JACKSON, MISSISSIPPI, July 28, 2020 – EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “us” or “EastGroup”) announced today the results of its operations for the three and six months ended June 30, 2020.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team and our portfolio’s performance during second quarter surpassed expectations. It was a solid quarter for ‘normal economic’ times and a great quarter during the economic shutdown. It’s difficult to know when the markets will return to a sense of normalcy, but to date our portfolio is weathering the crisis well. And on the other side of the pandemic, we believe our last mile, shallow bay portfolio will be well-positioned to benefit from the anticipated shift towards carrying more inventory, incremental manufacturing growth in the U.S. or near-shoring in Mexico, faster population growth in the Sunbelt markets and a change in shopping patterns leading to increased e-commerce demand.”