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Highwoods logs 7.6% YOY gain in FY'17 FFO, boosts Q4'17 dividend 5.1%

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Highwoods logs 7.6% YOY gain in FY'17 FFO, boosts Q4'17 dividend 5.1%

Highwoods Properties Inc. logged a 7.6% year-over-year gain in funds from operations available for common stockholders for the full year 2017 and boosted its cash dividend for the fourth quarter of 2017 by 5.1%.

The office real estate investment trust disclosed FFO for the full year of $357.5 million, or $3.39 per share, compared with $332.3 million, or $3.28 per share, a year earlier.

FFO for the fourth quarter rose to $88.7 million, or 84 cents per share, from $84.6 million, or 82 cents per share, in the 2016 fourth quarter.

The S&P Capital IQ consensus FFO-per-share estimate for the fourth quarter was 83 cents. For the full year, the S&P Capital IQ consensus estimate for FFO was $3.38 per share.

Highwoods Properties expects FFO per share for 2018 in the range of $3.35 to $3.47.

The S&P Capital IQ consensus FFO-per-share estimate for the year is $3.45.

Separately, the company said it purchased two development parcels aggregating nine acres in the Gulch area of the Nashville, Tenn., central business district for a combined $50.3 million, which it financed with 1031 exchange funds held in escrow.

The parcels are zoned and entitled to future office development totaling 1.2 million square feet. The company plans a build-to-suit office project spanning roughly 479,000 square feet on one of the parcels, at Church Street and 11th Avenue North. Technology solutions provider Asurion will anchor the project, which has an estimated total cost of $252 million.

Hudson Properties expects construction to start in the first quarter of 2019, with completion slated for the third quarter of 2021, subject to the signing of a definitive lease agreement with Asurion.

The company's board declared a cash dividend of 46.25 cents per common share for the quarter ended Dec. 31, 2017, up 5.1% over its previous quarterly payout.

The dividend is payable March 6 to stockholders of record as of Feb. 20.