EastGroup Properties: Q4 Earnings Snapshot

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

The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $95.6 million, or $2.03 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.01 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 $63.5 million, or $1.35 per share.

The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $149.1 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $149.3 million.

For the year, the company reported funds from operations of $353.3 million. Revenue was reported as $570.6 million.

EastGroup Properties expects full-year funds from operations in the range of $8.17 to $8.37 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