NYSE$EGP
EastGroup Properties Inc · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
EastGroup reported strong Q3 2020 results, surpassing expectations despite global turbulence, with significant increases in FFO and PNOI.
EastGroup Properties announced a strong third quarter with FFO per share increasing by 6.3% to $1.36 and EPS at $0.62. The company's portfolio performance exceeded expectations, with same property net operating income increasing by 3.0% on a cash basis. EGP also increased the dividend by $0.04 per share (5.3%) to $0.79 per share.
- FFO increased to $1.36 per share, a 6.3% increase year-over-year.
- EPS increased to $0.62, compared to $0.60 for the same period of 2019.
- Same Property Net Operating Income increased by 3.0% on a cash basis.
- The company's portfolio was 97.8% leased and 96.4% occupied as of September 30, 2020.
Headline financials
Revenue & EPS history
EastGroup · Revenue · Quarterly
$92M
Forward guidance
EastGroup estimates EPS for 2020 to be in the range of $2.40 to $2.44 and FFO per share to be in the range of $5.33 to $5.37.
Tailwinds
- FFO per share is projected to increase 7.4% over the prior year.
- Same PNOI growth on a cash basis is expected to be between 2.5% and 3.5%.
- Average month-end occupancy is anticipated to be 96.5%.
- Development starts are projected to be 825,000 square feet.
- Unsecured debt closing in the period is expected to be $275 million at a weighted average interest rate of 2.56%.
Headwinds
- The COVID-19 pandemic has disrupted global, national, and local economies and the financial markets.
- The future impact of COVID-19 on the Company is largely dependent on the severity and duration of the economic uncertainty and its effect on EastGroup’s customers
- It is difficult to predict the future impact on our business, financial condition, results of operations and cash flows.
- Projections are based on management’s current beliefs and assumptions about the industry and the markets in which we operate; there are known and unknown risks and uncertainties associated with these projections.
- The Company assumes no obligation to update publicly any forward-looking statements, including its Outlook for 2020, whether as a result of new information, future events or otherwise.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2020
-0.2%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+0.9%
Avg return
30 days after
55%
38 / 69 earnings
Positive
+7.8%
Q2 2020
Best reaction
-12.4%
Q1 2010
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.2% | +0.7% | +2.1% | |
| Q4 2025 | +2.9% | +4.9% | +2.7% | |
| Q3 2025 | -1.0% | -3.0% | +0.2% | |
| Q2 2025 | +0.6% | +1.9% | +3.1% | |
| Q1 2025 | +1.6% | +1.6% | +2.7% | |
| Q4 2024 | +1.5% | +4.0% | +7.2% | |
| Q3 2024 | -0.9% | -2.1% | -4.6% | |
| Q2 2024 | -3.1% | -2.2% | -3.0% | |
| Q1 2024 | -3.3% | -4.5% | -1.5% | |
| Q4 2023 | +2.1% | +2.3% | +0.0% | |
| Q3 2023 | +1.8% | +1.6% | +11.1% | |
| Q2 2023 | -0.7% | -5.4% | -4.5% | |
| Q1 2023 | -2.2% | +0.2% | -3.9% | |
| Q4 2022 | -0.8% | -2.5% | -5.5% | |
| Q3 2022 | +5.3% | +8.2% | +8.2% | |
| Q2 2022 | -0.5% | +3.4% | +4.4% | |
| Q1 2022 | -1.8% | -8.9% | -23.2% | |
| Q4 2021 | +2.9% | -1.9% | -3.1% | |
| Q3 2021 | +1.6% | +2.7% | +8.9% | |
| Q2 2021 | -0.0% | +0.2% | -2.7% | |
| Q1 2021 | +0.7% | +1.5% | +0.4% | |
| Q4 2020 | -0.6% | +0.2% | -4.4% | |
| Q3 2020 | -2.0% | -1.9% | +1.7% | |
| Q2 2020 | +7.8% | +6.9% | +9.2% | |
| Q1 2020 | -7.9% | -5.5% | +4.7% | |
| Q4 2019 | +0.6% | +2.0% | -4.3% | |
| Q3 2019 | +4.4% | +3.9% | +3.2% | |
| Q2 2019 | +1.6% | +2.6% | +3.4% | |
| Q1 2019 | +0.8% | +2.0% | +2.4% | |
| Q4 2018 | +0.9% | +1.8% | +0.9% | |
| Q3 2018 | +2.1% | +1.9% | +6.8% | |
| Q2 2018 | -2.2% | -2.8% | +4.4% | |
| Q1 2018 | -0.5% | +0.7% | +5.3% | |
| Q4 2017 | +1.8% | -3.2% | -4.4% | |
| Q3 2017 | -0.8% | -3.0% | +1.1% | |
| Q2 2017 | +2.7% | +2.4% | +2.1% | |
| Q1 2017 | +1.4% | +1.2% | +3.1% | |
| Q4 2016 | -2.3% | -0.7% | +4.8% | |
| Q3 2016 | -0.0% | +0.5% | -4.8% | |
| Q2 2016 | -0.7% | +0.1% | +1.0% | |
| Q1 2016 | -3.4% | — | — | |
| Q4 2015 | -2.8% | — | — | |
| Q3 2015 | +0.7% | — | — | |
| Q2 2015 | +0.4% | — | — | |
| Q1 2015 | -1.4% | — | — | |
| Q4 2014 | -2.6% | — | — | |
| Q3 2014 | +0.5% | — | — | |
| Q2 2014 | -0.9% | — | — | |
| Q1 2014 | +0.5% | — | — | |
| Q4 2013 | -1.4% | — | — | |
| Q3 2013 | +2.4% | — | — | |
| Q2 2013 | +3.4% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2012 | +0.3% | — | — | |
| Q3 2012 | -1.4% | — | — | |
| Q2 2012 | -3.4% | — | — | |
| Q1 2012 | +0.9% | — | — | |
| Q4 2008 | +0.8% | — | — | |
| Q4 2011 | +0.8% | — | — | |
| Q3 2011 | -1.2% | — | — | |
| Q2 2011 | -12.4% | — | — | |
| Q1 2010 | -12.4% | — | — | |
| Q1 2011 | +0.7% | — | — | |
| Q4 2010 | +0.5% | — | — | |
| Q3 2010 | +0.2% | — | — | |
| Q3 2009 | +0.2% | — | — | |
| Q2 2009 | +1.1% | — | — | |
| Q4 2009 | +1.1% | — | — | |
| Q2 2010 | +1.1% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro