EastGroup Properties announced the acquisition of an office complex on 66 acres in the I-75 East Tampa submarket for approximately $32,000,000 in May 2025. The company plans to demolish the existing buildings to facilitate the future phased development of five industrial buildings, totaling approximately 553,000 square feet, which will significantly expand its presence in the Tampa market.
In a positive development for its financial standing, Moody's Ratings affirmed EastGroup's issuer rating of Baa2 and revised its rating outlook from stable to positive in May 2025. This change reflects the company's strong credit metrics and disciplined financial management, potentially leading to more favorable borrowing terms in the future.
The company also continued its equity financing activities, settling outstanding forward equity sale agreements for 416,067 shares of common stock during the second quarter of 2025 to date, which generated net proceeds of approximately $74,098,000. These proceeds contribute to EastGroup's liquidity and support its strategic development and acquisition initiatives.
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