JACKSON, MISSISSIPPI, July 16, 2015 – EastGroup Properties, Inc. (NYSE-EGP) announced today the results of its operations for the three and six months ended June 30, 2015.
Commenting on EastGroup’s performance, David H. Hoster II, CEO, stated, “We are pleased with our strong second quarter results and the continued positive momentum which they represent. We achieved a 9.5% increase in FFO per share as compared to last year’s second quarter. The current quarter was our ninth consecutive quarter of steady growth. These results maintained our track record of increases in FFO per share as compared to the previous year’s quarter in sixteen of the last seventeen quarters.
“Quarter end occupancy of 96.2% was our eighth consecutive quarter of 95% or above and our fourth consecutive quarter above 96%. In addition, rent spreads and same property net operating income continued to be positive reflecting good industrial property market fundamentals in our supply-constrained submarkets. Our strategy is simple and straightforward and it is working.”