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FFO in Line at Highwoods

TSC and IRIS Staff

Highwoods Properties(HIW Quote), a real estate investment trust, reported a 13.2% rise in funds from operations in the third quarter.

The company reported FFO of $32.8 million, or 53 cents a share, in the quarter, compared with $29 million, or 48 cents a share, a year ago. Adjusted FFO was $36.2 million, or 59 cents a share, in the latest quarter, in line with estimates.

The company earned $4.8 million, or 9 cents a share, in the quarter, compared with $11.9 million, or 22 cents a share, a year ago. Third-quarter revenue rose 6.2% from a year ago to $106.3 million, more than $3 million ahead of expectations.

Excluding various items, full-year funds from operations should be $2.42 to $2.44 a share, compared with FFO of $2.28 to $2.42 a share forecast earlier. Analysts are expecting funds from operations of $2.33 a share.