HIGHWOODS PROPERTIES, INC.

Listed Company

HIWCIK 0000921082NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$806.11M

Net Income

$162.65M

Total Assets

$6.27B

Equity

$2.38B

Shares Out

110.27M

Op. Cash Flow

$359.21M

Business

HIGHWOODS PROPERTIES, INC. operates as a fully integrated office real estate investment trust that owns, develops, acquires, leases and manages office properties. It offers services including office property ownership and acquisitions, development and redevelopment, leasing, in-house property and asset management, build-to-suit construction, tenant improvements, maintenance and customer experience services. Key business divisions include in-house leasing, property management, development, engineering, customer experience, marketing and shared corporate services supported by regional division offices. The company focuses on best business districts in Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa and markets/leasing through its regional offices and direct leasing channels.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental and other revenues	806	826	834	829	768
Rental property and other expenses	261	272	269	260	236
Depreciation and amortization	295	299	299	288	259
Impairments of real estate assets	9	25	0	37	0
General and administrative	40	42	43	42	41
Total operating expenses	605	638	611	626	536
Interest expense	152	147	137	105	86
Other income	10	12	4	2	1
Gains on disposition of property	107	47	48	64	174
Gain on deconsolidation of affiliate	0	0	12	0	0
Loss on disposition of investment in unconsolidated affiliate	−5	0	0	—	—
Equity in earnings of unconsolidated affiliates	2	4	1	2	2
Net income	163	104	151	164	323
Net (income) attributable to noncontrolling interests in the Operating Partnership	−3	−2	−3	−4	−8
Net loss attributable to noncontrolling interests in consolidated affiliates	74,000	34,000	549,000	−1	−2
Dividends on Preferred Stock	−2	−2	−2	−2	−2
Net income available for common stockholders	157	100	146	157	311
Net income available for common stockholders (in dollars per share)	1.45	0.94	1.39	1.49	2.98
Weighted average Common Shares outstanding - basic (in shares)	108	106	106	105	104
Net income available for common stockholders (in dollars per share)	1.45	0.94	1.39	1.49	2.98
Weighted average Common Shares outstanding - diluted (in shares)	111	108	108	108	107

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	609	570	540	549	549
Buildings and tenant improvements	6,145	5,827	5,961	5,910	5,718
Development in-process	6	0	9	47	7
Land held for development	214	221	227	231	215
Total real estate assets	6,974	6,618	6,737	6,736	6,490
Less-accumulated depreciation	−1,902	−1,797	−1,743	−1,610	−1,458
Net real estate assets	5,072	4,821	4,994	5,127	5,032
Real estate and other assets, net, held for sale	23	55	0	0	4
Cash and cash equivalents	27	22	25	21	23
Restricted cash	16	11	6	5	8
Accounts receivable	28	28	28	25	14
Mortgages and notes receivable	12	11	5	1	1
Accrued straight-line rents receivable	318	309	311	294	268
Investments in and advances to unconsolidated affiliates	472	486	343	269	7
Deferred leasing costs, net of accumulated amortization of $169,972 and $170,312, respectively	244	210	226	253	259
Prepaid expenses and other assets, net of accumulated depreciation of $25,144 and $20,626, respectively	61	75	65	68	79
Total Assets	6,274	6,029	6,003	6,063	5,695
Mortgages and notes payable, net	3,554	3,294	3,213	3,197	2,789
Accounts payable, accrued expenses and other liabilities	284	305	302	301	295
Total Liabilities	3,838	3,598	3,515	3,498	3,084
Commitments and contingencies	—	—	—	—	—
Noncontrolling interests in the Operating Partnership	53	66	50	66	112
Preferred Stock, $.01 par value, 50,000,000 authorized shares; 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 26,691 and 28,811 shares issued and outstanding, respectively	27	29	29	29	29
Common Stock, $.01 par value, 200,000,000 authorized shares; 109,905,241 and 107,623,777 shares issued and outstanding, respectively	1	1	1	1	1
Additional paid-in capital	3,224	3,144	3,103	3,081	3,028
Distributions in excess of net income available for common stockholders	−870	−811	−698	−633	−580
Accumulated other comprehensive loss	−2	−2	−2	−1	−973,000
Total Stockholders Equity	2,379	2,361	2,433	2,477	2,477
Noncontrolling interests in consolidated affiliates	4	4	5	22	22
Total Equity/Capital:	2,383	2,365	2,438	2,499	2,500
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital	6,274	6,029	6,003	6,063	5,695

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	295	299	299	288	259
Amortization of lease incentives and acquisition-related intangible assets and liabilities	3	1	1	−42,000	−2
Share-based compensation expense	8	8	7	8	9
Net credit losses/(reversals) on operating lease receivables	−118,000	2	4	3	0
Accrued interest on mortgages and notes receivable	−1	−548,000	−805,000	−88,000	−103,000
Amortization of debt issuance costs	6	6	5	4	4
Amortization of cash flow hedges	−248,000	−249,000	−293,000	−238,000	508,000
Amortization of mortgages and notes payable fair value adjustments	142,000	112,000	−288,000	−70,000	862,000
Impairments of real estate assets	9	25	0	37	0
Losses on debt extinguishment	144,000	173,000	602,000	0	286,000
Net gains on disposition of property	−107	−47	−48	−64	−174
Distributions of earnings from unconsolidated affiliates	7	6	1	614,000	1
Settlement of cash flow hedges	0	0	−493,000	0	0
Accounts receivable	1	−3	−547,000	−11	6
Prepaid expenses and other assets	2	3	1	2	2
Accrued straight-line rents receivable	−14	−10	−25	−29	−22
Accounts payable, accrued expenses and other liabilities	−14	14	4	22	8
Net cash provided by operating activities	359	404	387	422	415
Investments in acquired real estate and related intangible assets, net of cash acquired	−442	−51	−19	−225	−305
Investments in development in-process	−4	−4	−34	−44	−78
Investments in tenant improvements and deferred leasing costs	−155	−144	−112	−121	−94
Investments in building improvements	−46	−41	−64	−76	−48
Net proceeds from disposition of real estate assets	195	101	102	130	374
Net proceeds from disposition of investment in unconsolidated affiliate	24	0	0	—	—
Distributions of capital from unconsolidated affiliates	8	8	7	0	0
Investments in mortgages and notes receivable	−9	−6	−14	−24,000	−84,000
Repayments of mortgages and notes receivable	8	63,000	10	288,000	301,000
Investments in and advances to unconsolidated affiliates	−28	−153	−133	−262	−6
Repayments of preferred equity from unconsolidated affiliates	0	0	80	0	0
Changes in earnest money deposits	10	−10	16	—	—
Changes in other investing activities	−2	−3	−7	−1	−3
Net cash used in investing activities	−441	−302	−170	−615	−288
Dividends on Common Stock	−217	−212	−211	−210	−204
Redemptions/repurchases of Preferred Stock	−2	0	−10,000	0	−5,000
Redemptions of Common Units	−10,000	0	−163,000	−4	0
Dividends on Preferred Stock	−2	−2	−2	−2	−2
Distributions to noncontrolling interests in the Operating Partnership	−4	−4	−5	−5	−6
Distributions to noncontrolling interests in consolidated affiliates	−320,000	−400,000	0	−1	−1
Proceeds from the issuance of Common Stock	63	54	2	8	24
Costs paid for the issuance of Common Stock	−1	−843,000	−226,000	−247,000	−535,000
Repurchase of shares related to tax withholdings	−2	−1	−1	−2	−2
Borrowings on revolving credit facility	476	339	249	675	380
Repayments of revolving credit facility	−555	−255	−615	−359	−310
Borrowings on mortgages and notes payable	380	0	590	550	200
Repayments of mortgages and notes payable	−39	−7	−207	−456	−354
Contributions from noncontrolling interests in consolidated affiliates	0	0	320,000	0	0
Payments for debt issuance costs and other financing activities	−5	−8	−5	−4	−9
Net cash provided by/(used in) financing activities	91	−99	−205	188	−285
Net increase/(decrease) in cash and cash equivalents and restricted cash	9	2	12	−5	−158
Cash from deconsolidation of affiliate	0	0	−6	0	0
Cash paid for interest, net of amounts capitalized	145	134	130	103	79
Net changes in capital expenditures incurred but not yet paid (1)	−8	−3	2	−1	—
Write-off of fully depreciated real estate assets	83	94	77	59	68
Write-off of fully amortized leasing costs	41	48	36	29	44
Write-off of fully amortized debt issuance costs	1	4	1	3	5
Derecognition of lease liabilities related to right of use assets	0	−4	0	0	—

Filings

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