Highwoods Properties, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Highwoods Properties, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

HIGHWOODS PROPERTIES, INC. (HIW) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Highwoods Properties, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Highwoods Properties, Inc. is incorporated in Maryland. The company's principal business address is in Raleigh, North Carolina.

Why It Matters

For investors and stakeholders tracking HIGHWOODS PROPERTIES, INC., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Highwoods Properties, Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — HIGHWOODS PROPERTIES, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediately apparent significant negative or positive developments beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Highwoods Properties, Inc.'s performance in Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report)
• 2024-04-23 — Filing Date (10-Q filing)
• 12/31 — Fiscal Year End (Company fiscal year)
• 6798 — SIC Code (Real Estate Investment Trusts)

Key Players & Entities

• HIGHWOODS PROPERTIES, INC. (company) — Filer name
• HIGHWOODS REALTY LTD PARTNERSHIP (company) — Related entity
• 2024-03-31 (date) — Period of report
• 2024-04-23 (date) — Filing date
• RALEIGH (location) — Business address city
• NC (location) — Business address state
• MD (location) — State of incorporation
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Highwoods Properties, Inc. operates as a real estate investment trust (REIT) primarily focused on office properties. The company's performance is tied to the health of the office real estate market, including occupancy rates, rental income, and property valuations.

Regulatory Implications

As a publicly traded company, Highwoods Properties, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and balance sheet changes.
2. Review any disclosures regarding leasing activity, property portfolio performance, and debt obligations.
3. Assess management's discussion and analysis (MD&A) for insights into operational strategies and outlook.

Key Dates

• 2024-03-31: Quarter End — End of reporting period for the 10-Q filing.
• 2024-04-23: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Filing Documents

• hiw-20240331.htm (10-Q) — 1359KB
• hiw03312024ex311.htm (EX-31.1) — 9KB
• hiw03312024ex312.htm (EX-31.2) — 9KB
• hiw03312024ex313.htm (EX-31.3) — 10KB
• hiw03312024ex314.htm (EX-31.4) — 10KB
• hiw03312024ex321.htm (EX-32.1) — 4KB
• hiw03312024ex322.htm (EX-32.2) — 4KB
• hiw03312024ex323.htm (EX-32.3) — 4KB
• hiw03312024ex324.htm (EX-32.4) — 4KB
• hiw-20240331_g1.jpg (GRAPHIC) — 2KB
• 0000921082-24-000020.txt (&nbsp;) — 7344KB
• hiw-20240331.xsd (EX-101.SCH) — 53KB
• hiw-20240331_cal.xml (EX-101.CAL) — 130KB
• hiw-20240331_def.xml (EX-101.DEF) — 340KB
• hiw-20240331_lab.xml (EX-101.LAB) — 560KB
• hiw-20240331_pre.xml (EX-101.PRE) — 496KB
• hiw-20240331_htm.xml (XML) — 852KB

- Controls and Procedures; and

Item 4 - Controls and Procedures; and

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

Item 6 - Certifications of CEO and CFO Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act. HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP QUARTERLY REPORT FOR THE PERIOD ENDED MARCH 31, 2024 TABLE OF CONTENTS Page

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 3 HIGHWOODS PROPERTIES, INC.: Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 HIGHWOODS REALTY LIMITED PARTNERSHIP: Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 9 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 10 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31 , 2024 and 2023 11 Consolidated Statements of Capital for the Three Months Ended March 31, 2024 and 2023 12 Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 2024 and 2023 13 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 15

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 Disclosure Regarding Forward-Looking Statements 27 Executive Summary 28 Results of Operations 31 Liquidity and Capital Resources 33 Critical Accounting Estimates 36 Non-GAAP Information 36

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 39

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 39

- OTHER INFORMATION

PART II - OTHER INFORMATION

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 40

EXHIBITS

ITEM 6. EXHIBITS 40 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HIGHWOODS PROPERTIES, INC. Consolidated Balance Sheets (Unaudited and in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets: Real estate assets, at cost: Land $ 533,361 $ 540,050 Buildings and tenant improvements 5,927,772 5,960,895 Development in-process — 8,918 Land held for development 226,575 227,058 6,687,708 6,736,921 Less-accumulated depreciation ( 1,754,503 ) ( 1,743,390 ) Net real estate assets 4,933,205 4,993,531 Real estate and other assets, net, held for sale 26,078 — Cash and cash equivalents 16,422 25,123 Restricted cash 10,865 6,446 Accounts receivable 34,449 28,094 Mortgages and notes receivable 11,008 4,795 Accrued straight-line rents receivable 311,099 310,649 Investments in and advances to unconsolidated affiliates 372,722 343,241 Deferred leasing costs, net of accumulated amortization of $ 180,904 and $ 175,697 , respectively 222,997 225,924 Prepaid expenses and other assets, net of accumulated depreciation of $ 17,424 and $ 22,142 , respectively 74,552 65,125 Total Assets $ 6,013,397 $ 6,002,928 Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: Mortgages and notes payable, net $ 3,262,327 $ 3,213,206 Accounts payable, accrued expenses and other liabilities 287,176 302,180 Total Liabilities 3,549,503 3,515,386 Commitments and contingencies Noncontrolling interests in the Operating Partnership 56,324 49,520 Equity: Preferred Stock, $ .01 par value, 50,000,000 authorized shares; 8.625 % Series A Cumulative Redeemable Preferred Shares (liquidation preference $ 1,000 per share), 28,811 shares issued and outstanding 28,811 28,811 Common Stock, $ .01 par value, 200,000,000 authorized shares; 105,995,624 and 105,710,315 shares issued and outstanding, respectively 1,060 1,057 Additional paid-in capital 3,099,865 3,103,446 Distributions in excess of net income available for common stockholders ( 724

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View this 10-Q filing on SEC EDGAR