Highwoods Properties, Inc. (HIW)

Highwoods Properties Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Rental Revenue	827.2	834	828.93	768.01	736.9	735.98
Other Revenue	2.1	1.11	1.54	1.95	4.01	3.28
Total Revenue	829.29	835.1	830.46	769.95	740.91	739.26
Revenue Growth (YoY	-1.42%	0.56%	7.86%	3.92%	0.22%	2.35%
Property Expenses	270.25	268.78	259.81	236.44	231.83	248.51
Selling, General & Administrative	43.94	42.86	42.27	40.55	41.03	44.07
Depreciation & Amortization	305.53	299.41	287.61	259.26	241.59	254.5
Total Operating Expenses	619.72	611.05	589.68	536.24	514.44	547.08
Operating Income	209.57	224.05	240.78	233.71	226.46	192.17
Interest Expense	-145.23	-136.71	-105.39	-85.85	-80.96	-81.65
Other Non-Operating Income	12.51	5.04	1.53	1.68	1.97	-1.87
EBT Excluding Unusual Items	76.85	92.38	136.93	149.54	147.47	108.66
Gain (Loss) on Sale of Investments	-	11.78	-	-	-	-
Gain (Loss) on Sale of Assets	70.54	47.77	63.55	174.06	215.9	39.52
Asset Writedown	-	-	-36.52	-	-1.78	-5.85
Other Unusual Items	-0.6	-0.6	-	-0.29	-3.67	-0.64
Pretax Income	146.79	151.33	163.96	323.31	357.91	141.68
Earnings From Continuing Operations	146.79	151.33	163.96	323.31	357.91	141.68
Net Income to Company	146.79	151.33	163.96	323.31	357.91	141.68
Minority Interest in Earnings	-2.81	-2.62	-4.9	-10.03	-10.51	-4.77
Net Income	143.97	148.72	159.06	313.28	347.4	136.92
Preferred Dividends & Other Adjustments	2.49	2.49	2.49	2.49	2.49	2.49
Net Income to Common	141.49	146.23	156.57	310.79	344.91	134.43
Net Income Growth	4.13%	-6.50%	-49.23%	-9.82%	153.73%	-20.32%
Basic Shares Outstanding	106	106	105	104	104	104
Diluted Shares Outstanding	108	108	108	107	107	106
Shares Change (YoY)	0.30%	0.20%	0.47%	0.33%	0.25%	0.17%
EPS (Basic)	1.34	1.39	1.49	2.98	3.32	1.30
EPS (Diluted)	1.34	1.39	1.49	2.98	3.32	1.30
EPS Growth	3.74%	-6.97%	-50.03%	-10.21%	156.09%	-20.80%
Dividend Per Share	2.000	2.000	2.000	1.980	1.920	1.905
Dividend Growth	0%	0%	1.01%	3.13%	0.79%	2.28%
Operating Margin	25.27%	26.83%	28.99%	30.35%	30.57%	26.00%
Profit Margin	17.06%	17.51%	18.85%	40.36%	46.55%	18.18%
Free Cash Flow Margin	48.55%	46.34%	50.79%	53.84%	48.34%	49.48%
EBITDA	471.57	478.27	481.36	451	429.26	404.51
EBITDA Margin	56.86%	57.27%	57.96%	58.58%	57.94%	54.72%
D&A For Ebitda	262	254.22	240.58	217.29	202.8	212.33
EBIT	209.57	224.05	240.78	233.71	226.46	192.17
EBIT Margin	25.27%	26.83%	28.99%	30.35%	30.57%	26.00%
Funds From Operations (FFO)	405.69	413.26	433.32	413.31	382.07	354.77
FFO Per Share	3.76	3.83	4.03	3.86	3.58	3.33
Adjusted Funds From Operations (AFFO)	-	413.26	433.32	413.31	382.07	354.77
AFFO Per Share	-	3.83	4.03	3.86	3.58	3.33
FFO Payout Ratio	52.19%	51.06%	48.51%	49.40%	52.17%	55.51%

Source: S&P Capital IQ. Real Estate template. Financial Sources.