JACKSON, MISSISSIPPI, February 7, 2023 – EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “us” or “EastGroup”) announced today the results of its operations for the three and twelve months ended December 31, 2022.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team continues delivering solid, consistent results as evidenced by fourth quarter growth in FFO per share of more than 12%. Further, our annual FFO per share growth was approximately 15%, which comes on top of last year’s record results. The day-to-day industrial market remains strong as evidenced by a number of metrics such as our percent leased, percent occupied, record quarterly and annual releasing spreads and same store net operating income growth. And while we’re proud of these operational results, we remain mindful of the global economic unease. As a result, we’re being judicious with capital allocation and incremental risk. This type of economic climate is one of the primary reasons we’ve
brought our overall leverage and floating rate debt ratios down the past few years. Longer term, I remain bullish on the continued growth prospects for our shallow bay, last mile Sunbelt market portfolio.”