Highwoods Properties CEO Discusses Q3 2010 Results - 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 the 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 toward the bottom of yesterday's release and are also available on the investor relations section of the web.
Thank you. And I'll now turn the call over to Ed Fritsch.Ed Fritsch Thanks Tabitha. Good morning and thank you everyone for joining us today. We had a solid quarter on a number of fronts and 2010 and is proving to be a good year for our company. At the outset of the year we forecasted FFO to be 231 to 249 per share. Through the year we've tightened guidance to the range of 244 to 246 with the midpoint increasing from 240 at the start of the year to 245 and this includes the dilative impact of the non core sales we closed earlier this year. Our team has performed well in a number of sectors, particularly with respect to leasing volume, cost control and portfolio improvement. Our operating fundamentals, while still clearly challenging have been somewhat better than we originally anticipated. Leasing volume was again strong with 1.4 million square feet leased in the quarter and for the first time in three years we leased over a million square feet of second gen office space in a single quarter. Total office leasing for the first nine months of 2010 was respectable at 2.8 million square feet, compared to 1.8 million square feet for the first nine months of 2009, a 56% increase.
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