JACKSON, MISSISSIPPI, April 16, 2015 – EastGroup Properties, Inc. (NYSE-EGP) announced today the results of its operations for the three months ended March 31, 2015.
Commenting on EastGroup’s performance, David H. Hoster II, CEO, stated, “We are pleased with our steady growth in funds from operations in the first quarter achieving a 6.1% increase in FFO per share as compared to the same quarter last year. These results continued our track record of increases in FFO per share as compared to the prior year’s quarter in fifteen of the last sixteen quarters.
“Quarter-end occupancy of 96.2% was our seventh consecutive quarter of 95% or above and our third consecutive quarter above 96%. This occupancy and positive rent spreads generated same property net operating income growth of 2.9% and 4.4% without straight-line rent adjustments. We believe these results reflect the quality and strategic locations of our properties in the major sunbelt growth markets.”