RALEIGH, N.C. (AP) _ Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Raleigh, North Carolina, said it had funds from operations of $96.9 million, or 91 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 90 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 $59.2 million, or 58 cents per share.
The real estate investment trust posted revenue of $192.1 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $192.7 million.
For the year, the company reported funds from operations of $354.8 million, or $3.33 per share. Revenue was reported as $736 million.
The company's shares have climbed 4.5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $51.12, a rise of 14% in the last 12 months.