Stock HIW HIGHWOODS PROPERTIES, INC.
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Financials Highwoods Properties, Inc.

Equities

HIW

US4312841087

Commercial REITs

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
25.68 USD +0.31% Intraday chart for Highwoods Properties, Inc. +6.20% +11.85%
Apr. 24 Transcript : Highwoods Properties, Inc., Q1 2024 Earnings Call, Apr 24, 2024
Apr. 23 Highwoods Properties Q1 FFO, Revenue Fall; 2024 FFO Guidance Narrowed MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,074 4,118 4,654 2,943 2,427 2,722 - -
Enterprise Value (EV) 1 7,608 6,479 7,420 6,119 5,615 5,866 6,013 6,048
P/E ratio 37.6 x 11.9 x 15 x 18.8 x 16.5 x 36.2 x 51.4 x 47 x
Yield 3.88% 4.84% 4.4% 7.15% 8.71% 7.79% 7.82% 7.82%
Capitalization / Revenue 6.89 x 5.59 x 6.06 x 3.55 x 2.91 x 3.31 x 3.27 x 3.14 x
EV / Revenue 10.3 x 8.79 x 9.66 x 7.38 x 6.73 x 7.14 x 7.23 x 6.97 x
EV / EBITDA 17.4 x 14 x 15.1 x 11.6 x 10.7 x 11.6 x 11.6 x 11.2 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 2.36 x 1.76 x 1.93 x 1.22 x 1.02 x 1.23 x 1.36 x 1.53 x
Nbr of stocks (in thousands) 103,744 103,908 104,383 105,198 105,693 105,996 - -
Reference price 2 48.91 39.63 44.59 27.98 22.96 25.68 25.68 25.68
Announcement Date 2/4/20 2/9/21 2/8/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 736 736.9 768 828.9 834 821.3 832 867.6
EBITDA 1 437.6 462.3 492.4 528.4 526.8 507.3 518.4 539.1
EBIT 1 183 220.7 231.8 202.7 222.9 205.3 199.4 210.2
Operating Margin 24.87% 29.95% 30.18% 24.46% 26.73% 25% 23.96% 24.22%
Earnings before Tax (EBT) 1 - - - 164 151.3 121.8 56.43 75.23
Net income 1 134.4 344.9 310.8 156.6 146.2 59.26 54.16 66.63
Net margin 18.27% 46.81% 40.47% 18.89% 17.53% 7.22% 6.51% 7.68%
EPS 2 1.300 3.320 2.980 1.490 1.390 0.7086 0.4997 0.5466
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.900 1.920 1.960 2.000 2.000 2.000 2.009 2.008
Announcement Date 2/4/20 2/9/21 2/8/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 203.2 206.4 203.8 207 211.7 212.8 207.3 207.1 206.9 211.3 206.4 205.5 204.2 205.7 206.5
EBITDA 1 129.9 131.8 132 131.2 133.4 135.8 132.8 131.8 126.5 129.6 130.2 129.6 126.4 127.9 130.2
EBIT 1 59.78 61.73 27.14 56.5 57.36 63.97 56.59 56.26 46.12 54.67 53.15 52.91 50.31 52.08 54.76
Operating Margin 29.42% 29.91% 13.31% 27.3% 27.09% 30.07% 27.3% 27.17% 22.3% 25.88% 25.76% 25.74% 24.64% 25.32% 26.53%
Earnings before Tax (EBT) 1 - - 52.6 - - - - - 39.34 27.21 33.64 29.75 26.12 14.42 15.24
Net income 1 124.9 40.26 50.51 38.25 27.55 43.83 42.3 22.1 38 26.06 16.57 15.38 12.21 12.53 13.82
Net margin 61.48% 19.51% 24.78% 18.48% 13.01% 20.6% 20.41% 10.67% 18.37% 12.34% 8.03% 7.48% 5.98% 6.09% 6.69%
EPS 2 1.190 0.3800 0.4800 0.3600 0.2600 0.4200 0.4000 0.2100 0.3600 0.2500 0.1964 0.1724 0.1515 0.1039 0.1276
Dividend per Share 2 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 - 0.5000 0.5000 0.5000 0.5040 0.5040
Announcement Date 2/8/22 4/26/22 7/26/22 10/25/22 2/7/23 4/25/23 7/25/23 10/24/23 2/6/24 4/23/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,534 2,361 2,766 3,176 3,188 3,144 3,291 3,326
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.792 x 5.106 x 5.617 x 6.01 x 6.052 x 6.198 x 6.348 x 6.169 x
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 6.11% 5.75% 5.68% 5.23% 3.53% 3.06% 2.22% 2.66%
ROA (Net income/ Total Assets) - - - - 1.44% 1.99% 0.89% 1.21%
Assets 1 - - - - 10,178 2,975 6,091 5,503
Book Value Per Share 2 20.70 22.50 23.10 23.00 22.60 20.90 18.90 16.80
Cash Flow per Share 2 - - - 3.920 3.590 3.300 3.040 3.210
Capex 1 - - - - 229 190 133 39.5
Capex / Sales - - - - 27.46% 23.17% 15.94% 4.55%
Announcement Date 2/4/20 2/9/21 2/8/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Highwoods Properties, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
11
Last Close Price
25.68 USD
Average target price
24.8 USD
Spread / Average Target
-3.43%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Office REITs
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