EastGroup expands as profits grow

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JACKSON, Miss. (AP) - Industrial landlord EastGroup Properties continues to increase the number of warehouses its building, as profits keep expanding.

The Jackson, Miss.-based company said Wednesday that operations funds rose 8 percent to 82 cents per share, or $25.4 million, in the three months that ended March 31. That’s up from 76 cents per share, or $22.7 million, in 2013’s first quarter.

That matched the 82 cents per share predicted by analysts surveyed by FactSet.

EastGroup started 11 warehouses worth $65 million in the first quarter, bringing development to 21 buildings worth $133 million in Arizona, Colorado, Florida, North Carolina and Texas.

EastGroup sold its last warehouse in Oklahoma and spent $3 million buying land for four projected warehouses near Dallas.

During the quarter, the company sold $20 million in new stock shares.

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