secwatch.observer — SEC 8-K summary
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Issuer:     EASTGROUP PROPERTIES INC (EGP)
CIK:        0000049600
Form:       8-K
Filed at:   2023-04-25T23:59:59+00:00
Accession:  0000049600-23-000060
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

EastGroup Q1 FFO per share rises 9.5% to $1.84; occupancy 98.7%
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- Net income per diluted share $1.02 vs $1.54 YoY, lowered by smaller gains on sales.
- Same property NOI (ex lease terminations) up 7.6% straight-line, 11.0% cash basis.
- Operating portfolio 98.7% leased; rental rate spreads on new/renewals +48.5% straight-line.
- Started 4 development projects (1,033,000 sq ft, ~$141M total cost); sold one property for $10M.
- Closed $100M senior unsecured term loan (7-year, 5.27% fixed); credit facility capacity expanded to $675M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/49600/000004960023000060/0000049600-23-000060-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/49600/000004960023000060/egp-20230425.htm
  HTML page:      https://secwatch.observer/filing/0000049600-23-000060

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