Highwoods Properties Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	808.28	825.86	834	828.93	768.01	736.9
Other Revenue	3.49	4.16	1.11	1.54	1.95	4.01
Total Revenue	811.77	830.02	835.1	830.46	769.95	740.91
Revenue Growth (YoY	-2.11%	-0.61%	0.56%	7.86%	3.92%	0.22%
Property Expenses	266.09	272.17	268.78	259.81	236.44	231.83
Selling, General & Administrative	41.92	41.9	42.86	42.27	40.55	41.03
Depreciation & Amortization	292.5	299.05	299.41	287.61	259.26	241.59
Total Operating Expenses	600.5	613.12	611.05	589.68	536.24	514.44
Operating Income	211.27	216.9	224.05	240.78	233.71	226.46
Interest Expense	-150.05	-147.2	-136.71	-105.39	-85.85	-80.96
Other Non-Operating Income	9.79	12.34	4.44	1.53	1.68	1.97
EBT Excluding Unusual Items	71.01	82.04	91.78	136.93	149.54	147.47
Gain (Loss) on Sale of Investments	-	-	11.78	-	-	-
Gain (Loss) on Sale of Assets	92.13	46.82	47.77	63.55	174.06	215.9
Asset Writedown	-33.4	-24.6	-	-36.52	-	-1.78
Other Unusual Items	-	-	-	-	-0.29	-3.67
Pretax Income	129.73	104.25	151.33	163.96	323.31	357.91
Earnings From Continuing Operations	129.73	104.25	151.33	163.96	323.31	357.91
Net Income to Company	129.73	104.25	151.33	163.96	323.31	357.91
Minority Interest in Earnings	-2.46	-2.01	-2.62	-4.9	-10.03	-10.51
Net Income	127.27	102.25	148.72	159.06	313.28	347.4
Preferred Dividends & Other Adjustments	2.4	2.49	2.49	2.49	2.49	2.49
Net Income to Common	124.87	99.76	146.23	156.57	310.79	344.91
Net Income Growth	-11.60%	-31.25%	-6.50%	-49.23%	-9.82%	153.73%
Basic Shares Outstanding	108	106	106	105	104	104
Diluted Shares Outstanding	110	108	108	108	107	107
Shares Change (YoY)	1.67%	0.50%	0.20%	0.47%	0.33%	0.25%
EPS (Basic)	1.16	0.94	1.39	1.49	2.98	3.32
EPS (Diluted)	1.16	0.94	1.39	1.49	2.98	3.32
EPS Growth	-13.24%	-32.19%	-6.97%	-50.03%	-10.21%	156.09%
Dividend Per Share	2.000	2.000	2.000	2.000	1.980	1.920
Dividend Growth	-	-	-	1.01%	3.13%	0.79%
Operating Margin	26.03%	26.13%	26.83%	28.99%	30.35%	30.57%
Profit Margin	15.38%	12.02%	17.51%	18.85%	40.37%	46.55%
EBITDA	466.34	474.48	478.27	481.36	451	429.26
EBITDA Margin	57.45%	57.16%	57.27%	57.96%	58.58%	57.94%
D&A For Ebitda	255.06	257.58	254.22	240.58	217.29	202.8
EBIT	211.27	216.9	224.05	240.78	233.71	226.46
EBIT Margin	26.03%	26.13%	26.83%	28.99%	30.35%	30.57%
Funds From Operations (FFO)	376.4	391.21	413.26	433.32	413.31	382.07
FFO Per Share	3.43	3.61	3.83	4.03	3.86	3.58
Adjusted Funds From Operations (AFFO)	-	391.21	413.26	433.32	413.31	382.07
AFFO Per Share	-	3.61	3.83	4.03	3.86	3.58
FFO Payout Ratio	58.11%	55.17%	51.96%	49.44%	49.40%	52.17%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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