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HIW Highwoods Realty Limited Partnership

Highwoods Properties Inc., headquartered in Raleigh, is a publicly-traded real estate investment trust ("REIT"). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa. Our Common Stock is traded on the New York Stock Exchange ("NYSE") under the symbol "HIW."

Company profile

Ticker
HIW
Exchange
Employees
Incorporated
Location
Fiscal year end
Former names
HIGHWOODS FORSYTH L P
SEC CIK

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

27 Apr 21
13 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 58.38M 58.38M 58.38M 58.38M 58.38M 58.38M
Cash burn (monthly) 43.62M 5.48M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 107.1M 13.44M n/a n/a n/a n/a
Cash remaining -48.72M 44.93M n/a n/a n/a n/a
Runway (months of cash) -1.1 8.2 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Financial report summary

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Management Discussion
  • Rental and other revenues were $9.0 million, or 4.7%, lower in the first quarter of 2021 as compared to 2020 primarily due to lost revenue from property dispositions and lower same property revenues, which decreased rental and other revenues by $10.3 million and $3.6 million, respectively. Same property rental and other revenues were lower primarily due to a decrease in average occupancy and lower cost recovery and parking income as a result of reduced usage of our assets because of the COVID-19 pandemic, partly offset by higher average GAAP rents per rentable square foot. These decreases were partly offset by the acquisition of our joint venture partner’s 75.0% interest in the Forum, the recognition of deferred leasing commission income that was received in connection with the acquisition and development properties placed in service, which increased rental and other revenues by $3.3 million, $1.5 million and $0.7 million, respectively. We expect rental and other revenues to be higher for the remainder of 2021 as compared to 2020 due to the acquisition of our joint venture partner’s 75.0% interest in the Forum, development properties placed in service and higher same property revenues, partly offset by lost revenue from property dispositions. Rental and other revenues, particularly same property revenues, could be adversely affected, perhaps significantly, in the event customers default on their leases, file bankruptcy and/or otherwise experience significant financial difficulty as a result of the COVID-19 pandemic or if our overall leasing and demand for office space are negatively impacted by potential changes in customer behavior, such as the continued social acceptance, desirability and perceived economic benefits of work-from-home arrangements.
Content analysis
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Positive
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Constraining
Legalese
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Readability
H.S. junior Avg
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