Loading...
•
Sep 30, 2021
EastGroup Q3 2021 Earnings Report
EastGroup reported strong results driven by increased rental rates and strategic acquisitions.
Key Takeaways
EastGroup Properties announced strong third quarter results with significant increases in net income and funds from operations. The company expanded its portfolio through strategic acquisitions and development projects, while also increasing its dividend.
Net income attributable to common stockholders was $0.76 per diluted share, compared to $0.62 in Q3 2020.
Funds from Operations (FFO) increased by 14.0% to $1.55 per share compared to $1.36 per share in Q3 2020.
Same Property Net Operating Income excluding income from lease terminations increased 5.2% on a cash basis.
The company acquired 661,000 square feet of operating properties for $95 million and started construction of nine development projects.
Forward Guidance
EastGroup estimates EPS for 2021 to be in the range of $2.85 to $2.89 and FFO per share to be in the range of $6.01 to $6.05.
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 lease termination fee income.
- Development starts are projected in square feet.
- The company plans value-add property acquisitions.
Challenges Ahead
- The company identifies general and administrative expenses.
- There are risks and uncertainties associated with these projections.
- The company assumes no obligation to update publicly any forward-looking statements.
- The projections are based on management’s current beliefs and assumptions.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...