JACKSON, MS-– EastGroup Properties (NYSE-EGP) announced that, in December, it completed the sale of 1.6 million common shares in its continuous equity program generating net proceeds of $57.5 million.
The program, with BNY Mellon Capital Markets, LLC, was announced on May 19, 2009, and, as of September 30, 2009, the Company had issued 882,980 shares at an average price of $34.76 per share.
During the fourth quarter, the Company issued an additional 717,020 shares at an average price of $38.59 per share. EastGroup had 26.8 million shares outstanding as of December 31, 2009.
David H. Hoster II, (top right photo) President and Chief Executive Officer, said, "We are pleased with the successful results of the continuous equity program. We sold shares at prices exceeding our original expectations and with a fee structure of 1%. This additional capital strengthens an already solid balance sheet and positions EastGroup for growth through attractive acquisitions."
Contacts:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
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