RIDGELAND, Miss. (AP) _ EastGroup Properties Inc. (EGP) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $58.9 million, or $1.47 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.45 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 $27.6 million, or 69 cents per share.
The real estate investment trust posted revenue of $99.6 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $98.6 million.
EastGroup Properties expects full-year funds from operations to be $5.83 to $5.93 per share.
The company's shares have increased 28% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $176.11, a rise of 42% in the last 12 months.
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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