Home » NEWS » EastGroup's earnings up 44% on property sale gains

EastGroup's earnings up 44% on property sale gains

JACKSON — EastGroup Properties’ profit jumped in the second quarter on property sale gains.

The real estate investment trust said quarterly profit rose to $8.1 million, or 28 cents per share. That’s up 44 percent from $5.6 million, or 20 cents per share, in the year-ago quarter.

Analysts polled by FactSet had on-average predicted 23 cents per share.

Profit jumped $1.9 million after the company sold a Phoenix warehouse for $7 million in June.

Quarterly revenue rose 8 percent to $46.5 million, in line with analysts’ expectations.

EastGroup says it’s spending $44.6 million to build a total of eight new warehouses in Houston, San Antonio and Orlando, Fla. It said it spent $6.6 million on land for future development near Houston and in Denver.

Second-quarter occupancy was 93.1 percent.


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply