Highwoods Properties Reports Q4 FFO in Line with Expectations
Raleigh, N.C. - Highwoods Properties Inc. (HIW) reported funds from operations (FFO) of $92.2 million, or 85 cents per share, for the fourth quarter, meeting Wall Street analysts' estimates.
Analysts' consensus estimate for FFO was 85 cents per share, as per Zacks Investment Research. FFO, a key profitability metric in the real estate investment trust (REIT) industry, adjusts net income for depreciation and amortization.
Despite a loss of $3.7 million (3 cents per share), Highwoods exceeded revenue expectations in the quarter. The company reported $205.5 million in revenue, surpassing the $204.2 million estimate provided by four analysts surveyed by Zacks.
For the full year, Highwoods generated FFO of $391.2 million and revenue of $825.9 million. The company projects full-year FFO for 2023 to be in the range of $3.26 to $3.44 per share.