Highwoods Properties Inc. on Tuesday reported lower profits for both the fourth-quarter and full year compared with 2013’s results.
The Raleigh, N.C. company, which owns the Country Club Plaza shopping, entertainment and office district in Kansas City, earned $21.9 million in the three months that ended Dec. 31. That’s down from net income of $29.7 million in the fourth quarter of 2013.
For the year, Highwoods earned $108.4 million, down from $122.9 million a year earlier.
Ed Fritsch, Highwoods’ president and chief executive officer, called 2014 a “solid” year for the real estate development company. “We are benefitting from more positive economic conditions, particularly in the southeast,” Fritsch said.
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