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REIT owning office buildings concentrated in Sun Belt secondary markets like Raleigh, Atlanta and Nashville.
REIT owning office buildings concentrated in Sun Belt secondary markets like Raleigh, Atlanta and Nashville.
Collects office rent on leases that typically run several years with built-in annual increases, and pays out a large share of cash as a REIT. It also develops new towers and spends on tenant improvements and leasing commissions, so occupancy rather than headline rents drives cash flow.
Moat: narrow (scale, installed base). A well-located Sun Belt secondary-market office portfolio benefits from lower costs and migration trends.
Headquarters: Raleigh, North Carolina, US · Founded: 1978 · Employees: 315
Size Highwoods Properties (HIW) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $3.47B, the 1441st largest of 3,117 United States companies the cockpit tracks. Shares closed at $31.47 on 6 Nov 2026.
Performance Over six months the shares gained 23.8%, against -5.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 5.6% over the last twelve months (peer median +4.1%); the operating margin is 25.6% (peer median 48.8%).
Valuation It trades at 1.48× book value against a peer median of 0.95× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 13.8%; Highwoods Properties delivers 7.9%, so the price asks more than the business earns today.
Credit Highwoods Properties has 7 bonds outstanding ($2.49B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 125 bp.
Short interest Short interest is 10.9% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $858M | $811M | $832M | $840M | $840M |
| Revenue growth | — | -2% | -1% | 0% | — |
| Gross profit | $261M | $250M | $255M | $266M | $287M |
| EBITDA | $536M | $510M | $517M | $529M | $538M |
| Net income | $188M | $160M | $102M | $149M | $159M |
| Free cash flow | $303M | $167M | $227M | $217M | $225M |
| Capital expenditure | $232M | $201M | $185M | $177M | $197M |
| Total debt | $3.53B | $3.60B | $3.34B | $3.23B | $3.22B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Highwoods Properties HIW | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% |
| Cousins Properties CUZ | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% |
| Kilroy Realty KRC | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% |
| Piedmont Realty Trust PDM | $1.23B | +18% | +3% | -6% | 0.85× | 10.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HIW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.8% | +3.0% | 5th highest of 21 |
| 6-month return | +23.8% | -5.1% | 2nd highest of 21 |
| Return on equity | 7.9% | 5.5% | 8th highest of 21 |
| Price / book | 1.48× | 0.95× | 3rd most expensive of 21 |
| Trailing P/E | 18.9× | 16.1× | 8th most expensive of 19 |
| ROE the price implies | 13.8% | 7.3% | most demanding of 21 |
| ROE delivered | 7.9% | 5.5% | 8th highest of 21 |
| Bond spread | 125 bp | 109 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | -5% | 1.03× | 12.1% | -5.0% |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 5% | 1.01× | 4.4% | 4.9% |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 8% | 1.44× | 6.8% | 8.5% |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% | 6.5% |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% | 12.9% |
Highwoods Properties has 7 bonds outstanding with $2.49B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.86%, a spread of 125 bp over government bonds.