JACKSON, Miss. - EastGroup Properties (NYSE: EGP), a real estate investment trust specializing in industrial properties, has announced a quarterly cash dividend of $1.27 per share, scheduled for distribution on July 15, 2024, to shareholders of record as of June 28, 2024. This marks the company's 178th successive quarterly payment to its shareholders, with an annualized dividend rate of $5.08 per share.
The company's consistent dividend history extends over 31 years, with an increase in the payout for 28 of those years, including consecutive hikes over the past 12 years. EastGroup's dividend policy reflects its long-term strategy of delivering shareholder value, supported by a portfolio of business distribution spaces in high-demand Sunbelt markets across the United States.
EastGroup is part of the S&P Mid-Cap 400 and Russell 1000 Indexes, and its real estate holdings focus on supply-constrained submarkets, particularly near key transportation hubs. The company's portfolio spans approximately 60 million square feet, including ongoing development projects and value-add acquisitions that are either in the process of lease-up or under construction.
The company's investment approach emphasizes the development, acquisition, and operation of functional and flexible industrial spaces, catering mainly to businesses requiring premises ranging from 20,000 to 100,000 square feet. EastGroup's target markets include Florida, Texas, Arizona, California, and North Carolina, where it aims to be a leading provider by leveraging its clustered properties around significant transportation features.
InvestingPro Insights
EastGroup Properties (NYSE: EGP) continues to demonstrate financial resilience and commitment to shareholder returns, as evidenced by its recent dividend announcement. With a market capitalization of approximately $7.76 billion and a notable dividend yield of 3.07%, the company stands out in the real estate investment trust (REIT) market. The dividend increase is backed by a solid financial performance, with a gross profit margin of 72.73% over the last twelve months as of Q1 2024, underscoring the company's efficiency in generating earnings.
Notably, EastGroup Properties has raised its dividend for 12 consecutive years, showcasing a reliable income stream for investors. This is complemented by the fact that four analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's financial prospects. Moreover, the company is trading at a high earnings multiple, with a P/E ratio of 34.79 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 40.22, reflecting investor confidence in its future growth.
Investors interested in deeper analysis and additional insights can explore more InvestingPro Tips for EastGroup Properties, including how the company balances its debt and liquidity, at https://www.investing.com/pro/EGP. Moreover, there are several more tips available on InvestingPro, which can be accessed with an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
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