Benzinga | Aug 26, 2021 05:34PM EDT

EastGroup Properties Reports Recent Business Highlights, Including Purchase Of Building, Land

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



On August 26, 2021, EastGroup purchased DFW Global Logistics Centre, four business distribution buildings totaling 611,000 square feet, for $89.7 million. The property, which is 100% leased, is located adjacent to the Dallas-Fort Worth Airport. This acquisition increases the Company's total square footage in the Dallas market to 4,523,000, which is currently 100% leased.

Also, in July, the Company acquired 27 acres in Austin, Texas and immediately began constructing a 176,500 square foot business distribution building known as 45 Crossing. The building has a projected total cost of $26.2 million. In addition to this new development, EastGroup owns 1,126,000 square feet of industrial properties in Austin, all of which are currently 100% leased.

In August, the Company acquired 59 acres of undeveloped land in Greenville, South Carolina for $1.4 million. The site, known as Hillside, will accommodate the future development of three buildings containing approximately 400,000 square feet.

Commenting on the Company's activity, Marshall Loeb, CEO, stated, "I'm excited about the investment opportunity to further expand our presence in three fast-growing, land constrained sub-markets. Increasing our footprint enhances our ability to meet our customers' growth needs over time. Finally, given the supply/demand dynamics in these markets, we're enthusiastic about the value creation opportunities they present."

As of August 25, 2021, EastGroup's portfolio was 98.8% leased and 96.9% occupied.

During the third quarter of 2021 to date, the Company has issued and sold 171,821 shares of common stock under its continuous common equity offering program at an average price of $174.60 per share, providing gross proceeds to the Company of approximately $30 million.