RIDGELAND, Miss. (AP) _ EastGroup Properties Inc. (EGP) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $48.5 million, or $1.28 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.25 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 $22.6 million, or 60 cents per share.
The real estate investment trust posted revenue of $83.9 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $83.5 million.
EastGroup Properties expects full-year funds from operations to be $4.94 to $4.98 per share.
The company's shares have climbed 41% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $129.18, a rise of 36% in the last 12 months.