EastGroup Properties sees quaterly earnings decrease

JACKSON — EastGroup Properties reported strong results for the second quarter, but profit fell from a year earlier, when the company recorded a large gain selling real estate.

The industrial landlord said yesterday that quarterly profit fell 4 percent to $7.6 million, or 25 cents per share, in the three months that ended June 30. That’s down from $8 million, or 28 cents per share, in 2012′s second quarter.

However, the Jackson-based company booked a $2 million gain in the 2012 quarter. Excluding that, continuing profit rose 28 percent.

Quarterly revenue rose 6 percent to $49.2 million.

“We are pleased to report EastGroup continued its positive momentum in all aspects of its business — internal operations, development and acquisitions,” CEO David Hoster II said in a statement. “Strong leasing results led to increased occupancy and positive same-property operating results.”

EastGroup said funds from operations, a measure commonly used by it and other real estate investment trusts, rose 4 percent to $23.9 million.

The company said it bought eight warehouses near Dallas for $70 million in May, and one warehouse in Charlotte, N.C. for $2.4 million in July. It’s also building 15 warehouses, for an estimated $85 million, in San Antonio, Houston, Orlando, Fla., Phoenix, Ariz., and Charlotte, N.C.

The company plans to sell $100 million in debt to an insurance company by Aug. 30, and said it raised $2 million through stock sales in the second quarter.

 

[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: