Highwoods Properties, Inc. (HIW) has reported a 23.95 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $26 million, or $0.25 a share in the quarter, compared with $20.98 million, or $0.21 a share for the same period last year.
Revenue during the quarter grew 4.70 percent to $167.65 million from $160.13 million in the previous year period.
Total expenses were $124.60 million for the quarter, up 2.53 percent or $3.07 million from year-ago period. Operating margin for the quarter expanded 157 basis points over the previous year period to 25.68 percent.
Operating income for the quarter was $43.04 million, compared with $38.60 million in the previous year period.
Revenue from real estate activities during the quarter increased 4.70 percent or $7.52 million to $167.65 million.
Ed Fritsch, president and chief executive officer, stated, "2016 was a very strong year for Highwoods. We improved the quality of our portfolio with $892 million of total capital recycling and investment activity, significantly de-levered our balance sheet and returned capital to our shareholders, all while delivering strong net income and FFO per share growth. This volume of work will further benefit the Company in the years to come.
Net receivables were at $26.20 million as on Dec. 31, 2016, down 15.94 percent or $4.97 million from year-ago.
Debt comes down
Total debt was at $1,948.05 million as on Dec. 31, 2016, down 21.82 percent or $543.77 million from year-ago. Shareholders equity stood at $2,154.32 million as on Dec. 31, 2016, up 33.04 percent or $535.03 million from year-ago. As a result, debt to equity ratio went down 63 basis points to 0.90 percent in the quarter.
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