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Earnings Review and Free Research Report: Highwoods Properties’ Q3 Results Beat Forecasts

Research Desk Line-up: Alexandria Real Estate Equities Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Highwoods Properties, Inc. (NYSE: HIW), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HIW, following the Company's release of its financial results on October 24, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Raleigh, North Carolina-based Company's quarterly diluted funds from operations (FFO) increased 3.9% y-o-y, outpacing market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the REIT - Office industry. Pro-TD has currently selected Alexandria Real Estate Equities, Inc. (NYSE: ARE) for due-diligence and potential coverage as the Company announced on October 30, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Alexandria Real Estate Equities when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HIW; also brushing on ARE. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=HIW

http://protraderdaily.com/optin/?symbol=ARE

Earnings Reviewed

During Q3 FY17, Highwoods Properties' rental and other revenues increased to $180.19 million from $166.27 million in Q3 FY16. The Company's rental and other revenues also beat market consensus estimates of $176.07 million.

The real estate investment trust reported net income available for common stockholders of $57.04 million, or $0.55 per diluted share, in Q3 FY17, up from $31.97 million, or $0.32 per diluted share, in Q3 FY16. The Company's FFO available for common stockholders increased to $90.95 million, or $0.86 per diluted share, during Q3 FY17 compared to $84.09 million, or $0.82 per diluted share, in Q3 FY16. Meanwhile, Wall Street had expected the Company to report FFO of $0.83 per diluted share.

Earnings Metrics

Highwoods Properties' total operating expense increased to $128.90 million in Q3 FY17 from $121.41 million in Q3 FY16. For Q3 FY17, the Company's reported other income of $0.56 million compared to $0.83 million in Q3 FY16. Additionally, the Company's earnings before interest, tax, depreciation, and amortization (EBITDA) increased to $110.26 million in Q3 FY17 from $98.62 million in Q3 FY16.

The Company's quarter-end occupancy was 92.1% in Q3 FY17 and 92.7% in Q3 FY16. The leased office space increased to 1.10 million square feet in Q3 FY17 from 0.87 million square feet in Q3 FY16. Furthermore, average office cash rental rate per square foot for in-place leases increased to $24.53 in the quarter ended September 30, 2017, from $24.22 in the last year comparable quarter.

Cash Flow & Balance Sheet

In the nine months ended on September 30, 2017, net cash provided by operating activities was $270.21 million, up from $231.97 million in the prior year's same period. At the close of books on September 30, 2017, Highwoods Properties had $4.86 million in cash and cash equivalents compared to $49.49 million at the close of books on December 31, 2016. The Company's net mortgage and notes payable balance as on September 30, 2017, was $1.97 billion versus $1.95 billion as on December 31, 2016. Furthermore, debt-to-EBITDA as on September 30, 2017, stood at 4.46x versus 4.82x as on September 30, 2016.

Dividend

In the separate press release on October 19, 2017, Highwoods Properties' Board of Directors declared a cash dividend of $0.44 per share of common stock. The quarterly dividend is payable on December 05, 2017, to shareholders of record as of November 14, 2017.

Outlook

Highwoods Properties' narrowed its FY17 FFO outlook to $3.36 to $3.38 per share from previously provided guidance range of $3.33 to $3.38 per share.

Stock Performance

Highwoods Properties' share price finished yesterday's trading session at $51.41, marginally advancing 0.04%. A total volume of 370.85 thousand shares have exchanged hands. The Company's stock price rallied 2.49% in the last three months, 1.72% in the past six months, and 8.16% in the previous twelve months. Additionally, the stock gained 0.78% since the start of the year. Shares of the Company have a PE ratio of 35.65 and have a dividend yield of 3.42%. The stock currently has a market cap of $5.29 billion.

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