Eastgroup Properties (EGP) Misses Q1 FFO by 2c; Guides Relatively In-Line

Eastgroup Properties (NYSE: EGP) reported Q1 FFO of $0.91, $0.02 worse than the analyst estimate of $0.93. Revenue for the quarter came in at $61.6 million versus the consensus estimate of $61.57 million.

GUIDANCE:

Eastgroup Properties sees Q2 2016 FFO of $0.97-$0.99, versus the consensus of $1.01.

Eastgroup Properties sees FY2016 FFO of $3.94-$4.04, versus the consensus of $3.97.

Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "First quarter saw a continued growth in funds from operations with a 4.6% increase in FFO per share versus the same quarter last year. We have now achieved FFO per share increases as compared to the previous year's quarter in nineteen of the last twenty quarters. Helping to fuel this trend is occupancy, which again came in above 95% for the eleventh consecutive quarter.

"Outside of operations, we've made solid progress recycling capital and laying the groundwork to continue the pace into the second quarter. Selling our older, non-core Houston assets creates further geographic diversification within our portfolio while generating funds for the development pipeline."

For earnings history and earnings-related data on Eastgroup Properties (EGP) click here.

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