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EastGroup Sees Solid Q1 Balance Sheet

JACKSON, MS-The Mississippi-based REIT posted funds from operations of $15.7 million or 71 cents per share, up 10.9%; and net income of $5.5 million or 25 cents per share. The company expects to close on a 20-acre tract in Fort Myers, FL in the third quarter. The land is adjacent to a 10-acre parcel EastGroup bought for development in 2005.

By Alex Finkelstein | Updated on April 27, 2006

(To read more on the industrial market and the debt and equity markets, click here.)

JACKSON, MS-EastGroup Properties Inc., a leading developer of distribution space for small businesses in the 5,000-sf to 50,000-sf range, has closed the books on first quarter operations, showing a hefty balance sheet, the company reports.

The Mississippi-based REIT posted funds from operations of $15.7 million or 71 cents per share, up 10.9% from 64 cents in the comparable 2005 period. Net income was $5.5 million or 25 cents per share.

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