Tue, Oct 22, 8:07 PM (71 days ago)
Highwoods Properties, Inc. (HIW) reported its Q3 2024 results, showing a decrease in rental and other revenues to $204.3 million, down 1.3% year-over-year, primarily due to property dispositions. Average occupancy fell slightly from 88.9% to 88.0%. Operating expenses decreased by 2.2% to $154.7 million, aided by lower property expenses and a reduction in same-property expenses. Net income available for common stockholders was $14.6 million, or $0.14 per share, down from $22.1 million and $0.21 per share in Q3 2023. Cash flow from operating activities increased to $299.9 million, while investing activities saw a significant uptick in cash used, totaling $205 million, largely due to contributions to joint ventures. Financing activities also reflected a net cash outflow of $92.5 million. Total assets were approximately $6.03 billion, with leverage at 42.3% of undepreciated assets. The company maintains ample liquidity, with $644.9 million available under its revolving credit facility, and declared a dividend of $0.50 per share, payable in December 2024. Future uncertainties include potential economic downturns impacting occupancy and rental rates.