EGP
EastGroup Properties, Inc.181.03
-2.46-1.34%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Dev leasing surges, rents lag
Q&A detailed a sharp Q4 development leasing pickup—52% of annual square footage in larger 60k SF deals across six states, including pre-leases and relocations—beyond prepared remarks' overview, with management cautiously optimistic on momentum yet stressing conversion rates. Rents show no growth yet, stuck at inflation-plus despite pipeline lows, while spreads drift lower but stay positive. Competitive supply lags; EastGroup's land bank and permits position it to accelerate ahead of rivals. Guidance embeds conservatism with $0.07 back-half spec leasing. Tariffs? Mere headline noise favoring non-port metros. Rents haven't budged. Watch sustained deal velocity for FFO upside.
Key Stats
Market Cap
9.66BP/E (TTM)
38.03Basic EPS (TTM)
4.76Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
EastGroup delivered solid FY2025 results with PNOI up 13.6% to $528M, driven by 7.0% same-property growth (derived) and contributions from acquisitions and developments; net income rose 13% to $257M ($4.87 diluted EPS). Operating portfolio ended at 97.0% leased and 96.5% occupied, with Q4 occupancy steady at 96.5% versus Q3's 96.5%—no acceleration, yet rental rates on 15.1% of space jumped 40.1%. Acquisitions added 739K sq ft for $143M while developments transferred 2.1M sq ft; debt refinancings trimmed interest expense 18% to $32M. Liquidity topped $654M with $1.6B unsecured debt at 3.43% weighted average. Tenant bankruptcies could stall quarterly leasing momentum.
8-K
Q4 FFO beats, 8.8% up
EastGroup crushed Q4 with FFO at $2.34 per share, up 8.8% from last year, fueled by 8.5% same-property NOI growth and 34.6% rental hikes. Acquisitions topped $56M, developments kicked off with $73M projected costs, yet occupancy slipped to 96.5%. Leadership shakeup positions them for growth. FFO guidance: $9.40-$9.60.
8-K
Leadership promotions announced
EastGroup Properties approved key leadership promotions effective January 1, 2026: R. Reid Dunbar to President, Staci H. Tyler to CFO, Brent W. Wood to new COO overseeing 65 million square feet, and Michelle Rayner to Chief Accounting Officer. John F. Coleman retires from Eastern Region Executive VP on June 30, 2026, succeeded by Todd Johnson. Internal veterans deepen operational alignment. Succession smooth.
8-K
New $1B ATM stock program
EastGroup Properties entered a $1,000,000,000 sales agency agreement on December 5, 2025, with top agents and forward parties for at-the-market common stock offerings. It terminated its prior program, leaving $520.1 million unsold. Proceeds target general corporate needs like acquisitions and debt repayment. No sales obligation exists.
8-K
EastGroup adds $250M term debt
EastGroup secured $250M in new unsecured term loans on November 19, 2025—$100M Tranche A maturing April 30, 2030, and $150M Tranche B maturing March 14, 2031—with swaps locking in a 4.15% fixed rate. Amendments stripped the 0.10% SOFR adder from its $625M revolver and five other term loans. Debt stack lengthens.
DEA
Easterly Government Properties,
22.26-0.16
EPR
EPR Properties
49.79-0.44
EPRT
Essential Properties Realty Tru
30.47-0.29
EQR
Equity Residential
60.73-0.37
FR
First Industrial Realty Trust,
58.02-0.31
GRP-UN
Granite Real Estate Inc.
57.84+0.69
ILPT
Industrial Logistics Properties
5.54-0.13
LXP
LXP Industrial Trust
50.00+0.02
SPG
Simon Property Group, Inc.
182.53-1.64
STAG
Stag Industrial, Inc.
37.17-0.39