EastGroup Properties, Inc. (NYSE:EGP) Q4 2022 Earnings Conference Call February 8, 2023 11:00 AM ET Company Representatives Marshall Loeb - President, Chief Executive Officer Brent Wood - Chief Financial Officer Conference Call Participants Craig Mailman - Citi Alexander Goldfarb - Piper Sandler Todd Thomas -Keybanc Capital Markets Jeff Spector - Bank of America Ki Bin Kim - Truist Samir Khanal - Evercore ISI Bill Crow - Raymond James Nick Yulico - Baird Ronald Kamdem - Morgan Stanley Operator Good day, and ...

Financial Data and Key Metrics Changes - Funds from operations (FFO) increased by over 14% for the quarter, marking 38 consecutive quarters of higher FFO per share compared to the prior year quarter [9][16] - Quarterly occupancy averaged 98.3%, up 120 basis points from Q3 2021, with a quarter-end occupancy of 99% leased and 98.5% occupied, matching the company record [9][11] - Cash same store NOI reached 8.7% for the quarter and stands at 8.9% year to date [11][12] - Annual FFO guidance raised to $6.93 per share, up 13.8% from the 2021 record [12] Business Line Data and Key Metrics Changes - Quarterly releasing spreads were strong, with GAAP spreads above 39% and cash spreads at 23% [10] - Year-to-date releasing spreads were similar at 36% GAAP and 22% cash [10] Market Data and Key Metrics Changes - The company has a diversified rent roll, with the top 10 tenants accounting for only 8.9% of rents [13] - The company completed 11 development and value-add projects, with 10 rolling into the operating portfolio fully leased at an average yield of 6.6% [13][14] Company Strategy and Development Direction - The company is focusing on value creation through raising rents and new development in response to market demand for industrial products [11][12] - A measured approach is being taken on new core investments due to shifts in capital markets [15] - The company is adjusting its development pipeline to ensure higher returns, with current projected yields at 6.8% [33][62] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the industrial market's long-term trends, including population shifts and evolving logistics [25][27] - The company remains vigilant about potential economic volatility but is optimistic about maintaining high occupancy and pushing rents [26][39] - Management noted that while there are concerns about certain sectors, overall demand remains strong, with no significant impacts observed from major tenants like Amazon and FedEx [49][51] Other Important Information - The Florida portfolio sustained minimal damage from Hurricane Ian, with no anticipated meaningful financial impact [23] - The company is taking a cautious approach to acquisitions and development due to rising costs and market volatility [62][64] Q&A Session Summary Question: Impact of Hurricane Ian on development timelines - Management indicated minimal damage and some revenue loss in Q4 due to delayed development schedules, with some buildings pushed back to January [28][29] Question: Development pipeline and yield considerations - Management acknowledged tighter capital costs and is evaluating development projects more carefully, with a focus on maintaining higher yields [31][32] Question: Changes in tenant location preferences - Management noted that larger tenants are moving to suburbs for cheaper land, while smaller tenants prefer locations near their customers [41][42] Question: Demand pipeline in Houston - Management expressed confidence in Houston's market stability despite some space being given back, with a strong leasing team actively backfilling [45][46] Question: Overall demand and tenant impacts - Management reported no significant impacts from sectors like homebuilding, with other tenants offsetting any slowdowns [49][51] Question: Cap rates and acquisition strategies - Management is cautious about acquisitions, focusing on unique opportunities and monitoring cap rate movements closely [55][56] Question: Rent growth across markets - Management highlighted strong rent growth in markets like Tampa and Las Vegas, with expectations for continued upward pressure on rents [80][81]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 Commission File Number: 1-07094 EASTGROUP PROPERTIES, INC. (Exact Name of Registrant as Specified in its Charter) Maryland 13-2711135 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 400 W Parkway Place Suite 100 R ...

EastGroup Properties, Inc. (NYSE:EGP) Q2 2022 Earnings Conference Call July 27, 2022 11:00 AM ET Company Participants Marshall Loeb - President and CEO Keena Frazier - Director, Leasing Statistics Brent Wood - Chief Financial Officer Conference Call Participants Connor Mitchell - Piper Sandler Jeff Spector - Bank of America Connor Siversky - Berenberg Michael Carroll - RBC Capital Markets Craig Mailman - Citi Todd Thomas - KeyBanc Capital Markets Nick Yulico - Baird Ronald Kamdem - Morgan Stanley Vince Tibo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 Commission File Number: 1-07094 EASTGROUP PROPERTIES, INC. (Exact Name of Registrant as Specified in its Charter) Maryland 13-2711135 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 400 W Parkway Place Suite 100 Ridgel ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 Commission File Number: 1-07094 EASTGROUP PROPERTIES, INC. (Exact Name of Registrant as Specified in its Charter) Maryland 13-2711135 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 400 W Parkway Place Suite 100 Ridge ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ COMMISSION FILE NUMBER 1-07094 EASTGROUP PROPERTIES, INC. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdi ...

Financial Data and Key Metrics Changes - Funds from operations (FFO) increased by 17% for Q4 2021 and 13% for the full year, marking 35 consecutive quarters of higher FFO per share compared to the prior year [7][11] - Quarterly occupancy averaged 97.3%, up 40 basis points from Q4 2020, with year-end occupancy at 98.7% leased and 97.4% occupied [7][8] - Cash same-store NOI rose by 6.4% for the quarter and 5.7% for the full year [8][12] - FFO per share for Q4 was $1.62, an increase of 17.4% from $1.38 in Q4 2020 [11] Business Line Data and Key Metrics Changes - Quarterly releasing spreads were 31.5% GAAP and 18% cash, with annual results at 31.2% GAAP and 18.4% cash, indicating strong demand [8] - The company plans to focus on value creation through development and value-add investments in response to market demand [8][10] Market Data and Key Metrics Changes - Houston's leasing rate was reported at 95.9%, projected to represent under 11% of 2022's NOI total, down 130 basis points from 2021 [9] - The company anticipates development starts of $250 million in 2022, down from $341 million in 2021, reflecting a strategic response to market conditions [10][13] Company Strategy and Development Direction - The company aims to capitalize on the strong industrial market by focusing on development and value-add investments [8][10] - The management emphasizes a diversified rent roll, with the top 10 tenants accounting for only 7.6% of rents, enhancing stability [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong demand for last-mile distribution space and growth in Sunbelt markets [15] - The management remains cautious about external factors, including supply chain issues, which may persist into 2022 [18][20] Other Important Information - The company issued $120 million of equity at an average price of $205 per share and repaid a $33 million mortgage loan at a rate of 4.1% [11][12] - The dividend was increased from $0.90 to $1.10 per share, a 22% increase, with expectations for normalization in 2022 [12][13] Q&A Session Summary Question: Supply chain normalization timeline - Management indicated that most tenants feel optimistic about demand but expect supply chain issues to persist throughout 2022 [18][20] Question: Concerns about pricing push-back - Management remains conservative, acknowledging potential challenges but expressing confidence in maintaining occupancy and rental growth [21][23] Question: Impact of higher borrowing rates - Management is actively monitoring borrowing rates and has locked in favorable rates for upcoming loans, indicating a proactive approach to capital allocation [30][31] Question: On-shoring trends and labor costs - Management noted a trend of tenant relocations to states like Texas and Florida, with optimism about near-shoring due to labor cost considerations [43][44] Question: Guidance for NOI and rental growth - Management provided guidance for a midpoint NOI growth of 5.6%, emphasizing a conservative approach to assumptions for the year [48][49]

EastGroup Properties, Inc. (NYSE:EGP) Q3 2021 Results Conference Call October 27, 2021 11:00 AM ET Company Participants Keena Frazier - Director, Leasing Statistics Marshall Loeb - President and Chief Executive Officer Brent Wood - Chief Financial Officer Conference Call Participants Alexander Goldfarb - Piper Sandler Elvis Rodriguez - Bank of America Emmanuel Korchman - Citi Nick Tillman - Baird Craig Mailman - KeyBanc Capital Markets Michael Carroll - RBC Capital Markets Jon Peterson - Jefferies Operator ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 Commission File Number: 1-07094 EASTGROUP PROPERTIES, INC. (Exact Name of Registrant as Specified in its Charter) Maryland 13-2711135 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 400 W Parkway Place Suite 100 R ...