EastGroup Properties reported robust financial results for the fourth quarter and full year ended December 31, 2024. For the full year, diluted FFO per share increased 7.2% to $8.35, compared to $7.79 in 2023. FFO excluding gain on involuntary conversion and business interruption claims rose 7.9% to $8.31 per diluted share. Property Net Operating Income (PNOI) for the full year increased 12.5% to $51,674,000.
In the fourth quarter of 2024, FFO per diluted share increased 5.9% to $2.15, and Same PNOI excluding lease termination income increased 3.4% on a cash basis. Rental rates on new and renewal leases signed during the full year averaged a 53.0% increase on a straight-line basis, reflecting strong market demand for the company's properties. The company's debt-to-total market capitalization stood at 15.4% at year-end 2024, with a debt to EBITDAre ratio of 3.36x.
EastGroup acquired 2,474,000 square feet of operating properties for $390,011,000 and 61.1 acres of development land for $13,762,000 during 2024. The company also sold 159,000 square feet of properties in Jackson, MS, for $14,050,000, generating a gain of $8,751,000. For 2025, EastGroup provided initial FFO per share guidance in the range of $8.80 to $9.00, representing a 6.6% increase over 2024 at the midpoint, and projected $150 million in operating property acquisitions.
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