EastGroup Q2 FFO $1.72 (+17% YoY); same-property NOI up 9.5% cash basis

EASTGROUP PROPERTIES INC

2022-Q2 EPS reported $2.62 revenue$231,527,000

Net income $1.09 diluted EPS vs $0.69 YoY; gains on sales added $0.25.
FFO per share $1.72 vs $1.47 YoY, up 17.0%.
Same-property NOI (ex-terminations) rose 7.7% straight-line, 9.5% cash basis.
Operating portfolio 99.1% leased and 98.5% occupied; rental rates up 37.2% on new/renewal leases.
Issued $150M unsecured debt at 3.03% fixed rate, 10-year term; declared $1.10 quarterly dividend.

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