News & Events zu Eastgroup Properties Inc (EGP)EGPEastgroup Properties Inc

EastGroup Properties Achieves 97.1% Leased Rate, Signs 1,944,000 Sq Ft of New Leases

EastGroup Properties announced recent business activity. As of August 31, EastGroup's portfolio was 97.1% leased and 96.1% occupied. During July and August, 1,944,000 square feet of new and renewal leases were signed with rental rate increases averaging 38.9% on a straight-line basis and 23.1% on a cash basis. During Q3 to date, the company executed eight leases on active development and first generation properties totaling approximately 280,000 square feet. The company began construction of three development projects and one redevelopment project totaling 772,000 square feet with projected total costs of approximately $119M. One of the development projects is a 100% pre-leased build-to-suit in San Diego. In August, the company acquired 70 acres of development land in the Northeast Dallas submarket for approximately $38M. Also, in September, the company acquired 30 acres of development land for approximately $12M in the East Tampa submarket. During Q3 to date, EastGroup entered into forward equity sale agreements with respect to 532,460 shares of common stock with an initial weighted average forward price of $203.96 per share and approximate gross sales proceeds of $108,600,000, based on the initial forward price.

EastGroup Properties Raises Quarterly Dividend to $1.75

EastGroup Properties announced that its Board of Directors approved a 12.9% increase in its quarterly dividend, raising it to $1.75 per share from $1.55 per share. The dividend is payable on October 15 to shareholders of record of common stock on September 30.

Q2 Revenue at $193.33M, CEO Indicates Strong Market Demand

Reports Q2 revenue $193.33M, consensus $193.8M. CEO Marshall Loeb stated, "The team and the portfolio have performed ahead of expectations this year. The leasing environment has 'normalized' compared to the protracted decision making we experienced much of last year. Looking beyond the current environment, I remain bullish on the continuing external trends benefitting our shallow bay, last mile, high-growth market portfolio." Reid Dunbar, President, added, "Record leasing activity this quarter reflects the continued strength of demand across our markets and has enabled us to steadily increase our full-year development guidance, and we are now projecting $325M of starts for 2026. As we have said before, our developments are pulled by market demand, and the leasing progress we are seeing today supports both near-term execution and long-term value creation."