Highwoods Properties, Inc. (HIW) 10-Year Financial Performance & Capital Metrics

HIW • • REIT / Real Estate

Real EstateOffice REITsSunbelt & Regional Office REITsRegional Business District Specialists

AboutHighwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (REIT) and a member of the S&P MidCap 400 Index. Highwoods is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.Show more

Revenue $826M -1.0%
FFO $401M -10.5%
FFO/Share 3.70 -10.9%
FFO Payout 52.92% +11.1%
FFO per Share 3.70 -10.9%
NOI Margin 67.04% -1.1%
FFO Margin 48.59% -9.6%
ROE 4.16% -29.4%
ROA 1.7% -31.1%
Debt/Assets 54.63% +2.1%
Net Debt/EBITDA 6.39 +4.7%
Book Value/Share 22.45 -2.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 52.9%
✓High NOI margin of 67.0%
✓Trading at only 1.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.1%

5Y2.33%

3Y2.45%

TTM-2.13%

Profit (Net Income) CAGR

10Y-0.81%

5Y-5.67%

3Y-31.15%

TTM-11.6%

EPS CAGR

10Y-2.33%

5Y13.01%

3Y-31.93%

TTM-13.35%

ROCE

10Y Avg4.2%

5Y Avg4.16%

3Y Avg3.94%

Latest3.69%

Peer Comparison

Regional Business District Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HIWHighwoods Properties, Inc.	2.99B	27.20	28.94	-0.98%	15.72%	5.19%	13.5%	1.35
PDMPiedmont Office Realty Trust, Inc.	1.09B	8.75	-13.67	-1.29%	-12.44%	-4.58%		1.58

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	604.67M	665.63M	702.74M	720.03M	735.98M	736.9M	768.01M	828.93M	834M	825.86M
Revenue Growth %	-0.01%	0.1%	0.06%	0.02%	0.02%	0%	0.04%	0.08%	0.01%	-0.01%
Property Operating Expenses	215.94M	231.09M	236.89M	242.41M	248.51M	231.82M	236.44M	259.81M	268.78M	272.17M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	239.56M	258.29M	267.48M	269.96M	298.57M	282.62M	299.81M	329.88M	342.27M	340.95M
G&A Expenses	37.64M	38.15M	39.65M	40.01M	44.07M	41.03M	40.55M	42.27M	42.86M	41.9M
EBITDA+	365.21M	671.26M	707.42M	723.62M	443.4M	464.04M	491.02M	526.86M	522.36M	511.79M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	216.04M	495.01M	509.05M	515.96M	254.5M	241.59M	259.25M	287.61M	299.41M	299.05M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	149.17M	176.26M	198.37M	207.66M	188.9M	222.46M	231.76M	239.25M	222.95M	212.74M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	86.05M	76.65M	69.11M	71.42M	81.65M	80.96M	85.85M	105.39M	136.71M	147.2M
Interest Coverage	1.73x	2.30x	2.87x	2.91x	2.31x	2.75x	2.70x	2.27x	1.63x	1.45x
Non-Operating Income	-17.32M	-22.94M	-62.4M	-41.39M	-34.43M	-216.42M	-177.4M	-30.1M	-65.09M	-38.71M
Pretax Income+	85.52M	122.55M	191.66M	177.63M	141.68M	357.91M	323.31M	163.96M	151.33M	104.25M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	79.57M	-317.31M	83.98M	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	97.08M	524.29M	185.37M	171.84M	136.92M	347.4M	313.28M	159.06M	148.72M	102.25M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.13%	4.4%	-0.65%	-0.07%	-0.2%	1.54%	-0.1%	-0.49%	-0.07%	-0.31%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.02%	2.26%	-0.32%	-0.01%	-0.43%	0.5%	-0.03%	-0.22%	0%	-0.1%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.00	5.30	1.78	1.62	0.51	3.32	2.98	1.49	1.39	0.94
EPS Growth %	-0.16%	4.3%	-0.66%	-0.09%	-0.69%	5.51%	-0.1%	-0.5%	-0.07%	-0.32%
EPS (Basic)	1.00	5.30	1.78	1.66	0.52	3.32	2.98	1.49	1.39	0.94
Diluted Shares Outstanding	97.41M	101.4M	105.59M	106.27M	106.44M	106.71M	107.06M	105.12M	107.78M	108.32M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.49B	4.56B	4.62B	4.68B	5.14B	5.21B	5.7B	6.06B	6B	6.03B
Asset Growth %	0.12%	0.02%	0.01%	0.01%	0.1%	0.01%	0.09%	0.06%	-0.01%	0%
Real Estate & Other Assets+	309.91M	4.22B	4.25B	4.36B	391.01M	345.84M	477.64M	487.66M	5.22B	5.03B
PP&E (Net)	3.69B	3.93B	3.96B	4.04B	4.43B	4.29B	4.82B	4.9B	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	468.87M	318.1M	348.48M	290.63M	293.55M	546.66M	393.34M	410.79M	440.23M	498.95M
Cash & Equivalents	5.04M	49.49M	3.27M	3.77M	9.51M	109.32M	23.15M	21.36M	25.12M	22.41M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	69.58M	113.6M	-5.6M	26.03M	154.17M	86.56M	70.28M	71.57M	83.99M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	2.75B	2.26B	2.24B	2.3B	2.83B	2.74B	3.08B	3.5B	3.52B	3.6B
Total Debt+	2.5B	1.95B	2.01B	2.09B	2.54B	2.47B	2.79B	3.2B	3.21B	3.29B
Net Debt	2.49B	1.9B	2.01B	2.08B	2.53B	2.36B	2.77B	3.18B	3.19B	3.27B
Long-Term Debt	2.49B	1.95B	2.01B	2.09B	2.54B	2.47B	2.79B	3.2B	3.21B	3.29B
Short-Term Borrowings	0	0	0	0	0	0	0	0	1000K	1000K
Capital Lease Obligations	45.9M	28.92M	28.89M	28.88M	0	0	41.21M	0	20.43M	81.89M
Total Current Liabilities+	248.11M	313.88M	228.22M	218.92M	252.46M	239.4M	294.98M	273.18M	193.83M	304.55M
Accounts Payable	233.99M	313.88M	228.22M	218.92M	252.46M	239.4M	263.32M	273.18M	187.33M	204.18M
Deferred Revenue	0	-4.01B	-4.05B	-4.39B	0	0	-263.32M	0	0	0
Other Liabilities	7.8M	0	0	0	34.3M	28.48M	0	28.01M	108.35M	95.58M
Total Equity+	1.75B	2.3B	2.38B	2.37B	2.31B	2.47B	2.61B	2.56B	2.49B	2.43B
Equity Growth %	0.04%	0.32%	0.04%	-0%	-0.03%	0.07%	0.06%	-0.02%	-0.03%	-0.02%
Shareholders Equity	1.6B	2.14B	2.22B	2.25B	2.15B	2.34B	2.48B	2.48B	2.43B	2.36B
Minority Interest	144.4M	162.76M	161.43M	123.54M	155.23M	134.54M	134.1M	88.21M	54.24M	70.08M
Common Stock	961K	1.02M	1.03M	1.04M	1.04M	1.04M	1.05M	1.05M	1.06M	1.08M
Additional Paid-in Capital	2.6B	2.85B	2.93B	2.98B	2.95B	2.99B	3.03B	3.08B	3.1B	3.14B
Retained Earnings	-1.02B	-749.41M	-747.34M	-769.3M	0	0	-579.62M	0	-698.02M	-810.61M
Preferred Stock	29.05M	28.92M	28.89M	28.88M	28.86M	28.83M	28.82M	28.82M	28.81M	28.81M
Return on Assets (ROA)	0.02%	0.12%	0.04%	0.04%	0.03%	0.07%	0.06%	0.03%	0.02%	0.02%
Return on Equity (ROE)	0.06%	0.26%	0.08%	0.07%	0.06%	0.15%	0.12%	0.06%	0.06%	0.04%
Debt / Assets	0.56%	0.43%	0.44%	0.45%	0.5%	0.47%	0.49%	0.53%	0.54%	0.55%
Debt / Equity	1.43x	0.85x	0.85x	0.88x	1.10x	1.00x	1.07x	1.25x	1.29x	1.35x
Net Debt / EBITDA	6.83x	2.83x	2.84x	2.88x	5.72x	5.09x	5.63x	6.03x	6.10x	6.39x
Book Value per Share	17.92	22.67	22.55	22.30	21.68	23.15	24.39	24.40	23.08	22.45

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	288.88M	305.81M	352.53M	358.63M	365.8M	358.16M	414.56M	421.78M	393.56M	403.58M
Operating CF Growth %	0.08%	0.06%	0.15%	0.02%	0.02%	-0.02%	0.16%	0.02%	-0.07%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	101.26M	541.14M	191.66M	177.63M	141.68M	357.91M	323.31M	163.96M	148.72M	104.25M
Depreciation & Amortization	216.04M	218.14M	226.66M	228.01M	254M	239.05M	259.25M	287.57M	305.56M	299.05M
Stock-Based Compensation	6.88M	6.25M	6.69M	7.47M	7.18M	6.21M	8.65M	7.55M	0	8M
Other Non-Cash Items	3.39M	2.77M	3.36M	3.85M	4.41M	4.66M	-170.06M	-20.82M	-40.8M	-11.57M
Working Capital Changes	-28.97M	-36.88M	-30.82M	-27.33M	-7.26M	-42.45M	-6.59M	-16.47M	-19.93M	3.86M
Cash from Investing+	-654.16M	203.89M	-256.22M	-306.75M	-607.41M	110.68M	-287.68M	-614.8M	-175.96M	-302.44M
Acquisitions (Net)	27.06M	343K	-10.06M	-50.65M	-9.98M	-2.36M	-133.42M	-261.77M	-18.22M	-153.36M
Purchase of Investments	-139.09M	-185.91M	-161.01M	-150.31M	-126.09M	-160.64M	-84K	-24K	-180.92M	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	301K	288K	1000K	0
Other Investing	-272.58M	313.8M	-244.32M	-256.1M	-180.74M	-208.57M	-154.48M	-353.03M	8.07M	-149.07M
Cash from Financing+	361.48M	-465.24M	-142.53M	-130.07M	246.21M	-294.34M	-284.93M	187.93M	-205.75M	-99.04M
Dividends Paid	-162.84M	-169.36M	-264.5M	-193.79M	-199.42M	-201.82M	-206.67M	-212.67M	-213.51M	-214.84M
Common Dividends	-160.34M	-166.86M	-262.01M	-191.3M	-196.94M	-199.33M	-204.18M	-210.18M	0	-212.35M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	1000K
Share Repurchases	-3.76M	-4.42M	-4.01M	-1.68M	-1.79M	-1.16M	-1.72M	-5.92M	-173K	-1.44M
Other Financing	-10.4M	-11.11M	-18.71M	-9.28M	-14.76M	-20.31M	-16.67M	-10.61M	-11.21M	-13.23M
Net Change in Cash+	-3.8M	44.45M	-46.22M	-78.19M	4.6M	174.5M	-158.05M	-5.09M	5.46M	2.11M
Exchange Rate Effect	0	0	0	0	0	0	0	0	-1000K	0
Cash at Beginning	8.83M	5.04M	49.49M	88.33M	10.14M	14.74M	189.24M	31.2M	26.11M	31.57M
Cash at End	5.04M	49.49M	3.27M	10.14M	14.74M	189.24M	31.2M	26.11M	31.57M	33.68M
Free Cash Flow+	-119.75M	195.56M	350.69M	307.98M	-58.42M	355.8M	414.56M	421.51M	216.95M	403.58M
FCF Growth %	-2.16%	2.63%	0.79%	-0.12%	-1.19%	7.09%	0.17%	0.02%	-0.49%	0.86%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.21	10.05	6.58	6.47	3.68	5.52	5.35	4.25	4.16	3.7
FFO Payout Ratio	51.21%	16.37%	37.73%	27.81%	50.31%	33.84%	35.66%	47.06%	47.64%	52.92%
NOI Margin	64.29%	65.28%	66.29%	66.33%	66.23%	68.54%	69.21%	68.66%	67.77%	67.04%
Net Debt / EBITDA	6.83x	2.83x	2.84x	2.88x	5.72x	5.09x	5.63x	6.03x	6.10x	6.39x
Debt / Assets	55.63%	42.71%	43.56%	44.62%	49.51%	47.43%	48.97%	52.73%	53.53%	54.63%
Interest Coverage	1.73x	2.30x	2.87x	2.91x	2.31x	2.75x	2.70x	2.27x	1.63x	1.45x
Book Value / Share	17.92	22.67	22.55	22.3	21.68	23.15	24.39	24.4	23.08	22.45
Revenue Growth	-0.62%	10.08%	5.57%	2.46%	2.21%	0.13%	4.22%	7.93%	0.61%	-0.98%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Office Total	589.95M	651.51M	689.79M	707.16M	722.91M	704.29M	-	-	-	-
Office Total Growth	-	10.44%	5.88%	2.52%	2.23%	-2.58%	-	-	-	-
Office Nashville, TN	88.31M	95.91M	111.51M	121.84M	133.87M	138.09M	-	-	-	-
Office Nashville, TN Growth	-	8.61%	16.26%	9.26%	9.87%	3.15%	-	-	-	-
Office Raleigh, NC	102.84M	112.96M	119.25M	118.35M	122.17M	128.19M	-	-	-	-
Office Raleigh, NC Growth	-	9.84%	5.57%	-0.76%	3.23%	4.92%	-	-	-	-
Office Tampa, FL	75.72M	89.9M	97.52M	102.4M	86.43M	99.52M	-	-	-	-
Office Tampa, FL Growth	-	18.74%	8.48%	5.00%	-15.60%	15.14%	-	-	-	-
Office Pittsburgh, PA	59.39M	58.79M	59.1M	61.18M	60.76M	58.52M	-	-	-	-
Office Pittsburgh, PA Growth	-	-1.02%	0.53%	3.51%	-0.69%	-3.68%	-	-	-	-
Office Orlando, FL	44.62M	46.26M	51.24M	53.77M	52.68M	49.46M	-	-	-	-
Office Orlando, FL Growth	-	3.67%	10.76%	4.95%	-2.03%	-6.11%	-	-	-	-
Office Richmond, VA	42.09M	44.31M	43.96M	45.73M	49.43M	48.08M	-	-	-	-
Office Richmond, VA Growth	-	5.29%	-0.80%	4.03%	8.09%	-2.73%	-	-	-	-
Office Charlotte, NC	-	-	-	-	4.65M	35.73M	-	-	-	-
Office Charlotte, NC Growth	-	-	-	-	-	668.45%	-	-	-	-
Total Corporate	14.72M	14.12M	12.95M	12.88M	13.07M	32.61M	-	-	-	-
Total Corporate Growth	-	-4.09%	-8.31%	-0.56%	1.49%	149.51%	-	-	-	-
Office Memphis, TN	47.14M	48.25M	45.43M	40.23M	39.49M	-	-	-	-	-
Office Memphis, TN Growth	-	2.36%	-5.85%	-11.45%	-1.83%	-	-	-	-	-
Office Greensboro, NC	21.25M	20.52M	21.45M	22.32M	22.15M	-	-	-	-	-
Office Greensboro, NC Growth	-	-3.43%	4.54%	4.05%	-0.75%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Office Raleigh, NC	102.84M	112.96M	119.25M	-	122.17M	128.19M	162.12M	182.99M	181.96M	173.16M
Office Raleigh, NC Growth	-	9.84%	5.57%	-	-	4.92%	26.47%	12.88%	-0.56%	-4.84%
Office Nashville, TN	88.31M	95.91M	111.51M	-	133.87M	138.09M	149.67M	174.34M	171.8M	169.16M
Office Nashville, TN Growth	-	8.61%	16.26%	-	-	3.15%	8.39%	16.48%	-1.46%	-1.54%
Office Atlanta, GA	108.59M	134.6M	140.32M	141.34M	151.28M	146.7M	143.61M	143.9M	143.74M	146.17M
Office Atlanta, GA Growth	-	23.95%	4.25%	0.72%	7.03%	-3.02%	-2.11%	0.20%	-0.11%	1.69%
Office Tampa, FL	75.72M	89.9M	97.52M	-	86.43M	99.52M	97.95M	94.73M	99.42M	98.89M
Office Tampa, FL Growth	-	18.74%	8.48%	-	-	15.14%	-1.57%	-3.30%	4.96%	-0.54%
Office Charlotte, NC	-	-	-	-	4.65M	35.73M	49.35M	73.72M	85.98M	88M
Office Charlotte, NC Growth	-	-	-	-	-	668.45%	38.10%	49.39%	16.63%	2.35%
Office Orlando, FL	44.62M	46.26M	51.24M	-	52.68M	49.46M	51.28M	54.8M	58M	58.44M
Office Orlando, FL Growth	-	3.67%	10.76%	-	-	-6.11%	3.68%	6.87%	5.84%	0.76%
Office Richmond, VA	42.09M	44.31M	43.96M	-	49.43M	48.08M	45.94M	43.08M	35.92M	35.27M
Office Richmond, VA Growth	-	5.29%	-0.80%	-	-	-2.73%	-4.45%	-6.22%	-16.63%	-1.82%
Office Pittsburgh, PA	59.39M	58.79M	59.1M	-	60.76M	58.52M	57.37M	-	-	-
Office Pittsburgh, PA Growth	-	-1.02%	0.53%	-	-	-3.68%	-1.96%	-	-	-
Office Memphis, TN	47.14M	48.25M	45.43M	-	39.49M	-	-	-	-	-
Office Memphis, TN Growth	-	2.36%	-5.85%	-	-	-	-	-	-	-
Office Greensboro, NC	21.25M	20.52M	21.45M	-	22.15M	-	-	-	-	-
Office Greensboro, NC Growth	-	-3.43%	4.54%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Highwoods Properties, Inc. (HIW) has a price-to-earnings (P/E) ratio of 28.9x. This suggests investors expect higher future growth.

Growth & Financials

Highwoods Properties, Inc. (HIW) reported $809.5M in revenue for fiscal year 2024. This represents a 68% increase from $482.9M in 2011.

Highwoods Properties, Inc. (HIW) saw revenue decline by 1.0% over the past year.

Yes, Highwoods Properties, Inc. (HIW) is profitable, generating $127.3M in net income for fiscal year 2024 (12.4% net margin).

Dividend & Returns

Yes, Highwoods Properties, Inc. (HIW) pays a dividend with a yield of 7.21%. This makes it attractive for income-focused investors.

Highwoods Properties, Inc. (HIW) has a return on equity (ROE) of 4.2%. This is below average, suggesting room for improvement.

Industry Metrics

Highwoods Properties, Inc. (HIW) generated Funds From Operations (FFO) of $410.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Highwoods Properties, Inc. (HIW) offers a 7.21% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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