HIGHWOODS PROPERTIES (HIW) Company Report

Highwoods Properties reported Q4 2025 FFO of $0.90 per share, including $0.06 of land sale gains, and full year 2025 FFO of $3.48 per share.
The company provided an initial 2026 FFO outlook of $3.40-$3.68 per share, with a midpoint of $3.54 per share, which is 5.7% higher than the initial 2025 outlook midpoint.
Highwoods anticipates driving occupancy higher by approximately 200 basis points from the end of 2025 to the end of 2026, with a year-end 2026 projection of 87.5%. The $474 million development pipeline is 78% pre-leased.
The company executed significant asset recycling, acquiring $472 million in 2025 and $318 million in early 2026, while completing $108 million in dispositions in Q4 2025 and early 2026, with plans for an additional $200 million by mid-2026 at a blended cap rate of sub-8%.

Feb 11, 2026, 4:00 PM

Transcript

Highwoods Properties Reports Q4 2025 Results and Provides 2026 FFO Outlook

HIW

Earnings

Guidance Update

New Projects/Investments

Highwoods Properties reported Q4 2025 FFO of $0.90 per share and full year 2025 FFO of $3.48 per share.
The company issued an initial 2026 FFO outlook of $3.40-$3.68 per share, with a midpoint of $3.54 per share, representing a 5.7% increase over the initial 2025 outlook midpoint.
The 2026 FFO outlook is temporarily impacted by $0.07 per share dilution from the 600 at Legacy Union acquisition and $0.03 per share reduction from an accelerated bond issuance, partially offset by $0.01 per share from elevated leverage.
Highwoods plans to complete $190 million-$210 million of additional dispositions by mid-2026 to fund recent acquisitions, following $108 million in sales in Q4 2025 and early 2026.
The company finished 2025 over 89% leased and projects year-end 2026 occupancy to reach 87.5%, an increase of approximately 200 basis points from the end of 2025.

Feb 11, 2026, 4:00 PM

Transcript

Highwoods Properties Reports Q4 2025 FFO and Provides 2026 Outlook

HIW

Earnings

Guidance Update

New Projects/Investments

Highwoods Properties reported Q4 2025 FFO of $0.90 per share and full year 2025 FFO of $3.48 per share.
The company provided an initial 2026 FFO outlook of $3.40-$3.68 per share, with a midpoint of $3.54, representing a 5.7% increase from the initial 2025 outlook. This outlook includes temporary dilutive impacts of $0.09 per share from recent acquisitions and financing, partially offset by potential land sale gains of $0.08 per share at the midpoint.
Highwoods invested $472 million in 2025 and an additional $318 million (company share $108 million) in early 2026 for acquisitions in Charlotte, Raleigh, and Dallas. The company sold $66 million of non-core assets in Q4 2025 and $42 million subsequent to year-end, with plans for $190 million-$210 million of additional dispositions by mid-2026.
The $474 million development pipeline is 78% pre-leased , and the company projects to increase occupancy by approximately 200 basis points from the end of 2025 to the end of 2026, targeting a year-end 2026 occupancy of 87.5%.

Feb 11, 2026, 4:00 PM

Transcript

Highwoods Properties, Inc. Enters into $300 Million Equity Distribution Agreements

HIW

Highwoods Properties, Inc. (HIW) and Highwoods Realty Limited Partnership entered into separate equity distribution agreements on February 11, 2026.
These agreements allow for the issuance and sale of common stock with an aggregate gross sales price of up to $300,000,000.
The agreements involve several agents, including Wells Fargo Securities, LLC, BofA Securities, Inc., BTIG, LLC, Jefferies LLC, J.P. Morgan Securities LLC, TD Securities (USA) LLC, and Truist Securities, Inc..
Sales may be made through negotiated transactions, including block trades, or "at the market" offerings, and the company may also enter into forward sale agreements.

Feb 11, 2026, 1:04 PM

8-K

Highwoods Properties Agrees to Acquire 6Hundred at Legacy Union

HIW

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Highwoods Properties, Inc. (HIW) has agreed to acquire 6Hundred at Legacy Union, a Class AA office tower in Charlotte's Uptown CBD, for a total expected investment of $223 million.
The 411,000 square foot property, delivered in 2025, is currently 84% leased and is projected to generate approximately $10 million in GAAP net operating income during 2026.
Upon stabilization, projected for 2027 on a GAAP basis and 2028 on a cash basis, the property is estimated to generate annual net operating income of approximately $17.5 million to $18.5 million.
The acquisition will be funded on a leverage-neutral basis over the next six months using proceeds from non-core asset sales, with $37 million already sold since October 1, 2025.

Nov 17, 2025, 9:30 PM

Press Release

Highwoods Realty Limited Partnership Issues $350 Million in 5.350% Notes Due 2033

HIW

Debt Issuance

Highwoods Realty Limited Partnership, the operating partnership of Highwoods Properties, Inc., completed a public offering of $350,000,000 aggregate principal amount of notes on November 14, 2025.
The notes, designated as 5.350% Notes due January 15, 2033, will bear interest at an annual rate of 5.350%.
Interest will accrue from November 14, 2025, and be paid semi-annually on January 15 and July 15, commencing July 15, 2026.
The notes are redeemable at the Issuer's option; prior to November 15, 2032, the redemption price is the greater of a present value calculation (Treasury Rate plus 25 basis points) or 100% of the principal amount, plus accrued interest.

Nov 14, 2025, 9:07 PM

8-K

Highwoods Realty Limited Partnership Announces $350 Million Notes Offering

HIW

Debt Issuance

Highwoods Realty Limited Partnership and Highwoods Properties, Inc. entered into an underwriting agreement on November 4, 2025, for a public offering of $350 million aggregate principal amount of notes.
The notes are 5.350% Notes due January 15, 2033, with a yield to maturity of 5.431% and a public offering price of 99.508% of the principal amount.
The closing of the offering is expected to occur on November 14, 2025.

Nov 5, 2025, 1:52 PM

8-K

Highwoods Prices $350 Million Notes Offering

HIW

Debt Issuance

New Projects/Investments

Highwoods Realty Limited Partnership priced a $350 million offering of 5.350% unsecured notes due January 15, 2033, yielding 5.431%.
The offering is expected to close on November 14, 2025.
The net proceeds are intended to repay outstanding debt, including amounts under its $750 million unsecured revolving credit facility, to fund property acquisitions and development activity, and for general corporate purposes.

Nov 4, 2025, 9:15 PM

Press Release

Highwoods Properties Reports Q3 2025 Results and Raises Full-Year Outlook

HIW

Earnings

Guidance Update

New Projects/Investments

Highwoods Properties reported Q3 2025 FFO of $0.86 per share and net income of $0.12 per share.
The company raised its 2025 FFO outlook midpoint by $0.02 to $3.41-$3.45 per share and its same-property cash NOI outlook midpoint by 50 basis points.
Highwoods ended Q3 2025 with 85.3% occupied and 88.7% leased , expecting 70 basis points of occupancy growth by year-end 2025 and a further 100 to 200 basis points increase by year-end 2026.
The company plans for up to $500 million in asset recycling (acquisitions and dispositions) over the next few quarters, having already acquired two properties this year on a leverage-neutral basis.

Oct 29, 2025, 3:00 PM

Transcript

Highwoods Properties Reports Q3 2025 FFO and Raises 2025 Outlook

HIW

Earnings

Guidance Update

M&A

Highwoods Properties reported Q3 2025 FFO of $0.86 per share and raised the midpoint of its 2025 FFO outlook for the third consecutive quarter, now projecting $3.41 to $3.45 per share, a $0.02 increase at the midpoint. The midpoint of the same-property cash NOI outlook was also raised by 50 bps.
The company achieved strong leasing volumes, signing over 1 million square feet of second-gen volume and 122,000 square feet in its development pipeline, leading to 85.3% occupied and 88.7% leased at quarter-end. This activity has locked in over 70% of the $30 million stabilized annual future NOI growth potential from completed but not yet stabilized developments and over 50% of the $25 million stabilized NOI upside in core four properties.
Highwoods was active in asset recycling, acquiring the Legacy Union parking garage for $111.5 million and selling a non-core property for $16 million. The company anticipates potential for up to $500 million in both acquisitions and dispositions over the next few quarters, with disposition proceeds being the primary funding plan.
The balance sheet remains strong with $625 million of available liquidity and no consolidated debt maturities until 2027, following the extension of a $200 million variable rate term loan.