EastGroup Properties

EastGroup Properties Announces First Quarter 2023 Results

April 25th, 2023

JACKSON, MISSISSIPPI, April 25, 2023 – 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, 2023.

Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team’s strong performance continued into 2023 as evidenced by first quarter growth in FFO per share of more than 9%. The day-to-day industrial market remains solid as evidenced by a number of metrics, such as our percent leased, percent occupied, quarterly releasing spreads and same store net operating income growth. We’re pleased with our operational results, especially during a period of global economic unease and capital markets dislocation. Until the economic climate allows more clarity,
we’ll remain judicious with capital allocation and incremental risk. This type of economic climate is one of the primary reasons we lowered our overall leverage and floating rate debt ratios the past few years. Longer term, I remain bullish on the continued growth prospects for our shallow bay, last mile Sunbelt market portfolio.”

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