EastGroup Properties – Q1 2025 Summary


EastGroup Properties reported solid operational and financial performance in Q1 2025. While diluted EPS declined to $1.14 from $1.22 last year due to the absence of property sales, funds from operations (FFO) rose to $2.15 per share—an 8.6% increase. Same-property net operating income (NOI) rose 5.3% on a straight-line basis and 5.2% on a cash basis. The portfolio was 97.3% leased and 96.5% occupied as of March 31.

The company signed 30% more square footage in new and renewal leases year-over-year, achieving a 46.9% average rent increase. Two development projects totaling 375,000 sq. ft. were added to the operating portfolio with a projected stabilized yield of 9.0%.

Financially, EastGroup maintained a strong balance sheet with a 3.0x debt-to-EBITDAre ratio and a 15.0x interest coverage ratio. It refinanced $100 million of debt and issued over $70 million in equity.

For full-year 2025, EastGroup guides to FFO of $8.84–$9.04 per share and expects 5.8%–6.8% same-property NOI growth. The company remains focused on disciplined development, strong leasing, and geographic diversification across high-growth industrial markets.

EastGroup Properties (NYSE: EGP) (the "Company" or "EastGroup") announced today that its Board of Directors declared a quarterly cash dividend of $1.40 per share payable on April 15, 2025, to shareholders of record of Common Stock on March 31, 2025. This dividend is the 181st consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $5.60 per share. EastGroup has increased or maintained its dividend for 32 consecutive years. The Company has increased it 29 years over that period, including increases in each of the last 13 years.