EastGroup Properties Q4 FFO Rises

(RTTNews) - EastGroup Properties Inc. (EGP) reported that its fourth-quarter funds from operations attributable to common stockholders increased to $49.22 million from $42.78 million in the prior year. Funds from operations were $1.27 per share compared to $1.18 per share for the same quarter of 2018.

Net income attributable to common stockholders rose to $49.61 million or $1.28 per share from $18.56 million or $0.51 per share in the prior year.

Quarterly revenue for the quarter were $86.55 million up from $77.98 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share and revenues of $85.96 million for the quarter. Analysts' estimates typically exclude special items.

For 2020, the company projects earnings per share to be in the range of $2.25 - $2.35, and FFO of $5.25 - $5.35. Analysts expect annual earnings of $2.65 per share.