Nothing on Wall Street goes in a straight line, but there are long-term trends that are worth watching. Industrial real estate investment trust (REIT) EastGroup Properties (NYSE: EGP) is playing one very large and long-term shift. Here's why investors might want to keep an eye on this landlord, even though the stock has lost more than a quarter of its value since the start of 2022.

From a big-picture perspective, EastGroup is an industrial REIT that owns 56.6 million square feet space, largely warehouses. There's nothing remotely unique about this at all. Where this landlord differentiates itself is in location, with Texas accounting for roughly 34% of its net operating income, Florida 24%, California 21%, Arizona 7%, and North Carolina 6%. Summed up, that's 92% of its net operating income in warmer states, most of which are seeing population increases. The odd name out on that list is California, which has seen a population loss, but remains a vital transportation hub just the same because of its coastal location and proximity to Asian markets. 

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Source Fool.com