EastGroup Properties: Q2 Earnings Snapshot
RIDGELAND, Miss. (AP) _ EastGroup Properties Inc. (EGP) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $73 million, or $1.72 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.69 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $46.1 million, or $1.09 per share.
The real estate investment trust posted revenue of $118.6 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $114.2 million.
EastGroup Properties expects full-year funds from operations in the range of $6.84 to $6.96 per share.