EastGroup Acquires Atlanta Property, Sees Healthy Leasing Activity

Zacks11-15

EastGroup Properties EGP recently announced that it acquired Riverpoint Industrial Park in Atlanta for around $88 million in November. With this, the REIT’s ownership in Atlanta reached around 2,246,...

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With this, the REIT’s ownership in Atlanta reached around 2,246,...</p>\n\n<a href=\"https://finance.yahoo.com/news/eastgroup-acquires-atlanta-property-sees-151400303.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EastGroup Acquires Atlanta Property, Sees Healthy Leasing Activity</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEastGroup Acquires Atlanta Property, Sees Healthy Leasing Activity\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 23:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/eastgroup-acquires-atlanta-property-sees-151400303.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>EastGroup Properties EGP recently announced that it acquired Riverpoint Industrial Park in Atlanta for around $88 million in November. With this, the REIT’s ownership in Atlanta reached around 2,246,...</p>\n\n<a href=\"https://finance.yahoo.com/news/eastgroup-acquires-atlanta-property-sees-151400303.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CUZ","symbol_name":"卡津斯不动产信托基金","start_time":0,"source_url":"https://finance.yahoo.com/news/eastgroup-acquires-atlanta-property-sees-151400303.html","article_id":"2483307235","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/FB_woUNJvEdJqKON5QFf5w--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/7ad85367f4dd5ec53dc613f9ce95cb57"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483307235","pubTimestamp":1731683640,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"EastGroup's moves align with the broader trends in the industrial real estate market. This REIT is engaged in the development, acquisition and operation of industrial properties and focuses on properties in major Sunbelt markets throughout the United States, emphasizing assets in Florida, Texas, Arizona, California and North Carolina. EGP targets providing functional, flexible and quality business distribution space for location-sensitive customers, mainly in the 20,000-100,000 square foot range in its markets.With its strategy of owning high-quality distribution facilities clustered near major transportation features, EastGroup is expected to benefit. However, concerns arise with demand remaining somewhat choppy and supply still remaining high in the industrial real estate market.Carrying a Zacks Rank #3 , this industrial REIT has declined 0.2% so far in the month compared with the industry’s fall of 2.4%.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CUZ":"卡津斯不动产信托基金","BK4223":"办公室房地产信托","BK4588":"碎股","IRM":"爱恩铁山","BK4171":"工业房地产投资信托","BK4234":"特殊用途房地产信托","BK4084":"特种房地产投资信托","EGP":"EastGroup Properties Inc","BK4194":"办公房地产投资信托","BK4585":"ETF&股票定投概念","BK4224":"工业房地产信托"},"translate_title":"EastGroup收购亚特兰大房产，看到健康的租赁活动","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CUZ":1,"IRM":1,"EGP":0.9},"content_text":"EastGroup Properties EGP recently announced that it acquired Riverpoint Industrial Park in Atlanta for around $88 million in November. With this, the REIT’s ownership in Atlanta reached around 2,246,000 square feet, with 98.1% being leased. Developed in 2020, this property, which comprised three industrial buildings totaling 779,000 square feet, is fully leased to six tenants. EGP’s expansion efforts in the resilient Sunbelt, shallow bay industrial market seem a strategic fit.In November, EGP is also slated to close on a property in the Dallas market, consisting of four fully leased industrial buildings, for roughly $77 million. In October, the company purchased roughly 26 acres of development land, referred to as Station 24 Commerce Center Land, in the Nashville market for around $10.1 million. The site is planned to support the future construction of four buildings, aggregating roughly 350,000 square feet.EastGroup's performance is a testament to its business acumen. As of Nov. 13, 2024, the REIT's portfolio boasted a solid 96.3% lease rate and a 95.7% occupancy rate. The company achieved substantial increases in rental rates, with 1.21 million square feet of new and renewal leases signed so far in the fourth quarter, showing remarkable average growth of 53.1% on a straight-line basis and 30.9% on a cash basis. Per Marshall Loeb, EastGroup’s CEO, “Looking ahead, we are excited to see the market environment being created by the rapid decline in the industrial construction pipeline. To take advantage of the potential opportunities and keep raising our portfolio quality, we continue increasing the strength and flexibility of our balance sheet.\"EastGroup noted that in Charlotte, NC, effective Oct. 31, 2024, Conn's Inc. terminated its lease for 300,000 square feet as part of its Chapter 11 bankruptcy proceedings. The company was up to date on rent payments through the termination date. The space, which can be subdivided, had a rental rate approximately 20% below market.\nFinal Words on EGP\nEastGroup's moves align with the broader trends in the industrial real estate market. This REIT is engaged in the development, acquisition and operation of industrial properties and focuses on properties in major Sunbelt markets throughout the United States, emphasizing assets in Florida, Texas, Arizona, California and North Carolina. EGP targets providing functional, flexible and quality business distribution space for location-sensitive customers, mainly in the 20,000-100,000 square foot range in its markets.With its strategy of owning high-quality distribution facilities clustered near major transportation features, EastGroup is expected to benefit. However, concerns arise with demand remaining somewhat choppy and supply still remaining high in the industrial real estate market. Carrying a Zacks Rank #3 (Hold), this industrial REIT has declined 0.2% so far in the month compared with the industry’s fall of 2.4%.\nImage Source: Zacks Investment Research\nStocks to Consider\nSome better-ranked stocks from the REIT sector are Iron Mountain Incorporated IRM and Cousins Properties CUZ, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for Iron Mountain’s 2024 FFO per share has been raised marginally over the past month to $4.49.The Zacks Consensus Estimate for Cousins Properties’ current-year FFO per share has moved marginally north in the past week to $2.68.Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nIron Mountain Incorporated (IRM) : Free Stock Analysis Report\nCousins Properties Incorporated (CUZ) : Free Stock Analysis Report\nEastGroup Properties, Inc. (EGP) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483307235"}