EastGroup Properties Inc 2024年度报告

Company Overview EastGroup Properties, Inc. (NYSE: EGP) is aself-administered equity real estate investment trustfocused on the development, acquisition and operationof industrial properties in high-growth marketsthroughout the United States with an emphasis in Texas,Florida, California, Arizona and North Carolina. I’m pleased to share that 2024 was another record year for funds from operations (“FFO”)per diluted share (up 7.9% excluding gains on involuntary conversions in each year), with neteffective releasing spreads exceeding 50% for the second consecutive year. It was also a yearthat allowed us to continue improving our balance sheet leaving us in our strongest, mostflexible financial position in our Company’s history. I’m proud that the team was able to achieve these results in spite of an uncertain market,increased tenant bankruptcies, and a rash of new supply. It is during these periods of uncertaintythat we rely on our straightforward, market-cycle tested strategy. We develop, acquire andoperate multi-tenant business distribution centers for customers who are location-sensitive.Whether we develop properties or acquire occupied or vacant properties varies based onwhere we are in the cycle and the risk/returns each alternative offers. Our geographic focusis on the historically high-growth metropolitan markets, our customers primarily lease spacein the 20,000–100,000 square foot range, and our properties are infill, close to our tenants’customers, or ‘last mile’ submarkets. Our customers primarily distribute to the metropolitan area where they lease space instead ofdistributing more regionally or nationally. The economic vibrancy and growth within these metroareas are major determinants of our customers’ success and, in turn, our financial results. Wefocus on and fine tune our capital allocation within fast growing markets that benefit fromstrong migration trends and customers with increasing levels of disposable income. Cash Dividends and FFO32 consecutive years of increasing or maintaining We maintain geographic and tenant diversity with the goal of stabilizing our future earningsregardless of the economic environment. Today, we have approximately 1,600 leases in placeand the most diversified rent roll in our sector. Our top 10 tenants represent approximately 7.2%of EastGroup’s rents at year-end, down 70 basis points from a year ago. I am optimistic as we move into 2025. Our portfolio is benefitting from several long-termpositive secular trends such as population migration, nearshoring and onshoring, and continuede-commerce growth. So while our demand has strong roots, the industry-wide developmentpipeline is at an eight-year low, positioning us well for near-term supply and demand. Despite 2024’s economic uncertainties, we maintained high occupancy levels with strong rentgrowth while successfully bringing new investments online, all while improving an alreadystrong balance sheet. We believe we are prepared to weather economic uncertainties and tomove quickly when opportunities arise. 2024 Leasing Statistics 97.1%Leased as of 12/31 96.1%Occupied as of 12/31 In closing, with our experienced team, consistently improving portfolio, and strong balancesheet, I believe we are well positioned to continue our positive momentum and createshareholder value now and in the years to come. 53.0%Year-to-date Rental ChangeStraight-Line Basis 35.6%Year-to-date Rental ChangeCash Basis MARSHALL A. LOEB|Chief Executive Officer, President and Director 2024 Financial Statistics 5.6%Same PNOI Growth:Cash Basis 7.9%FFO per Share Growthexcluding gain on involuntaryconversion and businessinterruption claims $9.8BTotal Market Capitalizationas of 12/31 Improved Balance SheetDebt-to-EBITDAre Ratio )"(
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8I Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the ExchangeAct.Yes☐No☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the