RALEIGH – Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Raleigh, said it had funds from operations of $105.7 million, or 98 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 93 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 $43.8 million, or 42 cents per share.
The real estate investment trust, based in Raleigh, North Carolina, posted revenue of $212.8 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $213 million.
