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EastGroup's earnings up 44% on property sale gains

JACKSON — EastGroup Properties’ profit jumped in the second quarter on property sale gains.

The real estate investment trust said quarterly profit rose to $8.1 million, or 28 cents per share. That’s up 44 percent from $5.6 million, or 20 cents per share, in the year-ago quarter.

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

Profit jumped $1.9 million after the company sold a Phoenix warehouse for $7 million in June.

Quarterly revenue rose 8 percent to $46.5 million, in line with analysts’ expectations.

EastGroup says it’s spending $44.6 million to build a total of eight new warehouses in Houston, San Antonio and Orlando, Fla. It said it spent $6.6 million on land for future development near Houston and in Denver.

Second-quarter occupancy was 93.1 percent.

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