EastGroup Properties’ investment strategy paid off handsomely in 1998, with a year-ending total return of nearly 20%, and company reports indicate another healthy return in 1999.
In 1998, assets of Jackson-based EastGroup Properties Inc. (NYSE: EGP) increased 56%, from 46 industrial properties with nine million square feet to 78 industrial properties totaling 14 million square feet. Last year, EastGroup’s total return (FFO and dividend yield) was 19.5%. Funds from operations (FFO) is the standard benchmark for earning performance in the REIT industry.
“We were pleased with our significant growth in funds from operations per share, equity capitalization and total assets,” said David Hoster, EastGroup’s president and CEO. “These results provide us with both a strong base and momentum for maintaining our growth in earnings through 1999 and beyond.”
In the second quarter of 1999, EastGroup paid dividends of 36