EastGroup Properties sees quaterly earnings decrease
Published: July 19,2013
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.
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