Highwoods Properties, Inc.

highwoods.com

What Do They Do?

Owns, develops, leases and manages office buildings for businesses in urban and suburban commercial districts.

How Do They Make Money?

Businesses pay rent to lease office space, with rent paid over the lease term. Highwoods also earns other revenue from its properties.

revenue

Segment	Share	How money arrives
Atlanta, GA Recurring	18% FY2022: 17%	Recurring
Charlotte, NC Recurring	12% FY2022: 8.9%	Recurring
Nashville, TN Recurring	19% FY2022: 21%	Recurring
Orlando, FL Recurring	7.1% FY2022: 6.6%	Recurring
Raleigh, NC Recurring	22% FY2022: 22%	Recurring
Richmond, VA Recurring	4.5% FY2022: 5.2%	Recurring
Tampa, FL Recurring	11% FY2022: 11%	Recurring
Other Segment	6.1% FY2022: 7.4%

Who Are Their Customers?

Leases office space to businesses across a range of industries; its own staff handles leasing, property management, maintenance and customer service.

Do Revenues Turn Into Profits?

Yes. It kept 20 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

68% of revenue

▼ −2% vs FY2024 ($553.7M, 67%)

Net income, FY2025

20% of revenue

▲ +56% vs FY2024 ($104.3M, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +8%; vs $201.8M in Q3 FY2025
Net income: ▲ +149%; vs $13.7M in Q3 FY2025

Raleigh, NC share of revenue vs 22.7% in Q3 FY2025

Flat. Revenue was $806.1M in FY2025, about the same as the $768M of FY2021.

Revenue over time

Atlanta, GA Charlotte, NC Nashville, TN Orlando, FL Raleigh, NC Richmond, VA Tampa, FL Other Segment Office Richmond, VA Office Orlando, FL Office Raleigh, NC Office Atlanta, GA Office Tampa, FL Office Charlotte, NC Office Nashville, TN

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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