Intrinsic value of Highwoods Properties - HIW

Previous Close

$51.65

  Intrinsic Value

$5.18

stock screener

  Rating & Target

str. sell

-90%

Previous close

$51.65

 
Intrinsic value

$5.18

 
Up/down potential

-90%

 
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.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $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 5.3

 

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
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  666
  706
  748
  791
  836
  884
  933
  985
  1,039
  1,095
  1,154
  1,216
  1,280
  1,348
  1,419
  1,493
  1,571
  1,652
  1,738
  1,827
  1,921
  2,019
  2,122
  2,231
  2,344
  2,463
  2,588
  2,719
  2,857
  3,001
  3,153
Variable operating expenses, $m
 
  382
  404
  428
  452
  478
  505
  533
  562
  592
  624
  658
  693
  729
  768
  808
  850
  894
  940
  988
  1,039
  1,092
  1,148
  1,207
  1,268
  1,333
  1,400
  1,471
  1,545
  1,624
  1,706
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
  517
  543
  570
  598
  627
  658
  690
  723
  757
  793
  831
  871
  911
  955
  999
  1,046
  1,095
  1,146
  1,199
  1,255
  1,314
  1,375
  1,440
  1,507
  1,578
  1,651
  1,728
  1,809
  1,894
  1,983
Operating income, $m
  176
  189
  204
  221
  238
  256
  275
  295
  316
  338
  361
  385
  410
  437
  465
  494
  525
  557
  592
  628
  665
  705
  747
  791
  837
  886
  937
  991
  1,048
  1,107
  1,170
EBITDA, $m
  396
  422
  451
  482
  514
  548
  583
  620
  658
  699
  741
  786
  832
  881
  933
  986
  1,043
  1,102
  1,165
  1,230
  1,299
  1,371
  1,447
  1,526
  1,610
  1,698
  1,790
  1,888
  1,990
  2,097
  2,210
Interest expense (income), $m
  73
  68
  73
  78
  84
  90
  96
  102
  108
  115
  122
  130
  138
  146
  154
  163
  173
  183
  193
  204
  215
  227
  240
  253
  267
  281
  296
  312
  329
  346
  364
Earnings before tax, $m
  123
  121
  132
  143
  154
  167
  180
  193
  208
  223
  238
  255
  272
  291
  310
  331
  352
  375
  399
  424
  450
  478
  507
  538
  571
  605
  641
  679
  719
  761
  806
Tax expense, $m
  0
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  69
  74
  79
  84
  89
  95
  101
  108
  114
  122
  129
  137
  145
  154
  163
  173
  183
  194
  206
  218
Net income, $m
  524
  88
  96
  104
  113
  122
  131
  141
  152
  162
  174
  186
  199
  212
  226
  241
  257
  274
  291
  309
  329
  349
  370
  393
  417
  442
  468
  496
  525
  556
  588

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
  4,770
  5,051
  5,345
  5,651
  5,971
  6,305
  6,653
  7,018
  7,399
  7,797
  8,215
  8,651
  9,108
  9,587
  10,088
  10,613
  11,163
  11,740
  12,345
  12,979
  13,643
  14,340
  15,072
  15,839
  16,643
  17,487
  18,373
  19,302
  20,277
  21,301
Adjusted assets (=assets-cash), $m
  4,512
  4,770
  5,051
  5,345
  5,651
  5,971
  6,305
  6,653
  7,018
  7,399
  7,797
  8,215
  8,651
  9,108
  9,587
  10,088
  10,613
  11,163
  11,740
  12,345
  12,979
  13,643
  14,340
  15,072
  15,839
  16,643
  17,487
  18,373
  19,302
  20,277
  21,301
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
  4,120
  4,363
  4,617
  4,881
  5,157
  5,445
  5,747
  6,061
  6,391
  6,735
  7,095
  7,472
  7,867
  8,280
  8,713
  9,167
  9,642
  10,140
  10,662
  11,210
  11,784
  12,386
  13,018
  13,680
  14,375
  15,104
  15,869
  16,672
  17,514
  18,398
Working capital, $m
  0
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -129
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -192
  -201
  -211
  -222
  -233
Total debt, $m
  1,948
  2,084
  2,236
  2,393
  2,558
  2,729
  2,909
  3,096
  3,292
  3,496
  3,710
  3,934
  4,169
  4,414
  4,671
  4,940
  5,222
  5,518
  5,827
  6,152
  6,493
  6,849
  7,224
  7,616
  8,028
  8,460
  8,914
  9,389
  9,888
  10,412
  10,962
Total liabilities, $m
  2,425
  2,561
  2,713
  2,870
  3,035
  3,206
  3,386
  3,573
  3,769
  3,973
  4,187
  4,411
  4,646
  4,891
  5,148
  5,417
  5,699
  5,995
  6,304
  6,629
  6,970
  7,326
  7,701
  8,093
  8,505
  8,937
  9,391
  9,866
  10,365
  10,889
  11,439
Total equity, $m
  2,136
  2,209
  2,339
  2,475
  2,616
  2,764
  2,919
  3,080
  3,249
  3,426
  3,610
  3,803
  4,005
  4,217
  4,439
  4,671
  4,914
  5,169
  5,436
  5,716
  6,009
  6,317
  6,640
  6,978
  7,333
  7,706
  8,097
  8,507
  8,937
  9,388
  9,862
Total liabilities and equity, $m
  4,561
  4,770
  5,052
  5,345
  5,651
  5,970
  6,305
  6,653
  7,018
  7,399
  7,797
  8,214
  8,651
  9,108
  9,587
  10,088
  10,613
  11,164
  11,740
  12,345
  12,979
  13,643
  14,341
  15,071
  15,838
  16,643
  17,488
  18,373
  19,302
  20,277
  21,301
Debt-to-equity ratio
  0.912
  0.940
  0.960
  0.970
  0.980
  0.990
  1.000
  1.000
  1.010
  1.020
  1.030
  1.030
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
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
  88
  96
  104
  113
  122
  131
  141
  152
  162
  174
  186
  199
  212
  226
  241
  257
  274
  291
  309
  329
  349
  370
  393
  417
  442
  468
  496
  525
  556
  588
Depreciation, amort., depletion, $m
  220
  233
  247
  261
  276
  291
  308
  325
  342
  361
  381
  401
  422
  444
  468
  492
  518
  545
  573
  602
  633
  666
  700
  735
  773
  812
  853
  897
  942
  990
  1,039
Funds from operations, $m
  269
  321
  343
  365
  388
  413
  439
  466
  494
  524
  555
  587
  621
  657
  694
  734
  775
  818
  864
  912
  962
  1,015
  1,070
  1,128
  1,189
  1,254
  1,321
  1,392
  1,467
  1,545
  1,628
Change in working capital, $m
  -37
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Cash from operations, $m
  306
  324
  346
  368
  392
  417
  442
  470
  498
  528
  559
  592
  626
  662
  700
  739
  781
  824
  870
  918
  969
  1,022
  1,078
  1,136
  1,198
  1,263
  1,331
  1,402
  1,477
  1,556
  1,639
Maintenance CAPEX, $m
  0
  -220
  -233
  -247
  -261
  -276
  -291
  -308
  -325
  -342
  -361
  -381
  -401
  -422
  -444
  -468
  -492
  -518
  -545
  -573
  -602
  -633
  -666
  -700
  -735
  -773
  -812
  -853
  -897
  -942
  -990
New CAPEX, $m
  -350
  -233
  -243
  -253
  -264
  -276
  -288
  -301
  -315
  -329
  -344
  -360
  -377
  -395
  -413
  -433
  -454
  -475
  -498
  -522
  -548
  -574
  -602
  -632
  -662
  -695
  -729
  -765
  -803
  -842
  -884
Cash from investing activities, $m
  204
  -453
  -476
  -500
  -525
  -552
  -579
  -609
  -640
  -671
  -705
  -741
  -778
  -817
  -857
  -901
  -946
  -993
  -1,043
  -1,095
  -1,150
  -1,207
  -1,268
  -1,332
  -1,397
  -1,468
  -1,541
  -1,618
  -1,700
  -1,784
  -1,874
Free cash flow, $m
  510
  -129
  -130
  -132
  -133
  -135
  -137
  -139
  -142
  -144
  -146
  -149
  -152
  -155
  -158
  -162
  -165
  -169
  -173
  -177
  -181
  -186
  -190
  -195
  -200
  -205
  -211
  -216
  -222
  -228
  -235
Issuance/(repayment) of debt, $m
  -545
  136
  151
  158
  164
  172
  179
  187
  196
  205
  214
  224
  234
  245
  257
  269
  282
  296
  310
  325
  340
  357
  374
  393
  412
  432
  453
  476
  499
  524
  550
Issuance/(repurchase) of shares, $m
  260
  34
  34
  32
  29
  26
  23
  20
  17
  14
  11
  7
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -296
  170
  185
  190
  193
  198
  202
  207
  213
  219
  225
  231
  237
  245
  257
  269
  282
  296
  310
  325
  340
  357
  374
  393
  412
  432
  453
  476
  499
  524
  550
Total cash flow (excl. dividends), $m
  213
  41
  55
  58
  60
  63
  65
  68
  71
  75
  78
  82
  86
  90
  99
  108
  117
  127
  137
  148
  159
  171
  184
  198
  212
  227
  243
  259
  277
  295
  315
Retained Cash Flow (-), $m
  -535
  -122
  -130
  -136
  -142
  -148
  -155
  -161
  -169
  -176
  -185
  -193
  -202
  -212
  -222
  -232
  -243
  -255
  -267
  -280
  -294
  -308
  -323
  -339
  -355
  -373
  -391
  -410
  -430
  -452
  -474
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
 
  -32
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -121
  -123
  -125
  -126
  -128
  -130
  -132
  -134
  -136
  -139
  -141
  -143
  -146
  -148
  -151
  -153
  -156
  -159
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
 
  -30
  -64
  -61
  -58
  -54
  -50
  -46
  -42
  -38
  -33
  -29
  -25
  -22
  -18
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.4
  98.7
  98.2
  97.8
  97.4
  97.0
  96.8
  96.5
  96.4
  96.3
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2

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 10
Price to Sales 7.9
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow -119.3
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 $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 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 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 103.156 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 $5.3 billion.

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COMPANY NEWS

▶ 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]
▶ Highwoods Declares Quarterly Dividends   [04:20PM  Marketwired]
▶ Downtown Orlando lakefront office hits the market   [11:00AM  at bizjournals.com]
Financial statements of HIW
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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