Highwoods Properties: 1Q Earnings Snapshot
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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.
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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.
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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.
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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