EastGroup’s profits soar due to warehouse deal

JACKSON — EastGroup Properties’ profit nearly doubled in the fourth quarter thanks to the sale of an Oklahoma warehouse.

The real estate investment trust said Tuesday that quarterly profit rose to $12.2 million, or 41 cents per share. That’s up from $6.4 million, or 24 cents per share, in 2011′s fourth quarter.

For all of 2012, EastGroup profits rose to $32.4 million, or $1.13 per share. That’s up 45 percent from $22.4 million, or 83 cents per share, in 2011.

EastGroup says it sold a building in Tulsa, Okla., for $10.3 million.

The company said that in 2013, it expects to earn between $1.02 per share and $1.12 per share.

Quarterly revenue rose 7.3 percent to $46.9 million, while yearly revenue rose 7.5 percent to $186.2 million.

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