EastGroup Properties Inc. disposed of the 189,000-square-foot Metro Business Park service center in Phoenix for approximately $33.5 million.

In reporting its latest results, the industrial real estate investment trust said a gain on the sale of the five-building property will be recorded in the first quarter but will be excluded from funds from operations.

In December 2021, the company acquired a 22-acre site called Stonefield 35 Land in the Hays County submarket of Austin, Texas, for about $6.0 million. It intends to develop three buildings totaling approximately 274,000 square feet on the site. It also paid approximately $6.2 million for the 22-acre Springwood Business Park Land in Houston, which will accommodate two buildings spanning about 292,000 square feet.

In November 2021, EastGroup sold the Jetport Commerce Park in Tampa, Fla., an 11-building property totaling 284,000 square feet, for $45.1 million.

In October 2021, the REIT bought a 20,000-square-foot building in Austin for about $4.1 million. The property is under a lease expiring in December. Upon the lease expiration, EastGroup plans to tear down the building and develop two new ones spanning 129,000 square feet.

EastGroup paid approximately $12.0 million for 158 acres of development land known as the Skyway Logistics Park Land in Charlotte, N.C., and aims to build seven properties comprising 1.1 million square feet on the site.

In the fourth quarter of 2021, the REIT acquired the 38-acre Cass White Land in Atlanta for about $2.9 million and the 26-acre Riverside Parkway Land in the same city for approximately $2.0 million. The first site will feature two buildings totaling 296,000 square feet, while two buildings totaling 284,000 square feet are planned on the second site.

During the same period, the company received aggregate net proceeds of about $118.7 million from the sale of 584,573 common shares under its continuous common equity offering program.