Highwoods Properties Inc. (HIW) Tuesday reported first-quarter funds from operations, or FFO, amounting to $57.78 million, up from $54.09 million in the same period last year.
FFO applicable to common shareholders improved to $57.15 million from $53.46 million last year. On a per-share basis, FFO dropped to $0.67 from $0.70 last year.
On average, 10 analysts polled by Thomson Reuters expected the company to report FFO of $0.69 per share for the quarter. Analysts' estimates typically exclude special items.
Net income available for common stockholders declined to $12.35 million or $0.15 per share from $16.69 million or $0.23 per share last year.
Income from continuing operations totaled $13.14 million or $0.14 per share, compared to $11.32 million or $0.14 per share last year.
First-quarter results included gain of $625 thousand from discontinued operations, compared to $7.02 million last year.
Rental and other revenues totaled $137.03 million, up from $124.89 million last year. Analysts expected revenues of $135.29 million.
Looking ahead, the company has reaffirmed its full-year FFO outlook of $2.68 to $2.81 per share. Analysts currently expect full-year FFO of $2.75 per share.
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