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Mar 31, 2022
EastGroup Q1 2022 Earnings Report
EastGroup reported strong first quarter results, driven by significant gains on sales of real estate investments.
Key Takeaways
EastGroup Properties announced a strong start to 2022, with net income attributable to common stockholders at $1.54 per diluted share. The company saw a 15.9% increase in Funds from Operations (FFO) per share, alongside an 8.5% increase in Same Property Net Operating Income (excluding lease terminations) on a cash basis.
Net income attributable to common stockholders was $1.54 per diluted share, compared to $0.69 in Q1 2021.
Funds from Operations (FFO) increased by 15.9% to $1.68 per share.
Same Property Net Operating Income (excluding lease terminations) increased by 8.5% on a cash basis.
The operating portfolio was 98.8% leased and 97.9% occupied as of March 31, 2022.
Forward Guidance
EastGroup estimates EPS for 2022 to be in the range of $3.72 to $3.84 and FFO per share to be in the range of $6.69 to $6.81.
Positive Outlook
- FFO per share is projected to increase over the prior year.
- Same PNOI growth is expected on a cash basis.
- The company anticipates average month-end occupancy in the operating portfolio.
- Significant development starts are planned in square feet.
- Unsecured debt closing in the period is projected.
Challenges Ahead
- Economic conditions may impact business operations and tenant's ability to make payments.
- Disruptions in supply and delivery chains could affect development costs.
- Increases in interest rates may impact the ability to raise equity capital.
- Fluctuations in occupancy or rental rates could affect performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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