EastGroup Properties’ profit rises in first quarter of 2012
Published: April 20,2012
The real estate investment trust said Thursday that quarterly profit rose to $5.4 million, or 20 cents per share. That’s up 13 percent from $4.8 million, or 18 cents per share, in year-ago quarter.
Analysts polled by FactSet had predicted 23 cents per share, on average.
Quarterly revenue rose 8 percent to $46.8 million. Analysts had expected $45.1 million.
EastGroup said it is building a new warehouse in Orlando, Fla., one of eight under construction. It also said it paid $2.7 million for land in Tampa, Fla., and near Phoenix.
The company bought one warehouse in Tampa for $3.5 million in January and sold two there in February for $578,000.
Occupancy rose to 94 percent.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Drew Brees settles lawsuit alleging investment fraud
- Doctor convicted of using phony church for tax shelter
- Ex-Delta mayor indicted, accused of stealing city property
- Cochran's legal counsel asks Court to toss McDaniel's lawsuit
- Williams-Sonoma expanding, adding nearly 1,000 jobs
- More than half-dozen groups file charter school applications
- Ex-baliff wants pay or her job back after termination
- State Rep. Patterson switches from Democrats to GOP
- Biloxi baseball project still alive but may be held for 2015