NYSE : HIW
Highwoods Properties, Inc. — Financial statements
Real Estate · REIT - Office · United States
Last price 30.98 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.48B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 851.95M | 806.11M | 825.86M | 834.00M | 828.93M | 768.01M |
| Other Revenue | 3.48M | 2.37M | 4.16M | 1.11M | 1.53M | 1.95M |
| Total Revenue | 855.44M | 808.48M | 830.02M | 835.10M | 830.46M | 769.95M |
| Property Expenses | 279.65M | 261.37M | 272.17M | 268.78M | 259.81M | 236.44M |
| Selling, General & Administrative | 41.72M | 40.31M | 41.90M | 42.86M | 42.27M | 40.55M |
| Depreciation & Amortization | 311.04M | 294.95M | 299.05M | 299.41M | 287.61M | 259.25M |
| Total Operating Expenses | 632.40M | 596.63M | 613.12M | 611.05M | 589.68M | 536.24M |
| Operating Income | 223.03M | 211.85M | 216.90M | 224.05M | 240.78M | 233.71M |
| Interest Expense | -163.65M | -152.43M | -147.20M | -136.71M | -105.39M | -85.85M |
| Other Non-Operating Income | 10.41M | 9.59M | 12.34M | 4.43M | 1.53M | 1.68M |
| EBT Excluding Unusual Items | 69.79M | 69.00M | 82.04M | 91.78M | 136.93M | 149.54M |
| Gain (Loss) on Sale of Investments | -4.70M | -4.70M | 11.78M | |||
| Gain (Loss) on Sale of Assets | 128.83M | 107.15M | 46.82M | 47.77M | 63.55M | 174.06M |
| Asset Writedown | -8.80M | -24.60M | -36.52M | |||
| Other Unusual Items | -286.00K | |||||
| Pretax Income | 193.92M | 162.65M | 104.25M | 151.33M | 163.96M | 323.31M |
| Earnings From Continuing Operations | 193.92M | 162.65M | 104.25M | 151.33M | 163.96M | 323.31M |
| Net Income to Company | 193.92M | 162.65M | 104.25M | 151.33M | 163.96M | 323.31M |
| Minority Interest in Earnings | -6.38M | -3.04M | -2.01M | -2.62M | -4.90M | -10.03M |
| Net Income | 187.54M | 159.61M | 102.25M | 148.72M | 159.06M | 313.28M |
| Preferred Dividends & Other Adjustments | 2.30M | 2.36M | 2.48M | 2.48M | 2.49M | 2.49M |
| Net Income to Common | 185.24M | 157.25M | 99.76M | 146.23M | 156.57M | 310.79M |
| Basic Shares Outstanding | 110.13M | 108.45M | 106.17M | 105.53M | 105.12M | 104.23M |
| Diluted Shares Outstanding | 112.16M | 110.57M | 108.32M | 107.78M | 107.57M | 107.06M |
| EPS (Basic) | 1.68 | 1.45 | 0.94 | 1.39 | 1.49 | 2.98 |
| EPS (Diluted) | 1.68 | 1.45 | 0.94 | 1.39 | 1.49 | 2.98 |
| Dividend Per Share | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 1.98 |
| Operating Margin | 26.07% | 26.20% | 26.13% | 26.83% | 28.99% | 30.35% |
| Profit Margin | 21.65% | 19.45% | 12.02% | 17.51% | 18.85% | 40.37% |
| EBITDA | 490.82M | 469.46M | 474.48M | 478.27M | 481.36M | 451.00M |
| EBITDA Margin | 57.38% | 58.07% | 57.16% | 57.27% | 57.96% | 58.58% |
| D&A For Ebitda | 267.78M | 257.62M | 257.58M | 254.22M | 240.58M | 217.29M |
| EBIT | 223.03M | 211.85M | 216.90M | 224.05M | 240.78M | 233.71M |
| EBIT Margin | 26.07% | 26.20% | 26.13% | 26.83% | 28.99% | 30.35% |
| Funds From Operations (FFO) | 395.59M | 384.98M | 391.21M | 413.26M | 433.32M | 413.31M |
| FFO Per Share | 3.53 | 3.48 | 3.61 | 3.83 | 4.03 | 3.86 |
| Adjusted Funds From Operations (AFFO) | 384.98M | 391.21M | 413.26M | 433.32M | 413.31M | |
| AFFO Per Share | 3.48 | 3.61 | 3.83 | 4.03 | 3.86 | |
| FFO Payout Ratio | 55.67% | 56.30% | 54.28% | 51.06% | 49.44% | 49.40% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 4.88B | 4.86B | 4.60B | 4.77B | 4.90B | 4.82B |
| Total Real Estate Assets | 5.08B | 5.07B | 4.82B | 4.99B | 5.13B | 5.03B |
| Cash & Equivalents | 279.20M | 27.36M | 22.41M | 25.12M | 21.36M | 23.15M |
| Accounts Receivable | 335.27M | 346.29M | 337.14M | 338.74M | 319.15M | 282.33M |
| Restricted Cash | 19.48M | 15.69M | 11.27M | 6.45M | 4.75M | 8.05M |
| Other Current Assets | 84.93M | 83.05M | 128.13M | 62.83M | 65.53M | 79.20M |
| Deferred Long-Term Charges | 280.91M | 244.26M | 209.97M | 225.92M | 252.83M | 258.90M |
| Other Long-Term Assets | 355.20M | 472.98M | 488.02M | 345.54M | 271.79M | 10.25M |
| Total Assets | 6.45B | 6.27B | 6.03B | 6.00B | 6.06B | 5.70B |
| Current Portion of Long-Term Debt | 6.68M | |||||
| Current Portion of Leases | 2.12M | |||||
| Long-Term Debt | 3.22B | 3.55B | 3.29B | 3.21B | 3.20B | 2.79B |
| Long-Term Leases | 77.70M | |||||
| Accounts Payable | 291.54M | 187.26M | 286.07M | 279.46M | 273.18M | 263.32M |
| Other Current Liabilities | 812.00K | 2.61M | ||||
| Other Long-Term Liabilities | 18.07M | 14.31M | 18.48M | 22.72M | 28.01M | 31.59M |
| Total Liabilities | 3.82B | 3.84B | 3.60B | 3.52B | 3.50B | 3.08B |
| Preferred Stock, Redeemable | 26.63M | 26.69M | 28.81M | 28.81M | 28.82M | 28.82M |
| Common Stock | 1.10M | 1.10M | 1.08M | 1.06M | 1.05M | 1.05M |
| Additional Paid-In Capital | 3.22B | 3.22B | 3.14B | 3.10B | 3.08B | 3.03B |
| Distributions in Excess of Earnings | -878.76M | -870.08M | -810.61M | -698.02M | -633.23M | -579.62M |
| Comprehensive Income & Other | -1.64M | -2.49M | -2.25M | -2.00M | -1.21M | -973.00K |
| Total Common Equity | 2.35B | 2.35B | 2.33B | 2.40B | 2.45B | 2.45B |
| Minority Interest | 253.06M | 56.67M | 70.08M | 54.24M | 88.21M | 134.10M |
| Shareholders' Equity | 2.62B | 2.44B | 2.43B | 2.49B | 2.56B | 2.61B |
| Total Liabilities & Equity | 6.45B | 6.27B | 6.03B | 6.00B | 6.06B | 5.70B |
| Total Debt | 3.51B | 3.63B | 3.29B | 3.21B | 3.20B | 2.79B |
| Net Cash (Debt) | -3.23B | -3.61B | -3.27B | -3.19B | -3.18B | -2.77B |
| Net Cash Per Share | -28.82 | -32.62 | -30.20 | -29.58 | -29.52 | -25.83 |
| Filing Date Shares Outstanding | 110.32M | 109.93M | 107.62M | 105.71M | 105.21M | 104.89M |
| Total Common Shares Outstanding | 110.32M | 109.91M | 107.62M | 105.71M | 105.21M | 104.89M |
| Book Value Per Share | 21.26 | 21.40 | 21.67 | 22.75 | 23.27 | 23.34 |
| Tangible Book Value | 2.35B | 2.35B | 2.33B | 2.40B | 2.45B | 2.45B |
| Tangible Book Value Per Share | 21.26 | 21.40 | 21.67 | 22.75 | 23.27 | 23.34 |
| Land | 598.04M | 609.18M | 570.29M | 540.05M | 548.72M | 549.23M |
| Buildings | 6.21B | 6.14B | 5.83B | 5.96B | 5.91B | 5.72B |
| Construction In Progress | 6.25M | 8.92M | 46.73M | 6.89M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 187.54M | 159.61M | 102.25M | 148.72M | 159.06M | 313.28M |
| Depreciation & Amortization | 267.78M | 257.62M | 257.58M | 254.22M | 240.58M | 217.29M |
| Other Amortization | 52.72M | 45.71M | 48.52M | 51.21M | 51.31M | 44.51M |
| Gain (Loss) on Sale of Assets | -128.83M | -107.15M | -46.82M | -47.77M | -63.55M | -174.06M |
| Gain (Loss) on Sale of Investments | 4.70M | 4.70M | -11.78M | |||
| Asset Writedown | 8.80M | 24.60M | 36.52M | |||
| Stock-Based Compensation | 9.11M | 8.21M | 8.00M | 6.98M | 7.55M | 8.65M |
| Income (Loss) on Equity Investments | 2.98M | 4.33M | 1.81M | 139.00K | -921.00K | -530.00K |
| Change in Accounts Receivable | -31.17M | -12.53M | -12.85M | -25.06M | -40.38M | -16.36M |
| Change in Accounts Payable | 1.50M | -13.98M | 14.04M | 3.87M | 22.22M | 8.19M |
| Change in Other Net Operating Assets | 2.50M | 2.21M | 2.67M | 1.26M | 1.69M | 1.57M |
| Other Operating Activities | 8.03M | 1.80M | 1.49M | 1.34M | 4.50M | 11.59M |
| Operating Cash Flow | 379.54M | 359.21M | 403.58M | 386.96M | 421.78M | 414.56M |
| Acquisition of Real Estate Assets | -745.78M | -646.22M | -239.81M | -228.99M | -466.44M | -525.20M |
| Sale of Real Estate Assets | 421.85M | 195.16M | 100.93M | 101.83M | 130.04M | 374.02M |
| Net Sale / Acq. of Real Estate Assets | -323.94M | -451.05M | -138.88M | -127.17M | -336.40M | -151.19M |
| Investment in Marketable & Equity Securities | 137.46M | 3.76M | -144.88M | -46.02M | -261.77M | -133.42M |
| Other Investing Activities | -3.31M | 7.88M | -12.51M | 8.07M | -16.89M | -3.29M |
| Investing Cash Flow | -195.80M | -440.66M | -302.44M | -169.69M | -614.80M | -287.68M |
| Long-Term Debt Issued | 855.88M | 339.00M | 839.35M | 1.23B | 580.00M | |
| Long-Term Debt Repaid | -593.87M | -262.06M | -821.73M | -815.44M | -663.78M | |
| Net Debt Issued (Repaid) | 107.29M | 262.01M | 76.94M | 17.63M | 409.56M | -83.78M |
| Issuance of Common Stock | 12.14M | 63.02M | 53.52M | 1.74M | 7.57M | 23.92M |
| Repurchase of Common Stock | -1.89M | -2.02M | -1.44M | -1.49M | -5.92M | -1.72M |
| Preferred Share Repurchases | -60.00K | -2.12M | -10.00K | -5.00K | ||
| Common Dividends Paid | -220.22M | -216.73M | -212.35M | -211.02M | -214.23M | -204.18M |
| Preferred Dividends Paid | -2.30M | -2.36M | -2.48M | -2.48M | -2.49M | -2.49M |
| Total Dividends Paid | -222.52M | -219.09M | -214.84M | -213.51M | -216.72M | -206.67M |
| Other Financing Activities | 178.24M | -10.98M | -13.23M | -9.79M | -6.56M | -16.67M |
| Miscellaneous Cash Flow Adjustments | -6.39M | |||||
| Net Cash Flow | 256.94M | 9.37M | 2.11M | 5.46M | -5.09M | -158.05M |
| Levered Free Cash Flow | 324.80M | 284.18M | 295.95M | 355.00M | 374.26M | 454.75M |
| Unlevered Free Cash Flow | 420.84M | 373.65M | 382.31M | 435.56M | 435.80M | 503.95M |
| Cash Interest Paid | 154.54M | 144.60M | 133.58M | 129.76M | 102.50M | 79.47M |
| Change in Working Capital | -27.17M | -24.30M | 3.86M | -19.93M | -16.47M | -6.59M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.48B | 2.84B | 3.24B | 2.43B | 2.94B | 4.65B |
| Enterprise Value | 6.71B | 6.31B | 6.62B | 5.70B | 6.01B | 7.74B |
| Last Close Price | 30.98 | 24.37 | 26.96 | 18.84 | 20.97 | 31.57 |
| Price/FFO Ratio | 8.23 | 7.00 | 7.47 | 4.92 | 5.20 | 8.18 |
| Price/AFFO Ratio | 7.00 | 7.47 | 4.91 | 5.21 | 8.18 | |
| PE Ratio | 18.42 | 18.04 | 32.50 | 16.59 | 18.80 | 14.98 |
| PS Ratio | 4.07 | 3.51 | 3.91 | 2.91 | 3.54 | 6.04 |
| PB Ratio | 1.46 | 1.17 | 1.33 | 0.98 | 1.15 | 1.78 |
| P/OCF Ratio | 9.17 | 7.90 | 8.03 | 6.27 | 6.98 | 11.23 |
| EV/Sales Ratio | 7.85 | 7.81 | 7.97 | 6.83 | 7.24 | 10.06 |
| EV/EBITDA Ratio | 13.68 | 13.44 | 13.95 | 11.92 | 12.48 | 17.17 |
| EV/EBIT Ratio | 30.10 | 29.79 | 30.52 | 25.44 | 24.95 | 33.14 |
| Debt / Equity Ratio | 1.34 | 1.49 | 1.35 | 1.29 | 1.25 | 1.07 |
| Debt / EBITDA Ratio | 7.12 | 7.70 | 6.94 | 6.72 | 6.64 | 6.18 |
| Net Debt / Equity Ratio | 1.23 | 1.48 | 1.34 | 1.28 | 1.24 | 1.06 |
| Net Debt / EBITDA Ratio | 6.59 | 7.68 | 6.89 | 6.67 | 6.60 | 6.13 |
| Asset Turnover | 0.14 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 |
| Quick Ratio | 1.06 | 1.88 | 1.26 | 1.30 | 1.25 | 1.16 |
| Current Ratio | 1.24 | 2.38 | 1.74 | 1.55 | 1.50 | 1.49 |
| Return on Equity (ROE) | 7.64% | 6.68% | 4.24% | 5.99% | 6.33% | 12.72% |
| Return on Assets (ROA) | 2.21% | 2.15% | 2.25% | 2.32% | 2.56% | 2.68% |
| Earnings Yield | 5.43% | 5.62% | 3.15% | 6.13% | 5.40% | 6.73% |
| Dividend Yield | 6.46% | 7.75% | 6.64% | 8.71% | 7.15% | 4.46% |
| Payout Ratio | 118.91% | 137.26% | 210.11% | 143.57% | 136.25% | 65.97% |
| Buyback Yield / Dilution | -2.11% | -2.08% | -0.50% | -0.20% | -0.47% | -0.33% |
| Total Shareholder Return | 4.34% | 5.67% | 6.14% | 8.51% | 6.68% | 4.14% |