Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
The Company’s shares of common stock are listed for trading on the NYSE under the symbol “EGP.” As of February 13, 2024, there were 397 holders of record of the Company’s 47,956,587 outstanding shares of common stock. The Company distributed all of its 2023 and 2022 taxable income to its stockholders. We generally pay quarterly cash dividends to holders of our common stock at the discretion of our Board of Directors. Our future distributions may vary and will be determined by the Board of Directors based upon the circumstances prevailing at the time, including our financial condition, operating results, estimated taxable income and REIT distribution requirements, and may be adjusted at the discretion of the Board of Directors. Accordingly, no significant provisions for income taxes were necessary. The following table summarizes the federal income tax treatment for all distributions by the Company for the years 2023 and 2022.
Federal Income Tax Treatment of Share Distributions
Years Ended December 31,
2023 2022
Common Share Distributions: (Per share)
Ordinary dividends $ 5.02083 4.53746
Nondividend distributions — —
Unrecaptured Section 1250 capital gain — —
Other capital gain — —
Total Common Distributions (1)
$ 5.02083 4.53746
(1) Pursuant to Internal Revenue Code of 1986, as amended, Section 857(b)(9), cash distributions made on January 12, 2024 with a record date of December 29, 2023 were treated as received by shareholders on December 31, 2023 to the extent of 2023 undistributed earnings and profits. Cash distributions made on January 13, 2023 with a record date of December 30, 2022 were treated as received by shareholders on December 31, 2022 to the extent of 2022 undistributed earnings and profits.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Period Total Number
of Shares Purchased Weighted Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
October 1, 2023 through October 31, 2023 — $ — — —
November 1, 2023 through November 30, 2023 — — — —
December 1, 2023 through December 31, 2023 (1)
64 178.38 — —
Total 64 $ 178.38 —
(1) As permitted under the Company’s equity compensation plan, these shares were withheld by the Company to satisfy the tax withholding obligations in connection with the issuance of shares of common stock.
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Performance Graph
The following graph compares, over the five years ended December 31, 2023, the cumulative total shareholder return on EastGroup’s common stock with the cumulative total return of the Standard & Poor’s 500 Total Return Index (S&P 500 Total Return) and the FTSE Equity REIT index prepared by the National Association of Real Estate Investment Trusts (FTSE Nareit Equity REITs).
The performance graph and related information shall not be deemed “soliciting material” or be deemed to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing, except to the extent that the Company specifically incorporates it by reference into such filing.
Fiscal years ended December 31,
2018 2019 2020 2021 2022 2023
EastGroup $ 100.00 148.20 158.13 266.35 178.27 227.53
FTSE Nareit Equity REITs 100.00 126.00 115.92 166.04 125.58 142.82
S&P 500 Total Return 100.00 131.49 155.68 200.38 164.09 207.23
The information above assumes that the value of the investment in shares of EastGroup’s common stock and each index was $100 on December 31, 2018, and that all dividends were reinvested.
ITEM 6. [RESERVED].
Not applicable.
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