Key Developments: Eastgroup Properties Inc (EGP)
64.25USD
22 May 2013
$-2.12 (-3.19%)
$66.37
$66.36
$66.99
$63.96
195,421
170,064
$66.99
$46.75
Latest Key Developments (Source: Significant Developments)
Eastgroup Properties Inc Issues Q2 2013 FFO Guidance In Line With Analysts' Estimates; Reaffirms FY 2013 FFO Guidance
Eastgroup Properties Inc announced that for second quarter of 2013, it expects FFO per share to be in the range of $0.76 to $0.78 and diluted EPS to be $0.24-$0.26. For fiscal 2013, it expects FFO per share to be in the range of $3.10 to $3.20 and diluted EPS for fiscal 2013 is estimated to be in the range of $1.01 to $1.11. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO of $0.77 for second quarter of 2013; FFO of $3.16 for fiscal 2013. Full Article
Eastgroup Properties Inc Announces Quarterly Cash Dividend
Eastgroup Properties Inc announced that its Board of Directors declared a quarterly cash dividend of $.53 per share payable on March 28, 2013, to shareholders of record of Common Stock on March 20, 2013. Full Article
Eastgroup Properties Inc Issues FY 2013 FFO Guidance In Line With Analysts' Estimates
Eastgroup Properties Inc announced that for fiscal 2013, it expects FFO per share to be in the range of $3.10 to $3.20 and diluted EPS for fiscal 2013 is estimated to be in the range of $1.02 to $1.12. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO of $3.19 for fiscal 2013. Full Article
Eastgroup Properties Inc Announces $225 Million Credit Facility-DJ
Dow Jones reported that Eastgroup Properties Inc announced a new four-year, $225 million unsecured revolving credit facility with a group of nine banks which was arranged by PNC Capital Markets LLC. The interest rate on the facility is currently LIBOR plus 1.25% for a total of 1.46%, with an annual facility fee of .25%. The line of credit, which matures in January 2017, can be expanded by $100 million and has an option for a one-year extension. This credit facility replaces the expired $200 million credit facility. The Company also renewed its $25 million unsecured working cash credit facility for four years with PNC Bank on the same terms as the revolving credit facility. Full Article
Eastgroup Properties Inc Announces Quarterly Cash Dividend
Eastgroup Properties Inc announced that its Board of Directors declared a quarterly cash dividend of $.53 per share payable on December 31, 2012 , to shareholders of record of Common Stock on December 18 , 2012. Full Article
Eastgroup Properties Inc Narrows FY 2012 FFO Guidance
Eastgroup Properties Inc announced that for fiscal 2012, it expects FFO to be in the range of $3.07 to $3.09. Diluted EPS for fiscal 2012 is estimated to be in the range of $0.95 to $0.97. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $3.09 for fiscal 2012. Full Article
Eastgroup Properties Inc Announces Dividend Increase
Eastgroup Properties Inc announced that its Board of Directors approved a 2.0% increase in its quarterly dividend, raising it to $.53 per share from $.52 per share. The dividend is payable on September 28, 2012 to shareholders of record of Common Stock on September 18, 2012. Full Article
Eastgroup Properties Inc Announces California Property Acquisition
Eastgroup Properties Inc announced the acquisition of Wiegman Distribution Center II in Hayward, California for $7,475,000. Built in 1998, this business distribution building contains 84,000 square feet and is 100% leased to two customers. It is projected to generate a first year GAAP yield of 5.75%. This acquisition increases EastGroup's ownership in the San Francisco Bay area to over one million square feet, which are currently 100% leased. Full Article
EastGroup Properties Lowers FY 2012 FFO Guidance
EastGroup Properties announced that for fiscal 2012, it expects Funds From Operations (FFO) per share to be in the range of $3.04-$3.12. The midpoint was decreased from $3.10-$3.08, and the range was narrowed. The decrease in the midpoint is primarily due to the acceleration of the sale of shares under the continuous equity program. Diluted earnings per share (EPS) is estimated to be in the range of $0.90-$0.98. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $3.11 for fiscal 2012. Full Article
EastGroup Properties Announces Quarterly Cash Dividend
EastGroup Properties announced that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on June 29, 2012 to shareholders of record of Common Stock on June 15, 2012. Full Article
Fitch Expects to Rate EastGroup's $100MM Sr. Unsecured Notes 'BBB'; Outlook Stable
(The following statement was released by the rating agency) NEW YORK/BOGOTA, April 25 (Fitch) Fitch Ratings expects to assign a credit rating of 'BBB' to the $100 million senior unsecured private placement notes to be issued by EastGroup Properties, Inc. (NYSE: EGP) and its operating partnership EastGroup Properties, LP (collectively, EastGroup) as co-borrowers. The final rating is contingent on the review of final documentation and the closing of the transaction, expected on Aug. 30, 2013.
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