World Houston Center Leads REIT's Q2 Results

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HOUSTON-A lack of acquisitions and increased development were among the main topics during EastGroup Properties’ second quarter earnings call. The 1.4-million-sf World Houston International Business Center took center stage with two projects breaking ground along with its leasing gains.

Senior executives from the Jackson, MS-based REIT told analysts and shareholders yesterday that the slow acquisition environment led to a stronger emphasis on development. In the Houston park, work has begun on a spec project, the 68,000-sf World Houston 22, and the 125,000-sf World Houston 22, a build-to-suit that will be taken down by Kuehne + Nagle early in 2007.