Highwoods Properties, Inc. Q2 2010 Earnings Call Transcript
Such statements are subject to various risks and uncertainties. Actual results could materially differ from those currently anticipated due to a number of factors, including those identified at the bottom of yesterday's release and those identified in the company's Annual Report on Form 10-K for the year ended December 31, 2009, and subsequent reports filed with the SEC.
The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. During this call, we will also discuss non-GAAP financial measures, such as FFO and NOI. Definitions of FFO and NOI and an explanation of management's view of the usefulness and risks of FFO and NOI can be found towards the bottom of yesterday's release and are also available on the Investor Relations section of the web at highwoods.com.
I'll now like to turn the call over to Ed Fritsch.
Ed FritschGood afternoon, thank you for joining us today. Before discussing our quarterly results, I'll make a few comments about the economic environment. Given the volume of highly-publicized, conflicting data on the U.S. and global economy, such as recovery versus double debt, it's hard for anyone to know what to expect over the next 6, 12, 18 months. Clearly most indicators suggest that it will take a while for economy to return to sustain growth.Here's what we do know. The important picture is not getting worse, the extent of home foreclosures is more quantifiable, expense inflation is being contained, interest rates are still very low and equity is plentiful. Given the remaining economic, political and regulatory uncertainties, it's hard to say when conditions are going to materially improve, but it appears conditions are not continuing in the trend of being worse today than they were six months ago.Despite this uncertain environment, given our progress to the first half of the year, and our projections for the remainder of the year, we have updated our 2010 FFO guidance. We raised the bottom end by $0.09 to $2.40 and lower the top end by a $0.01to $2.48 per share.
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