Highwoods Properties: 2Q Earnings Snapshot
RALEIGH, N.C. (AP) _ Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Raleigh, North Carolina-based real estate investment trust said it had funds from operations of $93.1 million, or 87 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 85 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 $39.4 million, or 38 cents per share.
The real estate investment trust posted revenue of $184.1 million in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $179.9 million.
Highwoods Properties expects full-year funds from operations in the range of $3.32 to $3.38 per share.
The company’s shares have climbed 11% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $42.96, a drop of 14% in the last 12 months.