Highwoods Properties: 4Q Earnings Snapshot
RALEIGH, N.C. (AP) _ Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.
The Raleigh, North Carolina-based real estate investment trust said it had funds from operations of $91.8 million, or 86 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 86 cents 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 $53 million, or 51 cents per share.
The real estate investment trust posted revenue of $181.4 million in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $179.3 million.
For the year, the company reported funds from operations of $366 million, or $3.45 per share. Revenue was reported as $720 million.
Highwoods Properties expects full-year funds from operations to be $3.44 to $3.56 per share.
The company’s shares have risen 17 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $45.39, increasing slightly in the last 12 months.