Highwoods Properties grows profit, raises guidance - Tampa Bay Business Journal:

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The Raleigh, N.C.-based real estate investmengt trust, which has holdings in Tampa, postex FFO of $42.3 million, or 69 cent per diluted share, up from $35.6 or 58 cents per diluted share, in the same periodf last year. Analysts polled by had on average, FFO of 66 cents per diluted share for Highwoods in the quarter endeedJune 30. FFO is the preferred measure of profitabilityfor REITs. Highwoods’ net incomwe of $12.1 million, or 21 cents per diluted increased more than threefoldfrom $4 million, or 7 centws per diluted share, in the year-agoi quarter. The company’s office buildings were 91.
1 percent occupied on June 30, and 66 percengt of its $336 million development pipelinewas pre-leased as of that “Our company is stronger todayu than it was four years ago,” CEO Ed Fritschb said in a media release. “We have transformed our portfolio and strengthened our balance We have no remaining debt maturities this yearand $155 million of high coupon debt maturing in Because of its strong performance, Highwoodse (NYSE: HIW) raised its FFO 2008 guidancre to a range of $2.70 to $2.78 per dilute d share from $2.60 to In Tampa, the REIT owns Highwoods Bay Center I and Harbout Place.