Loading...

Highwoods Properties

NYSE:HIW
Snowflake Description

Established dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HIW
NYSE
$5B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index. The last earnings update was 30 days ago. More info.


Add to Portfolio Compare Print
HIW Share Price and Events
7 Day Returns
-1.6%
NYSE:HIW
-0.3%
US REITs
0.2%
US Market
1 Year Returns
-5.5%
NYSE:HIW
13.3%
US REITs
2.9%
US Market
HIW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Highwoods Properties (HIW) -1.6% -2% -6% -5.5% -7.5% 8.7%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • HIW underperformed the REITs industry which returned 13.3% over the past year.
  • HIW underperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
HIW
Industry
5yr Volatility vs Market

Value

 Is Highwoods Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Highwoods Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Highwoods Properties.

NYSE:HIW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:HIW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (47.04%))
0.816
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.816 * 5.96%)
7.6%

Discounted Cash Flow Calculation for NYSE:HIW using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Highwoods Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Highwoods Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:HIW DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.6%)
2019 227.17 Analyst x6 211.13
2020 229.83 Analyst x6 198.52
2021 236.11 Analyst x3 189.55
2022 266.12 Analyst x1 198.56
2023 258.97 Analyst x1 179.58
2024 269.68 Est @ 4.14% 173.81
2025 279.71 Est @ 3.72% 167.55
2026 289.27 Est @ 3.42% 161.04
2027 298.57 Est @ 3.21% 154.49
2028 307.73 Est @ 3.07% 147.98
Present value of next 10 years cash flows $1,782.23
NYSE:HIW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $307.73 × (1 + 2.73%) ÷ (7.6% – 2.73%)
$6,496.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $6,496.98 ÷ (1 + 7.6%)10
$3,124.34
NYSE:HIW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,782.23 + $3,124.34
$4,906.56
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,906.56 / 106.43
$46.23
NYSE:HIW Discount to Share Price
Calculation Result
Value per share (USD) From above. $46.23
Current discount Discount to share price of $43.98
= -1 x ($43.98 - $46.23) / $46.23
4.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Highwoods Properties is available for.
Intrinsic value
5%
Share price is $43.98 vs Future cash flow value of $46.23
Current Discount Checks
For Highwoods Properties to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Highwoods Properties's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Highwoods Properties's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Highwoods Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Highwoods Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:HIW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.39
NYSE:HIW Share Price ** NYSE (2019-05-22) in USD $43.98
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Highwoods Properties.

NYSE:HIW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:HIW Share Price ÷ EPS (both in USD)

= 43.98 ÷ 1.39

31.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Highwoods Properties is good value based on earnings compared to the US REITs industry average.
  • Highwoods Properties is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Highwoods Properties's expected growth come at a high price?
Raw Data
NYSE:HIW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 31.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
4%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:HIW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 31.58x ÷ 4%

7.94x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Highwoods Properties is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Highwoods Properties's assets?
Raw Data
NYSE:HIW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $20.77
NYSE:HIW Share Price * NYSE (2019-05-22) in USD $43.98
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:HIW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:HIW Share Price ÷ Book Value per Share (both in USD)

= 43.98 ÷ 20.77

2.12x

* Primary Listing of Highwoods Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Highwoods Properties is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Highwoods Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Highwoods Properties has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Highwoods Properties expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Highwoods Properties expected to grow at an attractive rate?
  • Highwoods Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Highwoods Properties's earnings growth is positive but not above the United States of America market average.
  • Highwoods Properties's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:HIW Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:HIW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 4%
NYSE:HIW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 4.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:HIW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:HIW Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 863 132 1
2022-12-31 833 121 1
2021-12-31 802 103 3
2020-12-31 759 109 7
2019-12-31 722 87 6
NYSE:HIW Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 714 343 144
2018-12-31 722 359 169
2018-09-30 717 375 173
2018-06-30 722 364 197
2018-03-31 721 362 184
2017-12-31 710 353 183
2017-09-30 702 344 152
2017-06-30 686 340 127
2017-03-31 676 326 121
2016-12-31 671 306 103
2016-09-30 662 312 95
2016-06-30 644 304 89

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Highwoods Properties's earnings are expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
  • Highwoods Properties's revenue is expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:HIW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Highwoods Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HIW Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.97 0.97 0.97 1.00
2020-12-31 1.09 1.28 0.97 3.00
2019-12-31 0.86 1.05 0.76 3.00
NYSE:HIW Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.39
2018-12-31 1.64
2018-09-30 1.67
2018-06-30 1.90
2018-03-31 1.78
2017-12-31 1.78
2017-09-30 1.49
2017-06-30 1.25
2017-03-31 1.21
2016-12-31 1.05
2016-09-30 0.98
2016-06-30 0.92

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Highwoods Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Highwoods Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Highwoods Properties has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Highwoods Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Highwoods Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Highwoods Properties has delivered over 20% year on year earnings growth in the past 5 years.
  • Highwoods Properties's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Highwoods Properties's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Highwoods Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Highwoods Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HIW Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 714.34 144.15 40.61
2018-12-31 722.27 169.34 40.01
2018-09-30 716.80 172.87 40.73
2018-06-30 722.04 196.75 40.43
2018-03-31 720.74 183.65 39.94
2017-12-31 710.14 182.87 39.65
2017-09-30 702.06 151.68 38.61
2017-06-30 685.91 126.61 39.23
2017-03-31 675.65 120.67 38.51
2016-12-31 671.43 103.20 38.15
2016-09-30 661.84 95.28 38.07
2016-06-30 644.30 88.79 37.20
2016-03-31 625.75 77.63 37.54
2015-12-31 609.75 78.83 37.64
2015-09-30 551.72 64.69 37.18
2015-06-30 553.45 90.91 35.72
2015-03-31 556.82 93.13 35.79
2014-12-31 557.50 89.47 35.26
2014-09-30 607.37 103.52 36.22
2014-06-30 600.24 65.71 37.66
2014-03-31 581.19 56.43 37.33
2013-12-31 508.17 34.49 36.38
2013-09-30 529.88 45.84 37.03
2013-06-30 508.47 39.97 37.78
2013-03-31 496.16 33.38 38.29
2012-12-31 488.98 33.17 37.38
2012-09-30 495.59 34.92 36.04
2012-06-30 489.23 29.62 38.53

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Highwoods Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Highwoods Properties used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Highwoods Properties has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Highwoods Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Highwoods Properties has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Highwoods Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Highwoods Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Highwoods Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Highwoods Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Highwoods Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Highwoods Properties Company Filings, last reported 1 month ago.

NYSE:HIW Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,328.24 2,195.89 5.49
2018-12-31 2,370.26 2,089.41 4.92
2018-09-30 2,371.08 2,087.42 10.10
2018-06-30 2,382.52 2,055.00 7.10
2018-03-31 2,376.61 2,112.58 33.21
2017-12-31 2,381.24 2,014.33 4.56
2017-09-30 2,366.49 1,967.46 5.17
2017-06-30 2,353.36 2,006.04 13.62
2017-03-31 2,299.19 2,043.49 4.92
2016-12-31 2,299.12 1,949.92 57.11
2016-09-30 2,316.11 1,909.77 6.39
2016-06-30 2,240.18 2,093.26 2.44
2016-03-31 2,200.98 2,106.93 3.35
2015-12-31 1,745.71 2,494.89 5.04
2015-09-30 1,730.59 2,491.69 5.18
2015-06-30 1,692.52 2,136.36 4.94
2015-03-31 1,694.07 2,117.23 11.38
2014-12-31 1,681.14 2,073.80 8.83
2014-09-30 1,627.75 2,038.30 11.60
2014-06-30 1,573.86 2,086.39 18.70
2014-03-31 1,582.14 2,039.76 13.34
2013-12-31 1,605.18 1,983.47 10.49
2013-09-30 1,610.08 2,080.30 31.69
2013-06-30 1,394.45 1,961.15 10.12
2013-03-31 1,327.49 1,933.81 12.17
2012-12-31 1,289.76 1,897.89 13.78
2012-09-30 1,251.49 1,816.62 9.09
2012-06-30 1,153.94 1,861.71 6.53
  • Highwoods Properties's level of debt (94.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (129% vs 94.3% today).
  • Debt is not well covered by operating cash flow (15.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Highwoods Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Highwoods Properties has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Highwoods Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.32%
Current annual income from Highwoods Properties dividends. Estimated to be 4.43% next year.
If you bought $2,000 of Highwoods Properties shares you are expected to receive $86 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Highwoods Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Highwoods Properties's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:HIW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:HIW Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.04 1.00
2022-12-31 2.00 1.00
2021-12-31 2.01 5.00
2020-12-31 1.96 10.00
2019-12-31 1.89 11.00
NYSE:HIW Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-18 1.900 4.284
2019-02-05 1.900 4.129
2018-10-18 1.850 4.358
2018-08-02 1.850 3.850
2018-04-19 1.850 3.878
2018-02-06 1.850 4.268
2017-10-19 1.760 3.512
2017-08-02 1.760 3.401
2017-04-20 1.760 3.459
2016-12-13 1.760 3.470
2016-10-20 1.700 3.519
2016-07-27 1.700 3.250
2016-04-26 1.700 3.416
2015-10-27 1.700 3.877
2015-07-29 1.700 4.231
2015-04-16 1.700 4.029
2015-01-28 1.700 3.715
2014-10-16 1.700 3.878
2014-07-24 1.700 4.129
2014-04-16 1.700 4.142
2014-02-05 1.700 4.518
2013-10-17 1.700 4.649
2013-07-31 1.700 4.829
2013-04-18 1.700 4.555
2013-02-12 6.800 17.790
2013-01-30 1.700 4.700
2012-10-22 1.700 5.136
2012-07-24 1.700 5.147
2012-04-19 1.700 5.068
2012-01-25 1.700 5.201
2011-10-19 1.700 5.728
2011-07-21 1.700 5.644
2011-04-21 1.700 4.933
2011-01-26 1.700 5.027
2010-10-20 1.700 5.333
2010-07-22 1.700 5.328
2010-04-28 1.700 5.708
2010-02-03 1.700 5.518
2009-10-07 1.700 5.498
2009-07-17 1.700 6.005

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Highwoods Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (197.2x coverage).
X
Income/ dividend checks
We assess Highwoods Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Highwoods Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Highwoods Properties has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Highwoods Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ed Fritsch
COMPENSATION $4,501,710
AGE 59
TENURE AS CEO 14.8 years
CEO Bio

Mr. Edward J. Fritsch, also known as Ed, has been the Chief Executive Officer of Highwoods Properties, Inc. since July 1, 2004 and served as its President since December 2003 until November 28, 2018. Mr. Fritsch joined Highwoods Properties, Inc. in 1982 and served as its Executive Vice President. Mr. Fritsch served various positions at Highwoods Properties Inc. including Director of Development, Division President, Senior Vice President of Operations, Executive Vice President, Secretary and Chief Operating Officer from January 1998 to June 2004. He served as vice president and secretary from June 1994 to January 1998. Mr. Fritsch was a Partner at Highwoods Properties’ predecessor. He serves as Chairman of Board of Visitors of University of North Carolina at Chapel Hill Endowment. He is a Member of Board of Governors of the National Association of Real Estate Investment Trusts Inc. Mr. Fritsch has been an Independent Director of National Retail Properties, Inc. since February 9, 2012. He serves as a Director of Capital Associated Industries, Inc. He has been a Director of Highwoods Properties Inc. since January 2001. He serves as a Member of Wells Fargo & Company’s Central Regional Advisory Board. He is also a Member of Board of Governors and Immediate Past Chair of the University Of North Carolina Board of Visitors. Mr. Fritsch serves as a Trustee of Ravenscroft School Inc. He is a Member of the Steering Committee of Raleigh Diocesan Cathedral Campus Project. Mr. Fritsch serves as Director and immediate past President of The Young Men's Christian Association Of The Triangle Area Inc. He is also a member of the Executive Board of Nareit. He serves as Board of Trustees of St. Timothy’s Episcopal School. He serves as a Member of the University of North Carolina at Chapel Hill Foundation Board and Director of the University of North Carolina at Chapel Hill Real Estate Holdings. Mr. Fritsch served as the Chairman of the University Of North Carolina Board of Visitors. He served as a Trustee of the North Carolina Symphony Soc Inc until September 2011. Mr. Fritsch received a Bachelor of Science degree in Business Administration from the University of North Carolina at Chapel Hill. He is a member of the University of North Carolina at Chapel Hill Foundation board, a director of the University of North Carolina at Chapel Hill Real Estate Holdings and a member of Dix Park Conservancy board.

CEO Compensation
  • Ed's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ed's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Highwoods Properties management team in years:

8.2
Average Tenure
57
Average Age
  • The average tenure for the Highwoods Properties management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ed Fritsch

TITLE
CEO & Director
COMPENSATION
$5M
AGE
59
TENURE
14.8 yrs

Ted Klinck

TITLE
President & COO
COMPENSATION
$2M
AGE
52
TENURE
0.5 yrs

Mark Mulhern

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
58
TENURE
4.7 yrs

Jeff Miller

TITLE
Executive VP
COMPENSATION
$1M
AGE
47
TENURE
12.2 yrs

Dan Clemmens

TITLE
VP & Chief Accounting Officer
TENURE
11.8 yrs

Art McCann

TITLE
VP & Chief Information Officer
TENURE
12.1 yrs

Brendan Maiorana

TITLE
Senior Vice President of Finance & Investor Relations
TENURE
3 yrs

L. Roberson

TITLE
Senior Vice President of Development
AGE
59

Carman Liuzzo

TITLE
Senior Vice President of Investments
COMPENSATION
$946K
AGE
57
TENURE
2.3 yrs

W. Reames

TITLE
Senior Vice President of Nashville
COMPENSATION
$741K
AGE
54
Board of Directors Tenure

Average tenure and age of the Highwoods Properties board of directors in years:

10.3
Average Tenure
62
Average Age
  • The average tenure for the Highwoods Properties board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Carlos Evans

TITLE
Chairman of the Board
COMPENSATION
$161K
AGE
66
TENURE
0.6 yrs

Ed Fritsch

TITLE
CEO & Director
COMPENSATION
$5M
AGE
59
TENURE
18.3 yrs

Sherry Kellett

TITLE
Director
COMPENSATION
$166K
AGE
73
TENURE
13.5 yrs

Gene Anderson

TITLE
Director
COMPENSATION
$161K
AGE
73
TENURE
22.3 yrs

Dave Hartzell

TITLE
Director
COMPENSATION
$161K
AGE
62
TENURE
10.3 yrs

Chuck Anderson

TITLE
Director
COMPENSATION
$157K
AGE
57
TENURE
5 yrs

Anne Lloyd

TITLE
Director
COMPENSATION
$135K
AGE
56
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
28. Dec 18 Buy Carlos Evans Individual 27. Dec 18 27. Dec 18 10,000 $38.31 $383,100
14. Jun 18 Sell Jeffrey Miller Individual 12. Jun 18 12. Jun 18 -1,000 $49.05 $-49,050
X
Management checks
We assess Highwoods Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Highwoods Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Here's What We Think About Highwoods Properties, Inc.'s (NYSE:HIW) CEO Pay

Third, we'll reflect on the total return to shareholders over three years, as a second measure of business performance. … See our latest analysis for Highwoods Properties How Does Ed Fritsch's Compensation Compare With Similar Sized Companies? … has generated a total shareholder return of 5.3% over three years, so most shareholders wouldn't be too disappointed.

Simply Wall St -

Read This Before Buying Highwoods Properties, Inc. (NYSE:HIW) For Its Dividend

Dividend paying stocks like Highwoods Properties, Inc. … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … In this case, Highwoods Properties likely looks attractive to investors, given its 4.2% dividend yield and a payment history of over ten years.

Simply Wall St -

Who Has Been Buying Highwoods Properties, Inc. (NYSE:HIW) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Highwoods Properties, Inc. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Highwoods Properties Insider Transactions Over The Last Year.

Simply Wall St -

If You Had Bought Highwoods Properties (NYSE:HIW) Shares Five Years Ago You'd Have Made 25%

(NYSE:HIW) has fallen short of that second goal, with a share price rise of 25% over five years, which is below the market return. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Over half a decade, Highwoods Properties managed to grow its earnings per share at 32% a year.

Simply Wall St -

One Metric To Rule Them All: Highwoods Properties, Inc. (NYSE:HIW)

This impacts how HIW’s business operates and also how we should analyse its stock. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of HIW’s daily operations

Simply Wall St -

Is Now The Time To Look At Buying Highwoods Properties, Inc. (NYSE:HIW)?

(NYSE:HIW), which is in the reits business, and is based in United States,. … With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Let’s take a look at Highwoods Properties’s outlook and value based on the most recent financial data to see if the opportunity still exists.

Simply Wall St -

Need To Know: Highwoods Properties, Inc. (NYSE:HIW) Insiders Have Been Buying Shares

So we'll take a look at whether insiders have been buying or selling shares in Highwoods Properties, Inc. … The Last 12 Months Of Insider Transactions At Highwoods Properties. … In the last twelve months, the biggest single purchase by an insider was when Independent Chairman Carlos Evans bought US$383k worth of shares at a price of US$38.31 per share.

Simply Wall St -

Should You Worry About Highwoods Properties, Inc.'s (NYSE:HIW) CEO Salary Level?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Ed Fritsch's Compensation Compare With Similar Sized Companies. … has a market cap of US$4.4b, and is paying total annual CEO compensation of US$4.5m.

Simply Wall St -

Investing In Highwoods Properties Inc (NYSE:HIW): What You Need To Know

real estate investment trust (REIT) based in Raleigh, United States. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of HIW’s daily operations.

Simply Wall St -

One Metric To Rule Them All: Highwoods Properties Inc (NYSE:HIW)

real estate investment trust (REIT) based in Raleigh, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Company Info

Description

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index. The Company is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.

Details
Name: Highwoods Properties, Inc.
HIW
Exchange: NYSE
Founded: 1978
$4,667,946,203
$4,560,401,383
106,428,322
Website: http://www.highwoods.com
Address: Highwoods Properties, Inc.
3100 Smoketree Court,
Suite 600,
Raleigh,
North Carolina, 27604,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE HIW Common Stock New York Stock Exchange US USD 08. Jun 1994
DB HQS Common Stock Deutsche Boerse AG DE EUR 08. Jun 1994
Number of employees
Current staff
Staff numbers
442
Highwoods Properties employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 04:08
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/04/23
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.