EastGroup Properties Announces Third Quarter 2025 Results
EastGroup Properties (NYSE: EGP) reported third quarter 2025 results: EPS $1.26 (Q3 2024: $1.13) and FFO $2.27 per diluted share (Q3 2024: $2.13; +6.6%). PNOI was $134.4M for Q3 and rose 12.9% year-over-year; nine-month FFO was $6.64 per share (+7.3%). The operating portfolio was 96.7% leased and 95.9% occupied as of Sept 30, 2025; average occupancy for Q3 was 95.7%. Rental rates on new and renewal leases increased an average of 35.9% in Q3 and 42.1% year-to-date on a straight-line basis.
Activity included acquisitions of three operating properties (638,000 sq ft) for ~$122M, multiple land purchases for future development, start of a 161,000 sq ft Dallas development (~$27M projected cost), transfer of 864,000 sq ft to operations, and declaration of the 183rd consecutive quarterly dividend, raised 10.7% to $1.55 per share (annualized $6.20; yield 3.4%). Balance sheet: debt-to-market cap 14.1%, interest coverage ~16.8x for the quarter.
EastGroup Properties (NYSE: EGP) ha riportato i risultati del terzo trimestre 2025: EPS 1,26 USD (Q3 2024: 1,13) e FFO 2,27 USD per azione diluita (Q3 2024: 2,13; +6,6%). PNOI è stato di 134,4 milioni di USD nel Q3 e aumentato del 12,9% anno su anno; FFO dei primi nove mesi è stato di 6,64 USD per azione (+7,3%). Il portafoglio operativo era al 96,7% locato e al 95,9% occupato al 30 settembre 2025; l'occupazione media nel Q3 era del 95,7%. I canoni di locazione su nuovi contratti e rinnovi hanno registrato un aumento medio di 35,9% nel Q3 e 42,1% dall'inizio dell'anno su base lineare.
Le attività includevano l'acquisizione di tre immobili operativi (638.000 piedi quadrati) per circa 122 milioni di USD, multiple acquisizioni di terreni per lo sviluppo futuro, l'avvio di un progetto a Dallas di 161.000 piedi quadrati (~27 milioni USD di costo proiettato), il passaggio di 864.000 piedi quadrati alle operazioni, e la dichiarazione del 183° dividendo trimestrale consecutivo, aumentato del 10,7% a 1,55 USD per azione (annualizzato 6,20 USD; rendimento 3,4%). Stato patrimoniale: debito rispetto alla capitalizzazione di mercato 14,1%, copertura degli interessi ~16,8x per il trimestre.
EastGroup Properties (NYSE: EGP) informó los resultados del tercer trimestre de 2025: EPS 1,26 USD (T3 2024: 1,13) y FFO 2,27 USD por acción diluida (T3 2024: 2,13; +6,6%). PNOI fue de 134,4 millones USD para el Q3 y subió un 12,9% interanual; FFO de los nueve meses fue de 6,64 USD por acción (+7,3%). La cartera operativa estaba arrendada al 96,7% y ocupada al 95,9% al 30 de septiembre de 2025; la ocupación media del Q3 fue del 95,7%. Las tasas de alquiler en nuevos contratos y renovaciones aumentaron en promedio 35,9% en el Q3 y 42,1% en lo que va del año sobre una base lineal.
La actividad incluyó adquisiciones de tres propiedades operativas (638,000 pies cuadrados) por ~122 millones de USD, múltiples compras de terrenos para desarrollo futuro, inicio de un desarrollo en Dallas de 161,000 pies cuadrados (~27 millones USD de costo proyectado), transferencia de 864,000 pies cuadrados a operaciones, y la declaración del 183º dividendo trimestral consecutivo, aumentado un 10,7% a 1,55 USD por acción (anualizado 6,20 USD; rendimiento 3,4%). Balance: deuda respecto a la capitalización de mercado 14,1%, cobertura de intereses ~16,8x para el trimestre.
EastGroup Properties (NYSE: EGP) 2025년 3분기 실적 발표: 주당순이익(EPS) 1.26달러 (2024년 3분기: 1.13) 및 주당 희석 FFO 2.27달러 (2024년 3분기: 2.13; +6.6%). PNOI은 3분기에 134.4백만 달러였으며 전년 대비 12.9% 증가; 9개월 FFO는 주당 6.64달러로 (+7.3%). 운영 포트폴리오는 96.7% 임차 및 95.9% 점유로 2025년 9월 30일 기준; 3분기 평균 점유율은 95.7%. 신규 및 갱신 임대료는 3분기에 평균 35.9%, 연간 누계 기준으로 42.1% 상승, 직선 처리 기준으로.
활동에는 세 곳의 운영 부동산(638,000 제곱피트)을 약 1억 2,200만 달러에 인수, 미래 개발을 위한 다수의 토지 매입, 댈러스의 161,000 제곱피트 개발 시작(~2,700만 달러 예상 비용), 운영으로의 864,000 제곱피트 이전, 그리고 183번째 연속 분기 배당 선언, 1주당 1.55달러로 10.7% 증가(연환산 6.20 달러; 수익률 3.4%). 대차대조표: 시장가치에 대한 부채 비율 14.1%, 분기 이자 보상 약 16.8배.
EastGroup Properties (NYSE: EGP) a publié les résultats du troisième trimestre 2025: EPS 1,26 USD (T3 2024: 1,13) et FFO 2,27 USD par action diluée (T3 2024: 2,13; +6,6%). PNOI était de 134,4 M USD pour le T3 et en hausse de 12,9% sur un an; le FFO des neuf mois était de 6,64 USD par action (+7,3%). Le portefeuille opérationnel était loué à 96,7% et occupé à 95,9% au 30 septembre 2025; l’occupation moyenne du T3 était de 95,7%. Les taux de location sur les nouveaux baux et les renouvellements ont augmenté en moyenne de 35,9% au T3 et de 42,1% depuis le début de l’année sur une base linéaire.
Les activités incluaient l’acquisition de trois propriétés opérationnelles (638 000 pieds carrés) pour environ 122 millions de USD, plusieurs achats de terrains pour des développements futurs, le démarrage d’un développement de 161 000 pieds carrés à Dallas (~27 millions USD de coût projeté), le transfert de 864 000 pieds carrés vers les opérations, et la déclaration du 183e dividende trimestriel consécutif, augmenté de 10,7% à 1,55 USD par action (annualisé 6,20 USD; rendement 3,4%). Bilan: Dette par rapport à la capitalisation boursière 14,1%, couverture des intérêts d’environ 16,8x pour le trimestre.
EastGroup Properties (NYSE: EGP) berichtete die Ergebnisse des dritten Quartals 2025: EPS 1,26 USD (Q3 2024: 1,13) und FFO 2,27 USD pro verwässerter Aktie (Q3 2024: 2,13; +6,6%). PNOI betrug 134,4 Mio. USD im Q3 und stieg im Jahresvergleich um 12,9%; FFO der neun Monate betrug 6,64 USD pro Aktie (+7,3%). Das Betriebsportfolio war zu 96,7% vermietet und zu 95,9% belegt zum 30. September 2025; die durchschnittliche Belegung im Q3 betrug 95,7%. Die Mietraten für Neuverträge und Verlängerungen stiegen im Q3 durchschnittlich um 35,9% und seit Jahresbeginn um 42,1% auf einer Straight-Line-Basis.
Zu den Aktivitäten gehörten der Erwerb von drei operativen Immobilien (638.000 sq ft) für ca. 122 Mio. USD, mehrere Landkäufe für die künftige Entwicklung, der Start einer 161.000 sq ft großen Dallas-Entwicklung (~27 Mio. USD prognostizierte Kosten), die Überführung von 864.000 sq ft in den Betrieb, und die Bekanntgabe der 183 aufeinander folgenden vierteljährlichen Dividende, erhöht um 10,7% auf 1,55 USD pro Aktie (annualisiert 6,20 USD; Rendite 3,4%). Bilanz: Verschuldung im Verhältnis zur Marktkapitalisierung 14,1%, Zinsdeckungsgrad ca. 16,8x für das Quartal.
EastGroup Properties (NYSE: EGP) أصدرت نتائج الربع الثالث من 2025: ربحية السهم 1.26 دولار (الربع الثالث 2024: 1.13 دولار) و FFO 2.27 دولار لكل سهم مخفف (الربع الثالث 2024: 2.13؛ +6.6%). PNOI كان 134.4 مليون دولار للربع الثالث وارتفع 12.9% على أساس سنوي؛ FFO للأشهر التسعة حتى الآن كان 6.64 دولار للسهم (+7.3%). المحفظة التشغيلية كانت مؤجرة بنسبة 96.7% و مشغولة بنسبة 95.9% حتى 30 سبتمبر 2025؛ معدل الإشغال المتوسط للربع الثالث كان 95.7%. معدلات الإيجار على عقود الإيجار الجديدة والتجديدات زادت بمعدل متوسط قدره 35.9% في الربع الثالث وبـ 42.1% منذ بداية السنة على أساس خط مستقيم.
نشاطات شملت شراء ثلاث ممتلكات تشغيلية (638,000 قدم مربع) مقابل نحو 122 مليون دولار، عدة شراء أراضٍ للتطوير المستقبلي، بدء تطوير في دالاس بمساحة 161,000 قدم مربع (~27 مليون دولار تكلفة مقدرة)، نقل 864,000 قدم مربع إلى العمليات، وإعلان 183rd توزيعة ربع سنوية متتالية، زاد بنسبة 10.7% إلى 1.55 دولار للسهم (معدل سنوي 6.20 دولار؛ عائد 3.4%). الميزانية: دين إلى رأس المال السوقي 14.1%، تغطية الفوائد نحو 16.8x للربع.
EastGroup Properties (NYSE: EGP) 公布了2025年第三季度业绩：每股收益(EPS) 1.26美元（2024年第三季度：1.13美元）以及每股摊薄后的FFO 2.27美元（2024年第三季度：2.13；+6.6%）。PNOI 第三季度为1.344亿美元，较上年同期增长12.9%；九个月FFO为每股6.64美元（+7.3%）。运营投资组合的情况为：已租赁96.7%、占用率95.9%（截至2025年9月30日）；第三季度平均占用率为95.7%。新签与续租的租金平均上涨35.9%，年初至今合计上涨42.1%，以直线法计。
本期活动包括收购三处运营物业（638,000平方英尺）约1.22亿美元，多项未来开发用地购买，一项位于达拉斯的新开发项目161,000平方英尺（预计成本约2700万美元），将864,000平方英尺转入运营，以及宣布第183个季度分红连续增长，上调至1.55美元每股（年化6.20美元；收益率3.4%）。资产负债表显示：债务对市值的比率为14.1%，本季度利息覆盖约为16.8倍。
- EPS increased from $1.13 to $1.26 in Q3 2025
- FFO $2.27 per share in Q3 2025, a 6.6% increase year-over-year
- PNOI up 12.9% in Q3 2025 versus Q3 2024
- Acquired 638,000 sq ft of operating properties for approximately $122M
- Declared 183rd consecutive quarterly dividend; raised dividend 10.7% to $1.55
- Average operating portfolio occupancy declined to 95.7% in Q3 2025 from 96.7% in Q3 2024
- Weighted average diluted shares increased by 4.265M in Q3 2025, adding dilution
- Remaining development commitment of $137.546M to be invested as of Sept 30, 2025
Insights
Strong quarter: rising EPS and FFO, active acquisitions, and dividend hike point to positive operational momentum.
EastGroup delivered higher diluted EPS of
Key drivers were higher PNOI, lower interest expense year over year, acquisitions adding 638,000 square feet for approximately
Quarter Highlights
-
Net Income Attributable to Common Stockholders of
$1.26 $1.13 -
Funds from Operations ("FFO") of
$2.27 $2.13 6.6% ; Increase of7.3% Year-to-Date -
Same Property Net Operating Income for the Same Property Pool, Excluding Income From Lease Terminations, Increased
7.7% on a Straight-Line Basis and6.9% on a Cash Basis for Third Quarter 2025 Compared to the Same Period in 2024 -
Operating Portfolio was
96.7% Leased and95.9% Occupied as of September 30, 2025; Average Occupancy of Operating Portfolio was95.7% for Third Quarter 2025 as Compared to96.7% for Third Quarter 2024 -
Rental Rates on New and Renewal Leases Increased an Average of
35.9% on a Straight-Line Basis -
Acquired Three Operating Properties, Two in
Raleigh and One inDallas , Containing 638,000 Square Feet for Approximately$122 Million -
Started Construction of a Development Project Located in Dallas Containing 161,000 Square Feet with Projected Total Cost of Approximately
$27 Million - Transferred Four Development Projects Containing 864,000 Square Feet to the Operating Portfolio
-
Declared 183rd Consecutive Quarterly Cash Dividend: Increased the Dividend by
$0.15 10.7% ) to$1.55
Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "I'm proud of the quarterly results the team created this quarter as well as year-to-date. These results are a testament to our team, our properties and our markets, in that order. We're exceeding our initial guidance in spite of indecisiveness by development prospects throughout much of the year. And now we're in the early stages of seeing those prospect concerns thawing. With limited supply and ever growing demand, we are excited about our pathway. Looking beyond this environment, I remain bullish on the continuing external trends benefitting our shallow bay, last mile, high-growth market portfolio."
Three Months Ended September 30, 2025
On a diluted per share basis, earnings per common share ("EPS") were
- The Company's property net operating income ("PNOI") was
$134,374,000 $2.52 $118,990,000 $2.43 $0.09 - Interest expense was
$7,685,000 $0.14 $9,871,000 $0.20 $0.06
The increase in EPS was partially offset by the following:
- Depreciation and amortization expense was
$54,131,000 $1.02 $48,917,000 $1.00 $0.02 - Weighted average shares outstanding increased by 4,265,000 on a diluted basis for the three months ended September 30, 2025, as compared to the same period of 2024.
Nine Months Ended September 30, 2025
Diluted EPS for the nine months ended September 30, 2025 was
- PNOI was
$389,736,000 $7.41 $344,128,000 $7.10 $0.31 - Interest expense was
$23,400,000 $0.44 $29,764,000 $0.61 $0.17
The increase in EPS was partially offset by the following:
- There were no gains on sales of real estate investments recognized during the nine months ended September 30, 2025. EastGroup recognized gains on sales of real estate investments of
$8,751,000 $0.18 - Depreciation and amortization expense was
$159,663,000 $3.03 $139,749,000 $2.89 $0.14 - Weighted average shares outstanding increased by 4,189,000 on a diluted basis for the nine months ended September 30, 2025, as compared to the same period of 2024.
FUNDS FROM OPERATIONS AND PROPERTY NET OPERATING INCOME
Three Months Ended September 30, 2025
For the three months ended September 30, 2025, funds from operations attributable to common stockholders ("FFO") were
PNOI increased by
Same PNOI, Excluding Income from Lease Terminations, increased
On a straight-line basis, rental rates on new and renewal leases signed during the three months ended September 30, 2025 (representing
Nine Months Ended September 30, 2025
FFO for the nine months ended September 30, 2025, was
FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, was
PNOI increased by
Same PNOI, Excluding Income from Lease Terminations, increased
On a straight-line basis, rental rates on new and renewal leases signed during the nine months ended September 30, 2025 (representing
The same property pool for the nine months ended September 30, 2025 includes properties which were included in the operating portfolio for the entire period from January 1, 2024 through September 30, 2025; this pool is comprised of properties containing 54,721,000 square feet.
FFO, FFO Excluding Gain on Involuntary Conversion and Business Interruption Claims, PNOI, and Same PNOI are non-GAAP financial measures, which are defined under Definitions later in this release. Reconciliations of Net Income to PNOI and Same PNOI, and Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO and FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, are presented in the attached schedule "Reconciliations of GAAP to Non-GAAP Measures."
ACQUISITIONS
As previously announced, EastGroup acquired two business distribution buildings in the
In September 2025, EastGroup acquired McKinney Airport Trade Center, three business distribution buildings totaling 320,000 square feet, for
Also as previously announced, in July 2025, the Company closed on the acquisition of North Ridge Logistics Center Land, which contains approximately 37 acres of development land in the
In July 2025, the Company closed on the acquisition of approximately 40 acres of development land in the Northeast submarket of
Subsequent to September 30, 2025, also in the Northeast submarket of
DEVELOPMENT AND VALUE-ADD PROPERTIES
During the third quarter of 2025, EastGroup began construction of one new development project containing 161,000 square feet located in
The development projects started during the first nine months of 2025 are detailed in the table below:
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Development Projects Started in 2025 |
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Location |
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Size |
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Anticipated |
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Projected Total |
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(Square feet) |
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(In thousands) |
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262,000 |
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02/2027 |
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$ |
9,200 |
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Station 24 1 & 2 |
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180,000 |
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04/2027 |
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35,700 |
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Greenway 100 & 200 |
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289,000 |
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06/2027 |
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34,200 |
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161,000 |
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08/2027 |
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27,000 |
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Total Development Projects Started |
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892,000 |
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$ |
106,100 |
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(1) Represents a redevelopment project. |
At September 30, 2025, EastGroup's development and value-add program consisted of 15 projects (3,011,000 square feet) in 12 markets. The projects, which were collectively
During the third quarter of 2025, EastGroup transferred four projects to the operating portfolio (at the earlier of
The development projects transferred to the operating portfolio during the first nine months of 2025 are detailed in the table below:
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Development and Value-Add Properties |
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Location |
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Size |
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Conversion Date |
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Cumulative Cost |
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Percent |
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(Square feet) |
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(In thousands) |
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SunCoast 9 |
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111,000 |
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02/2025 |
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$ |
15,996 |
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32 % |
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Northeast Trade Center 1 |
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264,000 |
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03/2025 |
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28,866 |
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100 % |
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Horizon West 6 |
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87,000 |
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04/2025 |
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11,970 |
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100 % |
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Basswood 3-5 |
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351,000 |
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05/2025 |
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49,992 |
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70 % |
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Crossroads 1 |
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124,000 |
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05/2025 |
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19,428 |
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100 % |
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Eisenhauer Point 10-12 |
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223,000 |
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05/2025 |
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28,680 |
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48 % |
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115,000 |
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07/2025 |
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14,770 |
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33 % |
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Gateway |
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169,000 |
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07/2025 |
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34,407 |
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28 % |
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284,000 |
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07/2025 |
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34,088 |
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100 % |
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Cass White 1 & 2 |
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296,000 |
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09/2025 |
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34,616 |
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37 % |
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Total Projects Transferred |
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2,024,000 |
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$ |
272,813 |
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66 % |
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Projected Stabilized Yield(1) |
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7.1 % |
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(1) Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at |
DIVIDENDS
EastGroup declared a cash dividend of
FINANCIAL STRENGTH AND FLEXIBILITY
EastGroup continues to maintain a strong and flexible balance sheet. Debt-to-total market capitalization was
During the third quarter of 2025, EastGroup settled remaining outstanding forward equity sale agreements that were previously entered into under its continuous common equity offering program by issuing 647,758 shares of common stock in exchange for net proceeds of approximately
In August 2025, EastGroup repaid
OUTLOOK FOR 2025
We now estimate EPS for 2025 to be in the range of
EastGroup's projections are based on management's current beliefs and assumptions about our business, the industry and the markets in which we operate; there are known and unknown risks and uncertainties associated with these projections. We assume no obligation to update publicly any forward-looking statements, including our Outlook for 2025, whether as a result of new information, future events or otherwise. Please refer to the "Forward-Looking Statements" disclosures included in this earnings release and "Risk Factors" disclosed in our annual and quarterly reports filed with the Securities and Exchange Commission for more information.
The following table presents the guidance range for 2025:
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Low Range |
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High Range |
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Q4 2025 |
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Y/E 2025 |
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Q4 2025 |
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Y/E 2025 |
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(In thousands, except per share data) |
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Net income attributable to common stockholders |
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$ |
66,611 |
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256,276 |
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68,723 |
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258,388 |
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Depreciation and amortization |
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55,899 |
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215,651 |
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55,899 |
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215,651 |
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Funds from operations attributable to common stockholders* |
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$ |
122,510 |
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471,927 |
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124,622 |
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474,039 |
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Weighted average shares outstanding - Diluted |
|
53,364 |
|
|
52,809 |
|
|
53,364 |
|
|
52,809 |
|
||||||||||||||
|
Per share data (diluted): |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
1.25 |
|
|
4.85 |
|
|
1.29 |
|
|
4.89 |
|
|||||||||||||
|
Funds from operations attributable to common stockholders |
|
2.30 |
|
|
8.94 |
|
|
2.34 |
|
|
8.98 |
|
||||||||||||||
|
|
|
*This is a non-GAAP financial measure. Please refer to Definitions. |
The following assumptions were used for the mid-point:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metrics |
|
Revised Guidance for |
|
July Earnings Release |
|
Actual for Year |
||||||||||||||
|
FFO per share |
|
|
|
|
|
|
||||||||||||||
|
FFO per share increase over prior year |
|
7.3 % |
|
7.3 % |
|
7.2 % |
||||||||||||||
|
FFO per share, excluding gain on involuntary conversion and business interruption claims |
|
|
|
|
|
|
||||||||||||||
|
FFO per share increase over prior year, excluding gain on involuntary conversion and business interruption claims |
|
7.3 % |
|
7.3 % |
|
7.9 % |
||||||||||||||
|
Same PNOI growth: cash basis (1) |
|
|
|
|
|
5.6 % |
||||||||||||||
|
Average month-end occupancy — Operating portfolio |
|
|
|
|
|
96.8 % |
||||||||||||||
|
Development starts: |
|
|
|
|
|
|
||||||||||||||
|
Square feet |
|
1.5 million |
|
1.7 million |
|
1.6 million |
||||||||||||||
|
Projected total investment |
|
|
|
|
|
|
||||||||||||||
|
Operating property acquisitions |
|
|
|
|
|
|
||||||||||||||
|
Operating property dispositions (Potential gains on dispositions are not included in the projections) |
|
|
|
|
|
|
||||||||||||||
|
Gross capital proceeds (4) |
|
|
|
|
|
|
||||||||||||||
|
General and administrative expense |
|
|
|
|
|
|
||||||||||||||
|
|
|
(1) Excludes straight-line rent adjustments, amortization of market rent intangibles for acquired leases, and income from lease terminations. |
|
(2) Includes properties which have been in the operating portfolio since 1/1/24 and are projected to be in the operating portfolio through 12/31/25; includes 54,277,000 square feet. |
|
(3) Represents estimated average month-end occupancy from January-December 2025. Average month-end occupancy for October-December 2025 is estimated to be between |
|
(4) Gross capital proceeds includes proceeds raised from external sources, such as new long-term debt or equity issuances; excludes borrowings on the unsecured bank credit facilities. |
DEFINITIONS
Net income is used by the Company's management as the primary measure of operating results in making decisions. Investor and industry analysts primarily utilize two supplemental operating performance measures in analyzing operating results, which include: (1) funds from operations attributable to common stockholders ("FFO"), including FFO as adjusted as described below, and (2) property net operating income ("PNOI"), as defined below.
FFO is computed in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. ("Nareit"). Nareit's guidance allows preparers an option as it pertains to whether gains or losses on sale, or impairment charges, on real estate assets incidental to a real estate investment trust's ("REIT's") business are excluded from the calculation of FFO. EastGroup has made the election to exclude activity related to such assets that are incidental to our business. FFO is calculated as net income (loss) attributable to common stockholders computed in accordance with
FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, is calculated as FFO (as defined above), adjusted to exclude gains on involuntary conversion and business interruption claims. The Company believes that this exclusion presents a more meaningful comparison of operating performance across periods.
PNOI is defined as Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense) plus the Company's share of income and property operating expenses from its less-than-wholly-owned real estate investments. EastGroup sometimes refers to PNOI from Same Properties as "Same PNOI" in this press release and the accompanying reconciliation; the Company also presents Same PNOI Excluding Income from Lease Terminations. The Company presents Same PNOI and Same PNOI, Excluding Income from Lease Terminations, as a property-level supplemental measure of performance used to evaluate the performance of the Company's investments in real estate assets and its operating results on a same property basis. The Company believes it is useful to evaluate Same PNOI, Excluding Income from Lease Terminations, on both a straight-line and cash basis. The straight-line basis is calculated by averaging the customers' rent payments over the lives of the leases; GAAP requires the recognition of rental income on a straight-line basis. The cash basis excludes adjustments for straight-line rent and amortization of market rent intangibles for acquired leases; cash basis is an indicator of the rents charged to customers by the Company during the periods presented and is useful in analyzing the embedded rent growth in the Company's portfolio. "Same Properties" is defined as operating properties owned during the entire current period and prior year reporting period. Operating properties are stabilized real estate properties (land including building and improvements) that make up the Company's operating portfolio. Properties developed or acquired are excluded from the same property pool until held in the operating portfolio for both the current and prior year reporting periods. Properties sold during the current or prior year reporting periods are also excluded. A key component of the change in PNOI is the rental rate change on new and renewal leases. The Company calculates rental rate changes on new and renewal leases on a cash basis and straight-line basis. The cash basis rental changes are calculated as the difference, weighted by square feet, of the annualized base rent due the first month of the new lease's term and the annualized base rent of the rent due the last month of the former lease's term, for leases signed during the reporting period. If free rent, discounts, or premiums are in the lease terms, then the first full rent value is used. The straight-line basis rental changes are calculated as the difference, weighted by square feet, of the average rent over the life of the new lease and the average rent over the life of the former lease, for leases signed during the reporting period. Rent amounts exclude amortization of market rent intangibles for acquired leases, hold over rent, and base stop amounts. These calculations exclude leases with terms of less than 12 months and leases for first generation space on properties acquired or developed by EastGroup.
FFO and PNOI are supplemental industry reporting measurements used to evaluate the performance of the Company's investments in real estate assets and its operating results. The Company believes that the exclusion of depreciation and amortization in the industry's calculations of PNOI and FFO provides supplemental indicators of the properties' performance since real estate values have historically risen or fallen with market conditions. PNOI and FFO as calculated by the Company may not be comparable to similarly titled but differently calculated measures for other REITs. Investors should be aware that items excluded from or added back to FFO are significant components in understanding and assessing the Company's financial performance.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") is also used by the Company's management as a key performance measure. EBITDAre is computed in accordance with standards established by Nareit and defined as Net Income, adjusted for gains and losses from sales of real estate investments, non-operating real estate and other assets incidental to the Company's business, interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP financial measure used by the Company's management to measure the Company's operating performance and its ability to meet interest payment obligations and pay quarterly stock dividends on an unleveraged basis.
Debt-to-EBITDAre ratio is a non-GAAP financial measure calculated by dividing the Company's debt by its EBITDAre, and is used by the Company's management in analyzing the financial condition and operating performance of the Company relative to its leverage.
The Company's interest and fixed charge coverage ratio is a non-GAAP financial measure calculated by dividing the Company's EBITDAre by its interest expense. The Company believes this ratio is useful to investors because it provides a basis for analysis of the Company's leverage, operating performance and its ability to service the interest payments due on its debt.
CONFERENCE CALL
EastGroup will host a conference call and webcast to discuss the results of its third quarter, review the Company's current operations, and present its earnings outlook for 2025 on Friday, October 24, 2025, at 11:00 a.m. Eastern Time. 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 Friday, October 24, 2025. The telephone replay will be available through October 31, 2025, and can be accessed by dialing 1-888-660-6345 (access code 62364#). The webcast replay can be accessed through a link on the Company's website at www.eastgroup.net.
SUPPLEMENTAL INFORMATION
Supplemental financial information is available under Quarterly Results in the Investor Relations section of the Company's website at www.eastgroup.net.
COMPANY INFORMATION
EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 2000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in high-growth markets throughout
The Company announces information about the Company and its business to investors and the public using the Company's website (eastgroup.net), including the investor relations website (investor.eastgroup.net), filings with the Securities and Exchange Commission, press releases, public conference calls, and webcasts. The Company also uses social media to communicate with its investors and the public. While not all the information that the Company posts to the Company's website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Therefore, the Company encourages investors, the media, and others interested in the Company to review the information that it posts on the social media channels, including Facebook (facebook.com/eastgroupproperties), LinkedIn (linkedin.com/company/eastgroup-properties-inc), and X (X.com/eastgroupprop). The list of social media channels that the company uses may be updated on its investor relations website from time to time. The information contained on, or that may be accessed through, our website or any of our social media channels is not incorporated by reference into, and is not a part of, this document.
FORWARD-LOOKING STATEMENTS
The statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "expects," "anticipates," "believes," "targets," "intends," "should," "estimates," "could," "continue," "assume," "projects," "goals," "plans" or variations of such words and similar expressions or the negative of such words, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect the Company's current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. For instance, the amount, timing and frequency of future dividends is subject to authorization by the Company's Board of Directors and will be based upon a variety of factors. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to:
- international, national, regional and local economic conditions and conflicts;
- the competitive environment in which the Company operates;
- fluctuations of occupancy or rental rates;
- potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants, or our ability to lease space at current or anticipated rents, particularly in light of the ongoing uncertainty around interest rates, tariffs and general economic conditions;
- disruption in supply and delivery chains;
- increased construction and development costs, including as a result of tariffs or the recent inflationary environment;
- acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with our projections or to materialize at all;
- potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws, real estate investment trust ("REIT") or corporate income tax laws, potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance;
- our ability to maintain our qualification as a REIT;
- natural disasters such as fires, floods, tornadoes, hurricanes, earthquakes or other extreme weather events, which may or may not be directly caused by longer-term shifts in climate patterns, could destroy buildings and damage regional economies;
- the availability of financing and capital, increases in or long-term elevated interest rates, and our ability to raise equity capital on attractive terms;
- financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest, and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;
- our ability to retain our credit agency ratings;
- our ability to comply with applicable financial covenants;
- credit risk in the event of non-performance by the counterparties to our interest rate swaps;
- how and when pending forward equity sales may settle;
- lack of or insufficient amounts of insurance;
- litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;
- our ability to attract and retain key personnel or lack of adequate succession planning;
- risks related to the failure, inadequacy or interruption of our data security systems and processes, including security breaches through cyber attacks;
- pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic;
- potentially catastrophic events such as acts of war, civil unrest and terrorism; and
- environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us.
All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company's most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company's periodic filings and current reports filed with the SEC.
The Company assumes no obligation to update publicly any forward-looking statements, including its Outlook for 2025, whether as a result of new information, future events or otherwise.
CONTACT
Investor@eastgroup.net
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
||||||||||||||||||||||||||
|
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||||||||||||||||||
|
(UNAUDITED) |
||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||||||||
|
REVENUES |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Income from real estate operations |
|
$ |
182,089 |
|
|
162,861 |
|
|
531,989 |
|
|
474,268 |
|
|||||||||||||
|
Other revenue |
|
47 |
|
|
15 |
|
|
1,882 |
|
|
1,922 |
|
||||||||||||||
|
|
|
182,136 |
|
|
162,876 |
|
|
533,871 |
|
|
476,190 |
|
||||||||||||||
|
EXPENSES |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Expenses from real estate operations |
|
48,004 |
|
|
44,163 |
|
|
143,127 |
|
|
131,017 |
|
||||||||||||||
|
Depreciation and amortization |
|
54,131 |
|
|
48,917 |
|
|
159,663 |
|
|
139,749 |
|
||||||||||||||
|
General and administrative |
|
5,607 |
|
|
5,154 |
|
|
18,851 |
|
|
16,576 |
|
||||||||||||||
|
Indirect leasing costs |
|
199 |
|
|
159 |
|
|
633 |
|
|
556 |
|
||||||||||||||
|
|
|
107,941 |
|
|
98,393 |
|
|
322,274 |
|
|
287,898 |
|
||||||||||||||
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest expense |
|
(7,685) |
|
|
(9,871) |
|
|
(23,400) |
|
|
(29,764) |
|
||||||||||||||
|
Gain on sales of real estate investments |
|
— |
|
|
— |
|
|
— |
|
|
8,751 |
|
||||||||||||||
|
Other |
|
447 |
|
|
582 |
|
|
1,510 |
|
|
1,874 |
|
||||||||||||||
|
NET INCOME |
|
66,957 |
|
|
55,194 |
|
|
189,707 |
|
|
169,153 |
|
||||||||||||||
|
Net income attributable to noncontrolling interest in joint ventures |
|
(14) |
|
|
(14) |
|
|
(42) |
|
|
(42) |
|
||||||||||||||
|
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON |
|
66,943 |
|
|
55,180 |
|
|
189,665 |
|
|
169,111 |
|
||||||||||||||
|
Other comprehensive loss — Interest rate swaps |
|
(2,139) |
|
|
(15,747) |
|
|
(13,202) |
|
|
(10,948) |
|
||||||||||||||
|
TOTAL COMPREHENSIVE INCOME |
|
$ |
64,804 |
|
|
39,433 |
|
|
176,463 |
|
|
158,163 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
1.26 |
|
|
1.13 |
|
|
3.61 |
|
|
3.50 |
|
|||||||||||||
|
Weighted average shares outstanding — Basic |
|
53,159 |
|
|
48,864 |
|
|
52,544 |
|
|
48,324 |
|
||||||||||||||
|
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
1.26 |
|
|
1.13 |
|
|
3.60 |
|
|
3.49 |
|
|||||||||||||
|
Weighted average shares outstanding — Diluted |
|
53,264 |
|
|
48,999 |
|
|
52,624 |
|
|
48,435 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||
|
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES |
||||||||||||||||||||||||||
|
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||||||||||||||||||
|
(UNAUDITED) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON |
|
$ |
66,943 |
|
|
55,180 |
|
|
189,665 |
|
|
169,111 |
|
|||||||||||||
|
Depreciation and amortization |
|
54,131 |
|
|
48,917 |
|
|
159,663 |
|
|
139,749 |
|
||||||||||||||
|
Company's share of depreciation from unconsolidated investment |
|
31 |
|
|
32 |
|
|
93 |
|
|
94 |
|
||||||||||||||
|
Depreciation and amortization attributable to noncontrolling interest |
|
(2) |
|
|
(2) |
|
|
(4) |
|
|
(4) |
|
||||||||||||||
|
Gain on sales of real estate investments |
|
— |
|
|
— |
|
|
— |
|
|
(8,751) |
|
||||||||||||||
|
Gain on sales of non-operating real estate |
|
— |
|
|
— |
|
|
— |
|
|
(222) |
|
||||||||||||||
|
FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS* |
|
121,103 |
|
|
104,127 |
|
|
349,417 |
|
|
299,977 |
|
||||||||||||||
|
Gain on involuntary conversion and business interruption claims |
|
— |
|
|
— |
|
|
(1,763) |
|
|
(1,708) |
|
||||||||||||||
|
FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS, EXCLUDING GAIN ON |
|
$ |
121,103 |
|
|
104,127 |
|
|
347,654 |
|
|
298,269 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
NET INCOME |
|
$ |
66,957 |
|
|
55,194 |
|
|
189,707 |
|
|
169,153 |
|
|||||||||||||
|
Interest expense (1) |
|
7,685 |
|
|
9,871 |
|
|
23,400 |
|
|
29,764 |
|
||||||||||||||
|
Depreciation and amortization |
|
54,131 |
|
|
48,917 |
|
|
159,663 |
|
|
139,749 |
|
||||||||||||||
|
Company's share of depreciation from unconsolidated investment |
|
31 |
|
|
32 |
|
|
93 |
|
|
94 |
|
||||||||||||||
|
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") |
|
128,804 |
|
|
114,014 |
|
|
372,863 |
|
|
338,760 |
|
||||||||||||||
|
Gain on sales of real estate investments |
|
— |
|
|
— |
|
|
— |
|
|
(8,751) |
|
||||||||||||||
|
Gain on sales of non-operating real estate |
|
— |
|
|
— |
|
|
— |
|
|
(222) |
|
||||||||||||||
|
EBITDA FOR REAL ESTATE ("EBITDAre")* |
|
$ |
128,804 |
|
|
114,014 |
|
|
372,863 |
|
|
329,787 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Debt |
|
$ |
1,479,819 |
|
|
1,623,170 |
|
|
1,479,819 |
|
|
1,623,170 |
|
|||||||||||||
|
Debt-to-EBITDAre ratio* |
|
2.9 |
|
|
3.6 |
|
|
3.0 |
|
|
3.7 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
EBITDAre* |
|
$ |
128,804 |
|
|
114,014 |
|
|
372,863 |
|
|
329,787 |
|
|||||||||||||
|
Interest expense (1) |
|
7,685 |
|
|
9,871 |
|
|
23,400 |
|
|
29,764 |
|
||||||||||||||
|
Interest and fixed charge coverage ratio* |
|
16.8 |
|
|
11.6 |
|
|
15.9 |
|
|
11.1 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
DILUTED PER COMMON SHARE DATA FOR EASTGROUP PROPERTIES, INC. COMMON |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
1.26 |
|
|
1.13 |
|
|
3.60 |
|
|
3.49 |
|
|||||||||||||
|
FFO attributable to common stockholders* |
|
$ |
2.27 |
|
|
2.13 |
|
|
6.64 |
|
|
6.19 |
|
|||||||||||||
|
FFO attributable to common stockholders, excluding gain on involuntary conversion and business |
|
$ |
2.27 |
|
|
2.13 |
|
|
6.61 |
|
|
6.16 |
|
|||||||||||||
|
Weighted average shares outstanding for EPS and FFO purposes— Diluted |
|
53,264 |
|
|
48,999 |
|
|
52,624 |
|
|
48,435 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
(1) Net of capitalized interest of |
||||||||||||||||||||||||||
|
*This is a non-GAAP financial measure. Please refer to Definitions. |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||
|
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued) |
||||||||||||||||||||||||||
|
(IN THOUSANDS) |
||||||||||||||||||||||||||
|
(UNAUDITED) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
NET INCOME |
|
$ |
66,957 |
|
|
55,194 |
|
|
189,707 |
|
|
169,153 |
|
|||||||||||||
|
Gain on sales of real estate investments |
|
— |
|
|
— |
|
|
— |
|
|
(8,751) |
|
||||||||||||||
|
Gain on sales of non-operating real estate |
|
— |
|
|
— |
|
|
— |
|
|
(222) |
|
||||||||||||||
|
Interest income |
|
(174) |
|
|
(306) |
|
|
(683) |
|
|
(822) |
|
||||||||||||||
|
Other revenue |
|
(47) |
|
|
(15) |
|
|
(1,882) |
|
|
(1,922) |
|
||||||||||||||
|
Indirect leasing costs |
|
199 |
|
|
159 |
|
|
633 |
|
|
556 |
|
||||||||||||||
|
Depreciation and amortization |
|
54,131 |
|
|
48,917 |
|
|
159,663 |
|
|
139,749 |
|
||||||||||||||
|
Company's share of depreciation from unconsolidated investment |
|
31 |
|
|
32 |
|
|
93 |
|
|
94 |
|
||||||||||||||
|
Interest expense (1) |
|
7,685 |
|
|
9,871 |
|
|
23,400 |
|
|
29,764 |
|
||||||||||||||
|
General and administrative expense (2) |
|
5,607 |
|
|
5,154 |
|
|
18,851 |
|
|
16,576 |
|
||||||||||||||
|
Noncontrolling interest in PNOI of consolidated joint ventures |
|
(15) |
|
|
(16) |
|
|
(46) |
|
|
(47) |
|
||||||||||||||
|
PROPERTY NET OPERATING INCOME ("PNOI")* |
|
134,374 |
|
|
118,990 |
|
|
389,736 |
|
|
344,128 |
|
||||||||||||||
|
PNOI from 2024 and 2025 acquisitions |
|
(8,116) |
|
|
(2,010) |
|
|
(22,135) |
|
|
(4,080) |
|
||||||||||||||
|
PNOI from 2024 and 2025 development and value-add properties |
|
(6,951) |
|
|
(4,338) |
|
|
(18,264) |
|
|
(9,987) |
|
||||||||||||||
|
PNOI from 2024 and 2025 operating property dispositions |
|
— |
|
|
(51) |
|
|
(40) |
|
|
(329) |
|
||||||||||||||
|
Other PNOI |
|
215 |
|
|
20 |
|
|
928 |
|
|
122 |
|
||||||||||||||
|
SAME PNOI (Straight-Line Basis)* |
|
119,522 |
|
|
112,611 |
|
|
350,225 |
|
|
329,854 |
|
||||||||||||||
|
Lease termination fee income from same properties |
|
(101) |
|
|
(1,745) |
|
|
(893) |
|
|
(1,957) |
|
||||||||||||||
|
SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)* |
|
119,421 |
|
|
110,866 |
|
|
349,332 |
|
|
327,897 |
|
||||||||||||||
|
Straight-line rent adjustments for same properties |
|
(2,820) |
|
|
(1,672) |
|
|
(7,277) |
|
|
(5,379) |
|
||||||||||||||
|
Acquired leases — Market rent adjustment amortization for same properties |
|
(447) |
|
|
(521) |
|
|
(1,438) |
|
|
(1,666) |
|
||||||||||||||
|
SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)* |
|
$ |
116,154 |
|
|
108,673 |
|
|
340,617 |
|
|
320,852 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
(1) Net of capitalized interest of |
||||||||||||||||||||||||||
|
(2) Net of capitalized development costs of |
||||||||||||||||||||||||||
|
*This is a non-GAAP financial measure. Please refer to Definitions. |
|
|
|
|
|
|
|
|
||||||||||||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/eastgroup-properties-announces-third-quarter-2025-results-302593224.html
SOURCE EastGroup Properties
FAQ
What were EastGroup (EGP) earnings per share for Q3 2025 and how did they compare to Q3 2024?
How much did EastGroup (EGP) increase its dividend on October 23, 2025?
What was EastGroup's (EGP) Q3 2025 FFO and year-over-year FFO change?
How leased and occupied was EastGroup's (EGP) operating portfolio as of September 30, 2025?
What acquisition and development activity did EastGroup (EGP) report in Q3 2025?
What is EastGroup's (EGP) reported leverage as of Sept 30, 2025?
