Highwoods Properties Inc. (NYSE:HIW) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are flat.
Highwoods Properties Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $0.68 in the quarter versus EPS of $0.70 in the year-earlier quarter.
Revenue: Rose 7.37% to $133.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Highwoods Properties Inc. reported adjusted EPS income of $0.68 per share. By that measure, the company met the mean analyst estimate of $0.68. It beat the average revenue estimate of $130.96 million.
Quoting Management: Ed Fritsch, President and CEO, stated, “2012 was a very productive year for Highwoods resulting in a 5.8% year-over-year increase in FFO per share, a strong performance. For the year, leasing volume was robust, average occupancy exceeded 90% and same property cash net operating income increased 3.6%. In addition, we further enhanced the quality of our portfolio through accretive acquisitions and non-core dispositions. Our concentration of core assets in the best business districts, a key aspect of our strategic plan, continues to grow and our results clearly reflect the success of this ongoing focus.”
Key Stats (on next page)…