EastGroup Properties announced its third-quarter 2024 financial results, reporting diluted earnings per common share (EPS) of $1.13, an increase from $1.07 in the same period of 2023. Funds From Operations (FFO) attributable to common stockholders rose 6.5% year-over-year to $2.13 per share, with FFO excluding gains on involuntary conversions and business interruption claims increasing 9.2% to $2.13 per share.
The company's Property Net Operating Income (PNOI) saw a substantial increase of 14.5% to $15,029,000 compared to the third quarter of 2023. Same Property Net Operating Income (PNOI) excluding lease termination income grew 5.9% on a cash basis, while rental rates on new and renewal leases averaged a 50.9% increase on a straight-line basis.
EastGroup also updated its full-year 2024 FFO per share guidance to a range of $8.33 to $8.37, up from the previous range of $8.28 to $8.38. The company acquired two industrial buildings in Austin for $35,781,000 and 26 acres of development land in Nashville for $10,100,000, alongside initiating construction on two new development projects totaling 310,000 square feet with projected costs of $40,400,000. Additionally, EastGroup declared a cash dividend of $1.40 per share, representing a 10.2% increase over the prior quarter's dividend.
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