JACKSON, MISSISSIPPI, July 25, 2023 – 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, 2023.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team’s strong performance continues as evidenced by second quarter growth in FFO per share of 11%. The day-to-day industrial market remains solid producing a number of strong metrics, such as our percent leased, percent occupied, quarterly releasing spreads and same store net operating income growth. We’re pleased with our operational results, especially given continued global economic unease and capital markets dislocation. We remain judicious with capital allocation and incremental risk, particularly in this uncertain economic climate, which is one of the primary reasons we continually work to strengthen our balance sheet and maintain dry powder. Longer term, I remain bullish on the continued growth prospects for our shallow bay, last mile Sunbelt market portfolio.”