Highwoods Properties Inc
Highwoods Properties Inc (HIW) is listed on NYSE and classified in REIT - Office, part of the Real Estate sector. It is headquartered in Raleigh, United States and has 315 employees. The company is worth $3.42B and trades at 19.4x its earnings of the last twelve months; the median for its sector is 22.1x. Revenue was $806.11M in fiscal 2025, down 2.4% from the year before. Net income was $162.65M. The share price is 14.0% below its 52-week high of $35.44. It pays a dividend yielding 6.56%. 4 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Cliff Asness (AQR Capital Management), at $19.68M. In that quarter, 2 of them opened or added to the position and 1 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -32.1% over 5Y.
today you would have $934.20▼ -6.6%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 18 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $25.82 | $30.58 | $22.96 | $27.98 | $44.59 | $39.63 | $48.91 | $38.69 | $50.91 | $51.01 | $43.60 | $44.28 | $36.17 | $33.45 | $29.67 | $31.85 | $33.35 | $27.36 |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 0.0% a year plus a 6.6% dividend yield. Growth capped at 25%.
Median P/E of 22.1 among peers in the sector.
Median P/E of 30.6 across this company’s own years on record.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Real Estate, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| PKPark Hotels & Resorts Inc. | $16.66 | — | 1.1x | 6.00% | -4.86% | $3.35B |
| CURBCurbline Properties Corp. | $28.86 | 103.1x | 1.6x | 2.36% | 1.46% | $3.32B |
| NHINational Health Investors Inc | $66.96 | 18.8x | 2.1x | 5.62% | 10.72% | $3.29B |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. |
| P/E | 30.6x | 17.8x | 32.5x | 16.5x | 18.8x | 15.0x | 11.9x | 37.6x | 23.6x | 28.6x | 9.6x | 43.6x | 37.2x | 25.1x | 32.8x | 54.9x | 37.0x | 43.9x | 73.9x |
| P/S | 5.6x | 3.5x | 4.0x | 2.9x | 3.6x | 6.1x | 5.6x | 6.9x | 5.6x | 7.5x | 7.8x | 6.9x | 7.4x | 6.4x | 5.6x | 5.0x | 5.2x | 5.3x | 3.9x |
| P/B | 2.1x | 1.2x | 1.4x | 1.0x | 1.2x | 1.9x | 1.8x | 2.4x | 1.8x | 2.4x | 2.4x | 2.6x | 2.7x | 2.2x | 2.3x | 2.2x | 2.1x | 2.1x | 1.6x |
| EPS | $1.45 | $0.94 | $1.39 | $1.49 | $2.98 | $3.32 | $1.30 | $1.64 | $1.78 | $5.30 | $1.00 | $1.19 | $1.44 | $1.02 | $0.54 | $0.86 | $0.76 | $0.37 |
| Dividend yield | 4.99% | 7.75% | 6.54% | 8.71% | 7.15% | 4.40% | 4.84% | 3.88% | 4.79% | 3.46% | 4.90% | 3.90% | 3.84% | 4.70% | 5.08% | 5.73% | 5.34% | 5.10% | 6.21% |
| Payout | 143.37% | 137.93% | 212.77% | 143.88% | 134.23% | 65.77% | 57.83% | 146.15% | 112.93% | 98.88% | 47.17% | 170.00% | 142.86% | 118.06% | 166.67% | 314.81% | 197.67% | 223.68% | 459.46% |
| Profit margin | 19.52% | 20.18% | 12.62% | 18.15% | 19.78% | 42.10% | 48.57% | 19.25% | 24.67% | 27.27% | 81.30% | 16.75% | 20.86% | 25.96% | 17.37% | 11.11% | 16.40% | 13.77% | 8.00% |
| ROE | 6.75% | 6.84% | 4.42% | 6.22% | 6.62% | 13.05% | 15.32% | 6.58% | 7.91% | 8.63% | 25.33% | 6.32% | 7.57% | 8.87% | 7.26% | 4.88% | 6.67% | 5.47% | 3.36% |
Median of the years shown; P/E years above 200x are left out.
Dividend growing 0.0% a year against a 9.4% required return, from the stock’s beta.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
5 methods answered, across 2 families.
Room for errors in the reported numbers.
-15.5% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| $35.12 |
| 7.7x |
| 1.0x |
| 2.33% |
| 14.13% |
| $3.26B |
| LXPLXP Industrial Trust | $61.09 | 60.5x | 1.9x | 4.58% | 3.50% | $3.6B |
| IRTIndependence Realty Trust Inc | $15.17 | 84.3x | 1.1x | 4.75% | 1.26% | $3.67B |