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Sep 30, 2024
EastGroup Q3 2024 Earnings Report
EastGroup Properties reported solid performance in Q3 2024, with increased EPS and FFO.
Key Takeaways
EastGroup Properties announced its Q3 2024 results, highlighting an increase in net income attributable to common stockholders to $1.13 per diluted share, compared to $1.07 in Q3 2023. FFO excluding gains on involuntary conversion and business interruption claims increased by 9.2% to $2.13 per share. The operating portfolio was 96.9% leased and 96.5% occupied. Rental rates on new and renewal leases increased an average of 50.9% on a straight-line basis.
Net income attributable to common stockholders was $1.13 per diluted share, up from $1.07 in Q3 2023.
FFO excluding gains on involuntary conversion and business interruption claims increased 9.2% to $2.13 per share.
Same Property Net Operating Income excluding income from lease terminations increased 5.5% on a straight-line basis.
Rental rates on new and renewal leases increased an average of 50.9% on a straight-line basis.
Forward Guidance
EastGroup Properties estimates EPS for 2024 to be in the range of $4.64 to $4.68 and FFO per share to be in the range of $8.33 to $8.37.
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 anticipated to remain high.
- Significant capital proceeds are expected.
- The company anticipates continued development starts.
Challenges Ahead
- The projections are based on management's current beliefs and assumptions.
- There are known and unknown risks and uncertainties associated with these projections.
- Uncollectible rent reserves are anticipated.
- Potential gains on dispositions are not included in the projections.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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