Highwoods Properties (HIW) Financials

$29.71 -0.44 (-1.46%)

Closing price 03:59 PM Eastern

Extended Trading

$29.75 +0.04 (+0.13%)

As of 04:24 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	2024	2023	2022	2021	2020	2019	2018	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	100	146	157	311	345	134	169	522	95
Consolidated Net Income / (Loss)	104	151	164	323	358	142	178	541	101
Net Income / (Loss) Continuing Operations	104	151	164	323	358	142	178	123	86
Total Pre-Tax Income	104	151	164	321	354	138	173	102	65
Total Operating Income	188	223	203	232	437	223	245	176	161
Total Gross Profit	826	834	829	768	737	736	720	666	605
Total Revenue	826	834	829	768	737	736	720	666	605
Operating Revenue	826	834	829	768	737	736	720	666	605
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	638	611	626	536	300	513	475	489	444
Selling, General & Admin Expense	314	312	302	277	273	293	282	269	254
Depreciation Expense	299	299	288	259	242	255	230	220	202
Impairment Charge	25	0.00	37	0.00	1.78	5.85	0.42	0.00	0.00
Total Other Income / (Expense), net	-84	-72	-39	92	-83	-84	-71	-74	-80
Interest Expense	147	137	105	86	81	82	71	73	83
Interest & Investment Income	4.16	13	1.54	1.95	-	-	-	-	4.16
Other Income / (Expense), net	59	52	65	175	-1.71	-2.51	-	-1.17	-1.68
Preferred Stock Dividends Declared	2.49	2.49	2.49	2.49	2.49	2.49	2.49	5.00	2.51
Net Income / (Loss) Attributable to Noncontrolling Interest	2.01	2.62	4.90	10	11	4.77	5.80	17	4.18
Basic Earnings per Share	$0.94	$1.39	$1.49	$2.98	$3.32	$1.30	$1.64	$5.30	$1.00
Weighted Average Basic Shares Outstanding	106.17M	105.53M	105.12M	104.23M	103.88M	103.69M	103.44M	199.34M	191.31M
Diluted Earnings per Share	$0.94	$1.39	$1.49	$2.98	$3.32	$1.30	$1.64	$10.62	$2.01
Weighted Average Diluted Shares Outstanding	108.32M	107.79M	107.57M	107.06M	106.71M	106.45M	106.27M	202.39M	194.40M
Weighted Average Basic & Diluted Shares Outstanding	107.62M	105.71M	105.21M	104.89M	103.92M	103.78M	103.56M	101.67M	96.10M
Cash Dividends to Common per Share	$2.00	$2.00	$2.00	$1.96	$1.92	$1.90	$1.85	$1.70	$1.70

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	97	-3.73	15	63	26	38	22	42	44	28	38
Consolidated Net Income / (Loss)	100	-3.20	15	65	27	39	23	44	45	29	40
Net Income / (Loss) Continuing Operations	100	-3.20	15	65	27	39	23	44	45	29	40
Total Pre-Tax Income	99	-0.96	14	64	27	40	23	43	45	30	40
Total Operating Income	134	-8.58	50	92	55	26	56	76	64	-6.19	66
Total Gross Profit	200	206	204	205	211	207	207	207	213	212	207
Total Revenue	200	206	204	205	211	207	207	207	213	212	207
Operating Revenue	200	206	204	205	211	207	207	207	213	212	207
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	67	214	154	113	157	181	151	131	148	218	141
Selling, General & Admin Expense	77	82	76	74	83	82	76	76	78	79	76
Depreciation Expense	71	73	79	74	74	79	75	75	71	75	73
Other Special Charges / (Income)	-82	-	-0.35	-35	-	-	0.00	-19	-	-	-9.40
Total Other Income / (Expense), net	-35	7.62	-36	-28	-27	14	-33	-33	-19	36	-26
Interest Expense	37	37	37	36	37	35	34	34	33	30	26
Other Income / (Expense), net	1.63	41	1.87	7.46	8.44	49	0.75	1.18	1.60	64	0.14
Other Gains / (Losses), net	1.32	-	1.12	1.12	-	-	0.40	0.80	-	-	0.46
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	1.93	-0.09	0.29	1.28	0.53	0.72	0.45	0.95	0.50	0.97	1.24
Basic Earnings per Share	$0.91	($0.04)	$0.14	$0.59	$0.25	$0.36	$0.21	$0.40	$0.42	$0.27	$0.36
Weighted Average Basic Shares Outstanding	107.68M	106.17M	106.01M	106.00M	105.80M	105.53M	105.67M	105.46M	105.29M	105.12M	105.18M
Diluted Earnings per Share	$0.91	($0.04)	$0.14	$0.59	$0.25	$0.36	$0.21	$0.40	$0.42	$0.27	$0.36
Weighted Average Diluted Shares Outstanding	109.83M	108.32M	108.16M	108.15M	107.96M	107.79M	107.83M	107.81M	107.65M	107.57M	107.60M
Weighted Average Basic & Diluted Shares Outstanding	107.81M	107.62M	106.02M	106.01M	106.00M	105.71M	105.69M	105.68M	105.46M	105.21M	105.20M
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	2024	2023	2022	2021	2020	2019	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	2.11	5.46	-5.09	-158	175	4.60	-190	140	-3.80
Net Cash From Operating Activities	404	387	422	415	358	366	353	306	289
Net Cash From Continuing Operating Activities	404	387	422	415	358	366	353	306	289
Net Income / (Loss) Continuing Operations	104	151	164	323	358	142	192	541	101
Consolidated Net Income / (Loss)	104	151	164	323	358	142	192	541	101
Depreciation Expense	299	299	288	259	242	255	228	220	216
Amortization Expense	6.91	5.44	3.97	3.92	2.48	2.83	3.86	4.33	7.37
Non-Cash Adjustments To Reconcile Net Income	-20	-73	-47	-187	-238	-56	-72	-447	-29
Changes in Operating Assets and Liabilities, net	13	3.78	13	15	-6.00	22	0.91	-13	-6.57
Net Cash From Investing Activities	-302	-170	-615	-288	111	-607	-200	216	-654
Net Cash From Continuing Investing Activities	-302	-176	-615	-288	111	-607	-200	216	-654
Purchase of Property, Plant & Equipment	-51	-19	-225	-305	-2.36	-424	-1.84	-110	-409
Acquisitions	-153	-133	-262	-6.08	0.00	-9.98	-10	-0.11	-0.66
Sale of Property, Plant & Equipment	101	102	130	374	484	133	130	684	27
Divestitures	0.00	-6.39	0.00	0.00	-	-	-	-	6.92
Sale and/or Maturity of Investments	0.06	9.89	0.29	0.30	0.31	0.30	2.92	1.70	9.38
Other Investing Activities, net	-199	-130	-258	-223	-372	-307	-321	-359	-288
Net Cash From Financing Activities	-99	-205	188	-285	-294	246	-143	-465	361
Net Cash From Continuing Financing Activities	-99	-206	188	-285	-294	246	-342	-383	320
Repayment of Debt	-270	-827	-820	-673	-615	-900	-	0.00	0.00
Repurchase of Preferred Equity	0.00	-0.01	0.00	-0.01	-0.03	-0.02	-	-	-
Repurchase of Common Equity	-0.84	-0.23	-0.25	-0.54	-0.22	0.00	-	-	-
Payment of Dividends	-220	-218	-219	-214	-208	-206	380	349	336
Issuance of Debt	339	839	1,225	580	527	1,353	2,813	1,421	1,496
Issuance of Common Equity	54	1.74	7.57	24	3.57	2.09	158	538	268
Other Financing Activities, net	-1.44	-1.49	-5.92	-1.72	-1.16	-1.79	170	8.39	7.53
Cash Interest Paid	134	130	103	79	72	72	68	73	82

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

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

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

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

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

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

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

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. See where experts think Highwoods Properties is headed by visiting Highwoods Properties' forecast page.

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 5/30/2025 by MarketBeat.com Staff

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Highwoods Properties (HIW) Financials

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Highwoods Properties (HIW) Financials

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