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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.
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