EastGroup Properties

EastGroup Properties Announces Third Quarter 2023 Results

October 24th, 2023

JACKSON, MISSISSIPPI, October 24, 2023 – 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, 2023.

Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team’s strong performance continues as evidenced by third quarter FFO per share rising 13%. The day-to-day industrial market remains resilient, producing a number of strong metrics such as our percent leased, 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. This uncertainty is creating several outcomes such as greater leasing deliberations among our customers along with four consecutive quarters of materially declining market construction starts. We remain judicious with capital allocation and incremental risk, particularly in this continuing uncertain economic climate, which is one of the primary reasons we continually work to strengthen our balance sheet. Longer term, I remain bullish on the continuing external secular trends which benefit our shallow bay, last mile Sunbelt market portfolio.”

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