RIDGELAND, Miss. (AP) — RIDGELAND, Miss. (AP) — EastGroup Properties Inc. (EGP) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Ridgeland, Mississippi-based real estate investment trust said it had funds from operations of $116.3 million, or $2.21 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.20 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 $63.3 million, or $1.20 per share.
The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $177.3 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $175.5 million.
EastGroup Properties expects full-year funds from operations in the range of $8.89 to $9.03 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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