Highwoods Properties, Inc.’s (HIW - Free Report) third-quarter 2021 funds from operations (FFO) per share of 96 cents surpassed the Zacks Consensus Estimate of 93 cents. Rental and other revenues of $195.5 million outpaced the Zacks Consensus Estimate of $192.2 million.
Decent leasing activity as well as rent and same-property cash net operating income (NOI) growth aided the company.
As the FFO per share increased 11.6% to 96 cents, year over year, the rental and other revenues climbed 8% in the third quarter.
Quarter in Detail
Highwoods leased 672,000 square feet of second-generation office space in the third quarter, including 245,000 square feet of new leases. The in-place cash rent was up 2% per square foot on a year-over-year basis. At the end of the reported quarter, occupancy was 90.4%.
Excluding the net impact of temporary rent deferral repayments, the same-property cash NOI increased 5.2% year over year.
As of Sep 30, 2021, Highwoods had $27.9 million of cash and cash equivalents compared with the $109.3 million reported as of Dec 31, 2020.
The company closed the acquisition of office assets from Preferred Apartment Communities, Inc for $683 million.
Guidance
Highwoods predicts 2021 FFO per share of $3.73-$3.76 compared with the $3.62-$3.73 estimated earlier. The Zacks Consensus Estimate for the same is pegged at $3.71.
The same-property cash NOI for the current year is projected at 6-7%, while the year-end occupancy is estimated to be 90-91%. Dispositions are expected to be $87-$137 million.
Highwoods currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We now look forward to the earnings releases of other REITs like CyrusOne Inc. scheduled for Oct 28, Apple Hospitality REIT (APLE - Free Report) and CubeSmart (CUBE - Free Report) slated for Nov 4.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Highwoods Properties, Inc.’s (HIW - Free Report) third-quarter 2021 funds from operations (FFO) per share of 96 cents surpassed the Zacks Consensus Estimate of 93 cents. Rental and other revenues of $195.5 million outpaced the Zacks Consensus Estimate of $192.2 million.
Decent leasing activity as well as rent and same-property cash net operating income (NOI) growth aided the company.
As the FFO per share increased 11.6% to 96 cents, year over year, the rental and other revenues climbed 8% in the third quarter.
Quarter in Detail
Highwoods leased 672,000 square feet of second-generation office space in the third quarter, including 245,000 square feet of new leases. The in-place cash rent was up 2% per square foot on a year-over-year basis. At the end of the reported quarter, occupancy was 90.4%.
Excluding the net impact of temporary rent deferral repayments, the same-property cash NOI increased 5.2% year over year.
As of Sep 30, 2021, Highwoods had $27.9 million of cash and cash equivalents compared with the $109.3 million reported as of Dec 31, 2020.
The company closed the acquisition of office assets from Preferred Apartment Communities, Inc for $683 million.
Guidance
Highwoods predicts 2021 FFO per share of $3.73-$3.76 compared with the $3.62-$3.73 estimated earlier. The Zacks Consensus Estimate for the same is pegged at $3.71.
The same-property cash NOI for the current year is projected at 6-7%, while the year-end occupancy is estimated to be 90-91%. Dispositions are expected to be $87-$137 million.
Highwoods currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We now look forward to the earnings releases of other REITs like CyrusOne Inc. scheduled for Oct 28, Apple Hospitality REIT (APLE - Free Report) and CubeSmart (CUBE - Free Report) slated for Nov 4.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Buy 5 Stocks BEFORE Election Day
Biden or Trump? Zacks is releasing a FREE Special Report, Profit from the 2024 Presidential Election (no matter who wins).
Since 1950, presidential election years have been strong for the market. This report names 5 timely stocks to ride the wave of electoral excitement.
They include a medical manufacturer that gained +11,000% in the last 15 years… a rental company absolutely crushing its sector… an energy powerhouse planning to grow its already large dividend by 25%... an aerospace and defense standout that just landed a potentially $80 billion contract… and a giant chipmaker building huge plants in the U.S.
Don’t Wait. Download FREE >>
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