EastGroup Properties Announces 176th Consecutive Quarterly Cash Dividend

Rhea-AI Summary

EastGroup Properties (NYSE: EGP) declared a quarterly cash dividend of $1.27 per share, marking the 176th consecutive distribution to shareholders. The annualized dividend rate is $5.08 per share, with 31 consecutive years of increased or maintained dividends. The company focuses on industrial properties in major Sunbelt markets, with a portfolio of approximately 59.1 million square feet.

JACKSON, Miss., Dec. 8, 2023 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that its Board of Directors declared a quarterly cash dividend of $1.27 per share payable on January 12, 2024, to shareholders of record of Common Stock on December 29, 2023. This dividend is the 176^th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $5.08 per share.  EastGroup has increased or maintained its dividend for 31 consecutive years. The Company has increased it 28 years over that period, including increases in each of the last 12 years.

EastGroup, 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 59.1 million square feet.

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/eastgroup-properties-announces-176th-consecutive-quarterly-cash-dividend-302010494.html

SOURCE EastGroup Properties

FAQ

What is the dividend declared by EastGroup Properties (NYSE: EGP)?

EastGroup Properties declared a quarterly cash dividend of $1.27 per share.

How many years has EastGroup Properties (NYSE: EGP) increased or maintained its dividend?

EastGroup Properties has increased or maintained its dividend for 31 consecutive years.

What is the annualized dividend rate for EastGroup Properties (NYSE: EGP)?

The annualized dividend rate is $5.08 per share.

What is the focus of EastGroup Properties (NYSE: EGP)?

EastGroup Properties focuses on the development, acquisition, and operation of industrial properties in major Sunbelt markets.

How large is the portfolio of EastGroup Properties (NYSE: EGP)?

The portfolio of EastGroup Properties includes approximately 59.1 million square feet of industrial properties.