Exhibit 99.1



egpressreleasetemplata08.gif
 
 
 
Contact:
Marshall Loeb, President and CEO
 
Brent Wood, CFO
EastGroup Properties Announces
(601) 354-3555
 
Fourth Quarter and Year 2019 Results
 
 


Fourth Quarter 2019 Results

Net Income Attributable to Common Stockholders of $1.28 Per Share for Fourth Quarter 2019 Compared to $0.51 Per Share for Fourth Quarter 2018 (Fourth Quarter 2019 Included Gains on Sales of Real Estate Investments of $30 Million, or $0.77 Per Share; There Were No Sales in Fourth Quarter 2018)
Funds from Operations of $1.27 Per Share for Fourth Quarter 2019 Compared to $1.18 Per Share for Fourth Quarter 2018, an Increase of 7.6%
Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations for Fourth Quarter 2019 Increased 3.7% on a Straight-Line Basis and 4.5% on a Cash Basis Compared to Fourth Quarter 2018
97.6% Leased and 97.1% Occupied as of December 31, 2019
Rental Rates on New and Renewal Leases Increased an Average of 18.3% on a Straight-Line Basis
Acquired 447,000 Square Feet of Value-Add Properties for $54 Million and 178,000 Square Feet of Operating Properties for $33 Million
Acquired 62 Acres of Development Land for $16 Million and 42 Acres of Operating Land for $15 Million
Started Construction of Four Development Projects Containing 593,000 Square Feet with Projected Total Costs of $60 Million
Transferred Five 100% Leased Development Projects (775,000 Square Feet) to the Real Estate Portfolio
Sold 380,000 Square Feet of Operating Properties and a Small Tract of Land for $50 Million
Closed a $100 Million Senior Unsecured Term Loan with a Seven-Year Term and an Effective Fixed Interest Rate of 2.75%
Declared 160th Consecutive Quarterly Cash Dividend: $0.75 Per Share
Issued 516,334 Shares of Common Stock Pursuant to the Company’s Continuous Common Equity Offering Program at an Average Price of $132.52 Per Share for Gross Proceeds of $68 Million


Year 2019 Results

Net Income Attributable to Common Stockholders of $3.24 Per Share for 2019 Compared to $2.49 Per Share for 2018 (Gains on Sales of Real Estate Investments Were $41 Million, or $1.09 Per Share, in 2019, and $14 Million, or $0.40 Per Share, in 2018)
Funds from Operations of $4.98 Per Share for 2019 Compared to $4.66 Per Share for 2018, an Increase of 6.9%
Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations for 2019 Increased 3.7% on a Straight-Line Basis and 4.7% on a Cash Basis Compared to 2018
Average Occupancy of 96.9% for the Year
Rental Rates on New and Renewal Leases Increased an Average of 17.3% on a Straight-Line Basis
Acquired 890,000 Square Feet of Value-Add Properties for $93 Million and 884,000 Square Feet of Operating Properties for $113 Million
Acquired 140 Acres of Development Land for $34 Million and 48 Acres of Operating Land for $29 Million
Started Construction of 18 Development Projects in 10 Cities Containing 2.7 Million Square Feet with Projected Total Costs of $262 Million


400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net



The following information was filed by Eastgroup Properties Inc (EGP) on Thursday, February 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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