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Last $54.68 USD
Change Today -0.34 / -0.62%
Volume 18.7K
EGP On Other Exchanges
Symbol
Exchange
Frankfurt
As of 11:07 AM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

eastgroup properties inc (EGP) Key Developments

EastGroup Properties Inc. and Certain Subsidiaries Enters into Second Amendment to the Third Amended and Restated Credit Agreement with Pnc Bank, National Association, and the Other Financial Institutions

On July 30, 2015, EastGroup Properties Inc. and certain subsidiaries, entered into a Second Amendment to the Third Amended and Restated Credit Agreement with PNC Bank, National Association, and the other financial institutions signatory thereto. Among other things, the Amendment expanded the unsecured credit facility to $300 million, lowered the margins in the applicable pricing grid and extended the Maturity Date to July 30, 2019. Pursuant to the Amendment, amounts borrowed under the Revolving Facility bear interest, at the Company's option, at the Base Rate Option plus a margin of 0.00% to 0.55% or LIBOR plus a margin of 0.875% to 1.55%, in each case depending on the Company's credit ratings. The Revolving Facility initially bears interest at LIBOR plus 1.00% which is the equivalent of 1.19% at August 3, 2015. The facility fee may range between 0.125% to 0.30% per annum (currently 0.20%), also based upon the company's credit ratings. Pursuant to the Amendment, the maturity of the Revolving Facility will be July 30, 2019 with a one year extension at the company's option but subject to the payment of an extension fee of 0.15% of the Lenders' Commitments. In addition, the Total Commitment may be expanded by an amount not to exceed $150 Million with the lenders' consent.

EastGroup Properties Mulls Acquisitions

EastGroup Properties Inc. (NYSE:EGP) is seeking acquisitions. David Hoster, Chief Executive Officer of EastGroup Properties, said in Eastgroup Properties Inc. earnings call, “We'll be going forward is like with this potential sale in Houston is to 1031 the proceeds into either operating assets, or more likely land acquisitions.”

EastGroup Properties, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and Full Year of 2015

EastGroup Properties Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of $57.844 million against $53.819 million a year ago. Operating income was $20.001 million against $17.922 million a year ago. Net income attributable to the company’s common stockholders was $14.533 million or $0.45 per diluted share against $9.118 million or $0.29 per diluted share a year ago. Property net operating income (PNOI) was $41.779 million against $38.170 million a year ago. Total PNOI was $41.779 million against $38.170 million a year ago. Funds from operations attributable to common stockholders were $29.593 million or $0.92 per diluted share against $26.254 million or $0.84 per diluted share a year ago. EBITDA was $38.258 million against 35.398 million a year ago. PNOI increased $1.729 million from newly developed properties. $1.505 million from same property operations and $0.751 million from 2014 acquisitions; PNOI decreased $387.000 from properties sold in 2014 and 2015. For the six months, the company reported revenues of $115.436 million against $106.631 million a year ago. Operating income was $38.500 million against $35.106 million a year ago. Net income attributable to the company’s common stockholders was $24.463 million or $0.76 per diluted share against $17.490 million or $0.56 per diluted share a year ago. Property net operating income was $82.938 million against $75.910 million a year ago. Total PNOI was $82.938 million against $75.910 million a year ago. Funds from operations attributable to common stockholders were $57.644 million or $1.79 per diluted share against $51.680 million or $1.66 per diluted share a year ago. EBITDA was $75.295 million against $70.075 million a year ago. PNOI increased by $3.454 million from newly developed properties. $2.575 million from same property operations and $1.719 million from 2014 acquisitions; PNOI decreased $0.729 million from properties sold in 2014 and 2015. The company announced that FFO per share attributable to common stockholders for 2015 is now estimated to be in the range of $3.63 to $3.71. The company increased the mid-point from $3.65 to $3.67 and narrowed the range by $0.02. Diluted EPS for 2015 is estimated to be in the range of $1.41 to $1.49. The company expects to be in the range of $45.649 million to $48.233 million, depreciation and amortization of $74.574 million and funds from operations attributable to common stockholders to be in the range of $117.320 million to $119.904 million. For the third quarter of 2015, the company expects to be in the range of $10.923 million to $11.569 million, depreciation and amortization of $19.006 million and funds from operations attributable to common stockholders to be in the range of $29.929 million to $30.575 million. The company expects net income per diluted share attributable to common stockholders to be in the range of $0.34 to $0.36 and funds from operations per diluted share attributable to common stockholders to be in the range of $0.93 to $0.95.

EastGroup Properties Inc. to Report Q2, 2015 Results on Jul 16, 2015

EastGroup Properties Inc. announced that they will report Q2, 2015 results at 9:01 PM, GMT Standard Time on Jul 16, 2015

EastGroup Properties Inc., Q2 2015 Earnings Call, Jul 17, 2015

EastGroup Properties Inc., Q2 2015 Earnings Call, Jul 17, 2015

 

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EGP

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Valuation EGP Industry Range
Price/Earnings 31.4x
Price/Sales 7.5x
Price/Book 3.1x
Price/Cash Flow 13.7x
TEV/Sales 3.3x
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