EastGroup Properties

EastGroup Properties Announces Third Quarter 2022 Results

October 25th, 2022

JACKSON, MISSISSIPPI, October 25, 2022 – EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “us” or “EastGroup”) announced today the results of its operations for the three and nine months ended September 30, 2022.

Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team continues delivering solid, consistent quarterly results as evidenced by over 14% growth in FFO per share. The day-to-day industrial market remains strong as evidenced by a number of metrics such as our percent leased, percent occupied, quarterly releasing spreads and same store net operating income growth. And while we’re proud of these operational results, we are mindful of the global economic unease. As a result, we’re being very judicious with capital allocation and incremental risk. This type of economic climate is one of the primary reasons we’ve brought our overall leverage and floating rate debt ratios down the past few years. And longer term, I remain bullish on the continued growth
prospects for our shallow bay, last mile Sunbelt market portfolio.”

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