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 matched Wall Street expectations.
The Raleigh, North Carolina-based real estate investment trust said it had funds from operations of $94 million, or 84 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 84 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 $31.4 million, or 29 cents per share.
The real estate investment trust, based in Raleigh, North Carolina, posted revenue of $214 million in the period.
Highwoods Properties expects full-year funds from operations to be $3.40 to $3.68 per share.
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