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.
Top Posts & Pages
- Chris McDaniel gets a thank you note from Travis Childers
- UPDATED: House subcommittee tosses discrimination elements from religious freedom bill
- Lawmakers debating alternative to Medicaid expansion
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- States settle with manufacturers in DRAM price-fixing case
- Senate passes teacher pay raise legislation
- Quapaw Canoe Company gains legislative support in battle with tax department
- Pickering collects more money from failed beef plant project
- Running with the big dogs — Hollywood Feed taking small-store feel to national level