Highwoods Properties Inc

Latest Results (20.09.2026):

Highwoods Properties, Inc. reported results for the first quarter of 2026: net income available for common stockholders of $31.4 million, or $0.29 per diluted share, and FFO available for common stockholders of $94.0 million, or $0.84 per diluted share. The company highlighted strong leasing and development activity, active investment/disposition transactions, solid liquidity, and it maintained its 2026 FFO outlook of $3.40 to $3.68 per share.

Key financials

Q1 2026 rental and other revenues were $214.0M. Net income was $31.4M ($0.29 diluted); FFO was $94.0M ($0.84 diluted). Same‑property cash NOI declined 0.6% year‑over‑year; in‑place average cash rents rose 2.2% YoY.

Occupancy and operating metrics

In‑service occupancy was 85.0% and in‑service leased rate was 89.7% (leased rate increased 60 bps during the quarter on in‑service properties owned as of Dec 31, 2025). Leasing economics showed strong rent spreads and net effective rents 8.8% above the prior 5‑quarter average.

Leasing activity

Signed 958,000 SF of second‑generation leases (including 307,000 SF of new leases) with a dollar‑weighted average lease term of 7.5 years. Reported GAAP rent growth of 19.4% and cash rent growth of 4.8% on leasing activity.

Development results & pipeline

Placed in service GlenLake Two Retail and GlenLake Three (Raleigh) and Granite Park Six (Dallas): 649,000 SF placed in service at a combined HIW share investment of ~$202.7M; these projects were ~87% leased and ~56% occupied (HIW share). Current development pipeline (HIW share) is ~$271.5M and 85% leased with ~$40.0M remaining to fund; 107,000 SF of first‑generation leases signed.

Investments and dispositions

Completed JV acquisitions: The Terraces (173k SF, Dallas; HIW owns 80% of JV; 100% purchase $109.3M) and Bloc83 (492k SF, Raleigh; HIW 10% interest with option to increase to 50%; 100% purchase $210.5M). Sold a non‑core Richmond portfolio (357k SF, ~90% occupied) for $42.3M and sold a JV brokerage interest generating $1.4M of other income included in FFO.

Liquidity & leverage

Total available liquidity exceeded $650M (cash, revolver capacity and pro rata undrawn JV construction loans). Net debt‑to‑Adjusted EBITDAre was reported at 6.7x (6.72x per the schedule). Subsequent financing: secured up to $100M loan at the Granite Park Six JV (SOFR + 225 bps; $85.3M currently drawn; maturity April 2028).

Capital allocation & outlook

The Board authorized repurchases of up to $250M of common stock on a leverage‑neutral basis using net proceeds from non‑core asset sales. The company maintained its full‑year 2026 FFO guidance of $3.40 to $3.68 per share (this outlook excludes effects of potential repurchases).