Firm's earnings nearly double.(Business)

0 Comments | Daily Herald (Arlington Heights, IL), February, 2005

Byline: Edward Welsch Medill News Service Oak Brook-based CenterPoint Properties Trust's earnings rose 47.2 percent in the fourth quarter on better-than-average return on investments in Chicago's industrial real estate market. Net income was $26.7 million, or 53 cents per diluted share, compared with $17.3 million, or 36 cents per diluted share, in the year earlier period.

Fourth quarter revenues were $41.1 million, up 15.1 percent. Results were in line with analysts' consensus earnings estimate. In a telephone interview, Davenport & Co. analyst Robert Norfleet III said that CenterPoint is unique in the efficiency with which it sold its old properties for good profits and made smart reinvestments in growing markets. He predicted that the company would...