EastGroup Properties: Q3 Earnings Snapshot

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

The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $131.9 million, or $2.45 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $2.43 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 $78.4 million, or $1.46 per share.

The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $199.4 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $197.9 million.

For the current quarter ending in December, EastGroup Properties expects its per-share funds from operations to range from $2.47 to $2.53.

The company expects full-year funds from operations in the range of $9.62 to $9.68 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