Eastgroup Properties (EGP) Misses Q3 EPS by 1c, Beats on Revenues; Offers FY17 EPS Guidance Above Consensus

Eastgroup Properties (NYSE: EGP) reported Q3 EPS of $0.46, $0.01 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $68.75 million versus the consensus estimate of $68.66 million.

OUTLOOK FOR 2017

• EPS for 2017 is now estimated to be in the range of $2.43 to $2.45.
• Estimated FFO per share attributable to common stockholders for 2017 has been narrowed to a range of $4.22 to $4.24, while maintaining the mid-point of $4.23.

GUIDANCE:

Eastgroup Properties sees FY2017 EPS of $2.43-$2.45, versus the consensus of $2.42.

• Net Income Attributable to Common Stockholders of $.46 Per Share Compared to $.45 Per Share for the Same Quarter of 2016
• Funds from Operations of $1.08 Per Share Compared to $1.04 Per Share for the Same Quarter Last Year, an Increase of 3.8%
• Same Property Net Operating Income (PNOI) Growth of 3.1%
• 97.4% Leased, 95.6% Occupied as of September 30, 2017; Average Occupancy of 95.2% for the Quarter
• Rental Rates on New and Renewal Leases Increased an Average of 20.9%
• Acquired 40 Acres of Development Land in San Antonio for $5 Million
• Started Construction of a 104,000 Square Foot Development Project in Orlando with a Projected Total Cost of $8 Million
• Transferred Two Development Projects Totaling 278,000 Square Feet to the Real Estate Portfolio
• Development Program Consisted of 13 Projects (1.7 Million Square Feet) at September 30, 2017 with a Projected Total Investment of $138 Million
• Paid 151st Consecutive Quarterly Cash Dividend – Increased the Dividend by $.02 Per Share (3.2%) to $.64 Per Share
• Issued 116,525 Shares of Common Stock During the Quarter with Gross Proceeds of $10 Million

For earnings history and earnings-related data on Eastgroup Properties (EGP) click here.

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