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

Good morning, and welcome to the 2021 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 this virtual meeting of our shareholders. I apologize for any problems people have had calling in. I would now like to introduce the other EastGroup directors and officers who are present. Our directors are: D. Pike Aloian; H. Eric Bolton, Jr;, Donald F. Colleran; Hayden C. Eaves III; Mary E. McCormick; Katherine M. Sandstrom; and Marshall A. Loeb, who is also our President and CEO. Officers include Marshall A. Loeb, President and CEO, as just mentioned; Brent Wood, Chief Financial Officer, Executive Vice President and Treasurer; John Coleman, Executive Vice President; Staci H. Tyler, 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 and [ Mr. Eric Coleman ] of the accounting firm, KPMG LLP. I hereby officially call the 2021 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 the 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 26, 2021, 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 4 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 8 directors named in the proxy statement; two, the ratification of KPMG LLP as the company's independent registered public accounting firm for the year ending December 31, 2021; three, the approval by a nonbinding advisory vote of the compensation of the company's named executive officers; and four, the approval of the amendment and restatement of the charter and bylaws to allow the bylaws to be amended by a majority of stockholder votes. [Operator Instructions] At this time, I would like to open the floor for questions relating to these proposals. [Operator Instructions] I will now pause for several 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 4 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 business 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. Have a wonderful day, and hopefully, our next annual meeting can be in person. Again, thank you.