(HIW) Highwoods Properties - Overview
Stock: Office, Leasing, Development, Acquisition, Management
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 6.92% |
| Yield on Cost 5y | 8.48% |
| Yield CAGR 5y | 0.51% |
| Payout Consistency | 95.8% |
| Payout Ratio | 1.6% |
| Risk 5d forecast | |
|---|---|
| Volatility | 22.2% |
| Relative Tail Risk | -0.06% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.26 |
| Alpha | -15.50 |
| Character TTM | |
|---|---|
| Beta | 0.640 |
| Beta Downside | 0.677 |
| Drawdowns 3y | |
|---|---|
| Max DD | 38.11% |
| CAGR/Max DD | 0.09 |
Description: HIW Highwoods Properties January 12, 2026
Highwoods Properties, Inc. (NYSE: HIW) is a fully-integrated office REIT based in Raleigh that focuses on acquiring, developing, leasing, and managing properties in the “best business districts” of eight Sun-belt metros-including Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa. The company’s stated vision is to lead the evolution of commercial real-estate by delivering premium work-placemaking experiences for tenants, communities, and shareholders.
Key operational metrics (as of the most recent 10-K) show an occupancy rate of roughly 93% across its portfolio, with a weighted-average lease term of 5.2 years-both above the national office REIT average of ~90% and 4.5 years, respectively. Net operating income (NOI) grew 7% YoY in 2023, driven largely by rent escalations in high-growth markets like Dallas and Nashville, while the company maintained a disciplined cap-rate range of 5.5%–6.5% for new acquisitions, reflecting its focus on high-quality assets in strong employment centers.
Sector-level drivers that materially affect HIW’s outlook include the ongoing “hybrid-work” shift, which is compressing demand toward higher-quality, amenity-rich office spaces in dense urban cores, and the macro-economic environment-particularly Fed policy. A 100-basis-point rise in the 10-year Treasury rate historically depresses office REIT valuations by ~0.8% on average, but HIW’s concentration in growth markets with low vacancy buffers may mitigate that sensitivity.
For a deeper, data-rich analysis of HIW’s valuation relative to peers, you might explore the company’s profile on ValueRay to see how its risk-adjusted returns compare across the office REIT space.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income: 127.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 0.11 > 1.0 |
| NWC/Revenue: 23.05% < 20% (prev 20.04%; Δ 3.01% < -1%) |
| CFO/TA 0.06 > 3% & CFO 363.2m > Net Income 127.3m |
| Net Debt (3.38b) to EBITDA (581.4m): 5.81 < 3 |
| Current Ratio: 1.66 > 1.5 & < 3 |
| Outstanding Shares: last quarter (110.5m) vs 12m ago 2.18% < -2% |
| Gross Margin: 67.13% > 18% (prev 0.67%; Δ 6646 % > 0.5%) |
| Asset Turnover: 13.31% > 50% (prev 13.72%; Δ -0.42% > 0%) |
| Interest Coverage Ratio: 1.99 > 6 (EBITDA TTM 581.4m / Interest Expense TTM 150.1m) |
Altman Z'' -0.16
| A: 0.03 (Total Current Assets 470.5m - Total Current Liabilities 283.9m) / Total Assets 6.14b |
| B: -0.14 (Retained Earnings -843.8m / Total Assets 6.14b) |
| C: 0.05 (EBIT TTM 298.4m / Avg Total Assets 6.08b) |
| D: -0.23 (Book Value of Equity -845.1m / Total Liabilities 3.69b) |
| Altman-Z'' Score: -0.16 = B |
Beneish M -3.10
| DSRI: 1.03 (Receivables 353.6m/352.2m, Revenue 809.5m/827.2m) |
| GMI: 1.00 (GM 67.13% / 67.33%) |
| AQI: 0.92 (AQ_t 0.12 / AQ_t-1 0.13) |
| SGI: 0.98 (Revenue 809.5m / 827.2m) |
| TATA: -0.04 (NI 127.3m - CFO 363.2m) / TA 6.14b) |
| Beneish M-Score: -3.10 (Cap -4..+1) = AA |
What is the price of HIW shares?
Over the past week, the price has changed by +0.62%, over one month by -2.25%, over three months by -7.92% and over the past year by -4.87%.
Is HIW a buy, sell or hold?
- StrongBuy: 3
- Buy: 0
- Hold: 6
- Sell: 0
- StrongSell: 1
What are the forecasts/targets for the HIW price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 29.2 | 12.3% |
| Analysts Target Price | 29.2 | 12.3% |
| ValueRay Target Price | 28.3 | 8.8% |
HIW Fundamental Data Overview February 02, 2026
P/E Forward = 65.7895
P/S = 3.5679
P/B = 1.2081
P/EG = 5.09
Revenue TTM = 809.5m USD
EBIT TTM = 298.4m USD
EBITDA TTM = 581.4m USD
Long Term Debt = 3.40b USD (from longTermDebt, last quarter)
Short Term Debt = 11.3m USD (from shortTermDebt, last fiscal year)
Debt = 3.40b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.38b USD (from netDebt column, last quarter)
Enterprise Value = 6.27b USD (2.90b + Debt 3.40b - CCE 26.3m)
Interest Coverage Ratio = 1.99 (Ebit TTM 298.4m / Interest Expense TTM 150.1m)
EV/FCF = 17.27x (Enterprise Value 6.27b / FCF TTM 363.2m)
FCF Yield = 5.79% (FCF TTM 363.2m / Enterprise Value 6.27b)
FCF Margin = 44.87% (FCF TTM 363.2m / Revenue TTM 809.5m)
Net Margin = 15.72% (Net Income TTM 127.3m / Revenue TTM 809.5m)
Gross Margin = 67.13% ((Revenue TTM 809.5m - Cost of Revenue TTM 266.1m) / Revenue TTM)
Gross Margin QoQ = 67.33% (prev 68.27%)
Tobins Q-Ratio = 1.02 (Enterprise Value 6.27b / Total Assets 6.14b)
Interest Expense / Debt = 1.13% (Interest Expense 38.5m / Debt 3.40b)
Taxrate = 21.0% (US default 21%)
NOPAT = 235.7m (EBIT 298.4m * (1 - 21.00%))
Current Ratio = 1.66 (Total Current Assets 470.5m / Total Current Liabilities 283.9m)
Debt / Equity = 1.43 (Debt 3.40b / totalStockholderEquity, last quarter 2.38b)
Debt / EBITDA = 5.81 (Net Debt 3.38b / EBITDA 581.4m)
Debt / FCF = 9.30 (Net Debt 3.38b / FCF TTM 363.2m)
Total Stockholder Equity = 2.38b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.09% (Net Income 127.3m / Total Assets 6.14b)
RoE = 5.34% (Net Income TTM 127.3m / Total Stockholder Equity 2.38b)
RoCE = 5.16% (EBIT 298.4m / Capital Employed (Equity 2.38b + L.T.Debt 3.40b))
RoIC = 4.14% (NOPAT 235.7m / Invested Capital 5.70b)
WACC = 4.28% (E(2.90b)/V(6.30b) * Re(8.27%) + D(3.40b)/V(6.30b) * Rd(1.13%) * (1-Tc(0.21)))
Discount Rate = 8.27% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 2.25%
[DCF Debug] Terminal Value 86.63% ; FCFF base≈357.9m ; Y1≈369.0m ; Y5≈415.3m
Fair Price DCF = 81.59 (EV 12.34b - Net Debt 3.38b = Equity 8.97b / Shares 109.9m; r=5.90% [WACC]; 5y FCF grow 3.14% → 2.90% )
EPS Correlation: -40.93 | EPS CAGR: -42.98% | SUE: -0.06 | # QB: 0
Revenue Correlation: -42.39 | Revenue CAGR: -0.23% | SUE: -1.57 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.14 | Chg30d=+0.010 | Revisions Net=-1 | Analysts=1
EPS next Year (2026-12-31): EPS=0.60 | Chg30d=+0.040 | Revisions Net=-1 | Growth EPS=+5.3% | Growth Revenue=+6.1%