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Eastgroup Properties (EGP)
NYSE:EGP
Earnings Data
Report Date
Apr 29, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
1.1Last Year’s EPS
1.22Same Quarter Last Year
Moderate Buy
Based on 17 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 06, 2025
|% Change Since: 3.51%
|Next Earnings Date:Apr 29, 2025
Earnings Call Sentiment|Positive
The earnings call reflected a generally positive outlook with strong financial performance, leasing activity, and strategic acquisitions. However, challenges such as occupancy decline, tenant defaults, and issues in the California market were noted. The company remains optimistic about 2025 with strategic plans to address these issues.Company Guidance
During the EastGroup Properties Fourth Quarter 2024 Earnings Call, significant metrics were highlighted to reflect the company's performance and strategic outlook. The company's funds from operations (FFO) rose by 5.9% for the quarter and 7.9% for the year, excluding involuntary conversions, marking a continued trend of growth. Occupancy was strong, with year leasing at 97.1% and average quarterly occupancy at 95.8%, despite being down 200 basis points from the previous year. Re-leasing spreads were substantial, with quarterly GAAP at 47% and cash at 29%. Year-end results showed re-leasing spreads of 50% GAAP and 30% cash, while cash same-store net operating income (NOI) increased by 3.4% for the quarter and 5.6% for the year. The company also reported improvements in its rent roll diversity, with top 10 tenants comprising 7.2% of rents, down 70 basis points from the previous year. Looking ahead, EastGroup forecasts 2025 development starts of $300 million, with $150 million earmarked for strategic acquisitions, aiming to maintain an average occupancy of 96% and a cash same-property NOI midpoint of 5.9%.Funds from Operations Growth
Funds from operations rose 5.9% for the quarter and 7.9% for the year, excluding involuntary conversions.
Strong Leasing Activity
Year leasing was 97.1% with occupancy at 96.1%, and quarterly re-leasing spreads were 47% GAAP and 29% cash.
Record Amount of Square Footage Leased
The company achieved a record amount of square footage leased within the operating portfolio in the past quarter.
Diversified Rent Roll
The top 10 tenants comprise only 7.2% of rents, down 70 basis points from year-end 2023.
Acquisition Growth
Acquired 4 fully leased buildings in Dallas and Phoenix, increasing market presence.
Strong Financial Metrics
Debt to total market capitalization was 15%, debt-to-EBITDA ratio was 3.4x, and interest and fixed charge coverage ratio was 11.5x.
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EGP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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EGP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 06, 2025 | $173.38 | $174.66 | +0.74% |
| Oct 23, 2024 | $179.64 | $176.98 | -1.48% |
| Jul 23, 2024 | $186.89 | $182.42 | -2.39% |
| Apr 23, 2024 | $161.86 | $154.28 | -4.68% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Eastgroup Properties (EGP) report earnings?
Eastgroup Properties (EGP) is schdueled to report earning on Apr 29, 2025, TBA Not Confirmed.
What is Eastgroup Properties (EGP) earnings time?
Eastgroup Properties (EGP) earnings time is at Apr 29, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EGP EPS forecast?
EGP EPS forecast for the fiscal quarter 2025 (Q1) is 1.1.
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