JACKSON, Miss. (AP) — EastGroup Properties' profit rose in the third quarter thanks to higher rents and lower interest payments.
The real estate investment trust said Thursday that quarterly profit rose to $6.8 million, or 23 cents per share. That's up 19 percent from $5.7 million, or 21 cents per share, in 2011's third quarter.
Analysts polled by FactSet on average predicted 23 cents per share.
Quarterly revenue rose 7 percent to $47 million.
EastGroup says it's developing 15 warehouses in Houston, San Antonio and Orlando, Fla. It started five warehouses worth $21.2 million in Houston during the quarter and started two more there worth $16.9 million after quarter's end.
It bought a Hayward, Calif., warehouse for $7.5 million in August. After quarter's end, it agreed to pay $41 million for five Dallas buildings.