(Photo above of World Financial Center, New York, NY, headquarters of Merrill Lynch, Pierce, Fenner & Smith Inc.)
JACKSON, MS– EastGroup Properties (NYSE-EGP) has agreed to sell 1,050,000 shares of its common stock to Merrill Lynch, Pierce, Fenner & Smith Incorporated.(David H. Hoster II, president/CEO, EastGroup Properties, right top photo. N. Keith McKey, chief financial officer, left photo below))
The Company has also granted the underwriter a 30-day option to purchase up to an additional 157,500 shares of common stock to cover overallotments, if any.
The Company will use the net proceeds to repay indebtedness outstanding under its revolving credit facility and for other general corporate purposes. The common stock will be issued pursuant to an effective registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration on qualification under the securities laws of any such state or other jurisdiction.
Copies of the prospectus supplement relating to this offering, when avail
able, may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated by mail to 4 World Financial Center, Prospectus Department, New York, NY 10080.
able, may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated by mail to 4 World Financial Center, Prospectus Department, New York, NY 10080.EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.
The Company's s
trategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply- constrained submarkets. EastGroup's portfolio currently includes 25.0 million square feet with an additional 1.7 million square feet of properties under development.
trategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply- constrained submarkets. EastGroup's portfolio currently includes 25.0 million square feet with an additional 1.7 million square feet of properties under development. EastGroup Properties, Inc. press releases are available at http://www.eastgroup.net/press/pressreleases/www.eastgroup.net.
CONTACT:
David H. Hoster II,
President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
P.O. Box 22728, Jackson, MS 39225-2728
Telephone: 601/354-3555
N. Keith McKey, Chief Financial Officer
(601) 354-3555
P.O. Box 22728, Jackson, MS 39225-2728
Telephone: 601/354-3555
Fax: 601/352-1441