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EASTGROUP PROPERTIES ANNOUNCES RESULTS

 JACKSON, Miss., Aug. 10 /PRNewswire/ -- EastGroup Properties (AMEX: EGP) announced today the results for the three months and six months ended June 30.
 Funds from operations were $.51 per share for the quarter ended June 30 compared to $.36 per share for the same period of 1992. Funds from operations were $1.03 per share for the six months ended June 30 and $.75 per share for the same period last year.
 The Trust's net income for the second quarter ended June 30 was $780,000 ($.32 per share). Of this amount, $755,000 ($.31 per share) represents income from operations and $25,000 ($.01 per share) represents gains on investments. These figures compare with net income for the quarter ended June 30, 1992, of $457,000 ($.19 per share), which represents income from operations. For the six months ended June 30, the Trust reported net income of $1,243,000 ($.51 per share). Of this amount, $1,218,000 ($.50 per share) represents income from operations and $25,000 ($.01 per share) represents gains on investments. These figures compare with net income for the six months ended June 30, 1992, of $768,000 ($.31 per share), which represents income from operations.
 The increase in funds from operations for the second quarter of 1993 as compared to last year's second quarter was due primarily to improved operations from the Trust's five apartment complexes and the elimination of the Trust's overhead and interest expenses related to the North Shore Business Park. Specifically, the Doral Club Apartments (San Antonio) which were acquired in October 1992 and the La Vista Apartments (Atlanta) significantly contributed to the improvement in funds from operations. Lower warehouse occupancies, which occurred during the second half of 1992 and the first half of 1993, partially offset the improved operations experienced by the apartments.
 The second three months, compared to the first quarter of 1993, experienced a slight decrease in funds from operations due primarily to increased seasonal operating expenses at the apartments and to costs in leasing the Venture Distribution Center (Dallas) which increased its occupancy to 100 percent.
 David H. Hoster II, president of the Trust, stated that warehouse occupancies are showing a positive trend while apartment operations continue to be the strength of the Trust's investment portfolio.
 EASTGROUP PROPERTIES
 (In thousands, except per share data)
 Quarter ended 6/30/93 6/30/92
 Revenue $ 3,856 $ 3,266
 Funds from operations 1,248 891
 Depreciation and amortization (690) (581)
 Stock appreciation rights adjustment 49 141
 Recovery of possible losses 144 ---
 Other 4 6
 Income from operations 755 457
 Gains on investments 25 ---
 Net income $ 780 $ 457
 Per share information:
 Funds from operations $ .51 $ .36
 Income from operations $ .31 $ .19
 Gains on investments .01 ---
 Net income $ .32 $ .19
 Weighted average shares outstanding 2,461 2,464
 6 months ended 6/30/93 6/30/92
 Revenue $ 7,600 $ 6,568
 Funds from operations 2,524 1,841
 Depreciation and amortization (1,355) (1,143)
 Stock appreciation rights adjustment (106) 64
 Recovery of possible losses 144 ---
 Other 11 6
 Income from operations 1,218 768
 Gains on investments 25 ---
 Net income $ 1,243 $ 768
 Per share information:
 Funds from operations $ 1.03 $ .75
 Income from operations $ .50 $ .31
 Gains on investments .01 ---
 Net income $ .51 $ .31
 Weighted average shares outstanding 2,460 2,466
 -0- 8/10/93
 /CONTACT: N. Keith McKey, executive vice president, chief financial officer and secretary of EastGroup Properties, 601-948-4091/
 (EGP)


CO: EastGroup Properties ST: Mississippi IN: SU: ERN

RA-BN -- AT015 -- 1360 08/10/93 16:39 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
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