RALEIGH – Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Raleigh-based real estate investment trust said it had funds from operations of $110.4 million, or $1.03 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 97 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 $40.3 million, or 38 cents per share.
The real estate investment trust posted revenue of $206.4 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $201.5 million.
Highwoods Properties expects full-year funds from operations to be $3.82 to $3.98 per share.
