EastGroup Properties: 4Q Earnings Snapshot
RIDGELAND, Miss. (AP) — EastGroup Properties Inc. (EGP) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $42.8 million, or $1.18 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 $18.6 million, or 51 cents per share.
The real estate investment trust posted revenue of $78 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $76.9 million.
For the year, the company reported funds from operations of $165.9 million, or $4.67 per share. Revenue was reported as $300.4 million.
EastGroup Properties expects full-year funds from operations to be $4.79 to $4.89 per share.
The company's shares have increased 15 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $105.83, an increase of 31 percent in the last 12 months.