Eastgroup Properties (NYSE: EGP) reported Q1 EPS of $0.60, $0.04 better than the analyst estimate of $0.56.

• Net Income Attributable to Common Stockholders of $0.60 Per Share for First Quarter 2020 Compared to $0.62 Per Share for First Quarter 2019 (First Quarter 2019 Included Gains on Sales of Real Estate Investments of $2.3 Million, or $0.06 Per Share; There Were No Sales in First Quarter 2020)
• Funds from Operations of $1.31 Per Share for First Quarter 2020 Compared to $1.20 Per Share for First Quarter 2019, an Increase of 9.2%
• Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations for First Quarter 2020 Increased 1.7% on a Straight-Line Basis and 3.7% on a Cash Basis Compared to First Quarter 2019
• 97.3% Leased and 96.7% Occupied as of March 31, 2020; Average Occupancy of 96.8% for the First Quarter
• Rental Rates on New and Renewal Leases Increased an Average of 24.6% on a Straight-Line Basis
• Acquired a 50,000 Square Foot Operating Property for $6 Million
• Acquired 128 Acres of Development Land for $22 Million
• Started Construction of Two Development Projects Containing 274,000 Square Feet with Projected Total Costs of $32 Million
• Transferred Five Development Projects (498,000 Square Feet) to the Real Estate Portfolio
• Development and Value-Add Program Consisted of 25 Projects (3.9 Million Square Feet) at March 31, 2020 with a Projected Total Investment of $403 Million
• Closed a $100 Million Senior Unsecured Term Loan with a Seven-Year Term and an Effective Fixed Interest Rate of 2.39%
• Declared 161st Consecutive Quarterly Cash Dividend: $0.75 Per Share
• Issued 105,837 Shares of Common Stock Pursuant to the Company's Continuous Common Equity Offering Program at an Average Price of $141.73 Per Share for Gross Proceeds of $15 Million
• Remaining Available Capacity of $312 Million on the $395 Million Revolving Lines of Credit as of March 31, 2020

Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "Our first quarter results reflect the strength and depth of our team and the quality of our portfolio during a 'normal economic' period. Unfortunately, the world economy has paused. As a result, our focus has shifted to operations. During this time, our attention is on maintaining occupancy and cash flow and working with those tenants who need financial help. When we re-open our economy, we believe our last mile, shallow bay portfolio will be uniquely positioned to benefit from the anticipated shift towards carrying more inventory, incremental manufacturing in the U.S. or near shoring in Mexico, and a change in shopping patterns leading to increased e-commerce demand."

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