JACKSON, Miss., Aug. 23, 2024 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that its Board of Directors approved a 10.2% increase in its quarterly dividend, raising it to $1.40 per share from $1.27 per share. The dividend is payable on October 15, 2024, to shareholders of record of Common Stock on September 30, 2024. This dividend is the 179th consecutive quarterly cash distribution to EastGroup's shareholders and represents an annualized dividend rate of $5.6 ...

Shutter2U EastGroup Properties (NYSE:EGP) operates primarily within sunbelt markets, benefiting from the value drivers accompanying these markets, such as: resilient job market dynamic population growth accelerating significance of tourism favorable tax regulations for businesses Moreover, EGP concentrates on last-mile, shallow bay industrial properties. As they have historically experienced relatively lower vacancy problems than traditional properties. Geographic Focus · Major Sunbelt Growth Markets Emphas ...

Second quarter earnings reports from Prologis (PLD) and First Industrial (FR) suggest growth is returning to industrial. Industrial rent per square foot cratered during the Financial Crisis, in many cases getting as low as a couple of dollars per square foot, and there were even instances of sub $1.00 per foot rent. FRED Market rent of industrial facilities recovered from the financial crisis lows, and slowly built over the ensuing decade. Rental rates began ramping nicely approaching the year 2020, and the ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the quarterly and six-month periods ended June 30, 2024, including balance sheets, income statements, equity changes, cash flows, and notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$4.71 billion** as of June 30, 2024, from **$4.52 billion** at year-end 2023, driven by growth in real estate properties, while total liabilities and equity also saw increases Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$4,714,693** | **$4,519,213** | | Real estate properties, net | $4,395,736 | $4,219,472 | | Cash and cash equivalents | $39,400 | $40,263 | | **Total Liabilities** | **$1,947,746** | **$1,910,579** | | Unsecured debt, net | $1,676,799 | $1,676,347 | | **Total Equity** | **$2,766,947** | **$2,608,634** | [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For the six months ended June 30, 2024, net income significantly increased to **$113.9 million** from **$88.2 million** in the prior-year period, driven by a **14%** rise in total revenues and decreased interest expense Income Statement Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $159,090 | $139,887 | $313,314 | $274,912 | | Net Income | $55,301 | $43,465 | $113,959 | $88,169 | | Net Income Attributable to Common Stockholders | $55,287 | $43,450 | $113,931 | $88,140 | | Diluted EPS | $1.14 | $0.97 | $2.37 | $1.99 | [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity grew from **$2.61 billion** at year-end 2023 to **$2.77 billion** by June 30, 2024, primarily due to net income and common stock offerings, partially offset by dividends - For the six months ended June 30, 2024, total equity increased by **$158.3 million**. Key changes include net income of **$114.0 million**, common stock issuance proceeds of **$162.0 million**, and common dividends declared of **$123.0 million** (**$2.54 per share**)[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2024, net cash from operating activities increased to **$239.8 million**, while investing activities used **$271.0 million**, and financing activities provided **$30.4 million** Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $239,761 | $178,779 | | Net Cash Used in Investing Activities | ($270,980) | ($208,803) | | Net Cash Provided by Financing Activities | $30,356 | $31,050 | | **Net (Decrease) Increase in Cash** | **($863)** | **$1,026** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including the acquisition of two properties for **$107.8 million**, the extension of unsecured bank credit facilities to 2028, and significant equity raising through ATM programs - During the first six months of 2024, the company acquired two operating properties totaling **505,000 square feet** for a total cost of **$107.8 million**[41](index=41&type=chunk) - On June 13, 2024, the company amended its unsecured bank credit facilities (**$625 million** and **$50 million**) to extend the maturity dates to **July 31, 2028**[64](index=64&type=chunk) - The company utilizes an at-the-market (ATM) common stock offering program. In H1 2024, it settled forward agreements by issuing **692,712 shares** for net proceeds of approximately **$125.6 million** and entered into new forward agreements for **886,724 shares**[94](index=94&type=chunk)[129](index=129&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong H1 2024 performance, including a **19.1%** increase in diluted EPS, **8.5%** rise in FFO per share, and **58.8%** rental rate growth, supported by strategic property investments and strong liquidity Key Performance Indicators - H1 2024 vs H1 2023 | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Diluted EPS | $2.37 | $1.99 | +19.1% | | FFO per Diluted Share | $4.07 | $3.75 | +8.5% | | Same PNOI Growth (excl. lease termination) | 5.1% | N/A | N/A | | Rental Rate Change (New/Renewal) | +58.8% | N/A | N/A | - The operating portfolio was **97.4% leased** and **97.1% occupied** as of June 30, 2024[133](index=133&type=chunk) - In H1 2024, the company acquired two operating properties for **$107.8 million** and began construction on three development projects totaling **473,000 square feet**[135](index=135&type=chunk)[136](index=136&type=chunk) [Financial Condition](index=31&type=section&id=Financial%20Condition) As of June 30, 2024, total assets grew by **$195.5 million** since year-end 2023, primarily due to **$107.8 million** in property acquisitions and **$122.9 million** in development investments, funded by equity offerings Change in Financial Position (H1 2024) | Account | Change ($ thousands) | Key Drivers | | :--- | :--- | :--- | | Total Assets | +$195,480 | Property acquisitions & development | | Total Liabilities | +$37,167 | Increase in accounts payable & accrued expenses | | Total Equity | +$158,313 | Common stock offerings, net of dividends | - Investment in Development and value-add properties increased to **$693.1 million** from **$639.6 million** at year-end 2023, with **$122.9 million** invested in H1 2024[162](index=162&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Net income for H1 2024 increased to **$113.9 million** from **$88.1 million** in H1 2023, driven by a **$25.7 million** (**12.9%**) increase in Property Net Operating Income (PNOI) and a **$5.7 million** decrease in interest expense PNOI Change - H1 2024 vs H1 2023 (in thousands) | PNOI Source | Change | | :--- | :--- | | Newly developed & value-add properties | +$9,902 | | Same property operations | +$9,775 | | 2023 & 2024 acquisitions | +$7,121 | | Properties sold | -$1,164 | | **Total PNOI Increase** | **+$25,730** | - Interest expense decreased by **$5.7 million** in H1 2024 compared to H1 2023, mainly due to a significant reduction in average borrowings on unsecured bank credit facilities from **$76.8 million** to **$2.1 million**[176](index=176&type=chunk)[181](index=181&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with approximately **$811.7 million** available as of June 30, 2024, having extended credit facility maturities to 2028 and actively utilized its ATM program for equity raising - Total immediate liquidity as of June 30, 2024, was approximately **$811.7 million**, consisting of **$39.4 million** cash, **$672.3 million** credit facility availability, and **$100 million** in available forward equity proceeds[191](index=191&type=chunk) - In June 2024, the maturity dates for the **$625 million** and **$50 million** unsecured bank credit facilities were extended to **July 31, 2028**[195](index=195&type=chunk) Unsecured Fixed-Rate Debt Maturities (in thousands) | Period | Principal Maturing ($ thousands) | | :--- | :--- | | Remainder of 2024 | $170,000 | | 2025 | $145,000 | | 2026 | $140,000 | | 2027 | $175,000 | | 2028 | $160,000 | | 2029 and beyond | $890,000 | | **Total** | **$1,680,000** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate changes on variable-rate unsecured bank credit facilities, managed by fixed-rate debt and swaps, with a hypothetical **$100 million** balance showing a **$0.62 million** annual interest expense change for every **10%** rate shift - The company's main market risk is interest rate volatility on its variable-rate debt. This is mitigated through fixed-rate debt and interest rate swaps[214](index=214&type=chunk) - A sensitivity analysis indicates that if there were a **$100 million** balance on the unsecured credit facilities, a **10%** change in interest rates (approx. **62 basis points**) would change annual interest expense by about **$0.62 million**[219](index=219&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes in internal control over financial reporting during Q2 - The CEO and CFO concluded that as of June 30, 2024, the company's disclosure controls and procedures were effective[222](index=222&type=chunk) - No changes in internal control over financial reporting occurred during the second fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[222](index=222&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material litigation, nor is any material litigation threatened, beyond routine matters arising in the ordinary course of business - The Company is not presently involved in any material litigation outside of routine matters arising in the ordinary course of business[223](index=223&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to the risk factors disclosed in the 2023 Form 10-K have occurred[224](index=224&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2024, the company withheld **57 shares** of common stock at an average price of **$161.86** per share to satisfy tax withholding obligations related to its equity compensation plan Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | April 2024 | 0 | $— | | May 2024 | 14 | $159.47 | | June 2024 | 43 | $162.64 | | **Total** | **57** | **$161.86** | [Item 3. Defaults Upon Senior Securities](index=42&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[226](index=226&type=chunk) [Item 4. Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[227](index=227&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) During Q2 2024, no directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the three months ended June 30, 2024[229](index=229&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the amended Director Compensation Program, the Sixth Amended and Restated Credit Agreement, and CEO/CFO certifications - The report includes several exhibits, notably the Sixth Amended and Restated Credit Agreement dated June 13, 2024, and CEO/CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act[230](index=230&type=chunk)

EastGroup Properties, Inc. (NYSE:EGP) Q2 2024 Earnings Conference Call July 24, 2024 11:00 AM ET Company Participants Marshall Loeb – President and Chief Executive Officer Keena Frazier – Director-Leasing Statistics Brent Wood – Chief Financial Officer Conference Call Participants Jeff Spector – Bank of America Craig Mailman – Citi Alexander Goldfarb – Piper Sandler John Kim – BMO Capital Markets Todd Thomas – KeyBanc Capital Markets Rich Anderson – Wedbush Michael Carroll – RBC Nick Thillman – Baird Mike M ...

Core Insights - EastGroup Properties (EGP) reported revenue of $159.09 million for Q2 2024, a year-over-year increase of 13.7% [1] - The earnings per share (EPS) for the same period was $2.05, compared to $0.97 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $156.96 million, resulting in a surprise of +1.36% [1] - The company met the consensus EPS estimate of $2.05, showing no surprise in EPS [1] Revenue Breakdown - Income from real estate operations was $157.33 million, slightly above the average estimate of $156.89 million from seven analysts, reflecting a year-over-year change of +13.3% [3] - Other revenue amounted to $1.76 million, significantly higher than the estimated $0.17 million from three analysts [3] Stock Performance - EastGroup Properties shares have returned +13.9% over the past month, outperforming the Zacks S&P 500 composite's +2% change [4] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [4]

A quarter ago, it was expected that this real estate investment trust would post FFO of $2.01 per share when it actually produced FFO of $1.98, delivering a surprise of -1.49%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call. While EastGroup Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for th ...

Second Quarter 2024 Highlights JACKSON, MISSISSIPPI, July 23, 2024 - EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "we", "us" or "EastGroup") announced today the results of its operations for the three and six months ended June 30, 2024. Three Months Ended June 30, 2024 On a diluted per share basis, earnings per common share ("EPS") were $1.14 for the three months ended June 30, 2024, compared to $0.97 for the same period of 2023. The increase in EPS was primarily due to the following: • The Compan ...

RichVintage Americans believe they need $1.46 million to retire comfortably, according to a survey by Northwestern Mutual earlier this year. That's 53% higher than they reported in 2020, CBS News reports. "Due to the impact of inflation and other financial pressures," it writes, "Americans today believe they need to sock away more for their golden years compared with 2020, when the typical worker pegged a comfy retirement as requiring $951,000 in savings, Aditi Javeri Gokhale, chief strategy officer at Nort ...

A live broadcast of the conference call is available by dialing 1-800-836-8184 (conference ID EastGroup) or by webcast through a link on the Company's website at www.eastgroup.net. If you are unable to listen to the live conference call, a telephone and webcast replay will be available on Wednesday, July 24, 2024. The telephone replay will be available until Wednesday, July 31, 2024, and can be accessed by dialing 1-888-660-6345 (access code 98279#). The replay of the webcast can be accessed through a link ...