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.

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