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Article Excerpt
Mississippi-based real estate investment trusts, or REITs, may not be setting off fireworks right now, but they are performing at a solid, steady clip.
"In 2007, we had the highest earnings ever ... and the largest new development program ever. Everything went extremely well except for the stock price," said David Hoster II, CEO and president of Jackson-based EastGroup Properties, a REIT that paid its 114th consecutive quarterly dividend June 30. "Year to date, we're the highest in total return of the industrial REITs."
Industry-wide, the current economic downturn has not been kind to REITs, said Michael J. Highfield, Ph.D., CFA, a finance professor at Mississippi State University.
"While residential REITs have generally benefited from the downturn in the housing market, Parkway Properties, an office REIT, and Eastgroup, an industrial REIT, have been and will...
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