Reit Magazine - March/April 2021 - 37

" Our customers typically
serve a local, growing
metro area. As a result,
our 'last-mile' locations
are often irreplaceable
as cities grow and our
customer pool continues
to grow and diversify. "

Michael Carroll, a director at RBC Capital Markets,
adds that " we were previously concerned EastGroup
could face near-term disruption due to its tenant
roster being largely comprised of smaller companies
and the higher exposure to Houston. However, these
potential issues appear modest and manageable. "
The Houston exposure peaked at roughly 21% of
rents in 2015 and will be " just above 12%, and falling,
this year, " Loeb says.
When measuring the portfolio, the Lone Star state
is followed by Florida, where the largest concentration
in terms of square feet is Tampa. Other Sunshine State
cities include Orlando, Miami, and Jacksonville. The
REIT also has properties in California: San Francisco,
Los Angeles, Fresno, and San Diego; Arizona: Phoenix
and Tucson; as well as in Charlotte, North Carolina,
Denver, New Orleans, and Las Vegas. The hottest markets rotate, but " today we'd say they are Dallas, Austin,
Los Angeles, and San Francisco, " Loeb says.
The company is a relative newcomer to the Atlanta
market, where it owns properties including the
195,000-square-foot Broadmoor Commerce Park and
the 238,000-square-foot Shiloh 400 Business Center.
It is also a newer player in Greenville-Spartanburg,
South Carolina, located approximately halfway

Credit: Bibb Gault Photography

- Marshall Loeb, EastGroup's president & CEO

ParkView Commerce Center,Flower Mound, Texas

Nareit: Real estate working for you |

37



Reit Magazine - March/April 2021

Table of Contents for the Digital Edition of Reit Magazine - March/April 2021

Contents
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Reit Magazine - March/April 2021 - Contents
Reit Magazine - March/April 2021 - 1
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Reit Magazine - March/April 2021 - 3
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