Highwoods Properties, Inc. (HIW)

Highwoods Properties Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	159.61	102.25	148.72	159.06	313.28
Depreciation & Amortization	257.62	257.58	254.22	240.58	217.29
Other Amortization	45.71	48.52	51.21	51.31	44.51
Gain (Loss) on Sale of Assets	-107.15	-46.82	-47.77	-63.55	-174.06
Gain (Loss) on Sale of Investments	4.7	-	-11.78	-	-
Asset Writedown	8.8	24.6	-	36.52	-
Stock-Based Compensation	8.21	8	6.98	7.55	8.65
Income (Loss) on Equity Investments	4.33	1.82	0.14	-0.92	-0.53
Change in Accounts Receivable	-12.53	-12.85	-25.06	-40.38	-16.36
Change in Accounts Payable	-13.98	14.04	3.87	22.22	8.19
Change in Other Net Operating Assets	2.21	2.67	1.26	1.69	1.58
Other Operating Activities	1.8	1.49	1.34	4.5	11.59
Operating Cash Flow	359.21	403.58	386.96	421.78	414.56
Operating Cash Flow Growth	-11.00%	4.30%	-8.25%	1.74%	15.75%
Acquisition of Real Estate Assets	-646.22	-239.81	-228.99	-466.44	-525.2
Sale of Real Estate Assets	195.16	100.93	101.83	130.04	374.02
Net Sale / Acq. of Real Estate Assets	-451.05	-138.88	-127.17	-336.4	-151.19
Investment in Marketable & Equity Securities	3.76	-144.88	-46.02	-261.77	-133.42
Other Investing Activities	7.88	-12.51	8.07	-16.89	-3.29
Investing Cash Flow	-440.66	-302.44	-169.69	-614.8	-287.68
Long-Term Debt Issued	855.88	339	839.35	1,225	580
Long-Term Debt Repaid	-593.87	-262.06	-821.73	-815.44	-663.78
Net Debt Issued (Repaid)	262.01	76.94	17.63	409.56	-83.78
Issuance of Common Stock	63.02	53.52	1.74	7.57	23.92
Repurchase of Common Stock	-2.02	-1.44	-1.49	-5.92	-1.72
Preferred Share Repurchases	-2.12	-	-0.01	-	-0.01
Common Dividends Paid	-216.73	-212.35	-211.02	-214.23	-204.18
Preferred Dividends Paid	-2.36	-2.49	-2.49	-2.49	-2.49
Total Dividends Paid	-219.09	-214.84	-213.51	-216.72	-206.67
Other Financing Activities	-10.98	-13.23	-9.79	-6.56	-16.67
Miscellaneous Cash Flow Adjustments	-	-	-6.39	-	-
Net Cash Flow	9.37	2.11	5.46	-5.09	-158.05
Cash Interest Paid	144.6	133.58	129.76	102.5	79.47
Levered Free Cash Flow	284.18	295.95	355	374.26	454.75
Unlevered Free Cash Flow	373.65	382.31	435.56	435.8	503.95
Change in Working Capital	-24.3	3.86	-19.93	-16.47	-6.59

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q