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Here's What Key Metrics Tell Us About Highwoods Properties (HIW) Q1 Earnings

Zacks Equity Research
·2-min read

For the quarter ended March 2024, Highwoods Properties (HIW) reported revenue of $211.28 million, down 0.7% over the same period last year. EPS came in at $0.89, compared to $0.42 in the year-ago quarter.

The reported revenue represents a surprise of +2.09% over the Zacks Consensus Estimate of $206.95 million. With the consensus EPS estimate being $0.90, the EPS surprise was -1.11%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how Highwoods Properties performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Occupancy: 88.5% versus 88.7% estimated by two analysts on average.

  • Rental and other revenues- Lease termination fees, net: $0.53 million versus $0.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -18.1% change.

  • Rental and other revenues- Contractual rents, net: $175.19 million versus $176.15 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +0.4% change.

  • Rental and other revenues- Other miscellaneous operating revenues: $11 million versus $9.84 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.4% change.

  • Rental and other revenues- Cost recoveries billed under lease arrangements, net: $21.22 million versus $17.42 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +16.3% change.

  • Rental and other revenues- Straight-line rental income, net: $3.34 million compared to the $3.46 million average estimate based on two analysts. The reported number represents a change of -61.9% year over year.

  • Net Earnings Per Share (Diluted): $0.25 versus the four-analyst average estimate of $0.15.

View all Key Company Metrics for Highwoods Properties here>>>

Shares of Highwoods Properties have returned -1.7% over the past month versus the Zacks S&P 500 composite's -4.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Zacks Investment Research