RIDGELAND, Miss. (AP) 鈥� RIDGELAND, Miss. (AP) 鈥� EastGroup Properties Inc. (EGP) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $125.3 million, or $2.34 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.29 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 $94.6 million, or $1.77 per share.
The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $190.3 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $191 million.
For the current quarter ending in June, EastGroup Properties expects its per-share funds from operations to range from $2.30 to $2.38.
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