EastGroup Properties reports Q4 FFO $2.03, consensus $2.01

Reports Q4 revenue $149.1M, consensus $148.75M. Marshall Loeb, CEO, stated, “Our strong performance continues as evidenced by FFO per share rising 11.5% for the quarter and 11.3% for the year. The industrial market remains resilient, producing a number of strong metrics such as our percent leased, same store net operating income growth, and record quarterly releasing spreads. We’re pleased with our operational results, especially given continued global economic unease and capital markets dislocation. This uncertainty is creating several outcomes such as longer leasing deliberations among our customers along with five consecutive quarters of significantly declining market construction starts. In addition to our strong operations, we were able to make strides to materially strengthen our balance sheet during the year. Long term, I remain bullish on the continuing external secular trends which benefit our shallow bay, last mile Sunbelt market portfolio.”