EastGroup Properties (EGP) investor relations material

Executive summary

• FFO per share reached $2.21 for Q2 2025, up 7.8% year-over-year, with net income attributable to common stockholders at $63.3M, and continued strong rental rate growth and high occupancy.

• Same property net operating income increased 6.6% for Q2 2025, with cash same store NOI up 6.4%.

• Operating portfolio was 97.1% leased and 96% occupied at quarter-end, with average quarterly occupancy at 95.9%, down from Q2 2024.

• Rental rates on new and renewal leases increased an average of 44.4% in Q2 2025, with year-to-date increases at 45.8%.

• Economic and market uncertainty, including tariffs and inflation, are being monitored but have not significantly impacted results.

Financial highlights

• Total revenues for Q2 2025 were $177.3M, up from $159.1M year-over-year; PNOI for Q2 was $129.2M, up 13.5% year-over-year.

• FFO per share for Q2 was $2.21, a 7.8% increase year-over-year, excluding involuntary conversion gains.

• Interest expense decreased to $7.7M for Q2 2025, reflecting lower average borrowings and rates.

• Depreciation and amortization expense increased to $53.0M for Q2 2025.

• Quarterly re-leasing spreads were 44% GAAP and 30% cash; year-to-date re-leasing spreads are 46% GAAP and 31% cash.

Outlook and guidance

• Full-year FFO per share guidance raised to $8.89–$9.03, representing 6.1–7.3% growth year-over-year.

• Q3 FFO guidance is $2.22–$2.30 per share; average month-end occupancy expected between 95.3% and 96.1%.

• Same property NOI growth (cash basis) expected between 6.0% and 7.0% for 2025.

• Development starts for 2025 forecast at $215M and 1.7M sq. ft., with a focus on the back half of the year.

• Uncollectible rents estimated at 35–45 bps of revenues, slightly above historic run rate.