Eastgroup Properties (EGP) Announces Recent Business Activity

EastGroup Properties, Inc. (NYSE: EGP) announced today its recent business activity.

In November, EastGroup acquired DFW Global Logistics Centre 5-8, four multi-tenant business distribution buildings totaling 492,000 square feet, for approximately $76,000,000. These buildings, which are 100% leased to 13 tenants, are located adjacent to the Company's DFW Global Logistics Centre 1-4 buildings near the Dallas-Fort Worth Airport. This acquisition increased the Company's ownership of properties in the DFW Airport submarket to approximately 2,679,000 square feet, which is currently 99.3% leased.

In December, the Company acquired Akimel Gateway, which contains four industrial buildings totaling 519,000 square feet in Southeast Phoenix, for approximately $83,000,000. This property was developed in 2022 and is 100% leased to four tenants. 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.

Commenting on the Company's activity, Marshall Loeb, CEO, stated, "We are happy to end the year with two newer, fully leased, state of the art properties located within existing submarkets. This clustering of assets allows us greater flexibility to accommodate our tenants' growth needs long term."

During the fourth quarter of 2024 to date, EastGroup 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 to the Company of approximately $158,000,000.

In addition, during the fourth quarter of 2024 to date, EastGroup entered into forward equity sale agreements with respect to 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, based on the initial forward price. The Company did not receive any proceeds from the sale of common shares by the forward purchasers at the time it entered into forward equity sale agreements. Also, during the fourth quarter of 2024 to date, the Company settled outstanding forward equity sale agreements that were previously entered into under its continuous common equity offering program by issuing 1,704,863 shares of common stock in exchange for net proceeds of approximately $305,517,000.

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