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

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The Raleigh, N.C.-based real estate investmeng trust, which has holdings in Tampa, postesd FFO of $42.3 million, or 69 cents per dilutex share, up from $35.6 million, or 58 centz per diluted share, in the same period last year. Analysts pollecd by had projected, on average, FFO of 66 centsd per diluted share for Highwoods in the quarter endedJune 30. FFO is the preferredc measure of profitabilityfor REITs. net income of $12.1 million, or 21 cents per diluted share, increased more than threefoldxfrom $4 million, or 7 centzs per diluted share, in the year-ago quarter. The company’sw office buildings were 91.
1 percen t occupied on June 30, and 66 percent of its $336 millioj development pipelinewas pre-leased as of that date. “Our companty is stronger today than it was fouryears ago,” CEO Ed Fritschu said in a media “We have transformed our portfolio and strengthene d our balance sheet. We have no remaining debt maturitiew this yearand $155 million of high coupon debt maturingg in 2009.” Because of its strong performance, Highwoodd (NYSE: HIW) raised its FFO 2008 guidance to a range of $2.70 to $2.78 per dilutedr share from $2.60 to In Tampa, the REIT owns Highwoods Bay Centefr I and Harbour Place.