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COMMON STOCK ACTIVITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
COMMON STOCK ACTIVITY COMMON STOCK ACTIVITY
The following table presents the common stock activity for the three years ended December 31, 2024, 2023, and 2022:
 Years Ended December 31,
202420232022
Common Stock (in shares)
Shares outstanding at beginning of year47,700,432 43,575,539 41,268,846 
Common stock offerings                                                            4,071,536 4,094,896 393,406 
Common stock issued in the purchase of real estate— — 1,868,809 
Incentive restricted stock granted                                                            84,308 57,741 71,217 
Incentive restricted stock forfeited                                                            (2,545)(1,015)— 
Director common stock awarded                                                            — — 161 
Director restricted stock granted5,040 4,134 5,696 
Employee common stock awarded600 575 2,425 
Stock withheld for tax obligations(33,573)(31,438)(35,021)
Shares outstanding at end of year                                                            51,825,798 47,700,432 43,575,539 

On October 25, 2024, we established an at-the-market common stock offering program (“ATM 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 replaces our previous $750,000,000 ATM program (the “Prior 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 addition, we previously established a $750,000,000 ATM program 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.
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 years ended December 31, 2024, 2023 and 2022:
Years Ended December 31,
Common Stock Issued (1)
Weighted Average PriceGross ProceedsNet Proceeds
(In shares)(Per share)(In thousands)(In thousands)
20241,373,459 $174.30 $239,390 $236,996 
20234,094,896 170.77 699,304 692,312 
2022393,406 194.17 76,386 75,622 
(1) Excludes shares of common stock sold on a forward basis as described in the following paragraph.

Forward Equity Offering Activity
In connection with the Current ATM program, we may sell shares of our common stock through sales agents or through certain financial institutions acting as forward purchasers 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.

The following table presents the Company’s forward equity offering activity during the years ended December 31, 2024 and December 31, 2023:
Common Stock Weighted Average PriceGross Proceeds
(In shares)(Per share)(In thousands)
Forward Sale Agreements Outstanding at December 31, 2022
— N/A$— 
Forward sale agreements settled — shares issued and proceeds
received
— N/A— 
New forward sale agreements (1)
406,041 183.92 74,679 
Forward Sale Agreements Outstanding at December 31, 2023
406,041 $183.92 $74,679 
Forward sale agreements settled — shares issued and proceeds
received (2)
(2,698,077)179.63 (484,653)
New forward sale agreements (1)
2,677,289 178.32 477,420 
Forward Sale Agreements Outstanding at December 31, 2024385,253 $175.07 $67,446 
(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.