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Mar 31, 2024
EastGroup Q1 2024 Earnings Report
EastGroup reported strong Q1 2024 results, with FFO per share rising 8.8% and significant growth in same property net operating income.
Key Takeaways
EastGroup Properties announced strong first quarter 2024 results, with net income attributable to common stockholders of $1.22 per diluted share, compared to $1.02 for Q1 2023. Funds from Operations (FFO) excluding gains rose 8.8% to $1.98 per share. Same property net operating income increased by 4.9% on a straight-line basis and 7.7% on a cash basis. The operating portfolio was 98.0% leased and 97.7% occupied as of March 31, 2024.
Net income attributable to common stockholders was $1.22 per diluted share, up from $1.02 in Q1 2023.
FFO excluding gains on involuntary conversion and business interruption claims increased by 8.8% to $1.98 per share.
Same property net operating income grew by 4.9% on a straight-line basis and 7.7% on a cash basis.
The operating portfolio was 98.0% leased and 97.7% occupied as of March 31, 2024.
Forward Guidance
EastGroup estimates EPS for 2024 to be in the range of $4.45 to $4.65 and FFO per share attributable to common stockholders for 2024 to be in the range of $8.17 to $8.37.
Positive Outlook
- FFO per share is projected to increase over the prior year.
- Same PNOI growth is expected to remain strong on a cash basis.
- The company anticipates continued high average month-end occupancy for its operating portfolio.
- Development starts are planned with significant square footage.
- Operating property acquisitions are projected.
Challenges Ahead
- Economic conditions could impact performance
- Supply chain disruptions may affect development costs
- Fluctuations in occupancy or rental rates could occur
- Potential tenant defaults or non-renewals pose a risk
Historical Earnings Impact
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Avg. Return Before/After Earnings
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