EastGroup Properties announced further strategic acquisitions in the fourth quarter of 2024, including DFW Global Logistics Centre 5-8 in November. This acquisition involved four multi-tenant business distribution buildings totaling 492,000 square feet for approximately $76,000,000, all 100% leased to 13 tenants and located adjacent to existing company properties near the Dallas-Fort Worth Airport.
In December, the company acquired Akimel Gateway in Southeast Phoenix, consisting of four industrial buildings totaling 519,000 square feet, for approximately $83,000,000. This property, developed in 2022, is 100% leased to four tenants, increasing EastGroup's Phoenix operating properties to approximately 3,518,000 square feet, which is 98.6% leased.
During the fourth quarter of 2024 to date, EastGroup sold 914,780 shares of common stock, providing aggregate net proceeds of approximately $158,000,000. The company also settled outstanding forward equity sale agreements by issuing 1,704,863 shares of common stock, resulting in net proceeds of approximately $305,517,000, further strengthening its balance sheet.
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