EastGroup Properties, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Income from real estate operations for Q3 2024 reached $162.9 million, up from $144.4 million in Q3 2023, while for the nine months, it increased to $474.3 million from $417.2 million. Net income attributable to common stockholders for Q3 2024 was $55.2 million ($1.13 per diluted share), compared to $48.9 million ($1.07 per diluted share) in Q3 2023. For the nine months, net income rose to $169.1 million ($3.49 per diluted share) from $137.0 million ($3.06 per diluted share).
The company’s Property Net Operating Income (PNOI) for Q3 2024 was $119.0 million, a 14.5% increase from $104.0 million in Q3 2023. For the nine months, PNOI increased by 13.4% to $344.1 million from $303.4 million. The growth in PNOI was attributed to contributions from same property operations, newly developed and value-add properties, and acquisitions.
EastGroup's total assets as of September 30, 2024, were $4.75 billion, an increase of $234.9 million from December 31, 2023. Total stockholders’ equity rose to $2.83 billion, up from $2.61 billion at the end of 2023. The company’s real estate properties increased to $5.18 billion, reflecting acquisitions, capital improvements, and transfers from development projects.
During the nine months ended September 30, 2024, EastGroup acquired 34.3 acres of development land in Atlanta for $3.3 million and began construction on five development projects totaling 783,000 square feet. The company also sold properties in Jackson, Mississippi, and San Francisco, generating gross sales proceeds of $18.1 million and recognizing gains of $8.8 million.
EastGroup amended its credit agreements in June 2024, extending the maturity dates of its $625 million and $50 million unsecured bank credit facilities to July 31, 2028. As of September 30, 2024, the company had total immediate liquidity of approximately $943.6 million, including cash and cash equivalents of $17.0 million and availability on unsecured credit facilities.
The company’s operating portfolio was 96.9% leased and 96.5% occupied as of September 30, 2024, down from 98.5% leased and 97.7% occupied a year earlier. Rental rate increases on new and renewal leases averaged 55.9% for the nine months ended September 30, 2024. The economic context remains challenging due to inflation and interest rate uncertainty, but EastGroup has not been significantly impacted to date.
About EASTGROUP PROPERTIES INC
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