Real estate firm sees earnings, revenue rise while debt falls
by Associated Press
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.
Top Posts & Pages
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- IKE TROTTER: There are primary changes in Social Security for 2014
- Keeping our eye on... Liz Lancaster
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- Alcorn's finances being investigated; CFO resigns
- C Spire launches next phase of 1-gig service rollout
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- Hood issues opinion on open-carry gun law
- State of Louisiana mulling plan for Amtrak route
- GOP Sen. Thad Cochran to run for seventh term