Eastgroup Properties ( (EGP) ) has released its Q1 earnings. Here is a breakdown of the information Eastgroup Properties presented to its investors.
EastGroup Properties, Inc. is a self-administered equity real estate investment trust (REIT) focused on the development, acquisition, and operation of industrial properties in high-growth markets across the United States, with a significant presence in Texas, Florida, California, Arizona, and North Carolina.
In its first quarter of 2025, EastGroup Properties reported a slight decrease in net income attributable to common stockholders, with earnings per diluted share dropping to $1.14 from $1.22 in the same period of 2024. Despite this, the company saw a 7.1% increase in funds from operations (FFO) per diluted share, excluding gains on involuntary conversion and business interruption claims.
Key financial metrics for EastGroup Properties in the first quarter of 2025 include a 5.3% increase in same property net operating income on a straight-line basis and a 46.9% rise in rental rates on new and renewal leases. The company also transferred two development projects totaling 375,000 square feet to its operating portfolio and signed 30% more square feet of operating portfolio leases compared to the same period in 2024.
Looking ahead, EastGroup Properties remains cautiously optimistic about its growth prospects, despite concerns about global trade and economic uncertainties. The company continues to focus on maintaining a strong balance sheet and diversifying its tenant base and geographic presence to navigate potential challenges. Management projects earnings per share for 2025 to be in the range of $4.67 to $4.87, with FFO per share expected to be between $8.84 and $9.04.