EastGroup Properties Inc (NYSE:EGP)
$ 186.83 -4.9 (-2.56%) Market Cap: 9.10 Bil Enterprise Value: 10.76 Bil PE Ratio: 39.09 PB Ratio: 3.29 GF Score: 94/100
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Q2 2024 Eastgroup Properties Inc Earnings Call Transcript

Jul 24, 2024 / 03:00PM GMT
Release Date Price: $185.4 (-2.40%)

Key Points

Positve
  • Funds from operations (FFO) rose by 8.5%, demonstrating strong financial performance.
  • Quarterly leasing was at 97.4%, with occupancy at 97.1%, indicating high demand for properties.
  • Cash same-store NOI increased by 5.3% for the quarter and 6.5% year-to-date, showing solid growth.
  • The company has a diversified rent roll, with the top 10 tenants accounting for only 7.8% of rents.
  • EastGroup Properties Inc (EGP) entered the Raleigh market, expanding its geographic footprint.
Negative
  • Average quarterly occupancy, although strong, is down from the second quarter of 2023.
  • The company noted that decision-making by prospects is still deliberate, indicating potential delays in leasing.
  • Debt maturities are approaching, with $50 million in August and $120 million in mid-December.
  • The industrial market is experiencing a decline in new starts, which could impact future growth opportunities.
  • Bad debts are running ahead of expectations, indicating potential financial strain on some tenants.
Operator

Good morning, ladies and gentlemen, and welcome to the EastGroup Properties Second Quarter 2024 Earnings Conference Call and Webcast. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for a question. (Operator Instructions)

I would now like to turn the conference over to Marshall Loeb, President and CEO.

Please go ahead.

Marshall Loeb
Eastgroup Properties Inc - Independent Director

Good morning, and thanks for calling in for our second quarter 2024 conference call. As always, we appreciate your interest. Brent Wood, our CFO, is also on the call, and since we'll make forward-looking statements, we ask that you listen to the following disclaimer.

Keena Frazier
Eastgroup Properties Inc - Director-Leasing Statistics

Please note that our conference call today will contain financial measures such as PNOI and FFO that are non-GAAP measures as defined in Regulation G

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