Highwoods Properties Cash Flow 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
Net Income	127.27	102.25	148.72	159.06	313.28	347.4
Depreciation & Amortization	255.06	257.58	254.22	240.58	217.29	202.8
Other Amortization	45.47	48.52	51.21	51.31	44.51	39.34
Gain (Loss) on Sale of Assets	-92.13	-46.82	-47.77	-63.55	-174.06	-215.9
Gain (Loss) on Sale of Investments	-	-	-11.78	-	-	-
Asset Writedown	33.4	24.6	-	36.52	-	1.78
Stock-Based Compensation	8.45	8	6.98	7.55	8.65	6.21
Income (Loss) on Equity Investments	3.48	1.82	0.14	-0.92	-0.53	-2.47
Change in Accounts Receivable	-15.16	-12.85	-25.06	-40.38	-16.36	-36.14
Change in Accounts Payable	-6.16	14.04	3.87	22.22	8.19	-5.95
Change in Other Net Operating Assets	2.53	2.67	1.26	1.69	1.58	-0.37
Other Operating Activities	1.36	1.49	1.34	4.5	11.59	16
Operating Cash Flow	363.25	403.58	386.96	421.78	414.56	358.16
Operating Cash Flow Growth	-9.79%	4.30%	-8.25%	1.74%	15.75%	-2.09%
Acquisition of Real Estate Assets	-495.86	-239.81	-228.99	-466.44	-525.2	-363.13
Sale of Real Estate Assets	172.86	100.93	101.83	130.04	374.02	484.31
Net Sale / Acq. of Real Estate Assets	-322.99	-138.88	-127.17	-336.4	-151.19	121.19
Investment in Marketable & Equity Securities	-18.97	-144.88	-46.02	-261.77	-133.42	0.07
Other Investing Activities	0.35	-12.51	8.07	-16.89	-3.29	-10.85
Investing Cash Flow	-336.83	-302.44	-169.69	-614.8	-287.68	110.68
Long-Term Debt Issued	-	339	839.35	1,225	580	527.36
Long-Term Debt Repaid	-	-262.06	-821.73	-815.44	-663.78	-601.95
Net Debt Issued (Repaid)	107.63	76.94	17.63	409.56	-83.78	-74.59
Issuance of Common Stock	104.24	53.52	1.74	7.57	23.92	3.57
Repurchase of Common Stock	-2.02	-1.44	-1.49	-5.92	-1.72	-1.16
Preferred Share Repurchases	-2.12	-	-0.01	-	-0.01	-0.03
Common Dividends Paid	-218.74	-215.84	-214.72	-214.23	-204.18	-199.33
Preferred Dividends Paid	-2.4	-2.49	-2.49	-2.49	-2.49	-2.49
Total Dividends Paid	-221.14	-218.32	-217.2	-216.72	-206.67	-201.82
Other Financing Activities	-5.2	-9.74	-6.09	-6.56	-16.67	-20.31
Miscellaneous Cash Flow Adjustments	-	-	-6.39	-	-	-
Net Cash Flow	7.81	2.11	5.46	-5.09	-158.05	174.5
Cash Interest Paid	144.23	133.58	129.76	102.5	79.47	72.35
Levered Free Cash Flow	317.07	216.78	355	374.26	454.75	173.24
Unlevered Free Cash Flow	405.16	303.14	435.56	435.8	503.95	220.75
Change in Working Capital	-18.8	3.86	-19.93	-16.47	-6.59	-42.46

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

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