Highwoods Properties Q1 FFO Rises; Cuts FY FFO/shr Outlook

(RTTNews) - Highwoods Properties Inc. (HIW) reported that its funds from operations available for common stockholders for the first quarter of 2020 rose to $98.8 million or $0.93 per share, from $76.5 million or $0.72 per share in the first quarter of 2019.

Net income available for common stockholders was $185.5 million or $1.79 per share compared to $7.3 million or $0.07 per share last year.

Rental and other revenues grew to $192.80 million from $172.36 million in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share and revenues of $187.44 million. Analysts' estimates typically exclude special items.

The company now expects FFO per share for the full year 2020 to be in the range of $3.55 to $3.68, excluding potential lost rental revenues and non-cash straight line rent credit losses due to COVID-19. Previously, it expected FFO per share to be in the range of $3.60 to $3.72.