JACKSON, MISSISSIPPI, April 23, 2024 – 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, 2024.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our strong performance continues as evidenced by FFO per share rising 8.8% for the quarter excluding an involuntary conversion in first quarter 2023. The industrial market remained resilient, producing a number of other strong metrics, such as our percent leased, same store net operating income growth, and quarterly releasing spreads. The continued economic uncertainty is creating several outcomes, such as longer leasing deliberations among our customers and multiple consecutive quarters of significantly declining market construction starts. Long term, I remain bullish on the continuing external secular trends which benefit our shallow bay, last mile Sunbelt market portfolio.”