EastGroup Properties Inc
), an equity real estate investment trust, declared the closure
of its formerly announced issuance of senior unsecured notes
worth $100 million through private placement, having a fixed rate
of interest of 3.8%. Further, a semi-annual interest has to be
paid on these notes along with the repayment of principal amount
of $30 million on Aug 30, 2020, $50 million on Aug 30, 2023 and
$20 million on Aug 30, 2025.
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From Jun 30, 2013, EastGroup, under its Continuous Equity
Program, has sold 296,435 common shares at an average price of
$60.34 per share. The gross proceeds from the sale were $17.9
Alongside, EastGroup declared two new developments. The company
plans to construct 2 buildings at World Houston International
Business Center - World Houston 39 and World Houston 40. World
Houston 39 would be a cross-dock business distribution building
spanning over 94,000 square feet with a total estimated
investment of $5.7 million. The construction of the building is
slated for completion in the second quarter of 2014 and would be
offering a multi-tenant space.
Additionally, EastGroup would construct another building - World
Houston 40 - spanning over 202,000 square feet with an estimated
total investment of $11.7 million. Moreover, it would be 100%
leased to a single user and occupied in the third quarter of
Further, EastGroup plans to construct another multi-tenant
business distribution building - Rampart IV - at Denver,
adjoining Rampart 3. The building will span over 84,000 square
feet with an estimated total investment of $8.3 million.
Moreover, the construction of the building is expected to be
completed in the second quarter of 2014.
EastGroup engages in the development, acquisition and operation
of industrial properties in major Sunbelt markets across the
United States, mainly in the supply-constrained submarkets of
Florida, Texas, Arizona, California and North Carolina. The
company's growth strategy is mainly based on acquiring leading
distribution facilities located near major transportation centers
for catering to local customers.
EastGroup currently carries a Zacks Rank #2 (Buy). Some other
stocks worth considering in the same industry include
Douglas Emmett Inc
Getty Realty Corp
). All these carry a Zacks Rank #2 (Buy).