Intrinsic value of Highwoods Properties - HIW

Previous Close

$49.48

  Intrinsic Value

$15.58

stock screener

  Rating & Target

str. sell

-69%

Previous close

$49.48

 
Intrinsic value

$15.58

 
Up/down potential

-69%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as HIW.

We calculate the intrinsic value of HIW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  742
  783
  826
  871
  918
  968
  1,019
  1,073
  1,129
  1,188
  1,250
  1,315
  1,383
  1,454
  1,529
  1,608
  1,690
  1,776
  1,866
  1,961
  2,061
  2,165
  2,275
  2,389
  2,510
  2,637
  2,770
  2,909
  3,055
  3,209
Variable operating expenses, $m
  328
  344
  362
  381
  400
  420
  441
  463
  486
  511
  513
  540
  568
  597
  628
  660
  694
  729
  766
  805
  846
  889
  934
  981
  1,031
  1,083
  1,137
  1,194
  1,254
  1,317
Fixed operating expenses, $m
  202
  207
  211
  216
  221
  226
  231
  236
  241
  246
  252
  257
  263
  269
  274
  280
  287
  293
  299
  306
  313
  320
  327
  334
  341
  349
  356
  364
  372
  380
Total operating expenses, $m
  530
  551
  573
  597
  621
  646
  672
  699
  727
  757
  765
  797
  831
  866
  902
  940
  981
  1,022
  1,065
  1,111
  1,159
  1,209
  1,261
  1,315
  1,372
  1,432
  1,493
  1,558
  1,626
  1,697
Operating income, $m
  212
  232
  253
  275
  298
  322
  347
  374
  402
  432
  485
  518
  553
  589
  627
  667
  709
  754
  801
  850
  902
  957
  1,014
  1,075
  1,138
  1,205
  1,276
  1,350
  1,429
  1,511
EBITDA, $m
  749
  797
  848
  901
  956
  1,014
  1,075
  1,139
  1,206
  1,277
  1,351
  1,428
  1,510
  1,595
  1,685
  1,780
  1,879
  1,983
  2,092
  2,207
  2,328
  2,455
  2,588
  2,728
  2,876
  3,030
  3,193
  3,364
  3,543
  3,732
Interest expense (income), $m
  73
  54
  53
  52
  51
  50
  49
  48
  46
  45
  44
  42
  41
  39
  37
  35
  33
  32
  29
  27
  25
  23
  20
  17
  15
  12
  9
  5
  2
  -1
  -5
Earnings before tax, $m
  159
  179
  201
  224
  248
  273
  300
  328
  357
  388
  443
  478
  514
  552
  592
  634
  678
  724
  773
  825
  879
  937
  997
  1,060
  1,127
  1,197
  1,271
  1,348
  1,430
  1,516
Tax expense, $m
  43
  48
  54
  60
  67
  74
  81
  88
  96
  105
  120
  129
  139
  149
  160
  171
  183
  196
  209
  223
  237
  253
  269
  286
  304
  323
  343
  364
  386
  409
Net income, $m
  116
  131
  146
  163
  181
  199
  219
  239
  261
  283
  324
  349
  375
  403
  432
  463
  495
  529
  565
  602
  642
  684
  728
  774
  822
  874
  928
  984
  1,044
  1,107

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -790
  -834
  -879
  -927
  -977
  -1,029
  -1,084
  -1,141
  -1,201
  -1,264
  -1,330
  -1,399
  -1,472
  -1,547
  -1,627
  -1,710
  -1,798
  -1,889
  -1,985
  -2,086
  -2,192
  -2,303
  -2,420
  -2,542
  -2,670
  -2,805
  -2,946
  -3,095
  -3,250
  -3,414
Adjusted assets (=assets-cash), $m
  -790
  -834
  -879
  -927
  -977
  -1,029
  -1,084
  -1,141
  -1,201
  -1,264
  -1,330
  -1,399
  -1,472
  -1,547
  -1,627
  -1,710
  -1,798
  -1,889
  -1,985
  -2,086
  -2,192
  -2,303
  -2,420
  -2,542
  -2,670
  -2,805
  -2,946
  -3,095
  -3,250
  -3,414
Revenue / Adjusted assets
  -0.939
  -0.939
  -0.940
  -0.940
  -0.940
  -0.941
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
  -0.940
Average production assets, $m
  5,138
  5,423
  5,720
  6,031
  6,356
  6,697
  7,053
  7,426
  7,816
  8,225
  8,654
  9,103
  9,573
  10,067
  10,584
  11,126
  11,695
  12,291
  12,917
  13,573
  14,261
  14,984
  15,742
  16,537
  17,372
  18,248
  19,168
  20,133
  21,146
  22,209
Working capital, $m
  -2,369
  -2,500
  -2,637
  -2,781
  -2,931
  -3,088
  -3,252
  -3,424
  -3,604
  -3,792
  -3,990
  -4,197
  -4,414
  -4,641
  -4,880
  -5,130
  -5,392
  -5,667
  -5,955
  -6,258
  -6,575
  -6,908
  -7,258
  -7,625
  -8,010
  -8,414
  -8,838
  -9,282
  -9,750
  -10,240
Total debt, $m
  22
  22
  22
  21
  21
  20
  19
  19
  18
  18
  17
  16
  16
  15
  14
  13
  12
  11
  10
  9
  8
  7
  6
  5
  4
  2
  1
  -1
  -2
  -4
Total liabilities, $m
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
Total equity, $m
  -782
  -825
  -870
  -918
  -967
  -1,019
  -1,073
  -1,130
  -1,189
  -1,252
  -1,317
  -1,385
  -1,457
  -1,532
  -1,611
  -1,693
  -1,780
  -1,870
  -1,966
  -2,065
  -2,170
  -2,280
  -2,396
  -2,517
  -2,644
  -2,777
  -2,917
  -3,064
  -3,218
  -3,380
Total liabilities and equity, $m
  -790
  -833
  -879
  -927
  -977
  -1,029
  -1,084
  -1,141
  -1,201
  -1,265
  -1,330
  -1,399
  -1,472
  -1,547
  -1,627
  -1,710
  -1,798
  -1,889
  -1,986
  -2,086
  -2,192
  -2,303
  -2,420
  -2,542
  -2,671
  -2,805
  -2,946
  -3,095
  -3,251
  -3,414
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  131
  146
  163
  181
  199
  219
  239
  261
  283
  324
  349
  375
  403
  432
  463
  495
  529
  565
  602
  642
  684
  728
  774
  822
  874
  928
  984
  1,044
  1,107
Depreciation, amort., depletion, $m
  537
  565
  595
  626
  658
  692
  728
  765
  804
  845
  865
  910
  957
  1,007
  1,058
  1,113
  1,169
  1,229
  1,292
  1,357
  1,426
  1,498
  1,574
  1,654
  1,737
  1,825
  1,917
  2,013
  2,115
  2,221
Funds from operations, $m
  653
  696
  741
  789
  839
  892
  947
  1,004
  1,065
  1,129
  1,189
  1,259
  1,332
  1,409
  1,490
  1,575
  1,664
  1,758
  1,856
  1,960
  2,068
  2,182
  2,302
  2,428
  2,560
  2,699
  2,844
  2,998
  3,159
  3,328
Change in working capital, $m
  -126
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -217
  -227
  -238
  -250
  -262
  -275
  -288
  -303
  -317
  -333
  -350
  -367
  -385
  -404
  -424
  -445
  -467
  -490
Cash from operations, $m
  778
  827
  878
  932
  989
  1,049
  1,111
  1,176
  1,245
  1,317
  1,387
  1,466
  1,549
  1,637
  1,729
  1,825
  1,926
  2,033
  2,145
  2,262
  2,386
  2,515
  2,651
  2,794
  2,945
  3,102
  3,268
  3,443
  3,626
  3,818
Maintenance CAPEX, $m
  -486
  -514
  -542
  -572
  -603
  -636
  -670
  -705
  -743
  -782
  -823
  -865
  -910
  -957
  -1,007
  -1,058
  -1,113
  -1,169
  -1,229
  -1,292
  -1,357
  -1,426
  -1,498
  -1,574
  -1,654
  -1,737
  -1,825
  -1,917
  -2,013
  -2,115
New CAPEX, $m
  -274
  -285
  -297
  -311
  -325
  -340
  -356
  -373
  -390
  -409
  -428
  -449
  -471
  -493
  -517
  -542
  -569
  -596
  -626
  -656
  -689
  -722
  -758
  -795
  -835
  -876
  -919
  -965
  -1,013
  -1,063
Cash from investing activities, $m
  -760
  -799
  -839
  -883
  -928
  -976
  -1,026
  -1,078
  -1,133
  -1,191
  -1,251
  -1,314
  -1,381
  -1,450
  -1,524
  -1,600
  -1,682
  -1,765
  -1,855
  -1,948
  -2,046
  -2,148
  -2,256
  -2,369
  -2,489
  -2,613
  -2,744
  -2,882
  -3,026
  -3,178
Free cash flow, $m
  17
  28
  39
  49
  61
  73
  85
  98
  112
  126
  136
  152
  168
  186
  205
  225
  245
  267
  290
  314
  340
  367
  395
  425
  456
  489
  524
  561
  599
  640
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
Issuance/(repurchase) of shares, $m
  -42
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
Cash from financing (excl. dividends), $m  
  -42
  -43
  -45
  -47
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -156
  -164
Total cash flow (excl. dividends), $m
  -26
  -15
  -7
  2
  11
  20
  30
  41
  52
  64
  70
  83
  96
  110
  125
  141
  158
  175
  194
  213
  234
  256
  278
  302
  328
  354
  383
  412
  444
  477
Retained Cash Flow (-), $m
  42
  43
  45
  47
  50
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
  154
  162
Prev. year cash balance distribution, $m
  740
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  7
  0
  0
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
Cash available for distribution, $m
  757
  43
  45
  49
  60
  72
  85
  98
  111
  126
  135
  151
  168
  185
  204
  224
  244
  266
  289
  313
  339
  365
  394
  423
  455
  488
  523
  559
  598
  639
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  717
  39
  38
  38
  43
  48
  51
  53
  54
  55
  52
  50
  48
  45
  42
  38
  34
  30
  26
  22
  18
  15
  12
  9
  7
  5
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Highwoods Properties, Inc. is an office real estate investment trust (REIT). The Company's primary business is the operation, acquisition and development of office properties. The Company's segments include Office and Other. The Company 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. The Company conducts its activities through Highwoods Realty Limited Partnership (the Operating Partnership). The Company offers a range of real estate services to its customers. The Company offers services, including asset management, construction management, design and space planning, and renovation and re-positioning. The Company provides its customers with services, such as build-to-suit construction and space modification, including tenant improvements and expansions.

FINANCIAL RATIOS  of  Highwoods Properties (HIW)

Valuation Ratios
P/E Ratio 9.6
Price to Sales 7.6
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow -114.3
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.6%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 91.2%
Total Debt to Equity 91.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 13.2%
Ret/ On Assets - 3 Yr. Avg. 7.5%
Return On Total Capital 12.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 28%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 65.3%
Gross Margin - 3 Yr. Avg. 64.2%
EBITDA Margin 62.5%
EBITDA Margin - 3 Yr. Avg. 64.5%
Operating Margin 26.6%
Oper. Margin - 3 Yr. Avg. 25%
Pre-Tax Margin 18.5%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 78.7%
Net Profit Margin - 3 Yr. Avg. 38.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 32.3%

HIW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HIW stock intrinsic value calculation we used $703 million for the last fiscal year's total revenue generated by Highwoods Properties. The default revenue input number comes from 2017 income statement of Highwoods Properties. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HIW stock valuation model: a) initial revenue growth rate of 5.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for HIW is calculated based on our internal credit rating of Highwoods Properties, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Highwoods Properties.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HIW stock the variable cost ratio is equal to 44.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $198 million in the base year in the intrinsic value calculation for HIW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 238.3% for Highwoods Properties.

Corporate tax rate of 27% is the nominal tax rate for Highwoods Properties. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HIW stock is equal to 1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HIW are equal to 692.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Highwoods Properties operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HIW is equal to -319.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Highwoods Properties - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 103 million for Highwoods Properties is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Highwoods Properties at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ Banking on change: SunTrusts new lease on downtown life   [Jul-19-18 08:27AM  American City Business Journals]
▶ Real estate veteran: 'Orlando is going to explode in the next few years'   [Jun-15-18 10:08AM  American City Business Journals]
▶ Exclusive: SunTrust Center owner to renovate iconic downtown office tower   [Jun-12-18 01:41PM  American City Business Journals]
▶ One of Nashville's biggest companies lands grant for new downtown HQ   [May-11-18 03:31PM  American City Business Journals]
▶ Highwoods Properties: 1Q Earnings Snapshot   [Apr-24-18 04:44PM  Associated Press]
▶ What Raleigh-based Highwoods execs made last year   [Apr-20-18 08:52AM  American City Business Journals]
▶ Highwoods Declares Quarterly Dividends   [Apr-19-18 06:01PM  GlobeNewswire]
▶ Highwoods Prices $350 MillionĀ of 4.125% Notes Due 2028   [Feb-22-18 04:29PM  GlobeNewswire]
▶ Highwoods Properties reports 4Q results   [05:01AM  Associated Press]
▶ Highwoods Declares Quarterly Dividends   [04:50PM  GlobeNewswire]
▶ Highwoods Names Anne Lloyd to Board of Directors   [Jan-31-18 06:00PM  GlobeNewswire]
▶ Changes coming to the Poplar corridor's busiest intersection   [Dec-01-17 03:00PM  American City Business Journals]
▶ Highwoods $65.3M of Raleigh Asset Sales   [Oct-31-17 04:15PM  GlobeNewswire]
▶ MetLife reveals new details about hiring plans for Cary expansion   [Oct-27-17 05:25PM  American City Business Journals]
▶ Highwoods Properties reports 3Q results   [Oct-24-17 05:41PM  Associated Press]
▶ Highwoods Declares Quarterly Dividends   [Oct-19-17 04:30PM  GlobeNewswire]
▶ Highwoods Reports Recent Disposition Activity   [Oct-18-17 09:00AM  GlobeNewswire]
▶ Highwoods Reports No Meaningful Damage from Hurricane Irma   [Sep-12-17 09:00AM  GlobeNewswire]
▶ Highwoods Declares Quarterly Dividends   [Aug-02-17 04:15PM  GlobeNewswire]
▶ Highwoods Properties reports 2Q results   [Jul-25-17 05:22PM  Associated Press]
▶ Office REIT Mack-Cali Hikes Dividend 33%   [Jun-12-17 11:23AM  Barrons.com]
▶ Former bank CEO teams up with Highwoods vets on new REIT   [Jun-06-17 02:35PM  American City Business Journals]
▶ Highwoods to Present at REITWeek: NAREITs Investor Forum   [Jun-01-17 04:30PM  GlobeNewswire]
▶ MetLife expands in Cary: A win for Raleigh's Highwoods   [May-22-17 06:00PM  American City Business Journals]
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