Eastgroup Pptys Inc Stock Price, News & Analysis

EastGroup Properties (NYSE: EGP) has announced the acquisition of Tulloch Corporation, enhancing its industrial real estate portfolio in California. This deal, valued at approximately $190 per share for 1.87 million new shares and the assumption of a $60 million loan, gives EastGroup a total of 7.6 million square feet in California, which now accounts for 21% of its total annualized base rent. The acquired portfolio consists of 14 fully-occupied properties, generating about $17.1 million in annualized net operating income. EastGroup also sold a service center in Houston for $13 million to diversify its holdings.

EastGroup Properties (NYSE: EGP) declared a quarterly cash dividend of $1.10 per share, payable on July 15, 2022 to shareholders on record as of June 30, 2022. This marks the 170th consecutive quarterly dividend, with an annualized rate of $4.40 per share. EastGroup has maintained or increased its dividend for 29 consecutive years, including a 10-year streak of annual increases.

EastGroup Properties, Inc. reported strong first-quarter 2022 results, with net income attributable to common stockholders at $1.54 per diluted share, up from $0.69 in Q1 2021. This gain includes $30 million from real estate sales, absent in the previous year. Funds from operations increased 15.9% to $1.68 per share. Same property net operating income rose 8.5% cash-wise. The company maintained a high occupancy rate of 98.8% and commenced six new development projects totaling 953,000 square feet. EastGroup also declared its 169th consecutive cash dividend of $1.10 per share.

EastGroup Properties (NYSE: EGP) will hold its First Quarter Earnings Conference Call on April 27, 2022, at 11:00 a.m. Eastern Time. CEO Marshall Loeb and CFO Brent Wood will discuss the quarterly results and the 2022 earnings outlook. Financial results will be released after market close on April 26, 2022, and will be available on the Company's website.

EastGroup focuses on industrial real estate in major Sunbelt markets, with a portfolio of approximately 52 million square feet.

EastGroup Properties, Inc. (NYSE: EGP) announced that President and CEO Marshall Loeb will participate in a roundtable discussion at Citi's 2022 Global Property CEO Conference on March 8, 2022, at 11:15 a.m. EST. The event will be broadcast live, with a replay available until March 8, 2023. EastGroup, a self-administered equity REIT, focuses on developing, acquiring, and operating industrial properties in the U.S., particularly in Sunbelt markets. The company's portfolio comprises approximately 52 million square feet, targeting location-sensitive customers with flexible distribution space.

EastGroup Properties (NYSE: EGP) declared a quarterly cash dividend of $1.10 per share, payable on April 14, 2022, to shareholders on record as of March 31, 2022. This marks the 169th consecutive quarterly distribution and represents an annualized rate of $4.40 per share. EastGroup has consistently increased or maintained its dividend for 29 years, with 26 increases during this time, including 10 consecutive years of growth.

EastGroup Properties reported a strong performance for Q4 2021, with net income attributable to common stockholders at $1.75 per diluted share, an increase from $0.94 in Q4 2020. This includes gains of $39 million from real estate investments. Funds from Operations (FFO) rose to $1.62 per share, up 17.4% year-over-year. Same Property Net Operating Income increased 6.4% on a cash basis. The company declared a cash dividend of $1.10 per share, marking a 22.2% increase. Additionally, EPS for 2022 is projected between $3.19 and $3.33.

EastGroup Properties (NYSE: EGP) appointed David M. Fields to its board of directors, effective February 1, 2022. This expands the board to nine members, with seven being independent. Fields brings extensive experience from roles at Sunset Development Company, Bayer Properties, and Irvine Company. Chairman David H. Hoster, II expressed excitement about Fields' addition, noting his expertise in various critical areas. Fields aims to enhance shareholder value and contribute to EastGroup's growth strategy, focusing on industrial properties in key U.S. markets.

On January 24, 2022, EastGroup Properties (NYSE: EGP) announced the income tax treatment for its 2021 distributions, encouraging shareholders to consult tax advisors for personalized guidance. The total distributions for 2021 were $3.61656 per share, with none classified as qualifying dividends for the federal 15% income tax rate. The company reported no foreign taxes for the year. EastGroup Properties focuses on industrial property development and operation in key Sunbelt markets across the U.S., aiming to enhance shareholder value through strategic growth.