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Highwoods Numbers Falls

TSC and IRIS Staff

Highwoods Properties(HIW), a real estate investment trust, reported a 10.5% fall in funds from operations in the second quarter, hurt by less land sales gain.

The company reported funds from operations of $32.5 million, or 54 cents a share, in the quarter, compared with $36.3 million, or 60 cents a share. FFO in the second quarter included a charge of 1 cent a share related to early extinguishment of debt. Analysts polled by Thomson First Call were expecting FFO of 59 cents a share.

The company earned $2.2 million, or 4 cents a share, in the quarter, compared with $3.7 million, or 7 cents a share, a year ago.

Second-quarter revenue rose 4.5% from a year ago to $105.8 million.

The company reaffirmed its guidance for full year FFO of $2.28 to $2.42 a share. Analysts are expecting funds from operations of $2.34 a share.