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Southeast REIT Posts Strong Fourth Quarter/Year

JACKSON, MS- EastGroup Properties Inc. boosted funds from operations in the last three months of 2000 by 14.5% to $12.6 million from $11 million in the same 1999 period. For the year ended Dec. 31, the publicly traded firm's FFO increased by 20.7% to $47.8 million versus $39.6 million for the prior year. EastGroup is hosting a conference call at 2 p.m. today.

By Alex Finkelstein | Updated on February 12, 2001

JACKSON, MS-Coming off a robust 2000, EastGroup Properties Inc. projects its funds from operations per share in 2001 will grow at about the same rate as it did last year, 10% per quarter, and should be about $2.56 to $2.61, the REIT states in its yearend report released Monday.

The company is hosting a conference call at 2 p.m. today to review fourth quarter and year-end results. The conference call number is 800 482 5543, ID#911258.

For the quarter ended Dec. 31, FFO increased 14.5% to $12.6 million from $11 million in the same 1999 period. On a diluted per share basis, FFO rose 13.85% to 66 cents per share compared with 58 cents per share in the comparable 1999 period.

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