A.J. Peak's questions to Eastgroup Properties Inc (EGP) leadership • Q4 2024
Question
A.J. Peak of KeyBanc Capital Markets asked for a quantifiable update on development leasing decision timelines, which were previously cited as taking 15-16 months. He also inquired about expectations for rent changes and leasing progress on 2025 expirations.
Answer
Executive Marshall Loeb stated that while the decision timeline remains elongated, it feels like it is beginning to turn. Executive Brent Wood added that only 8% of 2025 lease expirations remain to be addressed. He expects rent change spreads to remain strong and consistent with the recent 50% GAAP increases, although the full-year average might be slightly below the prior year's record levels.