JACKSON, MS--EastGroup Properties, Inc. (NYSE-EGP) announced the results of its operations for the three months ended March 31, 2010.
Commenting on the Company’s performance for the quarter, David H. Hoster II, (top right photo) President and CEO, stated, “We are pleased to report that funds from operations for the first quarter exceeded the mid-point of our guidance.
“Although occupancy declined from December 31, it ended above our expectations as we executed a record number of leases with a record total of square feet during the quarter.
“We project occupancy to remain steady in the second quarter and then improve in both the third and fourth quarters.”
For a complete copy of the news release and financials, please contact David H. Hoster II, President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer (601) 354-3555
Highlights:
• Funds from Operations of $19.6 Million or $.73 Per Share Compared to $.83 Per Share the Same Quarter Last Year
• Net Income Attributable to Common Stockholders of $4.9 Million or $.18 Per Share
• Same Property Net Operating Income Decline of 3.8%; 5.1% Decline Without Straight-Line Rent Adjustments
• 87.6% Leased, 86.2% Occupied
• Paid 121st Consecutive Quarterly Cash Dividend – $.52 Per Share
• Interest and Fixed Charge Coverages of 3.2x
• Acquired Five Buildings in Charlotte and San Diego for $22.3 Million
• Three Development Projects With Estimated Costs to Complete of $2.4 Million as of March 31, 2010
• No Debt Maturities for the Remainder of 2010
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