The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Christopher Michael McCurry - Citigroup Inc., Research Division - Analyst
: Chris McCurry on with Manny. Just a quick question. I noticed that lease termination income was up in the guidance and is now expected to be up
Question: Christopher Michael McCurry - Citigroup Inc., Research Division - Analyst
: Got it. Yes, makes sense. And then could you give us some color on the Fort Lauderdale sale, specifically the strategic rationale behind selling in
Florida? Was the pricing attractive enough to leave this market? Or can you just give us some of your plans for the Florida market?
Question: Connor Serge Siversky - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I just want to bring this topic back from one of the earlier comments. So are you already seeing a sustained push to roll out more automation within
your facilities? And if so, what does that cost look like from a tenant perspective? And then what could that look like for EGP in terms of potential
tenant improvement costs?
Question: Connor Serge Siversky - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay. That's interesting. And then just thinking about the aggregate development pipeline in the United States and understanding that the current
demand environment is strong enough to still be able to push rents in these development projects. I mean, do you have a sense of when it would
make sense maybe to dial back development activities as that supply demand dynamic becomes more elastic?
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APRIL 27, 2022 / 3:00PM, EGP.N - Q1 2022 Eastgroup Properties Inc Earnings Call
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: I just want to touch on your acquisition strategy. I mean, it looks like the company completed a number of strategic deals this quarter are year-to-date
focusing on acquiring buildings and adjacent land sites. I mean, I guess, if you could build a bigger campus. I guess is that a fair statement? And
does that allow the team to be more aggressive bidding on these types of projects and increasing likelihood of you winning those deals?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: And then can you provide an update on how you're kind of viewing Houston? I mean, obviously, the market has kind of firmed up, I guess, across
the board. I know I think earlier, you kind of highlighted you still want to rationalize your exposure there. But in March, you did acquire a few
buildings and some land sites. I mean, I guess, how should we think about that exposure going forward? I mean it still seems like you kind of like
the market and your position there?
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