purchase

"We are optimistic that we will begin to see an increasing number of attractive investment opportunities over the balance of 2010," says David Hoster, EastGroup president and CEO. The REIT completed $40 million worth of acquisitions totaling 835,000 square feet last year, including its first warehouse in the Las Vegas market.

EastGroup posted funds from operations of $80.6 million for the past year, down 5% from 2008, while earnings finished the year 20% lower at $26.7 million. The company raised at least $125 million over the past year through a combination of stock sales, mortgage completions and the sale of a vacant 62,000-square-foot warehouse in El Paso, TX for just under $1 million.

EastGroup says it netted $57.6 million from the sale of 1.6 million shares issued throughout 2009, at an average price of $36.48 per share, including 717,000 shares sold in the fourth quarter at $38.59 each. It also has revolving credit totaling $225 million, of which $133 million was available for borrowing at the end of last year, with no debt maturities this year.