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 (NYSE: EGP) has scheduled its Fourth Quarter Earnings Conference Call for February 10, 2021, at 11:00 a.m. Eastern Time. The earnings release will be issued on February 9, 2021, after market close, and will be available on their website. CEO Marshall Loeb and CFO Brent Wood will discuss the quarterly results and current operations. The live call can be accessed via phone or webcast, with a replay option available until February 17, 2021. EastGroup focuses on industrial properties in the Sunbelt region, encompassing approximately 46 million square feet.
EastGroup Properties (NYSE: EGP) has declared a quarterly cash dividend of $.79 per share, payable on January 15, 2021, to shareholders on record by December 31, 2020. This marks the 164th consecutive quarterly dividend and reflects an annualized rate of $3.16 per share. EastGroup has maintained or increased its dividend for 28 consecutive years, with 25 increases over this period, including rises in each of the last nine years.
EastGroup Properties (NYSE:EGP) is set to present at the Nareit REITworld: 2020 Annual Conference on November 18, 2020, at 3:45 p.m. ET. Investors can join via phone at 1-833-351-0008 with Conference ID: 4684804 or through a webcast. As an S&P MidCap 400 Company, EastGroup focuses on the acquisition and operation of industrial properties in key Sunbelt markets, including Florida, Texas, and California. The company aims to maximize shareholder value with approximately 46 million square feet in its portfolio, primarily serving location-sensitive customers.
EastGroup Properties reported strong third quarter 2020 results, with net income attributable to common stockholders at $0.62 per share, up from $0.60 a year earlier. Funds from operations (FFO) increased by 6.3% to $1.36 per share. The company achieved a 97.8% lease rate and a 96.4% occupancy rate as of September 30, 2020. A quarterly cash dividend of $0.79 per share was declared, marking the 163rd consecutive distribution. EastGroup's financial position remains robust, supported by a debt-to-market capitalization ratio of 19.2%.
EastGroup Properties, Inc. (NYSE: EGP) will hold its Third Quarter Earnings Conference Call and Webcast on October 28, 2020. The conference will be led by CEO Marshall Loeb and CFO Brent Wood, discussing the third quarter results and operational updates. Financial results will be released after market close on October 27, 2020, available on the company's website. EastGroup, an S&P MidCap 400 company, focuses on industrial property development and operations, particularly in Sunbelt markets, with a portfolio of approximately 46 million square feet.
EastGroup Properties (NYSE: EGP) provided an update amid the COVID-19 pandemic, noting its operating portfolio was 97.3% leased and 96.5% occupied as of August 31, 2020. Rent collections remain strong, with 97.9% collected in August. Approximately 29% of customers requested rent relief, with 16% granted, totaling $1.6 million in deferrals. Despite challenges, the Company issued 238,086 shares at an average price of $133.27, raising $31.7 million. EastGroup operates in major Sunbelt markets, focusing on functional distribution spaces, with a portfolio of about 46 million square feet.
EastGroup Properties (NYSE: EGP) has announced a 5.3% increase in its quarterly dividend, raising it from $.75 to $.79 per share. This increase marks the 163rd consecutive quarterly distribution and reflects the company's commitment, having raised its dividend for 28 years and increased it 25 times in that period. The dividend will be payable on October 15, 2020, to shareholders on record by September 30, 2020, resulting in an annualized rate of $3.16 per share.
EastGroup Properties reported a net income of $0.60 per share for Q2 2020, down from $0.73 in Q2 2019, which included real estate sales gains. However, Funds from Operations (FFO) rose 9% to $1.33 per share. The same property net operating income increased 2.5% on a straight-line basis, and rental rates on new leases jumped 13.8%. The company declared a cash dividend of $0.75 per share, marking its 162nd consecutive distribution. Despite challenges from COVID-19, occupancy remains strong at 97.0%. EastGroup projects full-year EPS between $2.23 and $2.33, with estimated FFO of $5.23 to $5.33.
EastGroup Properties (NYSE:EGP) announced significant corporate governance changes, including the appointment of Katherine M. Sandstrom to its board of directors and the implementation of a new director compensation structure. Effective July 6, 2020, Sandstrom, an experienced executive with a background in real estate investment, expands the board to ten members, seven of whom are independent. Additionally, the board adopted a compensation structure that simplifies payments to directors and appointed new chairs for its standing committees, emphasizing its commitment to governance best practices.
EastGroup Properties (NYSE: EGP) will hold its Second Quarter Earnings Conference Call on July 29, 2020 at 11:00 A.M. ET. The call will feature insights from CEO Marshall Loeb and CFO Brent Wood discussing the quarter's results and current operations. Financial results will be released post-market on July 28, 2020, available on their website. A live broadcast can be accessed via phone or webcast, with replays available until August 5, 2020. EastGroup focuses on developing and managing industrial real estate across major Sunbelt markets, totaling approximately 46 million square feet.
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