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EastGroup Properties updates FY'19 FFO-per-share guidance

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EastGroup Properties updates FY'19 FFO-per-share guidance

EastGroup Properties Inc. revised its full-year 2019 funds from operations per share guidance to a range of $4.94 to $4.98 from a previous guidance range of $4.89 to $4.97.

The S&P Global Market Intelligence consensus FFO-per-share estimate for 2019 is $4.94.

In detailing its third-quarter results, the industrial real estate investment trust said it purchased two multi-tenant distribution centers and a 25.3-acre site that will be used for the future development of about 315,000 square feet in Tampa, Fla., for $35 million. The 169,000-square-foot Grand Oaks 75 Business Center 1 building is 86% leased, and the 150,000-square-foot Grand Oaks 75 Business Center 2 building is vacant.

The REIT also bought the 151,000-square-foot Arlington Tech Centre 1 and 2 multi-tenant business distribution assets in Dallas for $12.6 million.

In early October, the REIT bought the 60,000-square-foot fully leased Siempre Viva Distribution Center II in the Otay Mesa submarket of San Diego for $8.6 million.

EastGroup also said it is acquiring the Southwest Commerce Center property in Las Vegas in a transaction expected to close in the fourth quarter. The 196,000-square-foot three-building complex is 48% leased. The total projected investment for the value-add property is $30 million.

It is also under contract to buy the Rocky Point Distribution Center in San Diego for $45 million. The acquisition of the 227,000-square-foot newly built two-building complex is set to be completed in the fourth quarter. The 118,000-square-foot building is fully leased, while the 109,000-square-foot building has no leasing to date.

The REIT is selling University Business Center 125 and 175 in Santa Barbara, Calif., for a total of $24.3 million and the 207,000-square-foot Southpointe Distribution Center in Tucson, Ariz., for $14 million. Both sales are expected to be settled during the fourth quarter.