The company's reliance on external financing is evident as total liabilities climbed to $4.0B by 2026Q1, pushing the debt-to-equity ratio to 1.42 from 1.29 in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 6.6B | 6.27B | 6.03B | 6B | 6.06B | 5.7B | 5.21B | 5.14B | 4.68B | 4.62B | 4.56B | 4.49B | 4B | 3.81B | 3.35B | 3.18B | 2.87B | 2.89B | 2.95B | 2.93B | 2.84B | 2.91B | 3.24B | 3.33B | 3.4B | 3.65B | 3.7B | 4.02B | 4.31B | 2.72B | 1.44B |
| Asset Growth % | 15.95% | 4.05% | 0.44% | -1% | 6.47% | 9.32% | 1.39% | 9.91% | 1.11% | 1.38% | 1.5% | 12.2% | 5.2% | 13.63% | 5.33% | 10.77% | -0.53% | -2% | 0.66% | 2.89% | -2.2% | -10.21% | -2.62% | -2.02% | -6.93% | -1.44% | -7.83% | -6.91% | 58.48% | 88.6% | 132.4% |
| Real Estate & Other Assets | 5.62B | -5.32B | 5.03B | 5.22B | 487.66M | 477.64M | 345.84M | 391.01M | 4.36B | 4.25B | 4.22B | 309.91M | 541.39M | 332.58M | 463.09M | 133.34M | 94.53M | 91.48M | 97.5M | -2.62B | -2.55B | -2.51B | -2.98B | -3.05B | -3.13B | -3.45B | -3.36B | -3.78B | -4.09B | -2.62B | -1.38B |
| PP&E (Net) | 0 | 0 | 0 | 0 | 4.9B | 4.82B | 4.29B | 4.43B | 4.04B | 3.96B | 3.93B | 3.69B | 3.17B | 3.2B | 2.58B | 2.72B | 2.52B | 2.55B | 2.62B | 2.62B | 2.55B | 2.51B | 2.98B | 3.05B | 3.13B | 3.36B | 3.26B | 3.72B | 4.06B | 2.61B | 1.38B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 482.4M | 373.64M | 498.95M | 440.23M | 410.79M | 393.34M | 546.66M | 293.55M | 290.63M | 348.48M | 318.1M | 468.87M | 266.67M | 242.77M | 243.51M | 229.44M | 192.01M | 175.3M | 160.33M | 26.66M | 40.04M | 25.41M | 39.91M | 36.39M | 24.59M | 73.31M | 168.08M | 93.29M | 86.59M | 40.88M | 26.29M |
| Cash & Equivalents | 32.42M | 27.36M | 22.41M | 25.12M | 21.36M | 23.15M | 109.32M | 9.51M | 3.77M | 3.27M | 49.49M | 5.04M | 8.83M | 10.18M | 13.78M | 11.19M | 14.21M | 23.7M | 13.76M | 3.14M | 16.69M | 1.21M | 24.48M | 18.56M | 11.02M | 576K | 104.78M | 34.5M | 31.45M | 10.15M | 11.07M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 82.32M | -12.23M | 83.99M | 71.57M | 70.28M | 86.6M | 154.17M | 26.03M | -5.6M | 113.6M | 69.58M | 0 | 14.6M | 40.85M | 64.13M | 68.09M | 4.4M | 6.84M | 2.26M | 15.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 244.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.98B | 3.84B | 3.6B | 3.52B | 3.5B | 3.08B | 2.74B | 2.83B | 2.3B | 2.24B | 2.26B | 2.75B | 2.33B | 2.2B | 2.06B | 2.08B | 1.66B | 1.62B | 1.77B | 1.83B | 1.66B | 1.63B | 1.76B | 1.67B | 1.65B | 1.84B | 1.7B | 1.88B | 2.14B | 1.03B | 583.48M |
| Total Debt | 3.7B | 3.64B | 3.29B | 3.21B | 3.2B | 2.79B | 2.47B | 2.54B | 2.09B | 2.01B | 1.95B | 2.5B | 2.08B | 1.97B | 1.87B | 1.9B | 1.52B | 1.47B | 1.64B | 1.68B | 1.5B | 1.51B | 1.64B | 1.56B | 1.53B | 1.72B | 1.59B | 1.77B | 2.01B | 978.56M | 555.88M |
| Net Debt | 3.67B | 3.61B | 3.27B | 3.19B | 3.18B | 2.77B | 2.36B | 2.53B | 2.08B | 2.01B | 1.9B | 2.49B | 2.07B | 1.96B | 1.86B | 1.89B | 1.51B | 1.45B | 1.63B | 1.67B | 1.48B | 1.5B | 1.61B | 1.54B | 1.52B | 1.72B | 1.48B | 1.73B | 1.98B | 968.41M | 544.81M |
| Long-Term Debt | 3.7B | 3.59B | 3.29B | 3.21B | 3.2B | 2.79B | 2.47B | 2.54B | 2.09B | 2.01B | 1.95B | 2.49B | 2.07B | 1.97B | 1.87B | 1.9B | 0 | 0 | 0 | 1.64B | 1.47B | 1.51B | 1.57B | 1.84B | 1.53B | 1.72B | 1.59B | 1.77B | 2.01B | 978.56M | 555.88M |
| Short-Term Borrowings | 0 | 8.8M | 9.23M | 6.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.9B | 1.52B | 1.47B | 1.64B | 1.64B | 0 | 0 | 65.31M | 125.78M | 0 | 77.69M | 75.17M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 40.55M | 40.55M | 2.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.52M | 0 | 0 | 31.44M | 0 | 37.71M | 34.17M | 35.07M | 0 | 34.15M | 65.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 279.36M | 8.8M | 304.55M | 193.83M | 273.18M | 294.98M | 239.4M | 252.46M | 218.92M | 228.22M | 313.88M | 248.11M | 237.63M | 218.96M | 172.15M | 2.05B | 1.63B | 1.59B | 1.74B | 262.9M | 272M | 255.8M | 298.9M | 353.4M | 309.2M | 323.4M | 323.1M | 357.6M | 409.6M | 342.3M | 117.2M |
| Accounts Payable | 0 | 0 | 204.18M | 187.33M | 273.18M | 263.32M | 239.4M | 252.46M | 218.92M | 228.22M | 313.88M | 233.99M | 231.48M | 218.96M | 172.15M | 148.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21K | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | -263.32M | 0 | 0 | -4.39B | -4.05B | -4.01B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 200.79M | 95.58M | 108.35M | 28.01M | 0 | 28.48M | 34.3M | 0 | 0 | 0 | 7.8M | 0 | 67.59M | 17.57M | -1.9B | 33.11M | 0 | 0 | -1.68B | -1.47B | -1.54B | -1.64B | -1.84B | -1.53B | -1.72B | -1.59B | -1.77B | -2.01B | -978.56M | -555.88M |
| Total Equity | 2.61B | 2.44B | 2.43B | 2.49B | 2.56B | 2.61B | 2.47B | 2.31B | 2.37B | 2.38B | 2.3B | 1.75B | 1.67B | 1.61B | 1.29B | 1.1B | 1.21B | 1.26B | 1.17B | 1.09B | 1.19B | 1.28B | 1.48B | 1.66B | 1.75B | 1.81B | 2B | 2.14B | 2.18B | 1.69B | 859.96M |
| Equity Growth % | 5.08% | 0.18% | -2.26% | -3.02% | -1.77% | 5.69% | 7.07% | -2.64% | -0.46% | 3.57% | 31.7% | 4.39% | 4.19% | 24.46% | 17.52% | -9.23% | -4.26% | 7.78% | 7.29% | -8.03% | -6.92% | -13.91% | -10.53% | -5.14% | -3.47% | -9.77% | -6.24% | -1.7% | 28.81% | 96.36% | 101.26% |
| Shareholders Equity | 2.37B | 2.38B | 2.36B | 2.43B | 2.48B | 2.48B | 2.34B | 2.15B | 2.25B | 2.22B | 2.14B | 1.6B | 1.52B | 1.48B | 1.16B | 982.21M | 1.08B | 1.13B | 1.1B | 1.02B | 1.11B | 1.18B | 1.37B | 1.49B | 1.56B | 1.61B | 1.79B | 1.89B | 1.9B | 1.4B | 770.35M |
| Minority Interest | 244.84M | 56.67M | 70.08M | 54.24M | 88.21M | 134.1M | 134.54M | 155.23M | 123.54M | 161.43M | 162.76M | 144.4M | 148.16M | 127.88M | 129.62M | 115.3M | 125.3M | 134.95M | 71.81M | 70.1M | 79.73M | 94.13M | 113.73M | 165.25M | 188.56M | 203.18M | 213.21M | 245.66M | 279.04M | 287.19M | 89.62M |
| Common Stock | 1.1M | 1.1M | 1.08M | 1.06M | 1.05M | 1.05M | 1.04M | 1.04M | 1.04M | 1.03M | 1.02M | 961K | 929K | 899K | 803K | 726K | 717K | 713K | 636K | 572K | 562K | 540K | 538K | 535K | 534K | 529K | 581K | 621K | 599K | 468K | 356K |
| Additional Paid-in Capital | 3.24B | 3.22B | 3.14B | 3.1B | 3.08B | 3.03B | 2.99B | 2.95B | 2.98B | 2.93B | 2.85B | 2.6B | 2.46B | 2.37B | 2.04B | 1.8B | 1.77B | 1.75B | 1.66B | 1.45B | 1.45B | 1.42B | 1.42B | 1.41B | 1.39B | 1.38B | 1.51B | 1.6B | 1.55B | 1.13B | 780.56M |
| Retained Earnings | -893.68M | -870.08M | -810.61M | -698.02M | 0 | -579.62M | 0 | 0 | -769.3M | -747.34M | -749.41M | -1.02B | -966.14M | -920.43M | -897.42M | -845.85M | -761.78M | -701.93M | -639.28M | -561.09M | -538.1M | -479.9M | -419.08M | -271.97M | -197.65M | -135.88M | -110.21M | -77.67M | -48.69M | -28.63M | -10.57M |
| Preferred Stock | 26.63M | 26.69M | 28.81M | 28.81M | 28.82M | 28.82M | 28.83M | 28.86M | 28.88M | 28.89M | 28.92M | 29.05M | 29.06M | 29.08M | 29.08M | 29.08M | 81.59M | 81.59M | 81.59M | 82.94M | 197.44M | 247.44M | 377.44M | 104.94M | 377.44M | 377.44M | 397.5M | 397.5M | 397.5M | 297.5M | 0 |
| Return on Assets (ROA) | 1.49% | 2.59% | 1.7% | 2.46% | 2.71% | 5.75% | 6.71% | 2.79% | 3.7% | 4.04% | 11.58% | 2.28% | 2.84% | 3.51% | 2.44% | 1.49% | 2.38% | 2.01% | 1.09% | 3.14% | 1.87% | 2.03% | 1.27% | 1.66% | 2.65% | 3.57% | 3.46% | 3.32% | 3.57% | 3.44% | 3.81% |
| Return on Equity (ROE) | 3.76% | 6.56% | 4.16% | 5.89% | 6.15% | 12.33% | 14.54% | 5.85% | 7.23% | 7.92% | 25.92% | 5.68% | 6.77% | 8.67% | 6.67% | 3.91% | 5.54% | 4.8% | 2.83% | 7.96% | 4.36% | 4.53% | 2.65% | 3.27% | 5.26% | 6.88% | 6.44% | 6.4% | 6.5% | 5.63% | 6.11% |
| Debt / Assets | 56.14% | 57.98% | 54.63% | 53.53% | 52.73% | 48.97% | 47.43% | 49.51% | 44.62% | 43.56% | 42.71% | 55.63% | 51.94% | 51.66% | 55.84% | 59.83% | 53.03% | 50.89% | 55.63% | 57.3% | 52.75% | 51.76% | 50.56% | 46.85% | 45.02% | 47.12% | 42.87% | 43.97% | 46.56% | 35.95% | 38.51% |
| Debt / Equity | 1.42x | 1.49x | 1.35x | 1.29x | 1.25x | 1.07x | 1.00x | 1.10x | 0.88x | 0.85x | 0.85x | 1.43x | 1.24x | 1.23x | 1.45x | 1.73x | 1.26x | 1.16x | 1.40x | 1.54x | 1.26x | 1.18x | 1.11x | 0.94x | 0.88x | 0.95x | 0.79x | 0.83x | 0.92x | 0.58x | 0.65x |
| Net Debt / EBITDA | 7.18x | 7.16x | 6.39x | 6.10x | 6.03x | 5.63x | 5.09x | 5.72x | 2.88x | 2.84x | 2.83x | 6.83x | 5.97x | 8.28x | 9.06x | 10.37x | 5.66x | 9.51x | 6.32x | 7.45x | 7.00x | 6.85x | 6.82x | 6.62x | 5.72x | 4.42x | 3.62x | 4.19x | 5.46x | 4.84x | 5.21x |
| Book Value per Share | 23.33 | 22.03 | 22.45 | 23.08 | 24.40 | 24.39 | 23.15 | 21.68 | 22.30 | 22.55 | 22.67 | 17.92 | 17.83 | 18.07 | 16.19 | 14.41 | 16.00 | 17.52 | 19.75 | 17.74 | 19.35 | 23.74 | 27.63 | 30.89 | 33.00 | 33.30 | 33.85 | 34.66 | 39.49 | 43.12 | 32.93 |
Elevated leverage and capex
As reported in financial statements, Highwoods Properties grew total assets to $6.6B by 2026Q1, yet this expansion appears largely debt-funded, as total liabilities concurrently rose to $4.0B, suggesting that the company's growth trajectory is increasingly reliant on external financing rather than organic capital accumulation.
The increase in total assets from $6.0B in 2024Q4 to $6.6B in 2026Q1 indicates an aggressive posture toward portfolio growth. However, the simultaneous rise in debt levels suggests that the company may be struggling to fund this expansion through internal cash flow, potentially limiting future financial flexibility.
Based on the provided financial data, the company's debt-to-equity ratio has trended upward from 1.29 in 2023Q4 to 1.42 in 2026Q1, indicating that the balance sheet is becoming more sensitive to interest rate volatility and potential refinancing risks in the current office market environment.
The steady climb in the debt-to-equity ratio suggests that management is utilizing higher leverage to maintain its development pipeline. Investors should monitor whether this increased reliance on debt will lead to higher interest expenses that could further compress already strained FFO margins.
According to recent SEC filings, cash reserves remain thin at $32.4M as of 2026Q1, which appears insufficient given the significant capital expenditure requirements identified in prior analysis, potentially forcing the company to rely heavily on revolving credit facilities to meet its ongoing operational and development obligations.
The consistently low cash balance relative to the scale of the $6.6B asset base suggests a lack of a liquidity buffer. This tight position may limit the company's ability to pivot quickly if market conditions deteriorate or if unexpected tenant improvement costs arise.
As indicated by the disappearance of net property, plant, and equipment figures in recent quarters, the lack of transparency regarding asset depreciation may mask the true state of deferred maintenance, which warrants further investigation into the actual quality and long-term viability of the current office portfolio.
The shift in reporting where PPE net values are no longer explicitly provided complicates the assessment of asset age and potential future capex needs. This lack of clarity may obscure the true economic value of the portfolio, making it difficult to determine if the assets are being adequately maintained.
Quick answers to the most common questions about buying HIW stock.
As of 2025, Highwoods Properties, Inc. (HIW) had total assets of $6.27B including $373.6M in current assets.
Highwoods Properties, Inc. (HIW) carries total debt of $3.64B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Highwoods Properties, Inc. (HIW) has total shareholders' equity (book value) of $2.38B ($22.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Highwoods Properties, Inc. (HIW) reported a current ratio of 42.45x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.