EastGroup Properties Announces Second Quarter 2021 Results

 EastGroup Properties Announces Second Quarter 2021 Results

JACKSON, Miss., July 27, 2021 /PRNewswire/ —

Second Quarter 2021 Results

  • Net Income Attributable to Common Stockholders of $0.69 Per Diluted Share for Second Quarter 2021 Compared to $0.60 Per Diluted Share for Second Quarter 2020
  • Funds from Operations of $1.47 Per Share for Second Quarter 2021 Compared to $1.33 Per Share for Second Quarter 2020, an Increase of 10.5%
  • Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 5.6% on a Cash Basis and 5.9% on a Straight-Line Basis for Second Quarter 2021 Compared to the Same Period in 2020
  • 98.3% Leased and 96.8% Occupied as of June 30, 2021; Average Occupancy of 96.8% for Second Quarter 2021
  • Rental Rates on New and Renewal Leases Increased an Average of 31.2% on a Straight-Line Basis
  • Acquired 79,000 Square Feet of Operating Properties for $9 Million and 264,000 Square Feet of Value-Add Properties for $20 Million
  • Started Construction of Five Development Projects Containing 972,000 Square Feet with Projected Total Costs of $134 Million
  • Transferred Six 100% Leased Development and Value-Add Projects (926,000 Square Feet) to the Real Estate Portfolio
  • Development and Value-Add Program Consisted of 16 Projects in 12 Cities (3.0 Million Square Feet) at June 30, 2021 with a Projected Total Investment of $329 Million
  • Declared 166th Consecutive Quarterly Cash Dividend: $0.79 Per Share
  • Closed on $125 Million of Senior Unsecured Notes With a Fixed Interest Rate of 2.74%
  • Expanded…

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