RALEIGH, N.C. – RALEIGH, N.C. (AP) _ Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Raleigh, North Carolina-based real estate investment trust said it had funds from operations of $90.7 million, or 85 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 82 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 $32.4 million, or 31 cents per share.
The real estate investment trust posted revenue of $180.4 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $176.8 million.
Highwoods Properties expects full-year funds from operations in the range of $3.37 to $3.47 per share.
The company's shares have fallen 16 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $42.73, a fall of 17 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on HIW at https://www.zacks.com/ap/HIW