EastGroup Properties reports Q1 adjusted FFO $1.82, consensus $1.82

Reports Q1 revenue $135.02M, consensus $132.82M. Reports Q2 same PNOI excluding income from lease terminations increased 7.6% on a straight-line basis for the three months ended March 31, compared to the same period of 2022; on a cash basis same PNOI increased 11.0%. Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, "Our team’s strong performance continued into 2023 as evidenced by Q1 growth in FFO per share of more than 9%. The day-to-day industrial market remains solid as evidenced by a number of metrics, such as our percent leased, percent occupied, quarterly releasing spreads and same store net operating income growth. We’re pleased with our operational results, especially during a period of global economic unease and capital markets dislocation. Until the economic climate allows more clarity, we’ll remain judicious with capital allocation and incremental risk. This type of economic climate is one of the primary reasons we lowered our overall leverage and floating rate debt ratios the past few years. Longer term, I remain bullish on the continued growth prospects for our shallow bay, last mile Sunbelt market portfolio."