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;
|
·
|
employment
and personal income trends;
|
·
|
income
tax laws;
|
·
|
changes
in interest rates and availability and costs of
financing;
|
·
|
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
|
·
|
construction
costs.
|
·
|
the
availability of favorable financing
alternatives;
|
·
|
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;
|
·
|
construction
costs exceeding original estimates due to rising interest rates and
increases in the costs of materials and
labor;
|
·
|
construction
and lease-up delays resulting in increased debt service, fixed expenses
and construction costs;
|
·
|
expenditure
of funds and devotion of management's time to projects that we do not
complete;
|
·
|
occupancy
rates and rents at newly completed properties may fluctuate depending 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
|
·
|
complications
(including building moratoriums and anti-growth legislation) in obtaining
necessary zoning, occupancy and other governmental
permits.
|
·
|
when
we are able to locate a desired property, competition from other real
estate investors may significantly increase the purchase
price;
|
·
|
acquired
properties may fail to perform as
expected;
|
·
|
the
actual costs of repositioning or redeveloping acquired properties may be
higher than our estimates;
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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;
|
·
|
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
|
·
|
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 2009
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Calendar
Year 2008
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|||||||||||||||||||||||
Quarter
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High
|
Low
|
Distributions
|
High
|
Low
|
Distributions
|
||||||||||||||||||
First
|
$ | 34.93 | 21.14 | $ | .52 | $ | 48.07 | 39.09 | $ | .52 | ||||||||||||||
Second
|
36.26 | 27.70 | .52 | 51.07 | 42.12 | .52 | ||||||||||||||||||
Third
|
40.59 | 31.85 | .52 | 50.00 | 40.52 | .52 | ||||||||||||||||||
Fourth
|
40.54 | 35.45 | .52 | 48.53 | 22.30 | .52 | ||||||||||||||||||
$ | 2.08 | $ | 2.08 |
Years
Ended December 31,
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||||||||
2009
|
2008
|
|||||||
Common
Share Distributions:
|
||||||||
Ordinary
income
|
$ | 1.7534 | 2.0758 | |||||
Return
of capital
|
.3266 | – | ||||||
Unrecaptured
Section 1250 long-term capital gain
|
– | .0042 | ||||||
Total
Common Distributions
|
$ | 2.0800 | 2.0800 |
Period
|
Total
Number
of
Shares Purchased
|
Average
Price Paid Per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or
Programs
|
Maximum
Number of Shares That May Yet Be Purchased Under the Plans or
Programs
|
||||||||||||
10/01/09
thru 10/31/09
|
– | $ | – | – | 672,300 | |||||||||||
11/01/09
thru 11/30/09
|
– | – | – | 672,300 | ||||||||||||
12/01/09
thru 12/31/09
|
4,886 | (1) | 38.28 | – | 672,300 | (2) | ||||||||||
Total
|
4,886 | $ | 38.28 | – |
(1)
|
As
permitted under the Company's equity compensation plans, these shares were
withheld by the Company to satisfy the tax withholding obligations for
those employees who elected this option in connection with the vesting of
shares of restricted stock. Shares withheld for tax withholding
obligations do not affect the total number of remaining shares available
for repurchase under the Company’s common stock repurchase
plan.
|
(2)
|
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.
|
Fiscal
years ended December 31,
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||||||||||||||||||||||||
2004
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2005
|
2006
|
2007
|
2008
|
2009
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|||||||||||||||||||
EastGroup
|
$ | 100.00 | 123.39 | 152.25 | 124.33 | 110.93 | 125.83 | |||||||||||||||||
NAREIT
Equity
|
100.00 | 112.16 | 151.48 | 127.71 | 79.53 | 101.79 | ||||||||||||||||||
S&P
500
|
100.00 | 103.00 | 117.03 | 121.16 | 74.53 | 92.01 |
Years
Ended December 31,
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||||||||||||||||||||
2009
|
2008
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2007
|
2006
|
2005
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||||||||||||||||
(In
thousands, except per share data)
|
||||||||||||||||||||
OPERATING
DATA
|
||||||||||||||||||||
Revenues
|
||||||||||||||||||||
Income
from real estate operations
|
$ | 172,273 | 168,255 | 150,038 | 132,394 | 119,712 | ||||||||||||||
Other
income
|
81 | 248 | 92 | 182 | 413 | |||||||||||||||
172,354 | 168,503 | 150,130 | 132,576 | 120,125 | ||||||||||||||||
Expenses
|
||||||||||||||||||||
Expenses
from real estate operations
|
50,259 | 47,259 | 40,837 | 36,909 | 34,025 | |||||||||||||||
Depreciation
and
amortization
|
53,953 | 51,144 | 47,644 | 41,108 | 37,377 | |||||||||||||||
General
and
administrative
|
9,071 | 8,547 | 8,295 | 7,401 | 6,874 | |||||||||||||||
113,283 | 106,950 | 96,776 | 85,418 | 78,276 | ||||||||||||||||
Operating
income
|
59,071 | 61,553 | 53,354 | 47,158 | 41,849 | |||||||||||||||
Other
income (expense)
|
||||||||||||||||||||
Equity
in earnings of unconsolidated investment
|
320 | 316 | 285 | 287 | 450 | |||||||||||||||
Gain on sales of
non-operating real estate
|
31 | 321 | 2,602 | 123 | – | |||||||||||||||
Gain on sales of
securities
|
– | 435 | – | – | – | |||||||||||||||
Interest
income
|
302 | 293 | 306 | 142 | 247 | |||||||||||||||
Interest
expense
|
(32,520 | ) | (30,192 | ) | (27,314 | ) | (24,616 | ) | (23,444 | ) | ||||||||||
Income
from continuing operations
|
27,204 | 32,726 | 29,233 | 23,094 | 19,102 | |||||||||||||||
Discontinued
operations
|
||||||||||||||||||||
Income
(loss) from real estate
operations
|
(139 | ) | 10 | 150 | 1,013 | 2,409 | ||||||||||||||
Gain
on sales of real estate investments
|
29 | 2,032 | 960 | 5,727 | 1,164 | |||||||||||||||
Income
(loss) from discontinued operations
|
(110 | ) | 2,042 | 1,110 | 6,740 | 3,573 | ||||||||||||||
Net
income
|
27,094 | 34,768 | 30,343 | 29,834 | 22,675 | |||||||||||||||
Net
income attributable to noncontrolling interest
in
joint ventures
|
(435 | ) | (626 | ) | (609 | ) | (600 | ) | (484 | ) | ||||||||||
Net
income attributable to EastGroup Properties, Inc.
|
26,659 | 34,142 | 29,734 | 29,234 | 22,191 | |||||||||||||||
Dividends
on Series D preferred shares
|
– | 1,326 | 2,624 | 2,624 | 2,624 | |||||||||||||||
Costs
on redemption of Series D preferred shares
|
– | 682 | – | – | – | |||||||||||||||
Net
income available to EastGroup Properties, Inc.
common
stockholders
|
$ | 26,659 | 32,134 | 27,110 | 26,610 | 19,567 | ||||||||||||||
BASIC
PER COMMON SHARE DATA FOR INCOME
ATTRIBUTABLE
TO EASTGROUP PROPERTIES, INC.
|
||||||||||||||||||||
Income
from continuing operations
|
$ | 1.04 | 1.23 | 1.10 | .89 | .74 | ||||||||||||||
Income
(loss) from discontinued operations
|
.00 | .08 | .05 | .30 | .17 | |||||||||||||||
Net
income available to common stockholders
|
$ | 1.04 | 1.31 | 1.15 | 1.19 | .91 | ||||||||||||||
Weighted
average shares outstanding
|
25,590 | 24,503 | 23,562 | 22,372 | 21,567 | |||||||||||||||
DILUTED
PER COMMON SHARE DATA FOR INCOME
ATTRIBUTABLE
TO EASTGROUP PROPERTIES, INC.
|
||||||||||||||||||||
Income
from continuing operations
|
$ | 1.04 | 1.22 | 1.09 | .87 | .73 | ||||||||||||||
Income
(loss) from discontinued operations
|
.00 | .08 | .05 | .30 | .16 | |||||||||||||||
Net
income available to common stockholders
|
$ | 1.04 | 1.30 | 1.14 | 1.17 | .89 | ||||||||||||||
Weighted
average shares outstanding
|
25,690 | 24,653 | 23,781 | 22,692 | 21,892 | |||||||||||||||
AMOUNTS
ATTRIBUTABLE TO EASTGROUP
PROPERTIES,
INC. COMMON STOCKHOLDERS
|
||||||||||||||||||||
Income
from continuing operations
|
$ | 26,769 | 30,092 | 26,000 | 19,870 | 15,994 | ||||||||||||||
Income
(loss) from discontinued operations
|
(110 | ) | 2,042 | 1,110 | 6,740 | 3,573 | ||||||||||||||
Net
income available to common stockholders
|
$ | 26,659 | 32,134 | 27,110 | 26,610 | 19,567 | ||||||||||||||
OTHER
PER SHARE DATA
|
||||||||||||||||||||
Book
value (at end of
year)
|
$ | 16.57 | 16.39 | 15.51 | 16.28 | 15.06 | ||||||||||||||
Common
distributions
declared
|
2.08 | 2.08 | 2.00 | 1.96 | 1.94 | |||||||||||||||
Common
distributions
paid
|
2.08 | 2.08 | 2.00 | 1.96 | 1.94 | |||||||||||||||
BALANCE
SHEET DATA (AT END OF YEAR)
|
||||||||||||||||||||
Real
estate investments, at cost (1)
|
$ | 1,475,062 | 1,409,476 | 1,270,691 | 1,091,653 | 1,024,459 | ||||||||||||||
Real estate
investments, net of accumulated depreciation(1)
|
1,120,317 | 1,099,125 | 1,001,559 | 860,547 | 818,032 | |||||||||||||||
Total
assets
|
1,178,518 | 1,156,205 | 1,055,833 | 911,787 | 863,538 | |||||||||||||||
Mortgage
and bank loans payable
|
692,105 | 695,692 | 600,804 | 446,506 | 463,725 | |||||||||||||||
Total
liabilities
|
731,422 | 742,829 | 651,136 | 490,842 | 496,972 | |||||||||||||||
Noncontrolling
interest in joint ventures
|
2,577 | 2,536 | 2,312 | 2,148 | 1,702 | |||||||||||||||
Total
stockholders’
equity
|
444,519 | 410,840 | 402,385 | 418,797 | 364,864 |
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(In
thousands, except per share data)
|
||||||||||||
Income
from real estate
operations
|
$ | 172,273 | 168,255 | 150,038 | ||||||||
Expenses
from real estate
operations
|
(50,259 | ) | (47,259 | ) | (40,837 | ) | ||||||
PROPERTY
NET OPERATING
INCOME
|
122,014 | 120,996 | 109,201 | |||||||||
Equity in earnings of
unconsolidated investment (before
depreciation)
|
452 | 448 | 417 | |||||||||
Income (loss) from discontinued
operations (before
depreciation and amortization)
|
(88 | ) | 158 | 564 | ||||||||
Interest
income
|
302 | 293 | 306 | |||||||||
Gain
on sales of
securities
|
– | 435 | – | |||||||||
Other
income
|
81 | 248 | 92 | |||||||||
Interest
expense
|
(32,520 | ) | (30,192 | ) | (27,314 | ) | ||||||
General and administrative
expense
|
(9,071 | ) | (8,547 | ) | (8,295 | ) | ||||||
Noncontrolling interest in
earnings (before
depreciation and amortization)
|
(641 | ) | (827 | ) | (783 | ) | ||||||
Gain on sales of non-operating
real
estate
|
31 | 321 | 2,602 | |||||||||
Dividends on Series D preferred
shares
|
– | (1,326 | ) | (2,624 | ) | |||||||
Costs on redemption of Series D
preferred
shares
|
– | (682 | ) | – | ||||||||
FUNDS FROM OPERATIONS AVAILABLE
TO COMMON STOCKHOLDERS
|
80,560 | 81,325 | 74,166 | |||||||||
Depreciation and amortization
from continuing operations
|
(53,953 | ) | (51,144 | ) | (47,644 | ) | ||||||
Depreciation and amortization
from discontinued operations
|
(51 | ) | (148 | ) | (414 | ) | ||||||
Depreciation from unconsolidated
investment
|
(132 | ) | (132 | ) | (132 | ) | ||||||
Noncontrolling
interest depreciation and
amortization
|
206 | 201 | 174 | |||||||||
Gain
on sales of depreciable real estate
investments
|
29 | 2,032 | 960 | |||||||||
NET
INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC.
COMMON
STOCKHOLDERS
|
26,659 | 32,134 | 27,110 | |||||||||
Dividends
on Series D preferred
shares
|
– | 1,326 | 2,624 | |||||||||
Costs
on redemption of Series D preferred
shares
|
– | 682 | – | |||||||||
NET
INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
|
$ | 26,659 | 34,142 | 29,734 | ||||||||
Net
income available to common stockholders per diluted share
|
$ | 1.04 | 1.30 | 1.14 | ||||||||
Funds
from operations available to common stockholders per diluted
share
|
3.14 | 3.30 | 3.12 | |||||||||
Diluted
shares for earnings per share and funds from operations
|
25,690 | 24,653 | 23,781 |
·
|
The
FFO change per share represents the increase or decrease in FFO per share
from the same quarter in the current year compared to the prior
year. FFO per share for the fourth quarter of 2009 was $.75 per
share compared with $.85 per share for the same period of 2008, a decrease
of 11.8% per share. PNOI decreased 2.1% primarily due to a
decrease in PNOI of $1,711,000 from same property operations, offset by
additional PNOI of $681,000 from newly developed properties and $311,000
from 2008 and 2009 acquisitions.
|
·
|
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 decreased 5.6% for the three months ended December 31,
2009. For the year 2009, PNOI from same properties decreased
4.3%.
|
·
|
Bad
debt expense for the three months ended December 31, 2009 was $473,000
compared to $307,000 for the same period of 2008. For the year
2009, bad debt expense was $2,101,000 compared to $1,590,000 for
2008.
|
·
|
Occupancy
is the percentage of leased square footage for which the lease term has
commenced as compared to the total leasable square footage as of the close
of the reporting period. Occupancy at December 31, 2009 was
89.4%. Quarter-end occupancy ranged from 88.9% to 93.8% over
the period from December 31, 2008 to December 31,
2009.
|
·
|
Rental
rate change represents the rental rate increase or decrease on new and
renewal leases compared to the prior leases on the same
space. Rental rate decreases on new and renewal leases (4.5% of
total square footage) averaged 4.4% for the fourth quarter of
2009. For the year, rental rate decreases on new and renewal
leases (19.3% of total square footage) averaged
5.3%.
|
REAL
ESTATE PROPERTIES ACQUIRED IN 2009
|
Location
|
Size
|
Date
Acquired
|
Cost
(1)
|
||||||
(Square
feet)
|
(In
thousands)
|
|||||||||
Arville
Distribution Center
|
Las
Vegas, NV
|
142,000 |
05/27/09
|
$ | 11,050 | |||||
Interstate
Distribution Center V, VI and VII
|
Dallas,
TX
|
226,000 |
08/13/09
|
6,675 | ||||||
Total
Acquisitions
|
368,000 | $ | 15,957 |
(1)
|
Total
cost of the properties acquired was $17,725,000, of which $15,957,000 was
allocated to real estate properties as indicated
above. Intangibles associated with the purchases of real estate
were allocated as follows: $1,207,000 to in-place lease
intangibles, $568,000 to above market leases (both included in Other
Assets on the Consolidated Balance Sheets) and $7,000 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 2009, the Company expensed
acquisition-related costs of $115,000 in connection with the Arville and
Interstate acquisitions. These costs are included in General
and Administrative Expenses on the Consolidated Statements of
Income.
|
Costs
Incurred
|
||||||||||||||||
DEVELOPMENT
|
Size
|
For
the
Year
Ended 12/31/09
|
Cumulative
as of 12/31/09
|
Estimated
Total
Costs(1)
|
||||||||||||
(Square
feet)
|
(In
thousands)
|
|||||||||||||||
LEASE-UP
|
||||||||||||||||
Beltway
Crossing VII, Houston, TX
|
95,000 | $ | 1,432 | 5,645 | 6,400 | |||||||||||
Country
Club III & IV, Tucson, AZ
|
138,000 | 2,680 | 10,727 | 12,100 | ||||||||||||
Oak
Creek IX, Tampa, FL
|
86,000 | 951 | 5,151 | 5,800 | ||||||||||||
Blue
Heron III, West Palm Beach, FL
|
20,000 | 652 | 2,550 | 2,700 | ||||||||||||
World
Houston 30, Houston, TX
|
88,000 | 4,289 | 5,880 | 6,600 | ||||||||||||
Total
Lease-up
|
427,000 | 10,004 | 29,953 | 33,600 | ||||||||||||
UNDER
CONSTRUCTION
|
||||||||||||||||
Arion
8 Expansion, San Antonio, TX
|
20,000 | 51 | 51 | 1,900 | ||||||||||||
Total
Under Construction
|
20,000 | 51 | 51 | 1,900 | ||||||||||||
PROSPECTIVE
DEVELOPMENT (PRIMARILY LAND)
|
||||||||||||||||
Tucson,
AZ
|
70,000 | – | 417 | 4,900 | ||||||||||||
Tampa,
FL
|
249,000 | 29 | 3,919 | 14,600 | ||||||||||||
Orlando,
FL
|
1,584,000 | 6,573 | 21,026 | 101,700 | ||||||||||||
Fort
Myers, FL
|
659,000 | 909 | 15,923 | 48,100 | ||||||||||||
Dallas,
TX
|
70,000 | 71 | 641 | 4,100 | ||||||||||||
El
Paso, TX
|
251,000 | – | 2,444 | 9,600 | ||||||||||||
Houston,
TX
|
1,064,000 | 2,486 | 15,272 | 68,100 | ||||||||||||
San
Antonio, TX
|
595,000 | 708 | 6,147 | 37,500 | ||||||||||||
Charlotte,
NC
|
95,000 | 100 | 1,095 | 7,100 | ||||||||||||
Jackson,
MS
|
28,000 | – | 706 | 2,000 | ||||||||||||
Total
Prospective Development
|
4,665,000 | 10,876 | 67,590 | 297,700 | ||||||||||||
5,112,000 | $ | 20,931 | 97,594 | 333,200 | ||||||||||||
DEVELOPMENTS
COMPLETED AND TRANSFERRED
|
||||||||||||||||
TO
REAL ESTATE PROPERTIES DURING 2009
|
||||||||||||||||
40th
Avenue Distribution Center, Phoenix, AZ
|
90,000 | $ | – | 6,539 | ||||||||||||
Wetmore
II, Building B, San Antonio, TX
|
55,000 | 10 | 3,643 | |||||||||||||
Beltway
Crossing VI, Houston, TX
|
128,000 | 149 | 5,756 | |||||||||||||
World
Houston 28, Houston, TX
|
59,000 | 1,850 | 4,230 | |||||||||||||
Oak
Creek VI, Tampa, FL
|
89,000 | 55 | 5,642 | |||||||||||||
Southridge
VIII, Orlando, FL
|
91,000 | 338 | 6,339 | |||||||||||||
Techway
SW IV, Houston, TX
|
94,000 | 918 | 5,761 | |||||||||||||
SunCoast
III, Fort Myers, FL
|
93,000 | 294 | 7,012 | |||||||||||||
Sky
Harbor, Phoenix, AZ
|
264,000 | 1,046 | 23,875 | |||||||||||||
World
Houston 26, Houston, TX
|
59,000 | 661 | 3,479 | |||||||||||||
World
Houston 29, Houston, TX
|
70,000 | 2,900 | 4,786 | |||||||||||||
12th
Street Distribution Center, Jacksonville, FL
|
150,000 | 321 | 5,171 | |||||||||||||
Total
Transferred to Real Estate Properties
|
1,242,000 | $ | 8,542 | 82,233 | (2) |
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
Increase
(Decrease)
|
||||||||||
(In
thousands, except rates of interest)
|
||||||||||||
Average bank
borrowings
|
$ | 107,341 | 125,647 | (18,306 | ) | |||||||
Weighted
average variable interest rates (excluding
loan cost amortization)
|
1.48 | % | 3.94 | % | ||||||||
VARIABLE
RATE INTEREST EXPENSE
|
||||||||||||
Variable rate interest
(excluding
loan cost amortization)
|
1,589 | 4,944 | (3,355 | ) | ||||||||
Amortization of bank loan
costs
|
297 | 295 | 2 | |||||||||
Total variable rate interest
expense
|
1,886 | 5,239 | (3,353 | ) | ||||||||
FIXED
RATE INTEREST EXPENSE
|
||||||||||||
Fixed rate interest (excluding
loan cost amortization)
|
35,755 | 31,219 | 4,536 | |||||||||
Amortization of mortgage loan
costs
|
735 | 680 | 55 | |||||||||
Total fixed rate interest
expense
|
36,490 | 31,899 | 4,591 | |||||||||
Total
interest
|
38,376 | 37,138 | 1,238 | |||||||||
Less
capitalized
interest
|
(5,856 | ) | (6,946 | ) | 1,090 | |||||||
TOTAL INTEREST
EXPENSE
|
$ | 32,520 | 30,192 | 2,328 |
MORTGAGE
DEBT AS OF:
|
Weighted
Average Interest Rate
|
|||
December 31,
2005
|
6.31 | % | ||
December 31,
2006
|
6.21 | % | ||
December 31,
2007
|
6.06 | % | ||
December 31,
2008
|
5.96 | % | ||
December 31,
2009
|
6.09 | % |
NEW
MORTGAGES IN 2008 AND 2009
|
Interest
Rate
|
Date
|
Maturity
Date
|
Amount
|
||||||
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
|
5.500 | % |
03/19/08
|
04/05/15
|
$ | 78,000,000 | ||||
Southridge
XII, Airport Commerce Center I & II,
Interchange
Park, Ridge Creek III, World Houston
24,
25 & 27 and Waterford Distribution Center
|
5.750 | % |
12/09/08
|
01/05/14
|
59,000,000 | |||||
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 | |||||
Weighted
Average/Total
Amount
|
6.220 | % | $ | 213,365,000 |
(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.
|
MORTGAGE
LOANS REPAID IN 2009
|
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 | |||||
Weighted
Average/Total
Amount
|
7.090 | % | $ | 40,927,000 |
(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.
|
Years
Ended December 31,
|
|||||||||
Estimated
Useful
Life
|
2009
|
2008
|
|||||||
(In
thousands)
|
|||||||||
Upgrade
on
Acquisitions
|
40
yrs
|
$ | 68 | 63 | |||||
Tenant
Improvements:
|
|||||||||
New
Tenants
|
Lease
Life
|
7,591 | 7,554 | ||||||
New
Tenants (first
generation) (1)
|
Lease
Life
|
760 | 244 | ||||||
Renewal
Tenants
|
Lease
Life
|
1,099 | 1,504 | ||||||
Other:
|
|||||||||
Building
Improvements
|
5-40
yrs
|
2,726 | 2,685 | ||||||
Roofs
|
5-15
yrs
|
2,987 | 1,874 | ||||||
Parking
Lots
|
3-5
yrs
|
603 | 907 | ||||||
Other
|
5
yrs
|
378 | 379 | ||||||
Total
capital expenditures
|
$ | 16,212 | 15,210 |
Years
Ended December 31,
|
|||||||||
Estimated
Useful
Life
|
2009
|
2008
|
|||||||
(In
thousands)
|
|||||||||
Development
|
Lease
Life
|
$ | 1,675 | 3,115 | |||||
New
Tenants
|
Lease
Life
|
2,620 | 2,370 | ||||||
New
Tenants (first
generation) (1)
|
Lease
Life
|
74 | 58 | ||||||
Renewal
Tenants
|
Lease
Life
|
2,618 | 2,626 | ||||||
Total
capitalized leasing costs
|
$ | 6,987 | 8,169 | ||||||
Amortization
of leasing costs (2)
|
$ | 6,366 | 5,882 |
Years
Ended December 31,
|
||||||||
Discontinued
Operations
|
2009
|
2008
|
||||||
(In
thousands)
|
||||||||
Income from real estate
operations
|
$ | – | 348 | |||||
Expenses from real estate
operations
|
(88 | ) | (190 | ) | ||||
Property
net operating income (loss) from discontinued
operations
|
(88 | ) | 158 | |||||
Depreciation and
amortization
|
(51 | ) | (148 | ) | ||||
Income (loss) from real estate
operations
|
(139 | ) | 10 | |||||
Gain on
sales of real estate
investments
|
29 | 2,032 | ||||||
Income (loss) from discontinued
operations
|
$ | (110 | ) | 2,042 |
Years
Ended December 31,
|
||||||||||||
2008
|
2007
|
Increase
(Decrease)
|
||||||||||
(In
thousands, except rates of interest)
|
||||||||||||
Average bank
borrowings
|
$ | 125,647 | 96,513 | 29,134 | ||||||||
Weighted
average variable interest rates (excluding
loan cost amortization)
|
3.94 | % | 6.36 | % | ||||||||
VARIABLE
RATE INTEREST EXPENSE
|
||||||||||||
Variable rate interest
(excluding
loan cost amortization)
|
4,944 | 6,139 | (1,195 | ) | ||||||||
Amortization of bank loan
costs
|
295 | 353 | (58 | ) | ||||||||
Total variable rate interest
expense
|
5,239 | 6,492 | (1,253 | ) | ||||||||
FIXED
RATE INTEREST EXPENSE
|
||||||||||||
Fixed rate interest (excluding
loan cost amortization)
|
31,219 | 26,350 | 4,869 | |||||||||
Amortization of mortgage loan
costs
|
680 | 558 | 122 | |||||||||
Total fixed rate interest
expense
|
31,899 | 26,908 | 4,991 | |||||||||
Total
interest
|
37,138 | 33,400 | 3,738 | |||||||||
Less
capitalized
interest
|
(6,946 | ) | (6,086 | ) | (860 | ) | ||||||
TOTAL INTEREST
EXPENSE
|
$ | 30,192 | 27,314 | 2,878 |
MORTGAGE
DEBT AS OF:
|
Weighted
Average Interest Rate
|
|||
December 31,
2004
|
6.74 | % | ||
December 31,
2005
|
6.31 | % | ||
December 31,
2006
|
6.21 | % | ||
December 31,
2007
|
6.06 | % | ||
December 31,
2008
|
5.96 | % |
NEW
MORTGAGES IN 2007 AND 2008
|
Interest
Rate
|
Date
|
Maturity
Date
|
Amount
|
||||||
Broadway
VI, World Houston 1 & 2, 21 & 23, Arion 16,
Chino,
Northpark I-IV, South 55th
Avenue, East
University
I & II and Santan 10
II
|
5.570 | % |
08/08/07
|
09/15/17
|
$ | 75,000,000 | ||||
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
|
5.500 | % |
03/19/08
|
04/05/15
|
78,000,000 | |||||
Southridge
XII, Airport Commerce Center I & II,
Interchange
Park, Ridge Creek III, World Houston
24,
25 & 27 and Waterford Distribution Center
|
5.750 | % |
12/09/08
|
01/05/14
|
59,000,000 | |||||
Weighted
Average/Total
Amount
|
5.594 | % | $ | 212,000,000 |
MORTGAGE
LOANS REPAID IN 2007
|
Interest
Rate
|
Date
Repaid
|
Payoff
Amount
|
||||||
World
Houston 1 &
2
|
7.770 | % |
04/12/07
|
$ | 4,023,000 | ||||
E.
University I & II, Broadway VI, 55th
Avenue and Chino
|
8.060 | % |
05/25/07
|
10,197,000 | |||||
Weighted
Average/Total
Amount
|
7.978 | % | $ | 14,220,000 |
Years
Ended December 31,
|
|||||||||
Estimated
Useful
Life
|
2008
|
2007
|
|||||||
(In
thousands)
|
|||||||||
Upgrade
on
Acquisitions
|
40
yrs
|
$ | 63 | 141 | |||||
Tenant
Improvements:
|
|||||||||
New
Tenants
|
Lease
Life
|
7,554 | 7,326 | ||||||
New
Tenants (first
generation) (1)
|
Lease
Life
|
244 | 495 | ||||||
Renewal
Tenants
|
Lease
Life
|
1,504 | 1,963 | ||||||
Other:
|
|||||||||
Building
Improvements
|
5-40
yrs
|
2,685 | 1,719 | ||||||
Roofs
|
5-15
yrs
|
1,874 | 3,273 | ||||||
Parking
Lots
|
3-5
yrs
|
907 | 765 | ||||||
Other
|
5
yrs
|
379 | 199 | ||||||
Total
capital expenditures
|
$ | 15,210 | 15,881 |
Years
Ended December 31,
|
|||||||||
Estimated
Useful
Life
|
2008
|
2007
|
|||||||
(In
thousands)
|
|||||||||
Development
|
Lease
Life
|
$ | 3,115 | 3,108 | |||||
New
Tenants
|
Lease
Life
|
2,370 | 2,805 | ||||||
New
Tenants (first
generation) (1)
|
Lease
Life
|
58 | 212 | ||||||
Renewal
Tenants
|
Lease
Life
|
2,626 | 2,124 | ||||||
Total
capitalized leasing costs
|
$ | 8,169 | 8,249 | ||||||
Amortization
of leasing costs (2)
|
$ | 5,882 | 5,339 |
Years
Ended December 31,
|
||||||||
Discontinued
Operations
|
2008
|
2007
|
||||||
(In
thousands)
|
||||||||
Income from real estate
operations
|
$ | 348 | 932 | |||||
Expenses from real estate
operations
|
(190 | ) | (368 | ) | ||||
Property
net operating income from discontinued operations
|
158 | 564 | ||||||
Depreciation and
amortization
|
(148 | ) | (414 | ) | ||||
Income from real estate
operations
|
10 | 150 | ||||||
Gain on
sales of real estate investments
|
2,032 | 960 | ||||||
Income from discontinued
operations
|
$ | 2,042 | 1,110 |
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Mortgage
notes payable – fixed rate
|
$ | 602,949 | 585,806 | |||||
Bank
notes payable – floating rate
|
89,156 | 109,886 | ||||||
Total
debt
|
$ | 692,105 | 695,692 |
Payments
Due by Period
|
||||||||||||||||||||
Total
|
Less
Than
1
Year
|
1-3
Years
|
3-5
Years
|
More
Than
5
Years
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Fixed
Rate Debt Obligations (1)
|
$ | 602,949 | 19,744 | 150,603 | 146,989 | 285,613 | ||||||||||||||
Interest
on Fixed Rate Debt
|
175,508 | 36,166 | 59,821 | 43,155 | 36,366 | |||||||||||||||
Variable
Rate Debt Obligations (2)
|
89,156 | – | 89,156 | – | – | |||||||||||||||
Operating
Lease Obligations:
|
||||||||||||||||||||
Office
Leases
|
1,354 | 353 | 710 | 291 | – | |||||||||||||||
Ground
Leases
|
18,104 | 700 | 1,400 | 1,400 | 14,604 | |||||||||||||||
Real
Estate Property Obligations (3)
|
218 | 218 | – | – | – | |||||||||||||||
Development
Obligations (4)
|
116 | 116 | – | – | – | |||||||||||||||
Tenant
Improvements (5)
|
4,167 | 4,167 | – | – | – | |||||||||||||||
Purchase
Obligations (6)
|
– | – | – | – | – | |||||||||||||||
Total
|
$ | 891,572 | 61,464 | 301,690 | 191,835 | 336,583 |
(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, 2009, the weighted
average interest rate was 1.09% on the variable rate debt due in January
2012.
|
(3)
|
Represents
commitments on real estate properties, except for tenant improvement
obligations.
|
(4)
|
Represents
commitments on properties under development, except for tenant improvement
obligations.
|
(5)
|
Represents
tenant improvement allowance
obligations.
|
(6)
|
EastGroup
had no purchase obligations as of December 31,
2009.
|
2010
|
2011
|
2012
|
2013
|
2014
|
Thereafter
|
Total
|
Fair
Value
|
|||||||||||||||||||||||||
Fixed
rate debt (1) (in
thousands)
|
$ | 19,744 | 86,663 | 63,940 | 55,197 | 91,792 | 285,613 | 602,949 | 610,252 | (2) | ||||||||||||||||||||||
Weighted
average interest rate
|
6.02 | % | 7.01 | % | 6.64 | % | 5.15 | % | 5.75 | % | 5.98 | % | 6.09 | % | ||||||||||||||||||
Variable
rate debt (in
thousands)
|
$ | – | – | 89,156 | (3) | – | – | – | 89,156 | 84,627 | (4) | |||||||||||||||||||||
Weighted
average interest rate
|
– | – | 1.09 | % | – | – | – | 1.09 | % |
(1)
|
The
fixed rate debt shown above includes the Tower Automotive
mortgage. See below for additional information on the Tower
mortgage.
|
(2)
|
The
fair value of the Company’s fixed rate debt is estimated based on the
quoted market prices for similar issues or 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.
|
(3)
|
The
variable rate debt is comprised of two lines of credit with balances of
$86,000,000 on the $200 million line of credit and $3,156,000 on the $25
million working capital line of credit as of December 31,
2009. The $200 million line of credit has an option for a
one-year extension at the Company’s
request.
|
(4)
|
The
fair value of the Company’s variable rate debt is estimated by discounting
expected cash flows at current market
rates.
|
Type
of Hedge
|
Current
Notional Amount
|
Maturity
Date
|
Reference
Rate
|
Fixed
Interest Rate
|
Effective Interest
Rate
|
Fair
Value
at
12/31/09
|
Fair
Value
at
12/31/08
|
|||||||||||||||
(In
thousands)
|
(In
thousands)
|
|||||||||||||||||||||
Swap
|
$ | 9,175 |
12/31/10
|
1
month LIBOR
|
4.03 | % | 6.03 | % | $ | (318 | ) | $ | (522 | ) |
(a)
|
Management's
annual report on internal control over financial
reporting.
|
Equity
Compensation Plan Information
|
||||||||||||
(a)
|
(b)
|
(c)
|
||||||||||
Plan
category
|
Number
of securities to be issued upon exercise of outstanding options, warrants
and rights
|
Weighted-average
exercise price of outstanding options, warrants and rights
|
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
|
36,250 | $ | 23.41 | 1,627,647 | ||||||||
Equity
compensation
plans
not approved
by
security holders
|
– | – | – | |||||||||
Total
|
36,250 | $ | 23.41 | 1,627,647 |
Page
|
|||
(a)
|
(1)
|
Consolidated
Financial Statements:
|
|
Report
of Independent Registered Public Accounting Firm
|
31
|
||
Management
Report on Internal Control Over Financial Reporting
|
32
|
||
Report
of Independent Registered Public Accounting Firm
|
32
|
||
Consolidated
Balance Sheets – December 31, 2009 and 2008
|
33
|
||
Consolidated
Statements of Income – Years ended December 31, 2009, 2008 and
2007
|
34
|
||
Consolidated
Statements of Changes in Equity – Years ended December 31, 2009, 2008 and
2007
|
35
|
||
Consolidated
Statements of Cash Flows – Years ended December 31, 2009, 2008 and
2007
|
36
|
||
Notes
to Consolidated Financial Statements
|
37
|
||
(2)
|
Consolidated
Financial Statement Schedules:
|
||
Schedule
III – Real Estate Properties and Accumulated Depreciation
|
55
|
||
Schedule
IV – Mortgage Loans on Real Estate
|
62
|
(3)
|
Exhibits
required by Item 601 of Regulation
S-K:
|
|
(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. 1994 Management Incentive Plan, as Amended and Restated
(incorporated by reference to Appendix A to the Company's Proxy Statement
for its Annual Meeting of Stockholders held on June 2,
1999).*
|
(b)
|
Amendment
No. 1 to the Amended and Restated 1994 Management Incentive Plan
(incorporated by reference to Exhibit 10(c) to the Company’s Form 8-K
filed January 8, 2007).*
|
(c)
|
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).*
|
(d)
|
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).*
|
(e)
|
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). *
|
(f)
|
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).*
|
(g)
|
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).*
|
(h)
|
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).*
|
(i)
|
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).*
|
(j)
|
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).*
|
(k)
|
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).*
|
(l)
|
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 3,
2008).*
|
(m)
|
Annual
Cash Bonus, 2009 Annual Long-Term Equity Incentive and Supplemental Annual
Long-Term Equity Incentive Performance Goals (a written description
thereof is set forth in Item 5.02 of the Company’s Form 8-K filed June 2,
2009).*
|
(n)
|
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).
|
(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)
|
|
(32)
|
Section
1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of
2002)
|
(a)
|
David
H. Hoster II, Chief Executive
Officer
|
/s/
KPMG LLP
|
|
Jackson,
Mississippi
|
|
February
26,
2010
|
/s/
EASTGROUP PROPERTIES, INC.
|
|
Jackson,
Mississippi
|
|
February
26,
2010
|
/s/
KPMG LLP
|
|
Jackson,
Mississippi
|
|
February
26,
2010
|
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands, except for share and per share data)
|
||||||||
ASSETS
|
||||||||
Real estate
properties
|
$ | 1,370,588 | 1,252,282 | |||||
Development
|
97,594 | 150,354 | ||||||
1,468,182 | 1,402,636 | |||||||
Less
accumulated depreciation
|
(354,745 | ) | (310,351 | ) | ||||
1,113,437 | 1,092,285 | |||||||
Unconsolidated
investment
|
2,725 | 2,666 | ||||||
Cash
|
1,062 | 293 | ||||||
Other
assets
|
61,294 | 60,961 | ||||||
TOTAL
ASSETS
|
$ | 1,178,518 | 1,156,205 | |||||
LIABILITIES
AND EQUITY
|
||||||||
LIABILITIES
|
||||||||
Mortgage notes
payable
|
$ | 602,949 | 585,806 | |||||
Notes payable to
banks
|
89,156 | 109,886 | ||||||
Accounts payable and
accrued expenses
|
23,602 | 32,838 | ||||||
Other
liabilities
|
15,715 | 14,299 | ||||||
Total
Liabilities
|
731,422 | 742,829 | ||||||
EQUITY
|
||||||||
Stockholders’
Equity:
|
||||||||
Common
shares; $.0001 par value; 70,000,000 shares authorized;
26,826,100
shares issued and outstanding at December 31, 2009 and
25,070,401
at December 31, 2008
|
3 | 3 | ||||||
Excess
shares; $.0001 par value; 30,000,000 shares authorized;
no
shares issued
|
– | – | ||||||
Additional paid-in
capital on common shares
|
589,197 | 528,452 | ||||||
Distributions in
excess of earnings
|
(144,363 | ) | (117,093 | ) | ||||
Accumulated other
comprehensive loss
|
(318 | ) | (522 | ) | ||||
Total
Stockholders’ Equity
|
444,519 | 410,840 | ||||||
Noncontrolling
interest in joint ventures
|
2,577 | 2,536 | ||||||
Total
Equity
|
447,096 | 413,376 | ||||||
TOTAL
LIABILITIES AND EQUITY
|
$ | 1,178,518 | 1,156,205 |
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(In thousands, except per share data) | ||||||||||||
REVENUES
|
||||||||||||
Income from real
estate
operations
|
$ | 172,273 | 168,255 | 150,038 | ||||||||
Other
income
|
81 | 248 | 92 | |||||||||
172,354 | 168,503 | 150,130 | ||||||||||
EXPENSES
|
||||||||||||
Expenses from real
estate
operations
|
50,259 | 47,259 | 40,837 | |||||||||
Depreciation and
amortization
|
53,953 | 51,144 | 47,644 | |||||||||
General and
administrative
|
9,071 | 8,547 | 8,295 | |||||||||
113,283 | 106,950 | 96,776 | ||||||||||
OPERATING
INCOME
|
59,071 | 61,553 | 53,354 | |||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||
Equity in earnings of
unconsolidated
investment
|
320 | 316 | 285 | |||||||||
Gain on sales of
non-operating real
estate
|
31 | 321 | 2,602 | |||||||||
Gain on sales of
securities
|
– | 435 | – | |||||||||
Interest
income
|
302 | 293 | 306 | |||||||||
Interest
expense
|
(32,520 | ) | (30,192 | ) | (27,314 | ) | ||||||
INCOME FROM CONTINUING
OPERATIONS
|
27,204 | 32,726 | 29,233 | |||||||||
DISCONTINUED
OPERATIONS
|
||||||||||||
Income
(loss) from real estate
operations
|
(139 | ) | 10 | 150 | ||||||||
Gain
on sales of real estate
investments
|
29 | 2,032 | 960 | |||||||||
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS
|
(110 | ) | 2,042 | 1,110 | ||||||||
NET
INCOME
|
27,094 | 34,768 | 30,343 | |||||||||
Net income
attributable to noncontrolling interest in joint
ventures
|
(435 | ) | (626 | ) | (609 | ) | ||||||
NET INCOME ATTRIBUTABLE TO
EASTGROUP PROPERTIES, INC.
|
26,659 | 34,142 | 29,734 | |||||||||
Dividends
on Series D preferred
shares
|
– | 1,326 | 2,624 | |||||||||
Costs on redemption
of Series D preferred
shares
|
– | 682 | – | |||||||||
NET
INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC.
COMMON
STOCKHOLDERS
|
$ | 26,659 | 32,134 | 27,110 | ||||||||
BASIC
PER COMMON SHARE DATA FOR INCOME
ATTRIBUTABLE
TO EASTGROUP PROPERTIES, INC.
|
||||||||||||
Income from
continuing
operations
|
$ | 1.04 | 1.23 | 1.10 | ||||||||
Income (loss) from
discontinued
operations
|
.00 | .08 | .05 | |||||||||
Net income available
to common
stockholders
|
$ | 1.04 | 1.31 | 1.15 | ||||||||
Weighted average
shares
outstanding
|
25,590 | 24,503 | 23,562 | |||||||||
DILUTED
PER COMMON SHARE DATA FOR INCOME
ATTRIBUTABLE
TO EASTGROUP PROPERTIES, INC.
|
||||||||||||
Income from
continuing
operations
|
$ | 1.04 | 1.22 | 1.09 | ||||||||
Income (loss) from
discontinued
operations
|
.00 | .08 | .05 | |||||||||
Net income available
to common
stockholders
|
$ | 1.04 | 1.30 | 1.14 | ||||||||
Weighted average
shares
outstanding
|
25,690 | 24,653 | 23,781 | |||||||||
AMOUNTS
ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
COMMON
STOCKHOLDERS
|
||||||||||||
Income from
continuing
operations
|
$ | 26,769 | 30,092 | 26,000 | ||||||||
Income (loss) from
discontinued
operations
|
(110 | ) | 2,042 | 1,110 | ||||||||
Net income available
to common
stockholders
|
$ | 26,659 | 32,134 | 27,110 | ||||||||
Dividends
declared per common
share
|
$ | 2.08 | 2.08 | 2.00 | ||||||||
See
accompanying Notes to Consolidated Financial Statements.
|
EastGroup
Properties, Inc.
|
||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
Distributions
|
Other
|
Noncontrolling
|
|||||||||||||||||||||||||
Preferred
|
Common
|
Paid-In
|
In
Excess
|
Comprehensive
|
Interest
in
|
|||||||||||||||||||||||
Stock
|
Stock
|
Capital
|
Of
Earnings
|
Income
(Loss)
|
Joint
Ventures
|
Total
|
||||||||||||||||||||||
(In thousands, except for share and per share data) | ||||||||||||||||||||||||||||
BALANCE,
DECEMBER 31, 2006
|
$ | 32,326 | 2 | 463,170 | (77,015 | ) | 314 | 2,148 | 420,945 | |||||||||||||||||||
Comprehensive
income
|
||||||||||||||||||||||||||||
Net
income
|
– | – | – | 29,734 | – | 609 | 30,343 | |||||||||||||||||||||
Net
unrealized change in fair value of interest
rate swap
|
– | – | – | – | (370 | ) | – | (370 | ) | |||||||||||||||||||
Total
comprehensive income
|
29,973 | |||||||||||||||||||||||||||
Common
dividends declared – $2.00 per share
|
– | – | – | (47,555 | ) | – | – | (47,555 | ) | |||||||||||||||||||
Preferred
dividends declared – $1.9876 per share
|
– | – | – | (2,624 | ) | – | – | (2,624 | ) | |||||||||||||||||||
Stock-based
compensation, net of forfeitures
|
– | – | 3,198 | – | – | – | 3,198 | |||||||||||||||||||||
Issuance
of 67,150 shares of common stock,
options
exercised
|
– | – | 1,475 | – | – | – | 1,475 | |||||||||||||||||||||
Issuance
of 6,281 shares of common stock,
dividend
reinvestment plan
|
– | – | 279 | – | – | – | 279 | |||||||||||||||||||||
Withheld
11,382 shares of common stock to satisfy
tax withholding
obligations in connection with the
vesting of restricted
stock
|
– | – | (549 | ) | – | – | – | (549 | ) | |||||||||||||||||||
Distributions
to noncontrolling interest
|
– | – | – | – | – | (445 | ) | (445 | ) | |||||||||||||||||||
BALANCE,
DECEMBER 31, 2007
|
32,326 | 2 | 467,573 | (97,460 | ) | (56 | ) | 2,312 | 404,697 | |||||||||||||||||||
Comprehensive
income
|
||||||||||||||||||||||||||||
Net
income
|
– | – | – | 34,142 | – | 626 | 34,768 | |||||||||||||||||||||
Net
unrealized change in fair value of interest
rate swap
|
– | – | – | – | (466 | ) | – | (466 | ) | |||||||||||||||||||
Total
comprehensive
income
|
34,302 | |||||||||||||||||||||||||||
Common
dividends declared – $2.08 per share
|
– | – | – | (51,767 | ) | – | – | (51,767 | ) | |||||||||||||||||||
Preferred
dividends declared – $1.0048 per share
|
– | – | – | (1,326 | ) | – | – | (1,326 | ) | |||||||||||||||||||
Redemption
of 1,320,000 shares of Series D preferred
stock
|
(32,326 | ) | – | – | (682 | ) | – | – | (33,008 | ) | ||||||||||||||||||
Stock-based
compensation, net of forfeitures
|
– | – | 3,176 | – | – | – | 3,176 | |||||||||||||||||||||
Issuance
of 1,198,700 shares of common stock,
common stock
offering, net of expenses
|
– | 1 | 57,178 | – | – | – | 57,179 | |||||||||||||||||||||
Issuance
of 25,720 shares of common stock,
options
exercised
|
– | – | 526 | – | – | – | 526 | |||||||||||||||||||||
Issuance
of 6,627 shares of common stock,
dividend
reinvestment plan
|
– | – | 281 | – | – | – | 281 | |||||||||||||||||||||
Withheld
7,150 shares of common stock to satisfy tax
withholding
obligations in connection with the
vesting of restricted
stock
|
– | – | (282 | ) | – | – | – | (282 | ) | |||||||||||||||||||
Distributions
to noncontrolling interest
|
– | – | – | – | – | (402 | ) | (402 | ) | |||||||||||||||||||
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 | ||||||||||||||||||
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(In
thousands)
|
||||||||||||
OPERATING
ACTIVITIES
|
||||||||||||
Net
income attributable to EastGroup Properties,
Inc.
|
$ | 26,659 | 34,142 | 29,734 | ||||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||||
Depreciation
and amortization from continuing
operations
|
53,953 | 51,144 | 47,644 | |||||||||
Depreciation
and amortization from discontinued operations
|
51 | 148 | 414 | |||||||||
Noncontrolling
interest depreciation and
amortization
|
(206 | ) | (201 | ) | (174 | ) | ||||||
Amortization
of mortgage loan
premiums
|
(122 | ) | (120 | ) | (117 | ) | ||||||
Gain
on sales of land and real estate
investments
|
(60 | ) | (2,353 | ) | (3,562 | ) | ||||||
Gain
on sales of
securities
|
– | (435 | ) | – | ||||||||
Amortization
of discount on mortgage loan
receivable
|
(12 | ) | (117 | ) | – | |||||||
Stock-based
compensation
expense
|
1,827 | 2,265 | 2,220 | |||||||||
Equity
in earnings of unconsolidated investment, net of
distributions
|
(60 | ) | (36 | ) | (35 | ) | ||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Accrued income and other
assets
|
1,258 | (814 | ) | 3,476 | ||||||||
Accounts payable, accrued expenses and prepaid
rent
|
(2,696 | ) | 4,500 | 2,262 | ||||||||
NET
CASH PROVIDED BY OPERATING
ACTIVITIES
|
80,592 | 88,123 | 81,862 | |||||||||
INVESTING
ACTIVITIES
|
||||||||||||
Real
estate
development
|
(35,057 | ) | (85,441 | ) | (112,960 | ) | ||||||
Purchases
of real
estate
|
(17,725 | ) | (46,282 | ) | (57,838 | ) | ||||||
Real
estate
improvements
|
(14,474 | ) | (15,210 | ) | (15,881 | ) | ||||||
Proceeds
from sales of land and real estate
investments
|
908 | 11,728 | 6,357 | |||||||||
Advances
on mortgage loans
receivable
|
– | (4,994 | ) | – | ||||||||
Repayments
on mortgage loans
receivable
|
31 | 871 | 30 | |||||||||
Purchases
of
securities
|
– | (7,534 | ) | – | ||||||||
Proceeds
from sales of
securities
|
– | 7,969 | – | |||||||||
Changes
in accrued development
costs
|
(6,462 | ) | (5,894 | ) | 4,614 | |||||||
Changes
in other assets and other
liabilities
|
(7,545 | ) | (7,395 | ) | (8,400 | ) | ||||||
NET
CASH USED IN INVESTING
ACTIVITIES
|
(80,324 | ) | (152,182 | ) | (184,078 | ) | ||||||
FINANCING
ACTIVITIES
|
||||||||||||
Proceeds
from bank
borrowings
|
225,314 | 331,644 | 332,544 | |||||||||
Repayments
on bank
borrowings
|
(246,044 | ) | (357,202 | ) | (226,166 | ) | ||||||
Proceeds
from mortgage notes
payable
|
76,365 | 137,000 | 75,000 | |||||||||
Principal
payments on mortgage notes
payable
|
(59,100 | ) | (16,434 | ) | (26,963 | ) | ||||||
Debt
issuance
costs
|
(492 | ) | (2,372 | ) | (701 | ) | ||||||
Distributions
paid to
stockholders
|
(54,316 | ) | (54,174 | ) | (50,680 | ) | ||||||
Redemption
of Series D preferred
shares
|
– | (33,008 | ) | – | ||||||||
Proceeds
from common stock
offerings
|
57,181 | 57,179 | – | |||||||||
Proceeds
from exercise of stock
options
|
1,180 | 526 | 1,475 | |||||||||
Proceeds
from dividend reinvestment
plan
|
268 | 281 | 279 | |||||||||
Other
|
145 | 188 | (2,788 | ) | ||||||||
NET
CASH PROVIDED BY FINANCING
ACTIVITIES
|
501 | 63,628 | 102,000 | |||||||||
INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
769 | (431 | ) | (216 | ) | |||||||
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR
|
293 | 724 | 940 | |||||||||
CASH AND CASH EQUIVALENTS AT
END OF YEAR
|
$ | 1,062 | 293 | 724 | ||||||||
SUPPLEMENTAL
CASH FLOW INFORMATION
|
||||||||||||
Cash
paid for interest, net of amount capitalized of $5,856, $6,946 and
$6,086
|
||||||||||||
for
2009, 2008 and 2007,
respectively
|
$ | 31,297 | 29,573 | 25,838 | ||||||||
Fair
value of common stock awards issued to employees and directors, net of
forfeitures
|
2,444 | 1,255 | 1,443 |
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Common
Share Distributions:
|
||||||||||||
Ordinary
income
|
$ | 1.7534 | 2.0758 | 1.7449 | ||||||||
Return
of
capital
|
.3266 | – | .1273 | |||||||||
Unrecaptured
Section 1250 long-term capital gain
|
– | .0042 | .0236 | |||||||||
Other
long-term capital
gain
|
– | – | .1042 | |||||||||
Total
Common
Distributions
|
$ | 2.0800 | 2.0800 | 2.0000 | ||||||||
Series
D Preferred Share Distributions:
|
||||||||||||
Ordinary
income
|
$ | – | 1.0024 | 1.8608 | ||||||||
Unrecaptured
Section 1250 long-term capital gain
|
– | .0024 | .0234 | |||||||||
Other
long-term capital
gain
|
– | – | .1034 | |||||||||
Total
Preferred D
Distributions
|
$ | – | 1.0048 | 1.9876 |
Years
Ending December 31,
|
(In
thousands)
|
|||
2010
|
$ | 1,604 | ||
2011
|
832 | |||
2012
|
401 | |||
2013
|
153 | |||
2014
|
65 |
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Real
estate properties:
|
||||||||
Land
|
$ | 208,630 | 187,617 | |||||
Buildings and
building
improvements
|
944,085 | 867,506 | ||||||
Tenant and
other
improvements
|
217,873 | 197,159 | ||||||
Development
|
97,594 | 150,354 | ||||||
1,468,182 | 1,402,636 | |||||||
Less
accumulated
depreciation
|
(354,745 | ) | (310,351 | ) | ||||
$ | 1,113,437 | 1,092,285 |
Costs
Incurred
|
||||||||||||||||
Size
|
For
the
Year
Ended 12/31/09
|
Cumulative
as of 12/31/09
|
Estimated
Total
Costs(1)
|
|||||||||||||
DEVELOPMENT
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||
(Square
feet)
|
(In
thousands)
|
|||||||||||||||
LEASE-UP
|
||||||||||||||||
Beltway
Crossing VII, Houston, TX
|
95,000 | $ | 1,432 | 5,645 | 6,400 | |||||||||||
Country
Club III & IV, Tucson, AZ
|
138,000 | 2,680 | 10,727 | 12,100 | ||||||||||||
Oak
Creek IX, Tampa, FL
|
86,000 | 951 | 5,151 | 5,800 | ||||||||||||
Blue
Heron III, West Palm Beach, FL
|
20,000 | 652 | 2,550 | 2,700 | ||||||||||||
World
Houston 30, Houston, TX
|
88,000 | 4,289 | 5,880 | 6,600 | ||||||||||||
Total
Lease-up
|
427,000 | 10,004 | 29,953 | 33,600 | ||||||||||||
UNDER
CONSTRUCTION
|
||||||||||||||||
Arion
8 Expansion, San Antonio, TX
|
20,000 | 51 | 51 | 1,900 | ||||||||||||
Total
Under Construction
|
20,000 | 51 | 51 | 1,900 | ||||||||||||
PROSPECTIVE
DEVELOPMENT (PRIMARILY LAND)
|
||||||||||||||||
Tucson,
AZ
|
70,000 | – | 417 | 4,900 | ||||||||||||
Tampa,
FL
|
249,000 | 29 | 3,919 | 14,600 | ||||||||||||
Orlando,
FL
|
1,584,000 | 6,573 | 21,026 | 101,700 | ||||||||||||
Fort
Myers, FL
|
659,000 | 909 | 15,923 | 48,100 | ||||||||||||
Dallas,
TX
|
70,000 | 71 | 641 | 4,100 | ||||||||||||
El
Paso, TX
|
251,000 | – | 2,444 | 9,600 | ||||||||||||
Houston,
TX
|
1,064,000 | 2,486 | 15,272 | 68,100 | ||||||||||||
San
Antonio, TX
|
595,000 | 708 | 6,147 | 37,500 | ||||||||||||
Charlotte,
NC
|
95,000 | 100 | 1,095 | 7,100 | ||||||||||||
Jackson,
MS
|
28,000 | – | 706 | 2,000 | ||||||||||||
Total
Prospective Development
|
4,665,000 | 10,876 | 67,590 | 297,700 | ||||||||||||
5,112,000 | $ | 20,931 | 97,594 | 333,200 |
Costs
Incurred
|
|||||||||||||||
Size
|
For
the
Year
Ended 12/31/09
|
Cumulative
as of 12/31/09
|
|||||||||||||
(Unaudited)
|
|||||||||||||||
(Square
feet)
|
(In
thousands)
|
||||||||||||||
DEVELOPMENTS
COMPLETED AND TRANSFERRED
|
|||||||||||||||
TO
REAL ESTATE PROPERTIES DURING 2009
|
|||||||||||||||
40th
Avenue Distribution Center, Phoenix, AZ
|
90,000 | $ | – | 6,539 | |||||||||||
Wetmore
II, Building B, San Antonio, TX
|
55,000 | 10 | 3,643 | ||||||||||||
Beltway
Crossing VI, Houston, TX
|
128,000 | 149 | 5,756 | ||||||||||||
World
Houston 28, Houston, TX
|
59,000 | 1,850 | 4,230 | ||||||||||||
Oak
Creek VI, Tampa, FL
|
89,000 | 55 | 5,642 | ||||||||||||
Southridge
VIII, Orlando, FL
|
91,000 | 338 | 6,339 | ||||||||||||
Techway
SW IV, Houston, TX
|
94,000 | 918 | 5,761 | ||||||||||||
SunCoast
III, Fort Myers, FL
|
93,000 | 294 | 7,012 | ||||||||||||
Sky
Harbor, Phoenix, AZ
|
264,000 | 1,046 | 23,875 | ||||||||||||
World
Houston 26, Houston, TX
|
59,000 | 661 | 3,479 | ||||||||||||
World
Houston 29, Houston, TX
|
70,000 | 2,900 | 4,786 | ||||||||||||
12th
Street Distribution Center, Jacksonville, FL
|
150,000 | 321 | 5,171 | ||||||||||||
Total
Transferred to Real Estate Properties
|
1,242,000 | $ | 8,542 | 82,233 |
(2)
|
Real
Estate Properties
|
Location
|
Size
|
Date
Sold
|
Net
Sales
Price
|
Basis
|
Discount
on Note Receivable
|
Deferred
Gain
|
Recognized
Gain
|
|||||||||||||||
(In
thousands)
|
|||||||||||||||||||||||
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 | ||||||||||||||||||
2008
|
|||||||||||||||||||||||
North
Stemmons I
|
Dallas,
TX
|
123,000
SF
|
05/12/08
|
$ | 4,633 | 2,684 | – | – | 1,949 | ||||||||||||||
United
Stationers Tampa Building
|
Tampa,
FL
|
128,000
SF
|
08/08/08
|
5,717 | 5,225 | 198 | – | 294 | |||||||||||||||
Delp
Distribution Center III
|
Memphis,
TN
|
20,000
SF
|
08/20/08
|
589 | 506 | – | – | 83 | |||||||||||||||
Alamo
Ridge residential land
|
San
Antonio, TX
|
41.0
Acres
|
09/08/08
|
762 | 762 | – | – | – | |||||||||||||||
Deferred
gain recognized from
previous
sales
|
27 | ||||||||||||||||||||||
$ | 11,701 | 9,177 | 198 | – | 2,353 | ||||||||||||||||||
2007
|
|||||||||||||||||||||||
Delp
Distribution Center I
|
Memphis,
TN
|
152,000
SF
|
10/11/07
|
$ | 3,080 | 2,477 | – | – | 603 | ||||||||||||||
Arion
Business Park land
|
San
Antonio, TX
|
13.1
Acres
|
10/11/07
|
2,890 | 318 | – | – | 2,572 | |||||||||||||||
Deferred
gain recognized from
previous
sales
|
387 | ||||||||||||||||||||||
$ | 5,970 | 2,795 | – | – | 3,562 |
Years
Ending December 31,
|
(In
thousands)
|
|||
2010
|
$ | 123,204 | ||
2011
|
100,323 | |||
2012
|
75,790 | |||
2013
|
52,849 | |||
2014
|
35,535 | |||
Thereafter
|
61,136 | |||
Total minimum
receipts
|
$ | 448,837 |
Years
Ending December 31,
|
(In
thousands)
|
|||
2010
|
$ | 700 | ||
2011
|
700 | |||
2012
|
700 | |||
2013
|
700 | |||
2014
|
700 | |||
Thereafter
|
14,604 | |||
Total minimum
payments
|
$ | 18,104 |
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Leasing costs (principally
commissions), net of accumulated amortization
|
$ | 21,483 | 20,866 | |||||
Straight-line
rent receivable, net of allowance for doubtful accounts
|
16,520 | 14,914 | ||||||
Accounts
receivable, net of allowance for doubtful accounts
|
2,947 | 4,094 | ||||||
Acquired
in-place lease intangibles, net of accumulated
amortization
|
||||||||
of
$5,568 and $5,626 for 2009 and 2008, respectively
|
3,134 | 4,369 | ||||||
Mortgage
loans receivable, net of discount of $69 and $81 for 2009 and
2008,
respectively
|
4,155 | 4,174 | ||||||
Loan
costs, net of accumulated amortization
|
3,705 | 4,246 | ||||||
Goodwill
|
990 | 990 | ||||||
Prepaid expenses and other
assets
|
8,360 | 7,308 | ||||||
$ | 61,294 | 60,961 |
Type
of Hedge
|
Current
Notional Amount
|
Maturity
Date
|
Reference
Rate
|
Fixed
Interest Rate
|
Effective
Interest Rate
|
Fair
Value
at
12/31/09
|
Fair
Value
at
12/31/08
|
|||||||||||||||
(In
thousands)
|
(In
thousands)
|
|||||||||||||||||||||
Swap
|
$ | 9,175 |
12/31/10
|
1
month LIBOR
|
4.03 | % | 6.03 | % | $ | (318 | ) | $ | (522 | ) |
Property
|
Interest
Rate
|
Monthly
P&I
Payment
|
Maturity
Date
|
Carrying
Amount
of
Securing
Real
Estate at
December
31, 2009
|
Balance
at December 31,
|
|
2009
|
2008
|
|||||
(In
thousands)
|
Dominguez,
Kingsview, Walnut, Washington,
Industry
Distribution Center I and Shaw
|
6.800 | % | $ | 358,770 |
Repaid
|
$ | – | – | 31,716 | ||||||||||||
Oak
Creek Distribution Center I
|
8.875 | % | 52,109 |
Repaid
|
– | – | 452 | ||||||||||||||
Tower Automotive Center
(recourse)
(1)
|
6.030 | % |
Semiannual
|
01/15/11
|
8,590 | 9,175 | 9,365 | ||||||||||||||
Interstate
I, II & III, Venture, Stemmons Circle,
Glenmont
I & II, West Loop I & II, Butterfield Trail
and Rojas
|
7.250 | % | 325,263 |
05/01/11
|
38,671 | 37,403 | 38,549 | ||||||||||||||
America Plaza, Central Green and
World Houston
3-9
|
7.920 | % | 191,519 |
05/10/11
|
24,187 | 23,451 | 23,873 | ||||||||||||||
University Business Center (120
& 130 Cremona)
|
6.430 | % | 81,856 |
05/15/12
|
9,086 | 3,768 | 4,483 | ||||||||||||||
University Business Center (125
& 175 Cremona)
|
7.980 | % | 88,607 |
06/01/12
|
12,470 | 9,441 | 9,738 | ||||||||||||||
Oak
Creek Distribution Center IV
|
5.680 | % | 31,253 |
06/01/12
|
6,110 | 3,838 | 3,990 | ||||||||||||||
Airport
Distribution, Southpointe, Broadway I, III &
IV,
Southpark, 51st
Avenue, Chestnut, Main Street,
Interchange
Business Park, North Stemmons I land
and World
Houston 12 & 13
|
6.860 | % | 279,149 |
09/01/12
|
38,150 | 34,330 | 35,289 | ||||||||||||||
Interstate Distribution Center -
Jacksonville
|
5.640 | % | 31,645 |
01/01/13
|
6,455 | 4,493 | 4,612 | ||||||||||||||
Broadway
V, 35th
Avenue, Sunbelt, Beltway I,
Lockwood,
Northwest Point, Techway Southwest I
and World
Houston 10, 11 & 14
|
4.750 | % | 259,403 |
09/05/13
|
41,107 | 38,591 | 39,839 | ||||||||||||||
Southridge
XII, Airport Commerce Center I & II,
Interchange
Park, Ridge Creek III, World Houston 24,
25
& 27 and Waterford Distribution Center (2)
|
5.750 | % | 414,229 |
01/05/14
|
70,319 | 57,518 | 59,000 | ||||||||||||||
Kyrene Distribution Center
I
|
9.000 | % | 11,246 |
07/01/14
|
2,131 | 505 | 591 | ||||||||||||||
World
Houston 17, Kirby, Americas Ten I, Shady Trail,
Palm River
North I, II & III and Westlake I & II
|
5.680 | % | 175,479 |
10/10/14
|
27,099 | 28,969 | 29,415 | ||||||||||||||
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
|
5.500 | % | 536,552 |
04/05/15
|
73,093 | 74,259 | 76,544 | ||||||||||||||
Country
Club I, Lake Pointe, Techway Southwest II and
World Houston
19 & 20
|
4.980 | % | 256,952 |
12/05/15
|
21,035 | 33,960 | 35,316 | ||||||||||||||
Huntwood
and Wiegman Distribution Centers
|
5.680 | % | 265,275 |
09/05/16
|
22,882 | 34,351 | 35,546 | ||||||||||||||
Alamo
Downs, Arion 1-15 & 17, Rampart I, II & III,
Santan
10 and World Houston 16
|
5.970 | % | 557,467 |
11/05/16
|
57,064 | 71,136 | 73,502 | ||||||||||||||
Broadway
VI, World Houston 1 & 2, 21 & 23, Arion 16,
Chino,
Northpark I-IV, South 55th
Avenue,
East
University I & II and Santan 10 II
|
5.570 | % | 518,885 |
09/05/17
|
58,824 | 70,100 | 72,354 | ||||||||||||||
Dominguez,
Kingsview, Walnut, Washington,
Industry
I & III and Shaw (3)
|
7.500 | % | 539,747 |
05/05/19
|
52,309 | 66,137 | – | ||||||||||||||
Blue Heron Distribution Center
II
|
5.390 | % | 16,176 |
02/29/20
|
4,992 | 1,524 | 1,632 | ||||||||||||||
$ | 574,574 | 602,949 | 585,806 |
(1)
|
The
Tower Automotive mortgage has a variable interest rate based on the
one-month LIBOR. EastGroup has an interest rate swap agreement
that fixes the rate at 4.03%. Interest and related fees result
in an effective interest rate of 6.03%. Semiannual principal
payments are made on this note; interest is paid monthly. The
principal amounts of these payments increase incrementally as the loan
approaches maturity. (See Note 6)
|
(2)
|
This
mortgage has a recourse liability of $5 million which will be released
based on the secured properties generating certain base rent amounts
subsequent to January 1, 2011.
|
(3)
|
This
mortgage 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)
|
|||
2010
|
$ | 19,744 | ||
2011
|
86,663 | |||
2012
|
63,940 | |||
2013
|
55,197 | |||
2014
|
91,792 |
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Property taxes
payable
|
$ | 8,910 | 11,136 | |||||
Development costs
payable
|
665 | 7,127 | ||||||
Interest
payable
|
2,766 | 2,453 | ||||||
Dividends payable
on nonvested restricted
stock
|
870 | 1,257 | ||||||
Other payables and accrued
expenses
|
10,391 | 10,865 | ||||||
$ | 23,602 | 32,838 |
December
31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Security
deposits
|
$ | 7,453 | 7,560 | |||||
Prepaid rent and other deferred
income
|
7,428 | 5,430 | ||||||
Other
liabilities
|
834 | 1,309 | ||||||
$ | 15,715 | 14,299 |
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Common
Shares
|
||||||||||||
Shares outstanding at beginning
of year
|
25,070,401 | 23,808,768 | 23,701,275 | |||||||||
Common stock
offerings
|
1,600,000 | 1,198,700 | – | |||||||||
Stock options
exercised
|
57,436 | 25,720 | 67,150 | |||||||||
Dividend reinvestment
plan
|
7,938 | 6,627 | 6,281 | |||||||||
Incentive restricted stock
granted
|
92,555 | 35,222 | 44,646 | |||||||||
Incentive restricted stock
forfeited
|
(790 | ) | (2,520 | ) | (2,250 | ) | ||||||
Director common stock
awarded
|
7,074 | 5,034 | 3,048 | |||||||||
Restricted
stock withheld for tax obligations
|
(8,514 | ) | (7,150 | ) | (11,382 | ) | ||||||
Shares
outstanding at end of
year
|
26,826,100 | 25,070,401 | 23,808,768 |
Years
Ended December 31,
|
||||||||||||||||||||||||
Restricted
Stock Activity:
|
2009
|
2008
|
2007
|
|||||||||||||||||||||
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
|
87,685 | $ | 36.95 | 144,089 | $ | 31.65 | 196,671 | $ | 28.66 | |||||||||||||||
Granted (1)
|
92,555 | 33.66 | 35,222 | 48.83 | 44,646 | 43.93 | ||||||||||||||||||
Forfeited
|
(790 | ) | 23.67 | (2,520 | ) | 26.51 | (2,250 | ) | 23.52 | |||||||||||||||
Vested
|
(55,370 | ) | 31.68 | (89,106 | ) | 33.37 | (94,978 | ) | 31.42 | |||||||||||||||
Nonvested at end of
year
|
124,080 | 36.93 | 87,685 | 36.95 | 144,089 | 31.65 |
Nonvested
Shares Vesting Schedule
|
Number
of Shares
|
|||
2010
|
38,548 | |||
2011
|
35,647 | |||
2012
|
36,140 | |||
2013
|
13,745 | |||
Total Nonvested
Shares
|
124,080 |
Years
Ended December 31,
|
||||||||||||||||||||||||
Stock
Option Activity:
|
2009
|
2008
|
2007
|
|||||||||||||||||||||
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
Outstanding at beginning of
year
|
55,436 | $ | 20.51 | 76,656 | $ | 20.49 | 135,056 | $ | 21.10 | |||||||||||||||
Exercised
|
(50,686 | ) | 20.39 | (21,220 | ) | 20.43 | (58,400 | ) | 21.89 | |||||||||||||||
Outstanding at end of
year
|
4,750 | 21.80 | 55,436 | 20.51 | 76,656 | 20.49 | ||||||||||||||||||
Exercisable at end of
year
|
4,750 | $ | 21.80 | 55,436 | $ | 20.51 | 76,656 | $ | 20.49 |
Employee
outstanding stock options at December 31, 2009, all
exercisable:
|
|||||||||||||||
Exercise
Price Range
|
Number
|
Weighted
Average Remaining
Contractual
Life
|
Weighted
Average Exercise Price
|
Intrinsic
Value
|
|||||||||||
$ | 19.00 – 25.30 | 4,750 |
1.0
years
|
$ | 21.80 | $ | 78,000 |
Years
Ended December 31,
|
||||||||||||||||||||||||
Stock
Option Activity:
|
2009
|
2008
|
2007
|
|||||||||||||||||||||
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
Outstanding at beginning of
year
|
38,250 | $ | 23.29 | 42,750 | $ | 23.01 | 51,500 | $ | 22.93 | |||||||||||||||
Exercised
|
(6,750 | ) | 21.64 | (4,500 | ) | 20.63 | (8,750 | ) | 22.49 | |||||||||||||||
Outstanding at end of
year
|
31,500 | 23.65 | 38,250 | 23.29 | 42,750 | 23.01 | ||||||||||||||||||
Exercisable at end of
year
|
31,500 | $ | 23.65 | 38,250 | $ | 23.29 | 42,750 | $ | 23.01 |
Director
outstanding stock options at December 31, 2009, all
exercisable:
|
|||||||||||||||
Exercise
Price Range
|
Number
|
Weighted
Average Remaining
Contractual
Life
|
Weighted
Average Exercise Price
|
Intrinsic
Value
|
|||||||||||
$ | 21.40 - 26.60 | 31,500 |
2.0
years
|
$ | 23.65 | $ | 461,000 |
2009
|
2008
|
2007
|
||||||||||
ACCUMULATED
OTHER COMPREHENSIVE INCOME (LOSS):
|
(In
thousands)
|
|||||||||||
Balance at beginning of
year
|
$ | (522 | ) | (56 | ) | 314 | ||||||
Change in
fair value of interest rate swap
|
204 | (466 | ) | (370 | ) | |||||||
Balance at end of
year
|
$ | (318 | ) | (522 | ) | (56 | ) |
2009
|
2008
|
2007
|
||||||||||
(In
thousands)
|
||||||||||||
BASIC
EPS COMPUTATION FOR INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES,
INC.
|
||||||||||||
Numerator
– net income available to common
stockholders
|
$ | 26,659 | 32,134 | 27,110 | ||||||||
Denominator
– weighted average shares
outstanding
|
25,590 | 24,503 | 23,562 | |||||||||
DILUTED
EPS COMPUTATION FOR INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES,
INC.
|
||||||||||||
Numerator
– net income available to common
stockholders
|
$ | 26,659 | 32,134 | 27,110 | ||||||||
Denominator:
|
||||||||||||
Weighted
average shares outstanding
|
25,590 | 24,503 | 23,562 | |||||||||
Common
stock options
|
19 | 54 | 87 | |||||||||
Nonvested
restricted stock
|
81 | 96 | 132 | |||||||||
Total
Shares
|
25,690 | 24,653 | 23,781 |
2009
Quarter Ended (1)
|
2008
Quarter Ended (1)
|
|||||||||||||||||||||||||||||||
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
|||||||||||||||||||||||||
(In
thousands, except per share data)
|
||||||||||||||||||||||||||||||||
Revenues
|
$ | 43,538 | 43,189 | 43,349 | 42,931 | 40,833 | 41,564 | 43,401 | 44,070 | |||||||||||||||||||||||
Expenses
|
(35,659 | ) | (35,925 | ) | (37,067 | ) | (37,152 | ) | (32,621 | ) | (33,618 | ) | (35,430 | ) | (35,473 | ) | ||||||||||||||||
Income from continuing
operations
|
7,879 | 7,264 | 6,282 | 5,779 | 8,212 | 7,946 | 7,971 | 8,597 | ||||||||||||||||||||||||
Income
(loss) from discontinued
operations
|
(38 | ) | (38 | ) | (38 | ) | 4 | 35 | 1,937 | 70 | – | |||||||||||||||||||||
Net
income
|
7,841 | 7,226 | 6,244 | 5,783 | 8,247 | 9,883 | 8,041 | 8,597 | ||||||||||||||||||||||||
Net
income attributable to
noncontrolling interest
in joint
ventures
|
(163 | ) | (70 | ) | (97 | ) | (105 | ) | (156 | ) | (137 | ) | (169 | ) | (164 | ) | ||||||||||||||||
Net
income attributable to EastGroup
Properties,
Inc.
|
7,678 | 7,156 | 6,147 | 5,678 | 8,091 | 9,746 | 7,872 | 8,433 | ||||||||||||||||||||||||
Preferred
dividends – Series D
|
– | – | – | – | (656 | ) | (656 | ) | (14 | ) | – | |||||||||||||||||||||
Costs
on redemption of Series D
Preferred
shares
|
– | – | – | – | – | – | (682 | ) | – | |||||||||||||||||||||||
Net
income available to EastGroup
Properties,
Inc. common stockholders
|
$ | 7,678 | 7,156 | 6,147 | 5,678 | 7,435 | 9,090 | 7,176 | 8,433 | |||||||||||||||||||||||
BASIC
PER SHARE DATA FOR INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. (2)
|
||||||||||||||||||||||||||||||||
Net
income available to common
stockholders
|
$ | .31 | .28 | .24 | .22 | .31 | .37 | .29 | .34 | |||||||||||||||||||||||
Weighted average shares
outstanding
|
24,999 | 25,326 | 25,811 | 26,208 | 23,684 | 24,488 | 24,908 | 24,923 | ||||||||||||||||||||||||
DILUTED
PER SHARE DATA FOR INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. (2)
|
||||||||||||||||||||||||||||||||
Net
income available to common
stockholders
|
$ | .31 | .28 | .24 | .22 | .31 | .37 | .29 | .34 | |||||||||||||||||||||||
Weighted average shares
outstanding
|
25,070 | 25,413 | 25,916 | 26,327 | 23,829 | 24,647 | 25,069 | 25,059 |
(1)
|
Certain
reclassifications have been made to the quarterly data previously
disclosed due to the disposal of properties in 2009 and 2008 whose results
of operations were reclassified to discontinued operations in the
consolidated financial statements.
|
(2)
|
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,
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Financial
Assets
|
||||||||||||||||
Cash and cash
equivalents
|
$ | 1,062 | 1,062 | 293 | 293 | |||||||||||
Mortgage
loans receivable,
net
of
discount
|
4,155 | 4,289 | 4,174 | 4,189 | ||||||||||||
Financial
Liabilities
|
||||||||||||||||
Mortgage notes
payable
|
602,949 | 610,252 | 585,806 | 555,096 | ||||||||||||
Notes payable
to
banks
|
89,156 | 84,627 | 109,886 | 101,484 |
/s/
KPMG LLP
|
|
Jackson,
Mississippi
|
|
February
26,
2010
|
SCHEDULE
III
|
||||||||||||||||||||||||||||||||||||||||
REAL
ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
|
||||||||||||||||||||||||||||||||||||||||
DECEMBER
31, 2009 (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, 2009
|
Year
Acquired
|
Year
Constructed
|
||||||||||||||||||||||||||||||
Real
Estate Properties (c):
|
||||||||||||||||||||||||||||||||||||||||
Industrial:
|
||||||||||||||||||||||||||||||||||||||||
FLORIDA
|
||||||||||||||||||||||||||||||||||||||||
Jacksonville
|
||||||||||||||||||||||||||||||||||||||||
Deerwood
Distribution Center
|
$ | - | 1,147 | 1,799 | 1,468 | 1,147 | 3,267 | 4,414 | 1,653 | 1989 | 1978 | |||||||||||||||||||||||||||||
Phillips
Distribution Center
|
- | 1,375 | 2,961 | 3,613 | 1,375 | 6,574 | 7,949 | 3,337 | 1994 | 1984/95 | ||||||||||||||||||||||||||||||
Lake
Pointe Business Park (l)
|
15,434 | 3,442 | 6,450 | 4,895 | 3,442 | 11,345 | 14,787 | 6,552 | 1993 | 1986/87 | ||||||||||||||||||||||||||||||
Ellis
Distribution Center
|
- | 540 | 7,513 | 901 | 540 | 8,414 | 8,954 | 2,850 | 1997 | 1977 | ||||||||||||||||||||||||||||||
Westside
Distribution Center
|
- | 1,170 | 12,400 | 3,932 | 1,170 | 16,332 | 17,502 | 6,526 | 1997 | 1984 | ||||||||||||||||||||||||||||||
Beach
Commerce Center
|
- | 476 | 1,899 | 559 | 476 | 2,458 | 2,934 | 859 | 2000 | 2000 | ||||||||||||||||||||||||||||||
Interstate
Distribution Center
|
4,493 | 1,879 | 5,700 | 816 | 1,879 | 6,516 | 8,395 | 1,940 | 2005 | 1990 | ||||||||||||||||||||||||||||||
12th
Street Distribution Center
|
- | 841 | 2,974 | 1,356 | 841 | 4,330 | 5,171 | 101 | 2008 | 1985 | ||||||||||||||||||||||||||||||
Orlando
|
||||||||||||||||||||||||||||||||||||||||
Chancellor
Center
|
- | 291 | 1,711 | 145 | 291 | 1,856 | 2,147 | 778 | 1996/97 | 1996/97 | ||||||||||||||||||||||||||||||
Exchange
Distribution Center I
|
- | 603 | 2,414 | 1,576 | 603 | 3,990 | 4,593 | 2,277 | 1994 | 1975 | ||||||||||||||||||||||||||||||
Exchange
Distribution Center II
|
- | 300 | 945 | 76 | 300 | 1,021 | 1,321 | 412 | 2002 | 1976 | ||||||||||||||||||||||||||||||
Exchange
Distribution Center III
|
- | 320 | 997 | 17 | 320 | 1,014 | 1,334 | 400 | 2002 | 1980 | ||||||||||||||||||||||||||||||
Sunbelt
Distribution Center (j)
|
7,262 | 1,474 | 5,745 | 4,640 | 1,474 | 10,385 | 11,859 | 5,346 |
1989/97/98
|
1974/87/97/98
|
||||||||||||||||||||||||||||||
John
Young Commerce Center I
|
- | 497 | 2,444 | 622 | 497 | 3,066 | 3,563 | 1,187 | 1997/98 | 1997/98 | ||||||||||||||||||||||||||||||
John
Young Commerce Center II
|
- | 512 | 3,613 | 145 | 512 | 3,758 | 4,270 | 1,667 | 1998 | 1999 | ||||||||||||||||||||||||||||||
Altamonte
Commerce Center I
|
- | 1,518 | 2,661 | 1,590 | 1,518 | 4,251 | 5,769 | 2,077 | 1999 | 1980/82 | ||||||||||||||||||||||||||||||
Altamonte
Commerce Center II
|
- | 745 | 2,618 | 745 | 745 | 3,363 | 4,108 | 1,032 | 2003 | 1975 | ||||||||||||||||||||||||||||||
Sunport
Center I
|
- | 555 | 1,977 | 610 | 555 | 2,587 | 3,142 | 961 | 1999 | 1999 | ||||||||||||||||||||||||||||||
Sunport
Center II
|
- | 597 | 3,271 | 1,316 | 597 | 4,587 | 5,184 | 2,355 | 1999 | 2001 | ||||||||||||||||||||||||||||||
Sunport
Center III
|
- | 642 | 3,121 | 451 | 642 | 3,572 | 4,214 | 1,365 | 1999 | 2002 | ||||||||||||||||||||||||||||||
Sunport
Center IV
|
- | 642 | 2,917 | 600 | 642 | 3,517 | 4,159 | 960 | 1999 | 2004 | ||||||||||||||||||||||||||||||
Sunport
Center V
|
- | 750 | 2,509 | 1,866 | 750 | 4,375 | 5,125 | 1,372 | 1999 | 2005 | ||||||||||||||||||||||||||||||
Sunport
Center VI
|
- | 672 | - | 3,313 | 672 | 3,313 | 3,985 | 544 | 1999 | 2006 | ||||||||||||||||||||||||||||||
Southridge
I
|
- | 373 | - | 4,452 | 373 | 4,452 | 4,825 | 1,306 | 2003 | 2006 | ||||||||||||||||||||||||||||||
Southridge
II
|
- | 342 | - | 4,160 | 342 | 4,160 | 4,502 | 793 | 2003 | 2007 | ||||||||||||||||||||||||||||||
Southridge
III
|
- | 547 | - | 4,907 | 547 | 4,907 | 5,454 | 486 | 2003 | 2007 | ||||||||||||||||||||||||||||||
Southridge
IV
|
- | 506 | - | 4,333 | 506 | 4,333 | 4,839 | 659 | 2003 | 2006 | ||||||||||||||||||||||||||||||
Southridge
V
|
- | 382 | - | 4,158 | 382 | 4,158 | 4,540 | 892 | 2003 | 2006 | ||||||||||||||||||||||||||||||
Southridge
VI
|
- | 571 | - | 4,759 | 571 | 4,759 | 5,330 | 493 | 2003 | 2007 | ||||||||||||||||||||||||||||||
Southridge
VII
|
- | 520 | - | 6,039 | 520 | 6,039 | 6,559 | 505 | 2003 | 2008 | ||||||||||||||||||||||||||||||
Southridge
VIII
|
- | 531 | - | 6,240 | 531 | 6,240 | 6,771 | 148 | 2003 | 2008 | ||||||||||||||||||||||||||||||
Southridge
XII (p)
|
14,558 | 2,025 | - | 16,816 | 2,025 | 16,816 | 18,841 | 849 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Tampa
|
||||||||||||||||||||||||||||||||||||||||
56th
Street Commerce Park
|
- | 843 | 3,567 | 2,851 | 843 | 6,418 | 7,261 | 3,737 | 1993 |
1981/86/97
|
||||||||||||||||||||||||||||||
Jetport
Commerce Park
|
- | 1,575 | 6,591 | 3,199 | 1,575 | 9,790 | 11,365 | 5,271 | 1993-99 | 1974-85 | ||||||||||||||||||||||||||||||
Westport
Commerce Center
|
- | 980 | 3,800 | 2,223 | 980 | 6,023 | 7,003 | 3,119 | 1994 | 1983/87 | ||||||||||||||||||||||||||||||
Benjamin
Distribution Center I & II
|
- | 843 | 3,963 | 922 | 883 | 4,845 | 5,728 | 2,234 | 1997 | 1996 | ||||||||||||||||||||||||||||||
Benjamin
Distribution Center III
|
- | 407 | 1,503 | 321 | 407 | 1,824 | 2,231 | 1,157 | 1999 | 1988 | ||||||||||||||||||||||||||||||
Palm
River Center
|
- | 1,190 | 4,625 | 1,342 | 1,190 | 5,967 | 7,157 | 2,912 | 1997/98 |
1990/97/98
|
||||||||||||||||||||||||||||||
Palm
River North I & III (k)
|
5,403 | 1,005 | 4,688 | 1,996 | 1,005 | 6,684 | 7,689 | 2,492 | 1998 | 2000 | ||||||||||||||||||||||||||||||
Palm
River North II (k)
|
4,958 | 634 | 4,418 | 339 | 634 | 4,757 | 5,391 | 1,971 | 1997/98 | 1999 | ||||||||||||||||||||||||||||||
Palm
River South I
|
- | 655 | 3,187 | 350 | 655 | 3,537 | 4,192 | 967 | 2000 | 2005 | ||||||||||||||||||||||||||||||
Palm
River South II
|
- | 655 | - | 4,264 | 655 | 4,264 | 4,919 | 1,081 | 2000 | 2006 | ||||||||||||||||||||||||||||||
Walden
Distribution Center I
|
- | 337 | 3,318 | 329 | 337 | 3,647 | 3,984 | 1,328 | 1997/98 | 2001 | ||||||||||||||||||||||||||||||
Walden
Distribution Center II
|
- | 465 | 3,738 | 571 | 465 | 4,309 | 4,774 | 1,743 | 1998 | 1998 | ||||||||||||||||||||||||||||||
Oak
Creek Distribution Center I
|
- | 1,109 | 6,126 | 365 | 1,109 | 6,491 | 7,600 | 2,137 | 1998 | 1998 | ||||||||||||||||||||||||||||||
Oak
Creek Distribution Center II
|
- | 647 | 3,603 | 500 | 647 | 4,103 | 4,750 | 1,235 | 2003 | 2001 | ||||||||||||||||||||||||||||||
Oak
Creek Distribution Center III
|
- | 439 | - | 3,151 | 556 | 3,034 | 3,590 | 471 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Oak
Creek Distribution Center IV
|
3,838 | 805 | 6,472 | (2 | ) | 805 | 6,470 | 7,275 | 1,165 | 2005 | 2001 | |||||||||||||||||||||||||||||
Oak
Creek Distribution Center V
|
- | 724 | - | 5,684 | 916 | 5,492 | 6,408 | 536 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Oak
Creek Distribution Center VI
|
- | 642 | - | 5,014 | 812 | 4,844 | 5,656 | 207 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Oak
Creek Distribution Center A
|
- | 185 | - | 1,326 | 185 | 1,326 | 1,511 | 31 | 2005 | 2008 |
Oak
Creek Distribution Center B
|
- | 227 | - | 1,485 | 227 | 1,485 | 1,712 | 50 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Airport
Commerce Center
|
- | 1,257 | 4,012 | 712 | 1,257 | 4,724 | 5,981 | 1,702 | 1998 | 1998 | ||||||||||||||||||||||||||||||
Westlake
Distribution Center (k)
|
6,884 | 1,333 | 6,998 | 1,018 | 1,333 | 8,016 | 9,349 | 3,391 | 1998 | 1998/99 | ||||||||||||||||||||||||||||||
Expressway
Commerce Center I
|
- | 915 | 5,346 | 349 | 915 | 5,695 | 6,610 | 1,587 | 2002 | 2004 | ||||||||||||||||||||||||||||||
Expressway Commerce Center II | - | 1,013 | 3,247 | 183 | 1,013 | 3,430 | 4,443 | 1,108 | 2003 | 2001 | ||||||||||||||||||||||||||||||
Fort
Myers
|
||||||||||||||||||||||||||||||||||||||||
SunCoast
I
|
- | 911 | - | 4,660 | 928 | 4,643 | 5,571 | 336 | 2005 | 2008 | ||||||||||||||||||||||||||||||
SunCoast
II
|
- | 911 | - | 4,731 | 928 | 4,714 | 5,642 | 544 | 2005 | 2007 | ||||||||||||||||||||||||||||||
SunCoast
III
|
- | 1,720 | - | 5,235 | 1,763 | 5,192 | 6,955 | 65 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Fort
Lauderdale/Pompano Beach area
|
||||||||||||||||||||||||||||||||||||||||
Linpro
Commerce Center
|
- | 613 | 2,243 | 1,247 | 616 | 3,487 | 4,103 | 2,065 | 1996 | 1986 | ||||||||||||||||||||||||||||||
Cypress
Creek Business Park
|
- | - | 2,465 | 1,365 | - | 3,830 | 3,830 | 1,805 | 1997 | 1986 | ||||||||||||||||||||||||||||||
Lockhart
Distribution Center
|
- | - | 3,489 | 2,018 | - | 5,507 | 5,507 | 2,441 | 1997 | 1986 | ||||||||||||||||||||||||||||||
Interstate
Commerce Center
|
- | 485 | 2,652 | 601 | 485 | 3,253 | 3,738 | 1,461 | 1998 | 1988 | ||||||||||||||||||||||||||||||
Sample
95 Business Park
|
- | 2,202 | 8,785 | 2,159 | 2,202 | 10,944 | 13,146 | 4,748 | 1996/98 | 1990/99 | ||||||||||||||||||||||||||||||
Blue
Heron Distribution Center
|
- | 975 | 3,626 | 1,619 | 975 | 5,245 | 6,220 | 2,065 | 1999 | 1986 | ||||||||||||||||||||||||||||||
Blue
Heron Distribution Center II
|
1,524 | 1,385 | 4,222 | 764 | 1,385 | 4,986 | 6,371 | 1,379 | 2004 | 1988 | ||||||||||||||||||||||||||||||
Executive
Airport Commerce Ctr
|
- | 1,991 | 4,857 | 4,787 | 1,991 | 9,644 | 11,635 | 2,321 | 2001 | 2004/06 | ||||||||||||||||||||||||||||||
NORTH
CAROLINA
|
||||||||||||||||||||||||||||||||||||||||
Charlotte
|
||||||||||||||||||||||||||||||||||||||||
NorthPark
Business Park (f)
|
17,607 | 2,758 | 15,932 | 384 | 2,758 | 16,316 | 19,074 | 3,273 | 2006 | 1987-89 | ||||||||||||||||||||||||||||||
Commerce
Park 1 (o)
|
4,491 | 765 | 4,303 | 290 | 765 | 4,593 | 5,358 | 610 | 2007 | 1983 | ||||||||||||||||||||||||||||||
Lindbergh
Business Park
|
- | 470 | 3,401 | 186 | 470 | 3,587 | 4,057 | 583 | 2007 | 2001/03 | ||||||||||||||||||||||||||||||
Nations
Ford Business Park (o)
|
17,021 | 3,924 | 16,171 | 212 | 3,924 | 16,383 | 20,307 | 3,439 | 2007 | 1989/94 | ||||||||||||||||||||||||||||||
Airport
Commerce Center (p)
|
8,997 | 1,454 | 10,136 | 55 | 1,454 | 10,191 | 11,645 | 757 | 2008 | 2001/02 | ||||||||||||||||||||||||||||||
Interchange
Park (p)
|
6,907 | 986 | 7,949 | 5 | 986 | 7,954 | 8,940 | 633 | 2008 | 1989 | ||||||||||||||||||||||||||||||
Ridge
Creek Distribution Center (p)
|
11,449 | 1,284 | 13,163 | 371 | 1,284 | 13,534 | 14,818 | 771 | 2008 | 2006 | ||||||||||||||||||||||||||||||
Waterford
Distribution Center (p)
|
3,128 | 654 | 3,392 | 3 | 654 | 3,395 | 4,049 | 185 | 2008 | 2000 | ||||||||||||||||||||||||||||||
CALIFORNIA
|
||||||||||||||||||||||||||||||||||||||||
San
Francisco area
|
||||||||||||||||||||||||||||||||||||||||
Wiegman
Distribution Center (m)
|
12,942 | 2,197 | 8,788 | 1,411 | 2,308 | 10,088 | 12,396 | 3,593 | 1996 | 1986/87 | ||||||||||||||||||||||||||||||
Huntwood
Distribution Center (m)
|
21,409 | 3,842 | 15,368 | 1,296 | 3,842 | 16,664 | 20,506 | 6,427 | 1996 | 1988 | ||||||||||||||||||||||||||||||
San
Clemente Distribution Center
|
- | 893 | 2,004 | 837 | 893 | 2,841 | 3,734 | 750 | 1997 | 1978 | ||||||||||||||||||||||||||||||
Yosemite
Distribution Center
|
- | 259 | 7,058 | 992 | 259 | 8,050 | 8,309 | 2,773 | 1999 | 1974/87 | ||||||||||||||||||||||||||||||
Los
Angeles area
|
||||||||||||||||||||||||||||||||||||||||
Kingsview
Industrial Center (e)
|
2,894 | 643 | 2,573 | 30 | 643 | 2,603 | 3,246 | 930 | 1996 | 1980 | ||||||||||||||||||||||||||||||
Dominguez
Distribution Center (e)
|
9,987 | 2,006 | 8,025 | 1,170 | 2,006 | 9,195 | 11,201 | 3,902 | 1996 | 1977 | ||||||||||||||||||||||||||||||
Main
Street Distribution Center (i)
|
3,789 | 1,606 | 4,103 | 569 | 1,606 | 4,672 | 6,278 | 1,800 | 1999 | 1999 | ||||||||||||||||||||||||||||||
Walnut
Business Center (e)
|
7,697 | 2,885 | 5,274 | 474 | 2,885 | 5,748 | 8,633 | 2,256 | 1996 | 1966/90 | ||||||||||||||||||||||||||||||
Washington
Distribution Center (e)
|
6,337 | 1,636 | 4,900 | 572 | 1,636 | 5,472 | 7,108 | 1,960 | 1997 | 1996/97 | ||||||||||||||||||||||||||||||
Chino
Distribution Center (f)
|
12,413 | 2,544 | 10,175 | 729 | 2,544 | 10,904 | 13,448 | 3,967 | 1998 | 1980 | ||||||||||||||||||||||||||||||
Industry
Distribution Center I (e)
|
21,078 | 10,230 | 12,373 | 1,038 | 10,230 | 13,411 | 23,641 | 4,956 | 1998 | 1959 | ||||||||||||||||||||||||||||||
Industry
Distribution Center III (e)
|
2,495 | - | 3,012 | (214 | ) | - | 2,798 | 2,798 | 1,827 | 2007 | 1992 | |||||||||||||||||||||||||||||
Chestnut
Business Center (i)
|
3,187 | 1,674 | 3,465 | 142 | 1,674 | 3,607 | 5,281 | 1,165 | 1998 | 1999 | ||||||||||||||||||||||||||||||
Los
Angeles Corporate Center
|
- | 1,363 | 5,453 | 1,965 | 1,363 | 7,418 | 8,781 | 3,178 | 1996 | 1986 | ||||||||||||||||||||||||||||||
Santa
Barbara
|
||||||||||||||||||||||||||||||||||||||||
University
Business Center
|
13,209 | 5,517 | 22,067 | 3,927 | 5,520 | 25,991 | 31,511 | 9,955 | 1996 | 1987/88 | ||||||||||||||||||||||||||||||
Castilian
Research Center
|
- | 2,719 | 1,410 | 4,827 | 2,719 | 6,237 | 8,956 | 422 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Fresno
|
||||||||||||||||||||||||||||||||||||||||
Shaw
Commerce Center (e)
|
15,649 | 2,465 | 11,627 | 3,460 | 2,465 | 15,087 | 17,552 | 6,039 | 1998 |
1978/81/87
|
||||||||||||||||||||||||||||||
San
Diego
|
||||||||||||||||||||||||||||||||||||||||
Eastlake
Distribution Center (o)
|
9,399 | 3,046 | 6,888 | 1,279 | 3,046 | 8,167 | 11,213 | 3,250 | 1997 | 1989 |
TEXAS
|
||||||||||||||||||||||||||||||||||||||||
Dallas
|
||||||||||||||||||||||||||||||||||||||||
Interstate
Distribution Center I & II (h)
|
4,439 | 1,746 | 4,941 | 1,821 | 1,746 | 6,762 | 8,508 | 4,319 | 1988 | 1978 | ||||||||||||||||||||||||||||||
Interstate
Distribution Center III (h)
|
1,673 | 519 | 2,008 | 680 | 519 | 2,688 | 3,207 | 1,116 | 2000 | 1979 | ||||||||||||||||||||||||||||||
Interstate
Distribution Center IV
|
- | 416 | 2,481 | 128 | 416 | 2,609 | 3,025 | 735 | 2004 | 2002 | ||||||||||||||||||||||||||||||
Interstate
Distribution Center V, VI, & VII
|
- | 1,824 | 4,106 | 68 | 1,824 | 4,174 | 5,998 | 219 | 2009 |
1979/80/81
|
||||||||||||||||||||||||||||||
Venture
Warehouses (h)
|
3,591 | 1,452 | 3,762 | 1,668 | 1,452 | 5,430 | 6,882 | 3,280 | 1988 | 1979 | ||||||||||||||||||||||||||||||
Stemmons
Circle (h)
|
1,426 | 363 | 2,014 | 355 | 363 | 2,369 | 2,732 | 1,170 | 1998 | 1977 | ||||||||||||||||||||||||||||||
Ambassador
Row Warehouses
|
- | 1,156 | 4,625 | 1,587 | 1,156 | 6,212 | 7,368 | 3,290 | 1998 | 1958/65 | ||||||||||||||||||||||||||||||
North
Stemmons II
|
- | 150 | 583 | 183 | 150 | 766 | 916 | 288 | 2002 | 1971 | ||||||||||||||||||||||||||||||
North
Stemmons III
|
- | 380 | 2,066 | 2 | 380 | 2,068 | 2,448 | 189 | 2007 | 1974 | ||||||||||||||||||||||||||||||
Shady
Trail Distribution Center (k)
|
3,069 | 635 | 3,621 | 468 | 635 | 4,089 | 4,724 | 977 | 2003 | 1998 | ||||||||||||||||||||||||||||||
Houston
|
||||||||||||||||||||||||||||||||||||||||
Northwest
Point Business Park (j)
|
6,035 | 1,243 | 5,640 | 2,970 | 1,243 | 8,610 | 9,853 | 4,446 | 1994 | 1984/85 | ||||||||||||||||||||||||||||||
Lockwood
Distribution Center (j)
|
4,911 | 749 | 5,444 | 1,827 | 749 | 7,271 | 8,020 | 2,669 | 1997 | 1968/69 | ||||||||||||||||||||||||||||||
West
Loop Distribution Center (h)
|
3,738 | 905 | 4,383 | 1,877 | 905 | 6,260 | 7,165 | 2,734 | 1997/2000 | 1980 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 1 & 2 (f)
|
7,041 | 660 | 5,893 | 1,075 | 660 | 6,968 | 7,628 | 3,001 | 1998 | 1996 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 3, 4 & 5 (g)
|
4,726 | 1,025 | 6,413 | 328 | 1,025 | 6,741 | 7,766 | 2,924 | 1998 | 1998 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 6 (g)
|
2,140 | 425 | 2,423 | 373 | 425 | 2,796 | 3,221 | 1,004 | 1998 | 1998 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 7 & 8 (g)
|
5,439 | 680 | 4,584 | 3,309 | 680 | 7,893 | 8,573 | 3,328 | 1998 | 1998 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 9 (g)
|
4,726 | 800 | 4,355 | 1,460 | 800 | 5,815 | 6,615 | 1,637 | 1998 | 1998 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 10 (j)
|
3,675 | 933 | 4,779 | 289 | 933 | 5,068 | 6,001 | 1,412 | 2001 | 1999 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 11 (j)
|
3,251 | 638 | 3,764 | 906 | 638 | 4,670 | 5,308 | 1,493 | 1999 | 1999 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 12 (i)
|
1,784 | 340 | 2,419 | 198 | 340 | 2,617 | 2,957 | 964 | 2000 | 2002 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 13 (i)
|
1,845 | 282 | 2,569 | 206 | 282 | 2,775 | 3,057 | 1,432 | 2000 | 2002 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 14 (j)
|
2,297 | 722 | 2,629 | 400 | 722 | 3,029 | 3,751 | 1,146 | 2000 | 2003 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 15 (o)
|
5,346 | 731 | - | 5,647 | 731 | 5,647 | 6,378 | 1,137 | 2000 | 2007 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 16 (n)
|
4,464 | 519 | 4,248 | 159 | 519 | 4,407 | 4,926 | 1,231 | 2000 | 2005 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 17 (k)
|
2,682 | 373 | 1,945 | 758 | 373 | 2,703 | 3,076 | 551 | 2000 | 2004 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 18
|
- | 323 | 1,512 | 27 | 323 | 1,539 | 1,862 | 365 | 2005 | 1995 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 19 (l)
|
3,613 | 373 | 2,256 | 833 | 373 | 3,089 | 3,462 | 1,218 | 2000 | 2004 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 20 (l)
|
4,271 | 1,008 | 1,948 | 1,136 | 1,008 | 3,084 | 4,092 | 1,057 | 2000 | 2004 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 21 (f)
|
3,609 | 436 | - | 3,474 | 436 | 3,474 | 3,910 | 413 | 2000/03 | 2006 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 22 (o)
|
3,894 | 436 | - | 4,210 | 436 | 4,210 | 4,646 | 510 | 2000 | 2007 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 23 (f)
|
7,325 | 910 | - | 7,026 | 910 | 7,026 | 7,936 | 756 | 2000 | 2007 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 24 (p)
|
4,821 | 837 | - | 5,403 | 837 | 5,403 | 6,240 | 502 | 2005 | 2008 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 25 (p)
|
3,185 | 508 | - | 3,615 | 508 | 3,615 | 4,123 | 219 | 2005 | 2008 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 26
|
- | 445 | - | 3,145 | 445 | 3,145 | 3,590 | 92 | 2005 | 2008 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 27 (p)
|
4,473 | 837 | - | 4,953 | 837 | 4,953 | 5,790 | 211 | 2005 | 2008 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 28
|
- | 550 | - | 4,040 | 550 | 4,040 | 4,590 | 113 | 2005 | 2009 | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 29
|
- | 782 | - | 4,127 | 974 | 3,935 | 4,909 | 69 | 2007 | 2009 | ||||||||||||||||||||||||||||||
America
Plaza (g)
|
3,388 | 662 | 4,660 | 613 | 662 | 5,273 | 5,935 | 2,125 | 1998 | 1996 | ||||||||||||||||||||||||||||||
Central
Green Distribution Center (g)
|
3,032 | 566 | 4,031 | 97 | 566 | 4,128 | 4,694 | 1,599 | 1999 | 1998 | ||||||||||||||||||||||||||||||
Glenmont
Business Park (h)
|
4,698 | 936 | 6,161 | 1,908 | 937 | 8,068 | 9,005 | 2,941 | 1998 | 1999/2000 | ||||||||||||||||||||||||||||||
Techway
Southwest I (j)
|
3,770 | 729 | 3,765 | 1,663 | 729 | 5,428 | 6,157 | 1,747 | 2000 | 2001 | ||||||||||||||||||||||||||||||
Techway
Southwest II (l)
|
4,777 | 550 | 3,689 | 338 | 550 | 4,027 | 4,577 | 1,236 | 2000 | 2004 | ||||||||||||||||||||||||||||||
Techway
Southwest III (o)
|
4,841 | 597 | - | 5,178 | 751 | 5,024 | 5,775 | 882 | 1999 | 2006 | ||||||||||||||||||||||||||||||
Techway
Southwest IV
|
- | 535 | - | 5,639 | 674 | 5,500 | 6,174 | 173 | 1999 | 2008 | ||||||||||||||||||||||||||||||
Beltway
Crossing I (j)
|
4,513 | 458 | 5,712 | 1,200 | 458 | 6,912 | 7,370 | 2,276 | 2002 | 2001 | ||||||||||||||||||||||||||||||
Beltway
Crossing II (o)
|
2,653 | 415 | - | 2,750 | 415 | 2,750 | 3,165 | 361 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Beltway
Crossing III (o)
|
2,874 | 460 | - | 2,969 | 460 | 2,969 | 3,429 | 363 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Beltway
Crossing IV (o)
|
2,888 | 460 | - | 2,985 | 460 | 2,985 | 3,445 | 469 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Beltway
Crossing V
|
- | 701 | - | 4,702 | 701 | 4,702 | 5,403 | 299 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Beltway
Crossing VI
|
- | 618 | - | 5,808 | 618 | 5,808 | 6,426 | 143 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Kirby
Business Center (k)
|
3,012 | 530 | 3,153 | 313 | 530 | 3,466 | 3,996 | 693 | 2004 | 1980 | ||||||||||||||||||||||||||||||
Clay
Campbell Distribution Center
|
- | 742 | 2,998 | 361 | 742 | 3,359 | 4,101 | 922 | 2005 | 1982 |
El
Paso
|
||||||||||||||||||||||||||||||||||||||||
Butterfield
Trail (h)
|
13,235 | - | 20,725 | 4,641 | - | 25,366 | 25,366 | 11,946 | 1997/2000 | 1987/95 | ||||||||||||||||||||||||||||||
Rojas
Commerce Park (h)
|
3,534 | 900 | 3,659 | 2,215 | 900 | 5,874 | 6,774 | 3,462 | 1999 | 1986 | ||||||||||||||||||||||||||||||
Americas
Ten Business Center I (k)
|
2,961 | 526 | 2,778 | 1,085 | 526 | 3,863 | 4,389 | 1,440 | 2001 | 2003 | ||||||||||||||||||||||||||||||
San
Antonio
|
||||||||||||||||||||||||||||||||||||||||
Alamo
Downs Distribution Center (n)
|
7,450 | 1,342 | 6,338 | 541 | 1,342 | 6,879 | 8,221 | 2,350 | 2004 | 1986/2002 | ||||||||||||||||||||||||||||||
Arion
Business Park (n)
|
34,167 | 4,143 | 31,432 | 2,127 | 4,143 | 33,559 | 37,702 | 9,175 | 2005 | 1988-2000/06 | ||||||||||||||||||||||||||||||
Arion
14 (n)
|
3,356 | 423 | - | 3,280 | 423 | 3,280 | 3,703 | 484 | 2005 | 2006 | ||||||||||||||||||||||||||||||
Arion
16 (f)
|
3,611 | 427 | - | 3,485 | 427 | 3,485 | 3,912 | 331 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Arion
17 (n)
|
3,633 | 616 | - | 3,393 | 616 | 3,393 | 4,009 | 507 | 2005 | 2007 | ||||||||||||||||||||||||||||||
Arion
18
|
- | 418 | - | 2,316 | 418 | 2,316 | 2,734 | 230 | 2005 | 2008 | ||||||||||||||||||||||||||||||
Wetmore
Business Center (o)
|
11,685 | 1,494 | 10,804 | 1,642 | 1,494 | 12,446 | 13,940 | 3,148 | 2005 | 1998/99 | ||||||||||||||||||||||||||||||
Wetmore
Phase II, Building A
|
- | 412 | - | 2,972 | 412 | 2,972 | 3,384 | 306 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Wetmore
Phase II, Building B
|
- | 505 | - | 3,285 | 505 | 3,285 | 3,790 | 172 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Wetmore
Phase II, Building C
|
- | 546 | - | 3,178 | 546 | 3,178 | 3,724 | 127 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Wetmore
Phase II, Building D
|
- | 1,056 | - | 7,290 | 1,056 | 7,290 | 8,346 | 372 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Fairgrounds
Business Park (o)
|
9,167 | 1,644 | 8,209 | 1,084 | 1,644 | 9,293 | 10,937 | 1,331 | 2007 | 1985/86 | ||||||||||||||||||||||||||||||
ARIZONA
|
||||||||||||||||||||||||||||||||||||||||
Phoenix
area
|
||||||||||||||||||||||||||||||||||||||||
Broadway
Industrial Park I (i)
|
2,940 | 837 | 3,349 | 686 | 837 | 4,035 | 4,872 | 1,769 | 1996 | 1971 | ||||||||||||||||||||||||||||||
Broadway
Industrial Park II
|
- | 455 | 482 | 145 | 455 | 627 | 1,082 | 314 | 1999 | 1971 | ||||||||||||||||||||||||||||||
Broadway
Industrial Park III (i)
|
1,631 | 775 | 1,742 | 186 | 775 | 1,928 | 2,703 | 792 | 2000 | 1983 | ||||||||||||||||||||||||||||||
Broadway
Industrial Park IV (i)
|
1,694 | 380 | 1,652 | 775 | 380 | 2,427 | 2,807 | 771 | 2000 | 1986 | ||||||||||||||||||||||||||||||
Broadway
Industrial Park V (j)
|
949 | 353 | 1,090 | 106 | 353 | 1,196 | 1,549 | 454 | 2002 | 1980 | ||||||||||||||||||||||||||||||
Broadway
Industrial Park VI (f)
|
2,636 | 599 | 1,855 | 402 | 599 | 2,257 | 2,856 | 838 | 2002 | 1979 | ||||||||||||||||||||||||||||||
Kyrene
Distribution Center
|
505 | 850 | 2,044 | 378 | 850 | 2,422 | 3,272 | 1,141 | 1999 | 1981 | ||||||||||||||||||||||||||||||
Kyrene
Distribution Center II
|
- | 640 | 2,409 | 660 | 640 | 3,069 | 3,709 | 1,240 | 1999 | 2001 | ||||||||||||||||||||||||||||||
Metro
Business Park
|
- | 1,927 | 7,708 | 4,728 | 1,927 | 12,436 | 14,363 | 5,357 | 1996 | 1977/79 | ||||||||||||||||||||||||||||||
35th
Avenue Distribution Center (j)
|
1,928 | 418 | 2,381 | 350 | 418 | 2,731 | 3,149 | 921 | 1997 | 1967 | ||||||||||||||||||||||||||||||
Estrella
Distribution Center
|
- | 628 | 4,694 | 862 | 628 | 5,556 | 6,184 | 1,767 | 1998 | 1988 | ||||||||||||||||||||||||||||||
51st
Avenue Distribution Center (i)
|
1,692 | 300 | 2,029 | 474 | 300 | 2,503 | 2,803 | 1,014 | 1998 | 1987 | ||||||||||||||||||||||||||||||
East
University Distribution Center I and II (f)
|
5,631 | 1,120 | 4,482 | 499 | 1,120 | 4,981 | 6,101 | 2,080 | 1998 | 1987/89 | ||||||||||||||||||||||||||||||
55th
Avenue Distribution Center (f)
|
4,934 | 912 | 3,717 | 717 | 917 | 4,429 | 5,346 | 1,806 | 1998 | 1987 | ||||||||||||||||||||||||||||||
Interstate
Commons Dist Ctr I
|
- | 798 | 3,632 | 448 | 798 | 4,080 | 4,878 | 1,658 | 1999 | 1988 | ||||||||||||||||||||||||||||||
Interstate
Commons Dist Ctr II
|
- | 320 | 2,448 | 322 | 320 | 2,770 | 3,090 | 899 | 1999 | 2000 | ||||||||||||||||||||||||||||||
Interstate
Commons Dist Ctr III
|
- | 242 | - | 2,881 | 242 | 2,881 | 3,123 | 205 | 2000 | 2008 | ||||||||||||||||||||||||||||||
Southpark
Distribution Center (i)
|
2,550 | 918 | 2,738 | 570 | 918 | 3,308 | 4,226 | 1,011 | 2001 | 2000 | ||||||||||||||||||||||||||||||
Airport
Commons
|
- | 1,000 | 1,510 | 563 | 1,000 | 2,073 | 3,073 | 655 | 2003 | 1971 | ||||||||||||||||||||||||||||||
Santan
10 Distribution Center I (n)
|
3,382 | 846 | 2,647 | 239 | 846 | 2,886 | 3,732 | 915 | 2001 | 2005 | ||||||||||||||||||||||||||||||
Santan
10 Distribution Center II (f)
|
5,294 | 1,088 | - | 4,647 | 1,088 | 4,647 | 5,735 | 657 | 2004 | 2007 | ||||||||||||||||||||||||||||||
40th
Avenue Distribution Center
|
- | 703 | - | 6,012 | 703 | 6,012 | 6,715 | 255 | 2004 | 2008 | ||||||||||||||||||||||||||||||
Sky
Harbor Business Park
|
- | 5,839 | - | 19,489 | 5,839 | 19,489 | 25,328 | 261 | 2006 | 2008 | ||||||||||||||||||||||||||||||
Tucson
|
||||||||||||||||||||||||||||||||||||||||
Country
Club I (l)
|
5,865 | 506 | 3,564 | 1,549 | 506 | 5,113 | 5,619 | 1,439 | 1997/2003 | 1994/2003 | ||||||||||||||||||||||||||||||
Country
Club II
|
- | 442 | 3,381 | 4 | 442 | 3,385 | 3,827 | 336 | 2007 | 2000 | ||||||||||||||||||||||||||||||
Airport
Distribution Center (i)
|
4,283 | 1,103 | 4,672 | 1,322 | 1,103 | 5,994 | 7,097 | 2,338 | 1998 | 1995 | ||||||||||||||||||||||||||||||
Southpointe
Distribution Center (i)
|
4,183 | - | 3,982 | 2,950 | - | 6,932 | 6,932 | 2,486 | 1999 | 1989 | ||||||||||||||||||||||||||||||
Benan
Distribution Center
|
- | 707 | 1,842 | 394 | 707 | 2,236 | 2,943 | 767 | 2005 | 2001 | ||||||||||||||||||||||||||||||
NEVADA
|
||||||||||||||||||||||||||||||||||||||||
Las
Vegas
|
||||||||||||||||||||||||||||||||||||||||
Arville
Distribution Center
|
- | 4,933 | 5,094 | 17 | 4,933 | 5,111 | 10,044 | 255 | 2009 | 1997 | ||||||||||||||||||||||||||||||
TENNESSEE
|
||||||||||||||||||||||||||||||||||||||||
Memphis
|
||||||||||||||||||||||||||||||||||||||||
Air
Park Distribution Center I
|
- | 250 | 1,916 | 738 | 250 | 2,654 | 2,904 | 962 | 1998 | 1975 |
LOUISIANA
|
||||||||||||||||||||||||||||||||||||||||
New
Orleans
|
||||||||||||||||||||||||||||||||||||||||
Elmwood
Business Park
|
- | 2,861 | 6,337 | 2,993 | 2,861 | 9,330 | 12,191 | 5,096 | 1997 | 1979 | ||||||||||||||||||||||||||||||
Riverbend
Business Park
|
- | 2,592 | 17,623 | 2,117 | 2,592 | 19,740 | 22,332 | 8,427 | 1997 | 1984 | ||||||||||||||||||||||||||||||
COLORADO
|
||||||||||||||||||||||||||||||||||||||||
Denver
|
||||||||||||||||||||||||||||||||||||||||
Rampart
Distribution Center I (n)
|
5,233 | 1,023 | 3,861 | 890 | 1,023 | 4,751 | 5,774 | 2,689 | 1988 | 1987 | ||||||||||||||||||||||||||||||
Rampart
Distribution Center II (n)
|
3,719 | 230 | 2,977 | 897 | 230 | 3,874 | 4,104 | 2,098 | 1996/97 | 1996/97 | ||||||||||||||||||||||||||||||
Rampart
Distribution Center III (n)
|
5,685 | 1,098 | 3,884 | 1,291 | 1,098 | 5,175 | 6,273 | 1,982 | 1997/98 | 1999 | ||||||||||||||||||||||||||||||
Concord
Distribution Center
|
- | 1,051 | 4,773 | 45 | 1,051 | 4,818 | 5,869 | 628 | 2007 | 2000 | ||||||||||||||||||||||||||||||
Centennial
Park
|
- | 750 | 3,319 | 1,697 | 750 | 5,016 | 5,766 | 305 | 2007 | 1990 | ||||||||||||||||||||||||||||||
OKLAHOMA
|
||||||||||||||||||||||||||||||||||||||||
Oklahoma
City
|
||||||||||||||||||||||||||||||||||||||||
Northpointe
Commerce Center
|
- | 777 | 3,113 | 726 | 998 | 3,618 | 4,616 | 1,203 | 1998 | 1996/97 | ||||||||||||||||||||||||||||||
Tulsa
|
||||||||||||||||||||||||||||||||||||||||
Braniff
Park West
|
- | 1,066 | 4,641 | 2,296 | 1,066 | 6,937 | 8,003 | 3,422 | 1996 | 1974 | ||||||||||||||||||||||||||||||
MISSISSIPPI
|
||||||||||||||||||||||||||||||||||||||||
Interchange
Business Park (i)
|
4,365 | 343 | 5,007 | 1,884 | 343 | 6,891 | 7,234 | 3,196 | 1997 | 1981 | ||||||||||||||||||||||||||||||
Tower
Automotive
|
9,175 | - | 9,958 | 1,190 | 17 | 11,131 | 11,148 | 2,558 | 2001 | 2002 | ||||||||||||||||||||||||||||||
Metro
Airport Commerce Center I
|
- | 303 | 1,479 | 921 | 303 | 2,400 | 2,703 | 878 | 2001 | 2003 | ||||||||||||||||||||||||||||||
601,447 | 207,188 | 758,747 | 404,653 | 208,630 | 1,161,958 | 1,370,588 | 354,617 | |||||||||||||||||||||||||||||||||
Industrial
Development (d):
|
||||||||||||||||||||||||||||||||||||||||
FLORIDA
|
||||||||||||||||||||||||||||||||||||||||
Oak
Creek Distribution Center IX
|
- | 618 | - | 4,533 | 781 | 4,370 | 5,151 | - | 2005 | n/a | ||||||||||||||||||||||||||||||
Oak
Creek land
|
- | 1,946 | - | 1,973 | 2,374 | 1,545 | 3,919 | - | 2005 | n/a | ||||||||||||||||||||||||||||||
Southridge
land
|
- | 1,395 | - | 3,883 | 1,395 | 3,883 | 5,278 | - | 2003 | n/a | ||||||||||||||||||||||||||||||
Sand
Lake land
|
- | 14,072 | - | 1,676 | 14,143 | 1,605 | 15,748 | - | 2008/09 | n/a | ||||||||||||||||||||||||||||||
Blue
Heron III
|
- | 450 | - | 2,100 | 450 | 2,100 | 2,550 | - | 2004 | n/a | ||||||||||||||||||||||||||||||
SunCoast
land
|
- | 10,926 | - | 4,997 | 11,156 | 4,767 | 15,923 | - | 2006 | n/a | ||||||||||||||||||||||||||||||
NORTH
CAROLINA
|
||||||||||||||||||||||||||||||||||||||||
Airport
Commerce Center III land
|
- | 855 | - | 240 | 855 | 240 | 1,095 | - | 2008 | n/a | ||||||||||||||||||||||||||||||
TEXAS
|
||||||||||||||||||||||||||||||||||||||||
North
Stemmons land (i)
|
387 | 537 | - | 104 | 537 | 104 | 641 | - | 2001 | n/a | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr 30
|
- | 981 | - | 4,899 | 1,222 | 4,658 | 5,880 | 29 | 2007 | n/a | ||||||||||||||||||||||||||||||
Beltway
Crossing VII
|
- | 765 | - | 4,880 | 765 | 4,880 | 5,645 | 67 | 2005 | n/a | ||||||||||||||||||||||||||||||
World
Houston Int'l Business Ctr land
|
- | 3,636 | - | 1,720 | 3,636 | 1,720 | 5,356 | - |
2000/05/06/08
|
n/a | ||||||||||||||||||||||||||||||
Beltway
Crossing land
|
- | 721 | - | 425 | 721 | 425 | 1,146 | - | 2005 | n/a | ||||||||||||||||||||||||||||||
Beltway
Crossing Phase II land
|
- | 1,841 | - | 682 | 1,841 | 682 | 2,523 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
Lee
Road land
|
- | 4,214 | - | 2,033 | 5,253 | 994 | 6,247 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
Americas
Ten Business Center II & III land
|
- | 1,365 | - | 1,079 | 1,365 | 1,079 | 2,444 | - | 2001 | n/a | ||||||||||||||||||||||||||||||
Arion
8 expansion (n)
|
46 | - | - | 51 | - | 51 | 51 | - | 2005 | n/a | ||||||||||||||||||||||||||||||
Alamo
Ridge land
|
- | 2,288 | - | 1,136 | 2,288 | 1,136 | 3,424 | - | 2007 | n/a | ||||||||||||||||||||||||||||||
Thousand
Oaks land
|
- | 2,173 | - | 550 | 2,173 | 550 | 2,723 | - | 2008 | n/a | ||||||||||||||||||||||||||||||
ARIZONA
|
||||||||||||||||||||||||||||||||||||||||
Airport
Distribution Center II land
|
- | 300 | - | 117 | 300 | 117 | 417 | - | 2000 | n/a | ||||||||||||||||||||||||||||||
Country
Club III & IV
|
- | 1,407 | - | 9,320 | 1,407 | 9,320 | 10,727 | 32 | 2007 | n/a | ||||||||||||||||||||||||||||||
MISSISSIPPI
|
||||||||||||||||||||||||||||||||||||||||
Metro
Airport Commerce Center II land
|
- | 307 | - | 399 | 307 | 399 | 706 | - | 2001 | n/a | ||||||||||||||||||||||||||||||
433 | 50,797 | - | 46,797 | 52,969 | 44,625 | 97,594 | 128 | |||||||||||||||||||||||||||||||||
Letter
of credit collateralizing mortgage (h)
|
1,069 | |||||||||||||||||||||||||||||||||||||||
Total
real estate owned (a)(b)
|
$ | 602,949 | 257,985 | 758,747 | 451,450 | 261,599 | 1,206,583 | 1,468,182 | 354,745 | |||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Years
Ended December 31,
|
||||||||
2009
|
2008 |
2007
|
Balance at beginning of
year
|
$ | 1,402,636 | 1,267,929 | 1,088,896 | ||||||||
Purchase of real estate
properties
|
15,957 | 44,030 | 54,543 | |||||||||
Development
of real estate properties
|
35,057 | 85,441 | 112,960 | |||||||||
Improvements
to real estate properties
|
16,212 | 15,210 | 15,881 | |||||||||
Carrying amount of investments
sold
|
(1,680 | ) | (10,385 | ) | (3,791 | ) | ||||||
Write-off of
improvements
|
– | 411 | (560 | ) | ||||||||
Balance at end of year
(1)
|
$ | 1,468,182 | 1,402,636 | 1,267,929 |
(1)
|
Includes
20% noncontrolling interests in Castilian Research Center of $1,791,000 at
December 31, 2009 and $1,791,000 at December 31, 2008 and in University
Business Center of $6,302,000 and $6,180,000,
respectively.
|
Years
Ended December 31,
|
||||||||
2009
|
2008
|
2007
|
Balance at beginning of
year
|
$ | 310,351 | 269,132 | 231,106 | ||||||||
Depreciation expense
|
45,195 | 42,166 | 39,688 | |||||||||
Accumulated depreciation on
assets sold
|
(801 | ) | (1,358 | ) | (1,102 | ) | ||||||
Other
|
– | 411 | (560 | ) | ||||||||
Balance at end of
year
|
$ | 354,745 | 310,351 | 269,132 |
Number
of Loans
|
Interest
Rate
|
Maturity
Date
|
Periodic
Payment
Terms
|
||||||||||
First
mortgage loan:
United
Stationers Tampa Building,
Florida
|
1 | 6.0 | % (e) | 08/2013 |
Interest
accrued and due monthly (beginning 01/01/09); balloon payment of
$4,150,000 due at maturity
|
||||||||
Second
mortgage loan:
|
|||||||||||||
Madisonville
land, Kentucky
|
1 | 7.0 | % | 01/2012 |
Principal
and interest due monthly
|
||||||||
Total
mortgage loans (c)
|
2 |
Face
Amount
of
Mortgages
Dec.
31, 2009
|
Carrying
Amount
of
Mortgages
|
Principal
Amount
of Loans
Subject
to Delinquent
Principal
or Interest (d)
|
|||||||||||
(In
thousands)
|
|||||||||||||
First
mortgage loan:
|
|||||||||||||
United
Stationers Tampa Building,
Florida
|
$ | 4,150 | 4,081 | – | |||||||||
Second
mortgage loan:
|
|||||||||||||
Madisonville
land, Kentucky
|
74 | 74 | – | ||||||||||
Total
mortgage loans
|
$ | 4,224 | 4,155 |
(a)(b)
|
– |
(a)
|
Changes
in mortgage loans follow:
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(In
thousands)
|
||||||||||||
Balance
at beginning of year
|
$ | 4,174 | 132 | 162 | ||||||||
Advances
on mortgage loans receivable
|
– | 4,994 | – | |||||||||
Payments
on mortgage loans receivable
|
(31 | ) | (871 | ) | (30 | ) | ||||||
Discount on mortgage loan
receivable
|
– | (198 | ) | – | ||||||||
Amortization
of discount on mortgage loan receivable
|
12 | 117 | – | |||||||||
Balance
at end of year
|
$ | 4,155 | 4,174 | 132 |
EASTGROUP
PROPERTIES, INC.
|
|
By:
/s/ DAVID H. HOSTER II
|
|
David
H. Hoster II, Chief Executive Officer, President &
Director
|
|
February
26,
2010
|
*
|
*
|
||
D.
Pike Aloian, Director
|
H.
C. Bailey, Jr., Director
|
||
February
26,
2010
|
February
26,
2010
|
||
*
|
*
|
||
Hayden
C. Eaves III, Director
|
Fredric
H. Gould, Director
|
||
February
26,
2010
|
February
26,
2010
|
||
*
|
*
|
||
Mary
Elizabeth McCormick, Director
|
David
M. Osnos, Director
|
||
February
26,
2010
|
February
26,
2010
|
||
*
|
/s/ N. KEITH
MCKEY
|
||
Leland
R. Speed, Chairman of the Board
|
*
By N. Keith McKey, Attorney-in-fact
|
||
(Principal
Executive Officer)
|
February
26,
2010
|
||
February
26,
2010
|
/s/BRUCE
CORKERN
|
|||
Bruce
Corkern, Sr. Vice-President, Controller and
|
|||
Chief
Accounting Officer
|
|||
(Principal
Accounting Officer)
|
|||
February
26,
2010
|
|||
/s/N. KEITH
MCKEY
|
|||
N.
Keith McKey, Executive Vice-President,
|
|||
Chief
Financial Officer, Treasurer and Secretary
|
|||
(Principal
Financial Officer)
|
|||
February
26,
2010
|
(3)
|
Exhibits
required by Item 601 of Regulation
S-K:
|
|
(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. 1994 Management Incentive Plan, as Amended and Restated
(incorporated by reference to Appendix A to the Company's Proxy Statement
for its Annual Meeting of Stockholders held on June 2,
1999).*
|
(b)
|
Amendment
No. 1 to the Amended and Restated 1994 Management Incentive Plan
(incorporated by reference to Exhibit 10(c) to the Company’s Form 8-K
filed January 8, 2007).*
|
(c)
|
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).*
|
(d)
|
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).*
|
(e)
|
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).*
|
(f)
|
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).*
|
(g)
|
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).*
|
(h)
|
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).*
|
(i)
|
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).*
|
(j)
|
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).*
|
(k)
|
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).*
|
(l)
|
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 3,
2008).*
|
(m)
|
Annual
Cash Bonus, 2009 Annual Long-Term Equity Incentive and Supplemental Annual
Long-Term Equity Incentive Performance Goals (a written description
thereof is set forth in Item 5.02 of the Company’s Form 8-K filed June 2,
2009).*
|
(n)
|
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).
|
(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
|