EASTGROUP PROPERTIES, INC.
SUMMARY STATEMENTS OF OPERATIONS
2000
Revenues
$
Three Months Ended
Six Months Ended
June 30,
June 30,
1999
2000
1999
(In thousands, except per share data)
23,606
21,098
46,747
41,983
Operating expenses
General and administrative
(5,325)
(1,269)
(4,901)
(920)
(10,521)
(2,488)
(9,895)
(2,041)
Earnings before interest, taxes,
depreciation and amortization (EBITDA)
17,012
15,277
33,738
30,047
Interest expense (A)
Depreciation and amortization
Minority interest in joint ventures
Gain on real estate
(4,585)
(5,911)
(121)
620
(4,634)
(4,900)
(114)
224
(8,719)
(11,440)
(220)
621
(8,985)
(9,715)
(206)
1,675
7,015
5,853
13,980
12,816
-
-
-
7,015
5,853
13,980
12,398
(1,940)
(3,064)
(1,940)
(438)
Net income before cumulative effect of
change in accounting principles
Cumulative effect of change in accounting principle (B)
Net income
Preferred dividends-Series A
Convertible preferred dividends-Series B
(970)
(1,532)
(970)
(219)
(418)
Net income available to common shareholders
4,513
4,664
8,976
10,020
Depreciation and amortization
Minority interest - depreciation
Gain on depreciable real estate
Cumulative effect of change in accounting principle
Convertible preferred dividends-Series B
Limited partnership units
5,911
(39)
1,532
6
4,900
(71)
(224)
219
-
11,440
(78)
(1)
3,064
18
9,715
(163)
(1,675)
418
438
-
9,488
23,419
18,753
Funds from operations
11,923
Straight-line rents
Leasing commissions (renewal)
Non-revenue producing capital expenditures
(343)
(376)
(1,015)
(252)
(839)
(766)
(563)
(1,508)
(411)
(1,476)
Cash available for distribution
$
10,189
8,397
20,582
16,866
Basic per common share data:
Net income available to common
shareholders
$
0.29
0.29
0.58
0.62
Weighted average common shares
outstanding
15,624
16,076
15,597
16,189
0.29
0.29
0.57
0.61
15,785
16,245
15,760
16,336
Diluted per common share data: (C)
Net income available to common shareholders
$
Weighted average common shares outstanding
Funds from operations
$
0.63
0.57
1.24
1.12
Cash available for distribution
$
0.54
0.50
1.09
1.00
18,967
16,700
18,942
16,791
Weighted average common shares outstanding
(A) Net of capitalized interest of $388,000 and $481,000 for the three months ended June 30, 2000 and 1999, respectively;
and $1,032,000 and $759,000 for the six months ended June 30, 2000 and 1999, respectively.
(B) Represents previously capitalized start-up and organizational costs that were expensed on January 1, 1999
in accordance with the requirements of Statement of Position 98-5.
(C) Assumes dilutive effect of common stock equivalents.