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EASTGROUP PROPERTIES East Group Properties Announces Third Quarter 2021 Results ● Contact : Marshall Loeb , President and CEO Brent Wood , CFO ( 601 ) 354-3555 Third Quarter 2021 Results Net Income Attributable to Common Stockholders of $ 0.76 Per Diluted Share for Third Quarter 2021 Compared to $ 0.62 Per Diluted Share for Third Quarter 2020 Funds from Operations of $ 1.55 Per Share for Third Quarter 2021 Compared to $ 1.36 Per Share for Third Quarter 2020 , an Increase of 14.0 % Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 5.2 % on a Cash Basis and 6.9 % on a Straight - Line Basis for Third Quarter 2021 Compared to the Same Period in 2020 98.8 % Leased and 97.6 % Occupied as of September 30 , 2021 ; Average Occupancy of 97.1 % for Third Quarter 2021 Rental Rates on New and Renewal Leases Increased an Average of 37.4 % on a Straight - Line Basis Acquired 661,000 Square Feet of Operating Properties for $ 95 Million Started Construction of Nine Development Projects Containing 1,311,000 Square Feet with Projected Total Costs of $ 153 Million Transferred Two Development and Value - Add Projects Totaling 383,000 Square Feet to the Real Estate Portfolio Development and Value - Add Program Consisted of 23 Projects in 15 Cities ( 3.9 Million Square Feet ) at September 30 , 2021 with a Projected Total Investment of $ 447 Million Declared 167th Consecutive Quarterly Cash Dividend : Increased the Dividend by $ 0.11 Per Share ( 13.9 % ) to $ 0.90 Per Share Refinanced a $ 100 Million Senior Unsecured Term Loan with Five Years Remaining and Reduced the Effective Fixed Interest Rate by 65 basis points to 2.10 % ; Added a Sustainability Metric to the Agreement Repaid a $ 40 Million Maturing Senior Unsecured Term Loan with a Fixed Interest Rate of 2.34 % Issued 278,893 Shares of Common Stock Pursuant to the Company's Continuous Common Equity Offering Program at an Average Price of $ 176.45 Per Share for Aggregate Net Proceeds of $ 49 Million JACKSON , MISSISSIPPI , October 26 , 2021 - EastGroup Properties , Inc. ( NYSE : EGP ) ( the " Company " , " we " , " us " or " EastGroup " ) announced today the results of its operations for the three and nine months ended September 30 , 2021 . Commenting on EastGroup's performance , Marshall Loeb , CEO , stated , “ Our team and portfolio produced another strong quarter and are moving towards creating an excellent year . We're pleased with our performance and given the demand we're seeing , we don't foresee a disruption to this momentum . In sum , we like where we stand today , and looking ahead , we remain bullish on the growth prospects for our shallow bay , last mile , Sunbelt market portfolio . " 400 W. Parkway Place , Suite 100 , Ridgeland , MS 39157 | TEL : 601-354-3555 | FAX : 601-352-1441 | EastGroup.net Page 1