Home » NEWS » EastGroup Properties sees increase in quarterly earnings

EastGroup Properties sees increase in quarterly earnings

JACKSON — EastGroup Properties says profits rose in the fourth quarter as occupancy increased and expansion continued.

The real estate investment trust says quarterly profit rose to $6.4 million, or 24 cents per share. That’s up 30 percent from $4.9 million, or 18 cents per share, in the same three months of 2010.

Analysts polled by FactSet had predicted 23 cents per share, on average.

Revenue for the quarter rose 5 percent to $44 million. Analysts had expected $44.6 million.

EastGroup said yesterday during the quarter it bought 1.15 million square feet of warehouse space in Tampa, Fla., paying $57 million; and 172,000 square feet of space in San Antonio, paying $8.1 million. The firm is building warehouses in Houston, San Antonio and Orlando, Fla.

Occupancy rose to 93.9 percent.


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *