Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Monday, June 05, 2006
Highwoods Explains Variances
Highwoods Properties (NYSE:HIW) plays some word games with there recent press release. The critical Funds From Operations (FFO) was lower than guidance which had been issued as recently as the end of Feb. Suddenly they have some impairment costs and costs related to extinguishing a pref share issue. Surely this could have been foreseen and identified in advance.