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EastGroup is a Sunbelt industrial REIT — it develops, buys and operates multi-tenant, shallow-bay business distribution centers clustered in fast-growing markets across Texas, Florida, California, Arizona and North Carolina. Rather than chase a few mega-warehouses, it spreads ~$650M of annual rent across ~1,600 smaller tenants (top 10 are only ~7% of rent), then recycles the cash into building its own new parks.

A Sunbelt warehouse toll-taker

Investors and banks fund EastGroup; it develops and owns shallow-bay distribution centers in growing Sunbelt cities; its own in-house teams lease and run them; ~1,600 tenants — distributors, e-commerce and light manufacturers — pay rent; and that rent flows back to shareholders as a growing dividend.

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Why this rating?