EastGroup Properties Announces Dividend Increase

EastGroup Properties (NYSE: EGP) has announced a 10.2% increase in its quarterly dividend, raising it to $1.40 per share from $1.27.

Rhea-AI Summary

EastGroup Properties (NYSE: EGP) has announced a 10.2% increase in its quarterly dividend, raising it to $1.40 per share from $1.27. The dividend is payable on October 15, 2024, to shareholders of record as of September 30, 2024. This marks the 179th consecutive quarterly cash distribution and represents an annualized dividend rate of $5.60 per share. EastGroup has maintained or increased its dividend for 32 consecutive years, with increases in each of the last 13 years.

EastGroup is a self-administered equity real estate investment trust focusing on industrial properties in major Sunbelt markets. The company's portfolio includes approximately 60.2 million square feet of space, primarily catering to customers needing 20,000 to 100,000 square feet.

Positive

• 10.2% increase in quarterly dividend to $1.40 per share
• Annualized dividend rate of $5.60 per share
• 179th consecutive quarterly cash distribution
• 32 consecutive years of maintaining or increasing dividend
• Dividend increases for 13 consecutive years
• Portfolio of approximately 60.2 million square feet

Negative

• None.

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News Market Reaction – EGP

In the trading session that priced this news, EGP gained 1.41%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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JACKSON, Miss., Aug. 23, 2024 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that its Board of Directors approved a 10.2% increase in its quarterly dividend, raising it to $1.40 per share from $1.27 per share.  The dividend is payable on October 15, 2024, to shareholders of record of Common Stock on September 30, 2024.  This dividend is the 179^th consecutive quarterly cash distribution to EastGroup's shareholders and represents an annualized dividend rate of $5.60 per share.  EastGroup has increased or maintained its dividend for 32 consecutive years.  The Company has increased it 29 years over that period, including increases in each of the last 13 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 60.2 million square feet.

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

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SOURCE EastGroup Properties

FAQ

What is EastGroup Properties' (EGP) new quarterly dividend amount?

EastGroup Properties (EGP) has increased its quarterly dividend to $1.40 per share, up from $1.27 per share.

When will EastGroup Properties (EGP) pay its next dividend?

EastGroup Properties (EGP) will pay its next dividend on October 15, 2024, to shareholders of record as of September 30, 2024.

How long has EastGroup Properties (EGP) maintained or increased its dividend?

EastGroup Properties (EGP) has maintained or increased its dividend for 32 consecutive years, with increases in each of the last 13 years.

What is EastGroup Properties' (EGP) new annualized dividend rate?

EastGroup Properties' (EGP) new annualized dividend rate is $5.60 per share, based on the increased quarterly dividend of $1.40.

What is the size of EastGroup Properties' (EGP) current portfolio?

EastGroup Properties' (EGP) portfolio currently includes approximately 60.2 million square feet of space.