EastGroup Properties

EastGroup Properties reports a leased rate of 97.1% and an occupied rate of 96.1%. In July/August the REIT signed new and renewed leases totaling 1,944,000 square feet with average rent increases of 38.9% (straight-line) and 23.1% (cash). The company started three development projects and one redevelopment project (totaling 772,000 square feet, costs about $119 million), moved a project in Orlando into the operating portfolio, and made acquisitions in Austin (approximately $83 million), northeast Dallas (approximately $38 million) and east Tampa (approximately $12 million). In addition, forward purchase agreements were executed for the sale of 532,460 common shares at a weighted average price of $203.96 (gross proceeds about $108.6 million). » More on de.investing.com

The stock of EastGroup Properties hit a 52-week high of $208.77 and is currently trading at $209.06, with a 12-month return of 25% and 17% year-to-date. The industrial-property-focused REIT reports a leasing rate of 96.5% and an occupancy rate of 95.7%, with Q2 lease signings totaling over 1,361,000 sq ft and rent increases averaging 33.6% (straight-lined) and 18.1% (cash basis). The company announced a quarterly dividend of $1.55 (annualized $6.20), implying a dividend yield of about 3%. Analyst reactions: Raymond James reinitiated coverage with “Outperform,” Truist raised its price target to $215 (Buy), and RBC increased its target to $208 (Sector Perform). » More on de.investing.com

EastGroup Properties reports a portfolio leasing rate of 96.5% and an occupancy rate of 95.7%. In the year-to-date second quarter, new and renewal leases totaling 1,361,000 square feet were executed; rents rose on a straight-line average by 33.6% and 18.1% on a cash basis. Six leases for development projects covering about 470,000 square feet were signed; construction projects in Charlotte (156,000 sqft, costs approx. $20.4 million) and Houston (191,000 sqft, approx. $18.8 million) are underway. The company entered into forward transactions for 706,038 common shares (initial weighted price $202.82) and maintains a 49-year dividend payment streak with a current yield of 3.01%. » More on de.investing.com