gawrav REITs have taken a beating over the past 12+ months. While it's easy to get caught up in a doom loop of negativity around this sector, it's worth considering that like everything else, this too should pass with time. Plus, it's good to go against the grain when it seems the majority of the market is chasing hot AI tech names to very high valuations. In the meantime, value and income investors get paid real cash for holding on to undervalued companies that own hard assets that produce durable cash flo ...

Financial Data and Key Metrics Changes - The company reported FFO of $0.89 per share and same property cash NOI growth of 0.3% [85] - Occupancy dipped modestly to 88.5% [85] - The 2024 FFO outlook was updated to a range of $3.46 to $3.61 per share, reflecting a $0.015 reduction at the midpoint due to higher interest rates and the dilutive impact of asset sales [15][121] Business Line Data and Key Metrics Changes - The company signed 922,000 square feet of second generation leases, including over 400,000 square feet of new leases [119] - The development pipeline is now valued at $506 million, with 157,000 square feet of first generation leases signed during the quarter, resulting in a 41% lease rate [122] - The 23Springs project in Uptown Dallas is now 54% pre-leased, one year before completion [127] Market Data and Key Metrics Changes - Tampa recorded the highest leasing volume in the quarter with 267,000 square feet signed [128] - Atlanta signed 199,000 square feet for the quarter, with 160,000 square feet being new leases, marking the greatest share of new leasing across the portfolio [129] - Raleigh, Nashville, Dallas, and Charlotte were highlighted as top-performing cities, contributing to strong leasing activity [101] Company Strategy and Development Direction - The company plans to sell up to an additional $150 million in non-core properties, with a focus on improving portfolio quality and cash flow growth [6][84] - The company does not expect to announce new development projects during the year due to challenging market conditions [88] - The strategy emphasizes creating high-quality office experiences in desirable business districts to attract tenants [120] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in the office sector but remains optimistic about future demand due to the quality of the portfolio and strategic locations [9] - The company expects occupancy to trough in the first half of next year but believes it will be at a higher level than previously anticipated [105] - Management noted that the leasing environment remains competitive, with a focus on maintaining occupancy over pushing rental rates [11] Other Important Information - The company has $850 million of available liquidity, which increased to $915 million following recent asset sales [131] - The company is not planning any capital raising for the year, relying on existing liquidity and construction loans for development projects [62] Q&A Session All Questions and Answers Question: What does retention look like in '24 excluding known move-outs? - Management indicated that retention levels would be around 40% when excluding known move-outs, which would be higher if those were included [60] Question: What is the outlook for acquisitions given current market conditions? - Management stated that the acquisition environment is challenging due to high pricing and quality concerns, but they remain interested in quality assets [31] Question: Will there be continued degradation in net effective rents across the portfolio? - Management expressed optimism about holding net effective rents steady, despite current tenant market conditions [34][36] Question: Can you provide an update on the leasing activity in Dallas? - Management reported strong leasing activity at 23Springs, with significant interest and several prospects in the pipeline [47] Question: What are the expectations for future growth opportunities? - Management highlighted a focus on capital recycling and improving cash flow through strategic asset sales and potential acquisitions in the future [44][50]

Highwoods Properties Inc. (HIW) reported first-quarter 2024 funds from operations (FFO) per share of 89 cents, missing the Zacks Consensus Estimate of 90 cents. The figure was also lower than the prior-year quarter’s 98 cents.Quarterly results reflect a fall in occupancy and higher operating expenses. It also revised its outlook for 2024.Rental and other revenues came in at $211.3 million, outpacing the Zacks Consensus Estimate of $207 million.On a year-over-year basis, rental and other revenues fell margin ...

For the quarter ended March 2024, Highwoods Properties (HIW) reported revenue of $211.28 million, down 0.7% over the same period last year. EPS came in at $0.89, compared to $0.42 in the year-ago quarter.The reported revenue represents a surprise of +2.09% over the Zacks Consensus Estimate of $206.95 million. With the consensus EPS estimate being $0.90, the EPS surprise was -1.11%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Highwoods Properties (HIW) came out with quarterly funds from operations (FFO) of $0.89 per share, missing the Zacks Consensus Estimate of $0.90 per share. This compares to FFO of $0.98 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -1.11%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.91 per share when it actually produced FFO of $0.99, delivering a surprise of 8.79%.Over the last four ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from [ ] to [ ] HIGHWOODS PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland 001-13100 56-1871668 (State or other jurisdiction of incorporation ...

RALEIGH, N.C., April 17, 2024 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) announces its Board of Directors has declared a cash dividend of $0.50 per share of common stock for the quarter ended March 31, 2024, which equates to an annualized dividend of $2.00 per share. This quarterly dividend is payable on June 11, 2024 to all holders of record as of May 20, 2024. The Board also declared a cash dividend of $21.5625 per share of the Company's 8 5/8% Series A Cumulative Redeemable Preferred Stock ...

Highwoods Properties, Inc. (HIW) recently announced $79.4 million of combined non-core asset disposition in Raleigh. The move comes as part of the company’s disciplined capital-recycling strategy that entails disposing of non-core assets and redeploying the proceeds in premium asset acquisitions and accretive development projects, and debt repayment.Particularly, HIW sold eight office buildings aggregating 338,000 square feet in the west Raleigh submarket, across from Rex Hospital and one office building th ...

RALEIGH, N.C., April 04, 2024 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has sold in a series of transactions non-core properties in Raleigh for combined gross proceeds of $79.4 million. Gross proceeds from dispositions closed in the first quarter of 2024 totaled $16.9 million with the remainder closing early in the second quarter. The sold properties include eight office buildings encompassing 338,000 square feet across from Rex Hospital in the west Raleigh submarket and one office building ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 HIGHWOODS REALTY LIMITED PARTNERSHIP (Exact name of registrant as specified in its charter) FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from [ ] to [ ] HIGHWOODS PROPERTIES, INC. North Carolina 000-21731 56-1869557 (State o ...