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.
EastGroup Properties reported its Q4 2022 results, revealing a diluted EPS of $0.89, down from $1.75 in Q4 2021. In contrast, FFO rose 12.3% to $1.82 per share. The company maintained a 98.7% leasing rate and recorded a substantial rental rate increase of 49.2% for new and renewal leases. Despite no real estate sales in Q4 2022, EastGroup completed acquisitions worth approximately $46 million and initiated construction of a 351,000-square-foot project. The annual EPS for 2022 was $4.36, up from $3.90, with a declared cash dividend of $1.25 per share, marking the 172nd consecutive quarterly dividend. Outlook for 2023 projects EPS between $3.22 and $3.42.
On January 26, 2023, EastGroup Properties (NYSE: EGP) announced the income tax treatment of its 2022 distributions. Shareholders are advised to consult tax advisors for details on how these distributions may affect their individual tax situations. The total distributions for 2022 amount to $4.53746 per share, including various categories such as ordinary dividends and nondividend distributions. Notably, no foreign taxes were incurred in 2022, and none of the distributions qualify for the federal 15% income tax rate. EastGroup focuses on developing and operating industrial properties in key U.S. markets, aiming to maximize shareholder value.
EastGroup Properties (NYSE: EGP) will hold its Fourth Quarter Earnings Conference Call on February 8, 2023, at 11:00 a.m. Eastern Time. CEO Marshall Loeb and CFO Brent Wood will discuss the fourth quarter results, ongoing operations, and the outlook for 2023. Financial results will be released after market close on February 7, 2023. A live broadcast is accessible via phone or through the Company's website, with a replay available until February 15, 2023. The company focuses on industrial property operations primarily in major Sunbelt markets.
EastGroup Properties (NYSE: EGP) declared a quarterly cash dividend of $1.25 per share, payable on January 13, 2023, to shareholders on record as of December 30, 2022. This marks the 172nd consecutive quarterly dividend and reflects an annualized rate of $5.00 per share. The company has maintained or increased dividends for 30 consecutive years, including increases over the last 11 years. EastGroup focuses on industrial property development and operation across key Sunbelt states, boasting a portfolio of approximately 56 million square feet.
EastGroup Properties reported a net income of $0.87 per diluted share for Q3 2022, up from $0.76 in Q3 2021. Funds from operations (FFO) increased by 14.2% to $1.77 per share. The company's property net operating income (PNOI) grew by 20.8% in Q3 compared to the previous year. The operating portfolio was 99% leased. EastGroup acquired 299,000 square feet of properties for $21 million and started four new development projects. A dividend of $1.25 per share was declared, marking a 13.6% increase. Estimated EPS for 2022 is projected between $4.25 and $4.29.
EastGroup Properties (NYSE: EGP) announced its Third Quarter Earnings Conference Call scheduled for October 26, 2022, at 11:00 a.m. Eastern Time. CEO Marshall Loeb and CFO Brent Wood will discuss the company's quarterly results and earnings outlook. Financial results will be released after market close on October 25, 2022, and can be accessed via EastGroup's website. The company, focused on industrial properties in key Sunbelt markets, aims to maximize shareholder value through strategic growth and ownership of premier distribution facilities.
Urban Edge Properties (NYSE: UE) has announced the appointment of Katherine M. Sandstrom to its Board of Trustees, effective October 1, 2022. Ms. Sandstrom brings over twenty years of real estate investment experience, having served as Senior Managing Director at Heitman LLC, managing over $5 billion in assets. Currently, she is an independent director at Healthpeak Properties (NYSE: PEAK) and EastGroup Properties (NYSE: EGP). CEO Jeff Olson expressed confidence that her expertise will contribute significantly to the company’s long-term strategy.
EastGroup Properties (NYSE: EGP) announced a 13.6% increase in its quarterly dividend, raising it from $1.10 to $1.25 per share. This dividend, which is the 171st consecutive cash distribution, will be paid on October 14, 2022 to shareholders of record on September 30, 2022. The annualized rate is now $5.00 per share. EastGroup has a strong track record of dividend increases, maintaining or boosting its dividend for 30 consecutive years, including increases for the last 11 years.
EastGroup Properties reported a net income of $1.09 per diluted share for Q2 2022, up from $0.69 in Q2 2021. Funds from Operations (FFO) rose by 17% to $1.72 per share. The company achieved a 99.1% lease rate and a 9.5% increase in same-property net operating income. During the quarter, EastGroup made significant acquisitions including Tulloch Corporation for $190 million and started construction on three projects totaling 522,000 square feet. The company declared a dividend of $1.10 per share, marking its 170th consecutive quarterly payout.
EastGroup Properties (NYSE: EGP) will host its Second Quarter Earnings Conference Call on July 27, 2022, at 11:00 a.m. ET. CEO Marshall Loeb and CFO Brent Wood will discuss the financial results, current operations, and earnings outlook for 2022. The earnings release will be available after market close on July 26, 2022, via the Company’s website. Investors can join the call live or access a replay until August 3, 2022.