EastGroup’s earnings up 44% on property sale gains
Published: July 20,2012
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.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Peavey's wellness program honored after workers drop 1,000 pounds
- Group, lesbian couples look to overturn state's ban on same-sex marriages
- Pickering lists concerns over Mississippi Adequate Education Program formula
- Watkins says JRA out to block him from Farish by repaying HUD $1.5M
- Mississippi Film Studios signs contract with New Orleans company
- State renews battle over water use with city of Memphis
- Mars Food expanding Delta plant; investing $31M and adding jobs
- DAVID DALLAS: You say “Obama”, I say “Ebola”
- Biloxi baseball project still alive but may be held for 2015