NYSE: HIW
HIGHWOODS PROPERTIES, INC.CIK 0000921082 · SIC 6798 · Real Estate Investment Trusts
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded real estate investment trust (“REIT”). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas,… About this business →
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Latest financial statements
From 10-Q filed Jul 28, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(Unaudited and in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Rental and other revenues | 216,379 | 200,600 | 430,413 | 400,983 |
| Operating expenses: | ||||
| Rental property and other expenses | 70,155 | 63,655 | 141,273 | 128,689 |
| Depreciation and amortization | 79,054 | 74,679 | 156,591 | 146,084 |
| General and administrative | 9,897 | 10,319 | 23,331 | 22,776 |
| Total operating expenses | 159,106 | 148,653 | 321,195 | 297,549 |
| Interest expense | 41,694 | 37,665 | 83,390 | 74,307 |
| Other income | 2,568 | 4,629 | 5,736 | 6,254 |
| Gains on disposition of property | 79,024 | — | 95,987 | 82,215 |
| Equity in earnings/(losses) of unconsolidated affiliates | (414) | 310 | 2,571 | 1,625 |
| Net income | 96,757 | 19,221 | 130,122 | 119,221 |
| Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,716) | (365) | (2,295) | (2,321) |
| Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | (993) | — | (1,842) | 26 |
| Dividends on Preferred Stock | (574) | (586) | (1,148) | (1,207) |
| Net income available for common stockholders | 93,474 | 18,270 | 124,837 | 115,719 |
| Earnings per Common Share – basic: | ||||
| Net income available for common stockholders | 0.85 | 0.17 | 1.13 | 1.07 |
| Weighted average Common Shares outstanding basic | 110,284 | 107,825 | 110,162 | 107,754 |
| Earnings per Common Share – diluted: | ||||
| Net income available for common stockholders | 0.85 | 0.17 | 1.13 | 1.07 |
| Weighted average Common Shares outstanding diluted | 112,301 | 109,976 | 112,182 | 109,905 |
Consolidated Balance Sheets (Unaudited)
(Unaudited and in thousands, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets: | ||
| Real estate assets, at cost: | ||
| Land | 607,720 | 609,177 |
| Buildings and tenant improvements | 6,216,948 | 6,144,697 |
| Development in-process | — | 6,248 |
| Land held for development | 197,227 | 214,149 |
| 7,021,895 | 6,974,271 | |
| Less-accumulated depreciation | (1,905,507) | (1,902,276) |
| Net real estate assets | 5,116,388 | 5,071,995 |
| Real estate and other assets, net, held for sale | 53,900 | 23,201 |
| Cash and cash equivalents | 145,377 | 27,358 |
| Restricted cash | 20,653 | 15,691 |
| Accounts receivable | 31,548 | 28,263 |
| Mortgages and notes receivable | 12,228 | 12,228 |
| Accrued straight-line rents receivable | 304,951 | 318,024 |
| Investments in and advances to unconsolidated affiliates | 446,928 | 471,580 |
| Deferred leasing costs, net of accumulated amortization of $174,584 and $169,972, respectively | 278,222 | 244,258 |
| Prepaid expenses and other assets, net of accumulated depreciation of $27,411 and $25,144, respectively | 61,456 | 61,240 |
| Total Assets | 6,471,651 | 6,273,838 |
| Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: | ||
| Mortgages and notes payable, net | 3,515,608 | 3,554,178 |
| Accounts payable, accrued expenses and other liabilities | 305,713 | 284,006 |
| Total Liabilities | 3,821,321 | 3,838,184 |
| Commitments and contingencies | ||
| Noncontrolling interests in the Operating Partnership | 60,840 | 52,777 |
| Equity: | ||
| Preferred Stock, $.01 par value, 50,000,000 authorized shares; | ||
| 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 26,631 and 26,691 shares issued and outstanding, respectively | 26,631 | 26,691 |
| Common Stock, $.01 par value, 200,000,000 authorized shares; | ||
| 110,306,211 and 109,905,241 shares issued and outstanding, respectively | 1,103 | 1,099 |
| Additional paid-in capital | 3,221,689 | 3,223,767 |
| Distributions in excess of net income available for common stockholders | (855,358) | (870,083) |
| Accumulated other comprehensive loss | (2,625) | (2,494) |
| Total Stockholders’ Equity | 2,391,440 | 2,378,980 |
| Noncontrolling interests in consolidated affiliates | 198,050 | 3,897 |
| Total Equity | 2,589,490 | 2,382,877 |
| Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | 6,471,651 | 6,273,838 |
Consolidated Statements of Cash Flows (Unaudited)
(Unaudited and in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities: | ||
| Net income | 130,122 | 119,221 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 156,591 | 146,084 |
| Amortization of lease incentives and acquisition-related intangible assets and liabilities | 1,648 | 1,122 |
| Share-based compensation expense | 7,400 | 6,277 |
| Net credit losses on operating lease receivables | 1,857 | 139 |
| Accrued interest on mortgages and notes receivable | (816) | (496) |
| Amortization of debt issuance costs | 3,081 | 2,821 |
| Amortization of cash flow hedges | (131) | (124) |
| Amortization of mortgages and notes payable fair value adjustments | 175 | 56 |
| Losses on debt extinguishment | 60 | — |
| Net gains on disposition of property | (95,987) | (82,215) |
| Equity in earnings of unconsolidated affiliates | (2,571) | (1,625) |
| Distributions of earnings from unconsolidated affiliates | 4,104 | 3,516 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 710 | 2,841 |
| Prepaid expenses and other assets | 260 | (4,904) |
| Accrued straight-line rents receivable | (16,769) | (6,004) |
| Accounts payable, accrued expenses and other liabilities | (1,658) | (23,854) |
| Net cash provided by operating activities | 188,076 | 162,855 |
| Investing activities: | ||
| Investments in acquired real estate and related intangible assets, net of cash acquired | (309,838) | (137,828) |
| Investments in development in-process | (1,731) | (593) |
| Investments in tenant improvements and deferred leasing costs | (84,601) | (61,919) |
| Investments in building improvements | (26,785) | (21,551) |
| Net proceeds from disposition of real estate assets | 297,533 | 137,779 |
| Distributions of capital from unconsolidated affiliates | 55,948 | 3,742 |
| Investments in mortgages and notes receivable | — | (1,577) |
| Repayments of mortgages and notes receivable | — | 6,333 |
| Investments in and advances to unconsolidated affiliates | (33,646) | (16,681) |
| Changes in earnest money deposits | — | 10,000 |
| Changes in other investing activities | 1,422 | 139 |
| Net cash used in investing activities | (101,698) | (82,156) |
| Financing activities: | ||
| Dividends on Common Stock | (110,112) | (107,738) |
| Redemptions/repurchases of Preferred Stock | (60) | (2,095) |
| Redemptions of Common Units | (24) | (10) |
| Dividends on Preferred Stock | (1,148) | (1,207) |
| Distributions to noncontrolling interests in the Operating Partnership | (2,017) | (2,151) |
| Distributions to noncontrolling interests in consolidated affiliates | (4,891) | (160) |
| Contributions from noncontrolling interests in consolidated affiliates | 197,202 | — |
| Proceeds from the issuance of Common Stock | 655 | 2,191 |
| Costs paid for the issuance of Common Stock | (455) | (324) |
| Repurchase of shares related to tax withholdings | (1,865) | (2,009) |
| Borrowings on revolving credit facility | 203,000 | 237,000 |
| Repayments of revolving credit facility | (228,000) | (194,000) |
| Borrowings on mortgages and notes payable | 20,000 | — |
| Repayments of mortgages and notes payable | (34,396) | (3,865) |
| Payments for debt issuance costs and other financing activities | (1,286) | — |
| Net cash provided by/(used in) financing activities | 36,603 | (74,368) |
| Net increase in cash and cash equivalents and restricted cash | 122,981 | 6,331 |
Amounts as printed on the EDGAR/iXBRL face — (Unaudited and in thousands, except per share amounts); (Unaudited and in thousands, except share and per share data); (Unaudited and in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About HIGHWOODS PROPERTIES, INC.
Source: Item 1 (Business) from the 10-K filed February 10, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
General
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded real estate investment trust (“REIT”). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our Common Stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “HIW.”
As of December 31, 2025, the Company owned all of the Preferred Units and 109.5 million, or 98.2%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.0 million Common Units. Generally, the Operating Partnership is obligated to redeem each Common Unit at the request of the unitholder for cash equal to the value of one share of Common Stock based on the average of the market price for the 10 trading days immediately preceding the notice date of such redemption, provided that the Company, at its option, may elect to acquire any such Common Units presented for redemption for cash or one share of Common Stock. The Common Units owned by the Company are not redeemable.
The Company was incorporated in Maryland in 1994. The Operating Partnership was formed in North Carolina in 1994. Our executive offices are located at 150 Fayetteville Street, Suite 1400, Raleigh, NC 27601, and our telephone number is (919) 872-4924.
Our primary business is the operation, acquisition and development of office properties. There are no material inter-segment transactions. See Note 15 to our Consolidated Financial Statements for a summary of the rental and other revenues, rental property and other expenses, net operating income and assets for each reportable segment.
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Our website is www.highwoods.com. In addition to this Annual Report, all quarterly and current reports, proxy statements and other information are made available, without charge, on our website as soon as reasonably practicable after they are filed or furnished with the Securities and Exchange Commission (“SEC”). Information on our website is not considered part of this Annual Report.
During 2025, the Company filed unqualified Section 303A certifications with the NYSE. The Company and the Operating Partnership have also filed the CEO and CFO certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as exhibits to this Annual Report.
Our Vision, Mission and Strategy
Our vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. By creating and operating commute-worthy places, we support the growth and success of our customers and contribute to the vitality of our communities. Our simple strategy is to own and operate high-quality workplaces in the BBDs within our footprint, maintain a strong balance sheet to be opportunistic throughout economic cycles, employ a talented and dedicated team and communicate transparently with all stakeholders. We focus on owning and managing buildings in the most dynamic and vibrant BBDs. BBDs are highly-energized and amenitized workplace locations that enhance our customers’ ability to attract and retain talent. They are both urban and suburban. Providing the most talent-supportive workplace options in these environments is core to our work-placemaking strategy.
Our investment thesis is to generate attractive and sustainable returns over the long term for our stockholders by developing, acquiring and owning a portfolio of high-quality, differentiated office buildings in the BBDs of our core markets. A core component of this strategy is to continuously strengthen the financial and operational performance, resiliency and long-term growth prospects of our existing in-service portfolio and recycle out of those properties that no longer meet our criteria.
Geographic Diversification. Our core portfolio consists primarily of office properties in Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. We do not believe that our operations are significantly dependent upon any particular geographic market.
Conservative and Flexible Balance Sheet. We are committed to maintaining a conservative and flexible balance sheet with access to ample liquidity, multiple sources of debt and equity capital and sufficient availability under our revolving credit facility to fund our short and long-term liquidity requirements. Our balance sheet also allows us to proactively assure our existing and prospective customers that we are able to fund tenant improvements and maintain our properties in good condition while retaining the flexibility to capitalize on favorable development and acquisition opportunities as they arise.
Competition
Our properties compete for customers with similar properties located in our markets primarily on the basis of location, rent, services provided and the design, quality and condition of the facilities. We also compete with other domestic and foreign REITs, financial institutions, pension funds, partnerships, individual investors and others when attempting to acquire, develop and operate properties.
Environmental Resiliency
We are firmly committed to minimizing environmental impacts resulting from the development and operation of our properties. Our plan is to continue minimizing our energy intensity, carbon emissions and water consumption and strive to mitigate pollution, ensure environmental compliance and create healthy and productive workspaces for our customers and communities. To support and advance the environmental component of our long-term resiliency initiatives, we have formed a management-level corporate resiliency team that is overseen by the investment committee of the Company’s Board of Directors. The corporate resiliency team, comprised of a diverse group of disciplines including executive leadership, is charged with refining our long-term resiliency strategy, driving performance improvements across our portfolio and establishing and tracking progress towards goals. More information regarding our sustainability strategy and progress towards reaching our target goals is available in our annual corporate resiliency report that can be found under the “Resiliency” section of our website. Information on our website is not considered part of this Annual Report.
Government Regulation
We are subject to laws, rules and regulations of the United States and the states and local municipalities in which we operate, including laws and regulations relating to environmental protection and human health and safety. Compliance with these laws, rules and regulations has not had, and is not expected to have, a material effect on our capital expenditures, results of operations and competitive position as compared to prior periods. For more information about environmental laws and regulations, see “