Highwoods Properties, Inc. HIW

Real EstateResidential & Commercial REITsUnited States of America

Last close 31.31 USD on Nov 2, 2026, +28.4% year to date

Quant rating

Quant rating B Rank 66 of 175 in Real Estate

Growth D 131 of 175
Valuation A 16 of 175
Quality B 65 of 175
Revisions D 131 of 175
Momentum B 33 of 175

Wall Street consensus Hold (2.82)Average target 31.40 USD +0.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.5B
Enterprise value: 7.0B
52-week range: 20.46 – 35.43
3-year range: 17.66 – 36.37
Dividend yield: 6.46%
Beta (5 years): 1.08
Shares outstanding: 110M
Next earnings: Feb 8, 2027

About the company

Highwoods Properties, Inc. is a fully integrated office real estate investment trust (REIT). The Company owns, develops, acquires, leases and manages properties primarily in the business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, and Tampa. The Company conducts its activities through Highwoods Realty Limited Partnership. Its Atlanta properties include 10 Glenlake North, 10 Glenlake South, 1825 Century Boulevard, 1875 Century Boulevard, 2200 Century Parkway, 2400 Century Parkway, 2600 Century Parkway, 2635 Century Parkway, 2800 Century Parkway and 2827 Peachtree. Its Charlotte properties include Bank of America Tower at Legacy Union, Capitol Towers North, Capitol Towers South, SIX50 at Legacy Union, Three Morrocroft Centre and Two Morrocroft Centre. Its Dallas properties include 23Springs, Granite Park 6, McKinney & Olive and The Terraces. Its Orlando properties include 1800 Eller Drive, 201 South Orange, Bank of America Plaza and Capital Plaza Two.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	806	826	834	829	768	–
Revenue growth	−2.4%	−1.0%	0.6%	7.9%	4.2%	1.8%
EPS (basic, normalized)	1.46	1.15	1.39	1.49	2.98	–
EPS growth	27.0%	−17.3%	−6.7%	−50.0%	–	–
Gross margin	67.6%	67.0%	67.8%	68.7%	69.2%	68.1%
Net margin	19.5%	12.1%	17.5%	18.9%	40.5%	21.7%
ROE	6.7%	4.3%	6.1%	6.4%	13.0%	7.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	279
Current ratio	–
Long-term debt (mil)	3,512
Net debt (mil)	3,512
Total equity (mil)	2,372
Net debt / equity	1.48x
Net debt / EBITDA	7.09x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	806	−2.4%	8.6x	496	−6.5%	14.1x	1.46	+27.0%	21.4x
2026	864	+7.2%	8.1x	563	+13.5%	12.4x	1.98	+35.6%	15.8x
2027	896	+3.6%	7.8x	569	+1.1%	12.2x	0.64	−67.7%	48.9x
2028	920	+2.8%	7.6x	591	+3.8%	11.8x	0.68	+5.5%	46.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	864	0.0%	+1.2%	+1.5%	1.98	0.0%	+57.8%	+206.2%
2027	896	0.0%	+1.1%	+1.6%	0.64	−12.9%	−21.0%	−22.3%
2028	920	−0.3%	+0.7%	+1.4%	0.68	−6.2%	−21.5%	−24.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	211	205	204	206	200	201	202	203	214	216
Sales mean (mil)	207	205	205	204	203	203	206	208	210	212
Surprise	+2.2%	−0.2%	−0.3%	+0.7%	−1.3%	−1.4%	−2.0%	−2.2%	+1.7%	+1.9%
EPS reported	0.25	0.59	0.14	0.19	0.91	0.17	0.12	0.30	0.29	0.85
EPS mean	0.18	0.27	0.21	0.11	0.22	0.18	0.17	0.20	0.11	0.57
Surprise	+35.1%	+118.5%	−34.9%	+72.7%	+318.4%	−4.2%	−28.4%	+50.0%	+163.6%	+47.8%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HIW Highwoods Properties, Inc.	3.5B	7.09x	19.5%	1.46x	15.8x	48.9x	12.4x	12.2x
NHP National Healthcare Properties, Inc.	1.1B	–	−20.8%	1.04x	31.7x	301.8x	15.5x	15.4x
Mean		7.09x	−0.6%	1.25x	23.7x	175.4x	13.9x	13.8x
Median		7.09x	−0.6%	1.25x	23.7x	175.4x	13.9x	13.8x

Technical analysis

1M+5.5%
3M−4.0%
1Y+17.9%
3Y+102.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Highwoods Properties, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	806	826	834	829	768	737
Cost of revenue	261	272	269	260	236	232
Gross profit	545	554	565	569	532	505
Selling, general & administrative expenses	40.3	41.9	42.9	42.3	40.6	41.0
Research & development	–	–	–	–	–	–
Depreciation/amortization	295	299	299	288	259	242
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	13.6	24.8	−11.2	36.6	0.3	1.8
Other operating expenses	0	0	0	0	0	0
Operating income	196	188	234	203	231	221
Net interest income (expense)	−150	−143	−136	−104	−83.9	−77.0
Gain (loss) on sale of assets	107	46.8	47.8	63.5	174	216
Other non-operating income (expense)	9.7	12.5	5.0	1.6	1.7	−1.7
Net income before taxes	163	104	151	164	323	358
Provision for taxes	–	–	–	–	–	–
Minority interest	−3.0	−2.0	−2.6	−4.9	−10.0	−10.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	160	102	149	159	313	347
Extraordinary items	–	–	–	–	–	–
Net income	160	102	149	159	313	347
EBIT, normalized	209	213	226	239	232	222
EBITDA, normalized	504	512	525	527	491	464
Basic EPS, normalized	1.46	1.15	1.39	1.49	2.98	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Highwoods Properties, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	27.4	22.4	25.1	21.4	23.2	109
Receivables	346	337	339	319	282	287
Total inventory	23.2	55.4	–	0	3.5	11.4
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	5,072	4,821	4,994	5,127	5,032	4,421
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	472	486	343	269	7.4	27.1
Note receivable	12.2	11.1	4.8	1.1	1.2	1.3
Other long-term assets	718	711	661	666	654	760
Total assets	6,274	6,029	6,003	6,063	5,695	5,209
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	268	288	282	276	266	243
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	6.7	7.2	6.9	7.1	207	151
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	3,547	3,286	3,206	3,190	2,582	2,320
Minority interest	56.7	70.1	54.2	88.2	134	135
Other liabilities	291	312	309	308	502	419
Total liabilities	3,895	3,668	3,570	3,587	3,218	2,873
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.1	1.1	1.1	1.1	1.0	1.0
Additional paid-in capital	3,224	3,144	3,103	3,081	3,028	2,994
Retained earnings (accumulated deficit)	−870	−811	−698	−633	−580	−686
Treasury stock	–	–	–	–	–	–
Other equity	24.2	26.6	26.8	27.6	27.8	27.4
Total equity	2,379	2,361	2,433	2,477	2,477	2,336
Total liabilities & shareholders' equity	6,274	6,029	6,003	6,063	5,695	5,209

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Highwoods Properties, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	163	104	151	164	323	358
Depreciation, depletion & amortization	295	299	299	288	259	242
Deferred taxes	–	–	–	–	–	–
Non-cash items	−74.1	−3.6	−43.9	−13.3	−161	−199
Changes in working capital	−24.3	3.9	−26.3	−16.5	−6.6	−42.5
Cash from operations	359	404	381	422	415	358
Investing activities
Capital expenditures	−49.7	−45.2	−98.2	−121	−126	−223
Other investing cash flows	−391	−257	−71.5	−494	−161	333
Cash from investing	−441	−302	−170	−615	−288	111
Financing activities
Financing cash flow items	−13.0	−14.7	−11.1	−12.8	−18.4	−21.5
Cash dividends paid	−219	−215	−214	−213	−207	−202
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	323	130	19.2	413	−59.9	−71.0
Cash from financing	90.8	−99.0	−205	188	−285	−294
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	9.4	2.1	5.5	−5.1	−158	175
Free cash flow	309	358	282	301	288	135

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.