secwatch.observer — SEC 8-K summary
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Issuer:     EASTGROUP PROPERTIES INC (EGP)
CIK:        0000049600
Form:       8-K
Filed at:   2022-04-26T23:59:59+00:00
Accession:  0000049600-22-000062
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/49600/000004960022000062/0000049600-22-000062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/49600/000004960022000062/egp-20220426.htm
  HTML page:      https://secwatch.observer/filing/0000049600-22-000062

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