Revenue growth of 12.97% year-over-year highlights strong demand for infill industrial space, although NOI margins experienced significant volatility, dropping from 73.7% in 2024Q4 to 15.1% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 737.14M | 721.34M | 638.53M | 566.4M | 487.02M | 409.48M | 363.02M | 330.81M | 299.02M | 274.15M | 253.05M | 235.01M | 219.83M | 202.17M | 185.84M | 174.63M | 173.13M | 172.35M | 168.57M | 150.73M | 133.61M | 126.5M | 114.68M | 108.44M | 105.81M | 105.3M | 98.1M | 86.24M | 76.73M | 53.62M | 39.77M |
| Revenue Growth % | 12.2% | 12.97% | 12.73% | 16.3% | 18.94% | 12.8% | 9.74% | 10.63% | 9.07% | 8.34% | 7.68% | 6.9% | 8.73% | 8.79% | 6.42% | 0.87% | 0.45% | 2.24% | 11.84% | 12.81% | 5.62% | 10.31% | 5.76% | 2.49% | 0.49% | 7.33% | 13.76% | 12.39% | 43.09% | 34.85% | 31.39% |
| Property Operating Expenses | 471.38M | 408.98M | 174.21M | 154.03M | 133.91M | 115.08M | 103.37M | 93.27M | 86.39M | 80.11M | 74.51M | 67.57M | 63.01M | 58.08M | 53.08M | 49.41M | 51.14M | 50.26M | 47.37M | 41.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 265.76M | 312.36M | 464.31M | 412.37M | 353.11M | 294.4M | 259.65M | 237.54M | 212.62M | 194.04M | 178.54M | 167.44M | 156.82M | 144.09M | 132.76M | 125.22M | 121.98M | 122.09M | 121.2M | 109.61M | 133.61M | 126.5M | 114.68M | 108.44M | 105.81M | 105.3M | 98.1M | 86.24M | 76.73M | 53.62M | 39.77M |
| NOI Margin % | 36.05% | 43.3% | 72.72% | 72.81% | 72.5% | 71.9% | 71.53% | 71.8% | 71.11% | 70.78% | 70.56% | 71.25% | 71.34% | 71.27% | 71.44% | 71.71% | 70.46% | 70.84% | 71.9% | 72.72% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -31.44M | 24.8M | 21.4M | 17.34M | 16.91M | 16.4M | 15.06M | 16.82M | 13.74M | 14.97M | 91.17M | 88.38M | 83.04M | 77.51M | 71.38M | 68.14M | 68.68M | 63.02M | 59.77M | 56.2M | 86.88M | 82.28M | 72.63M | 69.09M | 64.81M | 57.6M | 51.41M | 44.7M | 39.72M | 28.67M | 23.67M |
| G&A Expenses | 23.62M | 24.8M | 21.4M | 17.34M | 16.91M | 16.4M | 15.06M | 16.82M | 13.74M | 14.97M | 13.23M | 15.09M | 12.73M | 11.72M | 10.49M | 10.69M | 10.33M | 9.07M | 8.55M | 8.29M | 7.4M | 6.87M | 6.71M | 4.97M | 4.18M | 4.57M | 5.61M | 4.58M | 3.82M | 2.92M | 2.36M |
| EBITDA | 516.71M | 504.29M | 603.88M | 541.5M | 468.32M | 387.83M | 345.05M | 311.05M | 278.43M | 252.09M | 154.89M | 142.87M | 135.39M | 132.18M | 122.63M | 114.28M | 111.65M | 113.02M | 112.52M | 101.29M | 88.95M | 83.53M | 75.5M | 71.75M | 71.82M | 75.11M | 70.51M | 61.72M | 53.58M | 35.36M | 23.86M |
| EBITDA Margin % | 70.1% | 69.91% | 94.57% | 95.6% | 96.16% | 94.72% | 95.05% | 94.03% | 93.11% | 91.95% | 61.21% | 60.79% | 61.59% | 65.38% | 65.98% | 65.44% | 64.49% | 65.58% | 66.75% | 67.2% | 66.57% | 66.03% | 65.84% | 66.16% | 67.87% | 71.33% | 71.87% | 71.57% | 69.83% | 65.95% | 60% |
| Depreciation & Amortization | 219.71M | 216.73M | 160.97M | 146.46M | 132.12M | 109.84M | 100.46M | 90.33M | 79.54M | 73.02M | 67.52M | 63.8M | 61.61M | 65.6M | 61.7M | 57.45M | 58.35M | 53.95M | 51.09M | 47.88M | 42.22M | 39.31M | 33.45M | 32.4M | 30.82M | 27.41M | 23.82M | 20.18M | 16.57M | 10.41M | 7.76M |
| D&A / Revenue % | 29.81% | 30.05% | 25.21% | 25.86% | 27.13% | 26.83% | 27.67% | 27.3% | 26.6% | 26.63% | 26.68% | 27.15% | 28.03% | 32.45% | 33.2% | 32.9% | 33.7% | 31.3% | 30.31% | 31.77% | 31.6% | 31.07% | 29.17% | 29.88% | 29.13% | 26.03% | 24.28% | 23.4% | 21.6% | 19.41% | 19.51% |
| Operating Income | 297M | 287.56M | 442.91M | 395.04M | 336.2M | 277.99M | 244.59M | 220.72M | 198.89M | 179.07M | 87.37M | 79.06M | 73.78M | 66.58M | 60.93M | 56.83M | 53.3M | 59.07M | 61.43M | 53.41M | 46.73M | 44.23M | 42.05M | 39.35M | 41M | 47.69M | 46.69M | 41.54M | 37M | 24.95M | 16.1M |
| Operating Margin % | 40.29% | 39.87% | 69.36% | 69.74% | 69.03% | 67.89% | 67.38% | 66.72% | 66.51% | 65.32% | 34.53% | 33.64% | 33.56% | 32.93% | 32.79% | 32.54% | 30.79% | 34.27% | 36.44% | 35.43% | 34.98% | 34.96% | 36.67% | 36.29% | 38.75% | 45.3% | 47.59% | 48.17% | 48.23% | 46.54% | 40.49% |
| Interest Expense | 4M | 32.11M | 36.03M | 45.05M | 38.5M | 32.95M | 33.93M | 34.46M | 35.11M | 34.77M | 35.21M | 34.67M | 35.49M | 35.19M | 35.37M | 34.71M | 35.17M | 32.82M | 30.19M | 27.31M | 24.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 8.68x | 7.04x | 4.97x | 4.74x | 4.58x | 3.78x | 3.37x | 3.05x | 2.74x | 2.48x | 2.28x | 2.08x | 1.89x | 1.72x | 1.62x | 1.53x | 0.81x | 2.08x | 1.95x | 1.92x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -23.49M | 8.91M | 189.41M | 171.08M | 153.64M | 127.1M | 116.36M | 104.72M | 91.7M | 83.87M | 0 | 0 | 0 | 0 | 0 | 118.26M | -474K | 32.52M | -1.36M | 193K | 0 | 0 | 0 | 0 | 4.2M | 4.51M | -21.53M | -64.36M | 0 | 0 | 0 |
| Pretax Income | 292.64M | 257.46M | 227.81M | 200.55M | 186.27M | 157.64M | 108.39M | 123.34M | 88.64M | 83.59M | 96.09M | 48.4M | 48.47M | 32.34M | 25.9M | 22.83M | 18.75M | 26.66M | 61.56M | 55.69M | 46.86M | 0 | 0 | 0 | 41.19M | 52.01M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 39.7% | 35.69% | 35.68% | 35.41% | 38.25% | 38.5% | 29.86% | 37.28% | 29.64% | 30.49% | 37.97% | 20.59% | 22.05% | 16% | 13.94% | 13.08% | 10.83% | 15.47% | 36.52% | 36.94% | 35.07% | 0% | 0% | 0% | 38.92% | 49.39% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.07M | 35.31M | 32.76M | 27.11M | 23.38M | 17.5M | 22.04M | 18.73M | 18.91M | 17.37M | 13.51M | 10.18M | 3.18M | 7.67M | 4.17M | 3.59M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 153.57% | 188.28% | 122.9% | 44.04% | 41.98% | 37.35% | - | - | - | 42.18% | 25.98% | - | - | - | - | - |
| Net Income | 292.62M | 257.42M | 227.75M | 200.49M | 186.18M | 157.56M | 108.36M | 121.66M | 88.51M | 83.18M | 95.51M | 47.87M | 47.94M | 32.62M | 25.51M | 22.36M | 18.32M | 26.66M | 34.14M | 29.73M | 29.23M | 22.19M | 23.33M | 20.45M | 23.63M | 34.18M | 36.51M | 38.35M | 29.34M | 20.78M | 12.51M |
| Net Margin % | 39.7% | 35.69% | 35.67% | 35.4% | 38.23% | 38.48% | 29.85% | 36.78% | 29.6% | 30.34% | 37.74% | 20.37% | 21.81% | 16.13% | 13.73% | 12.8% | 10.58% | 15.47% | 20.25% | 19.73% | 21.88% | 17.54% | 20.34% | 18.85% | 22.33% | 32.46% | 37.22% | 44.48% | 38.23% | 38.75% | 31.46% |
| Net Income Growth % | 28.04% | 13.03% | 13.6% | 7.69% | 18.17% | 45.4% | -10.93% | 37.46% | 6.4% | -12.91% | 99.53% | -0.16% | 46.99% | 27.83% | 14.11% | 22.01% | -31.26% | -21.92% | 14.82% | 1.71% | 31.74% | -4.87% | 14.1% | -13.46% | -30.88% | -6.38% | -4.81% | 30.74% | 41.18% | 66.11% | 62.22% |
| Funds From Operations (FFO) | 512.33M | 474.15M | 388.72M | 346.95M | 318.31M | 267.4M | 208.82M | 211.99M | 168.05M | 156.2M | 163.02M | 111.67M | 109.55M | 98.22M | 87.21M | 79.81M | 76.67M | 80.61M | 85.23M | 77.62M | 71.45M | 61.5M | 56.78M | 52.84M | 54.44M | 61.59M | 60.33M | 58.53M | 45.91M | 31.19M | 20.27M |
| FFO Margin % | 69.5% | 65.73% | 60.88% | 61.26% | 65.36% | 65.3% | 57.52% | 64.08% | 56.2% | 56.98% | 64.42% | 47.52% | 49.83% | 48.58% | 46.93% | 45.7% | 44.29% | 46.77% | 50.56% | 51.49% | 53.48% | 48.61% | 49.51% | 48.73% | 51.45% | 58.5% | 61.5% | 67.88% | 59.83% | 58.16% | 50.97% |
| FFO Growth % | 121.55% | 21.98% | 12.04% | 9% | 19.04% | 28.05% | -1.49% | 26.15% | 7.59% | -4.19% | 45.99% | 1.94% | 11.54% | 12.62% | 9.27% | 4.09% | -4.88% | -5.42% | 9.81% | 8.63% | 16.19% | 8.31% | 7.45% | -2.94% | -11.61% | 2.09% | 3.08% | 27.5% | 47.2% | 53.88% | 52.12% |
| FFO per Share | 9.57 | 8.88 | 7.95 | 7.65 | 7.45 | 6.62 | 5.31 | 5.65 | 4.73 | 4.59 | 5.00 | 3.47 | 3.48 | 3.24 | 3.04 | 2.96 | 2.86 | 3.14 | 3.46 | 3.26 | 3.15 | 2.81 | 2.69 | 2.90 | 3.35 | 3.85 | 3.82 | 3.61 | 2.80 | 2.34 | 1.56 |
| FFO Payout Ratio % | 61.09% | 63.8% | 65.03% | 65.03% | 60.93% | 49.27% | 57.35% | 51.32% | 42.42% | 55.52% | 49.62% | 67.92% | 64.31% | 65.97% | 70.29% | 70.22% | 73.42% | 67.38% | 63.56% | 65.29% | 66.96% | 73.02% | 74.94% | 80.9% | 73.25% | 62.15% | 57.53% | 48.25% | 52.44% | 58.17% | 55.11% |
| EPS (Diluted) | 5.46 | 4.87 | 4.66 | 4.42 | 4.36 | 3.90 | 2.76 | 2.32 | 2.49 | 2.44 | 2.93 | 1.49 | 1.52 | 1.08 | 1.13 | 0.83 | 0.68 | 1.04 | 1.30 | 1.14 | 1.17 | 0.89 | 0.98 | 0.70 | 0.84 | 1.51 | 1.68 | 1.99 | 1.66 | 1.56 | 0.96 |
| EPS Growth % | 20.35% | 4.51% | 5.43% | 1.38% | 11.79% | 41.3% | 18.97% | -6.83% | 2.05% | -16.72% | 96.64% | -1.97% | 40.74% | -4.42% | 36.14% | 22.06% | -34.62% | -20% | 14.04% | -2.56% | 31.46% | -9.18% | 40% | -16.67% | -44.37% | -10.12% | -15.58% | 19.88% | 6.41% | 62.5% | -20.66% |
| EPS (Basic) | - | 4.88 | 4.67 | 4.43 | 4.37 | 3.91 | 2.77 | 2.32 | 2.50 | 2.45 | 2.93 | 1.49 | 1.53 | 1.08 | 1.13 | 0.83 | 0.68 | 1.04 | 1.31 | 1.15 | 1.19 | 0.91 | 1.00 | 0.72 | 0.86 | 1.54 | 1.70 | 2.01 | 1.67 | 1.58 | 0.96 |
| Diluted Shares Outstanding | 53.55M | 53.38M | 48.91M | 45.33M | 42.71M | 40.38M | 39.3M | 37.53M | 35.51M | 34.05M | 32.63M | 32.2M | 31.45M | 30.27M | 28.68M | 26.97M | 26.82M | 25.69M | 24.65M | 23.78M | 22.69M | 21.89M | 21.09M | 18.19M | 16.24M | 16.01M | 15.78M | 16.2M | 16.43M | 13.34M | 13.02M |
Sunbelt insurance cost inflation
As reported in recent financial filings, EastGroup Properties achieved a 12.97% year-over-year revenue growth rate, suggesting that the company is successfully capturing significant mark-to-market rent spreads across its infill industrial portfolio, particularly within its core Texas and Florida markets where demand for shallow-bay space remains elevated.
The consistent revenue expansion appears driven by a combination of organic rent escalations and the successful stabilization of new development projects. Investors should monitor whether this growth trajectory can be sustained as the broader industrial market faces potential supply-side headwinds in the coming quarters.
Based on the provided quarterly data, NOI margins have exhibited significant fluctuations, dropping from 73.7% in 2024Q4 to 15.1% in 2026Q1, which may indicate either a shift in property-level cost structures or potential accounting anomalies regarding the treatment of operating expenses versus capital expenditures.
The sharp contraction in margins suggests that inflationary pressures on property taxes and insurance premiums may be impacting the bottom line more aggressively than anticipated. Further investigation is required to determine if this margin compression is a structural trend or a temporary result of recent portfolio acquisitions.
According to the company's reported figures, FFO per share reached $2.80 in 2026Q1, representing a substantial 45.2% growth rate, which appears to highlight the effectiveness of the firm's develop-to-own strategy in generating incremental cash flow without excessive reliance on external equity financing.
The divergence between FFO growth and net income underscores the necessity of focusing on cash-based metrics rather than GAAP earnings, which are heavily obscured by non-cash depreciation charges. The ability to maintain dividend safety while funding development internally suggests a disciplined approach to capital allocation.
Analysis of the reported financial statements reveals a persistent gap between FFO and AFFO, with 2026Q1 AFFO of $134.5M trailing FFO of $150.1M, suggesting that recurring capital expenditures and tenant improvements are consuming a meaningful portion of the company's generated cash flow.
This discrepancy warrants caution, as it implies that the true economic earnings of the portfolio may be lower than the headline FFO figures suggest. Investors should monitor whether the cost of maintaining these smaller, multi-tenant units continues to escalate, potentially limiting future dividend growth capacity.
Quick answers to the most common questions about buying EGP stock.
For fiscal year 2025, EastGroup Properties, Inc. (EGP) reported total revenue of $721.3M. This represents a 1714.0% increase compared to $39.8M in 1996.
EastGroup Properties, Inc. (EGP) is profitable, generating $257.4M in net income for the fiscal year ending 2025 with a net profit margin of 35.7%.
EastGroup Properties, Inc. (EGP) reported an operating income of $287.6M, resulting in an operating profit margin of 39.9%. This margin reflects the operational efficiency of the business before interest and taxes.
EastGroup Properties, Inc. (EGP) generated $312.4M in gross profit for the year, representing a gross profit margin of 43.3%. This demonstrates the company's core pricing power and production efficiency.