EastGroup Properties Q3 2024 FFO per share $2.13, up 9.2% YoY; same-property NOI up 5.5%

EASTGROUP PROPERTIES INC

2024-Q3 EPS reported $3.49 revenue$476,190,000

Net income $1.13 per diluted share vs $1.07 in Q3 2023.
FFO excluding gain on involuntary conversion and business interruption claims $2.13 per share, up 9.2% YoY.
Operating portfolio 96.9% leased and 96.5% occupied; rental rates on new/renewal leases up 50.9% straight-line.
Acquired 179k sq ft for ~$36M; started two development projects totaling 310k sq ft with projected costs ~$40M.
Same property NOI excluding lease terminations increased 5.5% straight-line and 5.9% cash basis.

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