Highwoods Properties Closes $40.2M Sale of Two Office Buildings
June 27, 2023
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Highwoods Properties ($NYSE:HIW), a real estate investment trust (REIT) specializing in office and industrial properties, recently closed an incredibly successful $40.2M sale of two office buildings. Highwoods Properties is a publicly-traded REIT that owns, develops, acquires, and manages properties within the United States. The company’s portfolio includes office, industrial, retail, and multifamily assets in select submarkets located throughout the southeastern and midwestern United States. Highwoods Properties has a mission to invest in prime office and industrial properties that offer stable and growing cash flows and which can be held for the long-term.
The sale of the two office buildings furthers Highwoods Properties’ mission to acquire prime assets that generate stable and growing cash flows. Both of the properties have experienced sustained success over the long-term, making them ideal investments for the company. The sale of the properties is expected to be finalized by the end of the month.
Price History
On Wednesday, Highwoods Properties closed the sale of two office buildings for $40.2 million. The sale was completed after Highwoods signed a contract earlier this month with an undisclosed buyer. The sale is expected to increase the company’s liquidity and balance sheet strength. The stock opened at $20.7 on Wednesday and closed at the same price, down 0.4% from its prior closing price of 20.8. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Highwoods Properties. More…
| Total Revenues | Net Income | Net Margin |
| 835.3 | 160.15 | – |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Highwoods Properties. More…
| Operations | Investing | Financing |
| 413.37 | -629.92 | 211.83 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Highwoods Properties. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 6.07k | 3.53k | 23.27 |
Key Ratios Snapshot
Some of the financial key ratios for Highwoods Properties are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | 28.9% |
| FCF Margin | ROE | ROA |
| – | – | – |
Analysis
At GoodWhale, we recently conducted an analysis of HIGHWOODS PROPERTIES‘ wellbeing. After a thorough assessment, we have determined that HIGHWOODS PROPERTIES is a relatively low risk investment in terms of financial and business aspects. Additionally, our GoodWhale Risk Warning System has detected 1 risk warning in the balance sheet of HIGHWOODS PROPERTIES. This risk warning represents an area of potential concern that investors should be aware of. To gain access to this risk warning and to our full analysis, become a registered user. More…
Peers
The company was founded in 1992 and has since grown to become one of the largest office REITs in the United States. Highwoods owns and operates a portfolio of approximately 86 office properties totaling nearly 20 million square feet, concentrated primarily in the Sunbelt region. Highwoods’ chief competitors in the office REIT space are Piedmont Office Realty Trust Inc., Cousins Properties Inc., and Corporate Office Properties Trust. These companies are all large, publicly traded REITs with substantial portfolios of office properties across the United States.
– Piedmont Office Realty Trust Inc ($NYSE:PDM)
Piedmont Office Realty Trust, Inc. is a publicly traded real estate investment trust that owns, operates, manages, acquires, develops and redevelops high-quality, Class A office properties in select central business districts (“CBDs”) in the United States. As of March 31, 2021, the Company’s portfolio consisted of 109 properties totaling approximately 23.0 million square feet. The Company is an owner and operator of high-quality office assets in some of the most desirable locations in the United States, including Atlanta, Boston, Chicago, Dallas, Denver, Houston, Los Angeles, Minneapolis, New York, San Francisco, Seattle and Washington, D.C.
– Cousins Properties Inc ($NYSE:CUZ)
Cousins Properties Inc is a real estate investment trust that focuses on office buildings in the Sunbelt region of the United States. As of 2022, its market cap is 3.76B. The company owns and operates office buildings, hotels, and retail centers. It also has a development pipeline of office, residential, and mixed-use projects.
– Corporate Office Properties Trust ($NYSE:OFC)
Corporate Office Properties Trust is a real estate investment trust that owns, manages, and develops office properties in the United States. The company’s market cap is $2.98 billion as of 2022. Corporate Office Properties Trust is headquartered in Maryland.
Summary
Highwoods Properties is an office REIT that recently announced the sale of two office buildings for $40.2M. This indicates the potential for strong capital appreciation in the company’s portfolio. The properties are located in markets that have seen strong rental growth due to limited supply, which further solidifies the success of this transaction.
It also serves as a demonstration of the company’s ability to identify and capitalize on attractive investment opportunities. Highwoods Properties is well-positioned to capitalize on increasing demand in its target markets, and is seen as a great buying opportunity by many investors.
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