Highwoods Properties Q1 FFO Down; Updates 2024 FFO/shr Outlook

(RTTNews) - Highwoods Properties Inc. (HIW) reported that its first quarter funds from operations available for common stockholders declined to $96.0 million or $0.89 per share, from $105.7 million or $0.98 per share in the prior year.

Net income available for common stockholders was $26.1 million or $0.25 per share, compared to $43.8 million, or $0.42 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the first quarter. Analysts' estimates typically exclude special items.

Rental and other revenues for the first quarter declined to $211.28 million from $212.75 million in the prior year. Analysts expected revenue of $206.78 million for the quarter.

The company updated its full year 2024 funds from operations outlook to $3.46 to $3.61 per share, which compared to the prior range of $3.46 to $3.64 per share. The company's updated 2024 outlook includes $0.03 per share dilutive impact from dispositions closed since the date of the prior earnings release and higher anticipated interest rates, partially offset by $0.015 per share in higher projected Net operating income.

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