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EastGroup Properties Inc. reports developments as a self-administered equity REIT focused on industrial properties in high-growth U.S. markets, with an emphasis on Texas, Florida, California, Arizona and North Carolina. Its updates center on business distribution space for location-sensitive customers, development projects, value-add acquisitions, leasing activity, occupancy trends and properties clustered near major transportation features in supply-constrained submarkets.
Recurring news also covers quarterly operating results and REIT measures such as FFO, property net operating income and same-property performance. EastGroup announcements frequently include dividend declarations, distribution tax treatment, debt financing, earnings calls and management commentary on demand, supply and leasing conditions across its industrial portfolio.
EastGroup Properties (NYSE: EGP) announced the acquisition of four multi-tenant distribution buildings in San Diego for $135 million, expected to close in late November. The buildings are currently 66% leased. The company also began construction on LakePort 4 & 5 in Dallas at a projected cost of $22 million and secured a lease for the World Houston 47 project. Additionally, EastGroup is selling Jetport Commerce Park in Tampa for $45 million, generating a gain. As of November 5, the company reported a 98.5% leased portfolio.
EastGroup Properties (EGP) announced strong third-quarter 2021 results, reporting a net income of $0.76 per diluted share, up from $0.62 in Q3 2020. Funds from operations increased by 14.0% to $1.55 per share, with same-property net operating income rising 5.2% on a cash basis. The company maintained near-full occupancy at 98.8% leased. EastGroup declared a quarterly cash dividend of $0.90, marking a 13.9% increase. The firm acquired multiple properties and initiated nine development projects, showcasing its robust growth strategy with total costs projected at $447 million.
EastGroup Properties (NYSE: EGP) will hold its Third Quarter Earnings Conference Call on October 27, 2021, at 11:00 A.M. Eastern Time. The call will feature CEO Marshall Loeb and CFO Brent Wood reviewing the quarter's results and discussing current operations. Financial results will be released after market close on October 26, 2021. Interested parties can access a live broadcast by dialing 1-888-346-0688 or via the company's website. EastGroup is focused on industrial properties in major Sunbelt markets, aiming to maximize shareholder value.
EastGroup Properties reported strong second quarter 2021 results, with net income of $0.69 per diluted share, up from $0.60 the previous year. Funds from operations rose to $1.47 per share, a 10.5% increase. Same property net operating income increased by 5.6% on a cash basis. The company achieved 98.3% leasing and declared its 166th consecutive dividend at $0.79. EastGroup expanded its portfolio with acquisitions totaling over $38 million and initiated construction on projects costing $134 million. Financial strength is highlighted by a debt-to-market cap ratio of 16.6% and a coverage ratio of 8.21x.
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EastGroup Properties (NYSE: EGP) has announced its Second Quarter Earnings Conference Call scheduled for July 28, 2021 at 11:00 A.M. Eastern Time. CEO Marshall Loeb and CFO Brent Wood will review the company's second quarter results and current operations. Financial results will be available post-market on July 27, 2021, with a webcast accessible via the company's website. EastGroup, focused on industrial properties in key Sunbelt markets, aims to enhance shareholder value by providing quality business distribution spaces, currently managing approximately 48.5 million square feet of properties.
EastGroup Properties, Inc. (NYSE: EGP) has announced its presentation schedule for the Nareit REITweek: 2021 Investor Conference, taking place on June 8, 2021, at 3:00 p.m. ET. The presentation will cover transaction activity, leasing environments, market trends, and financial matters affecting the company. Registered participants can access the presentation live and on demand until June 30, 2021, via the Events page of the Nareit website. EastGroup Properties focuses on industrial property development in major Sunbelt markets, with a portfolio of approximately 48 million square feet.
EastGroup Properties, Inc. (NYSE: EGP) announced recent developments, including a 519,000 square foot Speed Distribution Center in San Diego, costing $89 million, with a 15-year lease starting upon completion in early 2022. The company also started construction on two buildings in Dallas, totaling 145,000 square feet for $17 million. Additionally, EastGroup acquired a 159,000 square foot building in Greenville, South Carolina for $10.7 million, increasing its 2021 development budget to 2.2 million square feet with a total projected cost of $250 million. So far in 2021, it raised approximately $30 million through equity sales.
EastGroup Properties (NYSE: EGP) has declared a quarterly cash dividend of $0.79 per share, set to be paid on July 15, 2021, to shareholders of record on June 30, 2021. This marks the 166th consecutive quarterly dividend, maintaining an annualized dividend rate of $3.16 per share. The company has upheld or raised its dividend for 28 years, with increases in the last nine years.
EastGroup Properties (NYSE: EGP) reported strong first-quarter 2021 results, posting a net income of $0.69 per diluted share, up from $0.60 in Q1 2020. Funds from operations rose 10.7% to $1.45 per share. Same property net operating income increased 5.9% on a cash basis. The company declared its 165th consecutive quarterly dividend of $0.79 per share. EastGroup acquired $17 million in properties and initiated two new development projects costing $29 million. Financial stability remains robust with a debt-to-market cap of 18.4% and significant liquidity available.