Highwoods Properties Q2 Profit Declines, But Beats Estimates

(RTTNews) - Highwoods Properties, Inc. (HIW) on Tuesday posted lower third-quarter income, which, however, beat the Street estimates. The company also lifted its full year 2022 FFO outlook.

In the third quarter, the company's net income declined to $38.3 million, or $0.36 per share from $72.1 million, or $0.69 per share in the same period last year. On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share in the quarter.

Funds from operations was $111.6 million, or $1.04 per share, for the third quarter of 2022, higher than $102.8 million, or $0.96 per share, in the third quarter of last year.

Rental and other revenues climbed to $207.0 million from $195.5 million a year ago.

Looking ahead, the Company updated its full year 2022 FFO outlook to $4.02 to $4.04 per share, from the earlier range of $3.92 to $4.00 per share. This raise was due to the impact of higher anticipated interest rates and the early repayment in the fourth quarter of the January 2023 unsecured notes.