EastGroup acquires Tulloch Corp portfolio in CA for ~1.87M shares + $60M debt assumption

EASTGROUP PROPERTIES INC

Acquired 14 industrial properties (1.7M sq ft) and two land parcels in San Francisco and Sacramento markets.
Consideration: ~1.87M shares of EGP common stock at $190/share plus assumption of $60M loan (to be repaid).
Portfolio is 100% leased to 37 tenants, annualized NOI ~$17.1M; average lease term <3 years.
Land parcels allow future development of ~215,000 sq ft; CA portfolio now 7.6M sq ft (21% of total ABR).
Also sold a 42,000 sq ft service center in Houston for ~$13M in Q2 2022.

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