Highwoods Properties, Inc.’s HIW fourth-quarter 2020 funds from operations (FFO) per share of 87 cents missed the Zacks Consensus Estimate of 88 cents. Also, the reported figure declined 4.4% from 91 cents recorded in the year-ago period.Results were impacted by a decline in rental income and occupancy. The company has also provided the outlook for 2021.Rental and other revenues of $179.9 million in the fourth quarter decreased 6.3% year over year. Moreover, the reported figure marginally missed the Zacks Consensus Estimate of $180.1 million.For 2020, Highwoods reported FFO per share of $3.58, up 7.5% from the prior year’s $3.33 but missing the Zacks Consensus Estimate of $3.60. Total revenues of $736.9 million were up 0.13% year over year.Regarding its rental receipts, management announced that it collected 99.7% of rents for the October-December quarter.Per Management, “In the midst of the COVID-19 pandemic, we focused on lowering operating expenses, collecting rents, shoring up lease renewals, selling non-core properties and increasing our liquidity.”Quarter in DetailHighwoods leased 466,000 square feet of second-generation office space in the fourth quarter, including 160,000 square feet of new leases. In-place office cash rent was up 4.6% on a year-over-year basis.At the end of the reported quarter, in-service occupancy was 90.3%.Excluding the negative impacts of the temporary rent deferral agreements, same-property cash net operating income (NOI) increased 1.6% year over year.As of Dec 31, 2020, Highwoods had $10.3 million of cash and cash-equivalents compared with $9.5 million reported as of Dec 31, 2019. The company exited the reported quarter with full availability of funds under its $600-MILLION credit facility and a net debt-to-adjusted EBITDAre ratio of 5.0X.In the fourth quarter, the company sold non-core office buildings in Memphis and Greensboro for $129.7 million.GuidanceHighwoods expects 2021 FFO per share of $3.50-$3.66. The Zacks Consensus Estimate for the same is pegged at $3.60.Same-property cash NOI is projected at 3-5% for 2021, while year-end occupancy is estimated to be 88.5-91.5%. Dispositions in 2021 are expected to be $100-$150 million, while acquisitions are likely to be up to $200 million.Highwoods currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Highwoods Properties, Inc. Price, Consensus and EPS Surprise Highwoods Properties, Inc. price-consensus-eps-surprise-chart | Highwoods Properties, Inc. QuoteWe now look forward to the earnings releases of other REITs like SBA Communications Corporation SBAC, PS Business Parks, Inc. PSB and Extra Space Storage EXR, whichare slated to report fourth-quarter earnings on Feb 22.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Highwoods Properties, Inc. (HIW): Get Free Report PS Business Parks, Inc. (PSB): Free Stock Analysis Report SBA Communications Corporation (SBAC): Free Stock Analysis Report Extra Space Storage Inc (EXR): Get Free Report To read this article on Zacks.com click here. Zacks Investment Research