JACKSON,
Miss., June 1, 2023 /PRNewswire/ -- EastGroup
Properties, Inc. (NYSE: EGP) (the "Company" or
"EastGroup") announced today its recent business activity.
As of May 31, 2023, EastGroup's
portfolio was 98.7% leased and 97.9% occupied. Rental rates on new
and renewal leases signed during second quarter to date increased
an average of 50.9% on a straight-line basis and 38.3% on a cash
basis.
During the second quarter of 2023 to date, EastGroup sold
385,499 shares of common stock under the continuous common equity
offering program at a weighted average price of $168.26 per share, providing aggregate gross
proceeds to the Company of approximately $64,863,000. Year to date, the Company has sold
shares at a weighted average price of $165.03 per share, providing aggregate gross
proceeds to the Company of approximately $199,108,000.
Management is scheduled to present at Nareit's REITweek: 2023
Investor Conference on Tuesday, June 6,
2023 at 9:30 a.m. Eastern
Time. The presentation will be broadcast live and is
accessible through the registration link on the Company's website
at www.eastgroup.net. An online replay of the webcast will be at
the same location. During the conference, EastGroup executives may
discuss the Company's transaction activity, leasing environment,
market trends and conditions, financial matters and other business
that may be affecting the Company. Presentation materials that may
be referenced during the EastGroup presentation are available on
the "Investor Relations" page of the Company's website.
Commenting on the Company's activity, Marshall Loeb, CEO, stated, "We continue to be
pleased by both the strength and resiliency of the Sunbelt, shallow
bay industrial market. The trends we saw during the first quarter
have carried over to date. Meanwhile, given the volatility and
uncertainty in the capital markets, we continue to
opportunistically improve the strength and flexibility of our
balance sheet."
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 the United States with an emphasis in the
states of Florida, Texas, Arizona, California and North
Carolina. The Company's goal is to maximize shareholder
value by being a leading provider in its markets of functional,
flexible and quality business distribution space for location
sensitive customers (primarily in the 20,000 to 100,000 square foot
range). The Company's strategy for growth is based on ownership of
premier distribution facilities generally clustered near major
transportation features in supply-constrained submarkets.
EastGroup's portfolio, including development projects and value-add
acquisitions in lease-up and under construction, currently includes
approximately 57.1 million square feet.
EastGroup Properties, Inc. press releases are available at
www.eastgroup.net.
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" or "plans" and variations of such words or 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, strategies and prospects 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; disruption in supply and delivery chains;
construction costs could increase as a result of inflation
impacting the costs to develop properties; 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 impacts of inflation; 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; acquisition
and development risks, including failure of such acquisitions and
development projects to perform in accordance with projections;
natural disasters such as fires, floods, tornadoes, hurricanes and
earthquakes; pandemics, epidemics or other public health
emergencies, such as the coronavirus pandemic; availability of
financing and capital, increase in interest rates, and 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;
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; 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 and in its subsequent
Quarterly Reports on Form 10-Q. 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