Highwoods Properties reported first-quarter earnings late Tuesday that narrowly beat Wall Street estimates.
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 61 cents per share the company reported in the first quarter of 2011.
That beat the consensus of Wall Street analysts by two cents.
Highwoods leased 990,000 square feet of second-generation office space in the quarter, a 19 percent increase from the same period in 2011.
The company’s portfolio was 90.2 percent occupied, up from 89.4 percent in the same period a year ago.
Net income for the quarter was $16.7 million, or 23 cents per diluted share, compared to $10.1 million, or 14 cents per diluted share during the first quarter of 2011.
Highwoods, the Triangle’s largest office landlord, owns 5.1 million square feet of space in the region. Its entire portfolio includes 34.5 million square feet of office, industrial and retail.
Highwoods shares closed up 16 cents at $34.89 on Tuesday. The stock is up 18 percent this year.