EastGroup Properties Q1 FFO Rises

(RTTNews) - EastGroup Properties Inc. (EGP) reported that its first-quarter funds from operations attributable to common stockholders increased to $51.18 million from $43.94 million in the prior year. Funds from operations were $1.31 per share compared to $1.20 per share for the same quarter last year.

Net income attributable to common stockholders was $23.30 million or $0.60 per share from $22.53 million or $0.62 per share in the prior year.

Quarterly revenue for the quarter were $88.63 million, up from $78.80 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share and revenues of $87.69 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward, the company expects full year 2020 earnings of $2.07 to $2.19 per share and FFO of $5.11 to $5.23 per share. Analysts currently estimate earnings of $2.25 per share.