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EastGroup Properties expects up to 2-cent-per-share cut in FY'19 FFO

EastGroup Properties Inc. expects its funds from operations per share attributable to common stockholders for the 2019 full year to be lowered by up to 2 cents following the resolution of a dispute over a land parcel in acquired in November 2016.

The industrial real estate investment trust said it reached a mediated resolution of the dispute, which involved an action against the company and certain of its executive officers, in the second quarter. The REIT earlier projected 2019 FFO per share in a range of $4.84 to $4.94.

The S&P Global Market Intelligence consensus FFO-per-share estimate for 2019 is $4.89.

EastGroup also noted that it completed its $48 million purchase of the fully leased, four-building Airways Business Center in Denver in May.

Also in May, the REIT sold the eight-building, 186,000-square-foot Altamonte Commerce Center in Orlando, Fla., for $14.9 million.

During the first two months of the second quarter, EastGroup raised $48.5 million in gross proceeds from the sale of 428,341 common shares under its continuous equity program.