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
- Lawmakers debating alternative to Medicaid expansion
- UPDATED: House subcommittee tosses discrimination elements from religious freedom bill
- Chris McDaniel gets a thank you note from Travis Childers
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Senate passes teacher pay raise legislation
- States settle with manufacturers in DRAM price-fixing case
- Pickering collects more money from failed beef plant project
- White House hotel making comeback in Biloxi
- Reactive Surfaces files lawsuit against Toyota in patent dispute