Intrinsic value of Highwoods Properties - HIW

Previous Close

$43.68

  Intrinsic Value

$5.17

stock screener

  Rating & Target

str. sell

-88%

Previous close

$43.68

 
Intrinsic value

$5.17

 
Up/down potential

-88%

 
Rating

str. sell

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Highwoods Properties (HIW) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.08
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  666
  722
  780
  841
  903
  969
  1,037
  1,107
  1,181
  1,257
  1,336
  1,419
  1,505
  1,595
  1,688
  1,786
  1,888
  1,994
  2,105
  2,221
  2,342
  2,469
  2,602
  2,740
  2,886
  3,038
  3,197
  3,364
  3,539
  3,722
  3,914
Variable operating expenses, $m
 
  391
  422
  455
  489
  524
  561
  599
  639
  680
  723
  768
  814
  863
  913
  966
  1,021
  1,079
  1,139
  1,202
  1,267
  1,336
  1,407
  1,483
  1,561
  1,643
  1,730
  1,820
  1,915
  2,014
  2,118
Fixed operating expenses, $m
 
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
Total operating expenses, $m
  489
  526
  561
  597
  635
  673
  714
  756
  800
  845
  892
  941
  992
  1,045
  1,100
  1,157
  1,217
  1,280
  1,345
  1,413
  1,483
  1,558
  1,634
  1,716
  1,800
  1,888
  1,981
  2,077
  2,179
  2,284
  2,395
Operating income, $m
  176
  196
  219
  244
  269
  295
  323
  351
  381
  412
  444
  478
  513
  550
  588
  629
  671
  714
  760
  808
  859
  912
  967
  1,025
  1,086
  1,150
  1,217
  1,287
  1,361
  1,438
  1,520
EBITDA, $m
  396
  434
  477
  521
  567
  615
  665
  716
  770
  827
  885
  946
  1,010
  1,076
  1,145
  1,217
  1,293
  1,372
  1,454
  1,541
  1,631
  1,726
  1,825
  1,929
  2,037
  2,151
  2,271
  2,396
  2,528
  2,666
  2,810
Interest expense (income), $m
  73
  68
  75
  82
  90
  98
  106
  115
  124
  133
  143
  153
  164
  174
  186
  198
  210
  223
  237
  251
  265
  281
  297
  314
  331
  350
  369
  389
  411
  433
  456
Earnings before tax, $m
  123
  128
  144
  161
  179
  197
  216
  236
  257
  279
  301
  325
  350
  376
  403
  431
  460
  491
  524
  558
  593
  631
  670
  711
  754
  800
  848
  898
  950
  1,006
  1,064
Tax expense, $m
  0
  35
  39
  44
  48
  53
  58
  64
  69
  75
  81
  88
  94
  101
  109
  116
  124
  133
  141
  151
  160
  170
  181
  192
  204
  216
  229
  242
  257
  272
  287
Net income, $m
  524
  93
  105
  118
  131
  144
  158
  173
  188
  204
  220
  237
  255
  274
  294
  315
  336
  359
  382
  407
  433
  461
  489
  519
  551
  584
  619
  655
  694
  734
  777

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  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
  4,561
  4,878
  5,271
  5,680
  6,105
  6,546
  7,005
  7,482
  7,977
  8,493
  9,030
  9,588
  10,170
  10,776
  11,408
  12,067
  12,755
  13,473
  14,223
  15,007
  15,826
  16,683
  17,579
  18,517
  19,498
  20,526
  21,602
  22,730
  23,911
  25,149
  26,447
Adjusted assets (=assets-cash), $m
  4,512
  4,878
  5,271
  5,680
  6,105
  6,546
  7,005
  7,482
  7,977
  8,493
  9,030
  9,588
  10,170
  10,776
  11,408
  12,067
  12,755
  13,473
  14,223
  15,007
  15,826
  16,683
  17,579
  18,517
  19,498
  20,526
  21,602
  22,730
  23,911
  25,149
  26,447
Revenue / Adjusted assets
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
Average production assets, $m
  3,887
  4,213
  4,553
  4,906
  5,273
  5,654
  6,050
  6,462
  6,890
  7,336
  7,799
  8,281
  8,784
  9,307
  9,853
  10,423
  11,017
  11,637
  12,285
  12,962
  13,669
  14,409
  15,183
  15,993
  16,841
  17,729
  18,659
  19,632
  20,653
  21,722
  22,843
Working capital, $m
  0
  -53
  -58
  -62
  -67
  -72
  -77
  -82
  -87
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -275
  -290
Total debt, $m
  1,948
  2,142
  2,354
  2,573
  2,801
  3,038
  3,285
  3,541
  3,807
  4,084
  4,372
  4,672
  4,984
  5,310
  5,649
  6,003
  6,372
  6,758
  7,161
  7,582
  8,021
  8,482
  8,963
  9,466
  9,994
  10,545
  11,123
  11,729
  12,363
  13,028
  13,725
Total liabilities, $m
  2,425
  2,619
  2,831
  3,050
  3,278
  3,515
  3,762
  4,018
  4,284
  4,561
  4,849
  5,149
  5,461
  5,787
  6,126
  6,480
  6,849
  7,235
  7,638
  8,059
  8,498
  8,959
  9,440
  9,943
  10,471
  11,022
  11,600
  12,206
  12,840
  13,505
  14,202
Total equity, $m
  2,136
  2,259
  2,441
  2,630
  2,826
  3,031
  3,243
  3,464
  3,694
  3,932
  4,181
  4,439
  4,709
  4,989
  5,282
  5,587
  5,905
  6,238
  6,585
  6,948
  7,327
  7,724
  8,139
  8,573
  9,028
  9,504
  10,002
  10,524
  11,071
  11,644
  12,245
Total liabilities and equity, $m
  4,561
  4,878
  5,272
  5,680
  6,104
  6,546
  7,005
  7,482
  7,978
  8,493
  9,030
  9,588
  10,170
  10,776
  11,408
  12,067
  12,754
  13,473
  14,223
  15,007
  15,825
  16,683
  17,579
  18,516
  19,499
  20,526
  21,602
  22,730
  23,911
  25,149
  26,447
Debt-to-equity ratio
  0.912
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
Adjusted equity ratio
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  524
  93
  105
  118
  131
  144
  158
  173
  188
  204
  220
  237
  255
  274
  294
  315
  336
  359
  382
  407
  433
  461
  489
  519
  551
  584
  619
  655
  694
  734
  777
Depreciation, amort., depletion, $m
  220
  238
  257
  277
  298
  319
  342
  365
  389
  414
  441
  468
  496
  526
  557
  589
  622
  657
  694
  732
  772
  814
  858
  904
  951
  1,002
  1,054
  1,109
  1,167
  1,227
  1,291
Funds from operations, $m
  269
  331
  363
  395
  429
  463
  500
  538
  577
  618
  661
  705
  752
  800
  851
  903
  958
  1,016
  1,076
  1,139
  1,205
  1,275
  1,347
  1,423
  1,502
  1,586
  1,673
  1,764
  1,861
  1,961
  2,067
Change in working capital, $m
  -37
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
Cash from operations, $m
  306
  336
  367
  399
  433
  468
  505
  543
  582
  624
  667
  711
  758
  807
  858
  911
  966
  1,024
  1,085
  1,148
  1,214
  1,284
  1,357
  1,433
  1,513
  1,597
  1,685
  1,777
  1,873
  1,975
  2,081
Maintenance CAPEX, $m
  0
  -220
  -238
  -257
  -277
  -298
  -319
  -342
  -365
  -389
  -414
  -441
  -468
  -496
  -526
  -557
  -589
  -622
  -657
  -694
  -732
  -772
  -814
  -858
  -904
  -951
  -1,002
  -1,054
  -1,109
  -1,167
  -1,227
New CAPEX, $m
  -350
  -327
  -340
  -353
  -367
  -381
  -396
  -412
  -428
  -445
  -463
  -482
  -502
  -524
  -546
  -569
  -594
  -620
  -648
  -677
  -708
  -740
  -774
  -810
  -848
  -888
  -930
  -974
  -1,020
  -1,069
  -1,121
Cash from investing activities, $m
  204
  -547
  -578
  -610
  -644
  -679
  -715
  -754
  -793
  -834
  -877
  -923
  -970
  -1,020
  -1,072
  -1,126
  -1,183
  -1,242
  -1,305
  -1,371
  -1,440
  -1,512
  -1,588
  -1,668
  -1,752
  -1,839
  -1,932
  -2,028
  -2,129
  -2,236
  -2,348
Free cash flow, $m
  510
  -211
  -211
  -211
  -211
  -211
  -211
  -211
  -211
  -211
  -211
  -212
  -212
  -213
  -214
  -215
  -217
  -219
  -221
  -223
  -225
  -228
  -231
  -235
  -238
  -242
  -247
  -251
  -256
  -261
  -267
Issuance/(repayment) of debt, $m
  -545
  194
  211
  219
  228
  237
  246
  256
  266
  277
  288
  300
  312
  325
  339
  354
  369
  386
  403
  421
  440
  460
  481
  504
  527
  552
  578
  606
  634
  665
  697
Issuance/(repurchase) of shares, $m
  260
  78
  77
  71
  66
  60
  54
  48
  42
  35
  28
  21
  14
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -296
  272
  288
  290
  294
  297
  300
  304
  308
  312
  316
  321
  326
  331
  339
  354
  369
  386
  403
  421
  440
  460
  481
  504
  527
  552
  578
  606
  634
  665
  697
Total cash flow (excl. dividends), $m
  213
  62
  77
  80
  83
  87
  90
  93
  97
  101
  105
  109
  114
  119
  125
  139
  152
  167
  182
  198
  214
  232
  250
  269
  289
  310
  331
  354
  378
  404
  430
Retained Cash Flow (-), $m
  -535
  -172
  -182
  -189
  -197
  -204
  -212
  -221
  -230
  -239
  -248
  -259
  -269
  -281
  -293
  -305
  -318
  -332
  -347
  -363
  -379
  -397
  -415
  -434
  -454
  -476
  -498
  -522
  -547
  -573
  -601
Prev. year cash balance distribution, $m
 
  49
  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
 
  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
Cash available for distribution, $m
 
  -61
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -138
  -143
  -149
  -155
  -162
  -167
  -167
  -166
  -166
  -165
  -165
  -165
  -165
  -165
  -165
  -166
  -166
  -167
  -168
  -169
  -170
  -171
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  -56
  -90
  -85
  -80
  -75
  -69
  -63
  -57
  -51
  -45
  -39
  -34
  -29
  -24
  -19
  -15
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.3
  96.7
  95.4
  94.3
  93.3
  92.5
  91.9
  91.4
  91.0
  90.6
  90.4
  90.3
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2
  90.2

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 8.5
Price to Sales 6.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow -100.9
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 $666 million for the last fiscal year's total revenue generated by Highwoods Properties. The default revenue input number comes from 2016 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 8.4% 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 7.9%, 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 54.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $132 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 3.5% 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 0%.

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 583.6%.

Life of production assets of 17.7 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 -7.4%. 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 - $2136 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 103.32 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 $4.5 billion.

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COMPANY NEWS

▶ 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]
▶ Highwoods Properties reports 1Q results   [Apr-25-17 04:52PM  Associated Press]
▶ Highwoods Declares Quarterly Dividends   [Apr-20-17 04:15PM  GlobeNewswire]
▶ Highwoods signs first big tenant for new Cary office building   [Apr-18-17 05:05PM  American City Business Journals]
▶ Orlando law firm signs big lease in downtowns Lincoln Plaza   [04:00PM  American City Business Journals]
▶ Highwoods Prices $300 Million of 3.875% Notes Due 2027   [Feb-13-17 04:15PM  Marketwired]
Financial statements of HIW
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