Revenue during the quarter grew 8.74 percent to $66.35 million from $61.02 million in the previous year period.

Cost of revenue rose 11.41 percent or $2.07 million during the quarter to $20.22 million. Gross margin for the quarter contracted 73 basis points over the previous year period to 69.53 percent.

Total expenses were $42.96 million for the quarter, up 5.29 percent or $2.16 million from year-ago period. Operating margin for the quarter expanded 212 basis points over the previous year period to 35.25 percent.

Operating income for the quarter was $23.39 million, compared with $20.21 million in the previous year period.

Eastgroup Properties forecasts net income to be in the range of $12.18 million to $12.84 million for the first-quarter. For fiscal year 2017, Eastgroup Properties forecasts net income to be in the range of $59.77 million to $63.13 million. The company projects diluted earnings per share to be in the range of $0.37 to $0.39 for the first-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $1.78 to $1.88.

Revenue from real estate activities during the quarter increased 8.75 percent or $5.34 million to $66.33 million.

Other income during the quarter was $0.02 million, down 21.74 percent or $0.01 million from year-ago period.

Commenting on EastGroup’s performance, Marshall Loeb, chief executive officer, stated, “We are pleased with our fourth quarter results. Our 14.9% rise in quarterly FFO means that we’ve now achieved FFO per share increases in 22 of the past 23 quarters. Our latest quarterly metrics demonstrate the continued strength and resiliency of the industrial market.