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EastGroup Properties, Inc. - EGP STOCK NEWS

Welcome to our dedicated page for EastGroup Properties news (Ticker: EGP), a resource for investors and traders seeking the latest updates and insights on EastGroup Properties stock.

EastGroup Properties, Inc. (NYSE: EGP) is a leading, self-administered equity real estate investment trust (REIT) that focuses on the development, acquisition, and operation of high-quality industrial properties in key Sunbelt markets across the United States. With a strong presence in Florida, Texas, Arizona, California, and North Carolina, EastGroup aims to maximize shareholder value through strategic management of its premier distribution facilities.

Headquartered in Jackson, Mississippi, EastGroup Properties boasts a diverse portfolio of approximately 59.7 million square feet, including development projects and value-add acquisitions in lease-up and under construction. The company primarily caters to location-sensitive customers looking for functional and flexible business distribution space, typically in the 20,000 to 100,000 square foot range.

Recent Achievements and Financial Performance

EastGroup Properties continues to showcase solid operational results, even amidst economic volatility and capital market dislocation. For the three months ended September 30, 2023, the company reported a 13% increase in Funds From Operations (FFO) per share compared to the same period in 2022. Property Net Operating Income (PNOI) also saw a substantial increase, driven by newly developed and value-add properties as well as same property operations.

The company maintains a robust balance sheet, with a debt-to-total market capitalization ratio of 17.9% as of September 30, 2023. EastGroup's strategic financial management has allowed it to generate impressive metrics, such as high percent leased and occupied rates, and significant increases in rental rates on new and renewal leases.

Current Projects and Acquisitions

Throughout 2023 and into 2024, EastGroup has been actively involved in several development projects across its target markets. Notable acquisitions include properties in Las Vegas, Dallas, and Raleigh, further expanding its footprint and enhancing its portfolio. The company has also initiated multiple new development projects, aiming to capitalize on the growing demand for industrial space in supply-constrained submarkets.

In recent months, EastGroup has focused on strategic capital allocation and risk management, ensuring financial flexibility to seize market opportunities. This approach has been well-received, as evidenced by the successful settlement of forward equity sale agreements and the maintenance of a strong interest and fixed charge coverage ratio.

Dividend Policy

EastGroup has a commendable track record of consistent dividend payments, having declared its 175th consecutive quarterly cash distribution in October 2023. The company has increased or maintained its dividend for 31 consecutive years, reflecting its commitment to delivering value to shareholders.

Outlook for 2024

Looking ahead, EastGroup remains optimistic about its growth prospects in the Sunbelt industrial market. The company continues to focus on enhancing its portfolio through strategic acquisitions and developments, leveraging its financial strength to navigate economic uncertainties. With an estimated EPS range of $4.11 to $4.15 for 2023 and a projected FFO range of $7.73 to $7.77 per share, EastGroup is well-positioned to sustain its growth momentum in the coming years.

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EastGroup Properties (NYSE: EGP) will hold its Second Quarter 2024 Earnings Conference Call and Webcast on July 24, 2024, at 11:00 a.m. ET. CEO Marshall Loeb and CFO Brent Wood will discuss the company's quarterly results, operations, and 2024 earnings outlook. Financial results will be released after market close on July 23, 2024, with details available on EastGroup's website.

The live call can be accessed by dialing 1-800-836-8184 or via webcast. Replays will be available until July 31, 2024, by dialing 1-888-660-6345 or through the company's website. EastGroup, an S&P Mid-Cap 400 and Russell 1000 member, specializes in industrial properties in key Sunbelt markets, with a portfolio of approximately 60 million square feet.

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EastGroup Properties (NYSE: EGP) has reported significant recent business activities.

In May, they acquired a 275,000 sq ft industrial property in Raleigh for $54M, marking their entry into this growing market.

Their portfolio is 97.7% leased and 97.0% occupied as of May 30, 2024.

EastGroup signed 1,232,000 sq ft of new and renewal leases in Q2 2024 with rental increases averaging 69.6% on a straight-line basis and 49.0% on a cash basis.

They issued 420,370 shares of common stock, raising approximately $76M and entered into forward equity agreements for 135,662 shares, potentially raising $23M.

EastGroup's management will present at Nareit's REITweek on June 5, 2024.

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EastGroup Properties (NYSE: EGP) announced its 178th consecutive quarterly cash dividend of $1.27 per share, payable on July 15, 2024, for shareholders of record on June 28, 2024. This reflects an annualized dividend rate of $5.08 per share. EastGroup has consistently increased or maintained its dividend for 31 years, with increases in each of the last 12 years. The company, part of the S&P Mid-Cap 400 and Russell 1000 Indexes, specializes in industrial properties in Sunbelt markets like Florida, Texas, Arizona, California, and North Carolina. EastGroup aims to maximize shareholder value through high-quality, location-sensitive business distribution spaces, owning approximately 60 million square feet in its portfolio.

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EastGroup Properties, Inc. (NYSE: EGP) reported strong first-quarter 2024 results with a net income of $1.22 per diluted share, an increase from $1.02 in the same period last year. Funds from Operations (FFO) saw a rise to $1.98 per share, excluding gains, marking an 8.8% increase from the previous year. Same Property Net Operating Income grew by 4.9% on a straight-line basis and 7.7% on a cash basis. Rental rates on new and renewal leases increased by 57.8% on a straight-line basis. The company acquired new properties, started development projects, and sold assets in strategic moves to strengthen its portfolio. EastGroup's CEO remains optimistic about future trends benefiting the company's market portfolio.
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EastGroup Properties, Inc. (NYSE: EGP) will host its First Quarter Earnings Conference Call and Webcast on April 24, 2024, discussing financial results, operations, and 2024 earnings outlook. The Company aims to maximize shareholder value through industrial property development and acquisition in Sunbelt markets, focusing on functional distribution space.
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EastGroup Properties (EGP) declares a quarterly cash dividend of $1.27 per share, marking the 177th consecutive distribution to shareholders. The annualized dividend rate is $5.08 per share, with a history of 31 years of dividend increases or maintenance. EastGroup focuses on industrial properties in Sunbelt markets, aiming to provide quality business distribution space.
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EastGroup Properties, Inc. (NYSE: EGP) reports strong occupancy and leasing trends in 2024. The portfolio is 97.9% leased and 97.6% occupied. Rental rates have increased significantly, with forward equity sale agreements in place for additional proceeds.
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EastGroup Properties, Inc. (EGP) reported strong fourth quarter and full-year 2023 results with an increase in net income, funds from operations, and same property net operating income. The company also made acquisitions, started construction projects, and completed dispositions. The CEO remains bullish on the company's future, despite global economic uncertainties.
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EastGroup Properties, Inc. (NYSE: EGP) has announced the income tax treatment of its 2023 distributions, totaling $5.02083 per share, with no foreign taxes incurred. Shareholders are encouraged to consult with their tax advisors for specific tax treatment. The company is a self-administered equity real estate investment trust focused on industrial properties in major Sunbelt markets throughout the United States.
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EastGroup Properties, Inc. (NYSE: EGP) has announced its Fourth Quarter Earnings Conference Call and Webcast on February 8, 2024, featuring discussions by CEO Marshall Loeb and CFO Brent Wood on the company's fourth quarter results, current operations, and earnings outlook for 2024.
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FAQ

What does EastGroup Properties Inc. do?

EastGroup Properties Inc. is a self-administered equity real estate investment trust (REIT) focusing on the development, acquisition, and operation of industrial properties in Sunbelt markets across the United States.

Which markets does EastGroup Properties primarily serve?

EastGroup Properties primarily serves major Sunbelt markets, including the states of Florida, Texas, Arizona, California, and North Carolina.

What types of properties are in EastGroup's portfolio?

EastGroup's portfolio mainly includes multi-tenant business distribution buildings that provide large warehousing and office space for customers. These properties are typically in the 20,000 to 100,000 square foot range.

How does EastGroup generate its revenue?

EastGroup generates its revenue primarily through rental income from its portfolio of industrial properties.

What recent acquisitions has EastGroup made?

Recent acquisitions include a 156,000 square foot building in Las Vegas, a 275,000 square foot property in Raleigh, and other industrial properties in Dallas and Las Vegas.

What is EastGroup's dividend policy?

EastGroup has a strong track record of consistent quarterly cash distributions to shareholders. The company has increased or maintained its dividend for 31 consecutive years.

What are EastGroup's financial strengths?

EastGroup maintains a robust balance sheet with a low debt-to-total market capitalization ratio and a high interest and fixed charge coverage ratio, ensuring financial flexibility.

What is the outlook for EastGroup in 2024?

EastGroup remains optimistic about its growth prospects, with an estimated EPS range of $4.11 to $4.15 and a projected FFO range of $7.73 to $7.77 per share for 2023.

How is EastGroup managing economic uncertainties?

EastGroup focuses on strategic capital allocation and risk management to ensure financial flexibility and seize market opportunities despite economic uncertainties.

How can I stay updated on EastGroup's performance?

You can stay updated on EastGroup's performance by checking their latest press releases, earnings reports, and webcasts available on their website at www.eastgroup.net.

EastGroup Properties, Inc.

NYSE:EGP

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