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Highwoods Properties (HIW)
NYSE:HIW
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Earnings Data
Report Date
Feb 11, 2025After Close Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.15Last Year’s EPS
$0.36Same Quarter Last Year
Based on 8 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 22, 2024
|% Change Since: -14.12%
|Next Earnings Date:Feb 11, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted strong financial performance, robust leasing activity, and significant progress in development projects, with a solid balance sheet supporting future growth. However, challenges remain with occupancy rates, higher operating expenses, and uncertainties in exiting the Pittsburgh market.Company Guidance
During the Highwoods Properties Q3 2024 earnings call, the company provided several key metrics and strategic insights. The company reported a Funds from Operations (FFO) of $0.90 per share, with an increase of $0.06 per share at the midpoint since the start of the year. They also highlighted strong leasing activity with 1.3 million square feet of new second-generation leases signed year-to-date, pushing their lease rate over 300 basis points higher than their in-service occupied rate of 88%. The development pipeline is 49% leased, with an anticipated stabilization that will significantly boost cash flow. Notably, Highwoods completed $84 million in noncore dispositions, with plans to sell an additional $150 million in noncore assets, excluding their Pittsburgh portfolio. The company expects to end 2024 with an occupancy rate in the upper half of the 86.5% to 87% range, with expectations for a trough in early 2025. Additionally, the balance sheet remains robust, with nearly $800 million in available liquidity. Their outlook for FFO in 2024 is between $3.59 and $3.63 per share, reflecting strong financial performance and strategic positioning for future growth.FFO and Cash Flow Growth
Reported FFO of $0.90 per share with an increase of $0.06 per share in FFO outlook since the start of the year, despite higher interest rates and $84 million in noncore dispositions not included in the original outlook.
Strong Leasing Volumes
1.3 million square feet of new second-gen leases signed through the first 3 quarters of 2024, with a lease rate over 300 basis points higher than the in-service occupied rate of 88%.
Development Pipeline Progress
Development pipeline is now 49% leased, with strong prospects for an additional 140,000 square feet expected to be signed over the next several months.
Market Share Gains
New, second-gen leasing during the quarter was strong at 530,000 square feet. Growing users outpaced contractions by a ratio of 5:1.
Record Net Effective Rents
Net effective rents were the highest in the company's history, 25% higher than the previous 5-quarter average, with a weighted average lease term of 10.4 years.
Sunbelt Portfolio Demand
Leasing demand for Sunbelt BBD portfolio remains strong, expected to drive meaningful growth in occupancy and NOI after early 2025.
Strong Balance Sheet and Liquidity
Maintained nearly $800 million of total available liquidity as of September 30, including cash on hand and available capacity on the revolving credit facility.
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HIW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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HIW Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 22, 2024 | $35.03 | $35.18 | +0.43% |
| Jul 23, 2024 | $27.82 | $28.28 | +1.65% |
| Apr 23, 2024 | $24.15 | $24.62 | +1.95% |
| Feb 06, 2024 | $20.14 | $21.07 | +4.62% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Highwoods Properties (HIW) report earnings?
Highwoods Properties (HIW) is schdueled to report earning on Feb 11, 2025, After Close Not Confirmed.
What is Highwoods Properties (HIW) earnings time?
Highwoods Properties (HIW) earnings time is at Feb 11, 2025, After Close Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is HIW EPS forecast?
HIW EPS forecast for the fiscal quarter 2024 (Q4) is $0.15.
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