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Highwoods Properties, Inc. is a publicly traded fully integrated office real estate investment trust 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 vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. Highwoods Properties, Inc. is headquartered in Raleigh. Highwoods Properties, Inc. was incorporated in 1978 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $806M | $610M | $160M | $359M | 6.8% | -2.4% | 56.1% |
| 2024 | $826M | $550M | $102M | $404M | 4.4% | -1.0% | -31.2% |
| 2023 | $834M | $587M | $149M | $387M | 6.2% | 0.6% | -6.5% |
| 2022 | $829M | $557M | $159M | $422M | 6.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 828.93 | 834 | 825.86 | 806.11 |
| Cost Of Revenue | 259.81 | 268.78 | 272.17 | 261.37 |
| Gross Profit | 569.12 | 565.22 | 553.69 | 544.74 |
| Operating Expense | 329.88 | 342.27 | 340.95 | 335.26 |
| Operating Income | 239.25 | 222.95 | 212.74 | 209.48 |
| EBITDA | 556.95 | 587.45 | 550.50 | 610.04 |
| EBIT | 269.34 | 288.04 | 251.45 | 315.08 |
| Pretax Income | 163.96 | 151.33 | 104.25 | 162.65 |
| Net Income | 159.06 | 148.72 | 102.25 | 159.61 |
| Net Income Common Stockholders | 156.57 | 146.23 | 99.76 | 157.25 |
| Total Expenses | 589.68 | 611.05 | 613.12 | 596.63 |
| Interest Expense | 105.38 | 136.71 | 147.20 | 152.43 |
| Selling General And Administration | 42.27 | 42.86 | 41.90 | 40.31 |
| Normalized EBITDA | 529.92 | 527.90 | 528.28 | 516.39 |
| Normalized Income | 137.70 | 101.67 | 84.70 | 85.63 |
| Market Cap | 2,634.09 | 2,634.09 | 2,634.09 | 2,634.09 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Highwoods Properties, Inc.this co. | HIW | $2.6B | 16.50↓ discount | 1.12 | 6.8% | 10.10 |
| LXP Industrial Trust | LXP | $3.2B | 26.43 | 1.54 | 5.8% | 10.46 |
| Apple Hospitality REIT, Inc. | APLE | $3.1B | 17.75 | 0.99 | 5.6% | 10.56 |
| Curbline Properties Corp. | CURB | $3.0B | 74.46 | 1.55 | 2.1% | 24.85 |
| Urban Edge Properties | UE |
| $2.7B |
| 32.46 |
| 2.36 |
| 7.3% |
| 14.89 |
| Four Corners Property Trust, Inc. | FCPT | $2.6B | 24.84 | 1.71 | 6.9% | 17.72 |
| Uniti Group Inc. | UNIT | $2.4B | 2.23 | 7.64 | 343.1% | 5.31 |
| DiamondRock Hospitality Company | DRH | $2.4B | 20.62 | 1.44 | 7.0% | 11.69 |
| Getty Realty Corp. | GTY | $2.0B | 25.54 | 1.89 | 7.4% | 16.00 |
| Peer Median | - | 25.19 | 1.63 | 7.0% | 13.29 | |