Highwoods Properties Inc Dossier
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SectorReal Estate IndustryREIT - Office Beta (adjusted)1.07 Intrinsic Value $25.52median of 1 methodbased on filings through 31 Mar 2026 Market Price $29.09Price as of 1 Oct 2026 Near fair valueIntrinsic value is 12% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $3.3B Enterprise Value $6.8B Shares Outstanding 112.8M diluted Next Earnings Date27 Oct 2026 Last ex-dividend17 Aug 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Highwoods Properties is a well-positioned office REIT focused on high-growth Sunbelt markets (BBDs). While the company demonstrates strong operational execution, robust leasing performance, and a solid balance sheet, the broader office sector continues to face secular headwinds from hybrid work. Highwoods' valuation is currently balanced, reflecting its resilient Sunbelt portfolio but limited near-term growth catalysts. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$26.00 Mean target$31.44 High · most bullish analyst$35.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario A macroeconomic slowdown or persistent hybrid work trends lead to tenant downsizings, causing occupancy to fall below 86.5%. Extended marketing periods for the development pipeline delay stabilization, and higher interest rates increase financing costs, putting pressure on the dividend coverage. Base CaseCentral scenario The company successfully executes its capital recycling program, achieving its target of $200 million in non-core asset sales by mid-2026. Occupancy remains stable within the guided range of 86.5% to 88.5%, and FFO per share meets the full-year guidance of $3.40 to $3.68. Leverage (Net Debt to EBITDAre) trends down to the low-to-mid 6s. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |