RALEIGH, N.C. – RALEIGH, N.C. (AP) _ Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Raleigh, North Carolina, said it had funds from operations of $91.6 million, or 86 cents per share, in the period.
The average estimate of nine 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 $33.2 million, or 32 cents per share.
The real estate investment trust posted revenue of $179.4 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $177.7 million.
The company's shares have declined 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $44.48, a drop of 14 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