Sunbelt industrial property investor EastGroup Properties (NYSE:EGP) 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.