EastGroup Properties

COVID-19 UPDATE

EastGroup Properties Announces Updated Estimates For General and Administrative Costs For 2017

March 6th, 2017

JACKSON, MISSISSIPPI, March 6, 2017 – EastGroup Properties (NYSE-EGP) announced today an update to its initial 2017 estimates for general and administrative (G&A) costs disclosed in its Fourth Quarter and Year 2016 earnings press release dated February 1, 2017. The Company’s initial estimates included G&A expenses of $4.8 million for the three months ending March 31, 2017, and $12.3 million for the twelve months ending December 31, 2017. The Company disclosed in its February 1, 2017, release that the estimated G&A expenses did not include expense for an anticipated change in the structure of the Company’s equity compensation plans for its executive officers. The new plans are expected to include bright-line tests for performance metrics and market conditions, resulting in a grant date upon approval of the forward-looking plans, which is anticipated to occur in May 2017. This will cause the Company to begin expensing the equity compensation earlier than it has for prior year plans, resulting in a one time overlap of expenses of approximately $.03 per share in 2017.

Recent News


Archive