EastGroup Properties, Inc. develops, acquires, and operates distribution facilities. The company's main markets are in the states of Florida, Texas, Arizona, and California. The company, during 2007, expanded its investments through its development and acquisition programs. The company purchased seven operating properties (1,079,000 square feet in 15 buildings), one property for redevelopment (68,000 square feet) and 102 acres of developable land. Also during 2007, EastGroup transferred 14 properties (959,000 square feet). The company owned 202 industrial properties and one office building, as of December 31, 2007. These properties are located primarily in the Sunbelt states of Florida, Texas, Arizona and California, the majority of which are clustered around major transportation features in supply constrained submarkets. The company has developed approximately 32% of its total portfolio, including real estate properties and development properties in lease-up and under construction. REIT Tax Status The company intends to continue to qualify as a REIT under the Code. To maintain its status as a REIT, the company is required to distribute 90% of its ordinary taxable income to its shareholders. History EastGroup Properties, Inc. was founded in 1969.
eastgroup properties inc (EGP:New York)
190 East Capitol Street
Jackson, MS 39201
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