EastGroup reports increase in revenue, profit

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.

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