Highwoods Properties ( HIW - Get Report) reaffirmed its guidance for 2006 funds from operations of $2.28 to $2.42 a share.

Analysts polled by Thomson First Call were expecting FFO of $2.36 a share for 2006.

Highwoods Properties, which is in the process of restating its earnings, said it continues to expect to report FFO of $2.39 to $2.42 a share for full year 2005, excluding property impairments and the preferred stock redemption charge.

It said that the company's 2005 10-Qs and 2005 Form 10-K will be completed and filed with the Securities and Exchange Commission by the end of June 2006.

Total occupancy in the company's wholly-owned portfolio increased 390 basis points to 87.7% in the first quarter. The occupancy of office portfolio, which contributes 82% of annual revenue, increased 480 basis points from a year ago period, helped by strong leasing activity and the sale of lower performing, non-core properties.

Second generation leasing activity in Highwoods' portfolio totaled about 1.3 million square feet, including 944,000 square feet of office space in the first quarter.

The company's wholly-owned development pipeline at March 31, 2006, was $198 million and included 11 projects encompassing 1.5 million square feet that were 54.2% pre-leased.

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