Eastgroup Properties (EGP) Tops Q4 EPS by 33c

Eastgroup Properties (NYSE: EGP) reported Q4 EPS of $0.94, $0.33 better than the analyst estimate of $0.61.

• Net Income Attributable to Common Stockholders of $0.94 Per Diluted Share for Fourth Quarter 2020 Compared to $1.28 Per Diluted Share for Fourth Quarter 2019 (Gains on Sales of Real Estate Investments Were $13 Million, or $0.33 Per Diluted Share, for Fourth Quarter 2020, and $30 Million, or $0.77 Per Diluted Share, for Fourth Quarter 2019)
• Funds from Operations of $1.38 Per Share for Fourth Quarter 2020 Compared to $1.27 Per Share for Fourth Quarter 2019, an Increase of 8.7%
• Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations for Fourth Quarter 2020 Increased 2.2% on a Cash Basis and 2.0% on a Straight-Line Basis Compared to Fourth Quarter 2019
• 98.0% Leased and 97.3% Occupied as of December 31, 2020; Average Occupancy of 96.9% for Fourth Quarter 2020
• Rental Rates on New and Renewal Leases Increased an Average of 15.4% on a Straight-Line Basis
• Acquired 297,000 Square Feet of Operating Properties for $42 Million and 162,000 Square Feet of Value-Add Properties for $28 Million
• Acquired 76 Acres of Development Land for $20 Million
• Started Construction of Three Development Projects Containing 577,000 Square Feet with Projected Total Costs of $56 Million
• Transferred One Value-Add Project (196,000 Square Feet) to the Real Estate Portfolio
• Sold Two Operating Properties Containing 126,000 Square Feet for $21 Million (Gains of $13 Million Not Included in FFO)
• Closed $175 Million of Senior Unsecured Notes with a Weighted Average Fixed Interest Rate of 2.65%
• Declared 164th Consecutive Quarterly Cash Dividend: $0.79 Per Share
• Issued 122,380 Shares of Common Stock Pursuant to the Company\'s Continuous Common Equity Offering Program at an Average Price of $140.62 Per Share for Aggregate Net Proceeds of $17 Million

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

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