JACKSON, MISSISSIPPI, February 1, 2017 – EastGroup Properties, Inc. (NYSE: EGP) announced today the results of its operations for the three and twelve months ended December 31, 2016.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “We are pleased with our fourth quarter results. Our 14.9% rise in quarterly FFO means that we’ve now achieved FFO per share increases in 22 of the past 23 quarters. Our latest quarterly metrics demonstrate the continued strength and resiliency of the industrial market.
“While we are pleased with our operations during the year and quarter, we’re also excited about the portfolio allocations we made. Our new investments create the opportunity for significant incremental FFO going forward as we lease vacancy acquired and develop new land investments. These new value-add opportunities were in our targeted markets of South Florida, Dallas and Las Vegas. We were also able to reduce our holdings in Houston and Santa Barbara while exiting Memphis. In short, we grew where we wanted to grow and reduced our exposure where we planned.”