JACKSON, MISSISSIPPI, April 30, 2020 – EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “us” or “EastGroup”) announced today the results of its operations for the three months ended March 31, 2020.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our first quarter results reflect the strength and depth of our team and the quality of our portfolio during a ‘normal economic’ period. Unfortunately, the world economy has paused. As a result, our focus has shifted to operations. During this time, our attention is on maintaining occupancy and cash flow and working with those tenants who need financial help. When we re-open our economy, we believe our last mile, shallow bay portfolio will be uniquely positioned to benefit from the anticipated shift towards carrying more inventory, incremental manufacturing in the U.S. or near shoring in Mexico, and a change in shopping patterns leading to increased e-commerce demand.”