Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
Eastgroup Properties (EGP)
NYSE:EGP
Holding EGP?
Track your performance easily
Earnings Data
Report Date
Feb 11, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$1.15Last Year’s EPS
$1.35Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Oct 23, 2024
|% Change Since: -10.91%
|Next Earnings Date:Feb 11, 2025
Earnings Call Sentiment|Neutral
The earnings call reflected strong financial performance with significant FFO growth, high occupancy rates, and successful acquisitions. However, the sentiment was balanced by challenges in development leasing and a slight increase in bad debt reserves due to a few tenant issues. Overall, the company remains optimistic about future growth and market opportunities.Company Guidance
During the EastGroup Properties third quarter 2024 earnings call, the company provided several key metrics and guidance updates. Funds from operations (FFO) per share increased by 9.2% year-over-year, reaching $2.13, driven by strong operating results and successful lease terminations. Quarter-end leasing was at 96.9% with an average quarterly occupancy of 96.7%. Re-leasing spreads were reported at 51% on a GAAP basis and 35% on a cash basis, with year-to-date figures slightly higher. The company also highlighted a robust development pipeline with a 2024 starts forecast of $230 million. For acquisitions, EastGroup is targeting immediate accretion and long-term growth, with guidance adjusted to reflect increased acquisition opportunities and corresponding capital proceeds. The company expects FFO guidance for Q4 to be between $2.13 and $2.17 per share, with a full-year estimate of $8.33 to $8.37, marking an increase from previous projections. Despite a challenging macroeconomic environment, EastGroup remains optimistic about 2025, emphasizing its focus on maintaining high occupancy, raising rents, and strategic acquisitions and developments.Strong FFO Growth
Funds from operations (FFO) per share for Q3 increased by 9.2% to $2.13 compared to $1.95 for the same quarter last year, excluding involuntary conversion gains.
High Occupancy Rates
Quarter-end leasing was at 96.9% with occupancy at 96.5%, and the average quarterly occupancy was 96.7%.
Positive Leasing Spreads
Quarterly re-leasing spreads were 51% GAAP and 35% cash, with year-to-date results slightly higher at 56% and 38% GAAP and cash, respectively.
Successful Acquisition Activity
Acquired Hays Commerce Center with 2 new 100% leased buildings in South Austin and have other potential acquisitions in the pipeline.
Strong Capital Position
Debt-to-EBITDA ratio decreased to 3.6x and interest and fixed charge coverage increased to 11.6x.
---
EGP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
EGP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 23, 2024 | $181.21 | $178.53 | -1.48% |
| Jul 23, 2024 | $188.53 | $184.02 | -2.39% |
| Apr 23, 2024 | $163.28 | $155.63 | -4.69% |
| Feb 07, 2024 | $175.40 | $180.89 | +3.13% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does Eastgroup Properties (EGP) report earnings?
Eastgroup Properties (EGP) is schdueled to report earning on Feb 11, 2025, TBA Not Confirmed.
What is Eastgroup Properties (EGP) earnings time?
Eastgroup Properties (EGP) earnings time is at Feb 11, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EGP EPS forecast?
EGP EPS forecast for the fiscal quarter 2024 (Q4) is $1.15.
---