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Jun 30, 2023
EastGroup Q2 2023 Earnings Report
EastGroup reported strong second-quarter results, driven by solid industrial market fundamentals.
Key Takeaways
EastGroup Properties announced an 11% increase in FFO per share for the second quarter of 2023. The company's operating portfolio remains strong, with high leased and occupied percentages. Rental rates on new and renewal leases increased significantly, and the company continues to invest in development and acquisitions.
Net income attributable to common stockholders was $0.97 per diluted share.
Funds from Operations (FFO) increased by 11.0% to $1.91 per share.
Operating portfolio was 98.5% leased and 98.2% occupied as of June 30, 2023.
Rental rates on new and renewal leases increased an average of 52.8%.
Forward Guidance
EastGroup estimates the EPS for 2023 to be in the range of $3.84 to $3.94 and FFO per share to be in the range of $7.58 to $7.68.
Positive Outlook
- FFO per share is projected to increase over the prior year.
- Same PNOI growth is expected on a cash basis.
- Average month-end occupancy is projected for the operating portfolio.
- Development starts are projected for square footage.
- Unsecured debt closing in period.
Challenges Ahead
- Potential gains on dispositions are not included in the projections.
- Reserves of uncollectible rent.
- There are risks and uncertainties associated with these projections.
- The company assumes no obligation to update publicly any forward-looking statements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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