Highwoods Properties reports Q2 FFO 98c, consensus 90c

Reports Q2 Increase average in-place cash rents 4.8% per square foot year-over-year; Ended the quarter with in-service occupancy of 88.5%; Second Generation Leasing Activity: Leased 909,000 square feet, including 352,000 square feet of new leases, Achieved dollar-weighted average term of 6.0 years, Delivered GAAP rent growth of +9.4% and cash rent growth of -3.4%… Our financial performance was also strong with FFO of 98 cper share and healthy same property cash…NOI growth of 3.3%, while our cash flows continue to be resilient even with the impact of higher interest rates. Our excellent first half financial performance combined with improved leasing volumes has given us the confidence to increase our FFO outlook by over 4c per share at the midpoint. Plus, our balance sheet is in excellent shape with low leverage and no debt maturities until mid-2026, which positions us to capitalize on future growth opportunitie