Highwoods Properties (HIW)
(Delayed Data from NYSE)
$25.90 USD
+0.50 (1.97%)
Updated Apr 24, 2024 04:00 PM ET
After-Market: $25.91 +0.01 (0.04%) 7:58 PM ET
3-Hold of 5 3
B Value D Growth F Momentum D VGM
Company Summary
Raleigh, NC-based Highwoods Properties, Inc. is an office real estate investment trust (REIT) that owns, develops, acquires, leases and manages office properties. Its core portfolio consists of properties in the best business districts (BBDs) within its footprint of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.
As of Dec 31, 2023, Highwoods had ownership or an interest in 28.4 million rentable square feet of in-service properties, 1.6 million rentable square feet of office properties under development and development land with roughly 5.2 million rentable square feet of the potential office build-out. At the end of the fourth quarter ...
Company Summary
Raleigh, NC-based Highwoods Properties, Inc. is an office real estate investment trust (REIT) that owns, develops, acquires, leases and manages office properties. Its core portfolio consists of properties in the best business districts (BBDs) within its footprint of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.
As of Dec 31, 2023, Highwoods had ownership or an interest in 28.4 million rentable square feet of in-service properties, 1.6 million rentable square feet of office properties under development and development land with roughly 5.2 million rentable square feet of the potential office build-out. At the end of the fourth quarter of 2023, the office portfolio’s occupancy was 88.8%.
The company’s long-term strategic plan entails the acquisition of high-quality, trophy office buildings in the BBDs of markets, which enjoy favorable economic and demographic trends. To support its expansion efforts, it follows a disciplined capital-recycling strategy that entails disposing of non-core assets and redeploying the proceeds in premium asset acquisitions and development projects. From 2010-2023, Highwoods completed buyouts worth $3.6 billion while dispositions totaled $3.0 billion.
Also, from the beginning of 2019 through 2022, the company completed its exit from Greensboro and Memphis and entered Charlotte and Dallas, two higher-growth markets with greater future upside prospects.
In fourth-quarter 2022, Highwoods acquired McKinney & Olive in Uptown Dallas, a trophy mixed-use asset spanning 542,000 square feet, in a 50/50 joint venture (JV) interest. The JV’s total investment aggregated $394.7 million, with Highwoods’ share being $197 million.
In April 2024, Highwoods announced $79.4 million of combined non-core asset disposition in Raleigh, as part of the company’s disciplined capital-recycling strategy. It sold eight office buildings aggregating 338,000 square feet in the west Raleigh submarket, across from Rex Hospital and one office building that was 97,000 square feet next to the Research Triangle Park.
Note: All EPS numbers presented in this report represent funds from operations (FFO) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
General Information
Highwoods Properties, Inc
150 FAYETTEVILLE STREET STE 1400
RALEIGH, NC 27601
Phone: 919-872-4924
Fax: 919-872-4924
Email: hannah.true@highwoods.com
Industry | REIT and Equity Trust - Other |
Sector | Finance |
Fiscal Year End | December |
Last Reported Quarter | 3/31/2024 |
Exp Earnings Date | 7/23/2024 |
EPS Information
Current Quarter EPS Consensus Estimate | 0.91 |
Current Year EPS Consensus Estimate | 3.57 |
Estimated Long-Term EPS Growth Rate | NA |
Exp Earnings Date | 7/23/2024 |
Price and Volume Information
Zacks Rank | |
Yesterday's Close | 25.40 |
52 Week High | 26.27 |
52 Week Low | 17.06 |
Beta | 1.23 |
20 Day Moving Average | 785,625.62 |
Target Price Consensus | 24.80 |
4 Week | 2.21 |
12 Week | 8.55 |
YTD | 10.63 |
4 Week | 4.02 |
12 Week | 6.36 |
YTD | 2.45 |
Shares Outstanding (millions) | 105.98 |
Market Capitalization (millions) | 2,691.94 |
Short Ratio | NA |
Last Split Date | NA |
Dividend Yield | 7.87% |
Annual Dividend | $2.00 |
Payout Ratio | 0.52 |
Change in Payout Ratio | -0.01 |
Last Dividend Payout / Amount | 2/16/2024 / $0.50 |
Fundamental Ratios
P/E (F1) | 7.12 |
Trailing 12 Months | 6.77 |
PEG Ratio | NA |
vs. Previous Year | 3.13% |
vs. Previous Quarter | 6.45% |
vs. Previous Year | -2.29% |
vs. Previous Quarter | -0.11% |
Price/Book | 1.11 |
Price/Cash Flow | 5.92 |
Price / Sales | 3.23 |
3/31/24 | NA |
12/31/23 | 6.12 |
9/30/23 | 5.66 |
3/31/24 | NA |
12/31/23 | 2.47 |
9/30/23 | 2.29 |
3/31/24 | NA |
12/31/23 | 1.24 |
9/30/23 | 1.17 |
3/31/24 | NA |
12/31/23 | 1.24 |
9/30/23 | 1.17 |
3/31/24 | NA |
12/31/23 | 17.89 |
9/30/23 | 16.54 |
3/31/24 | NA |
12/31/23 | 17.89 |
9/30/23 | 16.54 |
3/31/24 | NA |
12/31/23 | 18.15 |
9/30/23 | 16.83 |
3/31/24 | NA |
12/31/23 | 22.79 |
9/30/23 | 22.98 |
3/31/24 | NA |
12/31/23 | NA |
9/30/23 | NA |
3/31/24 | NA |
12/31/23 | 1.33 |
9/30/23 | 1.32 |
3/31/24 | NA |
12/31/23 | 57.23 |
9/30/23 | 56.99 |