JACKSON, MISSISSIPPI, July 20, 2016 – EastGroup Properties, Inc. (NYSE: EGP) announced today the results of its operations for the three and six months ended June 30, 2016.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “We are pleased with the solid second quarter results. Our 7.6% increase in quarterly FFO per share means that we’ve now achieved FFO per share increases in 20 of the past 21 quarters. This long term FFO growth is being driven by consistently high occupancy allowing us to continue raising rents. Our strategy is simple and straightforward and it is working.
“Outside of our day-to-day operations, we’re proud of the progress made recycling capital. Selling older, non-core Houston assets creates further geographic diversification within our portfolio while generating funds for our higher yielding development pipeline. Finally, we further strengthened our balance sheet by issuing $30 million of equity during second quarter.”