EastGroup Properties: Q2 Earnings Snapshot

RIDGELAND, Miss. (AP) — RIDGELAND, Miss. (AP) — EastGroup Properties Inc. (EGP) on Wednesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.

The Ridgeland, Mississippi-based real estate investment trust said it had funds from operations of $126.8 million, or $2.36 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.37 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 $75.5 million, or $1.40 per share.

The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $193.3 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $193.8 million.

For the current quarter ending in September, EastGroup Properties expects its per-share funds from operations to range from $2.37 to $2.45.

The company expects full-year funds from operations in the range of $9.52 to $9.66 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