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.
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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
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