Highwoods Properties, Inc. (NYSE:HIW) Q3 2024 Earnings Conference Call October 23, 2024 11:00 AM ET
Company Participants
Hannah True - Manager, Finance and Corporate Strategy
Ted Klinck - President & CEO
Brian Leary - EVP & COO
Brendan Maiorana - EVP & CFO
Conference Call Participants
Blaine Heck - Wells Fargo
Ronald Kamdem - Morgan Stanley
Robert Stevenson - Janney
Michael Griffin - Citigroup
Nicholas Thillman - Baird
Peter Abramowitz - Jefferies
Dylan Burzinski - Green Street
Operator
Good morning. Thank you for joining today's Highwoods Properties Q3 2024 Earnings Call. My name is Cole, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions-and-answers at the end. [Operator Instructions]
I'd now like to pass the call over to Hannah True, Manager of Finance and Corporate Strategy. Please go ahead.
Hannah True
Thank you, operator, and good morning, everyone. Joining me on the call this morning are Ted Klinck, our Chief Executive Officer; Brian Leary, our Chief Operating Officer; and Brendan Maiorana, our Chief Financial Officer. For your convenience, today's prepared remarks have been posted on the web. If you have not received yesterday's earnings release or supplemental, they're both available on the Investors section of our website at highwoods.com.
On today's call, our review will include non-GAAP measures such as FFO, NOI and EBITDAre. The release and supplemental include a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. Forward-looking statements made during today's call are subject to risks and uncertainties. These risks and uncertainties are discussed at length in our press releases as well as our SEC filings. As you know, actual events and results can differ materially from these forward-looking statements, and the company does not undertake a duty to update any forward-looking statements.
With that, I'll turn the call over to Ted.
Ted Klinck
Thanks, Hannah, and good morning, everyone. We reported excellent operating and financial performance once again in the third quarter. For the first three quarters of 2024, we have delivered financial results that are ahead of our initial expectations, while building the foundation to drive sustainable growth over the long term.
First, our bottom line financial results this year continue to be better than we originally anticipated back in February. During the quarter, we delivered FFO of $0.90 per share and generated strong cash flows. At the midpoint, our FFO outlook is up $0.06 per share since the beginning of the year, including $0.03 increase this quarter. And this is even with interest rates higher than forecast, and $84 million of non-core dispositions that were not included in our original outlook.