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EastGroup Properties posts 8.3% YOY increase in Q3 FFO per share

EastGroup Properties Inc. disclosed third-quarter funds from operations attributable to common stockholders of $41.9 million, or $1.17 per share, an increase of 8.3% on a per-share basis from $36.9 million, or $1.08 per share, in the corresponding 2017 period.

The S&P Global Market Intelligence consensus FFO estimate for the quarter was $1.14 per share.

EastGroup Properties forecasts FFO per share in the range of $1.17 to $1.19 for the fourth quarter. The company also expects FFO for the full year at between $4.66 and $4.68 per share, compared to previous guidance issued with its second-quarter results of $4.57 to $4.65 per share.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the fourth quarter is $1.16, while analysts expect FFO per share for the full year at $4.61.

The industrial real estate investment trust acquired the 87%-leased, 220,000-square-foot Allen Station I & II multi-tenant business distribution buildings in Allen, Texas, for $25.2 million in late August, and sold the 125,000-square-foot 35th Avenue Distribution Center in Phoenix for $7.9 million in late July.

Subsequent to quarter-end, EastGroup signed a lease for World Houston 45, a 160,000-square-foot build-to-suit development project that carries a projected total development cost of $18 million.

Also after the end of the quarter, EastGroup closed the $3 million acquisition of 29 acres of development land in San Antonio, Texas, where the company expects to develop four buildings totaling 370,000 square feet, beginning in 2019.