EastGroup Properties Q3 FFO Rises

(RTTNews) - EastGroup Properties Inc (EGP) Thursday reported third-quarter funds from operations of $28.1 million or $0.89 per share, up from $25.3 million or $0.83 per share last year.

Net income rose to $17.73 million or $0.56 per share from $8.36 million or $0.28 per share last year.

Revenues for the quarter rose to $55.96 million from $51.18 million last year.

Analysts polled by Thomson Reuters estimated FFO of $0.88 per share on revenues of $54.89 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company expects FFO of $0.90 to $0.92 per share and earnings of $0.40 to $0.42 per share. Analysts currently estimate FFO of $0.90 per share for the quarter.

For the full year, the company now expects FFO of $3.45 to $3.47 per share and earnings of $1.53 to $1.55 per share. Analysts currently projects FFO of $3.45 per share for the year.

Earlier, the company expected earnings of $1.22 per share to $1.28 per share and FFO of $3.42 to $3.48 per share.