EGP - EastGroup Properties Inc. (EGP) Q1 2024 Earnings Call Transcript
2024-04-24 21:38:09 ET
EastGroup Properties, Inc. (EGP)
Q1 2024 Earnings Conference Call
April 24, 2024 11:00 AM ET
Company Participants
Marshall Loeb - President & CEO
Keena Frazier - Director of Leasing Statistics
Brent Wood - EVP & CFO
Conference Call Participants
Jeff Spector - Bank of America
Eric Warden - BMO Capital Markets
Craig Mailman - Citibank
William Crow - Raymond James
Mike Keller - JPMorgan
Todd Thomas - KeyBanc Capital Markets
Jason Belcher - Wells Fargo
Ronald Kamdem - Morgan Stanley
Jessica Zheng - Green Street
Samir Khanal - Evercore
Ki Bin Kim - Truist Securities
Nicholas Thillman - Robert W. Baird
Vikram Malhotra - Mizuho Securities
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the EastGroup Properties First Quarter 2024 Earnings Conference Call and Webcast. At this time all lines are in a listen-only mode. Following the presentation we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Wednesday, April 24, 2024.
I would now like to turn the conference over to Marshall Loeb, President and CEO. Please go ahead.
Marshall Loeb
Good morning, and thanks for calling in for our First Quarter 2024 Conference Call. As always, we appreciate your interest. Brent Wood, our CFO, is also on the call, and since we'll make forward-looking statements, we ask that you listen to the following disclaimer.
Keena Frazier
Please note that our conference call today will contain financial measures such as PNOI and FFO that are non-GAAP measures as defined in Regulation G. Please refer to our most recent financial supplement and to our earnings press release, both available on the Investor page of our website and to our periodic reports furnished or filed with the SEC for definitions and further information regarding our use of these non-GAAP financial measures and a reconciliation of them to our GAAP results.
Please also note that some statements during this call are forward-looking statements as defined in and within the Safe Harbors under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements in the earnings press release, along with our remarks, are made as of today, and reflect our current views about the company's plans, intentions, expectations, strategies and prospects based on the information currently available to the company and on assumptions it has made.
We undertake no duty to update such statements or remarks, whether as a result of new information, future or actual events or otherwise. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Please see our SEC filings included on our most recent Annual Report on Form 10-K for more detail about these risks.
Marshall Loeb
Thanks, Keena. Good morning. I will start by thanking our team for another strong quarter. The team continues performing at a high-level and finding opportunities in an evolving market. Our first quarter results demonstrate the quality of the portfolio we've built and the resiliency of the industrial market. Some of the results produced include Funds From Operations rising 8.8%, excluding a 2023 involuntary conversion.
For over a decade now, our quarterly FFO per share has exceeded the FFO per share reported in the same quarter prior year, truly a long-term trend. Quarter end leasing was 98% with occupancy at 97.7%. Average quarterly occupancy was 97.5% which although historically strong, is down from first quarter 2023. Re-leasing spreads for the quarter were solid at 58% GAAP and 40% cash with cash same-store NOI rising 7.7% for the quarter....
EastGroup Properties, Inc. (EGP) Q1 2024 Earnings Call Transcript