Welcome to our dedicated page for EastGroup Properties news (Ticker: EGP), a resource for investors and traders seeking the latest updates and insights on EastGroup Properties stock.
EastGroup Properties, Inc. (NYSE: EGP) is a leading, self-administered equity real estate investment trust (REIT) that focuses on the development, acquisition, and operation of high-quality industrial properties in key Sunbelt markets across the United States. With a strong presence in Florida, Texas, Arizona, California, and North Carolina, EastGroup aims to maximize shareholder value through strategic management of its premier distribution facilities.
Headquartered in Jackson, Mississippi, EastGroup Properties boasts a diverse portfolio of approximately 59.7 million square feet, including development projects and value-add acquisitions in lease-up and under construction. The company primarily caters to location-sensitive customers looking for functional and flexible business distribution space, typically in the 20,000 to 100,000 square foot range.
Recent Achievements and Financial Performance
EastGroup Properties continues to showcase solid operational results, even amidst economic volatility and capital market dislocation. For the three months ended September 30, 2023, the company reported a 13% increase in Funds From Operations (FFO) per share compared to the same period in 2022. Property Net Operating Income (PNOI) also saw a substantial increase, driven by newly developed and value-add properties as well as same property operations.
The company maintains a robust balance sheet, with a debt-to-total market capitalization ratio of 17.9% as of September 30, 2023. EastGroup's strategic financial management has allowed it to generate impressive metrics, such as high percent leased and occupied rates, and significant increases in rental rates on new and renewal leases.
Current Projects and Acquisitions
Throughout 2023 and into 2024, EastGroup has been actively involved in several development projects across its target markets. Notable acquisitions include properties in Las Vegas, Dallas, and Raleigh, further expanding its footprint and enhancing its portfolio. The company has also initiated multiple new development projects, aiming to capitalize on the growing demand for industrial space in supply-constrained submarkets.
In recent months, EastGroup has focused on strategic capital allocation and risk management, ensuring financial flexibility to seize market opportunities. This approach has been well-received, as evidenced by the successful settlement of forward equity sale agreements and the maintenance of a strong interest and fixed charge coverage ratio.
Dividend Policy
EastGroup has a commendable track record of consistent dividend payments, having declared its 175th consecutive quarterly cash distribution in October 2023. The company has increased or maintained its dividend for 31 consecutive years, reflecting its commitment to delivering value to shareholders.
Outlook for 2024
Looking ahead, EastGroup remains optimistic about its growth prospects in the Sunbelt industrial market. The company continues to focus on enhancing its portfolio through strategic acquisitions and developments, leveraging its financial strength to navigate economic uncertainties. With an estimated EPS range of $4.11 to $4.15 for 2023 and a projected FFO range of $7.73 to $7.77 per share, EastGroup is well-positioned to sustain its growth momentum in the coming years.
EastGroup Properties announced significant business activities in November 2024. The company acquired Riverpoint Industrial Park in Atlanta for $88 million, comprising three industrial buildings totaling 779,000 square feet. They're also set to close on four industrial buildings in Dallas for $77 million. In October, they acquired 26 acres in Nashville for $10.1 million for future development.
The company's portfolio is 96.3% leased and 95.7% occupied, with new leases showing rental rate increases averaging 53.1% on a straight-line basis. In Charlotte, Conn's Inc. rejected their 300,000-square-foot lease due to bankruptcy. EastGroup also raised approximately $151 million through stock sales and entered forward equity agreements worth $113 million.
EastGroup Properties (NYSE: EGP) reported strong Q3 2024 results with FFO of $2.13 per share, up 9.2% from Q3 2023. Net income reached $1.13 per diluted share, compared to $1.07 in Q3 2023. The operating portfolio maintained high occupancy at 96.9% leased and 96.5% occupied. Same Property NOI increased 5.5% on a straight-line basis and 5.9% on a cash basis. Notable achievements include rental rate increases of 50.9% on new and renewal leases, acquisition of a 179,000 square foot property for $36 million, and initiation of two development projects totaling 310,000 square feet. The company increased its quarterly dividend by 10.2% to $1.40 per share.
EastGroup Properties (NYSE: EGP) has announced its Third Quarter Earnings Conference Call and Webcast, scheduled for October 24, 2024, at 11:00 a.m. Eastern Time. CEO Marshall Loeb and CFO Brent Wood will discuss the company's third quarter results, current operations, and 2024 earnings outlook. The financial results will be released on October 23, 2024, after market close.
The conference call can be accessed by dialing 1-800-836-8184 or via webcast on the company's website. A replay will be available until October 31, 2024. EastGroup, a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focusing on industrial properties in major Sunbelt markets. The company's portfolio includes approximately 60.5 million square feet of space.
EastGroup Properties (NYSE: EGP) announced recent business activity, highlighting the resilience of the Sunbelt shallow bay industrial market. Key points include:
- Acquisition of Hays Commerce Center 3 & 4 in Austin for $36 million
- Portfolio 97.0% leased and 96.8% occupied as of September 4, 2024
- New and renewal leases signed with significant rental rate increases
- Construction of two development projects in Houston and Austin
- Sale of 162,100 shares of common stock for $30 million
- Forward equity sale agreements for 502,958 shares
- Settlement of previous forward equity sale agreements
CEO Marshall Loeb expressed optimism about market opportunities due to declining industrial construction and improving tenant demand. The company continues to strengthen its balance sheet and is scheduled to participate in upcoming real estate conferences.
EastGroup Properties (NYSE: EGP) has announced a 10.2% increase in its quarterly dividend, raising it to $1.40 per share from $1.27. The dividend is payable on October 15, 2024, to shareholders of record as of September 30, 2024. This marks the 179th consecutive quarterly cash distribution and represents an annualized dividend rate of $5.60 per share. EastGroup has maintained or increased its dividend for 32 consecutive years, with increases in each of the last 13 years.
EastGroup is a self-administered equity real estate investment trust focusing on industrial properties in major Sunbelt markets. The company's portfolio includes approximately 60.2 million square feet of space, primarily catering to customers needing 20,000 to 100,000 square feet.
EastGroup Properties (EGP) announced its Q2 2024 results, showcasing significant growth and strategic moves. Net income rose to $1.14 per diluted share, up from $0.97 in Q2 2023. Funds from Operations (FFO) excluding special gains increased by 8.5% to $2.05 per share. The company's same property net operating income grew by 5.3% both on a straight-line and cash basis.
The operating portfolio was 97.4% leased, with rental rates on new and renewal leases increasing by 59.7%. EGP also entered the Raleigh market with a $53 million acquisition and began a new development project in Orlando with projected costs of $13 million.
EPS for H1 2024 increased to $2.37 from $1.99 in H1 2023, driven by higher property net operating income and gains on real estate sales. The company declared a cash dividend of $1.27 per share, maintaining a 31-year streak of increasing or maintaining dividends. EGP's strong balance sheet is highlighted by a debt-to-total market capitalization of 16.9% and a fixed charge coverage ratio of 10.85x for H1 2024.
EastGroup Properties (NYSE: EGP) will hold its Second Quarter 2024 Earnings Conference Call and Webcast on July 24, 2024, at 11:00 a.m. ET. CEO Marshall Loeb and CFO Brent Wood will discuss the company's quarterly results, operations, and 2024 earnings outlook. Financial results will be released after market close on July 23, 2024, with details available on EastGroup's website.
The live call can be accessed by dialing 1-800-836-8184 or via webcast. Replays will be available until July 31, 2024, by dialing 1-888-660-6345 or through the company's website. EastGroup, an S&P Mid-Cap 400 and Russell 1000 member, specializes in industrial properties in key Sunbelt markets, with a portfolio of approximately 60 million square feet.
EastGroup Properties (NYSE: EGP) has reported significant recent business activities.
In May, they acquired a 275,000 sq ft industrial property in Raleigh for $54M, marking their entry into this growing market.
Their portfolio is 97.7% leased and 97.0% occupied as of May 30, 2024.
EastGroup signed 1,232,000 sq ft of new and renewal leases in Q2 2024 with rental increases averaging 69.6% on a straight-line basis and 49.0% on a cash basis.
They issued 420,370 shares of common stock, raising approximately $76M and entered into forward equity agreements for 135,662 shares, potentially raising $23M.
EastGroup's management will present at Nareit's REITweek on June 5, 2024.
EastGroup Properties (NYSE: EGP) announced its 178th consecutive quarterly cash dividend of $1.27 per share, payable on July 15, 2024, for shareholders of record on June 28, 2024. This reflects an annualized dividend rate of $5.08 per share. EastGroup has consistently increased or maintained its dividend for 31 years, with increases in each of the last 12 years. The company, part of the S&P Mid-Cap 400 and Russell 1000 Indexes, specializes in industrial properties in Sunbelt markets like Florida, Texas, Arizona, California, and North Carolina. EastGroup aims to maximize shareholder value through high-quality, location-sensitive business distribution spaces, owning approximately 60 million square feet in its portfolio.
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