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HIW logoHighwoods Properties, Inc.(HIW)Earnings, Financials & Key Ratios

HIW•NYSE•REIT / Real Estate
$25.10
$2.77B mkt cap·17.3× P/E·Price updated May 6, 2026
SectorReal EstateIndustryOffice REITsSub-IndustrySun Belt and Multi-Market Office REITs
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$806M-2.4%
  • FFO$455M+13.3%
  • FFO/Share4.11+11.0%
  • FFO Payout47.68%-9.9%
  • FFO per Share4.11+11.0%
  • NOI Margin67.58%+0.8%
  • FFO Margin56.39%+16.1%
  • ROE6.56%+57.8%
  • ROA2.59%+52.7%
  • Debt/Assets57.98%+6.1%
  • Net Debt/EBITDA7.16+12.0%
  • Book Value/Share22.03-1.9%
Technical→

HIW Key Insights

Highwoods Properties, Inc. (HIW) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 47.7%
  • ✓High NOI margin of 67.6%
  • ✓Trading at only 1.1x book value

✗Weaknesses

  • ✗Profits declining 14.4% over 5 years
  • ✗FFO declining 14.4% TTM
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

HIW Price & Volume

Highwoods Properties, Inc. (HIW) stock price & volume — 10-year historical chart

Loading chart...

HIW Growth Metrics

Highwoods Properties, Inc. (HIW) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.92%
5 Years1.81%
3 Years-0.93%
TTM0.43%

Profit CAGR

10 Years5.1%
5 Years-14.41%
3 Years0.12%
TTM-46.16%

EPS CAGR

10 Years3.79%
5 Years-15.27%
3 Years-0.9%
TTM-47.54%

Return on Capital

10 Years4.18%
5 Years3.95%
3 Years3.68%
Last Year3.49%

HIW Recent Earnings

Highwoods Properties, Inc. (HIW) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 28, 2026
EPS
$0.29
Est $0.16
+81.3%
Revenue
$214M
Est $209M
+2.4%
Q1 2026
Feb 10, 2026
EPS
$0.26
Est $0.84
-69.0%
Revenue
$203M
Est $208M
-2.4%
Q4 2025
Oct 28, 2025
EPS
$0.86
Est $0.86
+0.0%
Revenue
$202M
Est $208M
-3.1%
Q3 2025
Jul 29, 2025
EPS
$0.89
Est $0.85
+4.7%
Revenue
$202M
Est $206M
-2.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$0.29vs $0.16+81.3%
$214Mvs $209M+2.4%
Q1 2026Feb 10, 2026
$0.26vs $0.84-69.0%
$203Mvs $208M-2.4%
Q4 2025Oct 28, 2025
$0.86vs $0.86+0.0%
$202Mvs $208M-3.1%
Q3 2025Jul 29, 2025
$0.89vs $0.85+4.7%
$202Mvs $206M-2.0%
Based on last 12 quarters of dataView full earnings history →

HIW Peer Comparison

Highwoods Properties, Inc. (HIW) competitors in Sun Belt and Multi-Market Office REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CUZ logoCUZCousins Properties IncorporatedDirect Competitor4.29B26.05108.5416%-0.52%-0.11%3.15%0.78
EGP logoEGPEastGroup Properties, Inc.Direct Competitor10.77B200.4041.1512.97%39.7%8.37%3.76%0.50
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.05B8.41-12.55-0.93%-20.46%-5.7%1.52
DEA logoDEAEasterly Government Properties, Inc.Direct Competitor1.08B23.2580.1711.27%4.27%1.07%24.05%1.23
VRE logoVREVeris Residential, Inc.Direct Competitor1.78B18.9423.686.4%24.19%5.59%3.09%1.07
BDN logoBDNBrandywine Realty TrustDirect Competitor526.35M3.03-2.94-4.17%-40.99%-24.57%8.11%3.23
SLG logoSLGSL Green Realty Corp.Product Competitor3.11B43.74-27.5141.96%-8.99%-2.03%1.82
BXP logoBXPBXP, Inc.Product Competitor9.29B58.5333.642.19%7.95%3.58%7.43%2.26

Compare HIW vs Peers

Highwoods Properties, Inc. (HIW) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CUZ

Most directly comparable listed peer for HIW.

Scale Benchmark

vs CBRE

Larger-name benchmark to compare HIW against a more recognizable public peer.

Peer Set

Compare Top 5

vs CUZ, EGP, PDM, DEA

HIW Income Statement

Highwoods Properties, Inc. (HIW) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue702.74M720.03M735.98M736.9M768.01M828.93M834M825.86M806.11M819.76M
Revenue Growth %5.57%2.46%2.21%0.13%4.22%7.93%0.61%-0.98%-2.39%0.43%
Property Operating Expenses236.89M242.41M248.51M231.82M236.44M259.81M268.78M272.17M261.37M267.46M
Net Operating Income (NOI)
465.85M▲ 0%
477.62M▲ 2.5%
487.47M▲ 2.1%
505.07M▲ 3.6%
531.57M▲ 5.2%
569.12M▲ 7.1%
565.22M▼ 0.7%
553.69M▼ 2.0%
544.74M▼ 1.6%
552.31M▲ 0%
NOI Margin %66.29%66.33%66.23%68.54%69.21%68.66%67.77%67.04%67.58%67.37%
Operating Expenses267.48M269.96M298.57M282.62M299.81M329.88M342.27M340.95M335.26M342.37M
G&A Expenses39.65M40.01M44.07M41.03M40.55M42.27M42.86M41.9M40.31M41.28M
EBITDA707.42M723.62M443.4M464.04M491.02M526.86M522.36M511.79M504.43M511.02M
EBITDA Margin %100.67%100.5%60.25%62.97%63.93%63.56%62.63%61.97%62.58%62.34%
Depreciation & Amortization509.05M515.96M254.5M241.59M259.25M287.61M299.41M299.05M294.95M301.09M
D&A / Revenue %72.44%71.66%34.58%32.78%33.76%34.7%35.9%36.21%36.59%36.73%
Operating Income
198.37M▲ 0%
207.66M▲ 4.7%
188.9M▼ 9.0%
222.46M▲ 17.8%
231.76M▲ 4.2%
239.25M▲ 3.2%
222.95M▼ 6.8%
212.74M▼ 4.6%
209.48M▼ 1.5%
209.94M▲ 0%
Operating Margin %28.23%28.84%25.67%30.19%30.18%28.86%26.73%25.76%25.99%25.61%
Interest Expense69.11M71.42M81.65M80.96M85.85M105.39M136.71M147.2M152.43M4M
Interest Coverage3.77x3.49x2.74x5.42x4.77x2.56x2.11x1.71x2.07x-
Non-Operating Income-62.4M-41.39M-34.43M-216.42M-177.4M-30.1M-65.09M-38.71M-105.61M-20.45M
Pretax Income
191.66M▲ 0%
177.63M▼ 7.3%
141.68M▼ 20.2%
357.91M▲ 152.6%
323.31M▼ 9.7%
163.96M▼ 49.3%
151.33M▼ 7.7%
104.25M▼ 31.1%
162.65M▲ 56.0%
96.02M▲ 0%
Pretax Margin %27.27%24.67%19.25%48.57%42.1%19.78%18.15%12.62%20.18%11.71%
Income Tax83.98M000000000
Effective Tax Rate %43.82%0%0%0%0%0%0%0%0%0%
Net Income
185.37M▲ 0%
171.84M▼ 7.3%
136.92M▼ 20.3%
347.4M▲ 153.7%
313.28M▼ 9.8%
159.06M▼ 49.2%
148.72M▼ 6.5%
102.25M▼ 31.2%
159.61M▲ 56.1%
93.48M▲ 0%
Net Margin %26.38%23.86%18.6%47.14%40.79%19.19%17.83%12.38%19.8%11.4%
Net Income Growth %-64.64%-7.3%-20.32%153.73%-9.82%-49.23%-6.5%-31.25%56.1%-46.16%
Funds From Operations (FFO)
694.42M▲ 0%
687.8M▼ 1.0%
391.42M▼ 43.1%
588.99M▲ 50.5%
572.53M▼ 2.8%
446.67M▼ 22.0%
448.13M▲ 0.3%
401.29M▼ 10.5%
454.57M▲ 13.3%
394.56M▲ 0%
FFO Margin %98.82%95.52%53.18%79.93%74.55%53.89%53.73%48.59%56.39%48.13%
FFO Growth %-31.87%-0.95%-43.09%50.47%-2.79%-21.98%0.33%-10.45%13.28%-0.82%
FFO per Share6.586.473.685.525.354.254.163.704.113.52
FFO Payout Ratio %37.73%27.81%50.31%33.84%35.66%47.06%47.64%52.92%47.68%41.29%
EPS (Diluted)
1.78▲ 0%
1.62▼ 9.0%
0.51▼ 68.5%
3.32▲ 551.0%
2.98▼ 10.2%
1.49▼ 50.0%
1.39▼ 6.7%
0.94▼ 32.4%
1.45▲ 54.3%
0.83▲ 0%
EPS Growth %-66.42%-8.99%-68.52%550.98%-10.24%-50%-6.71%-32.37%54.26%-47.54%
EPS (Basic)1.781.660.523.322.981.491.390.941.45-
Diluted Shares Outstanding105.59M106.27M106.44M106.71M107.06M105.12M107.78M108.32M110.57M112.06M

HIW Balance Sheet

Highwoods Properties, Inc. (HIW) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets4.62B4.68B5.14B5.21B5.7B6.06B6B6.03B6.27B6.6B
Asset Growth %1.38%1.11%9.91%1.39%9.32%6.47%-1%0.44%4.05%15.95%
Real Estate & Other Assets4.25B4.36B391.01M345.84M477.64M487.66M5.22B5.03B-5.32B5.62B
PP&E (Net)3.96B4.04B4.43B4.29B4.82B4.9B0000
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets348.48M290.63M293.55M546.66M393.34M410.79M440.23M498.95M373.64M482.4M
Cash & Equivalents3.27M3.77M9.51M109.32M23.15M21.36M25.12M22.41M27.36M32.42M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets113.6M-5.6M26.03M154.17M86.6M70.28M71.57M83.99M-12.23M82.32M
Intangible Assets00000000244.26M0
Total Liabilities2.24B2.3B2.83B2.74B3.08B3.5B3.52B3.6B3.84B3.98B
Total Debt2.01B2.09B2.54B2.47B2.79B3.2B3.21B3.29B3.64B3.7B
Net Debt2.01B2.08B2.53B2.36B2.77B3.18B3.19B3.27B3.61B3.67B
Long-Term Debt2.01B2.09B2.54B2.47B2.79B3.2B3.21B3.29B3.59B3.7B
Short-Term Borrowings0000006.94M9.23M8.8M0
Capital Lease Obligations00000002.07M40.55M40.55M
Total Current Liabilities228.22M218.92M252.46M239.4M294.98M273.18M193.83M304.55M8.8M279.36M
Accounts Payable228.22M218.92M252.46M239.4M263.32M273.18M187.33M204.18M00
Deferred Revenue-4.05B-4.39B00-263.32M00000
Other Liabilities0034.3M28.48M028.01M108.35M95.58M200.79M0
Total Equity
2.38B▲ 0%
2.37B▼ 0.5%
2.31B▼ 2.6%
2.47B▲ 7.1%
2.61B▲ 5.7%
2.56B▼ 1.8%
2.49B▼ 3.0%
2.43B▼ 2.3%
2.44B▲ 0.2%
2.61B▲ 0%
Equity Growth %3.57%-0.46%-2.64%7.07%5.69%-1.77%-3.02%-2.26%0.18%5.08%
Shareholders Equity2.22B2.25B2.15B2.34B2.48B2.48B2.43B2.36B2.38B2.37B
Minority Interest161.43M123.54M155.23M134.54M134.1M88.21M54.24M70.08M56.67M244.84M
Common Stock1.03M1.04M1.04M1.04M1.05M1.05M1.06M1.08M1.1M1.1M
Additional Paid-in Capital2.93B2.98B2.95B2.99B3.03B3.08B3.1B3.14B3.22B3.24B
Retained Earnings-747.34M-769.3M00-579.62M0-698.02M-810.61M-870.08M-893.68M
Preferred Stock28.89M28.88M28.86M28.83M28.82M28.82M28.81M28.81M26.69M26.63M
Return on Assets (ROA)4.04%3.7%2.79%6.71%5.75%2.71%2.46%1.7%2.59%1.49%
Return on Equity (ROE)7.92%7.23%5.85%14.54%12.33%6.15%5.89%4.16%6.56%3.76%
Debt / Assets43.56%44.62%49.51%47.43%48.97%52.73%53.53%54.63%57.98%56.14%
Debt / Equity0.85x0.88x1.10x1.00x1.07x1.25x1.29x1.35x1.49x1.49x
Net Debt / EBITDA2.84x2.88x5.72x5.09x5.63x6.03x6.10x6.39x7.16x7.16x
Book Value per Share22.5522.3021.6823.1524.3924.4023.0822.4522.0323.33

HIW Cash Flow Statement

Highwoods Properties, Inc. (HIW) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations352.53M358.63M365.8M358.16M414.56M421.78M393.56M403.58M367.31M367.31M
Operating CF Growth %15.28%1.73%2%-2.09%15.75%1.74%-6.69%2.55%-8.99%22.35%
Operating CF / Revenue %50.17%49.81%49.7%48.6%53.98%50.88%47.19%48.87%45.57%44.81%
Net Income191.66M177.63M141.68M357.91M323.31M163.96M148.72M104.25M74K93.48M
Depreciation & Amortization226.66M228.01M254M239.05M259.25M287.57M305.56M299.05M294.95M301.09M
Stock-Based Compensation6.69M7.47M7.18M6.21M8.65M7.55M08M8.21M9.69M
Other Non-Cash Items3.36M3.85M4.41M4.66M-170.06M-20.82M-40.8M-11.57M88.37M-55.64M
Working Capital Changes-30.82M-27.33M-7.26M-42.45M-6.59M-16.47M-19.93M3.86M-24.3M26.4M
Cash from Investing-256.22M-306.75M-607.41M110.68M-287.68M-614.8M-175.96M-302.44M-448.77M-755.44M
Acquisitions (Net)-10.06M-50.65M-9.98M-2.36M-133.42M-261.77M-18.22M-153.36M0155.06M
Purchase of Investments-161.01M-150.31M-126.09M-160.64M-84K-24K-180.92M000
Sale of Investments132.42M90.13M133.62M484.62M301K288K191.72M000
Other Investing-244.32M-256.1M-180.74M-208.57M-154.48M-353.03M8.07M-149.07M-448.77M-910.5M
Cash from Financing-142.53M-130.07M246.21M-294.34M-284.93M187.93M-205.75M-99.04M90.83M391.01M
Dividends Paid-264.5M-193.79M-199.42M-201.82M-206.67M-212.67M-213.51M-214.84M-219.09M-219.61M
Common Dividends-262.01M-191.3M-196.94M-199.33M-204.18M-210.18M0-212.35M-216.73M-162.91M
Debt Issuance (Net)1000K1000K1000K-1000K-1000K1000K1000K1000K1000K1000K
Share Repurchases-4.01M-1.68M-1.79M-1.16M-1.72M-5.92M-173K-1.44M-2.13M-2.12M
Other Financing-18.71M-9.28M-14.76M-20.31M-16.67M-10.61M-11.21M-13.23M-11.56M333.48M
Net Change in Cash
-46.22M▲ 0%
-78.19M▼ 69.2%
4.6M▲ 105.9%
174.5M▲ 3694.3%
-158.05M▼ 190.6%
-5.09M▲ 96.8%
5.46M▲ 207.3%
2.11M▼ 61.4%
9.37M▲ 344.6%
13.12M▲ 0%
Exchange Rate Effect000000-6.39M000
Cash at Beginning49.49M88.33M10.14M14.74M189.24M31.2M26.11M31.57M33.68M0
Cash at End3.27M10.14M14.74M189.24M31.2M26.11M31.57M33.68M43.05M0
Free Cash Flow
350.69M▲ 0%
307.98M▼ 12.2%
-58.42M▼ 119.0%
355.8M▲ 709.0%
414.56M▲ 16.5%
421.51M▲ 1.7%
216.95M▼ 48.5%
403.58M▲ 86.0%
166.56M▼ 58.7%
317.62M▲ 0%
FCF Growth %79.33%-12.18%-118.97%708.98%16.52%1.68%-48.53%86.02%-58.73%-15.86%
FCF / Revenue %49.9%42.77%-7.94%48.28%53.98%50.85%26.01%48.87%20.66%38.75%

HIW Key Ratios

Highwoods Properties, Inc. (HIW) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share6.586.473.685.525.354.254.163.74.113.52
FFO Payout Ratio37.73%27.81%50.31%33.84%35.66%47.06%47.64%52.92%47.68%41.29%
NOI Margin66.29%66.33%66.23%68.54%69.21%68.66%67.77%67.04%67.58%67.37%
Net Debt / EBITDA2.84x2.88x5.72x5.09x5.63x6.03x6.10x6.39x7.16x7.16x
Debt / Assets43.56%44.62%49.51%47.43%48.97%52.73%53.53%54.63%57.98%56.14%
Interest Coverage3.77x3.49x2.74x5.42x4.77x2.56x2.11x1.71x2.07x-
Book Value / Share22.5522.321.6823.1524.3924.423.0822.4522.0323.33
Revenue Growth5.57%2.46%2.21%0.13%4.22%7.93%0.61%-0.98%-2.39%0.43%

HIW SEC Filings & Documents

Highwoods Properties, Inc. (HIW) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 11, 2026·SEC

Material company update

Nov 14, 2025·SEC

Material company update

Nov 5, 2025·SEC

10-K Annual Reports

6
FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 11, 2025·SEC

FY 2024

Feb 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 28, 2026·SEC

FY 2025

Oct 28, 2025·SEC

FY 2025

Jul 29, 2025·SEC

HIW Frequently Asked Questions

Highwoods Properties, Inc. (HIW) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Highwoods Properties, Inc. (HIW) reported $819.8M in revenue for fiscal year 2025. This represents a 494% increase from $137.9M in 1996.

Highwoods Properties, Inc. (HIW) saw revenue decline by 2.4% over the past year.

Yes, Highwoods Properties, Inc. (HIW) is profitable, generating $93.5M in net income for fiscal year 2025 (19.8% net margin).

Dividend & Returns

Yes, Highwoods Properties, Inc. (HIW) pays a dividend with a yield of 7.81%. This makes it attractive for income-focused investors.

Highwoods Properties, Inc. (HIW) has a return on equity (ROE) of 6.6%. This is below average, suggesting room for improvement.

Industry Metrics

Highwoods Properties, Inc. (HIW) generated Funds From Operations (FFO) of $394.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Highwoods Properties, Inc. (HIW) offers a 7.81% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More HIW

Highwoods Properties, Inc. (HIW) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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