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EX - 99.1 2 exhibit9917272021.htm EX - 99.1 Exhibit 99.1 EAST GROUP PROPERTIES EastGroup Properties Announces Second Quarter 2021 Results • • • • . • Contact : Marshall Loeb , President and CEO Brent Wood , CFO ( 601 ) 354-3555 Second Quarter 2021 Results Net Income Attributable to Common Stockholders of $ 0.69 Per Diluted Share for Second Quarter 2021 Compared to $ 0.60 Per Diluted Share for Second Quarter 2020 Funds from Operations of $ 1.47 Per Share for Second Quarter 2021 Compared to $ 1.33 Per Share for Second Quarter 2020 , an Increase of 10.5 % Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 5.6 % on a Cash Basis and 5.9 % on a Straight - Line Basis for Second Quarter 2021 Compared to the Same Period in 2020 98.3 % Leased and 96.8 % Occupied as of June 30 , 2021 ; Average Occupancy of 96.8 % for Second Quarter 2021 Rental Rates on New and Renewal Leases Increased an Average of 31.2 % on a Straight - Line Basis Acquired 79,000 Square Feet of Operating Properties for $ 9 Million and 264,000 Square Feet of Value - Add Properties for $ 20 Million Started Construction of Five Development Projects Containing 972,000 Square Feet with Projected Total Costs of $ 134 Million Transferred Six 100 % Leased Development and Value - Add Projects ( 926,000 Square Feet ) to the Real Estate Portfolio Development and Value - Add Program Consisted of 16 Projects in 12 Cities ( 3.0 Million Square Feet ) at June 30 , 2021 with a Projected Total Investment of $ 329 Million Declared 166th Consecutive Quarterly Cash Dividend : $ 0.79 Per Share Closed on $ 125 Million of Senior Unsecured Notes With a Fixed Interest Rate of 2.74 % Expanded Borrowing Capacity of Unsecured Bank Credit Facilities from $ 395 Million to $ 475 Million with Full Capacity Available as of June 30 , 2021 ; Added a Sustainability Metric to the Credit Agreement Issued 370,177 Shares of Common Stock Pursuant to the Company's Continuous Common Equity Offering Program at an Average Price of $ 162.08 Per Share for Aggregate Net Proceeds of $ 59 Million JACKSON , MISSISSIPPI , July 27 , 2021 EastGroup Properties , Inc. ( NYSE : EGP ) ( the “ Company ” , “ we ” , “ us ” or " EastGroup " ) announced today the results of its operations for the three and six months ended June 30 , 2021 . Commenting on EastGroup's performance , Marshall Loeb , CEO , stated , “ Our team and portfolio continue to exceed our projections . Year - to - date we're pleased with our performance , and given the demand we're seeing , we don't foresee a disruption to this momentum . In short , we like where we stand today , and longer term , we remain bullish on the growth prospects of our shallow bay last mile Sunbelt market portfolio . " EARNINGS PER SHARE Three Months Ended June 30 , 2021 On a diluted per share basis , earnings per common share ( “ EPS ” ) were $ 0.69 for the three months ended June 30 , 2021 , compared to $ 0.60 for the same period of 2020. The Company's property net operating income ( “ PNOI " ) 400 W. Parkway Place , Suite 100 , Ridgeland , MS 39157 | TEL : 601-354-3555 | FAX : 601-352-1441 | EastGroup.net Page 1