EastGroup Properties provided an operational update, stating that its quarter-to-date performance is tracking in line with expectations. The company's operating portfolio was reported as 96.9% leased and 95.9% occupied, demonstrating continued stability in its core business.
Marshall Loeb, CEO, expressed satisfaction with the pickup in activity for vacant spaces, indicating positive leasing trends. This suggests a healthy demand environment for EastGroup's shallow-bay industrial properties in its target Sunbelt markets.
The company anticipates future market opportunities driven by a rapid decline in the industrial construction pipeline and slowly improving tenant demand. EastGroup continues to focus on strengthening its balance sheet to capitalize on these potential opportunities and maintain portfolio quality.
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