EastGroup Q3 2024 Earnings Report
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.
EastGroup
EastGroup
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.
- The company assumes no obligation to update publicly any forward-looking statements.