Highwoods Properties reported third-quarter earnings late Tuesday that beat Wall Street estimates as the company leased 1.7 million square feet of office space in the quarter.
The Raleigh real estate investment trust reported funds from operations, a profitability measure for REITs, of 71 cents per share for the quarter. That beat Wall Street analysts' consensus by a penny.
Highwoods acquired $316 million in office properties during the quarter while selling $103 million in assets. The company also signed $110 million in build-to-suit leases during the quarter and raised $183 million in new equity.
So far this year Highwoods has completed $1.3 billion in capital transactions, the most in a single year since 2005.
Never miss a local story.
“With $529 million of investment activity in the quarter, we continued to upgrade the quality of our portfolio through acquisitions and developments,” CEO Ed Fritsch said in a statement.
The company ended the second quarter with an occupancy rate of 90 percent, unchanged from the previous quarter. Among the development projects announced in the quarter is a new $35.8 million office building at Highwood’s GlenLake Park in Raleigh.
Earlier Tuesday, Highwoods shares closed at $38.37, down 11 cents. The stock is up nearly 15 percent this year.