Yahoo Finance EastGroup Properties (EGP) Shares Recent Business Activities
EastGroup Properties, Inc. EGP recently announced its business activities. This includes shift in top management positions, transaction activities and sale of common shares.
The Jackson, MS-based real estate investment trust recruited two new executive officers as Senior Vice Presidents for the Texas and Western regions. Also, the company promoted several other people in various positions.
In April, the company acquired the fully-leased Broadmoor Commerce Park in Atlanta for $6.3 million. This multi-tenant business distribution building, comprising 84,000 square feet, is built on 17 acres of land. EastGroup Properties plans to develop another 107,000-square-foot distribution building on the site.
In the same month, the company purchased 30 acres of land in the Round Rock submarket of Austin for $5.3 million. In May, EastGroup Properties acquired Southpark Corporate Center 5-7 in Austin for $10.2 million.
In May, EastGroup Properties sold Stemmons Circle, a 99,000-square-foot building in Dallas for $5.1 million.
Shares of EastGroup Properties have outperformed the Zacks categorized REIT and Equity Trust – Other industry in the last six months. Shares of the company increased 18.5%, whereas the industry gained 9%. In the last thirty days, both its second-quarter and full-year 2017 FFO per share estimates remained unchanged.
Currently, EastGroup Properties carries a Zacks Rank #3 (Hold).
Investors interested in the REIT space, may consider better-ranked stocks like Easterly Government Properties, Inc. DEA, Gaming and Leisure Properties, Inc. GLPI and American Tower Corporation AMT, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, Easterly Government Properties’ FFO per share for second-quarter 2017 declined 3.2% to 30 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 increased 1.3% to 77 cents.
In the last 30 days, American Tower Corporation’s FFO per share for second-quarter 2017 remained unchanged at $1.55.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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