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EastGroup Properties, Inc. EGP announced today the results of its operations for the three and nine months ended September 30, 2010.
- Funds from Operations of $18.7 Million or $.70 Per Share Compared to $.76 Per Share for the Same Quarter Last Year
- Net Income Attributable to Common Stockholders of $4.0 Million or $.15 Per Share
- Same Property Net Operating Income Decline of 4.8%; 6.5% Decline Without Straight-Line Rent Adjustments
- 90.0% Leased, 88.3% Occupied
- Customer Retention Rate of 90% for the Third Quarter
- Paid 123rd Consecutive Quarterly Cash Dividend – $.52 Per Share
- Interest and Fixed Charge Coverages of 3.1x
- Executed an Application for a $74 Million, 10-Year Mortgage Loan at 4.39% Fixed Interest Rate
- One Development/Expansion Project With Estimated Costs to Complete of $1.2 Million as of September 30, 2010
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