JACKSON, MISSISSIPPI, April 20, 2016 – EastGroup Properties, Inc. (NYSE: EGP) announced today the results of its operations for the three months ended March 31, 2016.
Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “First quarter saw a continued growth in funds from operations with a 4.6% increase in FFO per share versus the same quarter last year. We have now achieved FFO per share increases as compared to the previous year’s quarter in nineteen of the last twenty quarters. Helping to fuel this trend is occupancy, which again came in above 95% for the eleventh consecutive quarter.
“Outside of operations, we’ve made solid progress recycling capital and laying the groundwork to continue the pace into the second quarter. Selling our older, non-core Houston assets creates further geographic diversification within our portfolio while generating funds for the development pipeline.”