RIDGELAND, Miss. (AP) — RIDGELAND, Miss. (AP) — EastGroup Properties Inc. (EGP) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Ridgeland, Mississippi, said it had funds from operations of $84.4 million, or $1.89 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.88 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $43.5 million, or 97 cents per share.

The real estate investment trust, based in Ridgeland, Mississippi, posted revenue of $139.9 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $136.8 million.

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