EastGroup Properties Announces Recent Business Activity and Presentation at Nareit's REITweek
EastGroup Properties (NYSE: EGP) has announced significant business developments in May 2025. The company acquired a 66-acre office complex in Tampa's I-75 East submarket for $32 million, with plans to develop five industrial buildings totaling 553,000 square feet. The company's portfolio maintains strong performance with 96.8% leased and 95.7% occupied properties.
Rental rates have shown remarkable growth, with new and renewal leases averaging 41.7% increases on a straight-line basis and 28.6% on a cash basis. The company has executed four development property leases totaling 144,000 square feet. Additionally, EastGroup settled forward equity agreements by issuing 416,067 shares for net proceeds of $74.1 million, with 627,804 shares still available for settlement. Moody's has affirmed EastGroup's Baa2 rating and upgraded its outlook from stable to positive.
EastGroup Properties (NYSE: EGP) ha annunciato importanti sviluppi aziendali nel maggio 2025. La società ha acquisito un complesso uffici di 66 acri nel sottomercato I-75 East di Tampa per 32 milioni di dollari, con l'intenzione di sviluppare cinque edifici industriali per un totale di 553.000 piedi quadrati. Il portafoglio dell'azienda mantiene una solida performance con proprietà locate al 96,8% e occupate al 95,7%.
I canoni di locazione hanno registrato una crescita notevole, con nuovi contratti e rinnovi che mostrano un aumento medio del 41,7% su base rettilinea e del 28,6% su base cash. La società ha stipulato quattro contratti di locazione per immobili in sviluppo per un totale di 144.000 piedi quadrati. Inoltre, EastGroup ha saldato accordi di equity forward emettendo 416.067 azioni per un ricavo netto di 74,1 milioni di dollari, con 627.804 azioni ancora disponibili per la liquidazione. Moody's ha confermato il rating Baa2 di EastGroup e ha migliorato l'outlook da stabile a positivo.
EastGroup Properties (NYSE: EGP) anunció importantes avances comerciales en mayo de 2025. La compañía adquirió un complejo de oficinas de 66 acres en el submercado I-75 East de Tampa por 32 millones de dólares, con planes para desarrollar cinco edificios industriales que suman 553,000 pies cuadrados. El portafolio de la empresa mantiene un rendimiento sólido con propiedades 96.8% alquiladas y 95.7% ocupadas.
Las tarifas de alquiler han mostrado un crecimiento notable, con contratos nuevos y renovaciones que promedian aumentos del 41.7% en base lineal y 28.6% en base de efectivo. La empresa ha firmado cuatro contratos de arrendamiento para propiedades en desarrollo que suman 144,000 pies cuadrados. Además, EastGroup liquidó acuerdos de capital a futuro emitiendo 416,067 acciones por ingresos netos de 74.1 millones de dólares, quedando 627,804 acciones disponibles para liquidar. Moody's confirmó la calificación Baa2 de EastGroup y mejoró su perspectiva de estable a positiva.
EastGroup Properties (NYSE: EGP)는 2025년 5월에 중요한 사업 발전을 발표했습니다. 회사는 탬파 I-75 동부 서브마켓에 위치한 66에이커 규모의 오피스 단지를 3,200만 달러에 인수했으며, 총 553,000평방피트 규모의 5개 산업용 건물을 개발할 계획입니다. 회사의 포트폴리오는 96.8% 임대, 95.7% 점유율로 강력한 실적을 유지하고 있습니다.
임대료는 놀라운 성장을 보였으며, 신규 및 갱신 임대 계약은 직선 기준 41.7%, 현금 기준 28.6%의 평균 인상률을 기록했습니다. 회사는 총 144,000평방피트 규모의 4건의 개발 부동산 임대 계약을 체결했습니다. 또한 EastGroup은 416,067주의 주식을 발행하여 순수익 7,410만 달러를 확보하며 선행 주식 계약을 정산했으며, 627,804주의 주식이 아직 정산 대기 중입니다. 무디스는 EastGroup의 Baa2 신용등급을 확인하고 전망을 안정적에서 긍정적으로 상향 조정했습니다.
EastGroup Properties (NYSE : EGP) a annoncé d'importants développements commerciaux en mai 2025. La société a acquis un complexe de bureaux de 66 acres dans le sous-marché I-75 Est de Tampa pour 32 millions de dollars, avec des projets de développement de cinq bâtiments industriels totalisant 553 000 pieds carrés. Le portefeuille de l'entreprise affiche de solides performances avec des propriétés louées à 96,8 % et occupées à 95,7 %.
Les loyers ont connu une croissance remarquable, avec des nouveaux baux et des renouvellements affichant en moyenne des augmentations de 41,7 % sur une base linéaire et de 28,6 % sur une base de trésorerie. La société a conclu quatre baux pour des biens en développement totalisant 144 000 pieds carrés. De plus, EastGroup a réglé des accords de capitaux futurs en émettant 416 067 actions pour un produit net de 74,1 millions de dollars, avec 627 804 actions encore disponibles pour règlement. Moody's a confirmé la notation Baa2 d'EastGroup et a relevé sa perspective de stable à positive.
EastGroup Properties (NYSE: EGP) hat im Mai 2025 bedeutende geschäftliche Entwicklungen bekannt gegeben. Das Unternehmen erwarb einen 66 Hektar großen Bürokomplex im I-75 East-Teilmarkt von Tampa für 32 Millionen US-Dollar und plant die Entwicklung von fünf Industriegebäuden mit insgesamt 553.000 Quadratfuß. Das Portfolio des Unternehmens zeigt weiterhin eine starke Performance mit 96,8% vermieteten und 95,7% belegten Immobilien.
Die Mietpreise haben bemerkenswerte Zuwächse verzeichnet, wobei Neu- und Verlängerungsmietverträge durchschnittlich 41,7% auf Basis der linearen Miete und 28,6% auf Barzahlungsbasis gestiegen sind. Das Unternehmen hat vier Mietverträge für Entwicklungsobjekte mit insgesamt 144.000 Quadratfuß abgeschlossen. Zusätzlich hat EastGroup Forward-Equity-Vereinbarungen durch die Ausgabe von 416.067 Aktien zur Nettoliquidität von 74,1 Millionen US-Dollar abgewickelt, wobei noch 627.804 Aktien zur Abwicklung verfügbar sind. Moody's hat die Baa2-Bewertung von EastGroup bestätigt und den Ausblick von stabil auf positiv angehoben.
- Portfolio shows strong occupancy rates at 96.8% leased and 95.7% occupied
- Significant rental rate growth with 41.7% increase on straight-line basis and 28.6% on cash basis
- Strategic acquisition of 66-acre property in Tampa for future development of 553,000 sq ft
- Moody's upgraded outlook from stable to positive while maintaining Baa2 rating
- Successful equity raising with $74.1M in proceeds and additional $113M available
- None.
Insights
EastGroup shows strong industrial market performance with high occupancy rates, significant rental increases, and strategic Tampa expansion plans.
The press release reveals impressive performance metrics for EastGroup Properties' industrial portfolio. The 96.8% leased and 95.7% occupied rates demonstrate exceptional demand for their shallow bay industrial properties. What's particularly striking is the
The strategic
The company has also fortified its balance sheet through equity transactions, settling forward agreements for
The execution of four leases totaling 144,000 square feet on development properties demonstrates EastGroup's ability to pre-lease new construction, reducing speculative risk. Their focus on shallow bay industrial product appears to be paying dividends in the current market environment, with CEO Marshall Loeb noting that occupancy and leasing trends are either meeting or exceeding expectations.
Commenting on the Company's activity, Marshall Loeb, CEO, stated, "We continue to be pleased by the resiliency of the shallow bay industrial market. Occupancy and leasing trends are in line to slightly ahead of our expectations. We look forward to speaking with many of you next week at Nareit's investor conference and for those we'll miss, we're available for any questions."
In May 2025, EastGroup acquired an office complex on 66 acres in the I-75
As of May 28, 2025, EastGroup's portfolio was
During the second quarter of 2025 to date, the Company has executed four leases on development properties totaling approximately 144,000 square feet.
Also during the second quarter of 2025 to date, the Company settled outstanding forward equity sale agreements that were previously entered into under its continuous common equity offering program by issuing 416,067 shares of common stock in exchange for net proceeds of approximately
In May 2025, Moody's Ratings affirmed EastGroup's issuer rating of Baa2 and changed its rating outlook from stable to positive. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.
Management is scheduled to present at Nareit's REITweek: 2025 Investor Conference on Wednesday, June 4, 2025 at 1:15 p.m. Eastern Time. The presentation will be broadcast live and is accessible through a registration link on the Company's website at www.eastgroup.net. An online replay of the webcast will be available at the same location. During the conference, EastGroup executives may discuss the Company's transaction activity, leasing environment, market trends and conditions, financial matters and other business that may be affecting the Company. Presentation materials that may be referenced during the EastGroup presentation are available on the "Investor Relations" page of the Company's website.
About EastGroup Properties, Inc.
EastGroup, a member of the S&P Mid-Cap 400 and Russell 2000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in high-growth markets throughout
Forward-Looking Information
The statements and certain other information contained herein, which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "expects," "anticipates," "believes," "targets," "intends," "should," "estimates," "could," "continue," "assume," "projects," "goals," "plans" or variations of such words and similar expressions or the negative of such words, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect the Company's current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to: international, national, regional and local economic conditions; the competitive environment in which the Company operates; fluctuations of occupancy or rental rates; potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants, or our ability to lease space at current or anticipated rents, particularly in light of ongoing uncertainty around interest rates, tariffs and general economic conditions; disruption in supply and delivery chains; increased construction and development costs, including as a result of tariffs or the recent inflationary environment; acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with our projections or to materialize at all; potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws, real estate investment trust ("REIT") or corporate income tax laws, potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance; our ability to maintain our qualification as a REIT; natural disasters such as fires, floods, tornadoes, hurricanes, earthquakes, or other extreme weather events, which may or may not be caused by longer-term shifts in climate patterns, could destroy buildings and damage regional economies; the availability of financing and capital, increases in or long-term elevated interest rates, and our ability to raise equity capital on attractive terms; financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest, and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; credit risk in the event of non-performance by the counterparties to our interest rate swaps; how and when pending forward equity sales may settle; lack of or insufficient amounts of insurance; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; our ability to attract and retain key personnel or lack of adequate succession planning; risks related to the failure, inadequacy or interruption of our data security systems and processes, including security breaches through cyber attacks; pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic; potentially catastrophic events such as acts of war, civil unrest and terrorism; and environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company's most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company's periodic filings and current reports filed with the SEC. The Company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: investor@eastgroup.net
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SOURCE EastGroup Properties
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