EastGroup Properties announces 2020 results

EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “us” or “EastGroup”) announced today the results of its operations for the three and twelve months ended December 31, 2020.

Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team and portfolio’s performance exceeded our expectations not only for the quarter, but also for the year. We finished 2020 with FFO per share above our original pre-COVID forecast and begin 2021 at a record high percentage leased all while in the midst of a global pandemic. Now we are beginning to feel like the markets may ease to a sense of normalcy over the course of the year. With that stability and accompanying improved economic predictability, our optimism further rises, primarily due to the pandemic’s acceleration of a number of positive trends within our industry and markets.”

EARNINGS PER SHARE

Three Months Ended December 31, 2020
On a diluted per share basis, earnings per common share (“EPS”) were $0.94 for the three months ended December 31, 2020, compared to $1.28 for the same period of 2019. The Company’s property net operating income (“PNOI”) increased by $4,570,000 ($0.12 per share) for the three months ended December 31, 2020, as compared to the same period of 2019. EastGroup recognized gains on sales of real estate investments of $13,145,000 ($0.33 per share) during the three months ended December 31, 2020, compared to $29,662,000 ($0.77 per share) during the same period of 2019. In addition, depreciation and amortization expense increased by $2,989,000 ($0.08 per share) during the three months ended December 31, 2020, as compared to the same period of 2019.

Twelve Months Ended December 31, 2020

Diluted EPS for the twelve months ended December 31, 2020 were $2.76 compared to $3.24 for the same period of 2019. PNOI increased by $21,792,000 ($0.55 per share) for the twelve months ended December 31, 2020, as compared to the same period of 2019. EastGroup recognized gains on sales of real estate investments of $13,145,000 ($0.33 per share) during the twelve months ended December 31, 2020, compared to $41,068,000 ($1.09 per share) during the same period of 2019. Depreciation and amortization expense increased by $11,635,000 ($0.30 per share) during the twelve months ended December 31, 2020, as compared to the same period of 2019.

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