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EQUITY OFFERINGS | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Equity | EQUITY OFFERINGS Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market 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 besides 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, 2023, we established an at-the-market 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 $750,000,000 (the “Current 2023 ATM Program”). The Current 2023 ATM Program replaced our previous $750,000,000 ATM program, which was established on December 16, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $464,305,000 through October 25, 2023. In connection with the Current 2023 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 nine months ended September 30, 2024 and the year ended December 31, 2023:
|  | Common Stock (1) |  | Weighted Average Price |  | Gross Proceeds |  | Net Proceeds
|  | (In shares) |  | (Per share) |  | (In thousands) |  | (In thousands)
Three months ended March 31, 2024 |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Three months ended June 30, 2024 |  | 218,929 |  |  | 168.62 |  |  | 36,916 |  |  | 36,547 |
Three months ended September 30, 2024 |  | 239,750 |  |  | 179.74 |  |  | 43,093 |  |  | 42,663 |
Nine months ended September 30, 2024 |  | 458,679 |  |  | $ | 174.43 |  |  | $ | 80,009 |  |  | $ | 79,210 |
Twelve months ended December 31, 2023 |  | 4,094,896 |  |  | $ | 170.77 |  |  | $ | 699,304 |  |  | $ | 692,312 |
(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 three and nine months ended September 30, 2024:
|  | Common Stock |  | Weighted Average Price |  | Gross Proceeds
|  | (In shares) |  | (Per share) |  | (In thousands)
Forward Sale Agreements Outstanding at December 31, 2023 |  | 406,041 |  |  | $ | 183.92 |  |  | $ | 74,679 |
Forward sale agreements settled — shares issued and proceeds received (1) |  | (272,342) |  |  | 183.59 |  |  | (50,000) |
New forward sale agreements (2) |  | 286,671 |  |  | 181.95 |  |  | 52,160 |
Forward Sale Agreements Outstanding at March 31, 2024 |  | 420,370 |  |  | $ | 182.79 |  |  | $ | 76,839 |
Forward sale agreements settled — shares issued and proceeds received (3) |  | (420,370) |  |  | 182.79 |  |  | (76,839) |
New forward sale agreements (2) |  | 600,053 |  |  | 166.65 |  |  | 100,000 |
Forward Sale Agreements Outstanding at June 30, 2024 |  | 600,053 |  |  | $ | 166.65 |  |  | $ | 100,000 |
Forward sale agreements settled — shares issued and proceeds received (4) |  | (300,502) |  |  | 166.39 |  |  | (50,000) |
New forward sale agreements (2) |  | 1,099,612 |  |  | 185.80 |  |  | 204,306 |
Forward Sale Agreements Outstanding at September 30, 2024 |  | 1,399,163 |  |  | $ | 181.76 |  |  | $ | 254,306 |
(1) EastGroup settled outstanding forward equity sale agreements by issuing 272,342 shares of common stock in exchange for net proceeds of approximately $49,364,000. (2) 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. (3) EastGroup settled outstanding forward equity sale agreements by issuing 420,370 shares of common stock in exchange for net proceeds of approximately $76,200,000. (4) EastGroup settled outstanding forward equity sale agreements by issuing 300,502 shares of common stock in exchange for net proceeds of approximately $49,582,000.

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