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Mittwoch, 20.07.2016 22:05 von PR Newswire | Aufrufe: 24

EastGroup Properties Announces Second Quarter 2016 Results

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PR Newswire

JACKSON, Miss., July 20, 2016

JACKSON, Miss., July 20, 2016 /PRNewswire/ --

Net Income Attributable to Common Stockholders of $1.35 Per Share Compared to $.45 Per Share for the Same Quarter of 2015
Funds from Operations of $.99 Per Share Compared to $.92 Per Share for the Same Quarter Last Year, an Increase of 7.6%
Same Property Net Operating Income (PNOI) Growth:
- Unadjusted: 2.7%
- Without Termination Fees: 2.1%
- Without Straight-Line Rent Adjustments: 3.2%
- Without Straight-Line Rent Adjustments and Termination Fees: 2.6%
97.2% Leased, 95.7% Occupied as of June 30, 2016; Average Occupancy of 95.5% for the Quarter
Rental Rates on New and Renewal Leases Increased an Average of 6.9%
Sold 872,000 Square Feet of Operating Properties and 3.9 Acres of Land for $55.9 Million
Acquired 33 Acres of Development Land in San Antonio for $3.2 Million
Started Construction of Three New Development Projects (265,000 Square Feet) With Projected Total Costs of $18.6 Million
Transferred Two Development Projects (132,000 Square Feet) to the Real Estate Portfolio
Development Program Consisted of 14 Projects (1.9 Million Square Feet) at June 30, 2016 With a Projected Total Investment of $134 Million
Paid 146^thConsecutive Quarterly Cash Dividend – $.60 Per Share
Issued 447,665 Shares of Common Stock During the Quarter With Gross Proceeds of $30 Million
Closed a $65 Million Senior Unsecured Term Loan With an Effective Fixed Interest Rate of 2.863%

EastGroup Properties, Inc. (NYSE: EGP) announced today the results of its operations for the three and six months ended June 30, 2016.

Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "We are pleased with the solid second quarter results. Our 7.6% increase in quarterly FFO per share means that we've now achieved FFO per share increases in 20 of the past 21 quarters. This long term FFO growth is being driven by consistently high occupancy allowing us to continue raising rents. Our strategy is simple and straightforward and it is working.

"Outside of our day-to-day operations, we're proud of the progress made recycling capital. Selling older, non-core Houston assets creates further geographic diversification within our portfolio while generating funds for our higher yielding development pipeline. Finally, we further strengthened our balance sheet by issuing $30 million of equity during second quarter. "

EARNINGS PER SHARE

On a diluted per share basis, earnings per common share (EPS) was $1.35 and $2.03 for the three and six months ended June 30, 2016, respectively, compared to $.45 and $.76 for the same periods of 2015. EPS for the three and six months ended June 30, 2016 included gains on sales of real estate investments and non-operating real estate of $31,114,000 ($.96 per share) and $42,456,000 ($1.31 per share), respectively; EPS for the same periods of 2015 included gains on sales of real estate investments and non-operating real estate of $2,903,000 ($.09 per share) and $3,026,000 ($.09 per share).

FUNDS FROM OPERATIONS

ARIVA.DE Börsen-Geflüster

Kurse

Eastgroup Properties

147,00 €

-0,68%

For the quarter ended June 30, 2016, funds from operations attributable to common stockholders (FFO) was $.99 per share compared to $.92 per share for the same quarter of 2015, an increase of 7.6%. Property net operating income (PNOI) increased by $2,333,000, or 5.6%, during the quarter ended June 30, 2016, compared to the same period of 2015. PNOI increased $1,511,000 from newly developed and redeveloped properties, $1,074,000 from same property operations and $587,000 from 2015 acquisitions; PNOI decreased $802,000 from properties sold in 2015 and 2016.

Same PNOI increased 2.7% for the quarter ended June 30, 2016, compared to the same quarter in 2015; without straight-line rent adjustments, same PNOI increased 3.2%. Rental rates on new and renewal leases (5.4% of total square footage) increased an average of 6.9% for the quarter.

For the six months ended June 30, 2016, FFO was $1.90 per share compared to $1.79 per share for the same period of 2015, an increase of 6.1%. PNOI increased by $4,951,000, or 6.0%, during the six months ended June 30, 2016, compared to the same period of 2015. PNOI increased $3,083,000 from newly developed and redeveloped properties, $1,844,000 from same property operations and $1,174,000 from 2015 acquisitions; PNOI decreased $1,093,000 from properties sold in 2015 and 2016.

Same PNOI increased 2.3% for the six months ended June 30, 2016, compared to the same period in 2015; without straight-line rent adjustments, same PNOI increased 2.3%. Rental rates on new and renewal leases (12.4% of total square footage) increased an average of 12.0% for the six months.

FFO and PNOI are non-GAAP financial measures, which are defined under Definitions later in this release. Reconciliations of Net Income to PNOI and Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO are presented in the attached schedule "Reconciliations of GAAP to Non-GAAP Measures."

SALES

EastGroup sold the following operating properties during the first six months of 2016:



Properties Sold in 2016	Location	Date of Sale	Size	Gross Sales Proceeds		Realized Gain ⁽¹⁾
			(Square feet)	(In thousands)

Northwest Point Distribution and Service Centers	Houston, TX	02/12/2016	232,000	$	15,550	10,109
North Stemmons III	Dallas, TX	03/04/2016	60,000	3,300		1,223
Total Properties Sold in First Quarter 2016			292,000	18,850		11,332

North Stemmons II	Dallas, TX	04/12/2016	26,000	1,300		438
Lockwood Distribution Center	Houston, TX	04/18/2016	392,000	14,325		9,870
West Loop Distribution Center 1 & 2	Houston, TX	04/19/2016	161,000	13,500		9,590
America Plaza	Houston, TX	04/28/2016	121,000	8,175		4,560
Interstate Commons Distribution Center 1 & 2 ⁽²⁾	Phoenix, AZ	05/31/2016	142,000	9,960		6,338
Castilian Research Center ⁽³⁾	Santa Barbara, CA	06/28/2016	30,000	7,950		185
Total Properties Sold in Second Quarter 2016			872,000	55,210		30,981

Total Properties Sold in 2016			1,164,000	$	74,060	42,313

⁽¹⁾ The realized gains on sales were not included in FFO.

⁽²⁾ The Company sold two of its four Interstate Commons Distribution Center buildings to the Arizona Department of Transportation through condemnation.

⁽³⁾The Company owned 80% of Castilian Research Center through a joint venture. The gross sales proceeds and realized gain shown for this transaction also include the 20% attributable to the Company's noncontrolling interest partner.

The Company continues to manage its exposure to the Houston market. PNOI from EastGroup's Houston properties as a percentage of total PNOI for the Company has been reduced from 20.5% for the year 2015 to 18.5% for the second quarter of 2016, including adjustments for the Houston properties sold in 2016.

In the first quarter, EastGroup sold a small parcel of land (1.2 acres) adjacent to its Horizon Commerce Park in Orlando for $673,000. The Company recognized a gain of $10,000 which was included in FFO. In the second quarter, the Company sold 3.9 acres of land in Dallas for $644,000. EastGroup recognized a gain of $133,000 which was included in FFO.

Subsequent to quarter-end, EastGroup sold land in Houston (7 acres) and Dallas (8 acres) in separate transactions for a total of $2.6 million. In addition, the Company is under contract to sell 4 acres of land in Houston; this transaction is expected to close in late July. The Company expects to record gains on the sales of approximately $600,000 in the third quarter which will be included in FFO.

DEVELOPMENT

During the second quarter, EastGroup continued to expand its Eisenhauer Point development in San Antonio by acquiring 33.4 acres of development land for $3.2 million. The land will accommodate the future development of approximately 343,000 square feet of business distribution buildings with projected total costs of $24 million.

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