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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% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 828.93 | 834 | 825.86 | 806.11 |
| Operating 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 |
| Selling General And Administration | - | 42.27 | 42.86 | 41.90 | 40.31 |
| Total Expenses | - | 589.68 | 611.05 | 613.12 | 596.63 |
| Operating Income | - | 239.25 | 222.95 | 212.74 | 209.48 |
| EBITDA | - | 556.95 | 587.45 | 550.50 | 610.04 |
| Normalized EBITDA | - | 529.92 | 527.90 | 528.28 | 516.39 |
| EBIT | - | 269.34 | 288.04 | 251.45 | 315.08 |
| Interest Expense | - | 105.38 | 136.71 | 147.20 | 152.43 |
| Net Interest Income | - | -105.38 | -136.71 | -147.20 | -152.43 |
| Other Non Operating Income Expenses | - | 1.53 | 4.43 | 12.34 | 9.59 |
| Other Income Expense | - | 30.10 | 65.09 | 38.71 | 105.60 |
| Interest Expense Non Operating | - | 105.38 | 136.71 | 147.20 | 152.43 |
| Net Non Operating Interest Income Expense | - | -105.38 | -136.71 | -147.20 | -152.43 |
| Pretax Income | - | 163.96 | 151.33 | 104.25 | 162.65 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 5.68 | 12.51 | 4.67 | 19.67 |
| Net Income Continuous Operations | - | 163.96 | 151.33 | 104.25 | 162.65 |
| Net Income From Continuing And Discontinued Operation | - | 159.06 | 148.72 | 102.25 | 159.61 |
| Net Income From Continuing Operation Net Minority Interest | - | 159.06 | 148.72 | 102.25 | 159.61 |
| Net Income | - | 159.06 | 148.72 | 102.25 | 159.61 |
| Net Income Common Stockholders | - | 156.57 | 146.23 | 99.76 | 157.25 |
| Net Income Including Noncontrolling Interests | - | 163.96 | 151.33 | 104.25 | 162.65 |
| Normalized Income | - | 137.70 | 101.67 | 84.70 | 85.63 |
| Diluted NI Availto Com Stockholders | - | 160.24 | 149.39 | 101.80 | 160.36 |
| Basic Average Shares | - | 105.12 | 105.53 | 106.17 | 108.45 |
| Diluted Average Shares | - | 107.57 | 107.78 | 108.32 | 110.57 |
| Reconciled Depreciation | - | 287.61 | 299.41 | 299.05 | 294.95 |
| Reconciled Cost Of Revenue | - | 259.81 | 268.78 | 272.17 | 261.37 |
| Total Unusual Items | - | 27.03 | 59.55 | 22.22 | 93.65 |
| Total Unusual Items Excluding Goodwill | - | 27.03 | 59.55 | 22.22 | 93.65 |
| Preferred Stock Dividends | - | 2.49 | 2.48 | 2.48 | 2.36 |
| Minority Interests | - | -4.90 | -2.62 | -2.01 | -3.04 |
| Special Income Charges | - | -36.52 | 11.78 | -24.60 | -13.50 |
| Gain On Sale Of Business | - | 0 | 11.78 | 0 | -4.70 |
| Impairment Of Capital Assets | - | 36.52 | 0 | 24.60 | 8.80 |
| Gain On Sale Of Security | - | 63.55 | 47.77 | 46.82 | 107.15 |
| Depreciation Amortization Depletion Income Statement | - | 287.61 | 299.41 | 299.05 | 294.95 |
| Depreciation And Amortization In Income Statement | - | 287.61 | 299.41 | 299.05 | 294.95 |
| General And Administrative Expense | - | 42.27 | 42.86 | 41.90 | 40.31 |
| Other Gand A | - | 42.27 | 42.86 | 41.90 | 40.31 |
| Rent Expense Supplemental | - | 259.81 | 268.78 | 272.17 | 261.37 |
| Earnings From Equity Interest | - | 1.54 | 1.11 | 4.16 | 2.37 |
| Average Dilution Earnings | - | 3.67 | 3.16 | 2.04 | 3.11 |
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 | $3.1B | 19.71↓ discount | 1.30 | 6.6% | 10.86 |
| Acadia Realty Trust | AKR | $3.2B | 188.23 | 1.43 | 0.8% | 23.75 |
| Blackstone Mortgage Trust, Inc. | BXMT | $3.1B | 28.40 | 0.89 | 3.1% | - |
| Cushman & Wakefield Limited | CWK | $3.1B | 35.25 | 1.59 | 4.5% | 10.21 |
| Curbline Properties Corp. | CURB |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.1B |
| 76.74 |
| 1.60 |
| 2.1% |
| 25.57 |
| LXP Industrial Trust | LXP | $3.0B | 26.93 | 1.57 | 5.8% | 10.60 |
| Medical Properties Trust, Inc. | MPT | $3.0B | - | 0.65 | -6.0% | 15.11 |
| Urban Edge Properties | UE | $3.0B | 31.72 | 2.30 | 7.3% | 14.67 |
| Uniti Group Inc. | UNIT | $2.9B | 2.19 | 7.53 | 343.1% | 5.29 |
| Peer Median | - | 31.72 | 1.58 | 3.8% | 14.67 | |