EastGroup Properties Q2 FFO Rises

(RTTNews) - EastGroup Properties Inc (EGP), a real estate investment trust, said Thursday its funds from operations, or FFO, for the second quarter grew to $26.3 million or $0.84 per share from $23.9 million or $0.80 per share in the comparable quarter last year.

On average, 14 analysts polled by Thomson Reuters estimated FFO of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Net income attributable to stockholders for the quarter was $9.1 million or $0.29 per share, compared with $7.6 million or $0.25 per share in the prior year.

Revenues for the latest quarter grew to $53.80 million from $48.96 million last year.

Moving into the third quarter, the company projects earnings in the range of $.32 to $0.34 per share and FFO of $0.87 to $0.89 per share. Analysts currently expect $0.87 per share.

For fiscal 2014, the company now estimates earnings in the range of $1.22 per share to $1.28 per share and FFO in the range of $3.42 to $3.48 per share. Analysts now project $3.43 per share.

Earlier, the company expected FFO of $3.39 to $3.49 per share.