Ridgeland, Mississippi

EastGroup Properties Inc. reported second-quarter funds from operations of $2.36 per share, below the $2.37 per share estimated by analysts. The company also posted revenue of $193.3 million, falling short of the $193.8 million forecast. EastGroup provided guidance for higher FFO in the current quarter and full year.

The AI boom is driving a surge in data center construction across the US, with permits for 176 new facilities in 2025 alone. These hyperscale data centers, including projects by Amazon, Microsoft, and QTS, could consume up to 358.8 terawatt-hours annually by 2025, exceeding the electricity use of most US states. Local communities and officials are raising concerns about environmental and economic impacts, particularly in rural areas.