• Fri. Sep 22nd, 2023

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Announcement: EastGroup Properties Shares Latest Business Activity and Confirms Attendance at Future Conferences


Sep 7, 2023

EastGroup Properties announced its recent business activity with a focus on the strength and resiliency of the Sunbelt, shallow bay industrial market. Despite the volatile capital markets, the company has maintained a positive and steady year by improving the strength and flexibility of its balance sheet. This has allowed them to strategically invest in properties such as the acquisition of Blue Diamond Business Park in Las Vegas, which added 255,000 square feet of leased space to their portfolio. Additionally, they acquired Crossroad Logistics Land in East Tampa, which will be developed into three buildings totaling approximately 500,000 square feet.

In terms of construction projects, EastGroup has started developing two properties in Atlanta and Charlotte, totaling around 430,000 square feet. The company’s portfolio remains strong, with a 98.1% occupancy rate and an increase in rental rates on new and renewal leases.

To support its growth, EastGroup has sold shares of common stock, generating significant aggregate gross proceeds. So far in 2023, they have sold over 2.5 million shares, providing approximately $434 million to the company.

In the coming weeks, EastGroup executives will be participating in two conferences where they will discuss the company’s activities, market trends, and financial matters. Interested investors can access the company’s presentation materials on their website.

EastGroup Properties is a self-administered equity real estate investment trust (REIT) focused on the development, acquisition, and operation of industrial properties in major Sunbelt markets. They prioritize functional, flexible, and quality business distribution space for location-sensitive customers. With a portfolio of approximately 58.2 million square feet, their strategic approach is centered around premier distribution facilities near major transportation features in supply-constrained submarkets.

While the company believes in the reasonableness of its plans and expectations, there are various risks and uncertainties that may affect their operations and business environment. These include economic conditions, supply chain disruptions, construction costs, competition, tenant defaults, changes in regulations, financing risks, natural disasters, pandemics, insurance limitations, litigation, data security, catastrophic events, and environmental liabilities. EastGroup Properties will continue to assess and manage these risks as they move forward with their growth strategy.

By Editor

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