Highwoods Properties Q2 FFO Beats View; Lifts Low End Of 2014 FFO Outlook

(RTTNews) - Highwoods Properties Inc. (HIW) reported second-quarter net income available for stockholders of $22.71 million or $0.25 per share, down from $27.52 million or $0.33 per share in the year-ago period. The year-ago quarter's results included $0.15 per share in gains from the disposition of non-core assets.

However, funds from operations available for stockholders were $74.56 million or $0.80 per share for the quarter, up from $60.65 million or $0.70 per share in the year-ago period.

On average, eleven analysts polled by Thomson Reuters expected the company to report earnings per share of $0.73 for the quarter. Analysts' estimates typically exclude special items.

Rental and other revenues increased year-over-year to $152.72 million from $132.62 million in the same period last year. Analysts expected revenue of $149.72 million for the quarter.

Looking ahead to fiscal 2014, the company raised the low end of its FFO outlook, citing strong leasing. The company now forecasts FFO in a range of $2.88 to 2.94 per share, compared to the prior range of $2.86 to $2.94 per share. Analysts expect the company to report earnings of $2.90 per share for the year.