Highwoods Properties, Inc. Financial Ratios — HIW Stock

Profitability (USD)

	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
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	1.49	2.44	3.51	2.84	2.29	11.59	4.04	3.7	2.79	6.71	5.75	2.71	2.46	1.7	2.59
Return on Capital (%)	6.8	8.11	18.12	15.31	12.19	38.5	17.42	16.22	12.7	21.73	18.01	10.27	10.71	9.55	11.55
Return on Invested Capital (%)	2.93	3.1	3.61	3.66	3.74	4.16	4.59	4.69	4.06	4.54	4.48	4.29	3.89	3.72	3.58
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
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
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
Incremental Operating Margin (%)	117.8	24.76	-15.35	24.75	30.9	44.43	59.6	53.71	-117.67	3,644.08	29.91	12.28	-321.63	125.47	16.52
Pretax Margin (%)	7.15	8.31	8.44	17.45	14.14	18.41	27.27	24.67	19.25	48.57	42.1	19.78	18.15	12.62	20.18
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
Net Income to Common Margin (%)	8.95	15.89	24.35	19.51	15.64	78.39	26.02	23.52	18.27	46.81	40.47	18.89	17.53	12.08	19.51
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	442.95	303.1	318.89	154.96	183.88	121.89	134.04	105.73	136.8	54.47	61.71	126.33	139.33	204.63	132.69
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (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 Debt	3,785	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
ST Debt	1,903	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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
Total Debt/EBITDA	14.87	6.61	6.46	6.27	6.82	4.91	4.73	4.77	5.74	5.32	5.68	6.07	6.15	6.44	7.05
Net Debt/EBITDA	14.82	6.56	6.43	6.25	6.81	4.79	4.72	4.76	5.72	5.09	5.63	6.03	6.1	6.39	6.99
Total Debt/EBIT	33.97	15.02	16.19	15.45	16.7	11.05	10.15	10.04	13.47	11.1	12.03	13.36	14.41	15.48	16.97
Net Debt/EBIT	33.87	14.91	16.1	15.38	16.67	10.77	10.14	10.03	13.42	10.61	11.93	13.27	14.3	15.38	16.84
EBITDA to Interest Expense	2.67	2.94	3.31	3.88	4.24	5.17	6.17	6.13	5.43	5.73	5.72	5	3.82	3.48	3.31
EBITDA-CapEx/Interest Expense	0.73	2.94	3.31	3.88	4.24	5.17	6.17	6.13	5.43	5.73	5.72	5	3.82	3.48	3.31
EBIT to Interest Expense	1.17	1.3	1.32	1.58	1.73	2.3	2.87	2.91	2.31	2.75	2.7	2.27	1.63	1.45	1.37
Interest Expense	96	96	92	85	86	77	69	71	82	81	86	105	137	147	152
Common Equity/Total Assets	-26.57	-26.76	-24.15	-23.92	-22.79	-16.41	-16.14	-16.43	-16.17	-13.15	-10.16	-10.43	-11.61	-13.43	-13.85
Long-Term Debt/Equity (%)	171.48	145.06	122.52	123.21	142.74	84.73	84.59	88	110.23	99.97	106.8	124.65	129.17	135.47	145.92
Long-Term Debt/Capital (%)	61.02	165.13	163.33	160.3	151.65	140.01	138.13	141.9	134.09	126.78	117.51	119.21	123.62	127.51	128.38
Long-Term Debt/Total Assets (%)	59.16	55.84	51.66	51.8	55.55	42.71	43.56	44.62	49.51	47.41	48.97	52.73	53.53	54.63	56.65
Total Debt/Equity (%)	344.89	145.06	122.52	123.21	142.74	84.73	84.59	88	110.23	99.97	106.8	124.65	129.17	135.47	145.92
Total Debt/Capital (%)	122.72	165.13	163.33	160.3	151.65	140.01	138.13	141.9	134.09	126.78	117.51	119.21	123.62	127.51	128.38
Total Debt/Total Assets (%)	118.99	55.84	51.66	51.8	55.55	42.71	43.56	44.62	49.51	47.41	48.97	52.73	53.53	54.63	56.65
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
Net Debt/Capital (%)	122.8	165.93	163.87	160.72	151.81	141.49	138.21	142	134.26	128.38	117.69	119.36	123.85	127.75	128.66
EBITDA	255	283	304	330	365	396	426	438	443	464	491	527	522	512	504
EBITDA-CapEx	70	283	304	330	365	396	426	438	443	464	491	527	522	512	504
Operating Income (Loss)	111	125	122	134	149	176	198	208	189	222	232	239	223	213	209

Liquidity (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
Cash Ratio	0.06	0.08	0.05	0.04	0.02	0.16	0.01	0.02	0.03	0.41	0.08	0.07	0.08	0.07	0.1
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
Quick Ratio	0.9	1.04	0.86	0.81	0.8	0.79	1.03	1.17	0.94	1.48	1.04	1.13	1.22	1.22	1.36
CFO/Avg Current Liab	0.22	1.08	1.31	1.15	1.17	1.09	1.3	1.6	1.45	1.29	1.47	1.41	1.28	1.33	1.22
Common Equity/Total Assets	-26.57	-26.76	-24.15	-23.92	-22.79	-16.41	-16.14	-16.43	-16.17	-13.15	-10.16	-10.43	-11.61	-13.43	-13.85
Long-Term Debt/Equity (%)	171.48	145.06	122.52	123.21	142.74	84.73	84.59	88	110.23	99.97	106.8	124.65	129.17	135.47	145.92
Long-Term Debt/Capital (%)	61.02	165.13	163.33	160.3	151.65	140.01	138.13	141.9	134.09	126.78	117.51	119.21	123.62	127.51	128.38
Long-Term Debt/Total Assets (%)	59.16	55.84	51.66	51.8	55.55	42.71	43.56	44.62	49.51	47.41	48.97	52.73	53.53	54.63	56.65
Total Debt/Equity (%)	344.89	145.06	122.52	123.21	142.74	84.73	84.59	88	110.23	99.97	106.8	124.65	129.17	135.47	145.92
Total Debt/Capital (%)	122.72	165.13	163.33	160.3	151.65	140.01	138.13	141.9	134.09	126.78	117.51	119.21	123.62	127.51	128.38
Total Debt/Total Assets (%)	118.99	55.84	51.66	51.8	55.55	42.71	43.56	44.62	49.51	47.41	48.97	52.73	53.53	54.63	56.65
CFO/Total Liabilities	9.38	9.39	11.65	11.51	10.54	13.52	15.72	15.56	12.92	13.08	13.44	12.06	11.01	11.22	9.36
CFO/CapEx	1.06	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.52	0.66	0.75	1.02	0.82	1.38	1.5	1.13	1.12	1.06	1.05	0.65	0.54	0.65	0.52

Working Capital (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
Accounts Receivable Turnover	5.51	3.51	3.45	3.35	3.27	3.49	3.38	3.06	2.91	2.69	2.7	5.39	31.13	29.3	28.51
Days Sales Outstanding	66.26	103.91	105.71	108.8	111.72	104.57	107.86	119.42	125.51	135.46	135.26	67.77	11.72	12.46	12.8
Inventory Turnover	- -	- -	- -	1.74	0.9	1.92	- -	- -	- -	- -	- -	- -	- -	9.82	6.65
Days Inventory Outstanding	- -	- -	- -	209.92	403.78	190.29	- -	- -	- -	- -	- -	- -	- -	37.15	54.89
Accounts Payable Turnover	2.12	1.1	0.94	1.97	0.95	-0.04	0.87	1.08	0.98	0.83	1.76	- -	- -	- -	- -
Accounts Payable Turnover Days	172.41	331.2	387.53	185.69	386	-10,137.57	417.64	336.62	371.47	437.42	207.42	- -	- -	- -	- -
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
Inventory to Cash Days	66.26	103.91	105.71	-101.12	-292.06	-85.72	107.86	119.42	125.51	135.46	135.26	67.77	11.72	-24.69	-42.09
Inventories	- -	- -	- -	237	241	- -	- -	- -	- -	- -	- -	- -	- -	55	23
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	237	241	- -	- -	- -	- -	- -	- -	- -	- -	55	23
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (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
Market Capitalization	2,145	2,536	3,087	4,018	4,116	5,021	5,228	4,002	5,072	4,117	4,648	2,941	2,423	3,247	2,800
- Cash & Cash Equivalents	11	14	10	9	5	49	3	4	10	109	23	21	25	22	27
+ Preferred Equity and Hybrid Capital	29	29	29	29	29	29	29	29	29	29	29	29	29	29	27
+ Minority/Non Controlling Interest	115	130	128	148	144	163	161	124	155	135	134	88	54	70	57
+ Total Debt	3,785	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
Enterprise Value	6,063	4,552	5,200	6,258	6,776	7,112	7,429	6,237	7,790	6,641	7,576	6,234	5,694	6,617	6,410
Total Capital	3,084	1,133	1,204	1,292	1,643	1,391	1,458	1,470	1,897	1,948	2,373	2,682	2,599	2,583	2,769
Total Debt/Capital (%)	122.72	165.13	163.33	160.3	151.65	140.01	138.13	141.9	134.09	126.78	117.51	119.21	123.62	127.51	128.38
Total Debt / EV	0.62	0.41	0.38	0.33	0.37	0.27	0.27	0.33	0.33	0.37	0.37	0.51	0.56	0.5	0.55
EV/Sales	14.04	9.38	10.3	11.26	11.21	10.68	10.57	8.66	10.58	9.01	9.87	7.52	6.83	8.01	7.95
EV/EBITDA	23.82	16.09	17.09	18.96	18.56	17.94	17.43	14.25	17.57	14.31	15.43	11.83	10.9	12.93	12.71
EV/EBIT	54.41	36.54	42.8	46.67	45.43	40.35	37.45	30.03	41.24	29.85	32.69	26.06	25.54	31.1	30.6
EV/Cash Flow to Firm	20.84	15.72	14.93	17.78	18.07	18.59	17.62	14.5	17.41	15.12	15.14	11.83	10.87	12.01	12.53
EV/Free Cash Flow to Firm	12.75	15.72	14.93	17.78	18.07	18.59	17.62	14.5	17.41	15.12	15.14	11.83	10.87	12.01	12.53
Diluted Market Cap	2,261	2,665	3,213	4,153	4,247	5,172	5,376	4,112	5,206	4,229	4,774	3,010	2,475	3,312	2,855
Diluted Enterprise Value	6,179	4,681	5,327	6,393	6,907	7,263	7,577	6,346	7,925	6,753	7,703	6,303	5,746	6,682	6,465
EV per Share	83.88	60.04	60.94	68.96	71.78	72.24	72.35	60.29	75.13	63.93	72.69	59.31	53.96	62.32	59.11
TTM Sales	432	485	505	556	605	666	703	720	736	737	768	829	834	826	806
TTM EBITDA	255	283	304	330	365	396	426	438	443	464	491	527	522	512	504
TTM Operating Income	111	125	122	134	149	176	198	208	189	222	232	239	223	213	209
TTM Cash Flow to Firm	291	290	348	352	375	382	422	430	447	439	500	527	524	551	512
TTM Free Cash Flow to Firm	475	290	348	352	375	382	422	430	447	439	500	527	524	551	512

Multiples (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
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
EV/EBIT	54.41	36.54	42.8	46.67	45.43	40.35	37.45	30.03	41.24	29.85	32.69	26.06	25.54	31.1	30.6
Enterprise Value	6,063	4,552	5,200	6,258	6,776	7,112	7,429	6,237	7,790	6,641	7,576	6,234	5,694	6,617	6,410
Low Price	25.63	29.34	32.13	35.44	36.57	38.08	48.42	37.09	37.59	25.1	36.9	24.51	17.06	21.37	24.19
EV/Sales	14.04	9.38	10.3	11.26	11.21	10.68	10.57	8.66	10.58	9.01	9.87	7.52	6.83	8.01	7.95
EV/EBITDA	23.82	16.09	17.09	18.96	18.56	17.94	17.43	14.25	17.57	14.31	15.43	11.83	10.9	12.93	12.71
Price/Earnings	55.45	32.9	25.1	37.05	43.52	9.62	28.59	23.63	37.73	11.94	14.95	18.79	16.57	32.54	17.81
Price/Earnings Average	59.98	32.32	25.46	33.81	42.88	9.16	28.72	28.1	34.55	11.72	14.83	24.09	16.72	29.99	20.25
Price/Earnings High	70.1	35.18	28.61	38.21	48.25	10.61	29.95	31.76	37.83	15.89	16.43	31.85	23.01	39.14	22.59
Price/Earnings Low	47.9	28.85	22.3	29.65	36.51	7.18	27.19	22.66	28.99	7.56	12.38	16.46	12.31	22.74	16.68
Price/Book Value	-2.54	-2.83	-3.36	-4.2	-4.03	-6.71	-7	-5.21	-6.1	-6.01	-8.03	-4.65	-3.48	-4.01	-3.22
Price/Book Value Average	-2.75	-2.78	-3.4	-3.83	-3.97	-6.38	-7.04	-6.19	-5.59	-5.9	-7.97	-5.97	-3.51	-3.7	-3.66
Price/Book Value High	-3.21	-3.02	-3.83	-4.33	-4.46	-7.4	-7.34	-7	-6.12	-8	-8.82	-7.89	-4.83	-4.82	-4.09
Price/Book Value Low	-2.19	-2.48	-2.98	-3.36	-3.38	-5.01	-6.66	-4.99	-4.69	-3.81	-6.65	-4.08	-2.58	-2.8	-3.02
Price/Tangible Book Value	2.01	2.01	1.96	2.43	2.4	2.21	2.22	1.71	2.23	1.69	1.8	1.16	0.99	1.35	1.16
Price/Tangible Book Value Average	2.17	1.98	1.99	2.22	2.36	2.1	2.23	2.03	2.04	1.66	1.79	1.49	0.99	1.25	1.32
Price/Tangible Book Value High	2.54	2.15	2.23	2.51	2.66	2.44	2.33	2.3	2.23	2.24	1.98	1.97	1.37	1.63	1.47
Price/Tangible Book Value Low	1.73	1.76	1.74	1.95	2.01	1.65	2.11	1.64	1.71	1.07	1.49	1.02	0.73	0.94	1.09
Price/Sales	4.96	5.23	6.11	7.23	6.81	7.54	7.44	5.56	6.89	5.59	6.05	3.55	2.91	3.93	3.47
Price/Sales Average	5.37	5.14	6.2	6.6	6.71	7.18	7.47	6.61	6.31	5.49	6	4.55	2.93	3.62	3.95
Price/Sales High	6.28	5.59	6.97	7.46	7.55	8.32	7.79	7.47	6.91	7.44	6.65	6.02	4.03	4.73	4.41
Price/Sales Low	4.29	4.59	5.43	5.79	5.71	5.63	7.07	5.33	5.3	3.54	5.01	3.11	2.16	2.75	3.25
Price/Cash Flow	10.98	13.11	12.04	15.05	14.25	16.42	14.83	11.16	13.86	11.49	11.21	6.97	6.26	8.04	7.8
Price/Cash Flow Average	11.87	12.88	12.21	13.74	14.04	15.63	14.9	13.27	12.7	11.29	11.12	8.94	6.32	7.41	8.86
Price/Cash Flow High	13.88	14.02	13.72	15.53	15.8	18.1	15.54	15	13.9	15.3	12.32	11.82	8.69	9.68	9.89
Price/Cash Flow Low	9.48	11.5	10.69	12.05	11.95	12.26	14.1	10.7	10.66	7.28	9.28	6.11	4.65	5.62	7.3
Price/Free Cash Flow Average	6.44	13.54	12.71	14.2	14.49	16.1	15.32	13.63	13.03	11.6	11.42	9.15	6.45	7.56	9.04
Price/Free Cash Flow High	7.52	14.74	14.28	16.05	16.3	18.64	15.98	15.41	14.27	15.72	12.65	12.1	8.88	9.87	10.08
Price/Free Cash Flow Low	5.14	12.09	11.13	12.45	12.33	12.63	14.5	10.99	10.94	7.48	9.53	6.25	4.75	5.74	7.45
EV/Sales Average	14.44	9.29	10.38	10.63	11.11	10.32	10.61	9.71	10	8.91	9.82	8.52	6.85	7.7	8.43
EV/Sales High	15.35	9.75	11.15	11.48	11.95	11.46	10.93	10.57	10.6	10.86	10.46	9.99	7.96	8.81	8.89
EV/Sales Low	13.36	8.74	9.61	9.81	10.11	8.77	10.21	8.43	8.99	6.96	8.82	7.08	6.08	6.83	7.73
EV/EBITDA Average	24.51	15.93	17.24	17.89	18.39	17.33	17.49	15.98	16.61	14.15	15.35	13.41	10.94	12.43	13.47
EV/EBITDA High	26.04	16.71	18.51	19.34	19.78	19.24	18.02	17.4	17.6	17.25	16.36	15.72	12.7	14.21	14.2
EV/EBITDA Low	22.67	14.99	15.96	16.53	16.74	14.73	16.83	13.87	14.92	11.06	13.8	11.14	9.71	11.02	12.36
EV/EBIT Average	55.99	36.18	43.16	44.05	45.02	38.97	37.58	33.67	38.98	29.52	32.53	29.53	25.64	29.9	32.43
EV/EBIT High	59.5	37.95	46.34	47.61	48.43	43.26	38.71	36.66	41.31	35.98	34.66	34.61	29.76	34.2	34.2
EV/EBIT Low	51.79	34.04	39.96	40.69	40.98	33.13	36.16	29.24	35.02	23.07	29.23	24.53	22.75	26.51	29.76
Last Price	29.67	33.45	36.17	44.28	43.6	51.01	50.91	38.69	48.91	39.63	44.59	27.98	22.96	30.58	25.82
High Price	37.51	35.77	41.22	45.67	48.34	56.23	53.34	52	49.04	52.76	48.98	47.44	31.88	36.78	32.76
Enterprise Value Average	6,238	4,507	5,244	5,907	6,716	6,869	7,454	6,993	7,363	6,567	7,539	7,064	5,717	6,362	6,794
Enterprise Value High	6,630	4,728	5,631	6,384	7,224	7,625	7,678	7,613	7,803	8,005	8,034	8,280	6,635	7,275	7,163
Enterprise Value Low	5,771	4,240	4,855	5,456	6,113	5,839	7,173	6,071	6,616	5,131	6,775	5,869	5,071	5,639	6,234

	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
Shares Outstanding	73	80	90	93	96	102	103	104	104	104	105	105	106	108	110
Diluted Weighted Avg Shares	76	80	89	94	97	101	106	106	106	107	107	108	108	108	111
Basic Weighted Avg Shares	72	76	85	91	94	98	103	103	104	104	104	105	106	106	108
Revenue per Share	5.98	6.4	5.92	6.13	6.41	6.76	6.84	6.96	7.1	7.09	7.37	7.89	7.9	7.78	7.43
EBITDA per Share	3.52	3.73	3.56	3.64	3.87	4.03	4.15	4.23	4.28	4.47	4.71	5.01	4.95	4.82	4.65
Operating Income per Share	1.54	1.64	1.42	1.48	1.58	1.79	1.93	2.01	1.82	2.14	2.22	2.28	2.11	2	1.93
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 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
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
Cash Flow per Share	2.7	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
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
Cash & Equivalents per Share	0.15	0.18	0.12	0.1	0.05	0.5	0.03	0.04	0.09	1.05	0.22	0.2	0.24	0.21	0.25
Book Value per Share	-11.69	-11.83	-10.78	-10.54	-10.83	-7.6	-7.27	-7.43	-8.01	-6.6	-5.55	-6.01	-6.6	-7.63	-8.01
Tangible Book Value per Share	14.78	16.63	18.47	18.21	18.18	23.06	22.91	22.64	21.98	23.51	24.78	24.13	23.3	22.63	22.21

Highwoods Properties, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)