EastGroup’s profits soar due to warehouse deal
by Associated Press
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
- Fervor grows for Tuscaloosa Marine Shale
- Click Boutique revives Hattiesburg downtown retail district
- LNG facility hoping to begin exporting natural gas
- Doctor's murder-for-hire case postponed, mental evaluation pending
- ACLU could sue over state's new school prayer law
- District at Eastover construction to start later this year
- Hatchery releases largemouth bass fingerlings in three rivers
- Bill exempting small farms from fuel storage regs passes Senate
- Mayor wants 'trial run' of hotel/restaurant tax next month