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Related Wikinvest articles
April 17, 2014
(Stock Blog Hub, 7/11/11)
Highwoods Properties, Inc. (HIW), a real estate investment trust, recently renewed its lease at 2635 Century Center in Atlanta with the General Services Administration (GSA) on behalf of...(read more)
(Benzinga, 9/21/10)
Jefferies & Co. initiated coverage on Highwoods Properties (NYSE: HIW) with a Hold rating, and $33 price target. In the research note, Jefferies writes, "We are positive on HIW's balance sheet, but its geographic exposure is a...(read more)
(Stock Blog Hub, 5/24/10)
Highwoods Properties, Inc. (HIW), a real estate investment trust (REIT), has recently extended its long-term association with INC Research, a therapeutically focused...(read more)
Highwoods Properties (HIW) Company Overview

Highwoods Properties, Inc. (HIW) is a fully integrated, self-administered real estate investment trust (REIT) that owns or has management interests in office, industrial, retail, and service center properties, including development projects and apartment units. It also provides customer-related and fee-based real estate management services for its properties and for third-party clients. Highwoods Properties owns and operates properties through its wholly owned subsidiary Highwoods Realty Limited Partnerships. The company's core markets are located in the Southeastern and the Midwestern US. As of September 30th, 2007, the company owned or had interests in 378 in-service office, industrial holdings, and retail properties, with an aggregate of 33.6 million square feet (sf) of gross leaseable space. In addition, Highwood also owned 662 acres of developable land. Office, Industrial, and Retail segments comprised 83.0%, 7.5% and 9.5% of the company's annualized revenue respectively (including joint venture properties). The company's top five operating markets (including joint venture properties) are Atlanta (13.7% of annualized revenue), Raleigh (13.4%), Kansas City (13.2%), Tampa (12.1%), and Nashville (11.7%). The federal government is Highwoods' largest tenant, accounting for 6.84% of the total annualized revenue.

Operationally, Highwood's had a slightly better than expected quarter. Same store occupancy increased to 90.4%, up 70 bps from last quarter and 70 bps from 3Q 2006. While occupancy has trended upward over the past year, some of HIW's core markets still have vacancy problems. Many of the company's markets still have what we consider low overall occupancies Columbia, SC (82.5% 3Q same store occupancy), Greenville (87.7%), Kansas City (89.3%), Raleigh (88.1%), and the Piedmont Triad (86.7%). Together, these markets make up approximately 46% of the company's total portfolio. With vacancy rates in excess of 10% in a large part of the portfolio, rent growth in the latter part of 2007 and 2008 will be difficult. Suburban market vacancy rates in three of the company's four largest markets Atlanta, Kansas City, and Tampa were 17.5%, 17.1%, and 12.6% respectively in the 3rd quarter (from CBRE 3Q 2007 national vacancy index). Vacancies in Atlanta and KC are well above national averages and there was a large market occupancy decrease in Tampa. We do not think the company can continually outpace market averages in term of occupancy. REITs in stronger, high barrier urban markets have better long term growth prospects, as it is much harder to add new supply.

(Read more at Wikinvest )

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