EastGroup Properties Announces Dividend Increase

EastGroup Properties (NYSE: EGP) announced a 13.6% increase in its quarterly dividend, raising it from $1.10 to $1.25 per share.

Rhea-AI Summary

EastGroup Properties (NYSE: EGP) announced a 13.6% increase in its quarterly dividend, raising it from $1.10 to $1.25 per share. This dividend, which is the 171st consecutive cash distribution, will be paid on October 14, 2022 to shareholders of record on September 30, 2022. The annualized rate is now $5.00 per share. EastGroup has a strong track record of dividend increases, maintaining or boosting its dividend for 30 consecutive years, including increases for the last 11 years.

Positive

• 13.6% increase in quarterly dividend to $1.25 per share.
• 171st consecutive quarterly cash distribution.
• Annualized dividend rate increased to $5.00 per share.
• 30 consecutive years of maintaining or increasing dividends.

Negative

• None.

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JACKSON, Miss., Aug. 26, 2022 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that its Board of Directors approved a 13.6% increase in its quarterly dividend, raising it to $1.25 per share from $1.10 per share.  The dividend is payable on October 14, 2022 to shareholders of record of Common Stock on September 30, 2022.  This dividend is the 171^st consecutive quarterly cash 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 MidCap 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 15,000 to 70,000 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 55 million square feet. 

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

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SOURCE EastGroup Properties

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the new dividend amount for EastGroup Properties (EGP)?

The new dividend amount for EastGroup Properties (EGP) is $1.25 per share.

When will the dividend be paid to shareholders of EastGroup Properties (EGP)?

The dividend will be paid on October 14, 2022.

What is the annualized dividend rate for EastGroup Properties (EGP) after the increase?

The annualized dividend rate for EastGroup Properties (EGP) is now $5.00 per share.

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

EastGroup Properties (EGP) has maintained or increased its dividend for 30 consecutive years.