Eastgroup Properties (EGP) Misses Q4 EPS by 3c

Eastgroup Properties (NYSE: EGP) reported Q4 EPS of $0.51, $0.03 worse than the analyst estimate of $0.54.

• Net Income Attributable to Common Stockholders of $0.51 Per Share (Same as the Fourth Quarter of 2017)
• Funds from Operations of $1.18 Per Share Compared to $1.14 Per Share for the Fourth Quarter of 2017, an Increase of 3.5%
• Same Property Net Operating Income (PNOI) for the Annual Same Property Pool (Excluding Income From Lease Terminations) for Fourth Quarter 2018 Increased 2.5% on a Straight-Line Basis and 3.7% on a Cash Basis Compared to Fourth Quarter 2017
• 97.3% Leased, 96.8% Occupied as of December 31, 2018; Average Occupancy of 96.5% for the Quarter
• Rental Rates on New and Renewal Leases Increased an Average of 16.6%
• Acquired a 45,000 Square Foot Operating Property in Austin for $4 Million
• Acquired 53 Acres of Development Land in Phoenix and San Antonio for $10 Million
• Started Construction of a Development Project Comprised of Two Buildings Containing 139,000 Square Feet in Dallas with Projected Total Costs of $15 Million
• Transferred Four 100% Leased Development Projects (381,000 Square Feet) to the Real Estate Portfolio
• Declared 156th Consecutive Quarterly Cash Dividend: $0.72 Per Share
• Issued 460,589 Shares of Common Stock at an Average Price of $98.77 During the Quarter with Gross Proceeds of $45.5 Million

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

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