Key Developments For EastGroup Properties, Inc.
EastGroup Properties, Inc. (EGP) (NYSE Arca)
EastGroup Properties Announces Dividend Increase
EastGroup Properties announced that its Board of Directors has declared a 4.0% increase in its quarterly dividend, raising it to $.52 per share from $.50 per share. The dividend is payable on March 31, 2008 to shareholders of record of Common Stock on March 21, 2008.
EastGroup Properties Acquires Charlotte, North Carolina Buildings For $41.9 Million
EastGroup Properties announced the acquisition of a portfolio of properties in metropolitan Charlotte, North Carolina, for a purchase price of $41.9 million. The portfolio consists of five buildings with 669,000 square feet in four different locations and 9.9 acres of developable land.
EastGroup Properties Issues Q1, FY 2008 Guidance In Line With Analysts' Estimates
EastGroup Properties announced that for fiscal 2008, it expects funds from operations (FFO) per share is estimated to be in the range of $3.20-$3.30. Earnings per share is estimated to be in the range of $1.01-$1.11 and net income of $26.655-$29.035 million. For first quarter of 2008, it expects net income to be in the range of $6.083-$6.559 million, FFO of $0.76-$0.78 and EPS of $0.23-$0.25. According to Reuters Estimates, analysts were expecting the Company to report FFO of $3.23 and net profit of $28.24 million for fiscal 2008; FFO of $0.78 and net profit of $6.49 million for first quarter of 2008.
EastGroup Properties Announces $200 Million Credit Facility And $78 Million Mortgage Loan
EastGroup Properties announced that a new four-year, $200 million unsecured revolving credit facility with a group of seven banks which was arranged by PNC Capital Markets LLC. The interest rate on the facility is based on the LIBOR index and varies according to debt-to-total asset value ratios, with an annual facility fee of 15-20 basis points. Under this facility, EastGroup's interest rate is currently LIBOR plus .70% (5.27%) with an annual facility fee of .20%. The line of credit, which matures in January 2012, can be expanded by $100 million and has an option for a one-year extension. This credit facility replaces the expiring three-year $175 million credit facility.
EastGroup Properties Announces Quarterly Dividend
EastGroup Properties announced that its Board of Directors declared a quarterly dividend of $.50 per share payable on December 31, 2007 to shareholders of record of Common Stock on December 18, 2007.
