Highwoods Reports Profits, Restatements

Highwoods Properties Inc., a real estate investment trust based in Raleigh, N.C., has reported net income of $13.8 million ($0.16 per share) for the third quarter and announced the filing of restated financial results for the years 2001-2003 and the first quarter of 2004.The cumulative effect of the restatements was a reduction of aggregate net income by $17.1 million ($0.32 per share), which represented approximately 6.1% of total net income during the period, the REIT said. The restatements related to, among other things, the accounting for certain real estate transactions between 1999 and 2003, reclassifications related to discontinued operations, the accounting for minority interest in the REIT's operating partnership, and the accounting for a debt retirement transaction in early 2003, Highwoods said. The company can be found on the Web at http://www.highwoods.com.