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) is set to present at the Nareit REITworld: 2020 Annual Conference on November 18, 2020, at 3:45 p.m. ET. Investors can join via phone at 1-833-351-0008 with Conference ID: 4684804 or through a webcast. As an S&P MidCap 400 Company, EastGroup focuses on the acquisition and operation of industrial properties in key Sunbelt markets, including Florida, Texas, and California. The company aims to maximize shareholder value with approximately 46 million square feet in its portfolio, primarily serving location-sensitive customers.
EastGroup Properties reported strong third quarter 2020 results, with net income attributable to common stockholders at $0.62 per share, up from $0.60 a year earlier. Funds from operations (FFO) increased by 6.3% to $1.36 per share. The company achieved a 97.8% lease rate and a 96.4% occupancy rate as of September 30, 2020. A quarterly cash dividend of $0.79 per share was declared, marking the 163rd consecutive distribution. EastGroup's financial position remains robust, supported by a debt-to-market capitalization ratio of 19.2%.
EastGroup Properties, Inc. (NYSE: EGP) will hold its Third Quarter Earnings Conference Call and Webcast on October 28, 2020. The conference will be led by CEO Marshall Loeb and CFO Brent Wood, discussing the third quarter results and operational updates. Financial results will be released after market close on October 27, 2020, available on the company's website. EastGroup, an S&P MidCap 400 company, focuses on industrial property development and operations, particularly in Sunbelt markets, with a portfolio of approximately 46 million square feet.
EastGroup Properties (NYSE: EGP) provided an update amid the COVID-19 pandemic, noting its operating portfolio was 97.3% leased and 96.5% occupied as of August 31, 2020. Rent collections remain strong, with 97.9% collected in August. Approximately 29% of customers requested rent relief, with 16% granted, totaling $1.6 million in deferrals. Despite challenges, the Company issued 238,086 shares at an average price of $133.27, raising $31.7 million. EastGroup operates in major Sunbelt markets, focusing on functional distribution spaces, with a portfolio of about 46 million square feet.
EastGroup Properties (NYSE: EGP) has announced a 5.3% increase in its quarterly dividend, raising it from $.75 to $.79 per share. This increase marks the 163rd consecutive quarterly distribution and reflects the company's commitment, having raised its dividend for 28 years and increased it 25 times in that period. The dividend will be payable on October 15, 2020, to shareholders on record by September 30, 2020, resulting in an annualized rate of $3.16 per share.
EastGroup Properties reported a net income of $0.60 per share for Q2 2020, down from $0.73 in Q2 2019, which included real estate sales gains. However, Funds from Operations (FFO) rose 9% to $1.33 per share. The same property net operating income increased 2.5% on a straight-line basis, and rental rates on new leases jumped 13.8%. The company declared a cash dividend of $0.75 per share, marking its 162nd consecutive distribution. Despite challenges from COVID-19, occupancy remains strong at 97.0%. EastGroup projects full-year EPS between $2.23 and $2.33, with estimated FFO of $5.23 to $5.33.
EastGroup Properties (NYSE:EGP) announced significant corporate governance changes, including the appointment of Katherine M. Sandstrom to its board of directors and the implementation of a new director compensation structure. Effective July 6, 2020, Sandstrom, an experienced executive with a background in real estate investment, expands the board to ten members, seven of whom are independent. Additionally, the board adopted a compensation structure that simplifies payments to directors and appointed new chairs for its standing committees, emphasizing its commitment to governance best practices.
EastGroup Properties (NYSE: EGP) will hold its Second Quarter Earnings Conference Call on July 29, 2020 at 11:00 A.M. ET. The call will feature insights from CEO Marshall Loeb and CFO Brent Wood discussing the quarter's results and current operations. Financial results will be released post-market on July 28, 2020, available on their website. A live broadcast can be accessed via phone or webcast, with replays available until August 5, 2020. EastGroup focuses on developing and managing industrial real estate across major Sunbelt markets, totaling approximately 46 million square feet.