Real estate firm sees earnings, revenue rise while debt falls
Published: April 22,2013
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.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Judge to hear from True the Vote as McDaniel attempts to overturn loss to Cochran
- Under state probe, All American Check Cashing gets ‘F’ rating from Better Business Bureau
- DAVID DALLAS: Mr. McDaniel goes to Washington
- Three indicted, alleged to have embezzled from agency
- Walker sentenced to 18 months for fraud, conspiracy
- Manning family establishes health care initiative at UMMC
- Weyerhaeuser investing $57M to modernize lumber mill
- Google chooses Mad Genius as example of Internet use
- Communities awarded national Main Street accreditation