabilities $1.706B $1.700B
Total Liabilities $1.911B $1.976B
YoY Change -8.25% 0.18%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.950B $2.706B
YoY Change 31.02% 19.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.608B $2.379B
YoY Change
Total Liabilities & Shareholders Equity $4.519B $4.355B
YoY Change 11.98% 9.91%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $63.46M $48.91M
YoY Change 64.09% 29.33%
Depreciation, Depletion And Amortization $45.25M $42.52M
YoY Change 11.56% 8.26%
Cash From Operating Activities $38.10M $121.3M
YoY Change -4.62% 20.84%
INVESTING ACTIVITIES
Capital Expenditures $188.8M $179.7M
YoY Change 73.86% -248.25%
Acquisitions
YoY Change
Other Investing Activities $8.155M -$1.003M
YoY Change -130.17% -68.99%
Cash From Investing Activities -$180.6M -$180.7M
YoY Change 33.19% 45.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 182.4M 58.63M
YoY Change 100.75% 151.51%
NET CHANGE
Cash From Operating Activities 38.10M 121.3M
Cash From Investing Activities -180.6M -180.7M
Cash From Financing Activities 182.4M 58.63M
Net Change In Cash 39.89M -708.0K
YoY Change -932.41% 0.14%
FREE CASH FLOW
Cash From Operating Activities $38.10M $121.3M
Capital Expenditures $188.8M $179.7M
Free Cash Flow -$150.7M -$58.33M
YoY Change 119.55% -126.33%

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BASIS OF PRESENTATION 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 December 31, 2022 and the notes thereto. Certain reclassifications have been made in the 2022 consolidated financial statements to conform to the 2023 presentation.
CY2023Q3 us-gaap Depreciation
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us-gaap Depreciation
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CY2022Q3 us-gaap Depreciation
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us-gaap Use Of Estimates
UseOfEstimates
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.
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us-gaap Depreciation
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Land
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Land
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92024000 usd
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 egp Acquired In Place Lease Intangibles Net Of Accumulated Amortization
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20905000 usd
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CY2022Q4 egp Acquired Above Market Lease Intangibles
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496000 usd
CY2023Q3 egp Accumulated Amortization Acquired Above Market Lease Intangibles
AccumulatedAmortizationAcquiredAboveMarketLeaseIntangibles
298000 usd
CY2022Q4 egp Accumulated Amortization Acquired Above Market Lease Intangibles
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251000 usd
CY2023Q3 egp Acquired Above Market Leases Net Of Accumulated Amortization
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183000 usd
CY2022Q4 egp Acquired Above Market Leases Net Of Accumulated Amortization
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Straightlinerentsreceivable
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9568000 usd
CY2023Q3 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
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42088000 usd
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38352000 usd
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RightofuseassetsOfficeLeases
1682000 usd
CY2022Q4 egp Rightofuseassets Office Leases
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2050000 usd
CY2023Q3 us-gaap Escrow Deposit
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1981000 usd
CY2022Q4 us-gaap Escrow Deposit
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2522000 usd
CY2023Q3 us-gaap Goodwill
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990000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
990000 usd
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11331000 usd
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2681000 usd
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4433000 usd
CY2022Q4 us-gaap Insurance Settlements Receivable
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2828000 usd
CY2023Q3 us-gaap Prepaid Expense And Other Assets
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6593000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets
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11327000 usd
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244944000 usd
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1674371000 usd
CY2022Q4 us-gaap Debt Longterm And Shortterm Combined Amount
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1861744000 usd
us-gaap Debt Instrument Credit Rating
DebtInstrumentCreditRating
Baa2
CY2023Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
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CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
6823000 usd
CY2023Q3 us-gaap Construction Payable Current And Noncurrent
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44156000 usd
CY2022Q4 us-gaap Construction Payable Current And Noncurrent
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21305000 usd
CY2023Q3 egp Retainage Payable
RetainagePayable
14884000 usd
CY2022Q4 egp Retainage Payable
RetainagePayable
11011000 usd
CY2023Q3 egp Propertycapitalexpenditurespayable
Propertycapitalexpenditurespayable
6504000 usd
CY2022Q4 egp Propertycapitalexpenditurespayable
Propertycapitalexpenditurespayable
5182000 usd
CY2023Q3 us-gaap Interest Payable Current And Noncurrent
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14205000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
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9597000 usd
CY2023Q3 us-gaap Dividends Payable Current And Noncurrent
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60322000 usd
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DividendsPayableCurrentAndNoncurrent
55952000 usd
CY2023Q3 egp Bookoverdraft
Bookoverdraft
3419000 usd
CY2022Q4 egp Bookoverdraft
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13370000 usd
CY2023Q3 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
10673000 usd
CY2022Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
13748000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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218119000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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136988000 usd
CY2023Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
36404000 usd
CY2022Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
34272000 usd
CY2023Q3 us-gaap Advance Rent
AdvanceRent
19202000 usd
CY2022Q4 us-gaap Advance Rent
AdvanceRent
17004000 usd
CY2023Q3 egp Operatingleaseliabilitiesgroundleases
Operatingleaseliabilitiesgroundleases
19044000 usd
CY2022Q4 egp Operatingleaseliabilitiesgroundleases
Operatingleaseliabilitiesgroundleases
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CY2023Q3 egp Operatingleaseliabilitiesofficeleases
Operatingleaseliabilitiesofficeleases
1766000 usd
CY2022Q4 egp Operatingleaseliabilitiesofficeleases
Operatingleaseliabilitiesofficeleases
2139000 usd
CY2023Q3 us-gaap Below Market Lease Gross
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10800000 usd
CY2022Q4 us-gaap Below Market Lease Gross
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10735000 usd
CY2023Q3 us-gaap Below Market Lease Accumulated Amortization
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5009000 usd
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
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3957000 usd
CY2023Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
5791000 usd
CY2022Q4 us-gaap Below Market Lease Net
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6778000 usd
CY2023Q3 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
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CY2022Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
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1981000 usd
CY2023Q3 us-gaap Other Liabilities Current
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892000 usd
CY2022Q4 us-gaap Other Liabilities Current
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1586000 usd
CY2023Q3 us-gaap Other Liabilities
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83099000 usd
CY2022Q4 us-gaap Other Liabilities
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83666000 usd
CY2023Q2 us-gaap Accumulated Other Comprehensive Income Loss Before Tax1
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CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Before Tax1
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23971000 usd
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Before Tax1
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36371000 usd
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Before Tax1
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1302000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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CY2022Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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CY2023Q3 us-gaap Accumulated Other Comprehensive Income Loss Before Tax1
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CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Before Tax1
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42088000 usd
CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Before Tax1
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41128000 usd
CY2023Q3 egp Numberofinterestrateswaps
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48896000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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37792000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
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137036000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
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147511000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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45658000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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43467000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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44688000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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42308000 shares
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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48896000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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147511000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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45658000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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43467000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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44688000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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42308000 shares
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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114000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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94000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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111000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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45788000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43581000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44782000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42419000 shares

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