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 Q3 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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JACKSON, Miss. , April 5, 2023 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that it will hold its First Quarter Earnings Conference Call and Webcast on Wednesday, April 26, 2023, at 11:00 a.m.

EastGroup Properties Announces First Quarter 2023 Earnings Conference Call and Webcast

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JACKSON, Miss. , March 3, 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 April 14, 2023, to shareholders of record of Common Stock on March 31, 2023.

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JACKSON, Miss. , March 1, 2023 /PRNewswire/ -- EastGroup Properties, Inc. (NYSE: EGP) (the "Company" or "EastGroup") announced today its recent business activity.

EastGroup Properties Announces Recent Business Activity

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EastGroup Properties, Inc. (NYSE:EGP ) Q4 2022 Earnings Conference Call February 8, 2023 11:00 AM ET Company Representatives Marshall Loeb - President, Chief Executive Officer Brent Wood - Chief Financial Officer Conference Call Participants Craig Mailman - Citi Alexander Goldfarb - Piper Sandler Todd Thomas -Keybanc Capital Markets Jeff Spector - Bank of America Ki Bin Kim - Truist Samir Khanal - Evercore ISI Bill Crow - Raymond James Nick Yulico - Baird Ronald Kamdem - Morgan Stanley Operator Good day, and welcome to the EastGroup Properties, Fourth Quarter 2022 Earnings Conference Call and Webcast. All participants will be in listen-only mode.

EastGroup Properties, Inc. (EGP) Q4 2022 Earnings Call Transcript

EastGroup Properties (EGP) delivered FFO and revenue surprises of 2.83% and 1.45%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?

EastGroup Properties (EGP) Q4 FFO and Revenues Top Estimates

Fourth Quarter 2022 Results Net Income Attributable to Common Stockholders of $0.89 Per Diluted Share for Fourth Quarter 2022 Compared to $1.75 Per Diluted Share for Fourth Quarter 2021 (Gains on Sales of Real Estate Investments Were $39 Million, or $0.95 Per Diluted Share, for Fourth Quarter 2021; There Were No Sales in Fourth Quarter 2022) Funds from Operations of $1.82 Per Share for Fourth Quarter 2022 Compared to $1.62 Per Share for Fourth Quarter 2021, an Increase of 12.3% Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 7.1% on a Straight-Line Basis and 8.7% on a Cash Basis for Fourth Quarter 2022 Compared to the Same Period in 2021 Operating Portfolio was 98.7% Leased and 98.3% Occupied as of December 31, 2022; Average Occupancy of Operating Portfolio was 98.4% for Fourth Quarter 2022 as Compared to 97.3% for Fourth Quarter 2021 Rental Rates on New and Renewal Leases Increased an Average of 49.2% on a Straight-Line Basis Acquired 170.3 Acres of Development Land for Approximately $46 Million Started Construction of One Development Project Containing 351,000 Square Feet with Projected Total Costs of Approximately $45 Million Transferred Eight Development and Value-Add Projects Totaling 1,304,000 Square Feet to the Operating Portfolio, Which Are Collectively 100% Leased Development and Value-Add Program Consisted of 20 Projects in 12 Cities (4.0 Million Square Feet) at December 31, 2022 with a Projected Total Investment of Approximately $494 Million Declared 172nd Consecutive Quarterly Cash Dividend: $1.25 Per Share Closed $150 Million of Senior Unsecured Debt: $75 Million has an 11-Year Term and a Fixed Interest Rate of 4.90% and $75 Million has a 12-Year Term and a Fixed Interest Rate of 4.95% Agreed to Terms on a $100 Million Senior Unsecured Term Loan with a Fixed Interest Rate of 5.27% and a 7-Year Term Agreed to Terms to Expand the Borrowing Capacity of the Unsecured Bank Credit Facilities from $475 Million to $675 Million Year 2022 Results Net Income Attributable to Common Stockholders of $4.36 Per Diluted Share for 2022 Compared to $3.90 Per Diluted Share for 2021 Funds from Operations of $7.00 Per Share for 2022 Compared to $6.09 Per Share for 2021, an Increase of 14.9% Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations for 2022 Increased 7.2% on a Straight-Line Basis and 8.9% on a Cash Basis Compared to 2021 Average Occupancy of the Operating Portfolio was 98.0% for 2022 as Compared to 97.1% for 2021 Rental Rates on New and Renewal Leases Increased an Average of 39.0% on a Straight-Line Basis Acquired Tulloch Corporation, the Owner of an Industrial Real Estate Portfolio Located within the San Francisco and Sacramento Markets, Comprised of 14 Properties Totaling Approximately 1.7 Million Square Feet and Two Land Parcels Totaling 10.5 Acres for Approximately $366 Million Acquired 1,044,000 Square Feet of Value-Add Properties for Approximately $123 Million Acquired 456.3 Acres of Development Land for Approximately $124 Million Started Construction of 14 Development Projects Containing 2,668,000 Square Feet with Projected Total Costs of $329 Million Transferred 19 Development and Value-Add Projects Totaling 3,638,000 Square Feet to the Real Estate Portfolio, Which are Collectively 99% Leased Sold Three Operating Properties Totaling 287,000 Square Feet for Approximately $52 Million (Gains of $41 Million Not Included in FFO) Closed $525 Million of Unsecured Debt with a Weighted Average Effective Fixed Interest Rate of 3.82% Repaid a $75 Million Unsecured Term Loan with a Fixed Interest Rate of 3.03% Refinanced a $100 Million Senior Unsecured Term Loan with Five Years Remaining, Reducing the Effective Fixed Interest Rate by 60 basis points to 1.80% Issued 393,406 Shares of Common Stock Pursuant to the Company's Continuous Common Equity Offering Program at an Average Price of $194.17 Per Share for Aggregate Net Proceeds of approximately $75 Million JACKSON, Miss. , Feb. 7, 2023 /PRNewswire/ -- EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "we", "us" or "EastGroup") announced today the results of its operations for the three and twelve months ended December 31, 2022.

EastGroup Properties Announces Fourth Quarter and Year 2022 Results

JACKSON, Miss. , Jan. 26, 2023 /PRNewswire/ -- EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "EastGroup") announced today the income tax treatment of its 2022 distributions as described below.

EastGroup Properties Announces the Income Tax Treatment of its 2022 Distributions

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JACKSON, Miss. , Jan. 10, 2023 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that it will hold its Fourth Quarter Earnings Conference Call and Webcast on Wednesday, February 8, 2023, at 11:00 a.m.

EastGroup Properties Announces Fourth Quarter 2022 Earnings Conference Call and Webcast

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News for EastGroup Properties Stock (EGP)