Highwoods Properties, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Highwoods Properties, Inc. has filed its 2023 annual report on Form 10-K, providing a comprehensive overview of its financial and operational performance.</b>

AI Summary

HIGHWOODS PROPERTIES, INC. (HIW) filed a Annual Report (10-K) with the SEC on February 6, 2024. Highwoods Properties, Inc. filed its annual report for the fiscal year ending December 31, 2023. The report details the company's financial performance and operational status. Key financial data and disclosures for the fiscal year 2023 are included. The filing provides information on the company's real estate investment trust operations. The report was filed on February 6, 2024.

Why It Matters

For investors and stakeholders tracking HIGHWOODS PROPERTIES, INC., this filing contains several important signals. This 10-K filing is crucial for investors to assess Highwoods Properties' financial health, strategic direction, and performance in the real estate market over the past fiscal year. The detailed information within the report allows stakeholders to understand the company's assets, liabilities, revenues, and any potential risks or opportunities moving forward.

Risk Assessment

Risk Level: medium — HIGHWOODS PROPERTIES, INC. shows moderate risk based on this filing. The company operates in the real estate sector, which is subject to market fluctuations, interest rate changes, and economic downturns that can impact property values and rental income.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Highwoods Properties' exposure to real estate market dynamics and its strategies for managing these risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported Period)
• 2024-02-06 — Filing Date (Date of Submission)
• 1934 Act — SEC Act (Governing Legislation)
• 001-13100 — SEC File Number (Highwoods Properties, Inc.)
• 000-21731 — SEC File Number (Highwoods Realty Ltd Partnership)

Key Players & Entities

• HIGHWOODS PROPERTIES, INC. (company) — Filer
• HIGHWOODS REALTY LTD PARTNERSHIP (company) — Filer
• RALEIGH (company) — Business Address City
• NC (company) — Business Address State
• MD (company) — State of Incorporation
• NC (company) — State of Incorporation

Forward-Looking Statements

• Highwoods Properties will continue to focus on its core REIT business in the coming year. (HIGHWOODS PROPERTIES, INC.) — high confidence, target: 20241231

FAQ

Industry Context

Highwoods Properties operates as a real estate investment trust (REIT), focusing on office properties. The REIT industry is sensitive to economic conditions, interest rates, and tenant demand for office space.

Regulatory Implications

As a publicly traded company, Highwoods Properties is subject to the regulations of the Securities and Exchange Commission (SEC), including the requirement to file annual reports (10-K) detailing its financial condition and operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's portfolio diversification and tenant concentration risks.
3. Compare Highwoods Properties' performance metrics against industry benchmarks and competitors.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-06: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $1.9 b — assets for a total gross investment of $1.9 billion, placed in service 2.1 million sq
• $762.0 million — lopment for a total gross investment of $762.0 million and sold 7.5 million square feet of non
• $1.2 billion — lion square feet of non-core assets for $1.2 billion. As of December 31, 2023, our wholly-ow
• $928.6 million — a total anticipated gross investment of $928.6 million. During this timeframe, we have complet
• $59 million — nd employee benefits, was approximately $59 million. We continually conduct risk assessme
• $15.00 — our full-time employees earns less than $15.00 per hour); Fairness: Reward positive
• $500 — us each year, which usually ranges from $500 to $2,000. Approximately 8% of our em
• $2,000 — year, which usually ranges from $500 to $2,000. Approximately 8% of our employees, i
• $1,000 — der the plan have generally ranged from $1,000 to $10,000 but could be higher under ce
• $10,000 b — an have generally ranged from $1,000 to $10,000 but could be higher under certain circums

Filing Documents

• hiw-20231231.htm (10-K) — 4300KB
• hiw12312023ex19.htm (EX-19) — 45KB
• hiw12312023ex21.htm (EX-21) — 6KB
• hiw12312023ex231.htm (EX-23.1) — 3KB
• hiw12312023ex232.htm (EX-23.2) — 3KB
• hiw12312023ex311.htm (EX-31.1) — 9KB
• hiw12312023ex312.htm (EX-31.2) — 9KB
• hiw12312023ex313.htm (EX-31.3) — 10KB
• hiw12312023ex314.htm (EX-31.4) — 9KB
• hiw12312023ex321.htm (EX-32.1) — 4KB
• hiw12312023ex322.htm (EX-32.2) — 4KB
• hiw12312023ex323.htm (EX-32.3) — 4KB
• hiw12312023ex324.htm (EX-32.4) — 4KB
• hiw12312023ex97.htm (EX-97) — 4KB
• hiw-20231231_g1.jpg (GRAPHIC) — 2KB
• hiw-20231231_g2.jpg (GRAPHIC) — 11KB
• hiw-20231231_g3.jpg (GRAPHIC) — 253KB
• 0000921082-24-000006.txt (&nbsp;) — 20566KB
• hiw-20231231.xsd (EX-101.SCH) — 131KB
• hiw-20231231_cal.xml (EX-101.CAL) — 127KB
• hiw-20231231_def.xml (EX-101.DEF) — 664KB
• hiw-20231231_lab.xml (EX-101.LAB) — 1357KB
• hiw-20231231_pre.xml (EX-101.PRE) — 810KB
• hiw-20231231_htm.xml (XML) — 3457KB

- Controls and Procedures;

Item 9A - Controls and Procedures;

- Certifications of CEO and CFO Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act;

Item 15 - Certifications of CEO and CFO Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act; Consolidated Financial Statements; and the following Notes to Consolidated Financial Statements: Note 10 - Equity; and Note 12 - Earnings Per Share and Per Unit. HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP TABLE OF CONTENTS Item No. Page PART I 1. BUSINESS 4 1A. RISK FACTORS 9 1B. UNRESOLVED STAFF COMMENTS 20 1C. CYBERSECURITY 20 2. PROPERTIES 21 3. LEGAL PROCEEDINGS 24 4. MINE SAFETY DISCLOSURES 24 X. INFORMATION ABOUT OUR EXECUTIVE OFFICERS 25 PART II 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 26 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 44 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 44 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 44 9A. CONTROLS AND PROCEDURES 45 9B. OTHER INFORMATION 48 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 48 PART III 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 49 11. EXECUTIVE COMPENSATION 49 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 49 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 49 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 49 PART IV 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 50 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General 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, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our Common Stock is traded on the New York Stock Exchange ("NYSE") under the symbol "HIW." As of December 31, 2023, the Company owned all of the Preferred Units and 105.3 million, or 98.0%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.2 million Common Units. Generally, the Operating Partnership is obligated to redeem each Common Unit at the request of the unitholder for cash equal to the value of one share of Common Stock based on the average of the market price for the 10 trading days immediately preceding the notice date of such redemption, provided that the Company, at its option, may elect to acquire any such Common Units presented for redemption for cash or one share of Common Stock. The Common Units owned by the Company are not redeemable. The Company was incorporated in Maryland in 1994. The Operating Partnership was formed in North Carolina in 1994. Our executive offices are located at 150 Fayetteville Street, Suite 1400, Raleigh, NC 27601, and our telephone number is (919) 872-4924. Our primary business is the operation, acquisition and development of office properties. There are no material inter-segment transactions. See Note 14 to our Consolidated Financial Statements for a summary of the rental and other revenues, net operating income and assets for each reportable segment. Our website is www.highwoods.com. In addition to this Annual Report, all quarterly and current reports, proxy statements, interactive data and other information are made available, without charge, on our website as soon as reasonably practicable after they are f

View Full Filing

View this 10-K filing on SEC EDGAR