11:30 AM EDT, 04/24/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

After earnings miss, we lower our target price by $17 to $165, applying a forward P/FFO of 20.0x our 2024 FFO estimate, a premium to industrial REIT peers (17.1x) due to EGP's in-demand in-fill properties that maintain better current supply/demand dynamics than large warehouses. We trim our 2024 FFO estimate by $0.04 to $8.27 but raise 2025's by $0.03 to $8.94. EGP reported Q1 2024 FFO of $1.98 vs. $1.84, a $0.03 consensus miss on revenues that rose 14% Y/Y. Same-store NOI climbed 7.7% Y/Y as EGP saw robust cash rental rate growth of 39.7% while seeing average occupancy only pull back slightly to 97.5% vs. 98.1% Y/Y. EGP completed $58M in acquisitions during Q1 and raised its 2024 acquisition guidance to $160M from $130M, although it pulled in its development start guidance to $260M from $300M. On the balance sheet, EGP lowered leverage to 4.0x vs. 4.8x Y/Y, while interest coverage rose to an impressive 10.4x vs. 7.2x Y/Y, leaving the company very well positioned for a higher-for-longer rate environment.