Highwoods Properties reported second-quarter earnings late Thursday that beat Wall Street estimates as the company ended the quarter with 90.7 percent of its portfolio occupied.
The Raleigh real estate investment trust reported funds from operations, a profitability measure for REITs, of 70 cents per share for the quarter, compared with the 60 cents per share the company reported in the second quarter of 2011.
That beat the consensus of Wall Street analysts by a penny.
Highwoods, the Triangle’s largest office landlord, leased 1 million square feet of space during the quarter. The company made $50.1 million in acquisitions during the quarter while selling $148 million in assets.
With the sales, Highwoods has reduced its ratio of debt plus preferred stock to gross assets to 43.7 percent, or about what it was before the company spent $300 million acquiring seven buildings in Atlanta and Pittsburgh.
The company's overall occupancy level was up from 89.8 percent during the second quarter of 2011.
Highwoods shares closed Thursday up 38 cents at $33.11. The stock is up 12 percent this year.