EastGroup Properties reports Q4 FFO ex-items $2.15, consensus $2.16

Reports Q4 revenue $164.04M, consensus $166.09M. Marshall Loeb, CEO, stated, “Our consistent, positive performance continues as evidenced by FFO per share excluding gain on involuntary conversion and business interruption claims rising 5.9% for the quarter and 7.9% for the year. The industrial market remains resilient as supported by our Company’s record amount of square footage leased last quarter. Further, the operating landscape is improving with a materially shrinking industrial supply pipeline, while customer demand is showing early signs of recovery. In addition to our operational progress, we made strides to strengthen our balance sheet during the year. Long term, I remain bullish on the continuing external secular trends which benefit our shallow bay, last mile Sunbelt market portfolio.”