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Dec 31, 2024
Highwoods Q4 2024 Earnings Report
Key Takeaways
Highwoods Properties reported a net loss of $3.7 million ($0.03 per share) for Q4 2024, while funds from operations (FFO) were $92.2 million ($0.85 per share). The company signed 1.3M SF of second-generation leases, including 370,000 SF of new leases. Occupancy stood at 87.1%, with an in-service leased rate of 89.9%. The company also sold $166M in non-core properties and maintained liquidity exceeding $900M.
Forward Guidance
Highwoods expects FFO per share in 2025 to range from $3.26 to $3.44, assuming a $0.10 per share dilutive impact from recent investments and financing activities.
Positive Outlook
- Projected 2025 FFO per share between $3.26 and $3.44.
- Liquidity remains strong with over $900M available.
- Expected lease-up of core properties with below-potential occupancy.
- Development pipeline valued at $514M with 59% pre-leased.
- Strong potential for future investments with strategic capital deployment.
Challenges Ahead
- Projected 2025 same property cash NOI growth ranges from -4.0% to -2.0%.
- Dispositions of non-core assets expected to lower FFO by $0.10 per share.
- Average occupancy expected to range between 85.0% and 86.5%.
- Straight-line rental income expected between $12M and $16M.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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