Highwoods Properties (HIW)
Market Price (8/23/2026): $31.4 | Market Cap: $3.5 BilSector: Real Estate | Industry: Office REITs
Highwoods Properties (HIW)
Market Price (8/23/2026): $31.4Market Cap: $3.5 BilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 6.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include ESG REITs, Green Building Certification, Show more. | Weak multi-year price returns2Y Excs Rtn is -22% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 97% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% Key risksHIW key risks include [1] declining occupancy rates, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 6.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include ESG REITs, Green Building Certification, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -22% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 97% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% |
| Key risksHIW key risks include [1] declining occupancy rates, Show more. |
Qualitative Assessment
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Highwoods Properties (HIW) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Financial Results and Upgraded Full-Year Funds From Operations (FFO) Outlook.
Highwoods Properties reported robust results for its fiscal Q2 2026, which ended June 30, 2026. The company posted an actual Earnings Per Share (EPS) of $0.85, significantly surpassing the consensus estimate of $0.43 per share. Quarterly revenue also rose by 7.9% year-over-year to $216.38 million, exceeding analyst estimates of $212.15 million. Furthermore, the company reported FFO of $0.90 per share and raised its full-year 2026 FFO outlook to a range of $3.46–$3.70 per share, with a midpoint of $3.58, indicating strong performance and positive future expectations.
2. Robust Leasing Activity and Rent Growth.
Highwoods Properties demonstrated strong operational performance through significant leasing activity and favorable rent growth in fiscal Q2 2026. The company signed over 1.1 million square feet of second-generation leases and 63,000 square feet of first-generation leases in development, with average lease terms of 6.4 years. Annual combined GAAP rents for new and renewal leases signed in the second quarter were 20.9% higher compared to previous leases in the same office spaces. Additionally, the office portfolio occupancy increased from 85.3% as of December 31, 2025, to 85.7% as of June 30, 2026.
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Highwoods Properties (HIW) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong Q2 2026 Financial Results and Upgraded Full-Year Funds From Operations (FFO) Outlook.
Highwoods Properties reported robust results for its fiscal Q2 2026, which ended June 30, 2026. The company posted an actual Earnings Per Share (EPS) of $0.85, significantly surpassing the consensus estimate of $0.43 per share. Quarterly revenue also rose by 7.9% year-over-year to $216.38 million, exceeding analyst estimates of $212.15 million. Furthermore, the company reported FFO of $0.90 per share and raised its full-year 2026 FFO outlook to a range of $3.46–$3.70 per share, with a midpoint of $3.58, indicating strong performance and positive future expectations.
2. Robust Leasing Activity and Rent Growth.
Highwoods Properties demonstrated strong operational performance through significant leasing activity and favorable rent growth in fiscal Q2 2026. The company signed over 1.1 million square feet of second-generation leases and 63,000 square feet of first-generation leases in development, with average lease terms of 6.4 years. Annual combined GAAP rents for new and renewal leases signed in the second quarter were 20.9% higher compared to previous leases in the same office spaces. Additionally, the office portfolio occupancy increased from 85.3% as of December 31, 2025, to 85.7% as of June 30, 2026.
3. Successful Non-Core Asset Dispositions and Capital Recycling.
The company engaged in strategic capital recycling through significant asset dispositions. Highwoods Properties disposed of $375 million in non-core assets year-to-date, exceeding its initial outlook. A notable transaction included the sale of the Bridgestone Tower in CBD Nashville for $255 million, which was projected to generate approximately $17 million of 2026 annual cash and GAAP Net Operating Income (NOI) and resulted in an expected non-FFO gain of roughly $75 million in fiscal Q2 2026. This strategy enhances the company's financial flexibility and strengthens its balance sheet.
4. Favorable Broader REIT Market Performance.
The overall Real Estate Investment Trust (REIT) sector experienced a significant rebound during the period, providing a positive macroeconomic backdrop for Highwoods Properties. U.S. listed REITs collectively returned +16% year-to-date by June 23, 2026, and the FTSE Nareit All Equity REITs Index was up approximately 20% year-to-date as of late July/early August 2026. This broader market strength indicated that REITs were performing well, even in an elevated interest rate environment, contributing to the positive sentiment surrounding HIW's stock movement.
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Stock Movement Drivers
Fundamental Drivers
The 33.9% change in HIW stock from 4/30/2026 to 8/22/2026 was primarily driven by a 77.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.45 | 31.40 | 33.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 820 | 836 | 1.9% |
| Net Income Margin (%) | 11.4% | 20.2% | 77.0% |
| P/E Multiple | 27.6 | 20.5 | -25.6% |
| Shares Outstanding (Mil) | 110 | 110 | -0.2% |
| Cumulative Contribution | 33.9% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| HIW | 33.9% | |
| Market (SPY) | 6.5% | 3.4% |
| Sector (XLRE) | 1.5% | 57.3% |
Fundamental Drivers
The 28.7% change in HIW stock from 1/31/2026 to 8/22/2026 was primarily driven by a 28.2% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.40 | 31.40 | 28.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 808 | 836 | 3.4% |
| Net Income Margin (%) | 15.7% | 20.2% | 28.2% |
| P/E Multiple | 20.8 | 20.5 | -1.2% |
| Shares Outstanding (Mil) | 108 | 110 | -1.7% |
| Cumulative Contribution | 28.7% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| HIW | 28.7% | |
| Market (SPY) | 11.0% | 24.9% |
| Sector (XLRE) | 9.5% | 48.6% |
Fundamental Drivers
The 18.7% change in HIW stock from 7/31/2025 to 8/22/2026 was primarily driven by a 26.9% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.45 | 31.40 | 18.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 811 | 836 | 3.0% |
| Net Income Margin (%) | 15.9% | 20.2% | 26.9% |
| P/E Multiple | 22.1 | 20.5 | -7.2% |
| Shares Outstanding (Mil) | 108 | 110 | -2.2% |
| Cumulative Contribution | 18.7% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| HIW | 18.7% | |
| Market (SPY) | 22.2% | 23.4% |
| Sector (XLRE) | 11.6% | 51.4% |
Fundamental Drivers
The 59.0% change in HIW stock from 7/31/2023 to 8/22/2026 was primarily driven by a 52.3% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.74 | 31.40 | 59.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 839 | 836 | -0.4% |
| Net Income Margin (%) | 18.4% | 20.2% | 9.6% |
| P/E Multiple | 13.5 | 20.5 | 52.3% |
| Shares Outstanding (Mil) | 105 | 110 | -4.4% |
| Cumulative Contribution | 59.0% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| HIW | 59.0% | |
| Market (SPY) | 73.2% | 41.5% |
| Sector (XLRE) | 29.6% | 66.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HIW Return | 18% | -34% | -10% | 43% | -10% | 29% | 17% |
| Peers Return | 28% | -41% | 1% | -21% | -23% | 9% | -49% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| HIW Win Rate | 58% | 42% | 42% | 83% | 42% | 62% | |
| Peers Win Rate | 57% | 33% | 50% | 38% | 45% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HIW Max Drawdown | -11% | -46% | -41% | -18% | -20% | -24% | |
| Peers Max Drawdown | -19% | -48% | -45% | -35% | -48% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BXP, HPP, PSTL, FSP, ARE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | HIW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.7% | -18.8% |
| % Gain to Breakeven | 14.5% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.3% | -9.5% |
| % Gain to Breakeven | 41.5% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.3% | -6.7% |
| % Gain to Breakeven | 49.8% | 7.1% |
| Time to Breakeven | 410 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.6% | -24.5% |
| % Gain to Breakeven | 77.3% | 32.4% |
| Time to Breakeven | 1378 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.8% | 50.9% |
| Time to Breakeven | 449 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.9% | -19.2% |
| % Gain to Breakeven | 23.4% | 23.8% |
| Time to Breakeven | 45 days | 105 days |
In The Past
Highwoods Properties's stock fell -12.7% during the 2025 US Tariff Shock. Such a loss loss requires a 14.5% gain to breakeven.
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Asset Allocation
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| Event | HIW | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.3% | -9.5% |
| % Gain to Breakeven | 41.5% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.3% | -6.7% |
| % Gain to Breakeven | 49.8% | 7.1% |
| Time to Breakeven | 410 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.6% | -24.5% |
| % Gain to Breakeven | 77.3% | 32.4% |
| Time to Breakeven | 1378 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.8% | 50.9% |
| Time to Breakeven | 449 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.5% | -17.9% |
| % Gain to Breakeven | 30.8% | 21.8% |
| Time to Breakeven | 256 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -48.1% | -53.4% |
| % Gain to Breakeven | 92.7% | 114.4% |
| Time to Breakeven | 258 days | 1085 days |
In The Past
Highwoods Properties's stock fell -12.7% during the 2025 US Tariff Shock. Such a loss loss requires a 14.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Highwoods Properties (HIW)
Highwoods Properties, Inc. (NYSE:HIW) is a publicly-traded real estate investment trust (REIT) primarily focused on office properties. As a fully-integrated office REIT, the company's core business involves the full lifecycle of commercial real estate: acquiring, developing, owning, leasing, and managing a portfolio of high-quality office buildings.
The company's main offering is premium office space, catering to businesses that require well-located and professionally managed facilities. Highwoods strategically targets properties within the best business districts (BBDs) across key markets in the U.S. Southeast and Mid-Atlantic. These primary markets include Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond, and Tampa, where it serves a diverse range of office tenants.
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Here are 1-2 brief analogies for Highwoods Properties (HIW):
- Like a Simon Property Group, but for prime office buildings.
- Think of them as a Prologis, but focused on major urban office towers.
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- Office Property Ownership: Highwoods Properties holds a portfolio of commercial office properties in strategic business districts.
- Office Property Development: The company develops new office buildings to expand its portfolio and meet market demand.
- Office Property Acquisition: Highwoods Properties acquires existing office properties to enhance its asset base and market presence.
- Office Property Leasing: The company leases out office spaces within its properties to various tenants.
- Office Property Management: Highwoods Properties provides comprehensive management services for its owned and leased office properties.
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Highwoods Properties, Inc. (HIW) sells office space primarily to other companies. Its major customers, also known as tenants, include:
- Bank of America, N.A. (BAC)
- Deloitte Consulting LLP
- Wells Fargo Bank, N.A. (WFC)
- PwC (PricewaterhouseCoopers LLP)
- Truist Bank (TFC)
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Ted Klinck, President & CEO
Ted Klinck joined Highwoods in March 2012 and became President and Chief Executive Officer in 2018. Previously, he was principal and chief investment officer with Goddard Investment Group in Atlanta. Prior to joining Goddard Investment, he spent 16 years with Morgan Stanley Real Estate, including its predecessor companies Lend Lease and Equitable Real Estate.
Brendan Maiorana, Executive Vice President and Chief Financial Officer
Brendan Maiorana was appointed Chief Financial Officer effective January 1, 2022. He joined Highwoods in 2016 and previously served as Executive Vice President of Finance and Investor Relations, and Treasurer. Prior to Highwoods, he spent 11 years in Equity Research at Wells Fargo Securities and four years as a senior auditor at Ernst & Young LLP.
Brian Leary, Executive Vice President and Chief Operating Officer
Brian Leary joined Highwoods in 2019. Before Highwoods, he was president of Crescent Communities' commercial and mixed-use business unit from 2014, where he directed office, industrial, and retail developments. He also held senior management and executive positions with Jacoby Development, Inc., Atlanta Beltline, Inc. (as President and CEO), AIG Global Real Estate, Atlantic Station, LLC, and Central Atlanta Progress.
Jeff Miller, Executive Vice President, General Counsel and Secretary
Jeff Miller joined Highwoods in 2007. Prior to that, he was a partner with DLA Piper US LLP and Alston & Bird LLP, concentrating on securities, corporate governance, and serving as general outside counsel to publicly-traded REITs, including Highwoods. He also served as lead independent director of Hatteras Financial Corp., a publicly-traded mortgage REIT, prior to its merger in 2016.
Carman Liuzzo, Senior Vice President, Investments
Carman Liuzzo leads Highwoods' Investment Group. He initially joined Highwoods in 1994 as Vice President, Chief Financial Officer and Treasurer, a position he held until December 2003. Before Highwoods, he spent four years with KPMG Peat Marwick and then Boddie-Noell Enterprises as Chief Accounting Officer.
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- Declining Occupancy and Evolving Demand for Office Space: Highwoods Properties' financial performance is highly susceptible to fluctuations in office employment levels and overall economic growth, directly impacting its occupancy and rental rates. The continued social acceptance and perceived economic benefits of work-from-home and hybrid arrangements present a long-term challenge to the demand for office space. For example, occupancy in Highwoods' office portfolio decreased from 87.1% in 2024 to 85.5% in March 2025, with an expected range of 85.0% to 86.0% for the remainder of 2025. This trend can lead to reduced occupancy, lower rental revenues, and pressure on the company's financial results.
- Interest Rate Fluctuations and Increased Cost of Capital: As a real estate investment trust (REIT), Highwoods Properties is significantly exposed to interest rate fluctuations. Rising interest rates can increase the company's debt servicing obligations and the overall cost of capital, which can negatively impact its financial performance and limit its ability to fund new investments, refinance existing debt, or pursue growth initiatives. Slower-than-expected interest rate cuts by the Federal Reserve could also lead to higher interest costs for the REIT.
- Competition and Economic Downturns: Highwoods Properties operates in a highly competitive commercial real estate market, facing competition from other REITs, financial institutions, and private investors. This competition can lead to pressure on rental rates and occupancy. Additionally, economic downturns, particularly in the company's core markets in the Sun Belt region, can result in decreased demand for office space, higher vacancy rates, and downward pressure on rental rates, thereby adversely affecting Highwoods Properties' financial performance and growth strategy.
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The widespread and ongoing adoption of remote and hybrid work models, which fundamentally alters the demand for traditional office space. This trend could lead to reduced overall space requirements from tenants, increased vacancy rates, and downward pressure on rents across the office real estate sector.
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The addressable markets for Highwoods Properties' main products or services, which are office properties, in their primary operating regions are as follows:
- Atlanta, GA: null
- Charlotte, NC: Approximately 83.3 million square feet (as of July 2025).
- Nashville, TN: 57.1 million square feet (as of Q4 2024).
- Orlando, FL: Approximately 53.5 million square feet (as of Q4 2025).
- Pittsburgh, PA: 127.2 million square feet (as of February 2025).
- Raleigh, NC: Approximately 79.1 million square feet (as of February 2026, representing two-thirds of the combined Raleigh-Durham office market).
- Richmond, VA: null
- Tampa, FL: null
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Highwoods Properties (NYSE: HIW) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- Increased Occupancy and Strong Leasing Activity: Highwoods Properties anticipates an increase in occupancy rates driven by robust leasing activity, particularly for second-generation leases and new leases. The company expects to raise occupancy by approximately 200 basis points from the end of 2025 to the end of 2026. This is supported by strong demand in its Best Business Districts (BBDs) and a leased rate that is currently higher than the occupancy rate, indicating future occupied space.
- Rental Rate Growth and Enhanced Pricing Power: The company has demonstrated its ability to achieve significant rent growth, with a reported 20% increase in net effective rents compared to 2024 in Q4 2025. Management notes robust pricing power, allowing for higher rental rates across its portfolio. This trend is expected to continue, contributing to increased revenue per square foot.
- Stabilization and Lease-up of the Development Pipeline: Highwoods has a substantial development pipeline, which is significantly pre-leased. These projects are anticipated to deliver year-over-year growth and provide meaningful contributions to revenue as they stabilize and reach full occupancy over the next few years. For instance, the development pipeline aggregated $474.2 million and was 71.9% pre-leased as of September 30, 2025.
- Strategic Acquisitions in High-Growth Sun Belt Markets: The company's focus on high-growth Sun Belt markets, characterized by favorable demographic trends and above-average job growth, is a key long-term driver. Highwoods has actively pursued acquisitions in these markets, such as the purchase of 6Hundred at Legacy Union in Charlotte, which contribute to an expanded and high-quality portfolio with long-term leases.
- Redevelopment and "Highwoodtizing" of Existing Properties: Highwoods Properties enhances its existing assets through redevelopment projects, referred to as "Highwoodtizing." These strategic investments in existing buildings, such as those in Nashville and Raleigh, aim to generate higher rental rates and increase leasing activity, thereby boosting revenue from the current portfolio.
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[1] Share Repurchases
No information available for significant share repurchases beyond shares withheld for tax liabilities related to employee stock awards.
[2] Share Issuance
- In February 2026, Highwoods Properties launched an "at-the-market" (ATM) equity program to offer and sell up to $300 million of common stock through various transactions, including forward sale agreements and warrant sale agreements.
- During the fourth quarter of 2024, the company issued 1.59 million shares of common stock through its ATM program, generating net proceeds of $51.3 million.
[4] Outbound Investments
- In April 2021, Highwoods Properties agreed to acquire a portfolio of office assets from Preferred Apartment Communities, Inc. for a total investment of $769 million, which included assumed debt, near-term building improvements, and transaction costs.
- In the fourth quarter of 2025, Highwoods acquired 6Hundred at Legacy Union, a 411,000 square foot Class AA office tower in Charlotte, for $223 million.
- In January 2026, Highwoods made significant investments in joint ventures, including a $21.0 million investment for a 10% share in Bloc83 in CBD Raleigh (total JV investment $210.5 million) and an $87.4 million investment for an 80% share in The Terraces in Dallas (total JV investment $109.3 million).
[5] Capital Expenditures
- Highwoods Properties reported annual capital expenditures of $219.9 million in 2021, $241.5 million in 2022, $98.16 million in 2023, $45.154 million in 2024, and $49.734 million in 2025.
- Capital expenditures were elevated in 2025 and are expected to continue at elevated levels through 2027, primarily due to leasing activity and the build-out of occupancy, with leasing capital trending approximately $40 million above a normalized year.
- The company's development pipeline, valued at $474 million in Q4 2025 and 78% pre-leased, represents ongoing capital allocation towards new projects.
Peer Outperformance in Office REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 18.8% | 60.8% | 64.0% | WELL 220% · DHC 148% · CTRE 134% |
| Retail REITs | 22 | 14.6% | 38.8% | 42.2% | IVT 1603% · SKT 181% · SPG 120% |
| Other Specialized REITs | 11 | 3.4% | 19.4% | 25.2% | IRM 223% · EPR 80% · LAMR 75% |
| Real Estate Development | 6 | -0.5% | 17.4% | 23.2% | AXR 70% · JOE 66% · FOR 43% |
| Hotel & Resort REITs | 16 | 37.9% | 40.5% | 17.7% | RHP 98% · HST 91% · DRH 71% |
| Industrial REITs | 11 | 19.1% | 23.3% | 8.0% | EGP 34% · FR 31% · PLD 23% |
| Diversified REITs | 12 | 11.7% | 28.9% | -7.8% | CTO 80% · WPC 25% · EPRT 25% |
| Single-Family Residential REITs | 3 | 0.3% | 7.0% | -8.3% | AMH -4% · ELS -8% · INVH -12% |
| Multi-Family Residential REITs | 13 | -2.2% | 5.9% | -12.6% | AIV 32% · ESS 9% · IRT -1% |
| Real Estate Services | 26 | -17.3% | -1.8% | -23.7% | CHCI 233% · CBRE 63% · JLL 62% |
| Office REITs ← | 18 | 3.6% | 23.0% | -29.0% | CDP 63% · PSTL 60% · SLG 12% |
| Telecom Tower REITs | 3 | -16.0% | -10.7% | -44.5% | AMT -29% · SBAC -44% · CCI -51% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.15 |
| Mkt Cap | 2.2 |
| Rev LTM | 824 |
| Op Inc LTM | 127 |
| FCF LTM | 248 |
| FCF 3Y Avg | 251 |
| CFO LTM | 257 |
| CFO 3Y Avg | 260 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.8% |
| Rev Chg 3Y Avg | 0.4% |
| Rev Chg Q | 1.1% |
| QoQ Delta Rev Chg LTM | 0.3% |
| Op Inc Chg LTM | 17.5% |
| Op Inc Chg 3Y Avg | -5.9% |
| Op Mgn LTM | 21.2% |
| Op Mgn 3Y Avg | 23.4% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 40.7% |
| CFO/Rev 3Y Avg | 40.7% |
| FCF/Rev LTM | 39.3% |
| FCF/Rev 3Y Avg | 39.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.2 |
| P/S | 3.2 |
| P/Op Inc | 13.4 |
| P/EBIT | 4.0 |
| P/E | 9.7 |
| P/CFO | 7.8 |
| Total Yield | 2.1% |
| Dividend Yield | 5.8% |
| FCF Yield 3Y Avg | 11.7% |
| D/E | 1.5 |
| Net D/E | 1.4 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operation, acquisition and development of rental office properties | 806 | 826 | 834 | 829 | |
| Office | 700 | ||||
| Other | 68 | ||||
| Total | 806 | 826 | 834 | 829 | 768 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Office | 534 | 533 | 491 | 486 | 439 |
| Other | 32 | 36 | 41 | 19 | 48 |
| General and administrative expenses | -43 | -42 | -41 | -41 | -44 |
| Depreciation and amortization | -299 | -288 | -259 | -242 | -255 |
| Total | 223 | 239 | 232 | 222 | 189 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Office | 5,315 | 5,471 | 5,595 | 4,887 | 4,723 |
| Other | 688 | 593 | 100 | 323 | 415 |
| Total | 6,003 | 6,063 | 5,695 | 5,209 | 5,138 |
Price Behavior
| Market Price | $31.40 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 06/08/1994 | |
| Distance from 52W High | -7.2% | |
| 50 Days | 200 Days | |
| DMA Price | $31.05 | $25.76 |
| DMA Trend | up | up |
| Distance from DMA | 1.1% | 21.9% |
| 3M | 1YR | |
| Volatility | 25.4% | 27.6% |
| Downside Capture | -24.47 | 60.87 |
| Upside Capture | 79.54 | 62.49 |
| Correlation (SPY) | -10.0% | 23.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.67 | -0.27 | 0.06 | 0.59 | 0.51 | 0.82 |
| Up Beta | -1.68 | -1.14 | -0.65 | 0.14 | 0.23 | 0.71 |
| Down Beta | -0.82 | -0.21 | 0.00 | 0.52 | 0.55 | 0.74 |
| Up Capture | 41% | 79% | 108% | 104% | 57% | 85% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 29 | 41 | 76 | 127 | 386 |
| Down Capture | -112% | -86% | -52% | 56% | 62% | 98% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 14 | 21 | 49 | 122 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIW | |
|---|---|---|---|---|
| HIW | 15.6% | 27.6% | 0.51 | - |
| Sector ETF (XLRE) | 10.6% | 14.0% | 0.48 | 52.4% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 22.9% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 4.7% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -16.5% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 57.8% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIW | |
|---|---|---|---|---|
| HIW | -0.5% | 30.3% | 0.01 | - |
| Sector ETF (XLRE) | 2.5% | 19.2% | 0.03 | 68.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 48.6% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 9.6% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 12.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 73.1% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 21.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HIW | |
|---|---|---|---|---|
| HIW | 0.6% | 30.7% | 0.08 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 74.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 57.1% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 7.0% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 20.8% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 79.5% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/08/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/04/2020 | 10-K |
| 09/30/2019 | 10/22/2019 | 10-Q |
Insider Activity
Updated 6/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hartzell, David John | Direct | Sell | 9182025 | 32.10 | 4,300 | 138,030 | 882,397 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hartzell, David John | Direct | Sell | 9182025 | 32.10 | 4,300 | 138,030 | 882,397 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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