JACKSON, Miss., Aug. 25, 2023 /PRNewswire/ -- EastGroup
Properties (NYSE: EGP) (the "Company", "EastGroup") announced
today that its Board of Directors approved an increase in its
quarterly dividend, raising it to $1.27 per share from $1.25 per share. Projected total dividends
per share for 2023 are expected to represent an increase of 7.2%
over total dividends declared in 2022.
The $1.27 per share dividend is
payable on October 13, 2023, to
shareholders of record of Common Stock on September 29, 2023. This dividend is the
175th consecutive quarterly cash distribution to
EastGroup's shareholders and represents an annualized dividend rate
of $5.08 per share. EastGroup
has increased or maintained its dividend for 31 consecutive
years. The Company has increased it 28 years over that
period, including increases in each of the last 12 years.
About EastGroup Properties, Inc.
EastGroup Properties,
Inc. (NYSE: EGP), 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 57.9 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. For instance, the amount, timing and frequency of
future dividends is subject to authorization by the Company's Board
of Directors and will be based upon a variety of factors. 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, Real Estate Investment Trust ("REIT") or corporate income tax
laws, or 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, as such factors may be
updated from time to time in the Company's periodic filings and
current reports filed with the SEC.. 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