Welcome to our dedicated page for Eastgroup Pptys news (Ticker: EGP), a resource for investors and traders seeking the latest updates and insights on Eastgroup Pptys stock.
EastGroup Properties, Inc. (NYSE: EGP) is 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. This news page aggregates company announcements, earnings updates and other disclosures that reflect EastGroup’s ongoing activities as an industrial-focused real estate investment trust.
Readers can find earnings-related news, including quarterly results, funds from operations, same property net operating income trends and commentary from management on portfolio performance and market conditions. EastGroup regularly announces the timing of its earnings conference calls and webcasts, where senior management discusses operating results, current operations and earnings outlook.
The news flow also covers capital allocation and financing actions, such as new unsecured term loans, amendments to credit facilities and at-the-market equity offering programs, as disclosed in press releases and Form 8-K filings. Updates on development and acquisition activity are frequent, detailing new projects started, properties transferred to the operating portfolio, acquisitions of operating assets and purchases of development land in markets like Dallas, Orlando, San Antonio, Miami, Atlanta and Raleigh-Durham.
Investors following EGP news will also see dividend declarations and increases, which highlight the company’s long record of consecutive quarterly cash distributions, as well as leadership and governance updates such as executive promotions and planned retirements. For those tracking the industrial REIT sector, EastGroup’s news provides insight into leasing activity, rental rate trends and the company’s positioning in supply-constrained, transportation-oriented industrial submarkets. Bookmark this page to review EastGroup’s official announcements and related regulatory news in one place.
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EastGroup Properties reported its Q1 2023 results, showing a net income attributable to common stockholders of $1.02 per diluted share, down from $1.54 in Q1 2022. However, Funds from Operations (FFO) increased by 9.5%, reaching $1.84 per share, compared to $1.68 in the prior year. Gains on sales of real estate investments fell to $5 million (or $0.11 per share) from $30 million (or $0.73 per share) year-over-year. The operating portfolio was 98.7% leased, with rental rates on new leases rising by 48.5%. The company declared its 173rd consecutive dividend of $1.25 per share. Looking ahead, EPS is projected between $3.73 to $3.85, and FFO per share between $7.49 to $7.61 in 2023.
EastGroup Properties (NYSE: EGP) has announced its First Quarter Earnings Conference Call and Webcast scheduled for April 26, 2023, at 11:00 a.m. Eastern Time. The company's CEO, Marshall Loeb, and CFO, Brent Wood, will discuss the first quarter results and the earnings outlook for 2023. Financial results will be released after market close on April 25, 2023, and will be available on EastGroup's website. The company focuses on industrial property development and management in major Sunbelt markets across the U.S., aiming to maximize shareholder value through optimized distribution facilities.
EastGroup Properties (NYSE: EGP) declared a quarterly cash dividend of $1.25 per share, payable on April 14, 2023, to shareholders of record on March 31, 2023. This marks the 173rd consecutive quarterly dividend, reflecting an annualized rate of $5.00 per share. EastGroup has maintained or increased its dividend for 30 years, with 27 increases during this period, including 11 consecutive years of growth. The company focuses on developing and managing industrial properties in key Sunbelt markets across the United States, including states like Florida and Texas.
On March 1, 2023, EastGroup Properties (NYSE: EGP) reported its recent business activities. Year-to-date, the Company started construction on three projects in Atlanta, Orlando, and Miami, covering 810,000 square feet with costs of $111.7 million. Additionally, two projects totaling 200,000 square feet in Ft. Myers and Houston were transferred to the operating portfolio, currently 100% leased. The overall portfolio is 98.4% leased with rental rates increasing 50% on a straight-line basis. The Company raised approximately $87 million through a stock offering and expanded credit facilities by $200 million. Management will present at the Citi 2023 Global Property CEO Conference on March 6.