Eastgroup Properties (EGP) Tops Q2 EPS by 5c

Eastgroup Properties (NYSE: EGP) reported Q2 EPS of $0.60, $0.05 better than the analyst estimate of $0.55.

• Net Income Attributable to Common Stockholders of $0.60 Per Share for Second Quarter 2020 Compared to $0.73 Per Share for Second Quarter 2019 (Second Quarter 2019 Included Gains on Sales of Real Estate Investments of $9.1 Million, or $0.25 Per Share; There Were No Sales in Second Quarter 2020)
• Funds from Operations of $1.33 Per Share for Second Quarter 2020 Compared to $1.22 Per Share for Second Quarter 2019, an Increase of 9.0%
• Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations for Second Quarter 2020 Increased 2.5% on a Straight-Line Basis and 4.1% on a Cash Basis Compared to Second Quarter 2019
• 97.5% Leased and 97.0% Occupied as of June 30, 2020; Average Occupancy of 96.6% for the Second Quarter
• Rental Rates on New and Renewal Leases Increased an Average of 13.8% on a Straight-Line Basis
• Transferred Five Development Projects (767,000 Square Feet) to the Real Estate Portfolio
• Development and Value-Add Program Consisted of 20 Projects (3.1 Million Square Feet) at June 30, 2020 with a Projected Total Investment of $334 Million
• Declared 162nd Consecutive Quarterly Cash Dividend: $0.75 Per Share
• Issued 243,621 Shares of Common Stock Pursuant to the Company\'s Continuous Common Equity Offering Program at an Average Price of $123.14 Per Share for Aggregate Net Proceeds of $29.6 Million
• Remaining Available Capacity of $328 Million on the $395 Million Revolving Lines of Credit as of June 30, 2020
• Agreed to Terms on a Private Placement of Senior Unsecured Notes Totaling $175 Million With a Weighted Average Fixed Interest Rate of 2.65%
• $105 Million of Debt Maturities Remaining During the Year 2020 With a Weighted Average Fixed Interest Rate of 3.55% and $45 Million in Planned Early Debt Repayments During the Remainder of 2020 With a Fixed Interest Rate of 4.39%

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

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