EastGroup Properties Announces 178th Consecutive Quarterly Cash Dividend

Rhea-AI Summary

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.

Positive

• Declared 178th consecutive quarterly cash dividend, demonstrating strong financial stability.
• Dividend of $1.27 per share, payable on July 15, 2024, with an annualized rate of $5.08 per share.
• 31 consecutive years of increased or maintained dividends, with increases in each of the last 12 years.
• Part of the S&P Mid-Cap 400 and Russell 1000 indexes, indicating strong market presence.
• Specializes in high-demand industrial properties in Sunbelt markets, a strategic and growing region.
• Owns approximately 60 million square feet of industrial property, showing significant market penetration.

Negative

• The press release does not provide any new strategic initiatives, which might concern investors looking for growth indicators.
• No mention of revenue or profit figures, leaving potential gaps in financial performance metrics.
• Dividend yields, while consistent, may not be sufficient to attract new investors looking for higher returns.

JACKSON, Miss., May 23, 2024 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) (the "Company", "EastGroup") announced today that its Board of Directors declared a quarterly cash dividend of $1.27 per share payable on July 15, 2024, to shareholders of record of Common Stock on June 28, 2024. This dividend is the 178^th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $5.08 per share. EastGroup has increased or maintained its dividend for 31 consecutive years. The Company has increased it 28 years over that period, including increases in each of the last 12 years.

EastGroup, a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company's goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 60 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net.

View original content to download multimedia:https://www.prnewswire.com/news-releases/eastgroup-properties-announces-178th-consecutive-quarterly-cash-dividend-302154640.html

SOURCE EastGroup Properties

FAQ

When will the next EastGroup Properties dividend be paid?

The next EastGroup Properties dividend of $1.27 per share will be paid on July 15, 2024.

What is the annualized dividend rate for EastGroup Properties?

The annualized dividend rate for EastGroup Properties is $5.08 per share.

How long has EastGroup Properties been increasing its dividends?

EastGroup Properties has increased its dividends for 12 consecutive years and maintained or increased them for 31 years.

What indexes include EastGroup Properties?

EastGroup Properties is part of the S&P Mid-Cap 400 and Russell 1000 indexes.

How much property does EastGroup Properties own?

EastGroup Properties owns approximately 60 million square feet of industrial property.

What is the stock symbol for EastGroup Properties?

The stock symbol for EastGroup Properties is EGP.

When is the record date for EastGroup Properties' upcoming dividend?

The record date for the upcoming EastGroup Properties dividend is June 28, 2024.