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RIDGELAND, Miss. (AP) — RIDGELAND, Miss. (AP) — EastGroup Properties Inc. (EGP) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Ridgeland, Mississippi-based real estate investment trust said it had funds from operations of $110.2 million, or $2.12 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.11 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 $59.4 million, or $1.14 per share.
The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $174.4 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $170.3 million.
For the current quarter ending in June, EastGroup Properties expects its per-share funds from operations to range from $2.13 to $2.21.
The company expects full-year funds from operations in the range of $8.84 to $9.04 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EGP at https://www.zacks.com/ap/EGP