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 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.
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