HIW Profile
Highwoods Properties Inc. (HIW) is a real estate investment trust (REIT) that owns, develops, acquires, and operates commercial properties primarily in the southeastern United States. The company was founded in 1994 and is headquartered in Raleigh, North Carolina.
HIW's portfolio consists of office, industrial, and retail properties, with a focus on high-growth urban markets. As of December 31, 2020, the company owned or had an interest in 190 properties totaling 36.1 million square feet, with a total market value of approximately $5.9 billion.
The company's tenants are diverse, with no single tenant accounting for more than 4.1% of the company's annualized base rent as of December 31, 2020. HIW's largest tenant industry is the technology sector, which accounts for approximately 20% of the company's annualized base rent.
HIW has a strong financial position, with a debt-to-EBITDA ratio of 4.3x as of December 31, 2020. The company has a history of maintaining a conservative balance sheet, with a focus on maintaining a strong credit rating and minimizing risk.
In 2020, HIW reported total revenues of $796.6 million, a decrease of 2.5% from the previous year. The company's net income attributable to common stockholders was $92.4 million, or $0.87 per diluted share, compared to $183.7 million, or $1.74 per diluted share, in 2019. The decrease in net income was primarily due to lower revenue resulting from the COVID-19 pandemic.
HIW is committed to sustainable business practices and has been recognized for its environmental, social, and governance (ESG) efforts. The company has implemented energy-efficient measures in its buildings and has set goals to reduce energy use and greenhouse gas emissions. HIW has also established a corporate responsibility program focused on employee engagement, community involvement, and ethical business practices.
Overall, HIW is a well-established REIT with a diversified portfolio, strong financial position, and commitment to sustainable business practices. However, like many real estate companies, the company may be susceptible to economic downturns and fluctuations in interest rates.
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