Highwoods Properties, Inc. Earnings Recaps
Q3 2025
Oct 30, 2025
Highwoods Properties demonstrated robust performance in Q3 2025, achieving significant leasing activity and increasing FFO guidance for the third consecutive quarter, underscoring the strength of its operational and investment strategies.
Key takeaways
- FFO increased to $0.86 per share, with a raised midpoint by $0.08 in the 2025 outlook, reflecting ongoing operational strength.
- Leasing momentum continued with over 1 million square feet signed, pushing the leased rate up 340 basis points above occupancy and capturing significant NOI upside.
- The development pipeline's lease percentage rose to 72%, with 122,000 square feet of leases signed, positioning the company for future NOI growth in 2026 and 2027.
- Acquired a strategic asset (Legacy Union parking garage) for $111.5 million, enhancing portfolio quality while maintaining a flexible balance sheet with extended debt maturities.
- Outlook for $500 million in potential acquisitions and dispositions indicates ongoing asset recycling efforts aimed at strengthening the portfolio.
Q2 2025
Aug 1, 2025
Highwoods Properties delivered strong Q2 2025 results with $0.89 per share in FFO, driven by robust leasing activity and an optimistic outlook for occupancy and NOI growth.
Key takeaways
- Achieved 923,000 square feet of leasing volume in Q2, including 371,000 square feet of new leases, supporting future occupancy gains.
- Increased the midpoint of 2025 FFO outlook by $0.02, now ranging between $3.37 to $3.45 per share, reflecting confidence in financial performance.
- 50% of the projected $25 million annual NOI upside from core assets is now secured with signed leases, with strong prospects for additional growth.
- Development pipeline shows over $10 million of potential NOI growth at GlenLake III and Granite Park Six, indicating strong future revenue opportunities.
- Positioned well for capital deployment opportunities, with a focus on rotating out of lower-growth properties into high-quality, capital-efficient assets.