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Jun 30, 2021
EastGroup Q2 2021 Earnings Report
EastGroup's Q2 2021 results were announced, with EPS of $0.69 and FFO per share of $1.47, demonstrating strong performance and growth.
Key Takeaways
EastGroup Properties reported a strong second quarter in 2021, with net income attributable to common stockholders increasing to $0.69 per diluted share, compared to $0.60 in the same period of 2020. Funds from Operations (FFO) also saw a significant rise, reaching $1.47 per share, a 10.5% increase from Q2 2020. The company's portfolio maintained high occupancy and rental rate growth, reflecting robust demand in their Sunbelt market.
Net income attributable to common stockholders was $0.69 per diluted share, up from $0.60 in Q2 2020.
Funds from Operations (FFO) increased by 10.5% to $1.47 per share compared to $1.33 in the same quarter last year.
Same Property Net Operating Income excluding lease terminations grew by 5.6% on a cash basis.
Leased percentage stood at 98.3% and occupancy at 96.8% as of June 30, 2021.
Forward Guidance
EastGroup estimates EPS for 2021 to be in the range of $2.65 to $2.75 and FFO per share to be in the range of $5.83 to $5.93.
Positive Outlook
- FFO per share is projected to increase over the prior year.
- Same PNOI growth is expected on a cash basis.
- High average month-end occupancy is anticipated.
- Development starts are planned for 2.4 million square feet.
- Unsecured debt closing is projected at a weighted average interest rate of 2.58%
Challenges Ahead
- International, national, regional and local economic conditions.
- The duration and extent of the impact of the coronavirus (“COVID-19”) pandemic
- Disruption in supply and delivery chains
- The general level of interest rates and ability to raise equity capital on attractive terms
Historical Earnings Impact
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Avg. Return Before/After Earnings
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