EastGroup Properties Announces 173rd Consecutive Quarterly Cash Dividend

Rhea-AI Summary

EastGroup Properties (NYSE: EGP) declared a quarterly cash dividend of $1.25 per share, payable on April 14, 2023, to shareholders of record on March 31, 2023. This marks the 173rd consecutive quarterly dividend, reflecting an annualized rate of $5.00 per share. EastGroup has maintained or increased its dividend for 30 years, with 27 increases during this period, including 11 consecutive years of growth. The company focuses on developing and managing industrial properties in key Sunbelt markets across the United States, including states like Florida and Texas.

Positive

• Declared a quarterly cash dividend of $1.25 per share.
• 173rd consecutive dividend payment, emphasizing stability and reliability.
• Annualized dividend rate of $5.00 per share.
• Increased or maintained dividends for 30 consecutive years.

Negative

• None.

News Market Reaction – EGP

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In the trading session that priced this news, EGP gained 0.94%, reflecting a mild positive market reaction.

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JACKSON, Miss., March 3, 2023 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that its Board of Directors declared a quarterly cash dividend of $1.25 per share payable on April 14, 2023, to shareholders of record of Common Stock on March 31, 2023.  This dividend is the 173^rd consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $5.00 per share.  EastGroup has increased or maintained its dividend for 30 consecutive years.  The Company has increased it 27 years over that period, including increases in each of the last 11 years.

EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company's goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 56.9 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net.

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SOURCE EastGroup Properties

FAQ

What is the upcoming dividend payment date for EastGroup Properties?

The upcoming dividend payment date is April 14, 2023.

What is the dividend amount declared by EastGroup Properties?

EastGroup Properties declared a quarterly cash dividend of $1.25 per share.

How long has EastGroup Properties been paying dividends?

EastGroup Properties has paid dividends for 173 consecutive quarters.

What is the annualized dividend rate for EastGroup Properties?

The annualized dividend rate is $5.00 per share.

How many times has EastGroup Properties increased its dividend?

EastGroup Properties has increased its dividend 27 times over the past 30 years.