EastGroup reports increase in revenue, profit
by Associated Press
Published: October 20,2013
JACKSON — More tenants are renting industrial space from landlord EastGroup Properties, pushing up revenue and profit in the third quarter.
The company said quarterly profit rose 24 percent to $8.4 million, or 28 cents per share, in the three months that ended September 30. That’s up from $6.8 million, or 23 cents per share, in 2012′s third quarter.
Quarterly revenue rose 10 percent to $51.3 million.
The Jackson-based company said its buildings were 96.3 percent leased at the quarter’s end, its highest level since the third quarter of 2007.
EastGroup said it started building five new warehouses projected to cost $36.9 million, bringing its development program to a total of 14 buildings with projected costs of $91.4 million.
In August, EastGroup borrowed $100 million in a private placement.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- BBB issues warning involving asphalt paving scam
- Panther Creek megasite — Putting a value proposition out there
- Prescription for success — Transcript Pharmacy continues fast growth
- Study: Mississippi has highest sales tax rate in U.S.
- Mississippi State makes NSF ranking of research universities
- Panther Creek's location in medical industry zone boosts bio-med prospects
- TVA president/CEO Johnson tours Techumseh, Yokohama plants
- News The Way You Want It!
- Chris McDaniel responds to radio show audio clip
- Sawtimber, pulpwood markets improving, but challenges remain