JACKSON, MS-With a strong balance sheet and proceeds from stock and property sales last year, locally based EastGroup Properties Inc. says it is prepared to take advantage of low-priced properties coming to market in 2010. The acquisition mode is already under way with last month’s purchase of a three-building, 274,000-square-foot distribution complex in San Diego for $17 million, or $62 per square foot.

“We are optimistic that we will begin to see an increasing number of attractive investment opportunities over the balance of 2010,” says David Hoster, EastGroup president and CEO. The REIT completed $40 million worth of acquisitions totaling 835,000 square feet last year, including its first warehouse in the Las Vegas market.

EastGroup posted funds from operations of $80.6 million for the past year, down 5% from 2008, while earnings finished the year 20% lower at $26.7 million. The company raised at least $125 million over the past year through a combination of stock sales, mortgage completions and the sale of a vacant 62,000-square-foot warehouse in El Paso, TX for just under $1 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.