EastGroup Properties Q3 FFO per share rises 7.9% on rent increase
Overview
US industrial REIT reported Q3 net income per share up yr/yr
Q3 FFO per share rose 7.9% yr/yr
Company raised quarterly dividend by 12.9% to $1.75 per share
Outlook
EastGroup sees 2026 EPS between $5.99 and $6.05
Company expects 2026 FFO per share of $9.62 to $9.68
EastGroup raises 2026 development starts guidance to $390 mln and acquisitions to $360 mln
Result Drivers
PROPERTY INCOME GROWTH - Co said higher property net operating income was driven by same property operations, newly developed and value-add properties, and recent acquisitions
RENTAL RATE INCREASES - Co reported new and renewal leases signed in Q3 had an average rental rate increase of 36.3% on a straight-line basis
HIGH OCCUPANCY - Co said same property average occupancy remained high at 96.9% in Q3
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $1.46 | ||
Q3 Net Income | $78.38 mln | ||
Q3 Dividend | $1.75 | ||
Q3 FFO Per Share | $2.45 |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for EastGroup Properties, Inc. is $230.00, about 14.3% above its October 20 closing price of $201.25
The stock recently traded at 35 times the next 12-month earnings vs. a P/E of 36 three months ago
Reuters Recommended Reads
Oct 21 - Real estate investment trust UDR raises 2026 outlook
Oct 20 - Agree Realty Q3 net income per share up 18.5%; raises FY26 AFFO guidance
Oct 20 - AI data center projects boost US warehouse demand and rents, real estate company JLL says
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)