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EastGroup Properties: Q2 Earnings Snapshot
By AP News - Jul 23, 2024, 04:18 PM ET
Last Updated - Jul 23, 2024, 04:18 PM EDT
RIDGELAND, Miss. (AP) — RIDGELAND, Miss. (AP) — EastGroup Properties Inc. (EGP) on Tuesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Ridgeland, Mississippi-based real estate investment trust said it had funds from operations of $99.3 million, or $2.05 per share, in the period.
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The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.05 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 $55.3 million, or $1.14 per share.
The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $159.1 million in the period, topping Street forecasts. Seven analysts surveyed by Zacks expected $157 million.
EastGroup Properties expects full-year funds from operations in the range of $8.28 to $8.38 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
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