Highwoods Properties Raises Lower End Of FY18 FFO Outlook - Quick Facts

(RTTNews) - Highwoods Properties, Inc. (HIW) announced the company has updated its 2018 FFO outlook to $3.37 to $3.47 per share from $3.35 to $3.47 per share. For the first quarter of 2018, FFO was $90.7 million, or $0.85 per diluted share, compared to FFO of $83.4 million, or $0.80 per diluted share, for the first quarter of 2017.

Ed Fritsch, President and CEO, stated, "Our financial and operating performance was strong during the quarter. FFO per share was up 7% compared to the prior year and same property cash NOI increased 2.9%. We leased 857,000 square feet of second generation office space with net effective rents 9.0% higher than our prior five-quarter average. We achieved robust GAAP and cash rent spreads of +19.7% and +4.6%, respectively. Our first quarter performance and solid business conditions position us to raise the lower end of our full-year FFO outlook."