EastGroup Properties

EastGroup Properties, Inc. is an internally-managed equity real estate investment trust. The firm is engaged in the development, acquisition, and operation of industrial properties in the United States. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina. The company was founded in 1969 and is headquartered in Ridgeland, MS.

Earnings data Q2 2023

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EastGroup Properties, Inc. is an internally-managed equity real estate investment trust, which engages in the development, acquisition, and operation of industrial properties. The company was founded in 1969 and is headquartered in Ridgeland, MS.

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A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. REITs provide investors with an opportunity to invest in real estate without directly owning properties, offering advantages such as regular income through dividends, portfolio diversification, potential tax benefits, professional management, and liquidity through publicly traded shares.

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JACKSON, Miss. , May 25, 2023 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that its Board of Directors declared a quarterly cash dividend of $1.25 per share payable on July 14, 2023, to shareholders of record of Common Stock on June 30, 2023.

EastGroup Properties Announces 174th Consecutive Quarterly Cash Dividend

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EastGroup Properties (EGP) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.

EastGroup Properties (EGP) Could Find a Support Soon, Here's Why You Should Buy the Stock Now

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Demand for Industrial REIT space continues to substantially outpace supply, resulting in astonishing rental spreads averaging over 40%, while occupancy rates and same-store NOI have reached record highs. The five major industrial REITs raised full-year guidance this quarter, growing FFO much faster than the next closest major property sector.

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EastGroup Properties (EGP) possesses solid growth attributes, which could help it handily outperform the market.

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You wouldn't know it by reading the mainstream financial press, but there's more to commercial real estate than office buildings. Obscured by office pain, REITs delivered surprisingly strong first quarter results. Of the 83 equity REITs that provide full-year Funds from Operations ("FFO") guidance, 37 (44%) raised their full-year earnings outlook, while 5 (6%) lowered guidance.

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No slowdown here. After the worst year of performance on record in 2022, Industrial REITs have rebounded this year after earnings results showed a surprising re-strengthening of property-level fundamentals. Recent earnings results showed that demand continues to substantially outpace available supply. Rent growth reaccelerated in early-2023, with rental spreads averaging over 40%, while occupancy rates climbed to fresh record.

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EastGroup is an industrial REIT with a focus on the U.S. Sun Belt. The Sun Belt has experienced in-migration for years.

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Most REITs are heavily discounted. Even rapidly growing industrial REITs are now undervalued.

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EastGroup Properties (EGP) is well positioned to outperform the market, as it exhibits above-average growth in financials.

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EastGroup Properties operates industrial properties in major Sunbelt markets across the U.S. Recent results reflect continuing strength in most of their primary operating regions, though weakness can be seen in some markets.

EastGroup Properties: Portfolio Remains Healthy But Signs Of Stress In Some Markets

EastGroup Properties, Inc. (EGP) Q1 2023 Earnings Call Transcript.

EastGroup Properties, Inc. (EGP) Q1 2023 Earnings Call Transcript

EastGroup Properties (EGP) came out with quarterly funds from operations (FFO) of $1.82 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $1.68 per share a year ago.

EastGroup Properties (EGP) Meets Q1 FFO Estimates

First Quarter 2023 Results Net Income Attributable to Common Stockholders of $1.02 Per Diluted Share for First Quarter 2023 Compared to $1.54 Per Diluted Share for First Quarter 2022 (Gains on Sales of Real Estate Investments Were $5 Million, or $0.11 Per Diluted Share, for First Quarter 2023; Gains on Sales of Real Estate Investments Were $30 Million, or $0.73 Per Diluted Share, for First Quarter 2022) Funds from Operations ("FFO") of $1.84 Per Share for First Quarter 2023 Compared to $1.68 Per Share for First Quarter 2022, an Increase of 9.5% FFO Excluding Gain on Casualties and Involuntary Conversion ($.02 Per Share in First Quarter 2023) of $1.82 Per Share Compared to $1.68 Per Share for the Same Quarter Last Year, an Increase of 8.3% Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 7.6% on a Straight-Line Basis and 11.0% on a Cash Basis for First Quarter 2023 Compared to the Same Period in 2022 Operating Portfolio was 98.7% Leased and 97.9% Occupied as of March 31, 2023; Average Occupancy of Operating Portfolio was 98.1% for First Quarter 2023 as Compared to 97.3% for First Quarter 2022 Rental Rates on New and Renewal Leases Increased an Average of 48.5% on a Straight-Line Basis Started Construction of Four Development Projects Containing 1,033,000 Square Feet with Projected Total Costs of Approximately $141 Million Transferred Three Development and Value-Add Projects Totaling 716,000 Square Feet to the Operating Portfolio, Which Are Collectively 100% Leased Development and Value-Add Program Consisted of 21 Projects in 13 Cities (4.3 Million Square Feet) at March 31, 2023 with a Projected Total Investment of Approximately $553 Million Sold One Operating Property Containing 125,000 Square Feet for $10 Million (Gain of $5 Million Not Included in FFO) Declared 173 rd Consecutive Quarterly Cash Dividend: $1.25 Per Share Closed a $100 Million Senior Unsecured Term Loan with a Seven-Year Term and a Total Effectively Fixed Interest Rate of 5.27% Repaid a $65 Million Unsecured Term Loan During the Quarter with a Total Effectively Fixed Interest Rate of 2.31% Expanded the Borrowing Capacity of the Unsecured Bank Credit Facilities from $475 Million to $675 Million Sold 821,034 Shares of Common Stock Pursuant to the Company's Continuous Common Equity Offering Program at a Weighted Average Price of $163.51 Per Share for Aggregate Net Proceeds of $133 Million JACKSON, Miss. , April 25, 2023 /PRNewswire/ -- EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "we", "us" or "EastGroup") announced today the results of its operations for the three months ended March 31, 2023.

EastGroup Properties Announces First Quarter 2023 Results

News for EastGroup Properties Stock (EGP)