EastGroup PropertiesNYSE: EGP

EastGroup Properties has shown strong fundamentals, growing FFO and revenue despite industrial sector headwinds, and has raised its dividend and FFO guidance for the year. The REIT's focus on attractive Sun Belt markets and lower leverage ratios positions it well for future growth, even amid current market volatility. With a forward P/FFO multiple of 21.20x and Wall Street's buy rating, EastGroup Properties offers potential double-digit upside.

EastGroup Properties, Inc. (NYSE:EGP ) Q3 2024 Earnings Call Transcript October 24, 2024 11:00 AM ET Company Participants Marshall Loeb - President & Chief Executive Officer Keena Frazier - Director-Leasing Statistics Brent Wood - Chief Financial Officer Conference Call Participants Craig Mailman - Citigroup Rich Anderson - Wedbush Andrew Berger - Bank of America Samir Khanal - Evercore ISI Todd Thomas - KeyBanc Capital Markets Blaine Heck - Wells Fargo Michael Carroll - RBC Capital Markets Alexander Goldfarb - Piper Sandler Nick Thillman - Baird Mike Mueller - JPMorgan Jessica Zheng - Green Street John Kim - BMO Capital Markets Brendan Lynch - Barclays Operator Good morning, ladies and gentlemen, and welcome to the EastGroup Properties Third Quarter 2024 Earnings Conference Call and Webcast. At this time, all lines are in a listen-only mode.

While the top- and bottom-line numbers for EastGroup Properties (EGP) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

EastGroup Properties (EGP) came out with quarterly funds from operations (FFO) of $2.13 per share, beating the Zacks Consensus Estimate of $2.10 per share. This compares to FFO of $1.95 per share a year ago.

Third Quarter 2024 Highlights Net Income Attributable to Common Stockholders of $1.13 Per Diluted Share for Third Quarter 2024 Compared to $1.07 Per Diluted Share for Third Quarter 2023 Funds from Operations ("FFO") Excluding Gain on Involuntary Conversion and Business Interruption Claims of $2.13 Per Share for Third Quarter 2024 Compared to $1.95 Per Share for Third Quarter 2023, an Increase of 9.2% Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 5.5% on a Straight-Line Basis and 5.9% on a Cash Basis for Third Quarter 2024 Compared to the Same Period in 2023 Operating Portfolio was 96.9% Leased and 96.5% Occupied as of September 30, 2024; Average Occupancy of Operating Portfolio was 96.7% for Third Quarter 2024 as Compared to 97.7% for Third Quarter 2023 Rental Rates on New and Renewal Leases Increased an Average of 50.9% on a Straight-Line Basis Acquired an Operating Property Containing 179,000 Square Feet for Approximately $36 Million Started Construction of Two Development Projects Totaling 310,000 Square Feet with Projected Total Costs of Approximately $40 Million Transferred Three Development Projects, which Contain 735,000 Square Feet to the Operating Portfolio JACKSON, Miss. , Oct. 23, 2024 /PRNewswire/ -- EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "we", "us" or "EastGroup") announced today the results of its operations for the three and nine months ended September 30, 2024.

JACKSON, Miss. , Oct. 1, 2024 /PRNewswire/ -- EastGroup Properties, Inc. (NYSE: EGP) (the "Company" or "EastGroup") announced today that it will hold its Third Quarter Earnings Conference Call and Webcast on Thursday, October 24, 2024, at 11:00 a.m.

Realty Income has routinely increased its dividend over the last three decades. EastGroup Properties has delivered a dependable and steadily rising dividend payment.

EGP's expansion efforts in the thriving Sunbelt, shallow bay industrial market align with broader trends in the industrial real estate market.

JACKSON, Miss. , Sept. 5, 2024 /PRNewswire/ -- EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "we", "us" or "EastGroup") announced today its recent business activity.