Raleigh-based Highwoods Properties reported first-quarter earnings late Tuesday that beat Wall Street estimates.
The real estate investment trust reported funds from operations, a profitability measure for REITs, of 82 cents per share, compared with 72 cents during the same period a year ago.
That was above the 78 cents that was the consensus of Wall Street analysts who cover the company, according to Bloomberg.
Highwoods portfolio was 92.7 percent leased in the quarter, up from 91.9 percent during the first quarter of 2015.
Highwoods, the largest office landlord in the Triangle, maintained its outlook for the year of FFO of between $3.18 and $3.30 per share.
The company has $490 million in new projects in its development pipeline. Those projects encompass 1.6 million square feet that is 67 percent pre-leased.
Ed Fritsch, Highwoods CEO, said in a statement that the REIT leased 902,000 square feet of second-generation space in the first quarter at an average lease term of 6.5 years. Rents for that space was 5.9 percent higher than the company’s previous five-quarter average.
Earlier Tuesday, Highwoods shares closed at $47.41, up 28 cents. The stock is up nearly 9 percent this year.