Highwoods Properties: 3Q Earnings Snapshot
RALEIGH, N.C. (AP) _ Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The Raleigh, North Carolina-based real estate investment trust said it had funds from operations of $91.7 million, or 86 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 88 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $40.3 million, or 39 cents per share.
The real estate investment trust posted revenue of $181 million in the period.
Highwoods Properties expects full-year funds from operations in the range of $3.59 to $3.61 per share.
The company's shares have decreased 36% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $31.17, a decline of 32% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HIW at https://www.zacks.com/ap/HIW
