It has been about a month since the last earnings report for Highwoods Properties (HIW). Shares have added about 3.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Highwoods Properties due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Highwoods Q3 FFO & Revenues Top Estimates, NOI RisesHighwoods Properties third-quarter 2021 FFO per share of 96 cents surpassed the Zacks Consensus Estimate of 93 cents. Rental and other revenues of $195.5 million outpaced the Zacks Consensus Estimate of $192.2 million.Results reflect decent leasing activity as well as rent and same-property cash NOI growth.The FFO per share increased 11.6% to 96 cents, year over year, the rental and other revenues climbed 8% in the third quarter.Quarter in DetailHighwoods leased 672,000 square feet of second-generation office space in the third quarter, including 245,000 square feet of new leases. The in-place cash rent was up 2% per square foot on a year-over-year basis. At the end of the reported quarter, occupancy was 90.4%.Excluding the net impact of temporary rent deferral repayments, the same-property cash NOI increased 5.2% year over year.As of Sep 30, 2021, Highwoods had $27.9 million of cash and cash equivalents, down from $109.3 million reported as of Dec 31, 2020.During the quarter, the company closed the acquisition of office assets from Preferred Apartment Communities, Inc for $683 million.GuidanceHighwoods predicts 2021 FFO per share of $3.73-$3.76 compared with the $3.62-$3.73 estimated earlier.The same-property cash NOI for the current year is projected at 6-7%, while the year-end occupancy is estimated to be 90-91%. Dispositions are expected to be $87-$137 million for the year.How Have Estimates Been Moving Since Then?Fresh estimates followed an upward path over the past two months.VGM ScoresCurrently, Highwoods Properties has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookHighwoods Properties has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks 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): Free Stock Analysis Report To read this article on Zacks.com click here.