Eastgroup Properties (NYSE: EGP) reported Q1 EPS of $0.62, $0.09 better than the analyst estimate of $0.53. Revenue for the quarter came in at $78.8 million versus the consensus estimate of $78.71 million.

• Net Income Attributable to Common Stockholders of $0.62 Per Share for First Quarter 2019 Compared to $0.83 Per Share for First Quarter 2018 (2019 Included Gains on Sales of Real Estate Investments and Non-Operating Real Estate of $2.3 Million, or $0.06 Per Share, Compared to $10.3 Million, or $0.30 Per Share, in First Quarter 2018)
• Funds from Operations of $1.20 Per Share for First Quarter 2019 Compared to $1.14* Per Share for First Quarter 2018, an Increase of 5.3%
• Same Property Net Operating Income for the Annual Same Property Pool (Excluding Income From Lease Terminations) for First Quarter 2019 Increased 3.7% on a Straight-Line Basis and 4.5% on a Cash Basis Compared to First Quarter 2018
• 97.7% Leased and 96.9% Occupied as of March 31, 2019; Average Occupancy of 96.9% for the Quarter
• Rental Rates on New and Renewal Leases Increased an Average of 14.2% on a Straight-Line Basis
• Started Construction of Five Development Projects Containing 650,000 Square Feet with Projected Total Costs of $65 Million
• Transferred Three 100% Leased Development and Value-Add Projects (421,000 Square Feet) to the Real Estate Portfolio
• Development and Value-Add Program Consisted of 19 Projects (2.5 Million Square Feet) at March 31, 2019 with a Projected Total Investment of $232 Million
• Sold an Operating Property Containing 51,000 Square Feet for $3.8 Million (Gain of $2.3 Million Was Not Included in FFO)
• Declared 157th Consecutive Quarterly Cash Dividend: $0.72 Per Share
• Issued 232,205 Shares of Common Stock Pursuant to the Company\'s Continuous Common Equity Program at an Average Price of $107.66 During the Quarter with Gross Proceeds of $25.0 Million
• Closed $80 Million of Senior Unsecured Private Placement Notes with a Fixed Interest Rate of 4.27%

Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "Our first quarter results demonstrate the strength and depth of our team, the quality of our portfolio and the continued health within the broad industrial market. We are reaping the rewards from both a strong economy and the persistent favorable evolution within the last mile logistics market. The advancing shift for distribution to be closer to the consumer and ideally, a growing consumer base is an affirmation of our in-fill, shallow bay, Sunbelt operating strategy."

GUIDANCE:

Eastgroup Properties sees FY2019 EPS of $2.31-$2.41, versus the consensus of $2.19.

Eastgroup Properties sees FY2019 EPS of $0.52-$0.56, versus the consensus of $0.53.

• Estimated FFO per share attributable to common stockholders for 2019 is now estimated to be in the range of $4.84 to $4.94.
• The Company raised the mid-point of FFO guidance from $4.84 to $4.89.

For earnings history and earnings-related data on Eastgroup Properties (EGP) click here.