EastGroup Properties

EastGroup Properties Announces Recent Business Activity

June 3rd, 2019

JACKSON, MISSISSIPPI, June 3, 2019 — EastGroup Properties, Inc. (NYSE-EGP) announced today its recent business activity.

In late April, EastGroup Properties, Inc. (the “Company” or “EastGroup”) acquired Logistics Center 6 & 7, which contains a total of 142,000 square feet of multi-tenant business distribution space in two buildings in Dallas.  The buildings, which are located in a master-planned park on DFW International Airport-owned property with a 40-year ground lease, were developed in 2018.  The buildings were 19% leased at the time of acquisition and are currently 56% leased.  The value-add property was acquired for $13 million, and the Company estimates its total investment in the property, including improvements during the lease-up phase, will be approximately $15 million.

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