Highwoods Properties (HIW) Financials

$29.31 +0.12 (+0.41%)

As of 03:00 PM Eastern

Annual Income Statements for Highwoods Properties

This table shows Highwoods Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	95	522	169	134	345	311	157	146	100
Consolidated Net Income / (Loss)	101	541	178	142	358	323	164	151	104
Net Income / (Loss) Continuing Operations	86	123	178	142	358	323	164	151	104
Total Pre-Tax Income	65	102	173	138	354	321	164	151	104
Total Operating Income	161	176	245	223	437	232	203	223	188
Total Gross Profit	605	666	720	736	737	768	829	834	826
Total Revenue	605	666	720	736	737	768	829	834	826
Operating Revenue	605	666	720	736	737	768	829	834	826
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	444	489	475	513	300	536	626	611	638
Selling, General & Admin Expense	254	269	282	293	273	277	302	312	314
Depreciation Expense	202	220	230	255	242	259	288	299	299
Impairment Charge	0.00	0.00	0.42	5.85	1.78	0.00	37	0.00	25
Total Other Income / (Expense), net	-80	-74	-71	-84	-83	92	-39	-72	-84
Interest Expense	83	73	71	82	81	86	105	137	147
Interest & Investment Income	4.16	-	-	-	-	1.95	1.54	13	4.16
Other Income / (Expense), net	-1.68	-1.17	-	-2.51	-1.71	175	65	52	59
Preferred Stock Dividends Declared	2.51	5.00	2.49	2.49	2.49	2.49	2.49	2.49	2.49
Net Income / (Loss) Attributable to Noncontrolling Interest	4.18	17	5.80	4.77	11	10	4.90	2.62	2.01
Basic Earnings per Share	$1.00	$5.30	$1.64	$1.30	$3.32	$2.98	$1.49	$1.39	$0.94
Weighted Average Basic Shares Outstanding	191.31M	199.34M	103.44M	103.69M	103.88M	104.23M	105.12M	105.53M	106.17M
Diluted Earnings per Share	$2.01	$10.62	$1.64	$1.30	$3.32	$2.98	$1.49	$1.39	$0.94
Weighted Average Diluted Shares Outstanding	194.40M	202.39M	106.27M	106.45M	106.71M	107.06M	107.57M	107.79M	108.32M
Weighted Average Basic & Diluted Shares Outstanding	96.10M	101.67M	103.56M	103.78M	103.92M	104.89M	105.21M	105.71M	107.62M
Cash Dividends to Common per Share	$1.70	$1.70	$1.85	$1.90	$1.92	$1.96	$2.00	$2.00	$2.00

This table shows Highwoods Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	38	28	44	42	22	38	26	63	15	-3.73	97
Consolidated Net Income / (Loss)	40	29	45	44	23	39	27	65	15	-3.20	100
Net Income / (Loss) Continuing Operations	40	29	45	44	23	39	27	65	15	-3.20	100
Total Pre-Tax Income	40	30	45	43	23	40	27	64	14	-0.96	99
Total Operating Income	66	-6.19	64	76	56	26	55	92	50	-8.58	134
Total Gross Profit	207	212	213	207	207	207	211	205	204	206	200
Total Revenue	207	212	213	207	207	207	211	205	204	206	200
Operating Revenue	207	212	213	207	207	207	211	205	204	206	200
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	141	218	148	131	151	181	157	113	154	214	67
Selling, General & Admin Expense	76	79	78	76	76	82	83	74	76	82	77
Depreciation Expense	73	75	71	75	75	79	74	74	79	73	71
Other Special Charges / (Income)	-9.40	-	-	-19	0.00	-	-	-35	-0.35	-	-82
Total Other Income / (Expense), net	-26	36	-19	-33	-33	14	-27	-28	-36	7.62	-35
Interest Expense	26	30	33	34	34	35	37	36	37	37	37
Other Income / (Expense), net	0.14	64	1.60	1.18	0.75	49	8.44	7.46	1.87	41	1.63
Other Gains / (Losses), net	0.46	-	-	0.80	0.40	-	-	1.12	1.12	-	1.32
Preferred Stock Dividends Declared	0.62	0.62	0.62	0.62	0.62	0.62	0.62	0.62	0.62	0.62	0.62
Net Income / (Loss) Attributable to Noncontrolling Interest	1.24	0.97	0.50	0.95	0.45	0.72	0.53	1.28	0.29	-0.09	1.93
Basic Earnings per Share	$0.36	$0.27	$0.42	$0.40	$0.21	$0.36	$0.25	$0.59	$0.14	($0.04)	$0.91
Weighted Average Basic Shares Outstanding	105.18M	105.12M	105.29M	105.46M	105.67M	105.53M	105.80M	106.00M	106.01M	106.17M	107.68M
Diluted Earnings per Share	$0.36	$0.27	$0.42	$0.40	$0.21	$0.36	$0.25	$0.59	$0.14	($0.04)	$0.91
Weighted Average Diluted Shares Outstanding	107.60M	107.57M	107.65M	107.81M	107.83M	107.79M	107.96M	108.15M	108.16M	108.32M	109.83M
Weighted Average Basic & Diluted Shares Outstanding	105.20M	105.21M	105.46M	105.68M	105.69M	105.71M	106.00M	106.01M	106.02M	107.62M	107.81M
Cash Dividends to Common per Share	$0.50	-	$0.50	$0.50	$0.50	-	$0.50	$0.50	$0.50	-	$0.50

This table details how cash moves in and out of Highwoods Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-3.80	140	-190	4.60	175	-158	-5.09	5.46	2.11
Net Cash From Operating Activities	289	306	353	366	358	415	422	387	404
Net Cash From Continuing Operating Activities	289	306	353	366	358	415	422	387	404
Net Income / (Loss) Continuing Operations	101	541	192	142	358	323	164	151	104
Consolidated Net Income / (Loss)	101	541	192	142	358	323	164	151	104
Depreciation Expense	216	220	228	255	242	259	288	299	299
Amortization Expense	7.37	4.33	3.86	2.83	2.48	3.92	3.97	5.44	6.91
Non-Cash Adjustments To Reconcile Net Income	-29	-447	-72	-56	-238	-187	-47	-73	-20
Changes in Operating Assets and Liabilities, net	-6.57	-13	0.91	22	-6.00	15	13	3.78	13
Net Cash From Investing Activities	-654	216	-200	-607	111	-288	-615	-170	-302
Net Cash From Continuing Investing Activities	-654	216	-200	-607	111	-288	-615	-176	-302
Purchase of Property, Plant & Equipment	-409	-110	-1.84	-424	-2.36	-305	-225	-19	-51
Acquisitions	-0.66	-0.11	-10	-9.98	0.00	-6.08	-262	-133	-153
Sale of Property, Plant & Equipment	27	684	130	133	484	374	130	102	101
Divestitures	6.92	-	-	-	-	0.00	0.00	-6.39	0.00
Sale and/or Maturity of Investments	9.38	1.70	2.92	0.30	0.31	0.30	0.29	9.89	0.06
Other Investing Activities, net	-288	-359	-321	-307	-372	-223	-258	-130	-199
Net Cash From Financing Activities	361	-465	-143	246	-294	-285	188	-205	-99
Net Cash From Continuing Financing Activities	320	-383	-342	246	-294	-285	188	-206	-99
Repayment of Debt	0.00	0.00	-	-900	-615	-673	-820	-827	-270
Repurchase of Preferred Equity	-	-	-	-0.02	-0.03	-0.01	0.00	-0.01	0.00
Repurchase of Common Equity	-	-	-	0.00	-0.22	-0.54	-0.25	-0.23	-0.84
Payment of Dividends	336	349	380	-206	-208	-214	-219	-218	-220
Issuance of Debt	1,496	1,421	2,813	1,353	527	580	1,225	839	339
Issuance of Common Equity	268	538	158	2.09	3.57	24	7.57	1.74	54
Other Financing Activities, net	7.53	8.39	170	-1.79	-1.16	-1.72	-5.92	-1.49	-1.44
Cash Interest Paid	82	73	68	72	72	79	103	130	134

This table details how cash moves in and out of Highwoods Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-43	-2.99	1.92	0.73	-1.65	4.47	-4.28	9.52	-2.87	-0.26	5.84
Net Cash From Operating Activities	118	102	66	115	103	103	72	130	97	104	46
Net Cash From Continuing Operating Activities	118	102	66	115	103	103	72	130	97	104	46
Net Income / (Loss) Continuing Operations	40	29	45	44	23	39	27	65	15	-3.20	100
Consolidated Net Income / (Loss)	40	29	45	44	23	39	27	65	15	-3.20	100
Depreciation Expense	73	75	71	75	75	79	74	74	79	73	71
Amortization Expense	0.79	1.44	1.29	1.28	1.31	1.56	1.70	1.59	1.69	1.94	1.86
Non-Cash Adjustments To Reconcile Net Income	-15	-8.57	-17	-24	-3.71	-28	-5.24	-35	0.41	20	-79
Changes in Operating Assets and Liabilities, net	19	4.74	-35	20	7.51	11	-25	25	0.81	12	-48
Net Cash From Investing Activities	-272	-273	-75	6.36	-63	-39	-62	5.73	-149	-97	-27
Net Cash From Continuing Investing Activities	-272	-273	-75	6.36	-63	-45	-62	5.73	-149	-97	-27
Purchase of Property, Plant & Equipment	-198	-	-	-	-	-	-8.99	8.99	-	-51	-138
Acquisitions	-74	-180	-17	-61	-22	-33	-31	-11	-105	-5.91	-8.19
Sale of Property, Plant & Equipment	23	-	1.86	50	-	50	16	61	4.23	19	138
Sale and/or Maturity of Investments	0.07	0.07	0.07	1.88	2.11	5.82	0.98	4.38	0.94	-6.24	7.26
Other Investing Activities, net	-22	-93	-60	34	-43	-62	-39	-58	-49	-54	-26
Net Cash From Financing Activities	111	168	11	-121	-42	-53	-15	-126	49	-6.51	-13
Net Cash From Continuing Financing Activities	111	168	11	-121	-42	-54	-15	-126	49	-6.51	-13
Repayment of Debt	-112	-377	-226	-134	-48	-420	-34	-87	-35	-114	-141
Repurchase of Common Equity	0.00	-	-0.06	-0.17	-	-	0.00	-	-	-0.84	-0.16
Payment of Dividends	-54	-54	-54	-55	-55	-55	-55	-55	-55	-55	-56
Issuance of Debt	280	600	292	67	60	420	75	15	138	111	185
Issuance of Common Equity	0.36	0.37	0.55	0.44	0.36	0.39	0.36	0.38	0.35	52	0.41
Other Financing Activities, net	-3.10	-0.66	-1.33	-0.16	-	-	-1.43	-0.00	-0.01	-0.00	-2.02
Cash Interest Paid	35	20	40	24	41	24	37	19	56	21	51

This table presents Highwoods Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	8,971	9,122	9,248	9,350	5,138	5,209	5,695	6,063	6,003	6,029
Total Current Assets	114	212	467	332	99	281	125	121	130	148
Cash & Equivalents	10	99	6.54	7.54	9.51	109	23	21	25	22
Restricted Cash	17	29	170	13	5.24	80	8.05	4.75	6.45	11
Note & Lease Receivable	2.10	8.83	13	11	1.50	1.34	1.23	1.05	4.80	11
Accounts Receivable	58	35	249	272	23	27	14	25	28	28
Prepaid Expenses	27	40	29	29	59	63	79	68	65	75
Plant, Property, & Equipment, net	7,000	7,307	7,748	7,743	4,354	4,162	5,025	5,080	4,985	4,821
Plant, Property & Equipment, gross	9,014	9,575	10,153	10,337	5,742	5,580	6,483	6,690	6,728	6,618
Accumulated Depreciation	2,014	2,268	2,405	2,593	1,389	1,418	1,458	1,610	1,743	1,797
Total Noncurrent Assets	14,151	14,769	1,033	9,605	686	767	545	862	889	1,060
Long-Term Investments	41	38	48	47	26	27	7.38	269	343	486
Noncurrent Note & Lease Receivables	2.10	8.83	200	220	235	259	268	294	311	309
Intangible Assets	464	427	401	391	231	209	259	253	226	210
Other Noncurrent Operating Assets	13,644	14,295	383	616	193	271	10	47	8.92	55
Total Liabilities & Shareholders' Equity	8,971	9,122	9,248	9,350	5,138	5,209	5,695	6,063	6,003	6,029
Total Liabilities	5,480	4,524	4,485	4,610	2,831	2,739	3,084	3,498	3,515	3,598
Total Current Liabilities	14	0.00	228	219	287	269	295	301	302	305
Accounts Payable	-	-	228	219	287	269	295	301	302	305
Total Noncurrent Liabilities	5,621	4,698	4,430	4,525	2,544	2,470	2,789	3,197	3,213	3,294
Long-Term Debt	4,984	3,896	4,029	4,172	2,544	2,470	2,789	3,197	3,213	3,294
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	126	145	144	106	133	112	112	66	50	66
Total Equity & Noncontrolling Interests	3,210	4,280	4,446	4,500	2,174	2,358	2,500	2,499	2,438	2,365
Total Preferred & Common Equity	1,601	2,136	2,220	2,247	2,152	2,336	2,477	2,477	2,433	2,361
Preferred Stock	58	58	58	58	29	29	29	29	29	29
Total Common Equity	3,271	4,360	4,526	4,542	2,124	2,307	2,448	2,448	2,404	2,332
Common Stock	4,302	5,099	5,258	5,291	2,956	2,995	3,029	3,082	3,105	3,145
Retained Earnings	-1,023	-749	-747	-769	-832	-686	-580	-633	-698	-811
Accumulated Other Comprehensive Income / (Loss)	-7.62	9.90	16	20	-0.47	-1.46	-0.97	-1.21	-2.00	-2.25
Noncontrolling Interest	36	36	35	35	22	22	22	22	4.73	4.29

This table presents Highwoods Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	5,871	6,070	6,028	6,024	6,013	5,971	6,028	6,075
Total Current Assets	126	118	131	128	147	157	146	142
Cash & Equivalents	23	16	17	17	16	27	24	20
Restricted Cash	6.04	5.90	5.35	3.81	11	9.80	10	19
Note & Lease Receivable	1.10	1.00	9.89	9.78	11	11	11	6.24
Accounts Receivable	25	25	21	26	34	30	26	29
Prepaid Expenses	71	71	78	72	75	79	75	67
Plant, Property, & Equipment, net	5,085	5,035	4,990	5,029	4,933	4,900	4,871	4,905
Plant, Property & Equipment, gross	6,648	6,661	6,652	6,740	6,688	6,696	6,695	6,705
Accumulated Depreciation	1,562	1,627	1,662	1,711	1,755	1,795	1,824	1,800
Total Noncurrent Assets	659	917	907	867	933	914	1,011	1,028
Long-Term Investments	89	314	294	314	373	379	483	492
Noncurrent Note & Lease Receivables	285	302	304	308	311	314	315	312
Intangible Assets	256	246	239	233	223	218	213	224
Other Noncurrent Operating Assets	30	55	70	11	26	3.88	0.00	0.00
Total Liabilities & Shareholders' Equity	5,871	6,070	6,028	6,024	6,013	5,971	6,028	6,075
Total Liabilities	3,281	3,528	3,496	3,523	3,550	3,496	3,591	3,596
Total Current Liabilities	307	264	298	310	287	305	295	258
Accounts Payable	307	264	298	310	287	305	295	258
Total Noncurrent Liabilities	2,973	3,264	3,198	3,212	3,262	3,191	3,296	3,338
Long-Term Debt	2,973	3,264	3,198	3,212	3,262	3,191	3,296	3,338
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	64	55	56	44	56	57	72	64
Total Equity & Noncontrolling Interests	2,526	2,487	2,476	2,457	2,408	2,419	2,365	2,415
Total Preferred & Common Equity	2,504	2,483	2,471	2,453	2,403	2,414	2,361	2,411
Preferred Stock	29	29	29	29	29	29	29	29
Total Common Equity	2,475	2,454	2,443	2,424	2,374	2,385	2,332	2,382
Common Stock	3,084	3,097	3,096	3,109	3,101	3,102	3,087	3,151
Retained Earnings	-608	-642	-652	-683	-725	-715	-753	-767
Accumulated Other Comprehensive Income / (Loss)	-1.14	-1.29	-1.36	-1.43	-2.06	-2.12	-2.18	-2.31
Noncontrolling Interest	22	4.47	4.47	4.47	4.72	4.62	4.41	4.19

This table displays calculated financial ratios and metrics derived from Highwoods Properties' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.78%	10.08%	5.57%	0.00%	2.21%	0.13%	4.22%	7.93%	0.61%	-0.98%
EBITDA Growth	13.87%	4.52%	7.06%	11.07%	0.48%	42.22%	-1.26%	-16.56%	3.68%	-4.61%
EBIT Growth	19.36%	10.16%	11.98%	24.89%	-10.14%	97.62%	-6.36%	-34.23%	2.74%	-10.13%
NOPAT Growth	20.31%	9.74%	11.73%	24.35%	-9.11%	96.16%	-46.91%	-12.53%	9.97%	-15.61%
Net Income Growth	-12.69%	434.41%	-64.58%	-7.32%	-20.24%	152.62%	-9.67%	-49.29%	-7.70%	-31.11%
EPS Growth	-15.90%	428.36%	-66.38%	-54.06%	-20.73%	155.38%	-10.24%	-50.00%	-6.71%	-32.37%
Operating Cash Flow Growth	8.23%	5.86%	15.28%	1.73%	2.00%	-2.09%	15.75%	1.74%	-8.25%	4.30%
Free Cash Flow Firm Growth	-3,810.06%	77.45%	1,251.28%	-202.78%	198.58%	-87.32%	-177.60%	124.03%	273.41%	-15.17%
Invested Capital Growth	15.06%	3.63%	-47.47%	103.34%	-44.77%	-1.79%	13.49%	1.96%	-2.58%	-2.26%
Revenue Q/Q Growth	10.62%	1.14%	-33.20%	0.00%	32.71%	-21.40%	108.27%	1.04%	-0.58%	-0.16%
EBITDA Q/Q Growth	9.01%	-0.45%	-8.85%	-21.90%	24.54%	-23.76%	97.06%	-13.89%	3.70%	-8.03%
EBIT Q/Q Growth	15.31%	0.15%	-17.49%	-34.95%	64.84%	-32.30%	368.04%	-26.29%	6.47%	-14.57%
NOPAT Q/Q Growth	14.08%	0.01%	-42.45%	0.00%	66.72%	-32.04%	166.38%	7.65%	17.06%	-15.64%
Net Income Q/Q Growth	-1.62%	0.96%	-25.92%	4.35%	85.78%	-33.19%	556.11%	-37.86%	7.22%	-28.98%
EPS Q/Q Growth	-2.90%	-0.84%	27.96%	-46.05%	85.71%	-38.40%	14,800.00%	-38.43%	6.92%	-29.85%
Operating Cash Flow Q/Q Growth	-1.29%	-1.94%	2.59%	-4.44%	3.94%	0.89%	5.78%	-0.81%	0.23%	0.23%
Free Cash Flow Firm Q/Q Growth	5.23%	-103.34%	204.63%	-124.24%	4,703.09%	44.05%	92.57%	-98.07%	41.66%	-19.97%
Invested Capital Q/Q Growth	-2.36%	413.22%	-48.92%	96.93%	7.60%	-0.54%	-47.91%	0.40%	-0.98%	-0.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	63.22%	60.03%	60.87%	65.98%	64.87%	92.13%	87.29%	67.48%	69.55%	66.99%
Operating Margin	26.56%	26.48%	28.02%	34.01%	30.24%	59.25%	30.18%	24.46%	26.73%	22.78%
EBIT Margin	26.29%	26.30%	27.90%	34.01%	29.90%	59.01%	53.02%	32.31%	32.99%	29.94%
Profit (Net Income) Margin	16.75%	81.30%	27.27%	24.67%	19.25%	48.57%	42.10%	19.78%	18.15%	12.62%
Tax Burden Percent	156.16%	530.81%	147.32%	102.41%	102.37%	101.13%	100.61%	100.00%	100.00%	100.00%
Interest Burden Percent	40.80%	58.23%	66.36%	70.83%	62.90%	81.38%	78.92%	61.22%	55.00%	42.16%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.84%	0.84%	3.17%	3.77%	3.29%	9.16%	4.60%	3.74%	4.13%	3.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.46%	2.98%	2.98%	1.53%	0.84%	5.85%	8.25%	2.37%	1.64%	0.58%
Return on Net Nonoperating Assets (RNNOA)	2.26%	13.10%	2.47%	1.00%	0.81%	5.82%	8.13%	2.59%	1.86%	0.67%
Return on Equity (ROE)	3.10%	13.95%	5.63%	4.77%	4.10%	14.98%	12.72%	6.34%	5.99%	4.24%
Cash Return on Invested Capital (CROIC)	-13.17%	-2.73%	65.42%	-64.37%	60.98%	10.96%	-8.04%	1.80%	6.74%	5.86%
Operating Return on Assets (OROA)	1.87%	1.94%	2.85%	2.63%	3.04%	8.41%	7.47%	4.56%	4.56%	4.11%
Return on Assets (ROA)	1.19%	5.98%	2.79%	1.91%	1.96%	6.92%	5.93%	2.79%	2.51%	1.73%
Return on Common Equity (ROCE)	3.04%	13.71%	3.51%	4.70%	3.95%	13.89%	11.91%	5.99%	5.75%	4.08%
Return on Equity Simple (ROE_SIMPLE)	6.32%	25.33%	8.63%	7.91%	6.58%	15.32%	13.05%	6.62%	6.22%	4.42%
Net Operating Profit after Tax (NOPAT)	161	176	197	245	223	437	232	203	223	188
NOPAT Margin	26.56%	26.48%	28.02%	34.01%	30.24%	59.25%	30.18%	24.46%	26.73%	22.78%
Net Nonoperating Expense Percent (NNEP)	0.37%	-2.14%	0.19%	2.24%	2.45%	3.31%	-3.66%	1.37%	2.50%	2.99%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.56%	3.95%	3.32%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	41.94%	40.45%	39.35%	39.22%	39.75%	37.03%	36.07%	36.44%	37.37%	38.03%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	73.44%	73.52%	71.98%	65.99%	69.76%	40.75%	69.82%	75.54%	73.27%	77.22%
Earnings before Interest and Taxes (EBIT)	159	175	196	245	220	435	407	268	275	247
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	382	400	428	475	477	679	670	559	580	553
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.79	0.77	4.35	0.63	1.77	1.39	1.55	1.02	0.94	1.39
Price to Tangible Book Value (P/TBV)	0.92	0.85	4.79	0.69	1.99	1.53	1.73	1.14	1.04	1.53
Price to Revenue (P/Rev)	4.26	5.02	13.38	3.96	5.11	4.36	4.94	3.02	2.71	3.93
Price to Earnings (P/E)	27.27	6.40	51.40	16.82	28.00	9.32	12.22	15.98	15.44	32.50
Dividend Yield	6.28%	7.50%	6.73%	6.72%	5.24%	6.21%	5.39%	8.41%	9.36%	6.54%
Earnings Yield	3.67%	15.62%	1.95%	5.95%	3.57%	10.73%	8.19%	6.26%	6.47%	3.08%
Enterprise Value to Invested Capital (EV/IC)	0.38	0.34	2.69	0.82	1.34	1.19	1.25	1.01	0.97	1.17
Enterprise Value to Revenue (EV/Rev)	12.76	10.98	16.39	9.93	8.76	7.64	8.74	6.66	6.21	7.40
Enterprise Value to EBITDA (EV/EBITDA)	20.18	18.29	26.93	15.05	13.51	8.29	10.01	9.87	8.93	11.05
Enterprise Value to EBIT (EV/EBIT)	48.54	41.75	58.76	29.20	29.31	12.95	16.48	20.61	18.83	24.73
Enterprise Value to NOPAT (EV/NOPAT)	48.03	41.47	58.51	29.20	28.98	12.90	28.95	27.23	23.23	32.50
Enterprise Value to Operating Cash Flow (EV/OCF)	26.71	23.90	32.68	19.94	17.63	15.72	16.19	13.09	13.39	15.15
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	2.83	0.00	1.56	10.77	0.00	56.65	14.24	19.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.49	0.88	0.85	0.91	1.10	1.00	1.07	1.25	1.29	1.35
Long-Term Debt to Equity	1.49	0.88	0.85	0.91	1.10	1.00	1.07	1.25	1.29	1.35
Financial Leverage	4.88	4.40	0.83	0.65	0.96	1.00	0.98	1.09	1.14	1.14
Leverage Ratio	2.60	2.33	2.02	2.02	2.10	2.17	2.15	2.27	2.39	2.45
Compound Leverage Factor	1.06	1.36	1.34	1.43	1.32	1.76	1.69	1.39	1.31	1.03
Debt to Total Capital	59.90%	46.82%	45.83%	47.53%	52.43%	49.99%	51.65%	55.49%	56.36%	57.53%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	59.90%	46.82%	45.83%	47.53%	52.43%	49.99%	51.65%	55.49%	56.36%	57.53%
Preferred Equity to Total Capital	0.70%	0.70%	1.31%	0.66%	0.59%	0.58%	0.53%	0.50%	0.51%	0.50%
Noncontrolling Interests to Total Capital	1.95%	2.17%	3.67%	1.61%	3.20%	2.72%	2.48%	1.53%	0.95%	1.22%
Common Equity to Total Capital	39.32%	52.40%	49.19%	51.74%	43.77%	46.70%	45.34%	42.48%	42.18%	40.74%
Debt to EBITDA	13.04	9.75	4.71	8.78	5.33	3.64	4.16	5.72	5.54	5.95
Net Debt to EBITDA	12.86	9.34	4.45	8.64	5.24	3.32	4.10	5.19	4.89	5.01
Long-Term Debt to EBITDA	13.04	9.75	4.71	8.78	5.33	3.64	4.16	5.72	5.54	5.95
Debt to NOPAT	31.03	22.10	10.23	17.04	11.43	5.66	12.03	15.77	14.41	17.51
Net Debt to NOPAT	30.60	21.16	9.66	16.76	11.24	5.16	11.87	14.31	12.73	14.75
Long-Term Debt to NOPAT	31.03	22.10	10.23	17.04	11.43	5.66	12.03	15.77	14.41	17.51
Altman Z-Score	0.26	0.49	2.68	0.43	0.81	0.94	0.93	0.53	0.48	0.59
Noncontrolling Interest Sharing Ratio	1.99%	1.67%	37.69%	1.39%	3.59%	7.27%	6.42%	5.41%	3.96%	3.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.06	0.00	-0.65	1.52	0.34	1.05	0.42	0.40	0.43	0.49
Quick Ratio	4.98	0.00	-0.15	1.33	0.12	0.51	0.13	0.16	0.19	0.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,532	-571	4,068	-4,182	4,122	523	-405	97	364	309
Operating Cash Flow to CapEx	75.65%	0.00%	0.00%	0.00%	125.75%	0.00%	0.00%	444.46%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-30.64	-7.81	61.67	-58.55	50.49	6.45	-4.72	0.92	2.66	2.10
Operating Cash Flow to Interest Expense	3.50	4.18	5.34	5.02	4.48	4.42	4.83	4.00	2.83	2.74
Operating Cash Flow Less CapEx to Interest Expense	-1.13	12.03	7.28	6.97	0.92	10.38	5.63	3.10	3.44	3.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.07	0.10	0.08	0.10	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	7.79	14.33	23.76	2.76	4.98	28.98	37.02	41.99	31.13	29.30
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.09	0.09	0.12	0.09	0.12	0.17	0.17	0.16	0.17	0.17
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	46.86	25.47	15.36	132.03	73.24	12.60	9.86	8.69	11.72	12.46
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	46.86	25.47	15.36	132.03	73.24	12.60	9.86	8.69	11.72	12.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,573	21,321	4,283	8,710	4,810	4,724	5,362	5,467	5,326	5,205
Invested Capital Turnover	0.03	0.03	0.11	0.11	0.11	0.15	0.15	0.15	0.15	0.16
Increase / (Decrease) in Invested Capital	2,693	747	-3,871	4,427	-3,900	-86	637	105	-141	-121
Enterprise Value (EV)	7,715	7,309	11,521	7,151	6,450	5,630	6,710	5,520	5,180	6,115
Market Capitalization	2,579	3,340	9,400	2,848	3,764	3,213	3,797	2,501	2,258	3,242
Book Value per Share	$34.31	$43.51	$10.26	$43.89	$20.47	$22.21	$23.46	$23.27	$22.75	$22.00
Tangible Book Value per Share	$29.45	$39.25	$9.31	$40.11	$18.24	$20.19	$20.97	$20.87	$20.61	$20.02
Total Capital	8,320	8,321	4,396	8,777	4,851	4,941	5,400	5,762	5,701	5,725
Total Debt	4,984	3,896	2,014	4,172	2,544	2,470	2,789	3,197	3,213	3,294
Total Long-Term Debt	4,984	3,896	2,014	4,172	2,544	2,470	2,789	3,197	3,213	3,294
Net Debt	4,915	3,730	1,902	4,104	2,503	2,254	2,750	2,902	2,838	2,774
Capital Expenditures (CapEx)	382	-574	-128	-139	291	-482	-69	95	-83	-50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	73	84	288	93	-203	-177	-201	-207	-204	-190
Debt-free Net Working Capital (DFNWC)	100	212	376	113	-188	12	-170	-180	-173	-157
Net Working Capital (NWC)	100	212	376	113	-188	12	-170	-180	-173	-157
Net Nonoperating Expense (NNE)	59	-365	5.26	67	81	79	-92	39	72	84
Net Nonoperating Obligations (NNO)	17,237	16,896	1,902	4,104	2,503	2,254	2,750	2,902	2,838	2,774
Total Depreciation and Amortization (D&A)	223	224	232	230	257	244	263	292	305	306
Debt-free, Cash-free Net Working Capital to Revenue	12.04%	12.62%	40.93%	12.93%	-27.59%	-24.02%	-26.20%	-24.92%	-24.48%	-23.03%
Debt-free Net Working Capital to Revenue	16.48%	31.87%	53.50%	15.75%	-25.59%	1.66%	-22.14%	-21.77%	-20.70%	-18.95%
Net Working Capital to Revenue	16.48%	31.87%	53.50%	15.75%	-25.59%	1.66%	-22.14%	-21.77%	-20.70%	-18.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.00	$5.30	$1.78	$1.64	$1.30	$3.32	$2.98	$1.49	$1.39	$0.94
Adjusted Weighted Average Basic Shares Outstanding	191.31M	199.34M	207.79M	209.27M	209.71M	103.88M	104.23M	105.12M	105.53M	106.17M
Adjusted Diluted Earnings per Share	$2.01	$10.62	$3.57	$3.28	$2.60	$3.32	$2.98	$1.49	$1.39	$0.94
Adjusted Weighted Average Diluted Shares Outstanding	194.40M	202.39M	210.78M	212.13M	212.48M	106.71M	107.06M	107.57M	107.79M	108.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	96.10M	101.67M	0.00	103.56M	103.78M	103.92M	104.89M	105.21M	105.71M	107.62M
Normalized Net Operating Profit after Tax (NOPAT)	104	123	139	145	132	156	162	167	156	149
Normalized NOPAT Margin	17.27%	18.54%	19.76%	20.19%	17.97%	21.13%	21.12%	20.20%	18.71%	18.03%
Pre Tax Income Margin	10.72%	15.32%	18.51%	24.09%	18.81%	48.03%	41.84%	19.78%	18.15%	12.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.92	2.39	2.97	3.43	2.70	5.37	4.74	2.54	2.01	1.68
NOPAT to Interest Expense	1.94	2.41	2.99	3.43	2.73	5.39	2.70	1.92	1.63	1.28
EBIT Less CapEx to Interest Expense	-2.70	10.24	4.91	5.38	-0.87	11.32	5.54	1.64	2.62	2.02
NOPAT Less CapEx to Interest Expense	-2.68	10.26	4.92	5.38	-0.84	11.35	3.50	1.02	2.24	1.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-332.12%	-64.51%	198.21%	-224.18%	145.66%	58.23%	66.04%	133.54%	144.07%	210.58%
Augmented Payout Ratio	-332.12%	-64.51%	200.97%	-225.18%	145.66%	58.29%	66.21%	133.69%	144.22%	211.39%

This table displays calculated financial ratios and metrics derived from Highwoods Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.88%	4.19%	3.09%	1.69%	0.05%	-2.29%	-0.69%	-1.23%	-1.34%	-0.64%	-5.16%
EBITDA Growth	-15.11%	-40.09%	0.92%	3.69%	-4.86%	15.34%	0.39%	13.98%	-0.34%	-31.04%	50.63%
EBIT Growth	-31.93%	-62.11%	-0.27%	-0.22%	-13.67%	28.69%	-4.41%	29.06%	-9.11%	-56.25%	114.43%
NOPAT Growth	-31.78%	69.94%	-2.14%	-1.59%	-14.63%	524.91%	-15.14%	21.26%	-11.22%	-122.84%	116.07%
Net Income Growth	-46.94%	-77.41%	6.77%	-16.60%	-42.23%	34.97%	-39.46%	47.64%	-33.24%	-108.13%	267.47%
EPS Growth	-47.83%	-77.50%	10.53%	-16.67%	-41.67%	33.33%	-40.48%	47.50%	-33.33%	-111.11%	264.00%
Operating Cash Flow Growth	5.53%	-3.27%	-11.35%	-9.68%	-12.65%	0.87%	10.27%	12.56%	-5.39%	0.91%	-36.03%
Free Cash Flow Firm Growth	190.22%	83.05%	95.94%	96.07%	-97.50%	250.02%	1,225.90%	2,035.10%	73.32%	-31.52%	-15.29%
Invested Capital Growth	-47.10%	1.96%	1.52%	1.67%	-1.22%	-2.58%	-2.63%	-3.00%	-3.02%	-2.26%	-0.76%
Revenue Q/Q Growth	1.55%	2.28%	0.49%	-2.57%	-0.09%	-0.11%	2.13%	-3.09%	-0.20%	0.59%	-2.50%
EBITDA Q/Q Growth	-5.46%	-3.60%	2.29%	11.23%	-13.26%	16.87%	-10.97%	26.29%	-24.16%	-19.13%	94.48%
EBIT Q/Q Growth	-14.56%	-11.78%	13.31%	16.84%	-26.08%	31.51%	-15.83%	57.74%	-47.94%	-36.70%	312.53%
NOPAT Q/Q Growth	-14.61%	-109.39%	1,140.59%	17.90%	-25.92%	-53.25%	107.82%	68.46%	-45.76%	-112.03%	2,325.62%
Net Income Q/Q Growth	-23.75%	-27.34%	54.25%	-2.41%	-47.18%	69.76%	-30.82%	138.01%	-76.12%	-120.67%	3,226.95%
EPS Q/Q Growth	-25.00%	-25.00%	55.56%	-4.76%	-47.50%	71.43%	-30.56%	136.00%	-76.27%	-128.57%	2,375.00%
Operating Cash Flow Q/Q Growth	-7.70%	-13.63%	-35.56%	75.81%	-10.74%	-0.25%	-29.56%	79.47%	-24.98%	6.39%	-55.34%
Free Cash Flow Firm Q/Q Growth	1,567.98%	-102.27%	84.19%	25.40%	1,032.79%	36.32%	18.69%	28.22%	-16.45%	-46.14%	52.14%
Invested Capital Q/Q Growth	2.27%	0.40%	0.06%	-1.03%	-0.64%	-0.98%	0.01%	-1.41%	-0.67%	-0.21%	1.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	67.58%	63.70%	64.84%	74.02%	64.26%	75.19%	65.54%	85.42%	64.91%	52.19%	104.10%
Operating Margin	31.84%	-2.92%	30.28%	36.64%	27.17%	12.72%	25.88%	44.98%	24.45%	-4.18%	66.72%
EBIT Margin	31.91%	27.52%	31.03%	37.21%	27.53%	36.25%	29.87%	48.63%	25.36%	15.96%	67.53%
Profit (Net Income) Margin	19.38%	13.77%	21.13%	21.16%	11.19%	19.02%	12.88%	31.64%	7.57%	-1.56%	49.90%
Tax Burden Percent	101.15%	96.42%	99.01%	101.85%	101.76%	98.13%	100.00%	101.76%	107.78%	332.43%	101.33%
Interest Burden Percent	60.04%	51.88%	68.77%	55.84%	39.94%	53.46%	43.12%	63.94%	27.70%	-2.93%	72.92%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.32%	-0.45%	4.66%	5.72%	4.21%	1.97%	3.99%	7.00%	3.82%	-0.46%	10.25%
ROIC Less NNEP Spread (ROIC-NNEP)	2.83%	0.80%	3.98%	4.58%	3.06%	2.42%	3.04%	6.04%	2.60%	-0.36%	9.06%
Return on Net Nonoperating Assets (RNNOA)	5.88%	0.88%	4.41%	4.99%	3.44%	2.75%	3.52%	6.82%	2.98%	-0.41%	10.39%
Return on Equity (ROE)	9.20%	0.43%	9.07%	10.71%	7.65%	4.71%	7.51%	13.82%	6.79%	-0.87%	20.64%
Cash Return on Invested Capital (CROIC)	64.00%	1.80%	2.20%	2.07%	4.75%	6.74%	6.61%	7.35%	7.28%	5.86%	5.66%
Operating Return on Assets (OROA)	4.50%	3.88%	4.41%	5.33%	3.88%	5.01%	4.12%	6.73%	3.48%	2.19%	9.11%
Return on Assets (ROA)	2.74%	1.94%	3.00%	3.03%	1.58%	2.63%	1.77%	4.38%	1.04%	-0.21%	6.73%
Return on Common Equity (ROCE)	13.14%	0.41%	8.62%	10.25%	7.36%	4.53%	7.24%	13.33%	6.54%	-0.84%	19.86%
Return on Equity Simple (ROE_SIMPLE)	10.54%	0.00%	6.72%	6.40%	5.75%	0.00%	5.56%	6.40%	6.22%	0.00%	7.34%
Net Operating Profit after Tax (NOPAT)	66	-6.19	64	76	56	26	55	92	50	-6.01	134
NOPAT Margin	31.84%	-2.92%	30.28%	36.64%	27.17%	12.72%	25.88%	44.98%	24.45%	-2.92%	66.72%
Net Nonoperating Expense Percent (NNEP)	0.49%	-1.25%	0.68%	1.15%	1.15%	-0.45%	0.95%	0.97%	1.22%	-0.10%	1.19%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.11%	-	-	-	0.47%	-	-	-	-0.11%	2.32%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	36.68%	37.42%	36.73%	36.51%	36.73%	39.51%	39.25%	36.10%	37.00%	39.71%	38.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	68.16%	102.92%	69.72%	63.36%	72.83%	87.28%	74.12%	55.02%	75.55%	104.18%	33.28%
Earnings before Interest and Taxes (EBIT)	66	58	66	77	57	75	63	100	52	33	135
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	140	135	138	153	133	156	138	175	133	107	209
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	1.02	0.87	0.93	0.83	0.94	1.13	1.15	1.52	1.39	1.34
Price to Tangible Book Value (P/TBV)	1.08	1.14	0.97	1.03	0.92	1.04	1.24	1.26	1.68	1.53	1.48
Price to Revenue (P/Rev)	2.93	3.02	2.57	2.71	2.39	2.71	3.21	3.30	4.29	3.93	3.91
Price to Earnings (P/E)	9.47	15.98	13.38	14.94	14.76	15.44	20.81	18.39	25.11	32.50	18.64
Dividend Yield	8.74%	8.41%	9.82%	9.29%	10.54%	9.36%	7.91%	7.74%	5.97%	6.54%	6.75%
Earnings Yield	10.56%	6.26%	7.47%	6.69%	6.77%	6.47%	4.81%	5.44%	3.98%	3.08%	5.37%
Enterprise Value to Invested Capital (EV/IC)	0.99	1.01	0.94	0.97	0.92	0.97	1.06	1.07	1.23	1.17	1.15
Enterprise Value to Revenue (EV/Rev)	6.55	6.66	6.18	6.25	5.91	6.21	6.76	6.76	7.78	7.40	7.48
Enterprise Value to EBITDA (EV/EBITDA)	8.28	9.87	9.20	9.26	8.87	8.93	9.69	9.31	10.70	11.05	9.78
Enterprise Value to EBIT (EV/EBIT)	14.80	20.61	19.28	19.60	19.19	18.83	20.66	19.03	22.24	24.73	19.07
Enterprise Value to NOPAT (EV/NOPAT)	28.55	27.23	25.63	26.19	26.04	23.23	26.38	24.45	28.86	32.50	23.44
Enterprise Value to Operating Cash Flow (EV/OCF)	12.64	13.09	12.48	13.07	12.85	13.39	14.29	13.73	15.99	15.15	16.14
Enterprise Value to Free Cash Flow (EV/FCFF)	1.07	56.65	43.26	47.22	19.31	14.24	15.76	14.31	16.69	19.81	20.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.15	1.25	1.28	1.26	1.28	1.29	1.32	1.29	1.35	1.35	1.35
Long-Term Debt to Equity	1.15	1.25	1.28	1.26	1.28	1.29	1.32	1.29	1.35	1.35	1.35
Financial Leverage	2.08	1.09	1.11	1.09	1.13	1.14	1.16	1.13	1.15	1.14	1.15
Leverage Ratio	2.27	2.27	2.28	2.28	2.34	2.39	2.41	2.40	2.44	2.45	2.45
Compound Leverage Factor	1.36	1.18	1.57	1.27	0.93	1.28	1.04	1.53	0.68	-0.07	1.78
Debt to Total Capital	53.45%	55.49%	56.22%	55.81%	56.22%	56.36%	56.97%	56.32%	57.49%	57.53%	57.39%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	53.45%	55.49%	56.22%	55.81%	56.22%	56.36%	56.97%	56.32%	57.49%	57.53%	57.39%
Preferred Equity to Total Capital	0.52%	0.50%	0.50%	0.50%	0.50%	0.51%	0.50%	0.51%	0.50%	0.50%	0.50%
Noncontrolling Interests to Total Capital	1.55%	1.53%	1.02%	1.06%	0.86%	0.95%	1.07%	1.08%	1.33%	1.22%	1.17%
Common Equity to Total Capital	44.49%	42.48%	42.27%	42.63%	42.42%	42.18%	41.46%	42.09%	40.68%	40.74%	40.95%
Debt to EBITDA	4.58	5.72	5.82	5.65	5.74	5.54	5.62	5.30	5.48	5.95	5.36
Net Debt to EBITDA	4.40	5.19	5.22	5.09	5.14	4.89	4.93	4.61	4.62	5.01	4.50
Long-Term Debt to EBITDA	4.58	5.72	5.82	5.65	5.74	5.54	5.62	5.30	5.48	5.95	5.36
Debt to NOPAT	15.79	15.77	16.21	15.98	16.87	14.41	15.30	13.92	14.78	17.51	12.84
Net Debt to NOPAT	15.16	14.31	14.54	14.40	15.11	12.73	13.43	12.10	12.46	14.75	10.80
Long-Term Debt to NOPAT	15.79	15.77	16.21	15.98	16.87	14.41	15.30	13.92	14.78	17.51	12.84
Altman Z-Score	0.43	0.42	0.36	0.39	0.32	0.37	0.43	0.47	0.55	0.48	0.54
Noncontrolling Interest Sharing Ratio	-42.73%	5.41%	4.91%	4.37%	3.78%	3.96%	3.55%	3.58%	3.71%	3.70%	3.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.41	0.40	0.45	0.44	0.41	0.43	0.51	0.52	0.49	0.49	0.55
Quick Ratio	0.16	0.16	0.16	0.16	0.17	0.19	0.22	0.22	0.21	0.20	0.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,914	-111	-18	-13	123	167	198	255	213	115	174
Operating Cash Flow to CapEx	67.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	328.66%	94,538.78%
Free Cash Flow to Firm to Interest Expense	186.17	-3.77	-0.53	-0.39	3.58	4.74	5.43	7.09	5.67	3.07	4.76
Operating Cash Flow to Interest Expense	4.47	3.45	1.98	3.39	3.01	2.91	1.98	3.62	2.60	2.78	1.26
Operating Cash Flow Less CapEx to Interest Expense	-2.17	3.45	2.04	4.85	3.01	4.34	2.18	5.57	2.71	1.94	1.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.13
Accounts Receivable Turnover	41.17	41.99	39.36	43.58	33.44	31.13	28.22	32.56	32.02	29.30	25.77
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.16	0.16	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	8.87	8.69	9.27	8.37	10.92	11.72	12.94	11.21	11.40	12.46	14.16
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	8.87	8.69	9.27	8.37	10.92	11.72	12.94	11.21	11.40	12.46	14.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,445	5,467	5,470	5,414	5,379	5,326	5,326	5,251	5,216	5,205	5,286
Invested Capital Turnover	0.10	0.15	0.15	0.16	0.16	0.15	0.15	0.16	0.16	0.16	0.15
Increase / (Decrease) in Invested Capital	-4,848	105	82	89	-66	-141	-144	-162	-163	-121	-41
Enterprise Value (EV)	5,376	5,520	5,159	5,241	4,959	5,180	5,625	5,606	6,437	6,115	6,094
Market Capitalization	2,406	2,501	2,143	2,270	2,005	2,258	2,673	2,741	3,552	3,242	3,190
Book Value per Share	$23.53	$23.27	$23.32	$23.16	$22.94	$22.75	$22.44	$22.50	$22.00	$22.00	$22.13
Tangible Book Value per Share	$21.10	$20.87	$20.98	$20.89	$20.73	$20.61	$20.33	$20.45	$19.98	$20.02	$20.05
Total Capital	5,563	5,762	5,806	5,730	5,714	5,701	5,726	5,667	5,733	5,725	5,817
Total Debt	2,973	3,197	3,264	3,198	3,212	3,213	3,262	3,191	3,296	3,294	3,338
Total Long-Term Debt	2,973	3,197	3,264	3,198	3,212	3,213	3,262	3,191	3,296	3,294	3,338
Net Debt	2,855	2,902	2,928	2,882	2,877	2,838	2,862	2,776	2,779	2,774	2,807
Capital Expenditures (CapEx)	175	0.00	-1.86	-50	0.00	-50	-7.26	-70	-4.23	32	0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-210	-207	-168	-189	-203	-204	-167	-185	-183	-190	-156
Debt-free Net Working Capital (DFNWC)	-181	-180	-146	-167	-182	-173	-140	-148	-149	-157	-116
Net Working Capital (NWC)	-181	-180	-146	-167	-182	-173	-140	-148	-149	-157	-116
Net Nonoperating Expense (NNE)	26	-35	19	32	33	-13	27	27	34	-2.81	34
Net Nonoperating Obligations (NNO)	2,855	2,902	2,928	2,882	2,877	2,838	2,862	2,776	2,779	2,774	2,807
Total Depreciation and Amortization (D&A)	74	77	72	76	76	81	75	75	81	74	73
Debt-free, Cash-free Net Working Capital to Revenue	-25.64%	-24.92%	-20.12%	-22.55%	-24.18%	-24.48%	-20.08%	-22.24%	-22.15%	-23.03%	-19.11%
Debt-free Net Working Capital to Revenue	-22.09%	-21.77%	-17.53%	-19.88%	-21.71%	-20.70%	-16.80%	-17.81%	-18.04%	-18.95%	-14.26%
Net Working Capital to Revenue	-22.09%	-21.77%	-17.53%	-19.88%	-21.71%	-20.70%	-16.80%	-17.81%	-18.04%	-18.95%	-14.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.36	$0.27	$0.42	$0.40	$0.21	$0.36	$0.25	$0.59	$0.14	($0.04)	$0.91
Adjusted Weighted Average Basic Shares Outstanding	105.18M	105.12M	105.29M	105.46M	105.67M	105.53M	105.80M	106.00M	106.01M	106.17M	107.68M
Adjusted Diluted Earnings per Share	$0.36	$0.27	$0.42	$0.40	$0.21	$0.36	$0.25	$0.59	$0.14	($0.04)	$0.91
Adjusted Weighted Average Diluted Shares Outstanding	107.60M	107.57M	107.65M	107.81M	107.83M	107.79M	107.96M	108.15M	108.16M	108.32M	109.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	105.20M	105.21M	105.46M	105.68M	105.69M	105.71M	106.00M	106.01M	106.02M	107.62M	107.81M
Normalized Net Operating Profit after Tax (NOPAT)	41	-4.33	45	40	39	18	38	40	35	-6.01	36
Normalized NOPAT Margin	19.62%	-2.05%	21.20%	19.11%	19.02%	8.90%	18.11%	19.51%	16.99%	-2.92%	17.99%
Pre Tax Income Margin	19.16%	14.28%	21.34%	20.78%	11.00%	19.38%	12.88%	31.09%	7.02%	-0.47%	49.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.50	1.97	1.99	2.26	1.66	2.12	1.73	2.77	1.38	0.88	3.69
NOPAT to Interest Expense	2.50	-0.21	1.95	2.23	1.64	0.75	1.50	2.57	1.33	-0.16	3.65
EBIT Less CapEx to Interest Expense	-4.14	1.97	2.05	3.72	1.66	3.55	1.93	4.73	1.50	0.03	3.69
NOPAT Less CapEx to Interest Expense	-4.14	-0.21	2.00	3.69	1.64	2.17	1.69	4.52	1.45	-1.01	3.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	82.94%	133.54%	130.48%	137.74%	154.37%	144.07%	163.31%	141.40%	149.07%	210.58%	124.59%
Augmented Payout Ratio	83.10%	133.69%	130.56%	137.88%	154.53%	144.22%	163.44%	141.40%	149.07%	211.39%	125.15%

Frequently Asked Questions About Highwoods Properties' Financials

When does Highwoods Properties's financial year end?

According to the most recent income statement we have on file, Highwoods Properties' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Highwoods Properties' net income changed over the last 8 years?

Highwoods Properties' net income appears to be on a downward trend, with a most recent value of $104.25 million in 2024, rising from $101.26 million in 2015. The previous period was $151.33 million in 2023. Find out what analysts predict for Highwoods Properties in the coming months.

What is Highwoods Properties's operating income?

Highwoods Properties's total operating income in 2024 was $188.14 million, based on the following breakdown:

Total Gross Profit: $825.86 million
Total Operating Expenses: $637.72 million

How has Highwoods Properties revenue changed over the last 8 years?

Over the last 8 years, Highwoods Properties' total revenue changed from $604.67 million in 2015 to $825.86 million in 2024, a change of 36.6%.

How much debt does Highwoods Properties have?

Highwoods Properties' total liabilities were at $3.60 billion at the end of 2024, a 2.4% increase from 2023, and a 34.3% decrease since 2015.

How much cash does Highwoods Properties have?

In the past 9 years, Highwoods Properties' cash and equivalents has ranged from $6.54 million in 2017 to $109.32 million in 2020, and is currently $22.41 million as of their latest financial filing in 2024.

How has Highwoods Properties' book value per share changed over the last 9 years?

Over the last 9 years, Highwoods Properties' book value per share changed from 34.31 in 2015 to 22.00 in 2024, a change of -35.9%.

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This page (NYSE:HIW) was last updated on 5/6/2025 by MarketBeat.com Staff

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Highwoods Properties (HIW) Financials

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Highwoods Properties (HIW) Financials

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