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2 Things You Need To Know About EastGroup Properties' Earnings: Analyst

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In a report published Friday, Credit Suisse analysts maintained an Outperform rating on Eastgroup Properties Inc (NYSE: EGP), with a price target of $70.

The company has raised its 2015 guidance for SS and FFO to reflect higher average occupancy of 95.8 percent versus 95 percent previously. "The portfolio is broadly performing better than expected (sequential occupancy down just 10bp in a seasonally soft period for industrial) with good leasing in FL offsetting known weakness in Houston," the analysts wrote.

"Positive SS and occupancy trends for EGP (coupled with solid 1Q national warehouse fundamental data) bode well for DCT and PLD which report later," the analysts added.

In the report Credit Suisse noted, "Coming into the year EGP's 620ksf of 2015 rollovers in Houston had several known moveouts totaling ~375ksf. One tenant (~75ksf) appears to have signed a one year extension."

Approximately 50 percent of the remaining known moveouts left 1Q, with the balance vacating in 2Q. This means that "there is still ~150ksf or so of known moveouts on the come (150ksf = ~2.5% of Houston portfolio or 45bp of total portfolio), but we think EGP will continue to proactively and realistically manage their vacancy there in a softer demand period," the analysts commented.

The FFOPS estimate for 2015 has been raised by 1 cent to $3.68.

Latest Ratings for EGP

DateFirmActionFromTo
Apr 2019UpgradesUnderperformIn-Line
Feb 2019MaintainsHoldHold
Dec 2018MaintainsEqual-WeightEqual-Weight

View More Analyst Ratings for EGP
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Reiteration Analyst Ratings

 

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