EastGroup Q4 FFO $1.62 (+17.4% YoY), dividend +22.2%, issues $150M 3.03% notes

EASTGROUP PROPERTIES INC

2021-FY EPS reported $3.90 revenue$409,475,000

Q4 2021 FFO $1.62/share (vs $1.38 in Q4 2020, +17.4%); EPS $1.75 on $39M gains from property sales.
Same property NOI (ex-terminations) up 6.4% cash and 8.1% straight-line; rent growth on new/renewal leases +31.5%.
Operating portfolio 98.7% leased, 97.4% occupied; average Q4 occupancy 97.3%.
Declared quarterly dividend $1.10/share, a 22.2% increase from $0.90; 168th consecutive quarterly dividend.
Issued $150M senior notes at 3.03% fixed, 10-year maturity due April 2032, unsecured with customary covenants.

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