EastGroup Q4 FFO ex items $2.15 (+5.9% YoY); FY2024 FFO $8.31 (+7.9% YoY)

EASTGROUP PROPERTIES INC

2024-FY EPS reported $4.66 revenue$640,234,000

Q4 net income attributable to common stockholders $1.16 diluted EPS vs $1.35 in Q4 2023 (prior year had $0.28 gain on sales).
FFO excluding gain on involuntary conversion and business interruption claims: Q4 $2.15 per share (+5.9% YoY); FY2024 $8.31 (+7.9% YoY).
Same property NOI (straight-line) grew 3.6% in Q4 and 4.8% for FY2024; cash basis +3.4% Q4 and +5.6% FY2024.
Operating portfolio 97.1% leased; rental rate increases on new/renewal leases averaged 46.6% straight-line in Q4.
Q4 acquisitions: three operating properties for ~$257M; started five development projects totaling 802K sq ft with projected cost ~$125M.

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