24.10.2023 22:40:48

EastGroup Properties Q3 Profit Rises

(RTTNews) - EastGroup Properties, Inc. (EGP) Tuesday reported results for the third quarter, with profit and revenues increasing from last year.

Net income for the quarter was $48.9 million or $1.07 per share, up from $37.8 million or $0.87 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.99 per share.

Funds from operations attributable were $91.4 million or $2.00 per share, compared to $77.1 million or $1.77 per share last year.

Revenues for the quarter were $146.5 million, up from $125.6 million last year.

Looking forward, the company now expects full-year 2023 earnings to be $4.11 to $4.15 per share and FFO per share to be $7.73 to $7.77. Previously, the company expected full-year 2023 FFO per share of $7.58 to $7.68.

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