HIGHWOODS PROPERTIES, INC. HIW
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded real estate investment trust ("REIT"). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our Common Stock is traded on the New York Stock Exchange ("NYSE") under the symbol "HIW."
As of December 31, 2025, the Company owned all of the Preferred Units and 109.5 million, or 98.2%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.0 million Common Units. Generally, the Operating Partnership is obligated to redeem each Common Unit at the request of the unitholder for cash equal to the value of one share of Common Stock based on the average of the market price for the 10 trading days immediately preceding the notice date of such redemption, provided that the Company, at its option, may elect to acquire any such Common Units presented for redemption for cash or one share of Common Stock. The Common Units owned by the Company are not redeemable.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $806.1M | $825.9M | $834.0M | $828.9M | $768.0M | $736.9M | $736.0M | $720.0M | $702.7M | — |
| SG&A | $40.3M | $41.9M | $42.9M | $42.3M | $40.6M | $41.0M | $44.1M | $40.0M | $39.6M | $38.2M |
| Total operating expenses | $605.4M | $637.7M | $611.0M | $626.2M | $536.2M | $516.2M | $552.9M | $512.8M | $505.8M | $489.4M |
| Operating income | $544.7M | $553.7M | $565.2M | $569.1M | $531.6M | $505.1M | $487.5M | $477.6M | $465.8M | $434.5M |
| Interest expense | $152.4M | $147.2M | $136.7M | $105.4M | $85.9M | $81.0M | $81.6M | $71.4M | $69.1M | $76.6M |
| Pre-tax income | — | — | — | — | — | — | — | $137.8M | $130.1M | $101.9M |
| Net income | $162.7M | $104.3M | $151.3M | $164.0M | $323.3M | $357.9M | $141.7M | $177.6M | $191.7M | $541.1M |
| EPS, basic | 1.45 | 0.94 | 1.39 | 1.49 | 2.98 | 3.32 | 1.30 | 1.64 | 1.78 | 5.30 |
| EPS, diluted | 1.45 | 0.94 | 1.39 | 1.49 | 2.98 | 3.32 | 1.30 | 1.64 | 1.78 | 5.30 |
| Shares, diluted (wtd. avg.) | $110.6M | $108.3M | $107.8M | $107.6M | $107.1M | $106.7M | $106.4M | $106.3M | $105.6M | $101.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.4M | $22.4M | $25.1M | $26.1M | $31.2M | $189.2M | $14.7M | $10.1M | $88.3M | $78.6M |
| Other intangibles | $244.3M | $210.0M | $225.9M | $252.8M | $258.9M | $209.3M | $231.3M | $195.3M | $200.7M | $213.5M |
| Total assets | $6.27B | $6.03B | $6.00B | $6.06B | $5.70B | $5.21B | $5.14B | $4.68B | $4.62B | $4.56B |
| Total liabilities | $3.84B | $3.60B | $3.52B | $3.50B | $3.08B | $2.74B | $2.83B | $2.30B | $2.24B | $2.26B |
| Retained earnings | -$870.1M | -$810.6M | -$698.0M | -$633.2M | -$579.6M | -$686.2M | -$831.8M | -$769.3M | -$747.3M | -$749.4M |
| Total equity | $2.38B | $2.36B | $2.44B | $2.50B | $2.50B | $2.36B | $2.17B | $2.26B | $2.24B | $2.15B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $359.2M | $403.6M | $387.0M | $421.8M | $414.6M | $358.2M | $365.8M | $358.6M | $352.5M | $305.8M |
| Depreciation and amortisation | $295.0M | $299.0M | $299.4M | $287.6M | $259.3M | $241.6M | $254.5M | $230.0M | $227.8M | $220.1M |
| Stock-based compensation | $8.2M | $8.0M | $7.0M | $7.6M | $8.6M | $6.2M | $7.2M | $7.5M | $6.7M | $6.3M |
| Investing cash flow | -$440.7M | -$302.4M | -$169.7M | -$614.8M | -$287.7M | $110.7M | -$607.4M | -$306.7M | -$200.3M | $216.3M |
| Financing cash flow | $90.8M | -$99.0M | -$205.4M | $187.9M | -$284.9M | -$294.3M | $246.2M | -$130.1M | -$142.5M | -$465.2M |
| Dividends paid | $216.7M | $212.4M | $211.0M | $210.2M | $204.2M | $199.3M | $196.9M | $191.3M | $180.8M | $166.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000921082-26-000005.
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