EastGroup Properties FFO Rises, Meets Street

(RTTNews) - EastGroup Properties Inc (EGP), a real estate investment trust, said Wednesday its funds from operations, or FFO, for the first quarter grew to $25.4 million or $0.82 per share from $22.7 million or $0.76 per share last year.

On average, 15 analysts polled by Thomson Reuters estimated FFO of $0.82 per share for the quarter. Analysts' estimates typically exclude special items.

Net income to stockholders for the quarter was $8.4 million or $0.27 per share, compared with $7 million or $0.24 per share in the prior year.

REIT firms usually include in their net earnings results, depreciation, amortization and other items that reduce their earnings.

Revenues for the quarter grew to $52.8 million from $48.2 million last year.

During the quarter, the company expanded its development program with eleven new projects to take advantage of improving market fundamentals and the increasing demand for industrial space, said CEO David Hoster II.

Moving into the second quarter, the company projects FFO of $0.83 to $0.85 per share, while analysts expect $0.85 per share.

For fiscal 2014, the company estimates FFO of $3.39 to $3.49 per share, while analysts project $3.42 per share.