EastGroup shareholders elect directors, ratify auditors

Published 27/05/2025, 21:22
EastGroup shareholders elect directors, ratify auditors

RIDGELAND, MS - EastGroup Properties, Inc. (NYSE:EGP), a real estate investment trust (REIT) with a market capitalization of $8.79 billion and an impressive "GREAT" financial health rating according to InvestingPro, announced the outcomes of its annual meeting of shareholders held on May 22, 2025. The company reported the election of seven directors to its board, the ratification of KPMG LLP as its independent auditors for the fiscal year ending December 31, 2025, and approval of executive compensation.

In the recent shareholder meeting, all seven nominated board members were elected, with a significant majority of votes cast in favor of each director. The elected directors include D. Pike Aloian, H. Eric Bolton, Jr., Donald F. Colleran, David M. Fields, Marshall A. Loeb, Mary E. McCormick (NYSE:MKC), and Katherine M. Sandstrom.

Additionally, shareholders ratified the appointment of KPMG LLP as the independent registered public accounting firm with an overwhelming majority voting in favor. The vote on executive compensation, a non-binding advisory measure, also passed with a majority of the votes.

The detailed voting results for each director showed a strong endorsement from the shareholders, with all nominees receiving a substantial number of "for" votes compared to relatively few "against" votes and abstentions. Similarly, the proposals for auditor ratification and executive compensation received a significant number of affirmative votes. This shareholder confidence is supported by the company’s strong operational performance, maintaining a robust gross profit margin of 72.91% and delivering a positive year-to-date return of 3.52%.

These results reflect shareholder confidence in the management and strategic direction of EastGroup Properties, Inc. The company, incorporated in Maryland, is headquartered in Ridgeland, MS, and is listed on the New York Stock Exchange under the ticker symbol EGP. InvestingPro analysis reveals that EGP has maintained dividend payments for 48 consecutive years and has raised its dividend for 13 consecutive years, though it currently trades at a high earnings multiple. For detailed analysis and additional insights, including 6 more exclusive ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.

The information provided in this article is based on the company’s 8-K filing with the Securities and Exchange Commission.

In other recent news, EastGroup Properties reported its first-quarter 2025 earnings, surpassing analyst expectations with an earnings per share (EPS) of $1.14, compared to the forecasted $1.10. The company also reported higher-than-expected revenue of $174.45 million, against a forecast of $170.38 million. EastGroup Properties demonstrated a 7.1% year-over-year increase in funds from operations (FFO) per share, reaching $2.12. The company maintained strong leasing and occupancy rates, with a focus on last-mile delivery properties. Guidance for full-year FFO is set between $8.81 and $9.01 per share. The company plans to continue its focus on development opportunities, projecting $250 million in development starts for 2025. Management remains optimistic about the potential benefits of onshoring and near-shoring trends.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.