secwatch.observer — SEC 8-K summary
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Issuer:     EASTGROUP PROPERTIES INC (EGP)
CIK:        0000049600
Form:       8-K
Filed at:   2022-06-02T23:59:59+00:00
Accession:  0000049600-22-000072
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 3.02, 8.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/49600/000004960022000072/0000049600-22-000072-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/49600/000004960022000072/egp-20220601.htm
  HTML page:      https://secwatch.observer/filing/0000049600-22-000072

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