Compared to Estimates, Highwoods Properties (HIW) Q3 Earnings: A Look at Key Metrics

Core Viewpoint - Highwoods Properties reported a slight decline in revenue for Q3 2024, but showed a significant increase in earnings per share compared to the previous year [1]. Financial Performance - Revenue for the quarter ended September 2024 was $204.32 million, down 1.3% year-over-year [1]. - Earnings per share (EPS) was reported at $0.90, a significant increase from $0.21 in the same quarter last year [1]. - The revenue reported was a surprise of -0.49% compared to the Zacks Consensus Estimate of $205.32 million [1]. - The EPS exceeded the consensus estimate of $0.88, resulting in a surprise of +2.27% [1]. Key Metrics - Lease termination fees, net, were $0.18 million, down 48.8% year-over-year, compared to the average estimate of $0.31 million [1]. - Contractual rents, net, were $175.83 million, slightly above the average estimate of $174.62 million, representing a year-over-year increase of +0.6% [1]. - Other miscellaneous operating revenues were $10.20 million, below the average estimate of $10.91 million, with a year-over-year change of -0.8% [1]. - Cost recoveries billed under lease arrangements, net, were $16.23 million, below the average estimate of $17.19 million, reflecting a year-over-year decline of -4.4% [1]. - Straight-line rental income, net, was $1.88 million, significantly lower than the estimated $3.11 million, representing a -59.1% change year-over-year [1]. - Net Earnings Per Share (Diluted) was $0.14, below the average estimate of $0.17 [1]. Stock Performance - Highwoods Properties shares have returned +5.9% over the past month, outperforming the Zacks S&P 500 composite's +2.8% change [2]. - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2].