Ridgeland industrial real estate investment trust EastGroup Properties Inc. is the newest listing on the S&P MidCap 400 Index, S&P says.
The listing of EastGroup Properties (NYSE: EGP) will be under the Standard and Poor’s says MidCap 400 Global Industry Classification Standard Industrial REIT’s Sub-Industry index. Elevation from the S&P SmallCap 600 comes after multi-year growth in developing warehouse distribution space near Sunbelt metro areas.
The 40-year-old company recently achieved market capitalization of $4.15 billion and a top 4-percent ranking among all U.S. real estate investment trusts based on investment returns.
EastGroup president and CEO Marshall Loeb said in an email he thinks EGP is the only Mississippi company on the mid-capitalization index.
EastGroup takes the place of the Ultimate Software Group Inc. (NASD: ULTI) in the MidCap 400, and GMS Inc. (NYSE: GMS) replaces EastGroup on the S&P SmallCap 600.
The transitions were effective May 7.
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