EastGroup Properties: Q2 Earnings Snapshot

July 26, 2022 GMT

RIDGELAND, Miss. (AP) _ EastGroup Properties Inc. (EGP) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $73 million, or $1.72 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.69 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 $46.1 million, or $1.09 per share.

The real estate investment trust posted revenue of $118.6 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $114.2 million.

EastGroup Properties expects full-year funds from operations in the range of $6.84 to $6.96 per share.

ADVERTISEMENT

_____

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