| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 190.26 | 9.1% |
| Total Income | 190.26 | 9.1% |
| Expenditure | 113.86 | 5.9% |
| PBT | — | |
| Net Profit | 94.62 | 59.2% |
| OPM | — | |
| NPM | 49.73% | 15.67pp |
| EPS | 1.77 | 55.3% |
EastGroup Properties Reports Q1 2026 Results
23 Apr 2026 · 23 Apr, 1:40 am
Summary
EastGroup Properties announced its first quarter 2026 results, with net income attributable to common stockholders at $1.77 per diluted share, compared to $1.14 in the same period of 2025. Funds from Operations (FFO), excluding certain gains, increased by 8.5% to $2.30 per diluted share. Same Property Net Operating Income (NOI) also saw growth, increasing by 7.5% on a straight-line basis. CEO Marshall Loeb expressed satisfaction with the company's performance and optimism about future growth, while President Reid Dunbar highlighted the strength and focus of the company's teams.
Key Highlights
- 1
Net income attributable to common stockholders was $1.77 per diluted share for the first quarter of 2026, compared to $1.14 per diluted share for the same period in 2025.
- 2
Funds from Operations (FFO), excluding gain on involuntary conversion and business interruption claims, increased by 8.5% to $2.30 per diluted share for the first quarter of 2026.
- 3
Same Property Net Operating Income (NOI) increased by 7.5% on a straight-line basis and 9.2% on a cash basis for the first quarter of 2026.
- 4
The operating portfolio was 96.5% leased and 95.9% occupied as of March 31, 2026.
- 5
Rental rates on new and renewal leases increased an average of 36.8% on a straight-line basis.
- 6
EastGroup acquired an operating property in Jacksonville containing 177,000 square feet for approximately $38 million.
- 7
The company sold an operating property in Fresno totaling 398,000 square feet for approximately $37 million, resulting in gains of $25 million.
Management Comments
Marshall Loeb
I’m pleased with how we began the year in terms of FFO per share exceeding our expectations, as well as the development leases we signed. With limited supply and anticipated growing demand, we are excited about our pathway. Looking beyond this environment, I remain bullish on the continuing external trends benefitting our shallow bay, last mile, high-growth market portfolio.
Reid Dunbar
Our solid first quarter results reflect the strength and focus of our teams in the field, who continued to execute at a high level amid ongoing global uncertainty. Executive leadership transitions are progressing smoothly, and we are pleased with the momentum we’ve built to start the year.
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