RALEIGH, N.C. (AP) _ Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Raleigh, North Carolina-based real estate investment trust said it had funds from operations of $98.8 million, or 93 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 88 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 $185.5 million, or $1.79 per share.
The real estate investment trust posted revenue of $192.8 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $193.3 million.
Highwoods Properties expects full-year funds from operations to be $3.55 to $3.68 per share.
The company's shares have dropped 23% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $37.88, a drop of 14% in the last 12 months.