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Highwoods Properties
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Latest analysis
Updated Oct 28, 2026
Highwoods Q3 2026: Occupancy up 130 bps, lease rate hits 90.1%, FFO guidance raised for third consecutive time as Sun Belt BBD fundamentals accelerate
Highwoods delivered its second-highest net effective rents in company history in Q3 2026, with GAAP rent growth of 29% on 1.2 million square feet of second-generation leases and portfolio occupancy improving 130 basis points sequentially. The company has sold $386 million of non-core assets year-to-date — $150 million above its original target — while maintaining a 6.1x debt-to-EBITDA ratio with $280 million of cash on hand and no revolver balance, effectively neutralizing near-term refinancing risk. A 800,000-square-foot signed-not-commenced backlog, combined with accelerating market rents in Dallas, Charlotte, and Nashville, positions Highwoods for meaningful cash NOI inflection in 2027-2028 as free rent burns off.
Tone: bullishRevenue
$806.1M
HIW 10-K · FY 2025
Employees
315
Revenue FY2024
$825.9M
Founded
1994
Profile
HIW 10-K Item 1 · Feb 10, 2026Highwoods Properties is a publicly-traded, fully integrated office REIT headquartered in Raleigh, NC, that owns, develops, acquires, leases and manages office properties primarily in the best business districts of eight Sun Belt and mid-Atlantic markets. The company operates under a 'work-placemaking' strategy focused on high-quality, amenitized workplace environments designed to help customers attract and retain talent. Its portfolio totals approximately 26.8 million rentable square feet across Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.
Read filing description ↓ Collapse description ↑
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.' Our primary business is the operation, acquisition and development of office properties. 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. 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.
Primary products
- Office property leasing
- Property management
- Property development
- Property acquisition
- Tenant improvement construction
- Build-to-suit construction
Business segments
End markets
Geographies
Named customers
As of December 31, 2025, only Bank of America (4.3%) and Asurion (3.5%) accounted for more than 3% of our annualized GAAP revenues.
“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.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Rental and other revenues declined from $825.9 million in 2024 to $806.1 million in 2025, reflecting lower average occupancy and the impact of dispositions partially offset by rent rate improvement.
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