Real estate firm sees earnings, revenue rise while debt falls

JACKSON — EastGroup Properties’ profit rose in the first quarter as revenues rose and debt payments fell.

The real estate investment trust said quarterly profit rose 32 percent to $7.2 million, or 24 cents per share in the three months ended March 31. That’s up from $5.4 million, or 19 cents per share, in 2012′s first quarter.

Quarterly revenue rose 4 percent to $48.3 million.

The company said it started work during the quarter on a total of five new warehouses in San Antonio, Houston, Orlando, Fla., and Phoeniz, Ariz., estimated to cost $28.5 million. The company is working on a total of 16 warehouses worth $85 million in those markets. After the quarter ended, EastGroup spend $5.7 million to buy land for up to six warehouses in Charlotte, N.C.

[RSS Feed] [del.icio.us]



To sign up for Mississippi Business Daily Updates, click here.

POST A COMMENT

 

Twang & Tourism: The Country Music Trail

Our annual "Come See Us" magazine offers ideas for spots in Mississippi ranging from golf to culture to history to food. Click the photo for ideas, stories and access to the digital edition of this year's magazine.

FOLLOW THE MBJ ON TWITTER

Top Posts & Pages

%d bloggers like this: