EastGroup Properties, Inc. (EGP) Earnings
EastGroup Properties, Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $1.31. EGP has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise +23.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $1.22 | $2.34 | +91.8% | $190M | -0.2% |
| Feb 4, 2026 | $2.33 | $2.34 | +0.4% | $187M | -1.0% |
| Oct 23, 2025 | $2.28 | $2.27 | -0.4% | $182M | -1.8% |
| Jul 23, 2025 | $2.20 | $2.21 | +0.5% | $177M | -1.7% |
| Apr 23, 2025 | $2.11 | $2.12 | +0.5% | $174M | +0.2% |
| Feb 6, 2025 | $1.16 | $2.15 | +85.3% | $164M | -1.2% |
| Oct 23, 2024 | $2.10 | $2.13 | +1.4% | $163M | -1.9% |
| Jul 23, 2024 | $2.05 | $2.05 | +0.0% | $160M | +2.0% |
| Feb 7, 2024 | $2.01 | $2.03 | +1.0% | $149M | -1.8% |
| Jul 25, 2023 | $1.88 | $1.89 | +0.5% | $140M | +2.3% |
| Feb 7, 2023 | $1.77 | $1.82 | +2.8% | $130M | +1.4% |
| Oct 25, 2022 | $1.76 | $1.77 | +0.6% | $126M | +1.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Introduced the team including John Coleman, R. Dunbar, and Casey Edgecombe. • Described EastGroup Properties as a shallow bay industrial REIT, focusing on campus - setting near businesses and higher - end residential in smile states. • Highlighted 51 consecutive quarters of FFO growth and 13 years of positive FFO and same - store NOI. • Mentioned low debt to EBITDA (around 3x), low top 10 tenant concentration (below 7% of revenue), and lowest G&A as a percentage of revenue in the sector. • Talked about development leasing picking up in the fourth quarter, with 166 thousand square feet signed recently, and details about tenant expansion and building - on - demand. • Discussed market dynamics like supply being at lowest since 2018, vacancy rates in smaller buildings, and flight to quality in the market. • Spoke about development yields around 7%, low - 7s, and disciplined start approach based on market feedback. • Mentioned pre - lease opportunities and increased conversations with existing tenant base for expansion or consolidation. • Addressed data center development impact on industrial development and initiatives related to AI in areas like accounting automation and cybersecurity training
Guidance
• Mentioned same - store NOI growth for the industrial group in 2027 is expected to be around 5.5%. • Stated that in the REIT industry, expects fewer companies from an M&A perspective this time next year
Segment performance
No specific detailed financial performance for each product segment provided in terms of absolute numbers and revenue contribution % other than general mentions of FFO growth and same-store NOI. Mentioned 51 consecutive quarters of FFO growth and 13 years of positive FFO and same-store NOI. Also, top 10 tenant concentration is a little below 7% of revenue, and debt to EBITDA is around 3x, debt within total market cap is around 14%
Risks & headwinds
• Uncertainty regarding tariffs as the Supreme Court ruling may not end the topic. • Permitting challenges in fast - growing cities for industrial development, including issues with power and water in some cases, and pushback on data center zonings and permitting
Analyst Q&A
Q: What are you hearing from tenants following the SCOTUS IEPA ruling? Does the ruling reduce uncertainty for tenants, or do pivots to alternative tariff statutes keep uncertainty elevated?
A: It is early to get tenant feedback. First quarter last year was strong, then Liberation Day caused capital decision - making paralysis. Portfolio was full, development leasing slowed. Still not done with tariffs, and people may eventually need more space.
Q: Could you talk about where cap rates are, on a stabilized or market - rent basis, for assets in your markets today?
A: Varies by market. Lower cap rate markets see low - 5s, sometimes upper - 4s. Stronger markets like Nashville have low - 5s, Dallas low - 5s, Austin a bit weaker, Southern California mid - 5s to upper - 5s.
Q: On development yield, your view on incremental starts, build - to - suit versus spec. And in the operating update, your view of equity versus incremental debt?
A: Development yields have hung in there around 7%, low - 7s. Starts come based on market feedback, pull system like retail store. This year starts at $250 million, pre - lease opportunities are more. Equity and debt view is based on market and team discipline.
Q: In the markets you operate in, how much does data center development crimp industrial development?
A: Data centers can be a source of competition, but industrial is harder to come by. They can pay more, but their zoning, permitting, and power requirements are more challenging.
Q: Shifting to development leasing cadence: how should we think about development leasing cadence throughout the year and, subsequently, development starts?
A: Hard to predict cadence. Last year was lumpy. Rents have risen, decision - making has changed. Big companies have longer gestation periods. Disciplined capital allocation is key.
Q: Pivoting to AI: as it relates to EastGroup Properties, Inc., what initiatives are you looking at? How much time or money have you spent on identifying opportunities for productivity enhancement or revenue enhancement?
A: IT team focused on cybersecurity training. AI used in accounting for quarter - end closing automation. Spent time training team, mostly on available tools for accounting.
Q: Same - store NOI growth for the industrial group in 2027?
A: Expected to be around 5.5%
Q: From an M&A perspective in your property type, more, same, or fewer companies this time next year?
A: Fewer in the REIT industry