Highwoods Reaffirms Guidance

Occupancy rises.
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Highwoods Properties

(HIW) - Get Report

, a real estate investment trust, said Monday the total occupancy in its wholly-owned portfolio increased 400 basis points to 88.1% at the end of second quarter.

Occupancy in the company's office portfolio, which contributes 82% of annual revenue, increased 360 basis points.

The company reaffirmed its guidance for 2006 FFO of $2.28 a share to $2.42 a share. Analysts polled by Thomson First Call are expecting FFO of $2.33 a share for 2006.

The company's development pipeline is now $361 million.

"We had a solid second quarter with almost two million square feet of second generation office and industrial space leased. Our development pipeline currently stands at a robust $361 million and includes 18 projects in 11 markets," the company said.

Straight-line rental rates for signed office leases increased 1.8% from straight line rental rates under the previous leases, ahead of the company's 2006 expectations.

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