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.