EastGroup Properties Announces Recent Business Activity and Presentation at Nareit's REITweek

Core Insights - EastGroup Properties, Inc. continues to see strong performance in the Sunbelt industrial market, with positive trends from Q1 carrying into the current period [2] - The company has strategically improved its balance sheet to capitalize on market opportunities amid capital market volatility [2] Business Activity - In May 2024, EastGroup acquired a newly constructed industrial property in Raleigh, measuring 275,000 square feet, for approximately $54 million, fully leased to three tenants [2] - The acquisition marks EastGroup's entry into the Raleigh-Durham market, which has been targeted for its population growth and economic diversity [2] Portfolio Performance - As of May 30, 2024, EastGroup's portfolio was 97.7% leased and 97.0% occupied [3] - In the second quarter of 2024, the company signed 1,232,000 square feet of new and renewal leases, with rental rate increases averaging 69.6% on a straight-line basis and 49.0% on a cash basis [3] Financial Activities - The company settled outstanding forward equity sale agreements by issuing 420,370 shares of common stock, generating net proceeds of approximately $76 million [4] - Additionally, EastGroup entered into forward equity sale agreements for 135,662 shares, with an approximate gross total of $23 million, available for settlement until May 2025 [5] Upcoming Events - Management is scheduled to present at Nareit's REITweek: 2024 Investor Conference on June 5, 2024, discussing transaction activity, leasing environment, and market trends [6] Company Overview - EastGroup is a self-administered equity real estate investment trust focused on industrial properties in major Sunbelt markets, aiming to maximize shareholder value through quality distribution space [7] - The company's portfolio includes approximately 60 million square feet, emphasizing premier distribution facilities near major transportation features [7]