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EX - 99.1 2 exhibit9914272021.htm EX - 99.1 Exhibit 99.1 EAST GROUP PROPERTIES EastGroup Properties Announces First Quarter 2021 Results Contact : Marshall Loeb , President and CEO Brent Wood , CFO ( 601 ) 354-3555 • • • • • • • • • • • • First Quarter 2021 Results Net Income Attributable to Common Stockholders of $ 0.69 Per Diluted Share for First Quarter 2021 Compared to $ 0.60 Per Diluted Share for First Quarter 2020 Funds from Operations of $ 1.45 Per Share for First Quarter 2021 Compared to $ 1.31 Per Share for First Quarter 2020 , an Increase of 10.7 % Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 5.9 % on a Cash Basis and 6.3 % on a Straight - Line Basis for First Quarter 2021 Compared to the Same Period in 2020 98.3 % Leased and 97.2 % Occupied as of March 31 , 2021 ; Average Occupancy of 97.0 % for First Quarter 2021 Rental Rates on New and Renewal Leases Increased an Average of 25.8 % on a Straight - Line Basis Acquired 235,000 Square Feet of Value - Add Properties for $ 17 Million Started Construction of Two Development Projects Containing 346,000 Square Feet with Projected Total Costs of $ 29 Million Transferred Five 100 % Leased Development and Value - Add Projects ( 619,000 Square Feet ) to the Real Estate Portfolio Development and Value - Add Program Consisted of 15 Projects in 12 Cities ( 2.7 Million Square Feet ) at March 31 , 2021 with a Projected Total Investment of $ 260 Million Closed a $ 50 Million Senior Unsecured Term Loan with a Four - Year Term and a Total Effective Fixed Interest Rate of 1.55 % Agreed to Terms on $ 125 Million of Senior Unsecured Notes With a Fixed Interest Rate of 2.74 % Repaid a Mortgage with a Principal Balance of $ 41 Million During the Quarter with a Fixed Interest Rate of 4.75 % Remaining Available Capacity of $ 303 Million on the $ 395 Million Lines of Credit as of March 31 , 2021 • Declared 165th Consecutive Quarterly Cash Dividend : $ 0.79 Per Share • Issued 317,538 Shares of Common Stock Pursuant to the Company's Continuous Common Equity Offering Program at an Average Price of $ 141.72 Per Share for Aggregate Net Proceeds of $ 44 Million JACKSON , MISSISSIPPI , April 27 , 2021 - EastGroup Properties , Inc. ( NYSE : EGP ) ( the “ Company ” , “ we ” , “ us ” or " EastGroup " ) announced today the results of its operations for the three months ended March 31 , 2021 . Commenting on EastGroup's performance , Marshall Loeb , CEO , stated , “ Our team and portfolio solidly exceeded our expectations . The metrics produced made it one of the best quarters in the Company's history . We are continuing to experience this momentum as we exit the pandemic . Our shallow bay last mile Sunbelt market portfolio is well suited for long term growth . " 400 W. Parkway Place , Suite 100 , Ridgeland , MS 39157 | TEL : 601-354-3555 | FAX : 601-352-1441 | EastGroup.net Page 1