EastGroup Properties reports Q1 EPS $2.12, consensus $2.11

Reports Q1 revenue $174.45M, consensus $169.85M. CEO Marshall Loeb stated, “I’m proud of our Q1 progress. The past two quarters marked two of our three historic highs for square feet of operating portfolio leases signed during the quarter. That’s a strong testament to our team, our properties and our markets, in that order. For the near term, concerns about global trade have since put a cloud of uncertainty around the market, in terms of leasing and capital market activity. We are monitoring the environment closely and working to complete leases as quickly as we can in the meantime. Stepping back, our management team has been through several periods of economic uncertainty before, and we’ll navigate through this one too. The uncertainty creates a stark reminder of why we maintain a strong balance sheet and focus on diversity in terms of tenants and geography. Long term, I remain bullish on the continuing external secular trends which benefit our shallow bay, last mile, high-growth market portfolio.”