JACKSON, MISSISSIPPI, July 26, 2022 – 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, 2022.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team achieved a strong 17% growth in FFO per share during second quarter as a result of record highs in our leasing, occupancy and same store net operating income. Market conditions remain buoyant with strong tenant demand and rising rents. Even with the positive operating environment, however, we are mindful of unease in the global economy and the impact of rising interest rates on capital markets. As such, we are listening carefully to our tenants and prospects for any signs of a
potential slowdown. In the near term, we are taking advantage of our strong balance sheet to selectively pursue development and value add opportunities where we have a high degree of confidence. Longer term, I remain bullish on the continued growth prospects for our shallow bay, last mile, Sunbelt market portfolio. My confidence stems from two facts. First, our team and our portfolio have performed well through several up and down economic cycles over the years. Secondly, there are a number of long-term secular trends, such as supply chain logistics, e-commerce adoption, Sunbelt population migration, etc. that I believe will continue to incrementally fuel our growth.”