HIGHWOODS PROPERTIES, INC. HIW

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 30.51 2026-10-23
Market cap $3.36B 2026-03-31 share count
52-week range 20.45 - 35.44

Valuation FY2025 figures against the last close

P/S4.2x
P/E21.0x
P/FCF9.4x
EV/EBITDA4.0x
Dividend yield6.4%
Diluted EPS1.45

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 1.450.941.391.492.983.321.301.641.785.30
EPS, diluted 1.450.941.391.492.983.321.301.641.785.30
Shares, diluted (wtd. avg.) 110.6M108.3M107.8M107.6M107.1M106.7M106.4M106.3M105.6M101.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 250M 500M 750M 1B Net income, FY2016: 541.1M Revenue, FY2017: 702.7M Net income, FY2017: 191.7M Revenue, FY2018: 720M Net income, FY2018: 177.6M Revenue, FY2019: 736M Net income, FY2019: 141.7M Revenue, FY2020: 736.9M Net income, FY2020: 357.9M Revenue, FY2021: 768M Net income, FY2021: 323.3M Revenue, FY2022: 828.9M Net income, FY2022: 164M Revenue, FY2023: 834M Net income, FY2023: 151.3M Revenue, FY2024: 825.9M Net income, FY2024: 104.3M Revenue, FY2025: 806.1M Net income, FY2025: 162.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $702.7M $720.0M $736.0M $736.9M $768.0M $828.9M $834.0M $825.9M $806.1M
Gross profit — — — — — — — — — —
Net income $541.1M $191.7M $177.6M $141.7M $357.9M $323.3M $164.0M $151.3M $104.3M $162.7M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event Item 8.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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