RALEIGH, N.C. (AP) — RALEIGH, N.C. (AP) — Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Raleigh, North Carolina, said it had funds from operations of $106.7 million, or 99 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 91 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 $38 million, or 36 cents per share.
The real estate investment trust, based in Raleigh, North Carolina, posted revenue of $206.9 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $207.3 million.
For the year, the company reported funds from operations of $413.3 million. Revenue was reported as $834 million.
Highwoods Properties expects full-year funds from operations to be $3.46 to $3.64 per share.
_____
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