EastGroup Properties, Inc. (EGP) Earnings Call Transcript & Summary

And Mr. Hoster, the floors is yours.

Thank you. Good morning. And welcome to the 2020 Annual Meeting of Shareholders of EastGroup Properties. Today's meeting is being conducted in virtual-only format. My name is David H. Hoster II. I am Chairman of the Board of EastGroup Properties, Inc., and I will serve as chair of this meeting. Before this begins, I want to welcome you and express the thanks of management for your attendance today at the virtual meeting of our shareholders. I would now like to introduce the other EastGroup directors and officers who are present. Directors: D. Pike Aloian; H.C. Bailey, Jr.; H. Eric Bolton, Jr., Donald F. Colleran; Hayden C. Eaves III, Marshall A. Loeb; Mary E. McCormick; and Leland R. Speed. The officers are: Marshall A. Loeb, President and CEO; Brent Wood, Chief Financial Officer, Executive Vice President and Treasurer; John Coleman, Executive Vice President; Bruce Corkern, Senior Vice President, Chief Accounting Officer and Secretary. Ryan Collins, Senior Vice President; and Reid Dunbar, Senior Vice President. I would also like to introduce Ms. Owen Stratton, Ms. Ashley Wilson, and Ms. Amanda Price of the accounting firm, KPMG LLP. I hereby officially call the 2020 annual meeting of shareholders of EastGroup Properties to order. Ms. Wendi Joyner has been appointed as inspector of election and has executed her oath of office. I direct that the oath of the inspector of election be filed with the minutes of this meeting. The Secretary has informed me that there are present, by virtual presence or by proxy, at this virtual meeting, the holders of record at the close of business on March 27, 2020, at least a majority of the shares of common stock of the company entitled to vote. A quorum is declared present at this meeting for all purposes. The meeting is declared lawfully and properly convened and now competent to proceed to the transaction of the business for which it has been called and stated in the notice of the meeting. There are 3 proposals to be acted on at this meeting, which are set forth in the company's proxy statement delivered to shareholders in connection with this meeting. These proposals relate to: one, the election of the 9 directors named in the proxy statement; two, the ratification of the KPMG LLP as the company's independent registered public accounting firm for the year ending December 31, 2020; and three, a nonbinding advisory vote on the compensation of the company's named executive officers. Before opening up the floor for questions, I would like to remind shareholders that questions should be limited to those relating to the proposals to be voted on at this meeting. At this time, I would like to open the floor for questions relating to these proposals. Shareholders who have logged in using their control number may now submit a question through the virtual meeting platform. I will pause for 2 minutes to allow any shareholders with questions relating to the proposals to submit them. As there are no questions relating to the proposals at this time, I now declare the polls open for a vote of the shareholders on the 3 proposals to be acted on at this meeting. As a reminder, if you have previously submitted a proxy or submitted a vote and do not want to change your vote, you do not need to take any further action. For those shareholders, who have logged in using their control number, and who wish to vote, you may vote now by clicking on the Vote Here button on your screen. The record will reflect that all shares for which proxies were returned to the company were voted in accordance with the instructions received. I will now pause again for a minute to allow shareholders who wish to vote to do so. [Voting]

The voting polls are now closed. Complete results of today's meeting will be made available by the filing of a current report on Form 8-K on the SEC's EDGAR system within 4 days of the date of this meeting. There being no further business to come before this meeting, I hereby declare the meeting adjourned. Thank you all for your time, interest and investment in EastGroup Properties. Be safe and stay healthy.

Thank you again for joining us today. This does conclude today's conference call, you may now disconnect.