JACKSON, Miss. – EastGroup Properties (NYSE: EGP), a self-administered equity real estate investment trust (REIT), announced on Thursday that its Board of Directors has declared a quarterly cash dividend of $1.27 per share. This dividend is scheduled to be paid on April 15, 2024, to shareholders of record as of March 28, 2024. The declared dividend marks the company's 177th consecutive quarterly distribution to its shareholders and signifies an annualized dividend rate of $5.08 per share.
The company's consistent dividend payments reflect a long-term strategy to deliver shareholder value. EastGroup has a record of increasing or maintaining its dividend for 31 consecutive years, with the dividend being raised in 28 of those years. This includes a streak of increases in each of the last 12 years, underlining the company's financial stability and commitment to its shareholders.
EastGroup Properties specializes in the development, acquisition, and operation of industrial properties across key Sunbelt markets in the United States, focusing on states such as Florida, Texas, Arizona, California, and North Carolina. The company targets the provision of business distribution space, catering mainly to location-sensitive customers requiring spaces between 20,000 to 100,000 square feet. With a strategy centered on owning premier distribution facilities in supply-constrained submarkets near major transportation hubs, EastGroup's portfolio currently encompasses approximately 59 million square feet, including development projects and value-add acquisitions in lease-up and under construction.
As a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, EastGroup's approach to growth and shareholder value maximization is evident in its consistent performance in the market. The company's latest dividend announcement is based on a press release statement and continues its tradition of returning value to its investors.
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