Highwoods Properties (HIW) Q2 FFO Top Estimates

Core Viewpoint - Highwoods Properties reported a quarterly FFO of $0.98 per share, exceeding the Zacks Consensus Estimate of $0.90 per share, indicating a positive performance trend in the real estate investment trust sector [7]. Financial Performance - Highwoods Properties generated revenues of $204.74 million for the quarter ended June 2024, which was 1.96% below the Zacks Consensus Estimate and a decrease from $207.29 million in the same quarter last year [2]. - The company has surpassed consensus revenue estimates twice in the last four quarters [2][8]. - The current consensus FFO estimate for the upcoming quarter is $0.90 on revenues of $207.78 million, and for the current fiscal year, it is $3.56 on revenues of $836.97 million [5]. Stock Performance - Highwoods Properties shares have increased approximately 22.6% since the beginning of the year, outperforming the S&P 500's gain of 16.7% [3]. - The stock currently holds a Zacks Rank of 3 (Hold), suggesting it is expected to perform in line with the market in the near future [11]. Industry Context - The REIT and Equity Trust - Other industry is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [12]. - The performance of Highwoods Properties may be influenced by the overall industry outlook, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [12].