EastGroup Properties Announces Recent Business Activity

Acquisition Activity - EastGroup acquired DFW Global Logistics Centre 5-8, four multi-tenant business distribution buildings totaling 492,000 square feet, for approximately $76,000,000 in November [1] - The acquired buildings are 100$83,000,000 [9] - The Akimel Gateway property was developed in 2022 and is 100% leased to four tenants [9] - This acquisition increased the company's ownership of operating properties in Phoenix to approximately 3,518,000 square feet, which is currently 98.6% leased [9] Equity Transactions - During the fourth quarter of 2024, EastGroup entered into forward equity sale agreements for 690,953 shares of common stock with an initial weighted average forward price of $175.05 per share and approximate gross sales proceeds of$121,000,000 [5] - The company did not receive any proceeds from the sale of common shares by the forward purchasers at the time of entering into forward equity sale agreements [5] - EastGroup settled outstanding forward equity sale agreements by issuing 1,704,863 shares of common stock in exchange for net proceeds of approximately $305,517,000 [5] - The company sold 914,780 shares of common stock directly through its sales agents under its continuous common equity offering program at a weighted average price of$174.23 per share, providing aggregate net proceeds of approximately $158,000,000 [7] Company Overview - EastGroup 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 [10] - The company's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 63.1 million square feet [10] - EastGroup's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets [10] Management Commentary - Marshall Loeb, CEO, commented on the company's activity, stating that the acquisition of newer, fully leased, state-of-the-art properties within existing submarkets allows for greater flexibility to accommodate tenants' growth needs long term [5]