EastGroup Properties (EGP) will raise its quarterly dividend by 5.3 percent to 79 cents per share in 2020. This will mark the 25th consecutive year of dividend increases by the real estate investment trust.

Last year the industrial properties REIT hiked its dividend by 4.2 percent to $0.75 per share, following a 12.5 percent increase announced in 2018.

The next dividend is payable on October 15, 2020 to shareholders of record on September 30, 2020.  A new annual rate of $3.16 per share yields 2.3% at a stock price of $134.84.

In the press release dated August 27, 2020 the company announces the dividend hike and comments on the dividend track record. Eastgroup mentions that this dividend is the 163rd consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $3.16 per share.  EastGroup has increased or maintained its dividend for 28 consecutive years.  The Company has increased it 25 years over that period, including increases in each of the last nine years.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 41.1 million square feet.