RIDGELAND, Miss. (AP) — RIDGELAND, Miss. (AP) — EastGroup Properties Inc. (EGP) on Thursday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The Ridgeland, Mississippi-based real estate investment trust said it had funds from operations of $108.2 million, or $2.15 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.16 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 $58.6 million, or $1.16 per share.
The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $164 million in the period, which also fell short of Street forecasts. Eight analysts surveyed by Zacks expected $166.5 million.
EastGroup Properties expects full-year funds from operations to be $8.80 to $9 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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