Highwoods Properties Inc. (
reached a new 52-week high touching $39.08 almost at the end of
the trading session on Wednesday, Mar 13, 2013, as it gained
momentum after reporting a decent fourth quarter 2012 results.
The closing price of this real estate investment trust (REIT) on
Mar 13, 2013, was $39.01, representing a solid year-to-date
return of 16.3%. The average trading volume over the last 3
months was 0.9 million shares.
Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left given its strong estimate revisions
over the last 30 days.
Highwoods Properties reported mixed fourth quarter 2012 results
with core FFO standing in line and revenues beating the Zacks
Consensus Estimate. The successful implementation of its
strategic plan, which led to concentration of company's
properties in the high-growth Sun Belt markets, was the major
growth driver. Particularly, completion of EQT Plaza acquisition
in Pittsburgh - one of its core operating markets - strengthened
Highwoods Properties' footprints and expanded its market share to
On Feb 12, Highwoods Properties reported fourth quarter 2012 core
FFO (funds from operations) of 68 cents per share, in line with
the Zacks Consensus Estimate and lagged the year-ago quarter's
figure by a couple of cents. However, for full year 2012, core
FFO per share increased 5.8% year over year to $2.73 and was also
well ahead of the Zacks Consensus Estimate of $2.71. Though the
company benefited from decent leasing and portfolio restructuring
activity, a pressure on rent acted as a headwind.
Notably, Highwoods Properties has now delivered positive earnings
surprises in 4 straight quarters with an average beat of 2.24%.
Estimate Revisions Show Potency
Over the last 30 days, 4 estimates for 2013 have been revised
upward, lifting the Zacks Consensus Estimate to $2.75 per share.
On the other hand, 1 estimate for 2014 has also moved higher,
raising the Zacks Consensus Estimate to $2.84 per share.
Recently, a number of REITs reached 52-week high tip. This
CBRE Group (
, which reached 52-week high of $25.45 on Mar 12, 2013. Also, on
Duke Realty Corporation (
DDR Corp. (
reached 52-week highs of $16.65 and $17.74, respectively.
Note: Funds from operations, a widely accepted and reported
measure of REITs performance, are derived by adding
depreciation, amortization and other non-cash expenses to net
CBRE GROUP INC (CBG): Free Stock Analysis
DDR CORP (DDR): Free Stock Analysis Report
DUKE REALTY CP (DRE): Free Stock Analysis
HIGHWOODS PPTYS (HIW): Free Stock Analysis
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