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HIW

Highwoods Properties, Inc.

HIW

Highwoods Properties, Inc. • NYSE
$27.80 ▼ -0.29% (-0.08)
Market Cap $2.99 B
52w High $32.76
52w Low $24.19
Dividend Yield 2.00%
P/E 24.17
Volume 503.01K
Outstanding Shares 107.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $201.773M ▲ $82.893M ▼ $13.453M ▼ 6.667% ▼ $0.12 ▼ $126.08M ▼
Q2-2025 $200.6M ▲ $84.998M ▲ $18.856M ▼ 9.4% ▼ $0.17 ▼ $131.565M ▼
Q1-2025 $200.383M ▼ $83.862M ▲ $98.07M ▲ 48.941% ▲ $0.91 ▲ $208.047M ▲
Q4-2024 $206.794M ▲ $10.149M ▼ $-3.108M ▼ -1.503% ▼ $-0.029 ▼ $115.726M ▼
Q3-2024 $204.323M $89.014M $15.18M 7.429% $0.14 $132.057M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $26.262M ▲ $6.139B ▲ $3.689B ▲ $2.382B ▲
Q2-2025 $21.193M ▲ $6.059B ▼ $3.616B ▲ $2.372B ▼
Q1-2025 $20.107M ▼ $6.075B ▲ $3.596B ▼ $2.411B ▲
Q4-2024 $22.412M ▼ $6.029B ▲ $3.598B ▲ $2.361B ▲
Q3-2024 $23.65M $6.028B $3.591B $2.361B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.707M ▼ $96.668M ▼ $-157.198M ▼ $62.265M ▲ $1.735M ▲ $96.668M ▼
Q2-2025 $19.221M ▼ $116.531M ▲ $-54.947M ▼ $-61.09M ▼ $494K ▼ $116.531M ▲
Q1-2025 $100M ▲ $46.324M ▼ $-27.209M ▲ $-13.278M ▼ $5.837M ▲ $46.324M ▼
Q4-2024 $-3.198M ▼ $103.726M ▲ $-97.472M ▲ $-6.51M ▼ $-256K ▲ $103.726M ▲
Q3-2024 $15.469M $97.493M $-149.003M $48.638M $-2.872M $97.493M

Revenue by Products

Product Q2-2020Q3-2020Q4-2020Q3-2025
Atlanta GA
Atlanta GA
 $0 ▲$0 ▲$0 ▲$40.00M ▲
Charlotte NC
Charlotte NC
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Nashville TN
Nashville TN
 $0 ▲$0 ▲$0 ▲$40.00M ▲
Orlando FL
Orlando FL
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Raleigh NC
Raleigh NC
 $0 ▲$0 ▲$0 ▲$50.00M ▲
Richmond VA
Richmond VA
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Tampa FL
Tampa FL
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Office Charlotte NC
Office Charlotte NC
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Office Nashville TN
Office Nashville TN
 $30.00M ▲$30.00M ▲$30.00M ▲$0 ▼
Office Orlando FL
Office Orlando FL
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Office Pittsburgh PA
Office Pittsburgh PA
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Office Raleigh NC
Office Raleigh NC
 $30.00M ▲$30.00M ▲$30.00M ▲$0 ▼
Office Richmond VA
Office Richmond VA
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Office Tampa FL
Office Tampa FL
 $30.00M ▲$20.00M ▼$20.00M ▲$0 ▼
Office Total Segment
Office Total Segment
 $180.00M ▲$170.00M ▼$160.00M ▼$0 ▼
Corporate and Other
Corporate and Other
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Highwoods’ income statement shows a business that is steady on the top line but under pressure at the bottom line. Rental revenue has been fairly flat in recent years, which is actually a sign of resilience given the challenges in the office market. Property-level profitability looks relatively stable, suggesting they have kept buildings leased and operating costs under control. However, net income and earnings per share have trended down from earlier years, likely reflecting higher interest costs, normalizing one-time gains, and the general drag from a tougher office environment. Overall, the business still generates solid operating profit, but it is not in a high-growth or expanding-margin phase.

Balance Sheet

Balance Sheet The balance sheet points to a REIT that has grown gradually and used more debt over time, but not in an extreme way. Total assets have inched higher, showing ongoing investment in the portfolio. Debt has also risen and now makes up a meaningful share of the capital structure, while equity has stayed relatively stable. This means leverage has crept up, which increases financial risk somewhat, but there is still a substantial equity cushion. Cash on hand is quite small, so the company depends heavily on credit lines and capital markets for flexibility—common for REITs, but something to watch if financing conditions tighten.

Cash Flow

Cash Flow Cash flow is a relative strength. Operating cash flow has been stable and comfortably positive across the period, which is what you want to see for a rent-collecting business. Free cash flow has generally tracked operating cash flow closely, indicating that capital spending has been disciplined rather than aggressive. There was a year of heavier investment, but overall their spending on properties looks manageable and supported by recurring cash inflows. The pattern suggests Highwoods can largely fund its needs from internal cash generation, while still relying on external capital for larger developments and acquisitions.

Competitive Edge

Competitive Edge Highwoods is positioned as a focused office REIT in some of the strongest Sun Belt business districts, such as major markets in the Southeast and Texas. These areas tend to benefit from population and job growth, which can support demand for higher-quality office space even as the overall office sector faces pressure from remote and hybrid work. The company emphasizes well-located, modern, amenity-rich buildings, which should be more resilient than older, commodity offices and can help attract larger, higher-credit tenants. Still, it operates in a structurally challenged sector where tenant space needs are evolving, so lease rollovers, occupancy, and pricing power will remain key swing factors. Its relatively conservative financial posture versus many peers is an advantage in this environment.

Innovation and R&D

Innovation and R&D While REITs do not have traditional R&D, Highwoods stands out for its investment in technology, tenant experience, and sustainability. Tools like SmartPark (automated parking) and Prism (a digital tenant-service platform) streamline daily use of the buildings and deepen tenant engagement. The LiveMeter energy monitoring program, smart building controls, and broad use of efficient lighting support both cost savings and environmental goals. Their “work-placemaking” approach—conference centers, lounge concepts, and in-house design and construction expertise—aims to turn offices into more appealing destinations rather than just rows of desks. This combination of tech, services, and ESG focus gives the portfolio a more differentiated feel in a crowded office market and may help support occupancy and rents over time.

Summary

Taken together, Highwoods looks like a steady, income-focused office landlord with modest growth prospects and clear sector-related risks. Revenues and property cash flows are stable, but earnings have drifted lower as financing and other pressures weigh on results. The balance sheet uses a moderate but rising level of debt, leaving the company reliant on credit markets yet still supported by a solid equity base. Its main strengths are concentration in attractive Sun Belt business districts, a clear strategy around high-quality, amenity-rich space, and thoughtful use of technology and sustainability to enhance its assets. The main uncertainties center on the broader office market—future demand for space, tenant retention, leasing terms, and funding costs. How well Highwoods continues to lease up its development pipeline and manage leverage in this evolving environment will be key to its long-term financial trajectory.

NEWS

November 19, 2025 · 4:05 PM UTC

Highwoods Closes Acquisition of 6Hundred at Legacy Union in CBD Charlotte

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November 17, 2025 · 4:30 PM UTC

Highwoods Agrees to Acquire 6Hundred at Legacy Union in CBD Charlotte

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November 4, 2025 · 4:15 PM UTC

Highwoods Prices $350 Million of 5.350% Notes Due 2033

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October 28, 2025 · 4:15 PM UTC

Highwoods Announces Availability of Third Quarter 2025 Results

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October 23, 2025 · 4:05 PM UTC

Highwoods Declares Quarterly Dividends

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