EastGroup Q1 FFO $1.68 (+15.9% YoY); same property NOI +8.5% cash; occupancy 98.8%

EASTGROUP PROPERTIES INC

2022-Q1 EPS reported $1.54 revenue$112,974,000

Net income diluted $1.54 (incl $0.73 gain on sales); FFO $1.68 (+15.9% vs $1.45 prior year).
Same property NOI (excl lease term) +8.5% cash, +7.4% straight-line; rental rates on new/renewal +33.5%.
Operating portfolio 98.8% leased, 97.9% occupied; avg occupancy 97.3% for quarter.
Acquired 516k sq ft value-add for $54M; started 6 dev projects (953k sq ft, $104M total). Sold 2 properties for $39M.
Closed $250M debt at 3.04%; refinanced $100M term loan to 1.80%; issued 385k shares at $194.53 for $74M net.

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