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RALEIGH, N.C. (AP) — RALEIGH, N.C. (AP) — Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its first 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 $96 million, or 89 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 90 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 $26.1 million, or 25 cents per share.
The real estate investment trust, based in Raleigh, North Carolina, posted revenue of $211.3 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $206.9 million.
Highwoods Properties expects full-year funds from operations to be $3.46 to $3.61 per share.
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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