Highwoods Properties (HIW)
Market Price (7/8/2026): $32.09 | Market Cap: $3.5 BilSector: Real Estate | Industry: Office REITs
Highwoods Properties (HIW)
Market Price (7/8/2026): $32.09Market 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 8.8%, Dividend Yield is 6.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, 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. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns3Y Excs Rtn is -1.3% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 104% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6% 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 8.8%, Dividend Yield is 6.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, 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. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -1.3% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 104% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6% |
| Key risksHIW key risks include [1] declining occupancy rates, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Highwoods Properties (HIW) stock has gained about 55% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance.
Highwoods Properties reported robust results for fiscal Q1 2026 (ended March 31, 2026), with diluted earnings per share (EPS) of $0.29, significantly surpassing the consensus estimate of $0.16 by $0.13. Quarterly revenue reached $214.03 million, exceeding analysts' expectations of $209.06 million, representing a 2.05% positive surprise. Funds from operations (FFO) available for common stockholders were $0.84 per diluted share, an increase from $0.83 in fiscal Q1 2025. This strong financial beat likely contributed to investor confidence.
2. Robust Leasing Momentum and Development Pipeline.
The company demonstrated strong operational performance in fiscal Q1 2026 by signing 958,000 square feet of second-generation leases, which included over 300,000 square feet of new leases. This leasing activity drove GAAP rent growth of 19.4% and cash rent growth of 4.8% on executed second-generation leases. Additionally, the development pipeline, valued at $272 million, was 85% leased, signaling future revenue growth. Net effective rents achieved were the second highest in the company's history, 9% above the trailing five-quarter average.
Show more
Highwoods Properties (HIW) stock has gained about 55% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance.
Highwoods Properties reported robust results for fiscal Q1 2026 (ended March 31, 2026), with diluted earnings per share (EPS) of $0.29, significantly surpassing the consensus estimate of $0.16 by $0.13. Quarterly revenue reached $214.03 million, exceeding analysts' expectations of $209.06 million, representing a 2.05% positive surprise. Funds from operations (FFO) available for common stockholders were $0.84 per diluted share, an increase from $0.83 in fiscal Q1 2025. This strong financial beat likely contributed to investor confidence.
2. Robust Leasing Momentum and Development Pipeline.
The company demonstrated strong operational performance in fiscal Q1 2026 by signing 958,000 square feet of second-generation leases, which included over 300,000 square feet of new leases. This leasing activity drove GAAP rent growth of 19.4% and cash rent growth of 4.8% on executed second-generation leases. Additionally, the development pipeline, valued at $272 million, was 85% leased, signaling future revenue growth. Net effective rents achieved were the second highest in the company's history, 9% above the trailing five-quarter average.
3. Reaffirmed Positive Full-Year Outlook and Shareholder Returns.
Highwoods Properties maintained its full-year 2026 FFO outlook in the range of $3.40 to $3.68 per share, indicating management's confidence in continued performance. The company also authorized a $250 million share repurchase program and maintained a steady quarterly dividend of $0.50 per share, which further enhanced shareholder value and signaled financial stability.
4. Improving Commercial Real Estate Market Sentiment.
The broader commercial real estate (CRE) market is experiencing a recovery, with optimistic pressure building despite a challenging macroeconomic environment. Commercial real estate investment activity is projected to increase by 16% in 2026, reaching $562 billion. Specifically, the office sector is showing signs of momentum with higher attendance levels, increasing gross leasing, positive Class A net absorption, and a decade-low construction pipeline, suggesting strong demand for high-quality office spaces. Investor commitment remains robust, with nearly 75% of surveyed investors planning to increase their real estate investments over the next 12 to 18 months.
Show less
Stock Movement Drivers
Fundamental Drivers
The 52.9% change in HIW stock from 3/31/2026 to 7/7/2026 was primarily driven by a 161.4% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.99 | 32.09 | 52.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 806 | 820 | 1.7% |
| Net Income Margin (%) | 19.8% | 11.4% | -42.4% |
| P/E Multiple | 14.5 | 37.8 | 161.4% |
| Shares Outstanding (Mil) | 110 | 110 | -0.1% |
| Cumulative Contribution | 52.9% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| HIW | 52.9% | |
| Market (SPY) | 15.0% | 18.0% |
| Sector (XLRE) | 9.9% | 48.7% |
Fundamental Drivers
The 29.6% change in HIW stock from 12/31/2025 to 7/7/2026 was primarily driven by a 79.1% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.77 | 32.09 | 29.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 808 | 820 | 1.4% |
| Net Income Margin (%) | 15.7% | 11.4% | -27.6% |
| P/E Multiple | 21.1 | 37.8 | 79.1% |
| Shares Outstanding (Mil) | 108 | 110 | -1.5% |
| Cumulative Contribution | 29.6% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| HIW | 29.6% | |
| Market (SPY) | 9.9% | 30.6% |
| Sector (XLRE) | 12.0% | 46.8% |
Fundamental Drivers
The 11.4% change in HIW stock from 6/30/2025 to 7/7/2026 was primarily driven by a 111.4% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.81 | 32.09 | 11.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 815 | 820 | 0.6% |
| Net Income Margin (%) | 21.3% | 11.4% | -46.5% |
| P/E Multiple | 17.9 | 37.8 | 111.4% |
| Shares Outstanding (Mil) | 108 | 110 | -2.1% |
| Cumulative Contribution | 11.4% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| HIW | 11.4% | |
| Market (SPY) | 22.0% | 27.4% |
| Sector (XLRE) | 11.1% | 50.7% |
Fundamental Drivers
The 69.1% change in HIW stock from 6/30/2023 to 7/7/2026 was primarily driven by a 207.4% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.98 | 32.09 | 69.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 835 | 820 | -1.9% |
| Net Income Margin (%) | 19.5% | 11.4% | -41.4% |
| P/E Multiple | 12.3 | 37.8 | 207.4% |
| Shares Outstanding (Mil) | 105 | 110 | -4.3% |
| Cumulative Contribution | 69.1% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| HIW | 69.1% | |
| Market (SPY) | 74.6% | 43.1% |
| Sector (XLRE) | 30.8% | 66.2% |
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% | 14% | -47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| HIW Win Rate | 58% | 42% | 42% | 83% | 42% | 71% | |
| Peers Win Rate | 57% | 33% | 50% | 38% | 45% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| HIW Max Drawdown | -11% | -46% | -41% | -18% | -20% | -24% | |
| Peers Max Drawdown | -19% | -48% | -45% | -35% | -48% | -33% | |
| 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 7/7/2026 (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 |
| 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 |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.3% | -3.7% |
| % Gain to Breakeven | 14.1% | 3.9% |
| Time to Breakeven | 55 days | 6 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.
| 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 |
| 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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)
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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
AI Analysis | Feedback
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.
AI Analysis | Feedback
[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.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.38 |
| Mkt Cap | 2.3 |
| Rev LTM | 817 |
| Op Inc LTM | 123 |
| FCF LTM | 245 |
| FCF 3Y Avg | 260 |
| CFO LTM | 255 |
| CFO 3Y Avg | 269 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.4% |
| Rev Chg 3Y Avg | 1.0% |
| Rev Chg Q | -1.2% |
| QoQ Delta Rev Chg LTM | -0.3% |
| Op Inc Chg LTM | 3.0% |
| Op Inc Chg 3Y Avg | -5.0% |
| Op Mgn LTM | 21.6% |
| Op Mgn 3Y Avg | 23.8% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 39.3% |
| CFO/Rev 3Y Avg | 40.2% |
| FCF/Rev LTM | 37.9% |
| FCF/Rev 3Y Avg | 38.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.3 |
| P/S | 3.0 |
| P/Op Inc | 13.9 |
| P/EBIT | 3.8 |
| P/E | 16.3 |
| P/CFO | 9.3 |
| Total Yield | 0.9% |
| Dividend Yield | 4.4% |
| FCF Yield 3Y Avg | 12.1% |
| D/E | 1.5 |
| Net D/E | 1.5 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operation, acquisition and development of rental office properties | 806 | 826 | 834 | ||
| Office | 768 | 700 | |||
| Other | 61 | 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 | 5,285 | 4,887 | 4,723 |
| Other | 688 | 593 | 410 | 323 | 415 |
| Total | 6,003 | 6,063 | 5,695 | 5,209 | 5,138 |
Price Behavior
| Market Price | $32.09 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 06/08/1994 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $27.21 | $25.60 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 18.0% | 25.4% |
| 3M | 1YR | |
| Volatility | 27.7% | 27.5% |
| Downside Capture | -67.29 | 67.44 |
| Upside Capture | 115.25 | 65.70 |
| Correlation (SPY) | 20.7% | 27.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.07 | 0.32 | 0.44 | 0.74 | 0.61 | 0.86 |
| Up Beta | -1.04 | -0.34 | 0.53 | 0.39 | 0.36 | 0.73 |
| Down Beta | 0.01 | 0.20 | 0.15 | 0.77 | 0.60 | 0.75 |
| Up Capture | 110% | 137% | 114% | 103% | 55% | 95% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 15 | 27 | 42 | 70 | 124 | 382 |
| Down Capture | -60% | -16% | -32% | 78% | 83% | 101% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 6 | 13 | 20 | 53 | 125 | 363 |
[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 | 10.5% | 27.5% | 0.35 | - |
| Sector ETF (XLRE) | 10.2% | 14.1% | 0.45 | 50.7% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | 27.4% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | 7.4% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | -15.4% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 56.4% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 16.5% |
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 | 0.2% | 30.3% | 0.04 | - |
| Sector ETF (XLRE) | 3.3% | 19.1% | 0.08 | 68.6% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 49.7% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 10.3% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 14.0% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 73.2% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 21.5% |
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 | 1.4% | 30.6% | 0.11 | - |
| Sector ETF (XLRE) | 6.9% | 20.4% | 0.29 | 74.3% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 57.5% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 7.3% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 21.3% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 79.6% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 06/30/2019 | 07/23/2019 | 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 |
Prefer one of these to Trefis? Tell us why.