U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): June 2, 2003
EASTGROUP PROPERTIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Maryland 1-7094 13-2711135
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
300 One Jackson Place, 188 East Capitol Street, Jackson, MS 39201-2195
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(Address of Principal Executive Offices, including zip code)
(601) 354-3555
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
ITEM 5. Other Events.
The historical ratios of earnings to combined fixed charges and preferred
stock dividends for the periods indicated are as follows:
Three Months Ended Years Ended December 31,
March 31, 2003 2002 2001 2000 1999 1998
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Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends 1.24 1.33 1.48 1.44 1.57 1.83
For purposes of calculating the above ratios, earnings represent net income
from continuing operations plus interest expense and an interest component of
rental expense. Fixed charges represent interest expense and preferred stock
dividends from our consolidated statements of operations plus capitalized
interest and an estimated interest component of rental expense. The ratios are
based solely on historical financial information and no pro forma adjustments
have been made thereto.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits.
(12) Statements Regarding Computation of Ratios.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: June 2, 2003
EASTGROUP PROPERTIES, INC.
By: /s/ N. KEITH MCKEY
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N. Keith McKey
Executive Vice President, Chief Financial
Officer and Secretary
Exhibit Index
Exhibit No. Description
(12) Statements Regarding Computation of Ratios.
EastGroup Properties, Inc. Exhibit 12
Ratio of earnings to fixed charges (dollars in thousands)
Three Months Years Ended December 31,
Ended -----------------------------------------------------------------
March 31, 2003 2002 2001 2000 1999 1998
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Net income $ 5,264 23,626 34,182 36,512 38,355 29,336
Adjustments:
Discontinued operations (104) 99 (53) (24) (136) (81)
(Gain) loss on real estate and securities (282) (1,929) (7,278) (10,925) (15,387) (9,713)
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Income from continuing operations 4,878 21,796 26,851 25,563 22,832 19,542
Interest expense 4,698 17,387 17,823 18,570 17,688 16,948
Interest component of rental expense 88 337 314 296 269 220
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Earnings $ 9,664 39,520 44,988 44,429 40,789 36,710
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Interest expense 4,698 17,387 17,823 18,570 17,688 16,948
Capitalized interest 486 2,061 2,329 2,060 1,834 822
Interest component of rental expense 88 337 314 296 269 220
Preferred stock dividends 2,502 10,008 10,008 10,008 6,126 2,070
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Fixed charges $ 7,774 29,793 30,474 30,934 25,917 20,060
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Ratio of earnings to fixed charges 1.24 1.33 1.48 1.44 1.57 1.83
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