MARYLAND
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13-2711135
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(State or other jurisdiction
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(I.R.S. Employer
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of incorporation or organization)
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Identification No.)
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190 EAST CAPITOL STREET
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SUITE 400
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JACKSON, MISSISSIPPI
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39201
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(Address of principal executive offices)
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(Zip code)
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Registrant’s telephone number: (601) 354-3555
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·
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population and demographic trends;
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·
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employment and personal income trends;
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·
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income tax laws;
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·
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changes in interest rates and availability and costs of financing;
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·
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increased operating costs, including insurance premiums, utilities and real estate taxes, due to inflation and other factors which may not necessarily be offset by increased rents; and
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·
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construction costs.
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·
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the availability of favorable financing alternatives;
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·
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the risk that we may not be able to obtain land on which to develop or that due to the increased cost of land, our activities may not be as profitable;
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·
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construction costs exceeding original estimates due to rising interest rates and increases in the costs of materials and labor;
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·
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construction and lease-up delays resulting in increased debt service, fixed expenses and construction costs;
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·
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expenditure of funds and devotion of management's time to projects that we do not complete;
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·
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fluctuations of occupancy and rental rates at newly completed properties, which depend on a number of factors, including market and economic conditions, resulting in lower than projected rental rates and a corresponding lower return on our investment; and
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·
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complications (including building moratoriums and anti-growth legislation) in obtaining necessary zoning, occupancy and other governmental permits.
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·
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when we are able to locate a desired property, competition from other real estate investors may significantly increase the purchase price;
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·
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acquired properties may fail to perform as expected;
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·
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the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates;
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·
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acquired properties may be located in new markets where we face risks associated with an incomplete knowledge or understanding of the local market, a limited number of established business relationships in the area and a relative unfamiliarity with local governmental and permitting procedures;
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·
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we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and as a result, our results of operations and financial condition could be adversely affected; and
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·
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we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, to the transferor with respect to unknown liabilities. As a result, if a claim were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow.
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Calendar Year 2011
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Calendar Year 2010
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Quarter
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High
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Low
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Distributions
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High
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Low
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Distributions
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||||||||||||||||||
First
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$ | 45.53 | 40.79 | $ | .52 | $ | 39.09 | 33.65 | $ | .52 | ||||||||||||||
Second
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46.91 | 41.36 | .52 | 42.02 | 35.44 | .52 | ||||||||||||||||||
Third
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46.32 | 34.76 | .52 | 37.97 | 33.39 | .52 | ||||||||||||||||||
Fourth
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44.71 | 36.01 | .52 | 43.05 | 37.50 | .52 | ||||||||||||||||||
$ | 2.08 | $ | 2.08 |
Years Ended December 31,
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||||||||
2011
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2010
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|||||||
Common Share Distributions:
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||||||||
Ordinary income
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$ | 1.6852 | 1.4775 | |||||
Return of capital
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.3948 | .6025 | ||||||
Total Common Distributions
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$ | 2.0800 | 2.0800 |
Period
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Total Number
of Shares
Purchased
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Average Price
Paid Per
Share
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Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
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Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
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||||||||||||
10/01/11 thru 10/31/11
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– | $ | – | – | 672,300 | |||||||||||
11/01/11 thru 11/30/11
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– | – | – | 672,300 | ||||||||||||
12/01/11 thru 12/31/11
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– | – | – | 672,300 | (1) | |||||||||||
Total
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– | $ | – | – |
(1)
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EastGroup's Board of Directors has authorized the repurchase of up to 1,500,000 shares of its outstanding common stock. The shares may be purchased from time to time in the open market or in privately negotiated transactions. Under the common stock repurchase plan, the Company has purchased a total of 827,700 shares for $14,170,000 (an average of $17.12 per share) with 672,300 shares still authorized for repurchase. The Company has not repurchased any shares under this plan since 2000.
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Fiscal years ended December 31,
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||||||||||||||||||||||||
2006
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2007
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2008
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2009
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2010
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2011
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EastGroup
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$ | 100.00 | 81.66 | 72.86 | 82.65 | 96.46 | 104.13 | |||||||||||||||||
FTSE NAREIT Equity REITs
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100.00 | 84.31 | 52.50 | 67.19 | 85.98 | 93.11 | ||||||||||||||||||
S&P 500 Total Return
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100.00 | 105.49 | 66.46 | 84.05 | 96.71 | 98.75 |
Years Ended December 31,
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||||||||||||||||||||
2011
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2010
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2009
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2008
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2007
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OPERATING DATA
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(In thousands, except per share data)
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Revenues
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||||||||||||||||||||
Income from real estate operations
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$ | 174,484 | 173,002 | 172,273 | 168,255 | 150,038 | ||||||||||||||
Other income
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147 | 124 | 81 | 248 | 92 | |||||||||||||||
174,631 | 173,126 | 172,354 | 168,503 | 150,130 | ||||||||||||||||
Expenses
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||||||||||||||||||||
Expenses from real estate operations
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49,411 | 51,142 | 50,259 | 47,259 | 40,837 | |||||||||||||||
Depreciation and amortization
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57,451 | 58,350 | 53,953 | 51,144 | 47,644 | |||||||||||||||
General and administrative
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10,691 | 10,260 | 8,894 | 8,547 | 8,295 | |||||||||||||||
Acquisition costs
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252 | 72 | 177 | – | – | |||||||||||||||
117,805 | 119,824 | 113,283 | 106,950 | 96,776 | ||||||||||||||||
Operating income
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56,826 | 53,302 | 59,071 | 61,553 | 53,354 | |||||||||||||||
Other income (expense)
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||||||||||||||||||||
Equity in earnings of unconsolidated investment
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347 | 335 | 320 | 316 | 285 | |||||||||||||||
Gain on sales of non-operating real estate
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36 | 37 | 31 | 321 | 2,602 | |||||||||||||||
Gain on sales of securities
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– | – | – | 435 | – | |||||||||||||||
Other expense
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– | (84 | ) | – | – | – | ||||||||||||||
Interest income
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334 | 336 | 302 | 293 | 306 | |||||||||||||||
Interest expense
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(34,709 | ) | (35,171 | ) | (32,520 | ) | (30,192 | ) | (27,314 | ) | ||||||||||
Income from continuing operations
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22,834 | 18,755 | 27,204 | 32,726 | 29,233 | |||||||||||||||
Discontinued operations
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||||||||||||||||||||
Income (loss) from real estate operations
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– | – | (139 | ) | 10 | 150 | ||||||||||||||
Gain on sales of real estate investments
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– | – | 29 | 2,032 | 960 | |||||||||||||||
Income (loss) from discontinued operations
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– | – | (110 | ) | 2,042 | 1,110 | ||||||||||||||
Net income
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22,834 | 18,755 | 27,094 | 34,768 | 30,343 | |||||||||||||||
Net income attributable to noncontrolling interest in joint ventures
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(475 | ) | (430 | ) | (435 | ) | (626 | ) | (609 | ) | ||||||||||
Net income attributable to EastGroup Properties, Inc.
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22,359 | 18,325 | 26,659 | 34,142 | 29,734 | |||||||||||||||
Dividends on Series D preferred shares
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– | – | – | 1,326 | 2,624 | |||||||||||||||
Costs on redemption of Series D preferred shares
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– | – | – | 682 | – | |||||||||||||||
Net income attributable to EastGroup Properties, Inc.
common stockholders
|
$ | 22,359 | 18,325 | 26,659 | 32,134 | 27,110 | ||||||||||||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE
TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
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||||||||||||||||||||
Income from continuing operations
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$ | .83 | .68 | 1.04 | 1.23 | 1.10 | ||||||||||||||
Income (loss) from discontinued operations
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.00 | .00 | .00 | .08 | .05 | |||||||||||||||
Net income attributable to common stockholders
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$ | .83 | .68 | 1.04 | 1.31 | 1.15 | ||||||||||||||
Weighted average shares outstanding
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26,897 | 26,752 | 25,590 | 24,503 | 23,562 | |||||||||||||||
DILUTED PER COMMON SHARE DATA FOR NET INCOME
ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON
STOCKHOLDERS
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||||||||||||||||||||
Income from continuing operations
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$ | .83 | .68 | 1.04 | 1.22 | 1.09 | ||||||||||||||
Income (loss) from discontinued operations
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.00 | .00 | .00 | .08 | .05 | |||||||||||||||
Net income attributable to common stockholders
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$ | .83 | .68 | 1.04 | 1.30 | 1.14 | ||||||||||||||
Weighted average shares outstanding
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26,971 | 26,824 | 25,690 | 24,653 | 23,781 | |||||||||||||||
AMOUNTS ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
COMMON STOCKHOLDERS
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||||||||||||||||||||
Income from continuing operations
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$ | 22,359 | 18,325 | 26,769 | 30,092 | 26,000 | ||||||||||||||
Income (loss) from discontinued operations
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– | – | (110 | ) | 2,042 | 1,110 | ||||||||||||||
Net income attributable to common stockholders
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$ | 22,359 | 18,325 | 26,659 | 32,134 | 27,110 | ||||||||||||||
OTHER PER SHARE DATA
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Book value, at end of year
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$ | 14.56 | 15.16 | 16.57 | 16.39 | 15.51 | ||||||||||||||
Common distributions declared
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2.08 | 2.08 | 2.08 | 2.08 | 2.00 | |||||||||||||||
Common distributions paid
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2.08 | 2.08 | 2.08 | 2.08 | 2.00 | |||||||||||||||
BALANCE SHEET DATA (AT END OF YEAR)
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Real estate investments, at cost(1)
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$ | 1,669,460 | 1,528,048 | 1,475,062 | 1,409,476 | 1,270,691 | ||||||||||||||
Real estate investments, net of accumulated depreciation(1)
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1,217,655 | 1,124,861 | 1,120,317 | 1,099,125 | 1,001,559 | |||||||||||||||
Total assets
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1,286,516 | 1,183,276 | 1,178,518 | 1,156,205 | 1,055,833 | |||||||||||||||
Mortgage, term and bank loans payable
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832,686 | 735,718 | 692,105 | 695,692 | 600,804 | |||||||||||||||
Total liabilities
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880,907 | 771,770 | 731,422 | 742,829 | 651,136 | |||||||||||||||
Noncontrolling interest in joint ventures
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2,780 | 2,650 | 2,577 | 2,536 | 2,312 | |||||||||||||||
Total stockholders’ equity
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402,829 | 408,856 | 444,519 | 410,840 | 402,385 | |||||||||||||||
(1) Includes mortgage loans receivable and unconsolidated investment. See Notes 4 and 5 in the Notes to Consolidated Financial Statements.
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Years Ended December 31,
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2011
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2010
|
2009
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(In thousands)
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||||||||||||
Income from real estate operations
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$ | 174,484 | 173,002 | 172,273 | ||||||||
Expenses from real estate operations
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(49,411 | ) | (51,142 | ) | (50,259 | ) | ||||||
PROPERTY NET OPERATING INCOME
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$ | 125,073 | 121,860 | 122,014 |
Years Ended December 31,
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2011
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2010
|
2009
|
||||||||||
(In thousands)
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||||||||||||
NET INCOME
|
$ | 22,834 | 18,755 | 27,094 | ||||||||
Equity in earnings of unconsolidated investment
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(347 | ) | (335 | ) | (320 | ) | ||||||
Interest income
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(334 | ) | (336 | ) | (302 | ) | ||||||
Other income
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(147 | ) | (124 | ) | (81 | ) | ||||||
Gain on sales of non-operating real estate
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(36 | ) | (37 | ) | (31 | ) | ||||||
(Income) loss from discontinued operations
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– | – | 110 | |||||||||
Depreciation and amortization from continuing operations
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57,451 | 58,350 | 53,953 | |||||||||
Interest expense
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34,709 | 35,171 | 32,520 | |||||||||
General and administrative expense
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10,691 | 10,260 | 8,894 | |||||||||
Acquisition costs
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252 | 72 | 177 | |||||||||
Other expense
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– | 84 | – | |||||||||
PROPERTY NET OPERATING INCOME
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$ | 125,073 | 121,860 | 122,014 |
Years Ended December 31,
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||||||||||||
2011
|
2010
|
2009
|
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(In thousands, except per share data)
|
||||||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
COMMON STOCKHOLDERS
|
$ | 22,359 | 18,325 | 26,659 | ||||||||
Depreciation and amortization from continuing operations
|
57,451 | 58,350 | 53,953 | |||||||||
Depreciation and amortization from discontinued operations
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– | – | 51 | |||||||||
Depreciation from unconsolidated investment
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133 | 132 | 132 | |||||||||
Noncontrolling interest depreciation and amortization
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(219 | ) | (210 | ) | (206 | ) | ||||||
Gain on sales of depreciable real estate investments
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– | – | (29 | ) | ||||||||
FUNDS FROM OPERATIONS (FFO) ATTRIBUTABLE TO
COMMON STOCKHOLDERS
|
$ | 79,724 | 76,597 | 80,560 | ||||||||
Net income attributable to common stockholders per diluted share
|
$ | .83 | .68 | 1.04 | ||||||||
Funds from operations attributable to common stockholders per diluted share
|
2.96 | 2.86 | 3.14 | |||||||||
Diluted shares for earnings per share and funds from operations
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26,971 | 26,824 | 25,690 |
·
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The FFO change per share represents the increase or decrease in FFO per share from the current year compared to the prior year. For the year 2011, FFO was $2.96 per share compared with $2.86 per share for 2010, an increase of 3.5% per share.
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·
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Same property net operating income change represents the PNOI increase or decrease for the same operating properties owned during the entire current period and prior year reporting period. PNOI from same properties increased 1.2% for the year ended December 31, 2011, compared to 2010.
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·
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Occupancy is the percentage of leased square footage for which the lease term has commenced compared to the total leasable square footage as of the close of the reporting period. Occupancy at December 31, 2011 was 93.9%. Quarter-end occupancy ranged from 89.8% to 93.9% over the period from December 31, 2010 to December 31, 2011.
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·
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Rental rate change represents the rental rate increase or decrease on new and renewal leases compared to the prior leases on the same space. For the year 2011, rental rate decreases on new and renewal leases (20.9% of total square footage) averaged 11.3%.
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·
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For the year 2011, termination fee income was $565,000 compared to $2,853,000 for 2010. Bad debt expense was $550,000 for 2011 compared to $1,035,000 for 2010.
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REAL ESTATE PROPERTIES ACQUIRED IN 2011
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Location
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Size
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Date
Acquired
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Cost (1)
|
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(Square feet)
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(In thousands)
|
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Lakeview Business Center
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Charlotte, NC
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127,000 |
08/17/11
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$ | 6,460 | |||||
Ridge Creek Distribution Center II
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Charlotte, NC
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300,000 |
08/17/11
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14,530 | ||||||
Broadway Industrial Park, Building VII
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Tempe, AZ
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24,000 |
09/26/11
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1,100 | ||||||
Tampa Industrial Portfolio
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Tampa, FL
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1,147,000 |
12/19/11
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50,802 | ||||||
Rittiman Distribution Center
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San Antonio, TX
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172,000 |
12/19/11
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7,732 | ||||||
Total Acquisitions
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1,770,000 | $ | 80,624 |
(1)
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Total cost of the properties acquired was $88,592,000, of which $80,624,000 was allocated to Real Estate Properties as indicated above. Intangibles associated with the purchases of real estate were allocated as follows: $6,949,000 to in-place lease intangibles, $1,693,000 to above market leases (both included in Other Assets on the Consolidated Balance Sheets) and $674,000 to below market leases (included in Other Liabilities on the Consolidated Balance Sheets). All of these costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. During 2011, the Company expensed acquisition-related costs of $252,000.
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Costs Incurred
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DEVELOPMENT
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Size
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Costs
Transferred
in 2011(1)
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For the
Year Ended
12/31/11
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Cumulative
as of
12/31/11
|
Estimated
Total Costs(2)
|
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(Square feet)
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(In thousands)
|
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LEASE-UP
|
||||||||||||||||||||
World Houston 31A, Houston, TX
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44,000 | $ | – | 2,788 | 3,843 | 4,600 | ||||||||||||||
Beltway Crossing VIII, Houston, TX
|
88,000 | 1,256 | 3,943 | 5,199 | 5,300 | |||||||||||||||
Total Lease-Up
|
132,000 | 1,256 | 6,731 | 9,042 | 9,900 | |||||||||||||||
UNDER CONSTRUCTION
|
||||||||||||||||||||
World Houston 32, Houston, TX
|
96,000 | 1,834 | 4,376 | 6,210 | 6,800 | |||||||||||||||
Southridge IX, Orlando, FL
|
76,000 | 1,987 | 3,375 | 5,362 | 7,100 | |||||||||||||||
Thousand Oaks 1, San Antonio, TX
|
36,000 | 865 | 1,544 | 2,409 | 4,600 | |||||||||||||||
Thousand Oaks 2, San Antonio, TX
|
73,000 | 1,187 | 1,977 | 3,164 | 5,000 | |||||||||||||||
World Houston 31B, Houston, TX
|
35,000 | 930 | 430 | 1,360 | 3,900 | |||||||||||||||
Beltway Crossing IX, Houston, TX
|
45,000 | 674 | 467 | 1,141 | 2,500 | |||||||||||||||
Beltway Crossing X, Houston, TX
|
78,000 | 1,183 | 823 | 2,006 | 4,500 | |||||||||||||||
Total Under Construction
|
439,000 | 8,660 | 12,992 | 21,652 | 34,400 | |||||||||||||||
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND)
|
||||||||||||||||||||
Phoenix, AZ
|
432,000 | – | 3,461 | 3,461 | 30,800 | |||||||||||||||
Tucson, AZ
|
70,000 | – | – | 417 | 4,900 | |||||||||||||||
Tampa, FL
|
249,000 | – | 286 | 4,486 | 14,600 | |||||||||||||||
Orlando, FL
|
1,514,000 | (1,987 | ) | 3,552 | 24,597 | 99,200 | ||||||||||||||
Fort Myers, FL
|
659,000 | – | 649 | 17,203 | 48,100 | |||||||||||||||
Dallas, TX
|
70,000 | – | 62 | 764 | 4,100 | |||||||||||||||
El Paso, TX
|
251,000 | – | – | 2,444 | 9,600 | |||||||||||||||
Houston, TX
|
2,044,000 | (5,877 | ) | 11,594 | 21,115 | 129,600 | ||||||||||||||
San Antonio, TX
|
484,000 | (2,052 | ) | 436 | 5,016 | 32,200 | ||||||||||||||
Charlotte, NC
|
95,000 | – | 71 | 1,246 | 7,100 | |||||||||||||||
Jackson, MS
|
28,000 | – | – | 706 | 2,000 | |||||||||||||||
Total Prospective Development
|
5,896,000 | (9,916 | ) | 20,111 | 81,455 | 382,200 | ||||||||||||||
6,467,000 | $ | – | 39,834 | 112,149 | 426,500 | |||||||||||||||
DEVELOPMENTS COMPLETED AND TRANSFERRED
TO REAL ESTATE PROPERTIES DURING 2011
|
||||||||||||||||||||
Arion 8 Expansion, San Antonio, TX
|
20,000 | $ | – | 76 | 1,483 | |||||||||||||||
Total Transferred to Real Estate Properties
|
20,000 | $ | – | 76 | 1,483 | (3) |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Leasing costs (principally commissions), net of accumulated amortization of
$16,603 and $18,566 for 2011 and 2010, respectively
|
$ | 22,694 | 22,274 | |||||
Straight-line rents receivable, net of allowance for doubtful accounts of
$351 and $282 for 2011 and 2010, respectively
|
20,608 | 18,694 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $522 and
$706 for 2011 and 2010, respectively
|
3,427 | 2,460 | ||||||
Acquired in-place lease intangibles, net of accumulated amortization of
$4,478 and $6,443 for 2011 and 2010, respectively
|
7,679 | 3,046 | ||||||
Mortgage loans receivable, net of discount of $44 and $56 for 2011 and
2010, respectively
|
4,110 | 4,131 | ||||||
Loan costs, net of accumulated amortization of $4,433 and $4,129 for
2011 and 2010, respectively
|
3,229 | 3,358 | ||||||
Acquired above market lease intangibles, net of accumulated amortization
of $929 and $1,123 for 2011 and 2010, respectively
|
1,975 | 776 | ||||||
Goodwill
|
990 | 990 | ||||||
Prepaid expenses and other assets
|
8,085 | 6,680 | ||||||
$ | 72,797 | 62,409 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Property taxes payable
|
$ | 9,840 | 9,776 | |||||
Development costs payable
|
5,928 | 673 | ||||||
Interest payable
|
2,736 | 2,625 | ||||||
Dividends payable on nonvested restricted stock
|
1,415 | 791 | ||||||
Other payables and accrued expenses
|
11,286 | 7,104 | ||||||
$ | 31,205 | 20,969 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Security deposits
|
$ | 9,184 | 8,299 | |||||
Prepaid rent and other deferred income
|
6,373 | 6,440 | ||||||
Other liabilities
|
1,459 | 344 | ||||||
$ | 17,016 | 15,083 |
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
Increase (Decrease)
|
||||||||||
(In thousands, except rates of interest)
|
||||||||||||
Average bank borrowings
|
$ | 124,697 | 122,942 | 1,755 | ||||||||
Weighted average variable interest rates (excluding loan cost amortization)
|
1.41 | % | 1.42 | % | ||||||||
VARIABLE RATE INTEREST EXPENSE
|
||||||||||||
Bank loan interest (excluding loan cost amortization)
|
1,762 | 1,750 | 12 | |||||||||
Amortization of bank loan costs
|
300 | 314 | (14 | ) | ||||||||
Total variable rate interest expense
|
2,062 | 2,064 | (2 | ) | ||||||||
FIXED RATE INTEREST EXPENSE
|
||||||||||||
Mortgage loan interest (excluding loan cost amortization)
|
35,606 | 35,978 | (372 | ) | ||||||||
Unsecured term loan interest (excluding loan cost amortization)
|
59 | – | 59 | |||||||||
Amortization of mortgage loan costs
|
752 | 742 | 10 | |||||||||
Amortization of unsecured term loan costs
|
1 | – | 1 | |||||||||
Total fixed rate interest expense
|
36,418 | 36,720 | (302 | ) | ||||||||
Total interest
|
38,480 | 38,784 | (304 | ) | ||||||||
Less capitalized interest
|
(3,771 | ) | (3,613 | ) | (158 | ) | ||||||
TOTAL INTEREST EXPENSE
|
$ | 34,709 | 35,171 | (462 | ) |
MORTGAGE DEBT AS OF:
|
Weighted Average
Interest Rate
|
|||
December 31, 2007
|
6.06 | % | ||
December 31, 2008
|
5.96 | % | ||
December 31, 2009
|
6.09 | % | ||
December 31, 2010
|
5.90 | % | ||
December 31, 2011
|
5.63 | % |
MORTGAGE LOANS REPAID IN 2010 AND 2011
|
Interest Rate
|
Date Repaid
|
Payoff Amount
|
||||||
Tower Automotive Center
|
6.03 | % |
10/01/10
|
$ | 8,770,000 | ||||
Butterfield Trail, Glenmont I & II, Interstate I, II & III,
Rojas, Stemmons Circle, Venture and West Loop I & II
|
7.25 | % |
01/31/11
|
36,065,000 | |||||
America Plaza, Central Green and World Houston 3-9
|
7.92 | % |
05/10/11
|
22,832,000 | |||||
Weighted Average/Total Amount
|
7.32 | % | $ | 67,667,000 |
NEW MORTGAGES IN 2010 AND 2011
|
Interest Rate
|
Date
|
Maturity Date
|
Amount
|
|||||||
40th Avenue, Centennial Park, Executive Airport,
Beltway V, Techway Southwest IV, Wetmore V-VIII,
Ocean View and World Houston 26, 28, 29 & 30
|
4.39 | % |
12/28/10
|
01/05/21
|
$ | 74,000,000 | |||||
America Plaza, Central Green, Glenmont I & II,
Interstate I, II & III, Rojas, Stemmons Circle, Venture,
West Loop I & II and World Houston 3-9
|
4.75 | % |
05/31/11
|
06/05/21
|
65,000,000 | ||||||
Weighted Average/Total Amount
|
4.56 | % | $ | 139,000,000 |
Years Ended December 31,
|
|||||||||
Estimated
Useful Life
|
2011
|
2010
|
|||||||
(In thousands)
|
|||||||||
Upgrade on Acquisitions
|
40 yrs
|
$ | 315 | 40 | |||||
Tenant Improvements:
|
|||||||||
New Tenants
|
Lease Life
|
7,755 | 12,166 | ||||||
New Tenants (first generation) (1)
|
Lease Life
|
1,028 | 1,022 | ||||||
Renewal Tenants
|
Lease Life
|
2,588 | 2,023 | ||||||
Other:
|
|||||||||
Building Improvements
|
5-40 yrs
|
3,676 | 4,351 | ||||||
Roofs
|
5-15 yrs
|
2,089 | 2,725 | ||||||
Parking Lots
|
3-5 yrs
|
823 | 1,045 | ||||||
Other
|
5 yrs
|
412 | 581 | ||||||
Total Capital Expenditures
|
$ | 18,686 | 23,953 |
Years Ended December 31,
|
|||||||||
Estimated
Useful Life
|
2011
|
2010
|
|||||||
(In thousands)
|
|||||||||
Development
|
Lease Life
|
$ | 1,087 | 350 | |||||
New Tenants
|
Lease Life
|
3,140 | 3,701 | ||||||
New Tenants (first generation) (1)
|
Lease Life
|
187 | 174 | ||||||
Renewal Tenants
|
Lease Life
|
2,494 | 3,268 | ||||||
Total Capitalized Leasing Costs
|
$ | 6,908 | 7,493 | ||||||
Amortization of Leasing Costs
|
$ | 6,487 | 6,703 |
Years Ended December 31,
|
||||||||||||
2010
|
2009
|
Increase
|
||||||||||
(In thousands, except rates of interest)
|
||||||||||||
Average bank borrowings
|
$ | 122,942 | 107,341 | 15,601 | ||||||||
Weighted average variable interest rates (excluding loan cost amortization)
|
1.42 | % | 1.48 | % | ||||||||
VARIABLE RATE INTEREST EXPENSE
|
||||||||||||
Bank loan interest (excluding loan cost amortization)
|
1,750 | 1,589 | 161 | |||||||||
Amortization of bank loan costs
|
314 | 297 | 17 | |||||||||
Total variable rate interest expense
|
2,064 | 1,886 | 178 | |||||||||
FIXED RATE INTEREST EXPENSE
|
||||||||||||
Mortgage loan interest (excluding loan cost amortization)
|
35,978 | 35,755 | 223 | |||||||||
Amortization of mortgage loan costs
|
742 | 735 | 7 | |||||||||
Total fixed rate interest expense
|
36,720 | 36,490 | 230 | |||||||||
Total interest
|
38,784 | 38,376 | 408 | |||||||||
Less capitalized interest
|
(3,613 | ) | (5,856 | ) | 2,243 | |||||||
TOTAL INTEREST EXPENSE
|
$ | 35,171 | 32,520 | 2,651 |
MORTGAGE DEBT AS OF:
|
Weighted Average
Interest Rate
|
|||
December 31, 2006
|
6.21 | % | ||
December 31, 2007
|
6.06 | % | ||
December 31, 2008
|
5.96 | % | ||
December 31, 2009
|
6.09 | % | ||
December 31, 2010
|
5.90 | % |
NEW MORTGAGES IN 2009 AND 2010
|
Interest Rate
|
Date
|
Maturity Date
|
Amount
|
|||||||
Tower Automotive Center (1)
|
6.030 | % |
01/02/09
|
01/15/11
|
$ | 9,365,000 | |||||
Dominguez, Kingsview, Walnut, Washington,
Industry I & III and Shaw
|
7.500 | % |
05/05/09
|
05/05/19
|
67,000,000 | ||||||
40th Avenue, Centennial Park, Executive Airport,
Beltway V, Techway Southwest IV, Wetmore V-VIII,
Ocean View and World Houston 26, 28, 29 & 30
|
4.390 | % |
12/28/10
|
01/05/21
|
74,000,000 | ||||||
Weighted Average/Total Amount
|
5.878 | % | $ | 150,365,000 |
(1)
|
The Company repaid the previous mortgage note on the Tower Automotive Center and replaced it with this new mortgage note for the same amount. See the table below for details on the previous mortgage. The new mortgage obtained on January 2, 2009 was repaid on October 1, 2010.
|
MORTGAGE LOANS REPAID IN 2009 AND 2010
|
Interest Rate
|
Date Repaid
|
Payoff Amount
|
|||||||
Tower Automotive Center (1)
|
8.020 | % |
01/02/09
|
$ | 9,365,000 | |||||
Dominguez, Kingsview, Walnut, Washington, Industry
Distribution Center I and Shaw
|
6.800 | % |
02/13/09
|
31,357,000 | ||||||
Oak Creek I
|
8.875 | % |
06/01/09
|
205,000 | ||||||
Tower Automotive Center
|
6.030 | % |
10/01/10
|
8,770,000 | ||||||
Weighted Average/Total Amount
|
6.903 | % | $ | 49,697,000 |
(1)
|
The Tower Automotive Center mortgage was repaid and replaced with another mortgage note payable for the same amount. See the new mortgage detailed in the new mortgages table above. The new mortgage obtained on January 2, 2009 was repaid on October 1, 2010.
|
Years Ended December 31,
|
|||||||||
Estimated
Useful Life
|
2010
|
2009
|
|||||||
(In thousands)
|
|||||||||
Upgrade on Acquisitions
|
40 yrs
|
$ | 40 | 68 | |||||
Tenant Improvements:
|
|||||||||
New Tenants
|
Lease Life
|
12,166 | 7,591 | ||||||
New Tenants (first generation) (1)
|
Lease Life
|
1,022 | 760 | ||||||
Renewal Tenants
|
Lease Life
|
2,023 | 1,099 | ||||||
Other:
|
|||||||||
Building Improvements
|
5-40 yrs
|
4,351 | 2,726 | ||||||
Roofs
|
5-15 yrs
|
2,725 | 2,987 | ||||||
Parking Lots
|
3-5 yrs
|
1,045 | 603 | ||||||
Other
|
5 yrs
|
581 | 378 | ||||||
Total Capital Expenditures
|
$ | 23,953 | 16,212 |
Years Ended December 31,
|
|||||||||
Estimated
Useful Life
|
2010
|
2009
|
|||||||
(In thousands)
|
|||||||||
Development
|
Lease Life
|
$ | 350 | 1,675 | |||||
New Tenants
|
Lease Life
|
3,701 | 2,620 | ||||||
New Tenants (first generation) (1)
|
Lease Life
|
174 | 74 | ||||||
Renewal Tenants
|
Lease Life
|
3,268 | 2,618 | ||||||
Total Capitalized Leasing Costs
|
$ | 7,493 | 6,987 | ||||||
Amortization of Leasing Costs (2)
|
$ | 6,703 | 6,366 |
Years Ended December 31,
|
||||||||
Discontinued Operations
|
2010
|
2009
|
||||||
(In thousands)
|
||||||||
Income from real estate operations
|
$ | – | – | |||||
Expenses from real estate operations
|
– | (88 | ) | |||||
Property net operating loss from discontinued operations
|
– | (88 | ) | |||||
Depreciation and amortization
|
– | (51 | ) | |||||
Loss from real estate operations
|
– | (139 | ) | |||||
Gain on sales of real estate investments
|
– | 29 | ||||||
Loss from discontinued operations
|
$ | – | (110 | ) |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Mortgage notes payable – fixed rate
|
$ | 628,170 | 644,424 | |||||
Unsecured term loan payable – fixed rate
|
50,000 | – | ||||||
Notes payable to banks –variable rate
|
154,516 | 91,294 | ||||||
Total debt
|
$ | 832,686 | 735,718 |
Payments Due by Period
|
||||||||||||||||||||
Total
|
Less Than
1 Year
|
1-3 Years
|
3-5 Years
|
More Than
5 Years
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Fixed Rate Mortgage Debt Obligations (1)
|
$ | 628,170 | 68,673 | 157,157 | 190,905 | 211,435 | ||||||||||||||
Interest on Fixed Rate Mortgage Debt
|
153,809 | 33,746 | 54,198 | 35,667 | 30,198 | |||||||||||||||
Fixed Rate Unsecured Term Loan Debt (1)
|
50,000 | – | – | – | 50,000 | |||||||||||||||
Interest on Fixed Rate Unsecured Term Loan Debt
|
13,685 | 2,014 | 3,910 | 3,910 | 3,851 | |||||||||||||||
Variable Rate Debt Obligations (1) (2)
|
154,516 | – | 154,516 | – | – | |||||||||||||||
Interest on Variable Rate Debt (3)
|
1,918 | 1,904 | 14 | – | – | |||||||||||||||
Operating Lease Obligations:
|
||||||||||||||||||||
Office Leases
|
780 | 401 | 364 | 15 | – | |||||||||||||||
Ground Leases
|
16,850 | 707 | 1,414 | 1,414 | 13,315 | |||||||||||||||
Real Estate Property Obligations (4)
|
607 | 607 | – | – | – | |||||||||||||||
Development Obligations (5)
|
10,709 | 10,709 | – | – | – | |||||||||||||||
Tenant Improvements (6)
|
6,009 | 6,009 | – | – | – | |||||||||||||||
Purchase Obligations (7)
|
– | – | – | – | – | |||||||||||||||
Total
|
$ | 1,037,053 | 124,770 | 371,573 | 231,911 | 308,799 |
(1)
|
These amounts are included on the Consolidated Balance Sheets.
|
(2)
|
The Company’s variable rate debt changes depending on the Company’s cash needs and, as such, both the principal amounts and the interest rates are subject to variability. At December 31, 2011, the weighted average interest rate was 1.15% on the variable rate debt due in January 2013.
|
(3)
|
Represents an estimate of interest due on variable rate debt based on the outstanding variable rate debt and interest rates on that debt as of December 31, 2011.
|
(4)
|
Represents commitments on real estate properties, except for tenant improvement obligations.
|
(5)
|
Represents commitments on properties under development, except for tenant improvement obligations.
|
(6)
|
Represents tenant improvement allowance obligations.
|
(7)
|
EastGroup had no purchase obligations as of December 31, 2011.
|
2012
|
2013
|
2014
|
2015
|
2016
|
Thereafter
|
Total
|
Fair Value
|
|||||||||||||||||||||||||
Fixed rate mortgage debt
(in thousands)
|
$ | 68,673 | 60,164 | 96,993 | 100,279 | 90,626 | 211,435 | 628,170 | 674,462 | (1) | ||||||||||||||||||||||
Weighted average interest rate
|
6.50 | % | 5.10 | % | 5.69 | % | 5.38 | % | 5.83 | % | 5.52 | % | 5.63 | % | ||||||||||||||||||
Fixed rate unsecured term loan
(in thousands)
|
$ | – | – | – | – | – | 50,000 | 50,000 | 50,000 | (1) | ||||||||||||||||||||||
Weighted average interest rate
|
– | – | – | – | – | 3.91 | % | 3.91 | % | |||||||||||||||||||||||
Variable rate debt (in thousands)
|
$ | – | 154,516 | (2) | – | – | – | – | 154,516 | 153,521 | (3) | |||||||||||||||||||||
Weighted average interest rate
|
– | 1.15 | % | – | – | – | – | 1.15 | % |
(1)
|
The fair value of the Company’s fixed rate debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers.
|
(2)
|
The variable rate debt matures in January 2013 and is comprised of two lines of credit with balances of $147,000,000 on the $200 million line of credit and $7,516,000 on the $25 million working capital line of credit as of December 31, 2011.
|
(3)
|
The fair value of the Company’s variable rate debt is estimated by discounting expected cash flows at current market rates.
|
Name
|
Position
|
D. Pike Aloian
|
Director since 1999; Partner in Almanac Realty Investors, LLC (real estate advisory and investment management services)
|
H.C. Bailey, Jr.
|
Director since 1980; Chairman and President of H.C. Bailey Company (real estate development and investment)
|
Hayden C. Eaves III
|
Director since 2002; President of Hayden Holdings, Inc. (real estate investment)
|
Fredric H. Gould
|
Director since 1998; Chairman of the General Partner of Gould Investors L.P., Chairman of BRT Realty Trust and Chairman of One Liberty Properties, Inc.
|
Mary E. McCormick
|
Director since 2005; Senior Advisor with Almanac Realty Investors, LLC (real estate advisory and investment management services)
|
David M. Osnos
|
Director since 1993; Of Counsel to the law firm of Arent Fox LLP
|
Leland R. Speed
|
Director since 1978; Chairman of the Board of the Company
|
David H. Hoster II
|
Director since 1993; President and Chief Executive Officer of the Company
|
N. Keith McKey
|
Executive Vice President, Chief Financial Officer, Secretary and Treasurer of the Company
|
John F. Coleman
|
Senior Vice President of the Company
|
Bruce Corkern
|
Senior Vice President, Chief Accounting Officer and Controller of the Company
|
William D. Petsas
|
Senior Vice President of the Company
|
Brent W. Wood
|
Senior Vice President of the Company
|
Equity Compensation Plan Information
|
||||||||||||
|
|
|
||||||||||
Plan category
|
(a)
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
(b)
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
(c)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
|
|||||||||
Equity compensation plans approved by security holders
|
9,000 | $ | 25.31 | 1,422,609 | ||||||||
Equity compensation plans not approved by security holders
|
– | – | – | |||||||||
Total
|
9,000 | $ | 25.31 | 1,422,609 |
Page
|
|||
(1)
|
Consolidated Financial Statements:
|
||
Report of Independent Registered Public Accounting Firm
|
33
|
||
Management Report on Internal Control Over Financial Reporting
|
34
|
||
Report of Independent Registered Public Accounting Firm
|
34
|
||
Consolidated Balance Sheets – December 31, 2011 and 2010
|
35
|
||
Consolidated Statements of Income – Years ended December 31, 2011, 2010 and 2009
|
36
|
||
Consolidated Statements of Changes in Equity – Years ended December 31, 2011, 2010 and 2009
|
37
|
||
Consolidated Statements of Cash Flows – Years ended December 31, 2011, 2010 and 2009
|
38
|
||
Notes to Consolidated Financial Statements
|
39
|
||
(2)
|
Consolidated Financial Statement Schedules:
|
||
Report of Independent Registered Public Accounting Firm on Financial Statement Schedules
|
55
|
||
Schedule III – Real Estate Properties and Accumulated Depreciation
|
56
|
||
Schedule IV – Mortgage Loans on Real Estate
|
63
|
||
All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore have been omitted, or the required information is included in the Notes to Consolidated Financial Statements. | |||
(3) | Exhibits: | ||
The following exhibits are filed with this Form 10-K or incorporated by reference to the listed document previously filed with the SEC: |
Number
|
Description
|
(3)
|
Articles of Incorporation and Bylaws
|
(a)
|
Articles of Incorporation (incorporated by reference to Appendix B to the Company's Proxy Statement for its Annual Meeting of Stockholders held on June 5, 1997).
|
(b)
|
Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed December 10, 2008).
|
(10)
|
Material Contracts (*Indicates management or compensatory agreement):
|
(a)
|
EastGroup Properties, Inc. 2000 Directors Stock Option Plan (incorporated by reference to Appendix A to the Company's Proxy Statement for its Annual Meeting of Stockholders held on June 1, 2000).*
|
(b)
|
EastGroup Properties, Inc. 2004 Equity Incentive Plan (incorporated by reference to Appendix D to the Company's Proxy Statement for its Annual Meeting of Stockholders held on May 27, 2004).*
|
(c)
|
Amendment No. 1 to the 2004 Equity Incentive Plan (incorporated by reference to Exhibit 10(f) to the Company’s Form 10-K for the year ended December 31, 2006). *
|
(d)
|
Amendment No. 2 to the 2004 Equity Incentive Plan (incorporated by reference to Exhibit 10(d) to the Company’s Form 8-K filed January 8, 2007).*
|
(e)
|
EastGroup Properties, Inc. 2005 Directors Equity Incentive Plan (incorporated by reference to Appendix B to the Company’s Proxy Statement for its Annual Meeting of Stockholders held on June 2, 2005).*
|
(f)
|
Amendment No. 1 to the 2005 Directors Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 6, 2006).*
|
(g)
|
Amendment No. 2 to the 2005 Directors Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 3, 2008).*
|
(h)
|
Amendment No. 3 to the 2005 Directors Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 1, 2011).*
|
(i)
|
Form of Severance and Change in Control Agreement that the Company has entered into with Leland R. Speed, David H. Hoster II and N. Keith McKey (incorporated by reference to Exhibit 10(a) to the Company's Form 8-K filed January 7, 2009).*
|
(j)
|
Form of Severance and Change in Control Agreement that the Company has entered into with John F. Coleman, William D. Petsas, Brent W. Wood and C. Bruce Corkern (incorporated by reference to Exhibit 10(b) to the Company's Form 8-K filed January 7, 2009).*
|
(k)
|
Compensation Program for Non-Employee Directors (a written description thereof is set forth in Item 5.02 of the Company’s Form 8-K filed June 1, 2011).*
|
(l)
|
Second Amended and Restated Credit Agreement Dated January 4, 2008 among EastGroup Properties, L.P.; EastGroup Properties, Inc.; PNC Bank, National Association, as Administrative Agent; Regions Bank and SunTrust Bank as Co-Syndication Agents; Wells Fargo Bank, National Association as Documentation Agent; and PNC Capital Markets LLC, as Sole Lead Arranger and Sole Bookrunner; and the Lenders thereunder (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed January 10, 2008).
|
(m)
|
First Amendment, dated February 2, 2011, to the Second Amended and Restated Credit Agreement Dated January 4, 2008 (incorporated by reference to Exhibit 10(o) to the Company's Annual Report on Form 10-K filed February 28, 2011).
|
(n)
|
Sales Agency Financing Agreement dated March 21, 2011 between EastGroup Properties, Inc. and BNY Mellon Capital Markets, LLC (incorporated by reference to Exhibit 1.1 to the Company’s Form 8-K filed March 25, 2011).
|
(o)
|
Sales Agency Financing Agreement dated March 21, 2011 between EastGroup Properties, Inc. and Raymond James & Associates, Inc. (incorporated by reference to Exhibit 1.2 to the Company’s Form 8-K filed March 25, 2011).
|
(21)
|
Subsidiaries of EastGroup Properties, Inc. (filed herewith).
|
(23)
|
Consent of KPMG LLP (filed herewith).
|
(24)
|
Powers of attorney (filed herewith).
|
(31)
|
Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
|
(a)
|
David H. Hoster II, Chief Executive Officer
|
(b)
|
N. Keith McKey, Chief Financial Officer
|
(32)
|
Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
|
(a)
|
David H. Hoster II, Chief Executive Officer
|
(b)
|
N. Keith McKey, Chief Financial Officer
|
(101)
|
The following materials from EastGroup Properties, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of changes in equity, (iv) consolidated statements of cash flows, and (v) the notes to the consolidated financial statements.**
|
(Signed) KPMG LLP
|
|
Jackson, Mississippi
|
|
February 23, 2012
|
/s/ EASTGROUP PROPERTIES, INC.
|
|
Jackson, Mississippi
|
|
February 23, 2012
|
(Signed) KPMG LLP
|
|
Jackson, Mississippi
|
|
February 23, 2012
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands, except for share and per share data)
|
||||||||
ASSETS
|
||||||||
Real estate properties
|
$ | 1,550,444 | 1,447,455 | |||||
Development
|
112,149 | 73,722 | ||||||
1,662,593 | 1,521,177 | |||||||
Less accumulated depreciation
|
(451,805 | ) | (403,187 | ) | ||||
1,210,788 | 1,117,990 | |||||||
Unconsolidated investment
|
2,757 | 2,740 | ||||||
Cash
|
174 | 137 | ||||||
Other assets
|
72,797 | 62,409 | ||||||
TOTAL ASSETS
|
$ | 1,286,516 | 1,183,276 | |||||
LIABILITIES AND EQUITY
|
||||||||
LIABILITIES
|
||||||||
Mortgage notes payable
|
$ | 628,170 | 644,424 | |||||
Unsecured term loan payable
|
50,000 | – | ||||||
Notes payable to banks
|
154,516 | 91,294 | ||||||
Accounts payable and accrued expenses
|
31,205 | 20,969 | ||||||
Other liabilities
|
17,016 | 15,083 | ||||||
Total Liabilities
|
880,907 | 771,770 | ||||||
EQUITY
|
||||||||
Stockholders’ Equity:
|
||||||||
Common shares; $.0001 par value; 70,000,000 shares authorized;
27,658,059 shares issued and outstanding at December 31, 2011 and
26,973,531 at December 31, 2010
|
3 | 3 | ||||||
Excess shares; $.0001 par value; 30,000,000 shares authorized;
no shares issued
|
– | – | ||||||
Additional paid-in capital on common shares
|
619,386 | 591,106 | ||||||
Distributions in excess of earnings
|
(216,560 | ) | (182,253 | ) | ||||
Total Stockholders’ Equity
|
402,829 | 408,856 | ||||||
Noncontrolling interest in joint ventures
|
2,780 | 2,650 | ||||||
Total Equity
|
405,609 | 411,506 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 1,286,516 | 1,183,276 |
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands, except per share data)
|
||||||||||||
REVENUES
|
||||||||||||
Income from real estate operations
|
$ | 174,484 | 173,002 | 172,273 | ||||||||
Other income
|
147 | 124 | 81 | |||||||||
174,631 | 173,126 | 172,354 | ||||||||||
EXPENSES
|
||||||||||||
Expenses from real estate operations
|
49,411 | 51,142 | 50,259 | |||||||||
Depreciation and amortization
|
57,451 | 58,350 | 53,953 | |||||||||
General and administrative
|
10,691 | 10,260 | 8,894 | |||||||||
Acquisition costs
|
252 | 72 | 177 | |||||||||
117,805 | 119,824 | 113,283 | ||||||||||
OPERATING INCOME
|
56,826 | 53,302 | 59,071 | |||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||
Equity in earnings of unconsolidated investment
|
347 | 335 | 320 | |||||||||
Gain on sales of non-operating real estate
|
36 | 37 | 31 | |||||||||
Other expense
|
– | (84 | ) | – | ||||||||
Interest income
|
334 | 336 | 302 | |||||||||
Interest expense
|
(34,709 | ) | (35,171 | ) | (32,520 | ) | ||||||
INCOME FROM CONTINUING OPERATIONS
|
22,834 | 18,755 | 27,204 | |||||||||
DISCONTINUED OPERATIONS
|
||||||||||||
Loss from real estate operations
|
– | – | (139 | ) | ||||||||
Gain on sales of real estate investments
|
– | – | 29 | |||||||||
LOSS FROM DISCONTINUED OPERATIONS
|
– | – | (110 | ) | ||||||||
NET INCOME
|
22,834 | 18,755 | 27,094 | |||||||||
Net income attributable to noncontrolling interest in joint ventures
|
(475 | ) | (430 | ) | (435 | ) | ||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
COMMON STOCKHOLDERS
|
$ | 22,359 | 18,325 | 26,659 | ||||||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO
EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
|
||||||||||||
Net income attributable to common stockholders
|
$ | .83 | .68 | 1.04 | ||||||||
Weighted average shares outstanding
|
26,897 | 26,752 | 25,590 | |||||||||
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE
TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
|
||||||||||||
Net income attributable to common stockholders
|
$ | .83 | .68 | 1.04 | ||||||||
Weighted average shares outstanding
|
26,971 | 26,824 | 25,690 | |||||||||
AMOUNTS ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
COMMON STOCKHOLDERS
|
||||||||||||
Income from continuing operations
|
$ | 22,359 | 18,325 | 26,769 | ||||||||
Loss from discontinued operations
|
– | – | (110 | ) | ||||||||
Net income attributable to common stockholders
|
$ | 22,359 | 18,325 | 26,659 | ||||||||
See accompanying Notes to Consolidated Financial Statements.
|
Accumulated
|
||||||||||||||||||||||||
Additional
|
Distributions
|
Other
|
Noncontrolling
|
|||||||||||||||||||||
Common
|
Paid-In
|
In Excess
|
Comprehensive
|
Interest in
|
||||||||||||||||||||
Stock
|
Capital
|
Of Earnings
|
Loss
|
Joint Ventures
|
Total
|
|||||||||||||||||||
(In thousands, except for share and per share data)
|
||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2008
|
$ | 3 | 528,452 | (117,093 | ) | (522 | ) | 2,536 | 413,376 | |||||||||||||||
Comprehensive income
|
||||||||||||||||||||||||
Net income
|
– | – | 26,659 | – | 435 | 27,094 | ||||||||||||||||||
Net unrealized change in fair value of interest rate swap
|
– | – | – | 204 | – | 204 | ||||||||||||||||||
Total comprehensive income
|
27,298 | |||||||||||||||||||||||
Common dividends declared – $2.08 per share
|
– | – | (53,929 | ) | – | – | (53,929 | ) | ||||||||||||||||
Stock-based compensation, net of forfeitures
|
– | 2,060 | – | – | – | 2,060 | ||||||||||||||||||
Issuance of 1,600,000 shares of common stock, common
stock offering, net of expenses
|
– | 57,553 | – | – | – | 57,553 | ||||||||||||||||||
Issuance of 57,436 shares of common stock,
options exercised
|
– | 1,180 | – | – | – | 1,180 | ||||||||||||||||||
Issuance of 7,938 shares of common stock,
dividend reinvestment plan
|
– | 268 | – | – | – | 268 | ||||||||||||||||||
Withheld 8,514 shares of common stock to satisfy tax
withholding obligations in connection with the vesting of
restricted stock
|
– | (316 | ) | – | – | – | (316 | ) | ||||||||||||||||
Distributions to noncontrolling interest
|
– | – | – | – | (394 | ) | (394 | ) | ||||||||||||||||
BALANCE, DECEMBER 31, 2009
|
3 | 589,197 | (144,363 | ) | (318 | ) | 2,577 | 447,096 | ||||||||||||||||
Comprehensive income
|
||||||||||||||||||||||||
Net income
|
– | – | 18,325 | – | 430 | 18,755 | ||||||||||||||||||
Net unrealized change in fair value of interest rate swap
|
– | – | – | 318 | – | 318 | ||||||||||||||||||
Total comprehensive income
|
19,073 | |||||||||||||||||||||||
Common dividends declared – $2.08 per share
|
– | – | (56,215 | ) | – | – | (56,215 | ) | ||||||||||||||||
Stock-based compensation, net of forfeitures
|
– | 2,042 | – | – | – | 2,042 | ||||||||||||||||||
Issuance of 18,000 shares of common stock,
options exercised
|
– | 404 | – | – | – | 404 | ||||||||||||||||||
Issuance of 6,705 shares of common stock,
dividend reinvestment plan
|
– | 257 | – | – | – | 257 | ||||||||||||||||||
Withheld 19,668 shares of common stock to satisfy tax
withholding obligations in connection with the vesting of
restricted stock
|
– | (794 | ) | – | – | – | (794 | ) | ||||||||||||||||
Distributions to noncontrolling interest
|
– | – | – | – | (357 | ) | (357 | ) | ||||||||||||||||
BALANCE, DECEMBER 31, 2010
|
3 | 591,106 | (182,253 | ) | – | 2,650 | 411,506 | |||||||||||||||||
Net income
|
– | – | 22,359 | – | 475 | 22,834 | ||||||||||||||||||
Common dividends declared – $2.08 per share
|
– | – | (56,666 | ) | – | – | (56,666 | ) | ||||||||||||||||
Stock-based compensation, net of forfeitures
|
– | 2,787 | – | – | – | 2,787 | ||||||||||||||||||
Issuance of 586,977 shares of common stock,
common stock offering, net of expenses
|
– | 25,181 | – | – | – | 25,181 | ||||||||||||||||||
Issuance of 9,250 shares of common stock,
options exercised
|
– | 217 | – | – | – | 217 | ||||||||||||||||||
Issuance of 5,989 shares of common stock,
dividend reinvestment plan
|
– | 252 | – | – | – | 252 | ||||||||||||||||||
Withheld 3,564 shares of common stock to satisfy tax
withholding obligations in connection with the vesting of
restricted stock
|
– | (157 | ) | – | – | – | (157 | ) | ||||||||||||||||
Distributions to noncontrolling interest
|
– | – | – | – | (345 | ) | (345 | ) | ||||||||||||||||
BALANCE, DECEMBER 31, 2011
|
$ | 3 | 619,386 | (216,560 | ) | – | 2,780 | 405,609 | ||||||||||||||||
|
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Net income
|
$ | 22,834 | 18,755 | 27,094 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization from continuing operations
|
57,451 | 58,350 | 53,953 | |||||||||
Depreciation and amortization from discontinued operations
|
– | – | 51 | |||||||||
Stock-based compensation expense
|
2,452 | 1,998 | 1,827 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accrued income and other assets
|
(1,425 | ) | 212 | 1,258 | ||||||||
Accounts payable, accrued expenses and prepaid rent
|
5,466 | (2,268 | ) | (3,345 | ) | |||||||
Other
|
(231 | ) | (189 | ) | (254 | ) | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
86,547 | 76,858 | 80,584 | |||||||||
INVESTING ACTIVITIES
|
||||||||||||
Real estate development
|
(42,148 | ) | (9,145 | ) | (35,057 | ) | ||||||
Purchases of real estate
|
(88,592 | ) | (23,906 | ) | (17,725 | ) | ||||||
Real estate improvements
|
(19,048 | ) | (23,720 | ) | (14,474 | ) | ||||||
Proceeds from sales of land and real estate investments
|
– | – | 908 | |||||||||
Repayments on mortgage loans receivable
|
33 | 37 | 31 | |||||||||
Changes in accrued development costs
|
5,255 | 8 | (6,462 | ) | ||||||||
Changes in other assets and other liabilities
|
(6,333 | ) | (6,775 | ) | (7,545 | ) | ||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(150,833 | ) | (63,501 | ) | (80,324 | ) | ||||||
FINANCING ACTIVITIES
|
||||||||||||
Proceeds from bank borrowings
|
336,575 | 211,041 | 225,314 | |||||||||
Repayments on bank borrowings
|
(273,353 | ) | (208,903 | ) | (246,044 | ) | ||||||
Proceeds from mortgage notes payable
|
65,000 | 74,000 | 76,365 | |||||||||
Principal payments on mortgage notes payable
|
(81,128 | ) | (32,401 | ) | (59,100 | ) | ||||||
Proceeds from unsecured term loan payable
|
50,000 | – | – | |||||||||
Debt issuance costs
|
(925 | ) | (709 | ) | (492 | ) | ||||||
Distributions paid to stockholders
|
(56,042 | ) | (56,294 | ) | (54,316 | ) | ||||||
Proceeds from common stock offerings
|
25,181 | 303 | 57,181 | |||||||||
Proceeds from exercise of stock options
|
217 | 404 | 1,180 | |||||||||
Proceeds from dividend reinvestment plan
|
249 | 262 | 268 | |||||||||
Other
|
(1,451 | ) | (1,985 | ) | 153 | |||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
64,323 | (14,282 | ) | 509 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
37 | (925 | ) | 769 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
137 | 1,062 | 293 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
$ | 174 | 137 | 1,062 | ||||||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||||||
Cash paid for interest, net of amount capitalized of $3,771, $3,613 and $5,856
for 2011, 2010 and 2009, respectively
|
$ | 33,671 | 34,380 | 31,297 | ||||||||
Fair value of common stock awards issued to employees and directors, net of forfeitures
|
3,868 | 5,174 | 2,444 |
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Common Share Distributions:
|
||||||||||||
Ordinary income
|
$ | 1.6852 | 1.4775 | 1.7534 | ||||||||
Return of capital
|
.3948 | .6025 | .3266 | |||||||||
Total Common Distributions
|
$ | 2.0800 | 2.0800 | 2.0800 |
Years Ending December 31,
|
(In thousands)
|
|||
2012
|
$ | 3,485 | ||
2013
|
1,528 | |||
2014
|
919 | |||
2015
|
719 | |||
2016
|
1,028 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Real estate properties:
|
||||||||
Land
|
$ | 235,394 | 221,523 | |||||
Buildings and building improvements
|
1,056,783 | 985,798 | ||||||
Tenant and other improvements
|
258,267 | 240,134 | ||||||
Development
|
112,149 | 73,722 | ||||||
1,662,593 | 1,521,177 | |||||||
Less accumulated depreciation
|
(451,805 | ) | (403,187 | ) | ||||
$ | 1,210,788 | 1,117,990 |
Real Estate Properties
|
Location
|
Size
|
Date Sold
|
Net Sales Price
|
Basis
|
Recognized Gain
|
||||||||||||
(In thousands)
|
||||||||||||||||||
2011
|
||||||||||||||||||
Deferred gain recognized from
previous sales
|
$ | – | – | 36 | ||||||||||||||
2010
|
||||||||||||||||||
Deferred gain recognized from
previous sales
|
$ | – | – | 37 | ||||||||||||||
2009
|
||||||||||||||||||
Butterfield Trail (Building G)
|
El Paso, TX
|
62,000 SF
|
11/20/09
|
$ | 908 | 879 | 29 | |||||||||||
Deferred gain recognized from
previous sales
|
– | – | 31 | |||||||||||||||
$ | 908 | 879 | 60 |
Costs Incurred
|
||||||||||||||||||||
Size
|
Costs
Transferred
in 2011(1)
|
For the
Year Ended
12/31/11
|
Cumulative
as of
12/31/11
|
Estimated
Total Costs(2)
|
||||||||||||||||
DEVELOPMENT
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||||
(Square feet)
|
(In thousands)
|
|||||||||||||||||||
LEASE-UP
|
||||||||||||||||||||
World Houston 31A, Houston, TX
|
44,000 | $ | – | 2,788 | 3,843 | 4,600 | ||||||||||||||
Beltway Crossing VIII, Houston, TX
|
88,000 | 1,256 | 3,943 | 5,199 | 5,300 | |||||||||||||||
Total Lease-Up
|
132,000 | 1,256 | 6,731 | 9,042 | 9,900 | |||||||||||||||
UNDER CONSTRUCTION
|
||||||||||||||||||||
World Houston 32, Houston, TX
|
96,000 | 1,834 | 4,376 | 6,210 | 6,800 | |||||||||||||||
Southridge IX, Orlando, FL
|
76,000 | 1,987 | 3,375 | 5,362 | 7,100 | |||||||||||||||
Thousand Oaks 1, San Antonio, TX
|
36,000 | 865 | 1,544 | 2,409 | 4,600 | |||||||||||||||
Thousand Oaks 2, San Antonio, TX
|
73,000 | 1,187 | 1,977 | 3,164 | 5,000 | |||||||||||||||
World Houston 31B, Houston, TX
|
35,000 | 930 | 430 | 1,360 | 3,900 | |||||||||||||||
Beltway Crossing IX, Houston, TX
|
45,000 | 674 | 467 | 1,141 | 2,500 | |||||||||||||||
Beltway Crossing X, Houston, TX
|
78,000 | 1,183 | 823 | 2,006 | 4,500 | |||||||||||||||
Total Under Construction
|
439,000 | 8,660 | 12,992 | 21,652 | 34,400 | |||||||||||||||
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND)
|
||||||||||||||||||||
Phoenix, AZ
|
432,000 | – | 3,461 | 3,461 | 30,800 | |||||||||||||||
Tucson, AZ
|
70,000 | – | – | 417 | 4,900 | |||||||||||||||
Tampa, FL
|
249,000 | – | 286 | 4,486 | 14,600 | |||||||||||||||
Orlando, FL
|
1,514,000 | (1,987 | ) | 3,552 | 24,597 | 99,200 | ||||||||||||||
Fort Myers, FL
|
659,000 | – | 649 | 17,203 | 48,100 | |||||||||||||||
Dallas, TX
|
70,000 | – | 62 | 764 | 4,100 | |||||||||||||||
El Paso, TX
|
251,000 | – | – | 2,444 | 9,600 | |||||||||||||||
Houston, TX
|
2,044,000 | (5,877 | ) | 11,594 | 21,115 | 129,600 | ||||||||||||||
San Antonio, TX
|
484,000 | (2,052 | ) | 436 | 5,016 | 32,200 | ||||||||||||||
Charlotte, NC
|
95,000 | – | 71 | 1,246 | 7,100 | |||||||||||||||
Jackson, MS
|
28,000 | – | – | 706 | 2,000 | |||||||||||||||
Total Prospective Development
|
5,896,000 | (9,916 | ) | 20,111 | 81,455 | 382,200 | ||||||||||||||
6,467,000 | $ | – | 39,834 | 112,149 | 426,500 | |||||||||||||||
DEVELOPMENTS COMPLETED AND TRANSFERRED
|
||||||||||||||||||||
TO REAL ESTATE PROPERTIES DURING 2011
|
||||||||||||||||||||
Arion 8 Expansion, San Antonio, TX
|
20,000 | $ | – | 76 | 1,483 | |||||||||||||||
Total Transferred to Real Estate Properties
|
20,000 | $ | – | 76 | 1,483 | (3) |
Years Ending December 31,
|
(In thousands)
|
|||
2012
|
$ | 135,253 | ||
2013
|
105,237 | |||
2014
|
78,751 | |||
2015
|
54,516 | |||
2016
|
33,948 | |||
Thereafter
|
51,043 | |||
Total minimum receipts
|
$ | 458,748 |
Years Ending December 31,
|
(In thousands)
|
|||
2012
|
$ | 707 | ||
2013
|
707 | |||
2014
|
707 | |||
2015
|
707 | |||
2016
|
707 | |||
Thereafter
|
13,315 | |||
Total minimum payments
|
$ | 16,850 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Leasing costs (principally commissions), net of accumulated amortization of $16,603 and $18,566 for 2011 and 2010, respectively
|
$ | 22,694 | 22,274 | |||||
Straight-line rents receivable, net of allowance for doubtful accounts of $351 and $282 for 2011 and 2010, respectively
|
20,608 | 18,694 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $522 and $706 for 2011 and 2010, respectively
|
3,427 | 2,460 | ||||||
Acquired in-place lease intangibles, net of accumulated amortization of $4,478 and $6,443 for 2011 and 2010, respectively
|
7,679 | 3,046 | ||||||
Mortgage loans receivable, net of discount of $44 and $56 for 2011 and 2010, respectively
|
4,110 | 4,131 | ||||||
Loan costs, net of accumulated amortization of $4,433 and $4,129 for 2011 and 2010, respectively
|
3,229 | 3,358 | ||||||
Acquired above market lease intangibles, net of accumulated amortization of $929 and $1,123 for 2011 and 2010, respectively
|
1,975 | 776 | ||||||
Goodwill
|
990 | 990 | ||||||
Prepaid expenses and other assets
|
8,085 | 6,680 | ||||||
$ | 72,797 | 62,409 |
Balance at December 31,
|
||||||
Property
|
Interest Rate
|
Monthly
P&I
Payment
|
Maturity
Date
|
Carrying Amount
of Securing
Real Estate at
December 31, 2011
|
2011
|
2010
|
(In thousands)
|
Butterfield Trail, Glenmont I & II, Interstate I, II & III,
Rojas, Stemmons Circle, Venture and
West Loop I & II
|
7.25 | % | $ | 325,263 |
Repaid
|
$ | – | – | 36,171 | |||||||||||
America Plaza, Central Green and World Houston 3-9
|
7.92 | % | 191,519 |
Repaid
|
– | – | 22,993 | |||||||||||||
University Business Center (120 & 130 Cremona)
|
6.43 | % | 81,856 |
05/15/12
|
8,513 | 2,193 | 3,006 | |||||||||||||
University Business Center (125 & 175 Cremona)
|
7.98 | % | 88,607 |
06/01/12
|
11,685 | 8,771 | 9,119 | |||||||||||||
Oak Creek Distribution Center IV
|
5.68 | % | 31,253 |
06/01/12
|
6,022 | 3,506 | 3,676 | |||||||||||||
51st Avenue, Airport Distribution, Broadway I, III & IV,
Chestnut, Interchange Business Park, Main Street,
North Stemmons I land, Southpark, Southpointe,
and World Houston 12 & 13
|
6.86 | % | 279,149 |
09/01/12
|
36,204 | 32,204 | 33,304 | |||||||||||||
Interstate Distribution Center - Jacksonville
|
5.64 | % | 31,645 |
01/01/13
|
6,115 | 4,234 | 4,367 | |||||||||||||
35th Avenue, Beltway I, Broadway V, Lockwood,
Northwest Point, Sunbelt, Techway Southwest I
and World Houston 10, 11 & 14
|
4.75 | % | 259,403 |
09/05/13
|
39,023 | 35,912 | 37,283 | |||||||||||||
Airport Commerce Center I & II, Interchange Park, Ridge
Creek Distribution Center I, Southridge XII, Waterford
Distribution Center and World Houston 24, 25 & 27
|
5.75 | % | 414,229 |
01/05/14
|
66,489 | 54,001 | 55,810 | |||||||||||||
Kyrene Distribution Center I
|
9.00 | % | 11,246 |
07/01/14
|
2,171 | 310 | 412 | |||||||||||||
Americas Ten I, Kirby, Palm River North I, II & III,
Shady Trail, Westlake I & II and World Houston 17
|
5.68 | % | 175,479 |
10/10/14
|
25,367 | 27,996 | 28,496 | |||||||||||||
Beltway II, III & IV, Commerce Park 1, Eastlake,
Fairgrounds I-IV, Nations Ford I-IV, Techway
Southwest III, Wetmore I-IV and
World Houston 15 & 22
|
5.50 | % | 536,552 |
04/05/15
|
68,917 | 67,188 | 69,844 | |||||||||||||
Country Club I, Lake Pointe, Techway Southwest II and
World Houston 19 & 20
|
4.98 | % | 256,952 |
12/05/15
|
21,108 | 31,039 | 32,536 | |||||||||||||
Huntwood and Wiegman Distribution Centers
|
5.68 | % | 265,275 |
09/05/16
|
21,950 | 31,748 | 33,087 | |||||||||||||
Alamo Downs, Arion 1-15 & 17, Rampart I, II & III,
Santan 10 and World Houston 16
|
5.97 | % | 557,467 |
11/05/16
|
56,429 | 65,961 | 68,626 | |||||||||||||
Arion 16, Broadway VI, Chino, East University I & II,
Northpark I-IV, Santan 10 II, South 55th Avenue and
World Houston 1 & 2, 21 & 23
|
5.57 | % | 518,885 |
09/05/17
|
56,848 | 63,093 | 65,718 | |||||||||||||
Dominguez, Industry I & III, Kingsview, Shaw, Walnut
and Washington (1)
|
7.50 | % | 539,747 |
05/05/19
|
49,588 | 62,875 | 64,567 | |||||||||||||
Blue Heron Distribution Center II
|
5.39 | % | 16,176 |
02/29/20
|
4,701 | 1,288 | 1,409 | |||||||||||||
40th Avenue, Beltway V, Centennial Park, Executive
Airport, Ocean View, Techway Southwest IV,
Wetmore V-VIII and World Houston 26, 28, 29 & 30
|
4.39 | % | 463,778 |
01/05/21
|
77,986 | 71,837 | 74,000 | |||||||||||||
America Plaza, Central Green, Glenmont I & II,
Interstate I, II & III, Rojas, Stemmons Circle, Venture,
West Loop I & II and World Houston 3-9
|
4.75 | % | 420,045 |
06/05/21
|
47,250 | 64,014 | – | |||||||||||||
$ | 606,366 | 628,170 | 644,424 |
(1)
|
This mortgage loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts.
|
Years Ending December 31,
|
(In thousands)
|
|||
2012
|
$ | 68,673 | ||
2013
|
60,164 | |||
2014
|
96,993 | |||
2015
|
100,279 | |||
2016
|
90,626 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Property taxes payable
|
$ | 9,840 | 9,776 | |||||
Development costs payable
|
5,928 | 673 | ||||||
Interest payable
|
2,736 | 2,625 | ||||||
Dividends payable on nonvested restricted stock
|
1,415 | 791 | ||||||
Other payables and accrued expenses
|
11,286 | 7,104 | ||||||
$ | 31,205 | 20,969 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Security deposits
|
$ | 9,184 | 8,299 | |||||
Prepaid rent and other deferred income
|
6,373 | 6,440 | ||||||
Other liabilities
|
1,459 | 344 | ||||||
$ | 17,016 | 15,083 |
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Common Shares
|
||||||||||||
Shares outstanding at beginning of year
|
26,973,531 | 26,826,100 | 25,070,401 | |||||||||
Common stock offerings
|
586,977 | – | 1,600,000 | |||||||||
Stock options exercised
|
9,250 | 18,000 | 57,436 | |||||||||
Dividend reinvestment plan
|
5,989 | 6,705 | 7,938 | |||||||||
Incentive restricted stock granted
|
79,491 | 135,704 | 92,555 | |||||||||
Incentive restricted stock forfeited
|
(233 | ) | – | (790 | ) | |||||||
Director common stock awarded
|
6,618 | 6,690 | 7,074 | |||||||||
Restricted stock withheld for tax obligations
|
(3,564 | ) | (19,668 | ) | (8,514 | ) | ||||||
Shares outstanding at end of year
|
27,658,059 | 26,973,531 | 26,826,100 |
Years Ended December 31,
|
||||||||||||||||||||||||
Restricted Stock Activity:
|
2011
|
2010
|
2009
|
|||||||||||||||||||||
Shares
|
Weighted Average
Grant Date
Fair Value
|
Shares
|
Weighted Average
Grant Date
Fair Value
|
Shares
|
Weighted Average
Grant Date
Fair Value
|
|||||||||||||||||||
Nonvested at beginning of year
|
170,575 | $ | 36.29 | 124,080 | $ | 36.93 | 87,685 | $ | 36.95 | |||||||||||||||
Granted (1)
|
79,491 | 44.99 | 135,704 | 36.86 | 92,555 | 33.66 | ||||||||||||||||||
Forfeited
|
(233 | ) | 35.85 | – | – | (790 | ) | 23.67 | ||||||||||||||||
Vested
|
(13,904 | ) | 41.77 | (89,209 | ) | 38.05 | (55,370 | ) | 31.68 | |||||||||||||||
Nonvested at end of year
|
235,929 | 38.90 | 170,575 | 36.29 | 124,080 | 36.93 |
Nonvested Shares Vesting Schedule
|
Number of Shares
|
|||
2012
|
50,061 | |||
2013
|
49,224 | |||
2014
|
46,575 | |||
2015
|
15,127 | |||
2016
|
13,645 | |||
2017
|
13,297 | |||
2018
|
12,000 | |||
2019
|
16,200 | |||
2020
|
19,800 | |||
Total Nonvested Shares
|
235,929 |
Years Ended December 31,
|
||||||||||||||||||||||||
Stock Option Activity:
|
2011
|
2010
|
2009
|
|||||||||||||||||||||
Shares
|
Weighted Average Exercise Price
|
Shares
|
Weighted Average Exercise Price
|
Shares
|
Weighted Average Exercise Price
|
|||||||||||||||||||
Outstanding at beginning of year
|
250 | $ | 25.30 | 4,750 | $ | 21.80 | 55,436 | $ | 20.51 | |||||||||||||||
Exercised
|
(250 | ) | 25.30 | (4,500 | ) | 21.61 | (50,686 | ) | 20.39 | |||||||||||||||
Outstanding at end of year
|
– | 250 | 25.30 | 4,750 | 21.80 | |||||||||||||||||||
Exercisable at end of year
|
– | 250 | $ | 25.30 | 4,750 | $ | 21.80 |
Years Ended December 31,
|
||||||||||||||||||||||||
Stock Option Activity:
|
2011
|
2010
|
2009
|
|||||||||||||||||||||
Shares
|
Weighted Average Exercise Price
|
Shares
|
Weighted Average Exercise Price
|
Shares
|
Weighted Average Exercise Price
|
|||||||||||||||||||
Outstanding at beginning of year
|
18,000 | $ | 24.33 | 31,500 | $ | 23.65 | 38,250 | $ | 23.29 | |||||||||||||||
Exercised
|
(9,000 | ) | 23.36 | (13,500 | ) | 22.74 | (6,750 | ) | 21.64 | |||||||||||||||
Outstanding at end of year
|
9,000 | 25.31 | 18,000 | 24.33 | 31,500 | 23.65 | ||||||||||||||||||
Exercisable at end of year
|
9,000 | $ | 25.31 | 18,000 | $ | 24.33 | 31,500 | $ | 23.65 |
Director outstanding stock options at December 31, 2011, all exercisable:
|
|||||||||||||||
Exercise Price Range
|
Number
|
Weighted Average
Remaining
Contractual Life
|
Weighted Average
Exercise Price
|
Intrinsic
Value
|
|||||||||||
$ | 24.02 - $26.60 | 9,000 |
0.9 years
|
$ | 25.31 | $ | 164,000 |
2011
|
2010
|
2009
|
||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
|
(In thousands)
|
|||||||||||
Balance at beginning of year
|
$ | – | (318 | ) | (522 | ) | ||||||
Change in fair value of interest rate swap
|
– | 318 | 204 | |||||||||
Balance at end of year
|
$ | – | – | (318 | ) |
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO
EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
|
||||||||||||
Numerator – net income attributable to common stockholders
|
$ | 22,359 | 18,325 | 26,659 | ||||||||
Denominator – weighted average shares outstanding
|
26,897 | 26,752 | 25,590 | |||||||||
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE
TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
|
||||||||||||
Numerator – net income attributable to common stockholders
|
$ | 22,359 | 18,325 | 26,659 | ||||||||
Denominator:
|
||||||||||||
Weighted average shares outstanding
|
26,897 | 26,752 | 25,590 | |||||||||
Common stock options
|
6 | 11 | 19 | |||||||||
Nonvested restricted stock
|
68 | 61 | 81 | |||||||||
Total Shares
|
26,971 | 26,824 | 25,690 |
2011 Quarter Ended
|
2010 Quarter Ended
|
|||||||||||||||||||||||||||||||
Mar 31
|
Jun 30
|
Sep 30
|
Dec 31
|
Mar 31
|
Jun 30
|
Sep 30
|
Dec 31
|
|||||||||||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||||||||||||||||||
Revenues
|
$ | 43,456 | 43,445 | 44,142 | 44,305 | 44,635 | 43,765 | 43,316 | 42,118 | |||||||||||||||||||||||
Expenses
|
(38,554 | ) | (37,830 | ) | (38,351 | ) | (37,779 | ) | (39,629 | ) | (39,187 | ) | (39,190 | ) | (37,073 | ) | ||||||||||||||||
Net income
|
4,902 | 5,615 | 5,791 | 6,526 | 5,006 | 4,578 | 4,126 | 5,045 | ||||||||||||||||||||||||
Net income attributable to noncontrolling
interest in joint ventures
|
(110 | ) | (123 | ) | (121 | ) | (121 | ) | (103 | ) | (101 | ) | (103 | ) | (123 | ) | ||||||||||||||||
Net income attributable to EastGroup
Properties, Inc. common stockholders
|
$ | 4,792 | 5,492 | 5,670 | 6,405 | 4,903 | 4,477 | 4,023 | 4,922 | |||||||||||||||||||||||
BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1)
|
||||||||||||||||||||||||||||||||
Net income attributable to common
stockholders
|
$ | .18 | .20 | .21 | .24 | .18 | .17 | .15 | .18 | |||||||||||||||||||||||
Weighted average shares outstanding
|
26,809 | 26,820 | 26,839 | 27,116 | 26,735 | 26,748 | 26,758 | 26,769 | ||||||||||||||||||||||||
DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1)
|
||||||||||||||||||||||||||||||||
Net income attributable to common
stockholders
|
$ | .18 | .20 | .21 | .24 | .18 | .17 | .15 | .18 | |||||||||||||||||||||||
Weighted average shares outstanding
|
26,873 | 26,897 | 26,914 | 27,206 | 26,794 | 26,815 | 26,828 | 26,864 |
(1)
|
The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding.
|
December 31,
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||
Cash and cash equivalents
|
$ | 174 | 174 | 137 | 137 | |||||||||||
Mortgage loans receivable, net of discount
|
4,110 | 4,317 | 4,131 | 4,199 | ||||||||||||
Financial Liabilities
|
||||||||||||||||
Mortgage notes payable
|
628,170 | 674,462 | 644,424 | 671,527 | ||||||||||||
Unsecured term loan payable
|
50,000 | 50,000 | – | – | ||||||||||||
Notes payable to banks
|
154,516 | 153,521 | 91,294 | 89,818 |
(Signed) KPMG LLP
|
|
Jackson, Mississippi
|
|
February 23, 2012
|
SCHEDULE III
|
||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
|
||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2011 (In thousands, except footnotes)
|
||||||||||||||||||||||||||||||||||||||||
Initial Cost to the Company
|
Gross Amount at which Carried at Close of Period
|
|||||||||||||||||||||||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings and Improvements
|
Costs
Capitalized Subsequent to Acquisition
|
Land
|
Buildings and Improvements
|
Total
|
Accumulated Depreciation Dec. 31, 2011
|
Year Acquired
|
Year Constructed
|
||||||||||||||||||||||||||||||
Real Estate Properties (c):
|
||||||||||||||||||||||||||||||||||||||||
Industrial:
|
||||||||||||||||||||||||||||||||||||||||
FLORIDA
|
||||||||||||||||||||||||||||||||||||||||
Tampa
|
||||||||||||||||||||||||||||||||||||||||
56th Street Commerce Park
|
$ | - | 843 | 3,567 | 3,470 | 843 | 7,037 | 7,880 | 4,354 | 1993 |
1981/86/97
|
|||||||||||||||||||||||||||||
Jetport Commerce Park
|
- | 1,575 | 6,591 | 3,704 | 1,575 | 10,295 | 11,870 | 6,011 | 1993-99 | 1974-85 | ||||||||||||||||||||||||||||||
Westport Commerce Center
|
- | 980 | 3,800 | 2,350 | 980 | 6,150 | 7,130 | 3,547 | 1994 | 1983/87 | ||||||||||||||||||||||||||||||
Benjamin Distribution Center I & II
|
- | 843 | 3,963 | 1,157 | 883 | 5,080 | 5,963 | 2,668 | 1997 | 1996 | ||||||||||||||||||||||||||||||
Benjamin Distribution Center III
|
- | 407 | 1,503 | 453 | 407 | 1,956 | 2,363 | 1,297 | 1999 | 1988 | ||||||||||||||||||||||||||||||
Palm River Center
|
- | 1,190 | 4,625 | 1,636 | 1,190 | 6,261 | 7,451 | 3,365 | 1997/98 |
1990/97/98
|
||||||||||||||||||||||||||||||
Palm River North I & III (j)
|
5,222 | 1,005 | 4,688 | 2,126 | 1,005 | 6,814 | 7,819 | 3,029 | 1998 | 2000 | ||||||||||||||||||||||||||||||
Palm River North II (j)
|
4,791 | 634 | 4,418 | 347 | 634 | 4,765 | 5,399 | 2,433 | 1997/98 | 1999 | ||||||||||||||||||||||||||||||
Palm River South I
|
- | 655 | 3,187 | 510 | 655 | 3,697 | 4,352 | 1,218 | 2000 | 2005 | ||||||||||||||||||||||||||||||
Palm River South II
|
- | 655 | - | 4,294 | 655 | 4,294 | 4,949 | 1,516 | 2000 | 2006 | ||||||||||||||||||||||||||||||
Walden Distribution Center I
|
- | 337 | 3,318 | 434 | 337 | 3,752 | 4,089 | 1,511 | 1997/98 | 2001 | ||||||||||||||||||||||||||||||
Walden Distribution Center II
|
- | 465 | 3,738 | 932 | 465 | 4,670 | 5,135 | 1,983 | 1998 | 1998 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center I
|
- | 1,109 | 6,126 | 539 | 1,109 | 6,665 | 7,774 | 2,483 | 1998 | 1998 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center II
|
- | 647 | 3,603 | 820 | 647 | 4,423 | 5,070 | 1,438 | 2003 | 2001 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center III
|
- | 439 | - | 3,167 | 556 | 3,050 | 3,606 | 704 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center IV
|
3,506 | 805 | 6,472 | 235 | 805 | 6,707 | 7,512 | 1,490 | 2005 | 2001 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center V
|
- | 724 | - | 5,683 | 916 | 5,491 | 6,407 | 1,127 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center VI
|
- | 642 | - | 5,028 | 812 | 4,858 | 5,670 | 630 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center IX
|
- | 618 | - | 4,912 | 781 | 4,749 | 5,530 | 288 | 2005 | 2009 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center A
|
- | 185 | - | 1,428 | 185 | 1,428 | 1,613 | 148 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Oak Creek Distribution Center B
|
- | 227 | - | 1,485 | 227 | 1,485 | 1,712 | 163 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Airport Commerce Center
|
- | 1,257 | 4,012 | 817 | 1,257 | 4,829 | 6,086 | 1,959 | 1998 | 1998 | ||||||||||||||||||||||||||||||
Westlake Distribution Center (j)
|
6,653 | 1,333 | 6,998 | 1,314 | 1,333 | 8,312 | 9,645 | 3,813 | 1998 | 1998/99 | ||||||||||||||||||||||||||||||
Expressway Commerce Center I
|
- | 915 | 5,346 | 981 | 915 | 6,327 | 7,242 | 2,006 | 2002 | 2004 | ||||||||||||||||||||||||||||||
Expressway Commerce Center II
|
- | 1,013 | 3,247 | 310 | 1,013 | 3,557 | 4,570 | 1,314 | 2003 | 2001 | ||||||||||||||||||||||||||||||
Silo Bend Distribution Center
|
- | 4,131 | 27,497 | - | 4,131 | 27,497 | 31,628 | 71 | 2011 | 1987/90 | ||||||||||||||||||||||||||||||
Tampa East Distribution Center
|
- | 1,210 | 5,852 | - | 1,210 | 5,852 | 7,062 | 18 | 2011 | 1984/90 | ||||||||||||||||||||||||||||||
Tampa West Distribution Center
|
- | 2,572 | 9,538 | - | 2,572 | 9,538 | 12,110 | 21 | 2011 |
1975/85/90/93/94
|
||||||||||||||||||||||||||||||
Orlando
|
||||||||||||||||||||||||||||||||||||||||
Chancellor Center
|
- | 291 | 1,711 | 172 | 291 | 1,883 | 2,174 | 896 | 1996/97 | 1996/97 | ||||||||||||||||||||||||||||||
Exchange Distribution Center I
|
- | 603 | 2,414 | 1,668 | 603 | 4,082 | 4,685 | 2,564 | 1994 | 1975 | ||||||||||||||||||||||||||||||
Exchange Distribution Center II
|
- | 300 | 945 | 84 | 300 | 1,029 | 1,329 | 472 | 2002 | 1976 | ||||||||||||||||||||||||||||||
Exchange Distribution Center III
|
- | 320 | 997 | 345 | 320 | 1,342 | 1,662 | 511 | 2002 | 1980 | ||||||||||||||||||||||||||||||
Sunbelt Distribution Center (i)
|
6,791 | 1,474 | 5,745 | 5,112 | 1,474 | 10,857 | 12,331 | 6,152 |
1989/97/98
|
1974/87/97/98
|
||||||||||||||||||||||||||||||
John Young Commerce Center I
|
- | 497 | 2,444 | 681 | 497 | 3,125 | 3,622 | 1,390 | 1997/98 | 1997/98 | ||||||||||||||||||||||||||||||
John Young Commerce Center II
|
- | 512 | 3,613 | 165 | 512 | 3,778 | 4,290 | 1,950 | 1998 | 1999 | ||||||||||||||||||||||||||||||
Altamonte Commerce Center I
|
- | 1,518 | 2,661 | 1,941 | 1,518 | 4,602 | 6,120 | 2,598 | 1999 | 1980/82 | ||||||||||||||||||||||||||||||
Altamonte Commerce Center II
|
- | 745 | 2,618 | 953 | 745 | 3,571 | 4,316 | 1,309 | 2003 | 1975 | ||||||||||||||||||||||||||||||
Sunport Center I
|
- | 555 | 1,977 | 612 | 555 | 2,589 | 3,144 | 1,111 | 1999 | 1999 | ||||||||||||||||||||||||||||||
Sunport Center II
|
- | 597 | 3,271 | 1,334 | 597 | 4,605 | 5,202 | 2,683 | 1999 | 2001 | ||||||||||||||||||||||||||||||
Sunport Center III
|
- | 642 | 3,121 | 452 | 642 | 3,573 | 4,215 | 1,539 | 1999 | 2002 | ||||||||||||||||||||||||||||||
Sunport Center IV
|
- | 642 | 2,917 | 673 | 642 | 3,590 | 4,232 | 1,261 | 1999 | 2004 | ||||||||||||||||||||||||||||||
Sunport Center V
|
- | 750 | 2,509 | 1,888 | 750 | 4,397 | 5,147 | 1,950 | 1999 | 2005 | ||||||||||||||||||||||||||||||
Sunport Center VI
|
- | 672 | - | 3,344 | 672 | 3,344 | 4,016 | 831 | 1999 | 2006 | ||||||||||||||||||||||||||||||
Southridge Commerce Park I
|
- | 373 | - | 4,453 | 373 | 4,453 | 4,826 | 1,891 | 2003 | 2006 | ||||||||||||||||||||||||||||||
Southridge Commerce Park II
|
- | 342 | - | 4,284 | 342 | 4,284 | 4,626 | 1,409 | 2003 | 2007 | ||||||||||||||||||||||||||||||
Southridge Commerce Park III
|
- | 547 | - | 5,278 | 547 | 5,278 | 5,825 | 940 | 2003 | 2007 | ||||||||||||||||||||||||||||||
Southridge Commerce Park IV
|
- | 506 | - | 4,435 | 506 | 4,435 | 4,941 | 1,042 | 2003 | 2006 | ||||||||||||||||||||||||||||||
Southridge Commerce Park V
|
- | 382 | - | 4,171 | 382 | 4,171 | 4,553 | 1,281 | 2003 | 2006 | ||||||||||||||||||||||||||||||
Southridge Commerce Park VI
|
- | 571 | - | 4,772 | 571 | 4,772 | 5,343 | 845 | 2003 | 2007 | ||||||||||||||||||||||||||||||
Southridge Commerce Park VII
|
- | 520 | - | 6,157 | 520 | 6,157 | 6,677 | 1,061 | 2003 | 2008 | ||||||||||||||||||||||||||||||
Southridge Commerce Park VIII
|
- | 531 | - | 6,248 | 531 | 6,248 | 6,779 | 662 | 2003 | 2008 | ||||||||||||||||||||||||||||||
Southridge Commerce Park XII (o)
|
13,476 | 2,025 | - | 16,816 | 2,025 | 16,816 | 18,841 | 1,797 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Jacksonville
|
||||||||||||||||||||||||||||||||||||||||
Deerwood Distribution Center
|
- | 1,147 | 1,799 | 1,479 | 1,147 | 3,278 | 4,425 | 1,832 | 1989 | 1978 | ||||||||||||||||||||||||||||||
Phillips Distribution Center
|
- | 1,375 | 2,961 | 3,725 | 1,375 | 6,686 | 8,061 | 3,836 | 1994 | 1984/95 | ||||||||||||||||||||||||||||||
Lake Pointe Business Park (k)
|
14,315 | 3,442 | 6,450 | 6,088 | 3,442 | 12,538 | 15,980 | 7,586 | 1993 | 1986/87 | ||||||||||||||||||||||||||||||
Ellis Distribution Center
|
- | 540 | 7,513 | 925 | 540 | 8,438 | 8,978 | 3,320 | 1997 | 1977 | ||||||||||||||||||||||||||||||
Westside Distribution Center
|
- | 1,170 | 12,400 | 4,191 | 1,170 | 16,591 | 17,761 | 7,566 | 1997 | 1984 | ||||||||||||||||||||||||||||||
12th Street Distribution Center
|
- | 841 | 2,974 | 1,368 | 841 | 4,342 | 5,183 | 521 | 2008 | 1985 | ||||||||||||||||||||||||||||||
Beach Commerce Center
|
- | 476 | 1,899 | 602 | 476 | 2,501 | 2,977 | 985 | 2000 | 2000 | ||||||||||||||||||||||||||||||
Interstate Distribution Center
|
4,234 | 1,879 | 5,700 | 913 | 1,879 | 6,613 | 8,492 | 2,377 | 2005 | 1990 | ||||||||||||||||||||||||||||||
Fort Lauderdale/Palm Beach area
|
||||||||||||||||||||||||||||||||||||||||
Linpro Commerce Center
|
- | 613 | 2,243 | 1,498 | 616 | 3,738 | 4,354 | 2,400 | 1996 | 1986 | ||||||||||||||||||||||||||||||
Cypress Creek Business Park
|
- | - | 2,465 | 1,500 | - | 3,965 | 3,965 | 2,138 | 1997 | 1986 | ||||||||||||||||||||||||||||||
Lockhart Distribution Center
|
- | - | 3,489 | 2,270 | - | 5,759 | 5,759 | 2,926 | 1997 | 1986 | ||||||||||||||||||||||||||||||
Interstate Commerce Center
|
- | 485 | 2,652 | 648 | 485 | 3,300 | 3,785 | 1,703 | 1998 | 1988 | ||||||||||||||||||||||||||||||
Executive Airport Commerce Ctr (p)
|
9,496 | 1,991 | 4,857 | 4,956 | 1,991 | 9,813 | 11,804 | 3,008 | 2001 | 2004/06 | ||||||||||||||||||||||||||||||
Sample 95 Business Park
|
- | 2,202 | 8,785 | 2,358 | 2,202 | 11,143 | 13,345 | 5,593 | 1996/98 | 1990/99 | ||||||||||||||||||||||||||||||
Blue Heron Distribution Center
|
- | 975 | 3,626 | 1,629 | 975 | 5,255 | 6,230 | 2,564 | 1999 | 1986 | ||||||||||||||||||||||||||||||
Blue Heron Distribution Center II
|
1,288 | 1,385 | 4,222 | 809 | 1,385 | 5,031 | 6,416 | 1,715 | 2004 | 1988 | ||||||||||||||||||||||||||||||
Blue Heron Distribution Center III
|
- | 450 | - | 2,662 | 450 | 2,662 | 3,112 | 186 | 2004 | 2009 | ||||||||||||||||||||||||||||||
Fort Myers
|
||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center I
|
- | 911 | - | 4,660 | 928 | 4,643 | 5,571 | 823 | 2005 | 2008 | ||||||||||||||||||||||||||||||
SunCoast Commerce Center II
|
- | 911 | - | 4,731 | 928 | 4,714 | 5,642 | 1,025 | 2005 | 2007 | ||||||||||||||||||||||||||||||
SunCoast Commerce Center III
|
- | 1,720 | - | 6,372 | 1,763 | 6,329 | 8,092 | 503 | 2006 | 2008 | ||||||||||||||||||||||||||||||
CALIFORNIA
|
||||||||||||||||||||||||||||||||||||||||
San Francisco area
|
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Wiegman Distribution Center (l)
|
11,906 | 2,197 | 8,788 | 1,647 | 2,308 | 10,324 | 12,632 | 4,264 | 1996 | 1986/87 | ||||||||||||||||||||||||||||||
Huntwood Distribution Center (l)
|
19,842 | 3,842 | 15,368 | 1,819 | 3,842 | 17,187 | 21,029 | 7,447 | 1996 | 1988 | ||||||||||||||||||||||||||||||
San Clemente Distribution Center
|
- | 893 | 2,004 | 845 | 893 | 2,849 | 3,742 | 1,047 | 1997 | 1978 | ||||||||||||||||||||||||||||||
Yosemite Distribution Center
|
- | 259 | 7,058 | 992 | 259 | 8,050 | 8,309 | 3,328 | 1999 | 1974/87 | ||||||||||||||||||||||||||||||
Los Angeles area
|
||||||||||||||||||||||||||||||||||||||||
Kingsview Industrial Center (e)
|
3,006 | 643 | 2,573 | 418 | 643 | 2,991 | 3,634 | 1,310 | 1996 | 1980 | ||||||||||||||||||||||||||||||
Dominguez Distribution Center (e)
|
9,264 | 2,006 | 8,025 | 1,170 | 2,006 | 9,195 | 11,201 | 4,315 | 1996 | 1977 | ||||||||||||||||||||||||||||||
Main Street Distribution Center (h)
|
3,504 | 1,606 | 4,103 | 636 | 1,606 | 4,739 | 6,345 | 2,049 | 1999 | 1999 | ||||||||||||||||||||||||||||||
Walnut Business Center (e)
|
7,488 | 2,885 | 5,274 | 894 | 2,885 | 6,168 | 9,053 | 2,638 | 1996 | 1966/90 | ||||||||||||||||||||||||||||||
Washington Distribution Center (e)
|
5,879 | 1,636 | 4,900 | 572 | 1,636 | 5,472 | 7,108 | 2,255 | 1997 | 1996/97 | ||||||||||||||||||||||||||||||
Chino Distribution Center (f)
|
11,308 | 2,544 | 10,175 | 1,514 | 2,544 | 11,689 | 14,233 | 4,932 | 1998 | 1980 | ||||||||||||||||||||||||||||||
Industry Distribution Center I (e)
|
19,987 | 10,230 | 12,373 | 1,562 | 10,230 | 13,935 | 24,165 | 5,802 | 1998 | 1959 | ||||||||||||||||||||||||||||||
Industry Distribution Center III (e)
|
2,361 | - | 3,012 | (157 | ) | - | 2,855 | 2,855 | 2,813 | 2007 | 1992 | |||||||||||||||||||||||||||||
Chestnut Business Center (h)
|
2,929 | 1,674 | 3,465 | 164 | 1,674 | 3,629 | 5,303 | 1,362 | 1998 | 1999 | ||||||||||||||||||||||||||||||
Los Angeles Corporate Center
|
- | 1,363 | 5,453 | 2,627 | 1,363 | 8,080 | 9,443 | 3,807 | 1996 | 1986 | ||||||||||||||||||||||||||||||
Santa Barbara
|
||||||||||||||||||||||||||||||||||||||||
University Business Center
|
10,964 | 5,517 | 22,067 | 4,259 | 5,520 | 26,323 | 31,843 | 11,645 | 1996 | 1987/88 | ||||||||||||||||||||||||||||||
Castilian Research Center
|
- | 2,719 | 1,410 | 4,839 | 2,719 | 6,249 | 8,968 | 787 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Fresno
|
||||||||||||||||||||||||||||||||||||||||
Shaw Commerce Center (e)
|
14,890 | 2,465 | 11,627 | 3,911 | 2,465 | 15,538 | 18,003 | 7,298 | 1998 |
1978/81/87
|
||||||||||||||||||||||||||||||
San Diego
|
||||||||||||||||||||||||||||||||||||||||
Eastlake Distribution Center (n)
|
8,339 | 3,046 | 6,888 | 1,500 | 3,046 | 8,388 | 11,434 | 3,757 | 1997 | 1989 | ||||||||||||||||||||||||||||||
Ocean View Corporate Center (p)
|
11,111 | 6,577 | 7,105 | 130 | 6,577 | 7,235 | 13,812 | 875 | 2010 | 2005 | ||||||||||||||||||||||||||||||
TEXAS
|
||||||||||||||||||||||||||||||||||||||||
Dallas
|
||||||||||||||||||||||||||||||||||||||||
Interstate Distribution Center I & II (g)
|
6,621 | 1,746 | 4,941 | 1,966 | 1,746 | 6,907 | 8,653 | 4,730 | 1988 | 1978 | ||||||||||||||||||||||||||||||
Interstate Distribution Center III (g)
|
2,454 | 519 | 2,008 | 680 | 519 | 2,688 | 3,207 | 1,305 | 2000 | 1979 | ||||||||||||||||||||||||||||||
Interstate Distribution Center IV
|
- | 416 | 2,481 | 260 | 416 | 2,741 | 3,157 | 912 | 2004 | 2002 | ||||||||||||||||||||||||||||||
Interstate Distribution Center V, VI, & VII
|
- | 1,824 | 4,106 | 563 | 1,824 | 4,669 | 6,493 | 1,207 | 2009 |
1979/80/81
|
||||||||||||||||||||||||||||||
Venture Warehouses (g)
|
5,481 | 1,452 | 3,762 | 1,949 | 1,452 | 5,711 | 7,163 | 3,697 | 1988 | 1979 | ||||||||||||||||||||||||||||||
Stemmons Circle (g)
|
2,217 | 363 | 2,014 | 521 | 363 | 2,535 | 2,898 | 1,342 | 1998 | 1977 | ||||||||||||||||||||||||||||||
Ambassador Row Warehouses
|
- | 1,156 | 4,625 | 1,826 | 1,156 | 6,451 | 7,607 | 3,696 | 1998 | 1958/65 | ||||||||||||||||||||||||||||||
North Stemmons II
|
- | 150 | 583 | 384 | 150 | 967 | 1,117 | 320 | 2002 | 1971 | ||||||||||||||||||||||||||||||
North Stemmons III
|
- | 380 | 2,066 | 2 | 380 | 2,068 | 2,448 | 319 | 2007 | 1974 | ||||||||||||||||||||||||||||||
Shady Trail Distribution Center (j)
|
2,966 | 635 | 3,621 | 678 | 635 | 4,299 | 4,934 | 1,270 | 2003 | 1998 | ||||||||||||||||||||||||||||||
Houston
|
||||||||||||||||||||||||||||||||||||||||
Northwest Point Business Park (i)
|
5,759 | 1,243 | 5,640 | 3,574 | 1,243 | 9,214 | 10,457 | 5,270 | 1994 | 1984/85 | ||||||||||||||||||||||||||||||
Lockwood Distribution Center (i)
|
4,503 | 749 | 5,444 | 1,983 | 749 | 7,427 | 8,176 | 3,249 | 1997 | 1968/69 | ||||||||||||||||||||||||||||||
West Loop Distribution Center (g)
|
5,623 | 905 | 4,383 | 2,061 | 905 | 6,444 | 7,349 | 3,220 | 1997/2000 | 1980 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 1 & 2 (f)
|
6,090 | 660 | 5,893 | 1,113 | 660 | 7,006 | 7,666 | 3,494 | 1998 | 1996 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 3, 4 & 5 (g)
|
6,195 | 1,025 | 6,413 | 659 | 1,025 | 7,072 | 8,097 | 3,241 | 1998 | 1998 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 6 (g)
|
2,549 | 425 | 2,423 | 483 | 425 | 2,906 | 3,331 | 1,368 | 1998 | 1998 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 7 & 8 (g)
|
6,781 | 680 | 4,584 | 3,597 | 680 | 8,181 | 8,861 | 3,731 | 1998 | 1998 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 9 (g)
|
5,062 | 800 | 4,355 | 1,460 | 800 | 5,815 | 6,615 | 1,933 | 1998 | 1998 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 10 (i)
|
3,305 | 933 | 4,779 | 289 | 933 | 5,068 | 6,001 | 1,677 | 2001 | 1999 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 11 (i)
|
3,051 | 638 | 3,764 | 1,139 | 638 | 4,903 | 5,541 | 1,842 | 1999 | 1999 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 12 (h)
|
1,634 | 340 | 2,419 | 199 | 340 | 2,618 | 2,958 | 1,225 | 2000 | 2002 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 13 (h)
|
1,732 | 282 | 2,569 | 284 | 282 | 2,853 | 3,135 | 1,564 | 2000 | 2002 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 14 (i)
|
2,126 | 722 | 2,629 | 509 | 722 | 3,138 | 3,860 | 1,316 | 2000 | 2003 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 15 (n)
|
4,733 | 731 | - | 5,758 | 731 | 5,758 | 6,489 | 1,996 | 2000 | 2007 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 16 (m)
|
4,410 | 519 | 4,248 | 786 | 519 | 5,034 | 5,553 | 1,739 | 2000 | 2005 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 17 (j)
|
2,592 | 373 | 1,945 | 785 | 373 | 2,730 | 3,103 | 759 | 2000 | 2004 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 18
|
- | 323 | 1,512 | 211 | 323 | 1,723 | 2,046 | 483 | 2005 | 1995 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 19 (k)
|
3,129 | 373 | 2,256 | 865 | 373 | 3,121 | 3,494 | 1,470 | 2000 | 2004 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 20 (k)
|
3,675 | 1,008 | 1,948 | 1,147 | 1,008 | 3,095 | 4,103 | 1,330 | 2000 | 2004 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 21 (f)
|
3,107 | 436 | - | 3,474 | 436 | 3,474 | 3,910 | 685 | 2000/03 | 2006 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 22 (n)
|
3,389 | 436 | - | 4,210 | 436 | 4,210 | 4,646 | 927 | 2000 | 2007 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 23 (f)
|
6,305 | 910 | - | 7,026 | 910 | 7,026 | 7,936 | 1,330 | 2000 | 2007 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 24 (o)
|
4,471 | 837 | - | 5,414 | 837 | 5,414 | 6,251 | 1,126 | 2005 | 2008 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 25 (o)
|
2,953 | 508 | - | 3,620 | 508 | 3,620 | 4,128 | 546 | 2005 | 2008 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 26 (p)
|
2,890 | 445 | - | 3,147 | 445 | 3,147 | 3,592 | 436 | 2005 | 2008 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 27 (o)
|
4,149 | 837 | - | 4,964 | 837 | 4,964 | 5,801 | 599 | 2005 | 2008 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 28 (p)
|
3,698 | 550 | - | 4,047 | 550 | 4,047 | 4,597 | 451 | 2005 | 2009 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 29 (p)
|
3,952 | 782 | - | 4,130 | 974 | 3,938 | 4,912 | 415 | 2007 | 2009 | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 30 (p)
|
5,334 | 981 | - | 5,650 | 1,222 | 5,409 | 6,631 | 547 | 2007 | 2009 | ||||||||||||||||||||||||||||||
America Plaza (g)
|
4,706 | 662 | 4,660 | 829 | 662 | 5,489 | 6,151 | 2,491 | 1998 | 1996 | ||||||||||||||||||||||||||||||
Central Green Distribution Center (g)
|
3,611 | 566 | 4,031 | 122 | 566 | 4,153 | 4,719 | 1,795 | 1999 | 1998 | ||||||||||||||||||||||||||||||
Glenmont Business Park (g)
|
7,323 | 936 | 6,161 | 2,474 | 936 | 8,635 | 9,571 | 3,588 | 1998 | 1999/2000 | ||||||||||||||||||||||||||||||
Techway Southwest I (i)
|
3,594 | 729 | 3,765 | 2,032 | 729 | 5,797 | 6,526 | 2,357 | 2000 | 2001 | ||||||||||||||||||||||||||||||
Techway Southwest II (k)
|
4,417 | 550 | 3,689 | 691 | 550 | 4,380 | 4,930 | 1,445 | 2000 | 2004 | ||||||||||||||||||||||||||||||
Techway Southwest III (n)
|
4,456 | 597 | - | 5,512 | 751 | 5,358 | 6,109 | 1,514 | 1999 | 2006 | ||||||||||||||||||||||||||||||
Techway Southwest IV (p)
|
4,967 | 535 | - | 5,639 | 674 | 5,500 | 6,174 | 712 | 1999 | 2008 | ||||||||||||||||||||||||||||||
Beltway Crossing I (i)
|
4,165 | 458 | 5,712 | 1,394 | 458 | 7,106 | 7,564 | 2,723 | 2002 | 2001 | ||||||||||||||||||||||||||||||
Beltway Crossing II (n)
|
2,306 | 415 | - | 2,747 | 415 | 2,747 | 3,162 | 659 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Beltway Crossing III (n)
|
2,574 | 460 | - | 3,069 | 460 | 3,069 | 3,529 | 763 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Beltway Crossing IV (n)
|
2,510 | 460 | - | 2,981 | 460 | 2,981 | 3,441 | 838 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Beltway Crossing V (p)
|
4,350 | 701 | - | 4,706 | 701 | 4,706 | 5,407 | 871 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Beltway Crossing VI
|
- | 618 | - | 5,995 | 618 | 5,995 | 6,613 | 578 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Beltway Crossing VII
|
- | 765 | - | 5,705 | 765 | 5,705 | 6,470 | 614 | 2005 | 2009 | ||||||||||||||||||||||||||||||
Kirby Business Center (j)
|
2,910 | 530 | 3,153 | 332 | 530 | 3,485 | 4,015 | 951 | 2004 | 1980 | ||||||||||||||||||||||||||||||
Clay Campbell Distribution Center
|
- | 742 | 2,998 | 370 | 742 | 3,368 | 4,110 | 1,160 | 2005 | 1982 | ||||||||||||||||||||||||||||||
El Paso
|
||||||||||||||||||||||||||||||||||||||||
Butterfield Trail
|
- | - | 20,725 | 6,003 | - | 26,728 | 26,728 | 13,643 | 1997/2000 | 1987/95 | ||||||||||||||||||||||||||||||
Rojas Commerce Park (g)
|
5,391 | 900 | 3,659 | 2,486 | 900 | 6,145 | 7,045 | 3,969 | 1999 | 1986 | ||||||||||||||||||||||||||||||
Americas Ten Business Center I (j)
|
2,862 | 526 | 2,778 | 1,107 | 526 | 3,885 | 4,411 | 1,704 | 2001 | 2003 | ||||||||||||||||||||||||||||||
San Antonio
|
||||||||||||||||||||||||||||||||||||||||
Alamo Downs Distribution Center (m)
|
6,832 | 1,342 | 6,338 | 922 | 1,342 | 7,260 | 8,602 | 2,952 | 2004 | 1986/2002 | ||||||||||||||||||||||||||||||
Arion Business Park (m)
|
30,842 | 4,143 | 31,432 | 3,257 | 4,143 | 34,689 | 38,832 | 11,397 | 2005 | 1988-2000/06 | ||||||||||||||||||||||||||||||
Arion 14 (m)
|
2,941 | 423 | - | 3,280 | 423 | 3,280 | 3,703 | 774 | 2005 | 2006 | ||||||||||||||||||||||||||||||
Arion 16 (f)
|
3,108 | 427 | - | 3,485 | 427 | 3,485 | 3,912 | 576 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Arion 17 (m)
|
3,452 | 616 | - | 3,731 | 616 | 3,731 | 4,347 | 1,059 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Arion 18
|
- | 418 | - | 2,316 | 418 | 2,316 | 2,734 | 536 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Arion 8 expansion (m)
|
1,227 | - | - | 1,545 | - | 1,545 | 1,545 | 34 | 2005 | 2011 | ||||||||||||||||||||||||||||||
Wetmore Business Center (n)
|
10,735 | 1,494 | 10,804 | 2,420 | 1,494 | 13,224 | 14,718 | 4,360 | 2005 | 1998/99 | ||||||||||||||||||||||||||||||
Wetmore Phase II, Building A (p)
|
2,999 | 412 | - | 3,316 | 412 | 3,316 | 3,728 | 715 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Wetmore Phase II, Building B (p)
|
3,269 | 505 | - | 3,559 | 505 | 3,559 | 4,064 | 547 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Wetmore Phase II, Building C (p)
|
2,997 | 546 | - | 3,180 | 546 | 3,180 | 3,726 | 287 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Wetmore Phase II, Building D (p)
|
6,720 | 1,056 | - | 7,297 | 1,056 | 7,297 | 8,353 | 936 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Fairgrounds Business Park (n)
|
8,221 | 1,644 | 8,209 | 1,418 | 1,644 | 9,627 | 11,271 | 2,461 | 2007 | 1985/86 | ||||||||||||||||||||||||||||||
Rittiman Distribution Center
|
- | 1,083 | 6,649 | - | 1,083 | 6,649 | 7,732 | 9 | 2011 | 2000 | ||||||||||||||||||||||||||||||
ARIZONA
|
||||||||||||||||||||||||||||||||||||||||
Phoenix area
|
||||||||||||||||||||||||||||||||||||||||
Broadway Industrial Park I (h)
|
2,728 | 837 | 3,349 | 753 | 837 | 4,102 | 4,939 | 2,021 | 1996 | 1971 | ||||||||||||||||||||||||||||||
Broadway Industrial Park II
|
- | 455 | 482 | 161 | 455 | 643 | 1,098 | 349 | 1999 | 1971 | ||||||||||||||||||||||||||||||
Broadway Industrial Park III (h)
|
1,622 | 775 | 1,742 | 420 | 775 | 2,162 | 2,937 | 948 | 2000 | 1983 | ||||||||||||||||||||||||||||||
Broadway Industrial Park IV (h)
|
1,552 | 380 | 1,652 | 778 | 380 | 2,430 | 2,810 | 992 | 2000 | 1986 | ||||||||||||||||||||||||||||||
Broadway Industrial Park V (i)
|
854 | 353 | 1,090 | 107 | 353 | 1,197 | 1,550 | 514 | 2002 | 1980 | ||||||||||||||||||||||||||||||
Broadway Industrial Park VI (f)
|
2,348 | 599 | 1,855 | 502 | 599 | 2,357 | 2,956 | 1,019 | 2002 | 1979 | ||||||||||||||||||||||||||||||
Broadway Industrial Park VII
|
- | 450 | 650 | 19 | 450 | 669 | 1,119 | 4 | 2011 | 1999 | ||||||||||||||||||||||||||||||
Kyrene Distribution Center
|
310 | 850 | 2,044 | 544 | 850 | 2,588 | 3,438 | 1,267 | 1999 | 1981 | ||||||||||||||||||||||||||||||
Kyrene Distribution Center II
|
- | 640 | 2,409 | 706 | 640 | 3,115 | 3,755 | 1,464 | 1999 | 2001 | ||||||||||||||||||||||||||||||
Southpark Distribution Center (h)
|
2,342 | 918 | 2,738 | 585 | 918 | 3,323 | 4,241 | 1,156 | 2001 | 2000 | ||||||||||||||||||||||||||||||
Santan 10 Distribution Center I (m)
|
2,971 | 846 | 2,647 | 248 | 846 | 2,895 | 3,741 | 1,049 | 2001 | 2005 | ||||||||||||||||||||||||||||||
Santan 10 Distribution Center II (f)
|
4,907 | 1,088 | - | 5,089 | 1,088 | 5,089 | 6,177 | 1,232 | 2004 | 2007 | ||||||||||||||||||||||||||||||
Metro Business Park
|
- | 1,927 | 7,708 | 5,271 | 1,927 | 12,979 | 14,906 | 6,892 | 1996 | 1977/79 | ||||||||||||||||||||||||||||||
35th Avenue Distribution Center (i)
|
1,764 | 418 | 2,381 | 405 | 418 | 2,786 | 3,204 | 1,087 | 1997 | 1967 | ||||||||||||||||||||||||||||||
Estrella Distribution Center
|
- | 628 | 4,694 | 1,768 | 628 | 6,462 | 7,090 | 2,239 | 1998 | 1988 | ||||||||||||||||||||||||||||||
51st Avenue Distribution Center (h)
|
1,720 | 300 | 2,029 | 785 | 300 | 2,814 | 3,114 | 1,287 | 1998 | 1987 | ||||||||||||||||||||||||||||||
East University Distribution Center I and II (f)
|
5,057 | 1,120 | 4,482 | 763 | 1,120 | 5,245 | 6,365 | 2,496 | 1998 | 1987/89 | ||||||||||||||||||||||||||||||
East University Distribution Center III
|
- | 444 | 698 | 47 | 444 | 745 | 1,189 | 55 | 2010 | 1981 | ||||||||||||||||||||||||||||||
55th Avenue Distribution Center (f)
|
4,258 | 912 | 3,717 | 730 | 917 | 4,442 | 5,359 | 2,141 | 1998 | 1987 | ||||||||||||||||||||||||||||||
Interstate Commons Dist Ctr I
|
- | 798 | 3,632 | 819 | 798 | 4,451 | 5,249 | 1,894 | 1999 | 1988 | ||||||||||||||||||||||||||||||
Interstate Commons Dist Ctr II
|
- | 320 | 2,448 | 359 | 320 | 2,807 | 3,127 | 1,063 | 1999 | 2000 | ||||||||||||||||||||||||||||||
Interstate Commons Dist Ctr III
|
- | 242 | - | 2,882 | 242 | 2,882 | 3,124 | 477 | 2000 | 2008 | ||||||||||||||||||||||||||||||
Airport Commons
|
- | 1,000 | 1,510 | 791 | 1,000 | 2,301 | 3,301 | 857 | 2003 | 1971 | ||||||||||||||||||||||||||||||
40th Avenue Distribution Center (p)
|
5,415 | 703 | - | 6,028 | 703 | 6,028 | 6,731 | 771 | 2004 | 2008 | ||||||||||||||||||||||||||||||
Sky Harbor Business Park
|
- | 5,839 | - | 20,620 | 5,839 | 20,620 | 26,459 | 1,869 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Tucson
|
||||||||||||||||||||||||||||||||||||||||
Country Club I (k)
|
5,503 | 506 | 3,564 | 2,073 | 693 | 5,450 | 6,143 | 1,711 | 1997/2003 | 1994/2003 | ||||||||||||||||||||||||||||||
Country Club II
|
- | 442 | 3,381 | 37 | 442 | 3,418 | 3,860 | 595 | 2007 | 2000 | ||||||||||||||||||||||||||||||
Country Club III & IV
|
- | 1,407 | - | 11,076 | 1,575 | 10,908 | 12,483 | 951 | 2007 | 2009 | ||||||||||||||||||||||||||||||
Airport Distribution Center (h)
|
4,037 | 1,103 | 4,672 | 1,534 | 1,103 | 6,206 | 7,309 | 2,844 | 1998 | 1995 | ||||||||||||||||||||||||||||||
Southpointe Distribution Center (h)
|
3,829 | - | 3,982 | 2,950 | - | 6,932 | 6,932 | 2,993 | 1999 | 1989 | ||||||||||||||||||||||||||||||
Benan Distribution Center
|
- | 707 | 1,842 | 602 | 707 | 2,444 | 3,151 | 995 | 2005 | 2001 | ||||||||||||||||||||||||||||||
NORTH CAROLINA
|
||||||||||||||||||||||||||||||||||||||||
Charlotte
|
||||||||||||||||||||||||||||||||||||||||
NorthPark Business Park (f)
|
16,605 | 2,758 | 15,932 | 2,209 | 2,758 | 18,141 | 20,899 | 4,660 | 2006 | 1987-89 | ||||||||||||||||||||||||||||||
Lindbergh Business Park
|
- | 470 | 3,401 | 262 | 470 | 3,663 | 4,133 | 889 | 2007 | 2001/03 | ||||||||||||||||||||||||||||||
Commerce Park I (n)
|
4,159 | 765 | 4,303 | 635 | 765 | 4,938 | 5,703 | 1,089 | 2007 | 1983 | ||||||||||||||||||||||||||||||
Commerce Park II
|
- | 335 | 1,603 | 142 | 335 | 1,745 | 2,080 | 194 | 2010 | 1987 | ||||||||||||||||||||||||||||||
Commerce Park III
|
- | 558 | 2,225 | 177 | 558 | 2,402 | 2,960 | 259 | 2010 | 1981 | ||||||||||||||||||||||||||||||
Nations Ford Business Park (n)
|
15,766 | 3,924 | 16,171 | 1,523 | 3,924 | 17,694 | 21,618 | 4,839 | 2007 | 1989/94 | ||||||||||||||||||||||||||||||
Airport Commerce Center (o)
|
8,840 | 1,454 | 10,136 | 769 | 1,454 | 10,905 | 12,359 | 1,673 | 2008 | 2001/02 | ||||||||||||||||||||||||||||||
Interchange Park (o)
|
6,587 | 986 | 7,949 | 273 | 986 | 8,222 | 9,208 | 1,188 | 2008 | 1989 | ||||||||||||||||||||||||||||||
Ridge Creek Distribution Center I (o)
|
10,599 | 1,284 | 13,163 | 371 | 1,284 | 13,534 | 14,818 | 1,712 | 2008 | 2006 | ||||||||||||||||||||||||||||||
Ridge Creek Distribution Center II
|
- | 3,033 | 11,497 | 12 | 3,033 | 11,509 | 14,542 | 156 | 2011 | 2003 | ||||||||||||||||||||||||||||||
Waterford Distribution Center (o)
|
2,926 | 654 | 3,392 | 45 | 654 | 3,437 | 4,091 | 367 | 2008 | 2000 | ||||||||||||||||||||||||||||||
Lakeview Business Center
|
- | 1,392 | 5,068 | 39 | 1,392 | 5,107 | 6,499 | 97 | 2011 | 1996 | ||||||||||||||||||||||||||||||
LOUISIANA
|
||||||||||||||||||||||||||||||||||||||||
New Orleans
|
||||||||||||||||||||||||||||||||||||||||
Elmwood Business Park
|
- | 2,861 | 6,337 | 3,377 | 2,861 | 9,714 | 12,575 | 5,821 | 1997 | 1979 | ||||||||||||||||||||||||||||||
Riverbend Business Park
|
- | 2,592 | 17,623 | 3,262 | 2,592 | 20,885 | 23,477 | 9,601 | 1997 | 1984 | ||||||||||||||||||||||||||||||
COLORADO
|
||||||||||||||||||||||||||||||||||||||||
Denver
|
||||||||||||||||||||||||||||||||||||||||
Rampart Distribution Center I (m)
|
5,010 | 1,023 | 3,861 | 1,424 | 1,023 | 5,285 | 6,308 | 3,118 | 1988 | 1987 | ||||||||||||||||||||||||||||||
Rampart Distribution Center II (m)
|
3,274 | 230 | 2,977 | 916 | 230 | 3,893 | 4,123 | 2,274 | 1996/97 | 1996/97 | ||||||||||||||||||||||||||||||
Rampart Distribution Center III (m)
|
5,002 | 1,098 | 3,884 | 1,316 | 1,098 | 5,200 | 6,298 | 2,227 | 1997/98 | 1999 | ||||||||||||||||||||||||||||||
Concord Distribution Center
|
- | 1,051 | 4,773 | 413 | 1,051 | 5,186 | 6,237 | 1,095 | 2007 | 2000 | ||||||||||||||||||||||||||||||
Centennial Park (p)
|
4,639 | 750 | 3,319 | 1,697 | 750 | 5,016 | 5,766 | 740 | 2007 | 1990 | ||||||||||||||||||||||||||||||
NEVADA
|
||||||||||||||||||||||||||||||||||||||||
Las Vegas
|
||||||||||||||||||||||||||||||||||||||||
Arville Distribution Center
|
- | 4,933 | 5,094 | 197 | 4,933 | 5,291 | 10,224 | 844 | 2009 | 1997 | ||||||||||||||||||||||||||||||
MISSISSIPPI
|
||||||||||||||||||||||||||||||||||||||||
Interchange Business Park (h)
|
4,153 | 343 | 5,007 | 2,171 | 343 | 7,178 | 7,521 | 3,663 | 1997 | 1981 | ||||||||||||||||||||||||||||||
Tower Automotive
|
- | - | 9,958 | 1,190 | 17 | 11,131 | 11,148 | 3,156 | 2001 | 2002 | ||||||||||||||||||||||||||||||
Metro Airport Commerce Center I
|
- | 303 | 1,479 | 956 | 303 | 2,435 | 2,738 | 1,143 | 2001 | 2003 | ||||||||||||||||||||||||||||||
TENNESSEE
|
||||||||||||||||||||||||||||||||||||||||
Memphis
|
||||||||||||||||||||||||||||||||||||||||
Air Park Distribution Center I
|
- | 250 | 1,916 | 851 | 250 | 2,767 | 3,017 | 1,276 | 1998 | 1975 | ||||||||||||||||||||||||||||||
OKLAHOMA
|
||||||||||||||||||||||||||||||||||||||||
Oklahoma City
|
||||||||||||||||||||||||||||||||||||||||
Northpointe Commerce Center
|
- | 777 | 3,113 | 788 | 998 | 3,680 | 4,678 | 1,499 | 1998 | 1996/97 | ||||||||||||||||||||||||||||||
Tulsa
|
||||||||||||||||||||||||||||||||||||||||
Braniff Park West
|
- | 1,066 | 4,641 | 3,425 | 1,066 | 8,066 | 9,132 | 4,070 | 1996 | 1974 | ||||||||||||||||||||||||||||||
627,748 | 233,194 | 837,129 | 480,121 | 235,394 | 1,315,050 | 1,550,444 | 451,755 | |||||||||||||||||||||||||||||||||
Industrial Development (d):
|
||||||||||||||||||||||||||||||||||||||||
FLORIDA
|
||||||||||||||||||||||||||||||||||||||||
Oak Creek land
|
- | 1,946 | - | 2,540 | 2,374 | 2,112 | 4,486 | - | 2005 | n/a | ||||||||||||||||||||||||||||||
Southridge IX
|
- | 468 | - | 4,894 | 468 | 4,894 | 5,362 | - | 2003 | n/a | ||||||||||||||||||||||||||||||
Southridge land
|
- | 927 | - | 3,140 | 927 | 3,140 | 4,067 | - | 2003 | n/a | ||||||||||||||||||||||||||||||
Horizon land
|
- | 14,072 | - | 6,458 | 14,157 | 6,373 | 20,530 | - | 2008/09 | n/a | ||||||||||||||||||||||||||||||
SunCoast land
|
- | 10,926 | - | 6,277 | 11,105 | 6,098 | 17,203 | - | 2006 | n/a | ||||||||||||||||||||||||||||||
TEXAS
|
||||||||||||||||||||||||||||||||||||||||
North Stemmons land (h)
|
422 | 537 | - | 227 | 537 | 227 | 764 | - | 2001 | n/a | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 31A
|
- | 684 | - | 3,159 | 684 | 3,159 | 3,843 | 50 | 2008 | n/a | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 31B
|
- | 546 | - | 814 | 546 | 814 | 1,360 | - | 2008 | n/a | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 32
|
- | 1,146 | - | 5,064 | 1,427 | 4,783 | 6,210 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr land
|
- | 2,407 | - | 1,878 | 2,407 | 1,878 | 4,285 | - |
2000/05/06
|
n/a | ||||||||||||||||||||||||||||||
World Houston Int'l Business Ctr land - expansion |
-
|
10,071 | - | 536 | 10,071 | 536 | 10,607 | - | 2011 | n/a | ||||||||||||||||||||||||||||||
Beltway Crossing VIII
|
- | 721 | - | 4,478 | 721 | 4,478 | 5,199 | - | 2005 | n/a | ||||||||||||||||||||||||||||||
Beltway Crossing IX
|
- | 418 | - | 723 | 418 | 723 | 1,141 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
Beltway Crossing X
|
- | 733 | - | 1,273 | 733 | 1,273 | 2,006 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
Beltway Crossing Phase II land
|
- | 690 | - | 372 | 690 | 372 | 1,062 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
Lee Road land
|
- | 3,068 | - | 2,093 | 3,822 | 1,339 | 5,161 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
Americas Ten Business Center II & III land
|
- | 1,365 | - | 1,079 | 1,365 | 1,079 | 2,444 | - | 2001 | n/a | ||||||||||||||||||||||||||||||
Alamo Ridge land
|
- | 2,288 | - | 1,666 | 2,288 | 1,666 | 3,954 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
Thousand Oaks I
|
- | 607 | - | 1,802 | 607 | 1,802 | 2,409 | - | 2008 | n/a | ||||||||||||||||||||||||||||||
Thousand Oaks II
|
- | 794 | - | 2,370 | 794 | 2,370 | 3,164 | - | 2008 | n/a | ||||||||||||||||||||||||||||||
Thousand Oaks land
|
- | 772 | - | 290 | 772 | 290 | 1,062 | - | 2008 | n/a | ||||||||||||||||||||||||||||||
ARIZONA
|
||||||||||||||||||||||||||||||||||||||||
Airport Distribution Center II land
|
- | 300 | - | 117 | 300 | 117 | 417 | - | 2000 | n/a | ||||||||||||||||||||||||||||||
Kyrene land
|
- | 3,220 | - | 241 | 3,220 | 241 | 3,461 | - | 2011 | n/a | ||||||||||||||||||||||||||||||
NORTH CAROLINA
|
||||||||||||||||||||||||||||||||||||||||
Airport Commerce Center III land
|
- | 855 | - | 391 | 855 | 391 | 1,246 | - | 2008 | n/a | ||||||||||||||||||||||||||||||
MISSISSIPPI
|
||||||||||||||||||||||||||||||||||||||||
Metro Airport Commerce Center II land
|
- | 307 | - | 399 | 307 | 399 | 706 | - | 2001 | n/a | ||||||||||||||||||||||||||||||
422 | 59,868 | - | 52,281 | 61,595 | 50,554 | 112,149 | 50 | |||||||||||||||||||||||||||||||||
Total real estate owned (a)(b)
|
$ | 628,170 | 293,062 | 837,129 | 532,402 | 296,989 | 1,365,604 | 1,662,593 | 451,805 | |||||||||||||||||||||||||||||||
See accompanying Report of Independent Registered Public Accounting Firm on Financial Statement Schedules.
|
Years Ended December 31,
|
|||||
2011
|
2010
|
2009
|
|||
(In thousands) |
Balance at beginning of year
|
$ | 1,521,177 | 1,468,182 | 1,402,636 | ||||||||
Purchases of real estate properties
|
80,624 | 19,897 | 15,957 | |||||||||
Development of real estate properties
|
42,148 | 9,145 | 35,057 | |||||||||
Improvements to real estate properties
|
18,686 | 23,953 | 16,212 | |||||||||
Carrying amount of investments sold
|
– | – | (1,680 | ) | ||||||||
Write-off of improvements
|
(42 | ) | – | – | ||||||||
Balance at end of year (1)
|
$ | 1,662,593 | 1,521,177 | 1,468,182 |
(1)
|
Includes 20% noncontrolling interests in Castilian Research Center of $1,794,000 at December 31, 2011 and $1,793,000 at December 31, 2010 and in University Business Center of $6,369,000 and $6,342,000, respectively.
|
Years Ended December 31,
|
|||||
2011
|
2010
|
2009
|
|||
(In thousands) |
Balance at beginning of year
|
$ | 403,187 | 354,745 | 310,351 | ||||||||
Depreciation expense
|
48,648 | 48,442 | 45,195 | |||||||||
Accumulated depreciation on assets sold
|
– | – | (801 | ) | ||||||||
Other
|
(30 | ) | – | – | ||||||||
Balance at end of year
|
$ | 451,805 | 403,187 | 354,745 |
(b) | The estimated aggregate cost of real estate properties at December 31, 2011 for federal income tax purposes was approximately $1,618,749,000 before estimated accumulated tax depreciation of $284,908,000. The federal income tax return for the year ended December 31, 2011, has not been filed and accordingly, this estimate is based on preliminary data. |
(c) | The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years). |
(d) | The Company transfers development properties to real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. |
(e) | EastGroup has a $62,875,000 limited recourse first mortgage loan with an insurance company secured by Dominguez, Industry Distribution Center I & III, Kingsview, Shaw, Walnut, and Washington. The loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts. |
(f) | EastGroup has a $63,093,000 non-recourse first mortgage loan with an insurance company secured by Arion 16, Broadway VI, Chino, East University I & II, Northpark I-IV, Santan 10 II, South 55th Avenue, and World Houston 1 & 2 and 21 & 23. |
(g) | EastGroup has a $64,014,000 non-recourse first mortgage loan with an insurance company secured by America Plaza, Central Green, Glenmont I & II, Interstate I, II & III, Rojas, Stemmons Circle, Venture, West Loop I & II, and World Houston 3-9. |
(h) | EastGroup has a $32,204,000 non-recourse first mortgage loan with an insurance company secured by 51st Avenue, Airport Distribution, Broadway I, III & IV, Chestnut, Interchange Business Park, Main Street, North Stemmons I land, Southpark, Southpointe, and World Houston 12 & 13. |
(i) | EastGroup has a $35,912,000 non-recourse first mortgage loan with an insurance company secured by 35th Avenue, Beltway Crossing I, Broadway V, Lockwood, Northwest Point, Sunbelt, Techway Southwest I, and World Houston 10, 11 & 14. |
(j) | EastGroup has a $27,996,000 non-recourse first mortgage loan with an insurance company secured by Americas Ten I, Kirby, Palm River North I, II & III, Shady Trail, Westlake I & II, and World Houston 17. |
(k) | EastGroup has a $31,039,000 non-recourse first mortgage loan with an insurance company secured by Country Club I, Lake Pointe, Techway Southwest II, and World Houston 19 & 20. |
(l) | EastGroup has a $31,748,000 non-recourse first mortgage loan with an insurance company secured by Huntwood and Wiegman. |
(m) | EastGroup has a $65,961,000 non-recourse first mortgage loan with an insurance company secured by Alamo Downs, Arion 1-15 & 17, Rampart I, II & III, Santan 10, and World Houston 16. |
(n) | EastGroup has a $67,188,000 non-recourse first mortgage loan with an insurance company secured by Beltway II, III & IV, Commerce Park 1, Eastlake, Fairgrounds I-IV, Nations Ford I-IV, Techway Southwest III, Wetmore I-IV, and World Houston 15 & 22. |
(o) | EastGroup has a $54,001,000 non-recourse first mortgage loan with an insurance company secured by Airport Commerce Center I & II, Interchange Park, Ridge Creek Distribution Center I, Southridge XII, Waterford Distribution Center, and World Houston 24, 25 & 27. |
(p) | EastGroup has a $71,837,000 non-recourse first mortgage loan with an insurance company secured by 40th Avenue, Beltway V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore V-VIII, and World Houston 26, 28, 29 & 30. |
Number of Loans
|
Interest
Rate
|
Maturity Date
|
Periodic
Payment Terms
|
||||||||||
First mortgage loan:
Sabal Park Building - Tampa, Florida
|
1 | 6.0 | % (a) | 08/2016 |
Interest accrued and due monthly (01/01/09
through 07/31/13); principal paydown of
$550,000 due on 08/01/13; principal and
interest due monthly (beginning 08/01/13);
balloon payment of $3,460,000 due at
maturity (08/08/16)
|
||||||||
Second mortgage loan:
Madisonville land - Kentucky
|
1 | 7.0 | % | 01/2012 |
Principal and interest due monthly
|
||||||||
Total mortgage loans (b)
|
2 |
Face Amount
of Mortgages
Dec. 31, 2011
|
Carrying
Amount of
Mortgages
|
Principal
Amount of Loans
Subject to Delinquent
Principal or Interest (c)
|
|||||||||||
(In thousands)
|
|||||||||||||
First mortgage loan:
Sabal Park Building – Tampa, Florida
|
$ | 4,150 | 4,107 | – | |||||||||
Second mortgage loan:
Madisonville land - Kentucky
|
3 | 3 | – | ||||||||||
Total mortgage loans
|
$ | 4,153 | 4,110 |
(d)(e)
|
– |
(a)
|
This mortgage loan has a stated interest rate of 6.0% and an effective interest rate of 6.4%. A discount on mortgage loan receivable of $198,000 was recognized at the inception of the loan and is shown in the table in footnote (d) below.
|
(b)
|
Reference is made to allowance for possible losses on mortgage loans receivable in the Notes to Consolidated Financial Statements.
|
(c)
|
Interest in arrears for three months or less is disregarded in computing principal amount of loans subject to delinquent interest.
|
(d)
|
Changes in mortgage loans follow:
|
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Balance at beginning of year
|
$ | 4,131 | 4,155 | 4,174 | ||||||||
Payments on mortgage loans receivable
|
(33 | ) | (37 | ) | (31 | ) | ||||||
Amortization of discount on mortgage loan receivable
|
12 | 13 | 12 | |||||||||
Balance at end of year
|
$ | 4,110 | 4,131 | 4,155 |
EASTGROUP PROPERTIES, INC.
|
||
By: /s/ DAVID H. HOSTER II
|
||
David H. Hoster II, Chief Executive Officer, President & Director
|
||
February 23, 2012
|
*
|
*
|
||
D. Pike Aloian, Director
|
H. C. Bailey, Jr., Director
|
||
February 23, 2012
|
February 23, 2012
|
||
*
|
*
|
||
Hayden C. Eaves III, Director
|
Fredric H. Gould, Director
|
||
February 23, 2012
|
February 23, 2012
|
||
*
|
*
|
||
Mary Elizabeth McCormick, Director
|
David M. Osnos, Director
|
||
February 23, 2012
|
February 23, 2012
|
||
*
|
/s/ N. KEITH MCKEY
|
||
Leland R. Speed, Chairman of the Board
|
* By N. Keith McKey, Attorney-in-fact
|
||
February 23, 2012
|
February 23, 2012
|
/s/ DAVID H. HOSTER II
|
|||
David H. Hoster II, Chief Executive Officer,
|
|||
President & Director
|
|||
(Principal Executive Officer)
February 23, 2012
|
|||
|
|||
/s/ BRUCE CORKERN
|
|||
Bruce Corkern, Sr. Vice-President, Controller and
|
|||
Chief Accounting Officer
|
|||
(Principal Accounting Officer)
February 23, 2012
|
|||
|
|||
/s/ N. KEITH MCKEY
|
|||
N. Keith McKey, Executive Vice-President,
|
|||
Chief Financial Officer, Treasurer and Secretary
|
|||
(Principal Financial Officer)
February 23, 2012
|
|||
|
(3)
|
Exhibits:
|
Number
|
Description
|
(3)
|
Articles of Incorporation and Bylaws
|
(a)
|
Articles of Incorporation (incorporated by reference to Appendix B to the Company's Proxy Statement for its Annual Meeting of Stockholders held on June 5, 1997).
|
(b)
|
Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed December 10, 2008).
|
(10)
|
Material Contracts (*Indicates management or compensatory agreement):
|
(a)
|
EastGroup Properties, Inc. 2000 Directors Stock Option Plan (incorporated by reference to Appendix A to the Company's Proxy Statement for its Annual Meeting of Stockholders held on June 1, 2000).*
|
(b)
|
EastGroup Properties, Inc. 2004 Equity Incentive Plan (incorporated by reference to Appendix D to the Company's Proxy Statement for its Annual Meeting of Stockholders held on May 27, 2004).*
|
(c)
|
Amendment No. 1 to the 2004 Equity Incentive Plan (incorporated by reference to Exhibit 10(f) to the Company’s Form 10-K for the year ended December 31, 2006). *
|
(d)
|
Amendment No. 2 to the 2004 Equity Incentive Plan (incorporated by reference to Exhibit 10(d) to the Company’s Form 8-K filed January 8, 2007).*
|
(e)
|
EastGroup Properties, Inc. 2005 Directors Equity Incentive Plan (incorporated by reference to Appendix B to the Company’s Proxy Statement for its Annual Meeting of Stockholders held on June 2, 2005).*
|
(f)
|
Amendment No. 1 to the 2005 Directors Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 6, 2006).*
|
(g)
|
Amendment No. 2 to the 2005 Directors Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 3, 2008).*
|
(h)
|
Amendment No. 3 to the 2005 Directors Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 1, 2011).*
|
(i)
|
Form of Severance and Change in Control Agreement that the Company has entered into with Leland R. Speed, David H. Hoster II and N. Keith McKey (incorporated by reference to Exhibit 10(a) to the Company's Form 8-K filed January 7, 2009).*
|
(j)
|
Form of Severance and Change in Control Agreement that the Company has entered into with John F. Coleman, William D. Petsas, Brent W. Wood and C. Bruce Corkern (incorporated by reference to Exhibit 10(b) to the Company's Form 8-K filed January 7, 2009).*
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(k)
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Compensation Program for Non-Employee Directors (a written description thereof is set forth in Item 5.02 of the Company’s Form 8-K filed June 1, 2011).*
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(l)
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Second Amended and Restated Credit Agreement Dated January 4, 2008 among EastGroup Properties, L.P.; EastGroup Properties, Inc.; PNC Bank, National Association, as Administrative Agent; Regions Bank and SunTrust Bank as Co-Syndication Agents; Wells Fargo Bank, National Association as Documentation Agent; and PNC Capital Markets LLC, as Sole Lead Arranger and Sole Bookrunner; and the Lenders thereunder (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed January 10, 2008).
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(m)
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First Amendment, dated February 2, 2011, to the Second Amended and Restated Credit Agreement Dated January 4, 2008 (incorporated by reference to Exhibit 10(o) to the Company's Annual Report on Form 10-K filed February 28, 2011).
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(n)
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Sales Agency Financing Agreement dated March 21, 2011 between EastGroup Properties, Inc. and BNY Mellon Capital Markets, LLC (incorporated by reference to Exhibit 1.1 to the Company’s Form 8-K filed March 25, 2011).
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(o)
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Sales Agency Financing Agreement dated March 21, 2011 between EastGroup Properties, Inc. and Raymond James & Associates, Inc. (incorporated by reference to Exhibit 1.2 to the Company’s Form 8-K filed March 25, 2011).
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(21)
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Subsidiaries of EastGroup Properties, Inc. (filed herewith).
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(23)
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Consent of KPMG LLP (filed herewith).
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(24)
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Powers of attorney (filed herewith).
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(31)
|
Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
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(a)
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David H. Hoster II, Chief Executive Officer
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(b)
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N. Keith McKey, Chief Financial Officer
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(32)
|
Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
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(a)
|
David H. Hoster II, Chief Executive Officer
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(b)
|
N. Keith McKey, Chief Financial Officer
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(101)
|
The following materials from EastGroup Properties, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of changes in equity, (iv) consolidated statements of cash flows, and (v) the notes to the consolidated financial statements.**
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