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Highwoods Properties HIW Building and Tenant Improvements

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Other financials

Income statement

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Revenue$214.0M+6.8%
Net income$33.4M-66.6%
EPS (diluted)$0.29-68.1%

Balance sheet

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Cash & equivalents$52.6M+33.2%
Total debt$27.1M-2.4%
Total equity$2.4B-1.7%
Total assets$6.6B+8.6%

Cash flow

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Operating cash flow$62.8M+35.7%
CapEx-$2.8M-128%
Free cash flow$94.7M+1.9%

Valuation

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Market cap$3.47B+13.3%
P/E36.1×+13.4×
P/S4.2×+0.5×

Profitability

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Net margin11.7%-10.4pp
FCF margin50%+5.0pp

Returns & leverage

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Return on equity4%-3.5pp
Debt / equity0×0.0×

Where this comes from

Reported directly by Highwoods Properties in its filing.

Tagged under the XBRL concept hiw:BuildingAndTenantImprovements.

The source filing: Highwoods Properties’s 10-Q, filed April 28, 2026.

Filed
Apr 28, 2026, 4:06 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000921082-26-000035
Line itemMarch 31,2026December 31,2025
Assets:
Real estate assets, at cost:
Land$636,317$609,177
Buildings and tenant improvements6,450,6306,144,697
Development in-process—6,248
Land held for development198,256214,149
7,285,2036,974,271
Less-accumulated depreciation(1,955,094)(1,902,276)

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

FAQ

What is Highwoods Properties's building and tenant improvements?
Highwoods Properties (HIW) reported building and tenant improvements of $6.45B in Q1 2026.
How has Highwoods Properties's building and tenant improvements changed year-over-year?
Highwoods Properties's building and tenant improvements increased by 9.4% year-over-year, from $5.9B to $6.45B.
What is the long-term trend for Highwoods Properties's building and tenant improvements?
Over 5 years (2020 to 2025), Highwoods Properties's building and tenant improvements has grown at a 4.3% compound annual growth rate (CAGR), from $4.98B to $6.14B.
What does building and tenant improvements mean?
This represents the capitalized costs associated with the construction, renovation, and customization of office spaces to meet specific tenant requirements. These improvements enhance the utility and value of the property portfolio and are amortized over the life of the lease or the useful life of the asset. Tracking this metric helps investors understand the capital intensity required to attract and retain high-quality tenants.

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