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. 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.
Summary not available.
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.
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.