EastGroup’s profits soar due to warehouse deal
Published: February 13,2013
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- DAVID DALLAS — Roger Wicker: Profile in discouragement
- Tommy Robertson indicted on five counts of embezzlement
- BILL CRAWFORD — More jobs, but fewer with jobs, huh?
- ANITA MODAK-TRURAN — Mississippi’s motion picture renaissance
- Despite obstacles, craft beer industry growing
- State's ventures into alt-fuel markets net few jobs
- Watch out for wildlife while driving on roads, highways
- Finding your flexible space — Regus banks on high demand for customizable work spaces
- Miss. children's hospital plans $150 million expansion