While FFO reached $150.1M in 2026Q1, recurring capital expenditures averaging $16M per quarter continue to impact cash flow conversion and necessitate careful monitoring of distributable earnings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 489.37M | 480.73M | 416.59M | 338.2M | 316.5M | 256.49M | 196.28M | 195.91M | 164.73M | 155.01M | 138.86M | 131.38M | 117.4M | 109.75M | 91.81M | 86.55M | 76.86M | 80.59M | 83.61M | 86.37M | 66.57M | 66.97M | 57.52M | 50.64M | 53.79M | 50.75M | 53.02M | 46.75M | 29.39M | 23.68M | 14M |
| Operating CF Growth % | 56.29% | 15.4% | 23.18% | 6.86% | 23.4% | 30.67% | 0.19% | 18.93% | 6.27% | 11.63% | 5.69% | 11.91% | 6.97% | 19.54% | 6.08% | 12.61% | -4.63% | -3.61% | -3.19% | 29.74% | -0.6% | 16.43% | 13.59% | -5.85% | 5.99% | -4.28% | 13.4% | 59.05% | 24.1% | 69.23% | 43.61% |
| Operating CF / Revenue % | 66.39% | 66.64% | 65.24% | 59.71% | 64.99% | 62.64% | 54.07% | 59.22% | 55.09% | 56.54% | 54.88% | 55.91% | 53.41% | 54.29% | 49.4% | 49.56% | 44.39% | 46.76% | 49.6% | 57.3% | 49.82% | 52.94% | 50.16% | 46.7% | 50.83% | 48.2% | 54.04% | 54.21% | 38.31% | 44.17% | 35.2% |
| Net Income | 292.62M | 257.4M | 227.75M | 200.49M | 186.27M | 157.64M | 108.39M | 123.34M | 88.64M | 83.59M | 96.09M | 48.4M | 48.47M | 33.35M | 33.47M | 22.83M | 18.75M | 26.66M | 34.14M | 29.73M | 29.23M | 22.19M | 23.33M | 20.45M | 23.63M | 34.18M | 36.51M | 38.35M | 29.34M | 20.78M | 12.51M |
| Depreciation & Amortization | 224.34M | 216.73M | 189.41M | 171.08M | 153.64M | 127.1M | 116.36M | 104.72M | 91.7M | 83.87M | 77.94M | 73.29M | 70.31M | 65.79M | 61.7M | 57.45M | 58.35M | 54M | 51.09M | 47.88M | 42.22M | 39.31M | 33.45M | 32.4M | 30.82M | 27.41M | 23.82M | 20.18M | 16.57M | 10.41M | 7.76M |
| Stock-Based Compensation | 6.79M | 8.96M | 8.96M | 8.96M | 8.29M | 7.51M | 6.58M | 6.84M | 5.28M | 5.52M | 4.59M | 6.73M | 5.15M | 4.23M | 3.5M | 2.45M | 2M | 1.83M | 2.27M | 2.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -26.49M | 1.12M | -7.26M | -22.54M | -39.59M | 1.38M | 1.57M | 1.21M | 240K | 879K | 295K | -157K | -28K | -78K | 177K | 475K | 241K | -206K | -117K | -3.71M | -4.26M | 147K | -561K | -678K | -2.03M | -7.44M | -11.08M | -15.21M | -10.04M | -6.66M | -5.45M |
| Working Capital Changes | -7.87M | -3.49M | -2.28M | -19.79M | 7.88M | 1.73M | -23.47M | 956K | -6.77M | 3.3M | 2.85M | 6.15M | 2.78M | 7.28M | -517K | 3.81M | -2.06M | -1.44M | -827K | 10.24M | -624K | 5.33M | 1.31M | -1.52M | 1.37M | -3.41M | 3.77M | 3.43M | -6.48M | -842K | -824K |
| Cash from Investing | -572.36M | -576.28M | -724.34M | -570.06M | -521.15M | -529.26M | -288.26M | -443.34M | -241.44M | -179.43M | -186.47M | -156.42M | -159.51M | -176.11M | -119.91M | -150.83M | -63.5M | -80.32M | -152.18M | -184.11M | -75.06M | -105.17M | -65.36M | -54.87M | -47.41M | -35.17M | -43.15M | -68.87M | -123.59M | -79.96M | -577K |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 73.54M | 0 | 0 | 0 | 0 | 0 | 0 | 6.03M | 5.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -408.69M | -465.03M | -635.04M | -553.33M | -496.12M | -527M | -244.65M | -461M | -224.82M | -180.13M | -231.43M | -126.61M | -53.94M | -72.4M | -51.75M | -130.74M | -33.05M | -52.78M | -139.26M | -170.8M | -97.2M | -104.7M | -9.19M | 0 | 0 | 0 | 0 | 0 | 0 | -16.1M | 0 |
| Sale of Investments | 14.78M | 6.47M | 20.11M | 46.57M | 51.01M | 44.26M | 23.24M | 67.65M | 26.5M | 42.88M | 78.9M | 5.27M | 20.63M | 4.27M | 17.09M | 0 | 0 | 908K | 19.7M | 6.36M | 38.41M | 6.03M | 0 | 841K | 2.92M | 11.32M | 17.17M | 51.09M | 31.21M | 39.94M | 24.54M |
| Other Investing | -122.42M | -41.89M | -50.12M | -12.18M | -35.18M | -9.85M | -33.72M | -12.21M | -5.61M | -16.02M | -10.27M | -10.57M | -7.98M | -10.94M | -85.25M | -1.04M | -6.73M | -13.98M | -17.41M | -3.79M | -2.79M | -1.28M | -11.79M | -3.51M | 8.62M | 4.67M | 4.58M | -8.15M | -47.77M | -12.89M | -3.78M |
| Cash from Financing | 93.83M | 79.03M | 285.02M | 272.06M | 200.31M | 277.14M | 91.77M | 247.28M | 77.06M | 23.91M | 48.08M | 26.41M | 42.12M | 65.11M | 29.18M | 64.32M | -14.28M | 501K | 68.14M | 97.52M | 7.51M | 32.7M | 7.26M | 4.63M | -6.76M | -16.67M | -9.66M | 21.99M | 95.69M | 57.13M | -13.01M |
| Dividends Paid | -312.99M | -302.51M | -252.79M | -225.63M | -193.94M | -131.76M | -119.77M | -108.8M | -71.29M | -86.72M | -80.9M | -75.84M | -70.46M | -64.8M | -61.3M | -56.04M | -56.29M | -54.32M | -54.17M | -50.68M | -47.84M | -44.91M | -42.55M | -42.75M | -39.88M | -38.28M | -34.71M | -28.25M | -24.07M | -18.14M | -11.17M |
| Common Dividends | -312.99M | -302.51M | -252.79M | -225.63M | -193.94M | -131.76M | -119.77M | -108.8M | -71.29M | -86.72M | -80.9M | -75.84M | -70.46M | -64.8M | -61.3M | -56.04M | -56.29M | -54.32M | -54.17M | -50.68M | -47.84M | -44.91M | -42.55M | -42.75M | -39.88M | -38.28M | -34.71M | -28.25M | -24.07M | -18.14M | -11.17M |
| Debt Issuance (Net) | 988K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33.01M | 0 | 0 | 0 | 0 | -86.27M | 0 | 0 | -1.35M | -13.7M | -400K | 0 | -200K |
| Other Financing | -4.18M | -2.2M | -6.16M | -5M | -29.76M | -3.81M | -6.08M | -4.35M | -5.36M | -4.53M | -2.46M | -1.38M | -2.4M | -1.07M | 939K | -1.45M | -1.99M | 145K | 4.7M | -6.99M | 2.9M | 668K | -2.91M | 2.9M | -685K | -15.83M | -10.64M | 345K | -72.74M | 99.81M | -26K |
| Net Change in Cash | 10.84M | -16.52M | -22.73M | 40.21M | -4.34M | 4.37M | -203K | -150K | 358K | -506K | 474K | 37K | 3K | -1.25M | 1.08M | 37K | -925K | 769K | -431K | -216K | -975K | 707K | -578K | 403K | -384K | -1.09M | 204K | -127K | 1.49M | 860K | 412K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.01M | 17.53M | 40.26M | 56K | 4.39M | 21K | 224K | 374K | 16K | 522K | 48K | 11K | 8K | 1.26M | 174K | 137K | 1.06M | 293K | 724K | 940K | 1.92M | 1.21M | 1.79M | 1.38M | 1.77M | 2.86M | 2.66M | 2.78M | 1.3M | 438K | 26K |
| Cash at End | 31.36M | 1.01M | 17.53M | 40.26M | 56K | 4.39M | 21K | 224K | 374K | 16K | 522K | 48K | 11K | 8K | 1.26M | 174K | 137K | 1.06M | 293K | 724K | 940K | 1.92M | 1.21M | 1.79M | 1.38M | 1.77M | 2.86M | 2.66M | 2.78M | 1.3M | 438K |
| Free Cash Flow | 417.71M | 404.9M | 357.3M | 287.09M | 275.65M | 219.83M | 163.15M | 158.14M | 127.23M | 128.86M | 115.19M | 105.53M | -819K | 12.7M | 18.27M | 67.5M | 53.14M | 66.12M | 68.4M | 70.49M | 53.1M | 62.96M | 7.8M | -1.56M | -5.17M | -413K | -11.88M | -65.06M | -77.64M | -67.22M | -7.34M |
| FCF Growth % | 13.16% | 13.32% | 24.46% | 4.15% | 25.39% | 34.74% | 3.17% | 24.29% | -1.26% | 11.86% | 9.15% | 12985.84% | -106.45% | -30.47% | -72.93% | 27.03% | -19.63% | -3.34% | -2.96% | 32.74% | -15.66% | 707.62% | 600.06% | 69.83% | -1151.09% | 96.52% | 81.73% | 16.2% | -15.49% | -816.12% | -261.13% |
| FCF / Revenue % | 56.67% | 56.13% | 55.96% | 50.69% | 56.6% | 53.69% | 44.94% | 47.8% | 42.55% | 47% | 45.52% | 44.91% | -0.37% | 6.28% | 9.83% | 38.65% | 30.69% | 38.36% | 40.58% | 46.76% | 39.74% | 49.77% | 6.8% | -1.44% | -4.88% | -0.39% | -12.11% | -75.45% | -101.19% | -125.37% | -18.45% |
Sunbelt insurance cost inflation
As reported in quarterly financial statements, the relationship between FFO and GAAP operating cash flow remains volatile, with FFO/NI ratios fluctuating significantly from 0.60 in 2023Q4 to 2.27 in 2025Q2, suggesting that GAAP metrics are heavily distorted by non-cash depreciation and periodic working capital timing differences.
The wide variance in FFO relative to net income indicates that GAAP earnings are an unreliable proxy for the company's true cash-generating capacity. Investors should monitor whether the recent stabilization in FFO conversion reflects a more predictable leasing environment or merely temporary accounting timing shifts.
Based on the provided data, EastGroup consistently maintains a healthy dividend payout ratio, with the 2026Q1 dividend of $83.7M representing only 62% of the $134.5M in AFFO, which suggests a robust buffer for sustaining distributions while funding ongoing property-level capital requirements.
The consistent coverage ratio indicates that the dividend is well-supported by recurring cash flows after accounting for necessary maintenance and leasing costs. This margin of safety appears to provide management with significant flexibility to reinvest in the development pipeline without needing to tap external capital markets.
According to the reported figures, recurring capital expenditures, including tenant improvements and leasing commissions, averaged approximately $16M per quarter over the last ten periods, which directly reduces the available AFFO and highlights the ongoing cost of maintaining a high-occupancy, shallow-bay industrial portfolio.
The persistent drag of tenant-related capital expenditures suggests that EGP's cash flow is sensitive to leasing velocity and the age of the portfolio. Analysts should evaluate whether these expenditures are trending upward as the portfolio matures, which could eventually compress the net cash available for distribution.
Financial disclosures reveal that GAAP Net Income consistently understates the company's actual cash-generating power, as evidenced by the consistent spread between Net Income and FFO, which reached $150.1M in 2026Q1 compared to a reported Net Income of only $94.6M for the same period.
This structural gap is primarily driven by non-cash depreciation charges inherent in the industrial real estate model. Relying on GAAP net income would lead to a significant undervaluation of the company's ability to fund operations and dividends, necessitating a focus on FFO as the primary performance metric.
Quick answers to the most common questions about buying EGP stock.
EastGroup Properties, Inc. (EGP) generated $480.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EastGroup Properties, Inc. (EGP) generated $404.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
EastGroup Properties, Inc. (EGP) spent $75.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, EastGroup Properties, Inc. (EGP) returned $302.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.