Eastgroup Pptys Inc Stock Price, News & Analysis

EastGroup Properties (NYSE: EGP) announced a 22.2% increase in its quarterly dividend, raising it to $1.10 per share from $0.90. The dividend is payable on January 15, 2022, to shareholders of record as of December 31, 2021. This marks the 168th consecutive quarterly dividend and reflects an annualized rate of $4.40 per share. EastGroup has raised its dividend for 29 consecutive years, with increases in each of the last 10 years. CEO Marshall Loeb cites growth and increased earnings as key factors for this decision.

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.

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.