Highwoods Properties, Inc.

HIW

HIWHighwoods Properties, Inc. US flag

New York Stock Exchange

26.86

USD

+0.47

- -

2.96BMarket Cap

Income Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	432	485	505	556	605	666	703	720	736	737	768	829	834	826	806
+ Sales & Services Revenue	432	485	505	556	605	666	703	720	736	737	768	829	834	826	806
- Cost of Revenue	157	177	184	206	216	231	237	242	249	232	236	260	269	272	261
+ Cost of Goods & Services	157	177	184	206	216	231	237	242	249	232	236	260	269	272	261
Gross Profit	275	308	321	350	389	435	466	478	487	505	532	569	565	554	545
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	163	184	199	216	240	258	267	270	299	283	300	330	342	341	335
+ Selling, General & Admin	36	37	36	35	38	38	40	40	44	41	41	42	43	42	40
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	127	146	163	181	202	220	228	230	255	242	259	288	299	299	295
Operating Income (Loss)	111	125	122	134	149	176	198	208	189	222	232	239	223	213	209
- Non-Operating (Income) Loss	81	84	79	37	64	54	7	30	47	-135	-92	75	72	108	47
+ Interest Expense, Net	88	89	88	82	84	74	67	69	82	81	86	105	137	147	152
+ Interest Expense	96	96	92	85	86	77	69	71	82	81	86	105	137	147	152
- Interest Income	7	7	4	3	2	2	2	2	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-8	-5	-10	-45	-20	-21	-60	-39	-34	-216	-177	-30	-65	-39	-106
Pretax Income	31	40	43	97	86	123	192	178	142	358	323	164	151	104	163
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	31	40	43	97	86	123	192	178	142	358	323	164	151	104	163
- Net Extraordinary Losses (Gains)	-11	-35	-77	-9	-7	-385	13	12	10	21	20	10	5	4	6
+ Discontinued Operations	17	44	88	19	16	419	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-28	-79	-166	-28	-23	-803	13	12	10	21	20	10	5	4	6
Income (Loss) Incl. MI	42	75	120	106	93	507	179	166	132	337	303	154	146	100	157
- Minority Interest	-3	-5	-6	-5	-4	-17	-6	-6	-5	-11	-10	-5	-3	-2	-3
Net Income, GAAP	45	80	125	111	97	524	185	172	137	347	313	159	149	102	160
- Preferred Dividends	6	3	3	3	3	3	2	2	2	2	2	2	2	2	2
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	39	77	123	108	95	522	183	169	134	345	311	157	146	100	157
EBIT	111	125	122	134	149	176	198	208	189	222	232	239	223	213	209
EBITDA	255	283	304	330	365	396	426	438	443	464	491	527	522	512	504
EBITDA Margin (%)	58.93	58.32	60.24	59.39	60.38	59.55	60.65	60.78	60.25	62.97	63.93	63.56	62.63	61.97	62.58
EBITA	111	125	122	134	149	176	198	208	189	222	232	239	223	213	209
Gross Margin (%)	63.58	63.56	63.53	62.96	64.29	65.28	66.29	66.33	66.23	68.54	69.21	68.66	67.77	67.04	67.58
Operating Margin (%)	25.8	25.68	24.06	24.12	24.67	26.48	28.23	28.84	25.67	30.19	30.18	28.86	26.73	25.76	25.99
Profit Margin (%)	10.45	16.41	24.84	19.96	16.05	78.77	26.38	23.86	18.6	47.14	40.79	19.19	17.83	12.38	19.8
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.76	1.73	1.74	1.73	1.72	1.72	2.58	1.87	1.92	1.94	1.98	2.02	2.02	2.02	2.02
Depreciation Expense	143	158	183	196	216	220	228	230	255	242	259	288	299	299	295
Basic Weighted Avg Shares	72	76	85	91	94	98	103	103	104	104	104	105	106	106	108
Basic EPS, GAAP	0.54	1.02	1.44	1.2	1	5.3	1.78	1.64	1.3	3.32	2.98	1.49	1.39	0.94	1.45
Basic EPS from Cont Ops	0.43	0.53	0.5	1.07	0.91	1.24	1.87	1.72	1.37	3.45	3.1	1.56	1.43	0.98	1.5
Diluted Weighted Avg Shares	76	80	89	94	97	101	106	106	106	107	107	108	108	108	111
Diluted EPS, GAAP	0.51	0.97	1.38	1.16	0.97	5.15	1.73	1.59	1.26	3.23	2.9	1.46	1.36	0.92	1.42
Diluted EPS from Cont Ops	0.41	0.51	0.48	1.03	0.88	1.21	1.82	1.67	1.33	3.35	3.02	1.52	1.4	0.96	1.47

Balance Sheet (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	234	243	243	478	242	318	348	291	335	540	393	414	440	512	486
+ Cash, Cash Equivalents & STI	11	14	10	9	5	49	3	4	10	109	23	21	25	22	27
+ Cash & Cash Equivalents	11	14	10	9	5	49	3	4	10	109	23	21	25	22	27
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	155	166	179	192	193	199	232	252	262	288	284	320	344	348	359
+ Accounts Receivable, Net	136	140	152	179	191	190	225	246	260	287	282	25	28	28	28
+ Notes Receivable, Net	19	25	26	13	2	9	6	6	2	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	2	1	1	1	5	11	12
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	- -	294	311	309	318
+ Inventories	- -	- -	- -	237	241	- -	- -	- -	- -	- -	- -	- -	- -	55	23
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	237	241	- -	- -	- -	- -	- -	- -	- -	- -	55	23
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	68	64	54	40	-198	70	114	35	64	143	87	73	72	86	77
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,947	3,107	3,564	3,521	4,244	4,243	4,275	4,384	4,803	4,669	5,302	5,649	5,563	5,517	5,788
+ Property, Plant & Equip, Net	2,718	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip	3,619	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Accumulated Depreciation	901	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	100	67	30	51	21	19	24	24	26	27	7	269	343	486	472
+ LT Investments	100	67	30	51	21	19	24	24	26	27	7	269	343	486	472
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	129	3,040	3,534	3,470	4,223	4,224	4,251	4,361	4,777	4,642	5,294	5,380	5,219	5,031	5,316
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	129	3,040	3,534	3,470	4,223	4,224	4,251	4,361	4,777	4,642	5,294	5,380	5,219	5,031	5,316
Total Assets	3,181	3,350	3,807	3,999	4,486	4,561	4,624	4,675	5,138	5,209	5,695	6,063	6,003	6,029	6,274
+ Payables & Accruals	149	172	219	231	234	314	228	219	287	269	295	301	302	305	284
+ Accounts Payable	149	172	219	231	234	314	228	219	287	269	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	295	301	302	305	284
+ ST Debt	1,903	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	1,903	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-1,867	- -	- -	15	14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-1,867	- -	- -	15	14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	184	172	219	247	248	314	228	219	287	269	295	301	302	305	284
+ LT Debt	1,882	1,871	1,967	2,071	2,492	1,948	2,014	2,086	2,544	2,470	2,789	3,197	3,213	3,294	3,554
+ LT Borrowings	1,882	1,871	1,967	2,071	2,492	1,948	2,014	2,086	2,544	2,470	2,789	3,197	3,213	3,294	3,554
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	17	18	16	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	17	18	16	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	1,899	1,889	1,983	2,071	2,492	1,948	2,014	2,086	2,544	2,470	2,789	3,197	3,213	3,294	3,554
Total Liabilities	2,083	2,061	2,202	2,318	2,740	2,262	2,243	2,305	2,831	2,739	3,084	3,498	3,515	3,598	3,838
+ Preferred Equity and Hybrid Capital	29	29	29	29	29	29	29	29	29	29	29	29	29	29	27
+ Share Capital & APIC	1,805	2,041	2,371	2,465	2,599	2,852	2,930	2,977	2,956	2,995	3,029	3,082	3,105	3,145	3,225
+ Common Stock	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
+ Additional Paid in Capital	1,804	2,040	2,370	2,464	2,598	2,851	2,929	2,976	2,955	2,994	3,028	3,081	3,103	3,144	3,224
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-846	-897	-920	-957	-1,023	-749	-747	-769	-832	-686	-580	-633	-698	-811	-870
+ Other Equity	-6	-13	-3	-4	-4	5	8	10	- -	-1	-1	-1	-2	-2	-2
Equity Before Minority Interest	982	1,160	1,477	1,533	1,601	2,136	2,220	2,247	2,152	2,336	2,477	2,477	2,433	2,361	2,379
+ Minority/Non Controlling Interest	115	130	128	148	144	163	161	124	155	135	134	88	54	70	57
Total Equity	1,098	1,290	1,605	1,681	1,746	2,299	2,381	2,370	2,308	2,471	2,611	2,565	2,488	2,431	2,436
Total Liabilities & Equity	3,181	3,350	3,807	3,999	4,486	4,561	4,624	4,675	5,138	5,209	5,695	6,063	6,003	6,029	6,274
Shares Outstanding	73	80	90	93	96	102	103	104	104	104	105	105	106	108	110
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	3,774	1,857	1,957	2,063	2,487	1,899	2,011	2,082	2,534	2,361	2,766	3,176	3,188	3,271	3,527
Net Debt to Equity	343.87	143.99	121.89	122.69	142.45	82.58	84.45	87.84	109.82	95.55	105.92	123.82	128.16	134.55	144.8
Tangible Common Equity Ratio	33.59	37.63	41.4	41.31	38.27	49.77	50.87	50.08	44.35	46.87	45.34	41.83	40.96	39.85	38.4
Current Ratio	1.27	1.41	1.11	1.94	0.97	1.01	1.53	1.33	1.17	2.01	1.33	1.38	1.46	1.68	1.71
Cash Conversion Cycle	-106.15	-227.29	-281.82	133.03	129.49	10,432.43	-309.78	-217.2	-245.96	-301.96	-72.17	67.77	11.72	49.61	67.69

Cash Flow Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	48	84	131	116	101	541	192	178	142	358	323	164	151	104	163
+ Depreciation & Amortization	143	158	183	196	216	220	228	230	255	242	259	288	299	299	295
+ Non-Cash Items	10	-15	-54	-28	1	-419	-36	-22	-23	-199	-161	-13	-44	-4	-74
+ Stock-Based Compensation	6	8	7	7	7	6	7	7	7	6	9	8	7	8	8
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	2	- -	2	1	- -	- -	1	- -	10	2	- -	37	- -	25	9
+ Other Non-Cash Adj	2	-22	-63	-36	-6	-425	-44	-30	-40	-207	-170	-57	-51	-36	-91
+ Chg in Non-Cash Work Cap	-6	-34	-3	-17	-29	-37	-31	-27	-7	-42	-7	-16	-20	4	-24
+ (Inc) Dec in Accts Receiv	-22	-15	-19	-25	-21	-21	-37	-21	-33	-36	-16	-40	-25	-13	-13
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	-1	1	-1	1	-4	8	1	2	- -	2	2	1	3	2
+ Inc (Dec) in Accts Payable	17	-18	15	8	-9	-12	-2	-7	24	-6	8	22	4	14	-14
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	195	193	256	267	289	306	353	359	366	358	415	422	387	404	359
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-185	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-185	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	23	247	314	114	128	260	72	2	- -	2	22	2	- -	52	61
+ Increase in Capital Stock	23	249	316	118	131	265	76	4	2	4	24	8	2	54	63
+ Decrease in Capital Stock	- -	-3	-3	-4	-4	-4	-4	-2	-2	-1	-2	-6	-1	-1	-2
+ Net Change in LT Investment	-35	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-5	- -	- -
+ Dec in LT Investment	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	- -	- -
+ Inc in LT Investment	-40	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-14	- -	- -
+ Net Cash From Acq & Div	-35	8	-33	-6	27	- -	-10	- -	-10	- -	-133	-262	-53	-153	-4
+ Cash from Divestitures	5	8	- -	5	28	- -	- -	- -	- -	- -	- -	- -	80	- -	24
+ Cash for Acq of Subs	-40	- -	-33	-11	-1	- -	-10	- -	-10	- -	-133	-262	-133	-153	-28
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	19	-247	-323	-322	-681	216	-190	-307	-597	111	-154	-353	-113	-149	-436
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-215	-239	-357	-328	-654	216	-200	-307	-607	111	-288	-615	-170	-302	-441
+ Dividends Paid	-127	-131	-148	-157	-163	-169	-265	-194	-199	-202	-207	-213	-214	-215	-219
+ Net Cash From Debt	187	-51	-68	113	407	-545	68	71	460	-75	-84	410	18	77	262
+ Cash From Debt	726	1,033	837	804	951	438	1,436	785	1,353	527	580	1,225	839	339	856
+ Repayments of Debt	-539	-1,084	-905	-691	-544	-983	-1,368	-714	-892	-602	-664	-815	-822	-262	-594
+ Other Financing Activities	-66	-17	- -	-11	-10	-11	-19	-9	-15	-20	-17	-11	-10	-13	-13
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	17	48	97	60	361	-465	-143	-130	246	-294	-285	188	-205	-99	91
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-3	3	-4	-1	-4	57	10	-78	5	175	-158	-5	12	2	9
EBITDA	255	283	304	330	365	396	426	438	443	464	491	527	522	512	504
EBITDA Margin (%)	58.93	58.32	60.24	59.39	60.38	59.55	60.65	60.78	60.25	62.97	63.93	63.56	62.63	61.97	62.58
Free Cash Flow	11	193	256	267	289	306	353	359	366	358	415	422	387	404	359
Net Cash Paid for Acquisitions	35	-8	33	6	-27	- -	10	- -	10	- -	133	262	53	153	4
Free Cash Flow to Firm	106	290	348	352	375	382	422	430	447	439	500	527	524	551	512
Free Cash Flow to Equity	159	140	185	377	694	-242	418	427	823	281	328	829	402	478	617
Free Cash Flow per Basic Share	0.15	2.55	3.01	2.94	3.06	3.11	3.43	3.47	3.53	3.45	3.98	4.01	3.67	3.8	3.31
Price/Free Cash Flow	5.95	13.78	12.53	15.56	14.7	16.91	15.25	11.46	14.23	11.81	11.52	7.14	6.4	8.21	7.95
Cash Flow to Net Income	4.33	2.43	2.04	2.41	2.98	0.58	1.9	2.09	2.67	1.03	1.32	2.65	2.6	3.95	2.25
Capital Expenditures	-185	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -