RIDGELAND, Miss. (AP) _ EastGroup Properties Inc. (EGP) on Monday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $43.9 million, or $1.20 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.18 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 $22.5 million, or 62 cents per share.
The real estate investment trust posted revenue of $78.8 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $78.6 million.
The company's shares have increased 19 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $109.45, a climb of 30 percent in the last 12 months.
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