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, 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.
EastGroup Properties (NYSE: EGP) will hold its First Quarter Earnings Conference Call on April 28, 2021, at 11:00 A.M. Eastern Time. CEO Marshall Loeb and CFO Brent Wood will discuss the quarterly results and current operations. The financial results for the quarter will be released after market close on April 27, 2021. The earnings release and supplemental information will be accessible on the company's website.
EastGroup Properties (NYSE: EGP) has declared a quarterly cash dividend of $0.79 per share, payable on April 15, 2021. This dividend marks the 165th consecutive distribution to shareholders, maintaining an annualized rate of $3.16 per share. EastGroup has maintained or increased its dividend for 28 years, with increases in 25 of those years, highlighting a consistent commitment to shareholder value.
EastGroup Properties (NYSE: EGP) reported its fourth quarter 2020 results, showing a decline in net income attributable to common stockholders at $0.94 per diluted share, down from $1.28 in 2019. Gains from real estate sales amounted to $13 million in Q4 2020, compared to $30 million in Q4 2019. Funds from operations (FFO) increased 8.7% year-over-year to $1.38 per share. With a 98% leased rate and 97.3% occupancy, rental rates for new and renewal leases rose by an average of 15.4%. The company declared a cash dividend of $0.79 per share, marking its 164th consecutive quarterly dividend.
EastGroup Properties, Inc. (NYSE: EGP) announces the passing of Leland R. Speed, Chairman Emeritus and founder, at age 88. Mr. Speed served as CEO until 1997 and was a director since 1978. His leadership significantly impacted EastGroup's growth and culture. President and CEO Marshall Loeb highlighted Speed's real estate acumen and positive influence on employees. EastGroup, focused on developing industrial properties in major Sunbelt markets, aims to maximize shareholder value with a portfolio of approximately 47 million square feet.
EastGroup Properties, Inc. (NYSE: EGP) announced the income tax treatment of its 2020 distributions, encouraging shareholders to consult tax advisors for specifics. The total distribution for 2020 was $3.32868 per share, categorized as ordinary dividends. The company did not incur foreign taxes, and none of the distributions are qualifying for the federal 15% income tax rate. EastGroup is an equity REIT focused on the development and management of industrial properties in major Sunbelt markets, with a portfolio of approximately 47 million square feet.
EastGroup Properties (NYSE: EGP) has scheduled its Fourth Quarter Earnings Conference Call for February 10, 2021, at 11:00 a.m. Eastern Time. The earnings release will be issued on February 9, 2021, after market close, and will be available on their website. CEO Marshall Loeb and CFO Brent Wood will discuss the quarterly results and current operations. The live call can be accessed via phone or webcast, with a replay option available until February 17, 2021. EastGroup focuses on industrial properties in the Sunbelt region, encompassing approximately 46 million square feet.
EastGroup Properties (NYSE: EGP) has declared a quarterly cash dividend of $.79 per share, payable on January 15, 2021, to shareholders on record by December 31, 2020. This marks the 164th consecutive quarterly dividend and reflects an annualized rate of $3.16 per share. EastGroup has maintained or increased its dividend for 28 consecutive years, with 25 increases over this period, including rises in each of the last nine years.