Eastgroup Properties (EGP) Misses Q4 EPS by 6c

Eastgroup Properties (NYSE: EGP) reported Q4 EPS of $0.51, $0.06 worse than the analyst estimate of $0.57.

• Net Income Attributable to Common Stockholders of $1.28 Per Share for Fourth Quarter 2019 Compared to $0.51 Per Share for Fourth Quarter 2018 (Fourth Quarter 2019 Included Gains on Sales of Real Estate Investments of $30 Million, or $0.77 Per Share; There Were No Sales in Fourth Quarter 2018)
• Funds from Operations of $1.27 Per Share for Fourth Quarter 2019 Compared to $1.18 Per Share for Fourth Quarter 2018, an Increase of 7.6%
• Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations for Fourth Quarter 2019 Increased 3.7% on a Straight-Line Basis and 4.5% on a Cash Basis Compared to Fourth Quarter 2018
• 97.6% Leased and 97.1% Occupied as of December 31, 2019
• Rental Rates on New and Renewal Leases Increased an Average of 18.3% on a Straight-Line Basis
• Acquired 447,000 Square Feet of Value-Add Properties for $54 Million and 178,000 Square Feet of Operating Properties for $33 Million
• Acquired 62 Acres of Development Land for $16 Million and 42 Acres of Operating Land for $15 Million
• Started Construction of Four Development Projects Containing 593,000 Square Feet with Projected Total Costs of $60 Million
• Transferred Five 100% Leased Development Projects (775,000 Square Feet) to the Real Estate Portfolio
• Sold 380,000 Square Feet of Operating Properties and a Small Tract of Land for $50 Million
• Closed a $100 Million Senior Unsecured Term Loan with a Seven-Year Term and an Effective Fixed Interest Rate of 2.75%
• Declared 160th Consecutive Quarterly Cash Dividend: $0.75 Per Share
• Issued 516,334 Shares of Common Stock Pursuant to the Company\'s Continuous Common Equity Offering Program at an Average Price of $132.52 Per Share for Gross Proceeds of $68 Million

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

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