- EastGroup has updated its full-year FFO (Funds from Operations) per share forecast to a range of $8.33 to $8.37.
- The previous forecast ranged from $8.28 to $8.38, with an estimated value of $8.32.
- In the third quarter, FFO per share reached $2.13, surpassing both year-over-year results of $2 and estimates of $2.10.
- Revenue for the quarter was $162.9 million, marking an 11% increase from the previous year and exceeding the estimate of $161 million.
- Net operating income rose to $119.0 million, reflecting a 14% increase year-over-year, and surpassing the estimate of $117.6 million.
- EBITDAre (Earnings Before Interest, Taxes, Depreciation, Amortization, and restructuring or rent costs) was reported at $114.0 million, an 11% rise year-over-year, exceeding the estimated $112.7 million.
- The company projects 2024 EPS (Earnings per Share) in the range of $4.64 to $4.68.
- FFO per share, excluding gain on involuntary conversions and business interruption claims, increased by 9.2%, according to CEO Marshall Loeb.
- Analyst recommendations include 13 buy ratings, 8 hold ratings, and no sell ratings for EastGroup.
A look at Eastgroup Properties Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 3 | |
| Dividend | 4 | |
| Growth | 4 | |
| Resilience | 3 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 3.6 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
EastGroup Properties, Inc., an equity real estate investment trust, is poised for a steady long-term outlook as indicated by its Smartkarma Smart Scores across different factors. With a solid rating for Dividend and Growth, the company’s ability to provide attractive returns and potential for expansion are promising. Additionally, its positive Momentum score suggests favorable market sentiment and upward momentum in the foreseeable future.
Despite having slightly lower scores for Value and Resilience, EastGroup Properties’ strategic focus on acquiring and developing industrial properties in key sunbelt markets like California, Florida, Texas, and Arizona underpins its overall strength and growth potential in the real estate sector. Investors eyeing stable dividends, growth opportunities, and positive market momentum could find EastGroup Properties a compelling long-term investment option.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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