EastGroup Properties Q2 2021: FFO $1.47/sh (+10.5%), Same-Property NOI +5.6% cash basis

EASTGROUP PROPERTIES INC

2021-Q2 EPS reported $1.37 revenue$197,506,000

Net income $0.69 per diluted share vs $0.60 in Q2 2020; FFO $1.47 per share (+10.5% YoY).
Same-property NOI (ex-lease terminations) up 5.6% cash basis, 5.9% straight-line; portfolio 98.3% leased.
Rental rate growth on new/renewal leases +31.2% on straight-line basis.
Acquired 79K sq ft operating ($9M) and 264K sq ft value-add ($20M); started 5 developments for $134M.
Closed $125M notes at 2.74%; expanded credit facility to $475M; paid $0.79 dividend.

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