v3.25.2
EQUITY OFFERINGS
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity EQUITY OFFERINGS
Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market (“ATM”) equity offering programs have been reflected as a reduction of Additional paid-in capital.

Under relevant accounting guidance, sales of common stock under forward equity sale agreements are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices other than those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

On October 25, 2024, we established an ATM common stock offering program pursuant to which we are able to sell, from time to time, shares of our common stock having an aggregate gross sales price of up to $1,000,000,000 (the “Current ATM Program”). The Current ATM Program replaced our previous $750,000,000 ATM program, which was established on October 25, 2023, under which we had sold shares of our common stock having an aggregate gross sales price of $746,153,000 through October 25, 2024.

In connection with the Current ATM Program, we may sell shares of our common stock directly through sales agents or through certain financial institutions acting as forward counterparties whereby, at our discretion, the forward counterparties, or their agents or affiliates, may borrow from third parties and subsequently sell shares of our common stock. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.
Direct Common Stock Issuance Activity
The following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the six months ended June 30, 2025 and the year ended December 31, 2024:
Common
Stock (1)
Weighted Average PriceGross ProceedsNet Proceeds
(In shares)(Per share)(In thousands)
Three months ended March 31, 2025
33,120 $183.15 $6,066 6,005 
Three months ended June 30, 2025
— — — — 
Six months ended June 30, 2025
33,120 $183.15 $6,066 6,005 
Twelve months ended December 31, 2024
1,373,459 $174.30 $239,390 236,996 
(1)Excludes shares of common stock sold on a forward basis as described below.

Forward Equity Offering Activity
The following table presents the Company’s forward equity offering activity during the six months ended June 30, 2025 and the year ended December 31, 2024:
Common Stock Weighted Average PriceGross Proceeds
(In shares)(Per share)(In thousands)
Forward Sale Agreements Outstanding at December 31, 2023
406,041 $183.92 $74,679 
New forward sale agreements (1)
2,677,289 178.32 477,420 
Forward sale agreements settled — Shares issued and proceeds
received (2)
(2,698,077)179.63 (484,653)
Forward Sale Agreements Outstanding at December 31, 2024
385,253 175.07 67,446 
New forward sale agreements (1)
1,043,871 182.02 190,006 
Forward sale agreements settled — Shares issued and proceeds
received (3)
(385,253)175.07 (67,446)
Forward Sale Agreements Outstanding at March 31, 2025
1,043,871 182.02 190,006 
New forward sale agreements (1)
19,954 175.00 3,492 
Forward sale agreements settled — Shares issued and proceeds
received (4)
(416,067)180.26 (74,999)
Forward Sale Agreements Outstanding at June 30, 2025
647,758 $182.94 $118,499 
(1)The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements.
(2)EastGroup settled outstanding forward equity sale agreements by issuing 2,698,077 shares of common stock in exchange for net proceeds of approximately $480,663,000.
(3)EastGroup settled outstanding forward equity sale agreements by issuing 385,253 shares of common stock in exchange for net proceeds of approximately $66,902,000.
(4)EastGroup settled outstanding forward equity sale agreements by issuing 416,067 shares of common stock in exchange for net proceeds of approximately $74,098,000.