Highwoods Properties, the biggest suburban office landlord in the Southeast, reported second-quarter financial results that topped expectations of Wall Street analysts.
The Raleigh real estate investment trust reported funds from operations, profitability measure for REITs, of 70 cents per share during the three months ending June 30. That's 2 cents more than during the same period last year, and 5 cents above the average estimate of analysts who follow the company.
“We were pleased with our second quarter results and continue to benefit from recently delivered, well-leased development projects as well as improved operating efficiencies across our portfolio," Ed Fritsch, Highwoods' chief executive, said in a statement. "... We further strengthened our balance sheet, disposed of older, non-core assets and continued to benefit from lower ... expenses.”
The results were released today after regular trading on the New York Stock Exchange. Highwoods shares fell 10 cents to close at $24.04.