JACKSON, MISSISSIPPI, October 15, 2015 – EastGroup Properties, Inc. (NYSE: EGP) announced today the results of its operations for the three and nine months ended September 30, 2015.
Commenting on EastGroupās performance, David H. Hoster II, CEO, stated, “EastGroup continued its strong momentum of growth in funds from operations per share in the third quarter achieving a 5.6% increase in FFO per share as compared to the same quarter last year. These results continued our track record of increases in FFO per share as compared to the prior year’s quarter in seventeen of the last eighteen quarters.
“Quarter-end occupancy of 95.8% was our ninth consecutive quarter of 95% or above which basically represents stabilized full occupancy for a multi-tenant property industrial company. This occupancy and positive rent spreads generated positive same property net operating income growth with and without straight-line rent adjustments. We believe these results reflect the quality and strategic locations of our properties in the major sunbelt growth markets.
“From an investment standpoint, we started two new developments in the third quarter and plan to begin several more before the end of the year. Also, we are under contract to sell a 232,000 square foot, older asset in Houston. Our plans are to increase our rate of dispositions and to reduce our exposure to that market.”