EastGroup Properties announced strong operational performance in early 2025, with its portfolio 97.1% leased and 95.8% occupied as of February 27, 2025. During the first quarter of 2025 to date, the company signed 1,438,000 square feet of new and renewal leases, achieving rental rate increases averaging 45.0% on a straight-line basis and 30.9% on a cash basis.
A significant development includes the successful re-leasing of the entire 300,000 square feet in Charlotte, previously rejected by Conn's Inc. due to Chapter 11 bankruptcy proceedings. EastGroup has leased this space for 7.5 years, commencing March 31, 2025, with a rental rate increase of approximately 20% over the prior lease terms.
In terms of financing, EastGroup entered into forward equity sale agreements for 611,956 shares of common stock, with approximate gross sales proceeds of $110,000,000. The company also settled outstanding forward equity sale agreements by issuing 214,138 shares of common stock, generating net proceeds of approximately $37,005,000, further enhancing its financial flexibility.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.