RALEIGH, N.C. (AP) — RALEIGH, N.C. (AP) — Highwoods Properties Inc. (HIW) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Raleigh, North Carolina, said it had funds from operations of $97.7 million, or 89 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 85 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 $18.3 million, or 17 cents per share.
The real estate investment trust, based in Raleigh, North Carolina, posted revenue of $200.6 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $201.4 million.
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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
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