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Dec 31, 2024
EastGroup Q4 2024 Earnings Report
EastGroup's Q4 2024 results were announced, with FFO per share excluding gains rising 5.9% for the quarter and 7.9% for the year, alongside a record amount of square footage leased.
Key Takeaways
EastGroup Properties reported a decrease in EPS to $1.16 compared to $1.35 in Q4 2023, primarily due to the absence of gains on sales of real estate investments and increased depreciation and amortization expenses. However, FFO per share excluding gains on involuntary conversion and business interruption claims increased by 5.9% to $2.15. The operating portfolio was 97.1% leased and 96.1% occupied.
Net income attributable to common stockholders was $1.16 per diluted share, compared to $1.35 for Q4 2023.
FFO excluding gain on involuntary conversion and business interruption claims was $2.15 per diluted share, a 5.9% increase year-over-year.
Same Property Net Operating Income excluding income from lease terminations increased 3.6% on a straight-line basis.
The operating portfolio was 97.1% leased and 96.1% occupied as of December 31, 2024.
Forward Guidance
EastGroup estimates EPS for 2025 to be in the range of $4.71 to $4.91 and FFO per share attributable to common stockholders for 2025 to be in the range of $8.80 to $9.00.
Positive Outlook
- FFO per share increase over prior year is expected to be 6.6% to 7.1% excluding gain on involuntary conversion and business interruption claims.
- Same PNOI growth on a cash basis is projected to be between 5.4% and 6.4%.
- The average month-end occupancy for the operating portfolio is anticipated to be 95.5% to 96.5%.
- Development starts are planned for approximately 2.5 million square feet.
- Operating property acquisitions are projected at $150 million.
Challenges Ahead
- Projections are based on management's current beliefs and assumptions and are subject to risks and uncertainties.
- Potential gains on dispositions are not included in the projections.
- Approximately 37% of the estimated annual general and administrative expense is expected to be incurred in the first quarter of 2025.
Historical Earnings Impact
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