EastGroup Properties, Inc.
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- EastGroup Properties, Inc. (NYSE: EGP) is a self-administered equity real estate investment trust focused on the development, acquisition, and operation of industrial properties in high-growth Sunbelt markets throughout the United States, with emphasis on Texas, Florida, California, Arizona, and North Carolina; the company owns premier multi-tenant business distribution facilities clustered near major transportation features in supply-constrained submarkets, providing functional, flexible, and quality space primarily in the 20,000 to 100,000 square foot range for location-sensitive customers including those in distribution, e-commerce fulfillment, warehousing, light manufacturing, research and development, and showroom operations; its portfolio, including development projects and value-add acquisitions in lease-up and under construction, totals approximately 64.4 million square feet. Founded in 1969 as Eastover Corporation and converted to its current REIT structure with an initial public offering in 1994, EastGroup Properties is headquartered in Ridgeland, Mississippi. The company recently expanded its portfolio through strategic acquisitions, including the $76 million purchase of DFW Global Logistics Centre 5-8 in Dallas (four buildings totaling 492,000 square feet at 100% occupancy) and the $83 million acquisition of Akimel Gateway in Phoenix (four buildings totaling 519,000 square feet, fully leased); in November 2024, it acquired Riverpoint Industrial Park in Atlanta for $88 million (three buildings totaling 779,000 square feet) and agreed to purchase four industrial buildings in Dallas for $77 million; additional 2024-2025 activities encompass the acquisition of 26 acres in Nashville for development, a 66-acre site in Tampa for a 553,000-square-foot logistics center, and over $450 million in equity capital raised through share sales and forward agreements to fund growth.
Company News
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