EastGroup Properties

EastGroup Properties Announces Fourth Quarter and Year 2023 Results

February 7th, 2024

JACKSON, MISSISSIPPI, February 7, 2024 – 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, 2023.

Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our strong performance continues as evidenced by FFO per share rising 11.5% for the quarter and 11.3% for the year. The industrial market remains resilient, producing a number of strong metrics such as our percent leased, same store net operating income growth, and record quarterly releasing spreads. We’re pleased with our operational results, especially given continued global economic unease and capital markets dislocation. This uncertainty is creating several outcomes such as longer
leasing deliberations among our customers along with five consecutive quarters of significantly declining market construction starts. In addition to our strong operations, we were able to make strides to materially strengthen our balance sheet during the year. Long term, I remain bullish on the continuing external secular trends which benefit our shallow bay, last mile Sunbelt market portfolio.”

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