Tue, Jul 23, 8:06 PM (46 days ago)
Highwoods Properties, Inc. and Highwoods Realty Limited Partnership reported their financial results for the quarter ending June 30, 2024. Key highlights include: 1. **Revenue and Net Income**: Rental and other revenues decreased by $2.6 million (1.2%) YoY to $204.7 million. Net income increased to $64.8 million from $43.9 million YoY. 2. **Expenses**: Operating expenses decreased by $1.7 million (2.6%) to $64.6 million. Depreciation and amortization expenses slightly decreased by $1.3 million (1.7%) to $73.7 million. 3. **Interest Expense**: Increased by $1.8 million (5.4%) due to higher average interest rates. 4. **Gains on Property Sales**: Gains on property dispositions rose by $15.7 million to $35.0 million. 5. **Cash Flow**: Net cash from operating activities increased by $21.2 million to $202.4 million. Cash used in investing activities decreased by $12.2 million to $56.0 million, while cash used in financing activities increased by $30.9 million to $141.2 million. 6. **Debt and Leverage**: Total debt stood at $3.2 billion, with a leverage ratio of 41.5%. 7. **Dividends**: A dividend of $0.50 per share was declared, payable on September 10, 2024. The company anticipates lower rental revenues and higher operating expenses for the remainder of 2024, primarily due to property dispositions and increased interest expenses.