EastGroup Properties: Q1 Earnings Snapshot

RIDGELAND, Miss. (AP) — RIDGELAND, Miss. (AP) — EastGroup Properties Inc. (EGP) on Tuesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.

The Ridgeland, Mississippi-based real estate investment trust said it had funds from operations of $94.9 million, or $1.98 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.01 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 $58.6 million, or $1.22 per share.

The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $154.2 million in the period, which beat Street forecasts. Seven analysts surveyed by Zacks expected $152.6 million.

For the current quarter ending in June, EastGroup Properties expects its per-share funds from operations to range from $1.99 to $2.07.

The company expects full-year funds from operations in the range of $8.17 to $8.37 per share.


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

Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Federal News Network Logo
Log in to your WTOP account for notifications and alerts customized for you.

Sign up