EastGroup Q1 FFO ex-items $2.12 (+7.1% YoY); same-property NOI up 5.3%; occupancy 96.5%

EASTGROUP PROPERTIES INC

2025-Q1 EPS reported $1.14 revenue$174,449,000

Diluted GAAP EPS of $1.14 vs $1.22 YoY; prior-year quarter included $0.18 gain on property sales.
FFO excluding gains and involuntary conversion of $2.12 per share, up 7.1% from $1.98 YoY.
Same property NOI (ex lease terminations) increased 5.3% straight-line, 5.2% cash basis.
Operating portfolio 97.3% leased, 96.5% occupied; rental rates on new/renewal leases up 46.9%.
Signed 30% more operating portfolio lease sq ft vs Q1 2024; transferred 375k sq ft development to operating.

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