EastGroup Properties Announces Recent Business Activity and Participation in Upcoming Conferences
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 ha annunciato significative attività commerciali a novembre 2024. L'azienda ha acquisito Riverpoint Industrial Park ad Atlanta per 88 milioni di dollari, comprendente tre edifici industriali per un totale di 779.000 piedi quadrati. Sono anche in procinto di concludere l'acquisto di quattro edifici industriali a Dallas per 77 milioni di dollari. A ottobre, hanno acquisito 26 acri a Nashville per 10,1 milioni di dollari per futuri sviluppi.
Il portafoglio dell'azienda è affittato al 96,3% e occupato al 95,7%, con nuovi contratti di locazione che mostrano aumenti dei canoni mediando il 53,1% su base lineare. A Charlotte, Conn's Inc. ha rifiutato il loro contratto di locazione di 300.000 piedi quadrati a causa di bancarotta. EastGroup ha anche raccolto circa 151 milioni di dollari attraverso vendite di azioni ed è entrata in accordi di capitale anticipato del valore di 113 milioni di dollari.
EastGroup Properties anunció actividades comerciales significativas en noviembre de 2024. La compañía adquirió Riverpoint Industrial Park en Atlanta por 88 millones de dólares, que comprende tres edificios industriales con un total de 779,000 pies cuadrados. También están a punto de cerrar la compra de cuatro edificios industriales en Dallas por 77 millones de dólares. En octubre, adquirieron 26 acres en Nashville por 10.1 millones de dólares para futuros desarrollos.
La cartera de la compañía está alquilada al 96.3% y ocupada al 95.7%, con nuevos contratos de arrendamiento que muestran aumentos en las tasas de alquiler que promedian el 53.1% en una base lineal. En Charlotte, Conn's Inc. rechazó su contrato de arrendamiento de 300,000 pies cuadrados debido a quiebra. EastGroup también recaudó aproximadamente 151 millones de dólares a través de ventas de acciones y firmó acuerdos de capital anticipado por un valor de 113 millones de dólares.
EastGroup Properties는 2024년 11월에 중요한 사업 활동을 발표했습니다. 이 회사는 애틀랜타에 있는 Riverpoint Industrial Park를 8,800만 달러에 인수했으며, 779,000제곱피트의 면적을 갖춘 세 개의 산업 건물로 구성되어 있습니다. 또한 달라스에서 7,700만 달러에 네 개의 산업 건물을 인수할 예정입니다. 10월에는 내쉬빌에서 미래 개발을 위해 1,010만 달러에 26에이커의 토지를 인수했습니다.
회사의 포트폴리오는 96.3% 임대됨과 95.7% 점유율을 기록하고 있으며, 새 임대 계약은 평균적으로 53.1%의 임대료 인상을 보여주고 있습니다. 샬럿에서 Conn's Inc.는 파산으로 인해 300,000제곱피트의 임대 계약을 거부했습니다. EastGroup은 또한 주식 판매를 통해 약 1억 5,100만 달러를 모금하고, 1억 1,300만 달러 규모의 선급 자본 계약을 체결했습니다.
EastGroup Properties a annoncé d'importantes activités commerciales en novembre 2024. La société a acquis le Riverpoint Industrial Park à Atlanta pour 88 millions de dollars, comprenant trois bâtiments industriels totalisant 779 000 pieds carrés. Ils sont également sur le point de finaliser l'achat de quatre bâtiments industriels à Dallas pour 77 millions de dollars. En octobre, ils ont acquis 26 acres à Nashville pour 10,1 millions de dollars en vue de développements futurs.
Le portefeuille de la société est loué à 96,3% et occupé à 95,7%, avec de nouveaux baux affichant des augmentations de loyer moyenne de 53,1% sur une base linéaire. À Charlotte, Conn's Inc. a rejeté leur bail de 300 000 pieds carrés en raison de faillite. EastGroup a également levé environ 151 millions de dollars grâce à des ventes d'actions et a conclu des accords de capitaux propres anticipés d'une valeur de 113 millions de dollars.
EastGroup Properties hat im November 2024 bedeutende Geschäftstätigkeiten angekündigt. Das Unternehmen hat den Riverpoint Industrial Park in Atlanta für 88 Millionen Dollar erworben, der aus drei Industriegebäuden mit insgesamt 779.000 Quadratfuß besteht. Außerdem steht der Abschluss des Kaufs von vier Industriegebäuden in Dallas für 77 Millionen Dollar bevor. Im Oktober erwarben sie 26 Acres in Nashville für 10,1 Millionen Dollar für zukünftige Entwicklungen.
Das Portfolio des Unternehmens ist zu 96,3% vermietet und zu 95,7% belegt, wobei neue Mietverträge eine durchschnittliche Mietpreiserhöhung von 53,1% auf Basis einer linearen Berechnung zeigen. In Charlotte lehnte Conn's Inc. ihren Mietvertrag über 300.000 Quadratfuß aufgrund von Insolvenz ab. EastGroup hat außerdem etwa 151 Millionen Dollar durch Aktienverkäufe gesammelt und Vereinbarungen über zukünftige Eigenkapitalbeteiligungen im Wert von 113 Millionen Dollar getroffen.
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In November, EastGroup acquired Riverpoint Industrial Park, which contains three industrial buildings totaling 779,000 square feet in
Also, in November, EastGroup is scheduled to close on a property containing four industrial buildings, which are currently
As previously announced, during October, the Company acquired approximately 26 acres of development land, known as Station 24 Commerce Center Land, in the
As of November 13, 2024, EastGroup's portfolio was
In Charlotte, Conn's Inc. rejected their lease of 300,000 square feet effective October 31, 2024, as part of the Chapter 11 bankruptcy proceedings. They were current on rent as of the termination date. The space is divisible and their rent was approximately
During the fourth quarter of 2024 to date, EastGroup sold 876,709 shares of common stock directly through its sales agents under its continuous common equity offering program at a weighted average price of
Commenting on the Company's activity, Marshall Loeb, CEO, stated, "We continue to be pleased by the resiliency of the Sunbelt, shallow bay industrial market. We are excited to add new high-quality investments in
Management is scheduled to participate in Nareit's REITworld: 2024 Annual Conference in
About EastGroup Properties, Inc.
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
Forward-Looking Information
The statements and certain other information contained herein, which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "expects," "anticipates," "believes," "targets," "intends," "should," "estimates," "could," "continue," "assume," "projects," "goals," "plans" or variations of such words and similar expressions or the negative of such words, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect the Company's current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to: international, national, regional and local economic conditions; the competitive environment in which the Company operates; fluctuations of occupancy or rental rates; potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants, or our ability to lease space at current or anticipated rents, particularly in light of the recent inflationary environment; disruption in supply and delivery chains; increased construction and development costs; acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with our projections or to materialize at all; potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws or real estate investment trust ("REIT") or corporate income tax laws, potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance; our ability to maintain our qualification as a REIT; natural disasters such as fires, floods, tornadoes, hurricanes and earthquakes; pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic; the availability of financing and capital, increases in interest rates, and our ability to raise equity capital on attractive terms; financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest, and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; credit risk in the event of non-performance by the counterparties to our interest rate swaps; how and when pending forward equity sales may settle; lack of or insufficient amounts of insurance; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; our ability to attract and retain key personnel; risks related to the failure, inadequacy or interruption of our data security systems and processes, including security breaches through cyber attacks; potentially catastrophic events such as acts of war, civil unrest and terrorism; and environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company's most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company's periodic filings and current reports filed with the SEC. The Company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE EastGroup Properties
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