EastGroup Properties Makes It 134 in a Row

REIT has maintained payout for 20 years and has increased it 17 times over that period.

By Rich Duprey – May 30, 2013 at 5:45PM EST

Sunbelt industrial property investor EastGroup Properties (EGP +1.30%) announced yesterday its second-quarter dividend of $0.53 per share, the same rate it paid for the last three quarters after raising the payout 2%, from $0.52 per share. It had previously maintained that same payout rate since 2005.

The board of directors said the quarterly dividend is payable on June 28 to the holders of record at the close of business on June 14. EastGroup has increased or maintained its dividend for 20 consecutive years and increased it 17 years over that time frame. This is the 134th consecutive dividend payment for the REIT.

The regular dividend payment equates to a $2.12-per-share annual dividend, yielding 3.4% based on the closing price of EastGroup Properties' stock on May 29.

EGP Dividend data by YCharts

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time. Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. His coverage reflects his passion for motorcycles, booze, and guns (though not enjoyed all at the same time...usually), but his writing also covers the broader sectors of consumer goods, technology, and industrials. So follow along as he tries to break down complex topics to make them more understandable and useful to the average investor. Have a story idea? Contact Rich here. I may not be able to respond to every suggestion, but I do read them all! Does an article needs a correction? Reach Rich here.

TMFCop

EastGroup Properties Makes It 134 in a Row

Read Next

About the Author

Stocks Mentioned

Premium Investing Services