EastGroup Properties

EastGroup Properties Announces Fourth Quarter And Year 2015 Results

February 1st, 2016

JACKSON, MISSISSIPPI, February 1, 2016 – EastGroup Properties, Inc. (NYSE: EGP) announced today the results of its operations for the three and twelve months ended December 31, 2015.

Commenting on EastGroupā€™s performance, Marshall Loeb, CEO, stated, “During the fourth quarter, we continued our steady growth in funds from operations with a 3.3% increase in FFO per share as compared to the same quarter last year. For the full year 2015, FFO per share grew 5.8% as compared to 2014. We have now achieved FFO per share increases as compared to the previous year’s quarter in eighteen of the last nineteen quarters and year-to-year increases for the past five years. In addition, 2015 FFO per share is the highest in EastGroup’s history.

“Quarter-end occupancy was 96.1% which was our tenth consecutive quarter of 95% or above which basically represents stabilized full occupancy for a multi-tenant industrial company. This occupancy and positive rent spreads generated positive same property net operating income growth with and without straight-line rent adjustments. This is further significant given a material decline in lease termination fees versus 2014.

“During 2016, we plan to prudently recycle capital and start new developments which will further geographically diversify our portfolio by year-end. Towards that end, we are pleased to see forecasted annual development starts remain consistent with prior years at roughly $100 million. Our development program has been a great creator of value for our shareholders.”

Recent News