RIDGELAND, Miss. (AP) _ EastGroup Properties Inc. (EGP) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Ridgeland, Mississippi-based real estate investment trust said it had funds from operations of $51.2 million, or $1.31 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.29 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 $23.3 million, or 60 cents per share.
The real estate investment trust posted revenue of $88.6 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $88 million.
EastGroup Properties expects full-year funds from operations to be $5.11 to $5.23 per share.
The company's shares have decreased 20% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $105.49, a decrease of roughly 7% in the last 12 months.