Eastgroup Properties Inc

EGP

Equity

ISIN US2772761019 / Valor 647263

New York Stock Exchange, Inc (2024-12-26)

USD 162.77+0.49%

Eastgroup Properties Inc
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About company

EastGroup Properties Inc is a self-administered equity real estate investment trust that focuses on the development, acquisition, and operation of industrial properties in major Sunbelt markets across the United States, with a particular emphasis on states like Florida, Texas, Arizona, California, and North Carolina. The company's primary goal is to maximize shareholder value by providing functional, flexible, and quality business distribution space for location-sensitive customers, typically in the 20,000 to 100,000 square foot range. Their growth strategy involves owning premier distribution facilities near major transportation features in supply-constrained submarkets. Currently, EastGroup Properties Inc's portfolio includes approximately 59 million square feet of industrial space, including development projects and value-add acquisitions in lease-up and under construction.

Summarized from source with an LLMView SourceSector: Finance

Net Income Growth

EastGroup Properties Inc. reported a net income attributable to common stockholders of $1.13 per diluted share for the third quarter of 2024. This represents an increase from $1.07 per diluted share in the third quarter of 2023, highlighting a positive growth trajectory in earnings.

Funds from Operations

For the third quarter of 2024, EastGroup Properties Inc. achieved funds from operations (FFO) of $2.13 per share, excluding gains on involuntary conversion and business interruption claims. This marks a 9.2% increase compared to $1.95 per share in the same period of 2023, indicating strong operational performance.

Property Net Operating Income

EastGroup Properties Inc. saw a 5.5% increase in same property net operating income (PNOI) on a straight-line basis for the third quarter of 2024 compared to the same period in 2023. On a cash basis, the increase was 5.9%, reflecting robust property performance.

Leasing and Occupancy

As of September 30, 2024, EastGroup Properties Inc.'s operating portfolio was 96.9% leased and 96.5% occupied. The average occupancy for the third quarter of 2024 was 96.7%, slightly down from 97.7% in the third quarter of 2023, yet still demonstrating strong demand for their properties.

Development and Acquisitions

During the third quarter of 2024, EastGroup Properties Inc. acquired an operating property of 179,000 square feet for approximately $36 million. Additionally, they commenced construction on two development projects totaling 310,000 square feet, with projected costs of around $40 million, underscoring their commitment to growth and expansion.

Summarized from source with an LLMView Source

Key figures

-11.8%1Y

-25.1%3Y

23.8%5Y

Performance

19.3%1Y

24.9%3Y

32.5%5Y

Volatility