Highwoods Properties Q1 Profit Drops

(RTTNews) - Highwoods Properties Inc. (HIW) reported that its net income available for common stockholders for the first quarter of 2021 dropped to $54.5 million or $0.52 per share from $185.5 million or $1.79 per share last year. The prior year result included $1.43 per share of gains on disposition of depreciable properties.

Funds from operations available for common stockholders was $97.5 million, or $0.91 per share, for the first quarter of 2021.

Rental and other revenues for the quarter declined to $183.81 million from $192.80 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share and revenues of $181.09 million for the quarter. Analysts' estimates typically exclude special items.

The company has updated its full year 2021 FFO outlook to $3.54 to $3.66 per share, which compared to the prior range of $3.50 to $3.66 per share.