Highwoods Properties, Inc. (HIW): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Highwoods Properties, Inc. (HIW) se erige como un fideicomiso dinámico de inversión inmobiliaria que transforma el panorama de la propiedad comercial en todo el sureste de los Estados Unidos. Con un enfoque estratégico que combina la gestión innovadora de la propiedad, el posicionamiento del mercado dirigido y las estrategias financieras sólidas, HIW ofrece espacios de oficina e industriales premium que satisfacen diversas necesidades corporativas. Su modelo de negocio único aprovecha la optimización sofisticada de activos, las relaciones de inquilinos a largo plazo y las ideas estratégicas del mercado para crear oportunidades de inversión inmobiliaria convincentes que impulsan el valor y el crecimiento consistentes.

Highwoods Properties, Inc. (HIW) - Modelo de negocios: asociaciones clave

Desarrolladores de bienes raíces comerciales y empresas de construcción

Highwoods Properties colabora con socios específicos de construcción y desarrollo en sus mercados centrales:

Tipo de socio	Número de asociaciones activas	Enfoque geográfico
Empresas de construcción regionales	12	Sudeste de los Estados Unidos
Empresas de construcción nacionales	5	Regiones de múltiples estados

Proveedores de servicios de administración de propiedades y mantenimiento

Highwoods mantiene asociaciones estratégicas con proveedores de servicios especializados:

• Contratos totales de servicio de administración de propiedades: 18
• Valor promedio del contrato: $ 1.2 millones anuales
• Cobertura de servicio: 95% de la cartera de Highwoods

Gobierno local y autoridades de planificación urbana

Las relaciones colaborativas con las entidades municipales incluyen:

Municipio	Proyectos activos	Duración de la asociación
Atlanta, GA	3	7 años
Raleigh, NC	4	9 años
Tampa, FL	2	5 años

Instituciones financieras y empresas de inversión

Métricas clave de asociación financiera:

• Número de relaciones bancarias: 7
• Facilidad de crédito total: $ 800 millones
• Prestamistas principales: Wells Fargo, Bank of America

Proveedores de servicios de tecnología e infraestructura

Detalles de la asociación tecnológica:

Socio tecnológico	Tipo de servicio	Inversión anual
Sistemas de Cisco	Infraestructura de red	$ 2.1 millones
Microsoft	Servicios en la nube	$ 1.5 millones
Honeywell	Sistemas de gestión de edificios	$ 1.8 millones

Highwoods Properties, Inc. (HIW) - Modelo de negocio: actividades clave

Adquisición de la oficina y la propiedad industrial

A partir del cuarto trimestre de 2023, Highwoods Properties poseía 27 millones de pies cuadrados de propiedades de oficinas e industriales ubicadas principalmente en el sureste y suroeste de los Estados Unidos.

Tipo de propiedad	Hoques cuadrados totales	Número de propiedades
Propiedades de la oficina	22.4 millones de pies cuadrados	134 propiedades
Propiedades industriales	4.6 millones de pies cuadrados	26 propiedades

Desarrollo y reurbanización de la propiedad

En 2023, Highwoods invirtió $ 178.3 millones en proyectos de desarrollo y reurbanización en su cartera.

• Completados 3 proyectos de desarrollo importantes
• Invertido en 2 iniciativas de reurbanización en curso
• Los mercados dirigidos incluyen Atlanta, Charlotte, Nashville y Tampa

Gestión de arrendamiento y inquilinos

Al 31 de diciembre de 2023, Highwoods informó:

Métrico	Valor
Tasa de ocupación total	92.4%
Tasa de ocupación de la oficina	91.7%
Tasa de ocupación industrial	94.2%

Optimización de cartera y gestión de activos estratégicos

En 2023, Highwoods ejecutó actividades estratégicas de gestión de cartera:

• Desechado de $ 283.4 millones en activos no básicos
• Propiedades adquiridas valoradas en $ 156.2 millones
• Se mantuvo el enfoque en los mercados del sudeste de alto crecimiento

Estrategias de inversión y asignación de capital

Detalles de asignación financiera para 2023:

Categoría de inversión	Inversión total
Adquisiciones de propiedades	$ 156.2 millones
Proyectos de desarrollo	$ 178.3 millones
Gastos de capital	$ 92.7 millones

Highwoods Properties, Inc. (HIW) - Modelo de negocio: recursos clave

Cartera de bienes raíces comerciales de alta calidad

A partir del cuarto trimestre de 2023, Highwoods Properties posee 79 propiedades por un total de 13.4 millones de pies cuadrados de espacio de oficinas. La cartera se concentró en los mercados del Atlántico del Sureste y Sur.

Tipo de propiedad	Total de pies cuadrados	Tasa de ocupación
Propiedades de la oficina	13.4 millones	92.4%

Profesionales de gestión y bienes raíces experimentadas

Equipo de liderazgo con promedio de 22 años de experiencia inmobiliaria. El equipo ejecutivo incluye:

• Theodore J. Klinck - Presidente y CEO
• Jeffrey D. Miller - Vicepresidente Ejecutivo
• Mark F. Mulhern - Director Financiero

Capital financiero sólido y facilidades de crédito

Métricas financieras al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 4.8 mil millones
Deuda total	$ 1.9 mil millones
Línea de crédito	$ 600 millones

Amplio conocimiento del mercado regional

Operaciones centradas en 8 mercados clave:

• Atlanta, Georgia
• Charlotte, Carolina del Norte
• Raleigh, Carolina del Norte
• Richmond, Virginia
• Tampa, Florida
• Nashville, Tennessee
• Greensboro, Carolina del Norte
• Durham, Carolina del Norte

Sistemas de tecnología de gestión de propiedades avanzadas

Inversiones de infraestructura tecnológica:

• Software de administración de propiedades basado en la nube
• Sistemas de seguimiento de ocupación en tiempo real
• Plataformas de gestión de arrendamiento digital

Highwoods Properties, Inc. (HIW) - Modelo de negocio: propuestas de valor

Spaces de oficina e industriales premium en mercados estratégicos

A partir del cuarto trimestre de 2023, Highwoods Properties posee 27.3 millones de pies cuadrados de bienes raíces de oficinas e industriales en 10 mercados del sureste de EE. UU. Valor total de la cartera de propiedades: $ 4.2 mil millones.

Segmento de mercado	Pies cuadrados	Tasa de ocupación
Espacios de oficina	22.1 millones de pies cuadrados	92.4%
Espacios industriales	5.2 millones de pies cuadrados	95.6%

Ingresos estables y consistentes a través de arrendamientos a largo plazo

Término de arrendamiento promedio ponderado: 6.3 años. Ingresos anuales de alquiler base: $ 558.6 millones en 2023.

• Tasa de renovación de arrendamiento promedio: 68.5%
• Tasa de retención de inquilinos: 72.3%
• Expiración de arrendamiento profile: Diversificado en varios años

Cartera de propiedades de alta calidad y bien mantenida

Gastos de capital para el mantenimiento de la propiedad y las mejoras en 2023: $ 42.3 millones.

Métricas de calidad de la propiedad	Valor
Propiedades construidas/renovadas en los últimos 5 años	37.6%
Propiedades certificadas con LEED	22 propiedades

Ubicaciones estratégicas en el crecimiento del sureste de los mercados estadounidenses

Los mercados clave incluyen: Atlanta, Charlotte, Nashville, Raleigh y Tampa. Valor de mercado total en estas regiones: $ 3.8 mil millones.

• Crecimiento promedio de la tasa de alquiler del mercado: 4.2% en 2023
• Crecimiento de la población en los mercados centrales: 2.1-3.5% anuales

Oportunidad de inversión inmobiliaria transparente y confiable

2023 Métricas de desempeño financiero:

Métrica financiera	Valor
Fondos de Operaciones (FFO)	$ 385.7 millones
Rendimiento de dividendos	5.6%
Retorno total	12.3%

Highwoods Properties, Inc. (HIW) - Modelo de negocios: relaciones con los clientes

Apoyo al inquilino personalizado y gestión de cuentas

A partir del cuarto trimestre de 2023, Highwoods Properties administra aproximadamente 27.6 millones de pies cuadrados de propiedades de oficinas e industriales en 10 mercados principales. La compañía mantiene un equipo de relación inquilino dedicado con un tiempo de respuesta promedio de 2.4 horas para las consultas de inquilinos.

Métricas de apoyo al inquilino	Datos de rendimiento
Tiempo de respuesta promedio	2.4 horas
Total de propiedades administradas Fultos cuadrados	27.6 millones de pies cuadrados
Número de mercados activos	10

Contratos de arrendamiento a largo plazo con clientes corporativos

Highwoods Properties mantiene un plazo de arrendamiento promedio de 6.7 años con clientes corporativos. La tasa de ocupación de la Compañía a partir del cuarto trimestre de 2023 fue del 92.3%.

• Duración promedio de arrendamiento: 6.7 años
• Tasa de ocupación actual: 92.3%
• Tasa de retención de inquilinos: 85.6%

Comunicación regular y mantenimiento de la propiedad

La compañía asigna $ 24.3 millones anuales para actualizaciones de mantenimiento de propiedades e infraestructura. Las encuestas de satisfacción del inquilino indican una tasa de satisfacción del 87.5% con los servicios de mantenimiento.

Inversión de mantenimiento	Cantidad
Presupuesto de mantenimiento anual	$ 24.3 millones
Tasa de satisfacción del inquilino	87.5%

Plataformas de compromiso de inquilinos digitales

Highwoods Properties ha invertido $ 3.2 millones en tecnologías de participación de inquilinos digitales, incluidas aplicaciones móviles y sistemas de solicitud de servicio en línea. El 62% de los inquilinos utilizan activamente plataformas digitales para solicitudes de comunicación y servicio.

• Inversión de plataforma digital: $ 3.2 millones
• Tasa de adopción de la plataforma digital: 62%
• Tasa de finalización de la solicitud de servicio en línea: 94%

Servicios de administración de propiedades receptivos

La compañía emplea a 215 profesionales de administración de propiedades en su cartera. El tiempo promedio para resolver las solicitudes de servicio de los inquilinos es de 18.6 horas.

Métricas de gestión de propiedades	Datos de rendimiento
Personal total de administración de propiedades	215 profesionales
Tiempo de resolución de solicitud de servicio promedio	18.6 horas

Highwoods Properties, Inc. (HIW) - Modelo de negocios: canales

Equipos de arrendamiento directo

A partir del cuarto trimestre de 2023, Highwoods Properties mantiene 16 oficinas regionales en 10 mercados en el sureste de los Estados Unidos. La compañía emplea a 114 profesionales de arrendamiento directo responsables de la adquisición de la propiedad, las relaciones con los inquilinos y las negociaciones de arrendamiento.

Región de mercado	Número de profesionales de arrendamiento	Ubicaciones de oficinas totales
Raleigh-Durham	28	4
Nashville	22	3
Atlanta	26	3

Sitio web corporativo y listados de propiedades en línea

El sitio web corporativo de Highwoods Properties (www.highwoods.com) proporciona listados integrales de propiedades digitales con 98.6% de actualizaciones de datos de ocupación en tiempo real. La plataforma digital genera aproximadamente 42,000 sesiones únicas de visitantes mensuales.

Brokers de bienes raíces y redes de propiedades comerciales

La compañía colabora con 87 empresas externas de corretaje de bienes raíces comerciales, que cubren los mercados en el sureste de los Estados Unidos.

• Tasas de comisión de la red de corredores: 3-4% del valor total de arrendamiento
• Transacción de arrendamiento promedio de agente de corredor: $ 1.2 millones
• Total de broker-pies cuadrados en 2023: 612,000 pies cuadrados

Comunicaciones de relaciones con los inversores

Highwoods Properties utiliza múltiples canales de comunicación de inversores, incluidas llamadas de ganancias trimestrales, informes anuales y presentaciones de la SEC.

Canal de comunicación	Frecuencia anual	Recuento promedio de participantes
Llamadas de ganancias	4	128 inversores institucionales
Conferencias de inversores	6	82 inversores potenciales

Plataformas de exhibición de marketing digital y propiedades

La compañía aprovecha las estrategias de marketing digital en múltiples plataformas, con un gasto publicitario digital total de $ 1.4 millones en 2023.

• LinkedIn Marketing Reach: 42,000 conexiones profesionales
• Instagram Property Showcase Seguidores: 8,700
• Tasa de conversión de publicidad digital: 2.3%

Highwoods Properties, Inc. (HIW) - Modelo de negocio: segmentos de clientes

Inquilinos de oficinas corporativas

A partir de 2024, Highwoods Properties atiende a 318 inquilinos de oficinas corporativas en su cartera. El tamaño promedio de arrendamiento para los inquilinos corporativos es de 12,750 pies cuadrados.

Tipo de inquilino	Número de inquilinos	Tamaño de arrendamiento promedio (SQ FT)
Oficinas corporativas	318	12,750

Empresas pequeñas a medianas

Las propiedades de Highwoods se dirigen a 172 empresas pequeñas a medianas con espacios de arrendamiento que van desde 2.500 a 7,500 pies cuadrados.

• Total de inquilinos de SMB: 172
• Rango de tamaño de arrendamiento: 2,500 - 7,500 pies cuadrados
• Tasa de ocupación promedio para inquilinos de SMB: 87.3%

Grandes organizaciones empresariales

La compañía organiza 46 grandes organizaciones empresariales con espacios de arrendamiento superiores a 25,000 pies cuadrados.

Segmento empresarial	Número de inquilinos	Tamaño de arrendamiento promedio (SQ FT)
Grandes empresas	46	42,500

Inversores inmobiliarios institucionales

Highwoods Properties tiene asociaciones con 24 inversores inmobiliarios institucionales.

• Inversores institucionales totales: 24
• Valor de inversión total: $ 3.2 mil millones
• Inversión promedio por institución: $ 133.3 millones

Empresas regionales y nacionales

La compañía atiende a 87 empresas regionales y nacionales en su cartera de propiedades comerciales.

Tipo de empresa	Número de empresas	Extensión geográfica
Empresas regionales	53	Sudeste de los Estados Unidos
Empresas nacionales	34	Presencia de múltiples estados

Highwoods Properties, Inc. (HIW) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del año fiscal 2022, Highwoods Properties informó gastos totales de adquisición de propiedades y desarrollo de $ 43.2 millones. Los gastos de capital de la compañía para el año fueron de $ 186.8 millones, incluidos los proyectos de desarrollo y reurbanización.

Categoría de gastos	Cantidad (en millones)
Adquisición de tierras	$12.5
Costos de construcción	$24.7
Sobrevalos de desarrollo	$6.0

Mantenimiento de la propiedad y costos operativos

Los gastos operativos de la propiedad para las propiedades de Highwoods en 2022 totalizaron $ 280.3 millones.

• Costos de administración de propiedades: $ 42.1 millones
• Gastos de reparación y mantenimiento: $ 63.5 millones
• Servicios públicos y costos de energía: $ 37.8 millones
• Seguros y impuestos a la propiedad: $ 136.9 millones

Gestión y gastos generales administrativos

Los gastos generales y administrativos para la compañía en 2022 fueron de $ 59.4 millones.

Categoría de costos administrativos	Cantidad (en millones)
Compensación ejecutiva	$12.6
Salarios de los empleados	$31.2
Servicios profesionales	$15.6

Inversiones de tecnología e infraestructura

Las inversiones en tecnología e infraestructura para 2022 ascendieron a $ 8.7 millones.

• Actualización de infraestructura de TI: $ 3.2 millones
• Mejoras de ciberseguridad: $ 2.5 millones
• Sistemas de administración de propiedades digitales: $ 3.0 millones

Gastos de marketing y arrendamiento

Los gastos de marketing y arrendamiento de propiedades de Highwoods en 2022 fueron de $ 22.6 millones.

Categoría de costos de marketing	Cantidad (en millones)
Comisión de arrendamiento	$12.3
Publicidad y promoción	$6.2
Tecnología de marketing	$4.1

Highwoods Properties, Inc. (HIW) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedades comerciales

Para el año fiscal 2023, Highwoods Properties informó ingresos por alquiler totales de $ 643.8 millones. La cartera consta de aproximadamente 25.1 millones de pies cuadrados de propiedades de oficinas e industriales.

Tipo de propiedad	Total de pies cuadrados	Ingreso de alquiler	Tasa de ocupación
Propiedades de la oficina	20.4 millones de pies cuadrados	$ 521.6 millones	92.3%
Propiedades industriales	4.7 millones de pies cuadrados	$ 122.2 millones	94.5%

Activos de venta de propiedades y disposición

En 2023, Highwoods Properties obtuvo $ 184.5 millones de las disposiciones de la propiedad, con una tasa de capitalización promedio ponderada del 6.8%.

Distribuciones de dividendos de fideicomiso de inversión inmobiliaria (REIT)

Para el año fiscal 2023, Highwoods Properties declaró dividendos totales de $ 2.08 por acción, que representa un rendimiento anual de dividendos de 6.2%.

Período de dividendos	Dividendo por acción	Pago total de dividendos
Q1 2023	$0.52	$ 52.1 millones
Q2 2023	$0.52	$ 52.1 millones
P3 2023	$0.52	$ 52.1 millones
P4 2023	$0.52	$ 52.1 millones

Tarifas de servicio de administración de propiedades

Las propiedades de Highwoods generaron $ 15.3 millones en tarifas de servicio de administración de propiedades para el año fiscal 2023.

Apreciación de activos estratégicos y creación de valor

El valor total de la cartera de propiedades de la compañía al 31 de diciembre de 2023 fue de $ 4.2 mil millones, con un Valor de activos netos (NAV) de $ 2.1 mil millones.

• Apreciación promedio del valor de la propiedad: 3.6% en 2023
• Inversión total en mejoras de propiedad: $ 87.6 millones
• Término de arrendamiento promedio ponderado: 6.2 años

Highwoods Properties, Inc. (HIW) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Highwoods Properties, Inc. (HIW) commands a premium in the office sector, especially now in late 2025. It's about quality, location, and landlord reliability. Here's the quick math on what they offer their tenants.

Premium, 'commute-worthy' Class A office space in top Sunbelt locations

Highwoods Properties, Inc. focuses its entire strategy on the Best Business Districts (BBDs) in the fastest-growing Sunbelt cities. This isn't accidental; it's where the best talent is moving and working. You see this commitment in the numbers:

• 95% of Highwoods Properties, Inc.'s net operating income (NOI) comes from Sunbelt markets.
• The portfolio size as of March 31, 2025, was 26.7 million square feet.
• The average age of the portfolio is relatively modern, with an average construction year of 2004.
• The premium segment of the office market, where Highwoods Properties, Inc. plays, has a vacancy rate of about 13%, which is significantly lower than the roughly 19% for the rest of the market.

The demographic tailwinds in these markets are strong; between 2010 and 2024, Highwoods Properties, Inc.'s markets saw population growth of 1.7% annually, more than double the U.S. average of 0.8%.

Metric	Data Point (Latest Available)	Date/Period
In-Service Portfolio Occupancy (at HIW share)	85.3%	End of Q3 2025
In-Service Leased Rate	88.9%	End of Q2 2025
Same-Property Cash NOI Change	-3.6%	Year-over-year, Q3 2025
Average In-Place Cash Rent Growth	1.6% per square foot	Year-over-year, Q3 2025

Creating inspiring work environments and experiences (work-placemaking)

Highwoods Properties, Inc. explicitly states its mission is 'creating environments and experiences that inspire our teammates and our customers to achieve more together'. This isn't just talk; it's reflected in the performance of their signature assets. They are in the work-placemaking business.

• McKinney & Olive in Uptown remains 99% occupied.
• The new 23Springs Tower, which opened in Q3 2025, reached 67% leased in that same quarter.

The company is actively securing future revenue from new developments, with its current development pipeline of $474 million (at HIW share) being 72% pre-leased as of Q3 2025.

Financial stability and reliability of a well-capitalized REIT landlord

You want a landlord that won't face liquidity issues, and Highwoods Properties, Inc. has been raising its outlook, signaling confidence. They've also structured their debt smartly.

Here's a look at the financial footing as of late 2025:

Financial Metric	Value	Context/Date
Updated Full Year 2025 FFO per Share Guidance (Midpoint)	$3.43 per share	As of Q3 2025 update
Trailing 12-Month Revenue	$808M	As of September 30, 2025
Total Available Liquidity	Over $700 million	As of end of Q2 2025
Debt to Adjusted EBITDAre Ratio	6.3x	As of end of Q2 2025
Next Major Debt Maturity	Q2 2026	As of Q2 2025

Plus, Highwoods Properties, Inc. has maintained its dividend payments for 32 consecutive years. That's defintely a track record of reliability.

High-quality, modern amenities and sustainable building features

While specific sustainability metrics aren't detailed in the latest summaries, the focus on 'Class A' space and BBD locations implies modern standards. The company is actively recycling capital by selling non-core, older assets, such as a 35-year-old building sold in Q3 2025 for $16 million. Conversely, they invested $111.5 million in the Legacy Union Parking Garage in Charlotte to support their office space.

Long-term partnership focus with high tenant retention rates

The leasing activity shows tenants are committing for the long haul, which speaks directly to partnership value. They aren't just signing short-term deals; they're locking in good economics.

• The dollar-weighted average term for second-generation leasing in Q3 2025 was 6.7 years.
• Net effective rents from Q3 2025 leasing were 21.8% higher than the previous five-quarter average.
• Net effective rents over the trailing 4 quarters were 18% higher compared to the 2019 average.

In Q3 2025, they signed 200,000 square feet in Charlotte alone, with GAAP rents approaching $50 a square foot. Finance: draft 13-week cash view by Friday.

Highwoods Properties, Inc. (HIW) - Canvas Business Model: Customer Relationships

You're looking at how Highwoods Properties, Inc. keeps its tenants happy and locked in, which is the engine for their recurring revenue. Honestly, for an office REIT focused on Best Business Districts (BBDs), the relationship part is everything; it's not just about the square footage, it's about the long-term commitment.

Dedicated in-house property management is a core part of the Highwoods Properties, Inc. service offering. They are a fully-integrated REIT, meaning they handle the whole lifecycle-owning, developing, acquiring, leasing, and managing properties. This direct control helps them maintain the high-quality environments their tenants expect in places like Charlotte, Dallas, and Nashville.

The commitment to long-term relationships shows up clearly in the lease durations they secure. While you mentioned an average of 5.3 years for Q1 2025, the latest reported figures show even stronger long-term agreements being executed. For instance, the dollar-weighted average term on second-generation leases signed in the third quarter of 2025 was 6.7 years. This focus on duration helps stabilize cash flows, which is key when managing debt, such as their debt-to-Adjusted EBITDAre ratio of 6.3x at the end of Q2 2025.

Proactive tenant retention programs are definitely working, as evidenced by the financial results from securing existing customers. In the third quarter of 2025, Highwoods Properties, Inc. reported a 23.6% increase in recurring revenue from lease renewals. This success, combined with new leasing, pushed their overall occupancy rate to 94.2% across 16.3 million sq. ft. of commercial real estate by the end of Q3 2025.

The service model is tailored, especially for larger, credit-worthy tenants who value the prime locations. Highwoods Properties, Inc. emphasizes operating in the strongest BBDs in the Sunbelt, which continually attract talent and companies. This strategy supports a high-touch approach, as they are seeing strong demand from both new users and existing customers valuing their commute-worthy portfolio.

For public shareholders and analysts, Highwoods Properties, Inc. maintains regular communication, often raising guidance based on operational success. Following strong Q3 2025 results, the company raised its full-year 2025 Funds From Operations (FFO) outlook midpoint to $3.43 per share (midpoint of $3.41-$3.45). They keep over $700 million in total available liquidity as of Q2 2025, which provides a flexible balance sheet for ongoing relationship management and investment.

Here's a quick look at some key relationship and operational metrics as of late 2025:

Metric	Value	Period/Context
Dollar-Weighted Average Lease Term	6.7 years	Q3 2025 Second-Generation Leases
Increase in Recurring Revenue from Renewals	23.6%	Q3 2025
Portfolio Occupancy Rate	94.2%	Q3 2025
Same-Store NOI Growth	12.3%	Q3 2025
Total Portfolio Square Footage	16.3 million sq. ft.	Q3 2025
FFO Per Share	$0.86	Q3 2025

The focus on quality locations and service drives tangible results in leasing activity:

• Leased 1.0 million square feet of second-generation space in Q3 2025.
• Achieved GAAP rent growth of 18.3% on Q3 2025 leases.
• Net effective rents were 21.8% higher than the previous five-quarter average.
• The development pipeline is 72% pre-leased as of Q3 2025.
• The company expects occupancy growth of 100-200 basis points through 2026.

The relationship with the capital markets is also managed closely, as seen by the recent debt issuance of $350 million of 5.350% Notes Due 2033 in November 2025.

Highwoods Properties, Inc. (HIW) - Canvas Business Model: Channels

You're looking at how Highwoods Properties, Inc. (HIW) gets its product-prime office space in top U.S. Business Districts (BBDs)-to its customers. This involves a mix of direct engagement and external partnerships, all aimed at maintaining high occupancy and driving rent growth across its portfolio, which stood at 26.7 million square feet as of March 31, 2025.

Direct in-house leasing and sales teams

The internal team is responsible for executing the leasing strategy, evidenced by the significant volume of deals closed directly. This team manages renewals and new lease signings, which are critical given the current in-service portfolio occupancy of 85.3% at the end of the third quarter of 2025. The success of these direct efforts is reflected in the leasing economics achieved.

• Second-generation net effective rents in Q3 2025 were 21.8% higher than the previous five-quarter average.
• GAAP rent growth for second-generation leases in Q3 2025 was 18.3%.
• Average in-place cash rent was up 1.6% per square foot year-over-year in Q3 2025.

Third-party commercial real estate brokers (e.g., CBRE, Cushman & Wakefield)

While Highwoods Properties, Inc. (HIW) utilizes an in-house team, third-party brokers are a recognized part of the distribution network, especially in driving activity in key markets. The overall leasing volume demonstrates the effectiveness of the combined direct and broker channels.

Metric	Period/Date	Amount/Value
Total Second-Generation Leases Signed	Q3 2025	Over 1 million square feet
Total Second-Generation Leases Signed	Q2 2025	919,675 rentable square feet
New Leases Signed (First Generation)	Q3 2025	138,000 square feet
New Leases Signed (First Generation)	Q2 2025	370,734 square feet
Leases Signed in Development Pipeline	Q3 2025	122,000 square feet

Company website and digital marketing for property listings

The company website, www.highwoods.com, serves as a primary hub for property information and investor relations materials, which indirectly supports leasing by establishing corporate credibility and providing access to required documents. Specific metrics on digital lead generation from the website for leasing are not publicly detailed in the latest reports, but the overall leasing pipeline remains robust.

Investor presentations and SEC filings for capital markets

This channel is crucial for securing the capital required for development and acquisitions, which supports the physical assets being leased. The market's perception of the company's financial health, communicated through these filings, directly impacts the cost and availability of capital.

• Full Year 2025 FFO Outlook Midpoint Raised to $3.43 per share as of Q3 2025.
• Full Year 2025 FFO Guidance Range is $3.41 to $3.45 per share.
• Debt Priced: $350 Million of 5.350% Notes Due 2033 on November 4, 2025.
• Equity Raised since July 1, 2025: $59 million.
• Market Capitalization as of October 28, 2025: $3.04B.

The development pipeline, aggregating $474 million (at HIW share), is 72% pre-leased as of Q3 2025, indicating strong pre-commitment success channeled through these overall business efforts.

Highwoods Properties, Inc. (HIW) - Canvas Business Model: Customer Segments

You're looking at the core groups Highwoods Properties, Inc. (HIW) serves, which are essentially the companies and capital providers that rely on their office space in prime locations. Honestly, for a fully-integrated office REIT like Highwoods, the customer segments are tightly linked to the quality and location of their assets-the Best Business Districts (BBDs) in high-growth Sunbelt cities.

The primary customers are the tenants who occupy the 26.7 million square feet of office space as of March 31, 2025. These tenants are concentrated in the BBDs of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa, with over 95% of net operating income coming from the Sunbelt region.

Here is how we can break down those customer segments based on the available data:

• Large corporate users requiring Class A office space in BBDs: These are the anchor tenants driving the leasing activity in their core markets.
• Companies in high-growth sectors like FIRE and TAMI: While specific sector revenue breakdowns aren't public, the focus on Sunbelt BBDs targets corporate headquarters and major regional offices in growth industries.
• Credit-worthy tenants seeking long-term, stable office solutions: This is evidenced by the lease duration metrics. For instance, the weighted average contractual term for roughly 70% of projected revenue is about 9 years.
• Institutional and individual investors (shareholders): These are the capital providers who own a stake in Highwoods Properties, Inc.
• Government and regional headquarters tenants: These tenants seek the stability and prime location Highwoods offers in its key markets.

The leasing statistics from the third quarter of 2025 give you a real sense of the demand from these corporate users. They signed over 1 million square feet of second-generation leases in Q3 2025 alone. The quality of the deals is strong, with GAAP rent growth on those second-gen leases hitting 18.3% compared to expiring rents.

For the investor segment, you look at the ownership structure and the company's commitment to returning capital. Highwoods Properties, Inc. has maintained dividend payments for 32 consecutive years, which speaks directly to the stability sought by long-term shareholders. As of late October 2025, the market capitalization stood at $2.98 billion.

Here's a quick look at the metrics that define the tenant base and the capital structure supporting these customer segments:

Metric	Value/Amount	Date/Period	Reference Point
Total Portfolio Square Footage	26.7 million square feet	March 31, 2025
In-Service Occupancy (HIW Share)	85.3%	End of Q3 2025
In-Service Leased Rate	88.7%	End of Q3 2025
Weighted Average Contractual Term (for 70% of Revenue)	Roughly 9 years	Late 2025
Second Generation Leases Signed (Q3 2025)	1,049,000 square feet	Q3 2025
Average Second Gen Lease Term Signed (Q3 2025)	6.7 years	Q3 2025
Institutional Ownership Percentage	110.29%	Late 2025
Insider Ownership Percentage	1.9%	June 2025 / Late 2025
Market Capitalization	$2.98 billion	October 28, 2025

The focus on BBDs means Highwoods Properties, Inc. is targeting tenants who value accessibility and prestige for their employees and clients. The leasing economics, with net effective rents 21.8% higher than the previous five-quarter average, confirm that these corporate customers are willing to pay a premium for that quality and location. Finance: draft 13-week cash view by Friday.

Highwoods Properties, Inc. (HIW) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Highwoods Properties, Inc.'s operations as of late 2025, based on their nine-month performance ending September 30, 2025. For a Real Estate Investment Trust (REIT) like Highwoods Properties, Inc., the cost structure is heavily weighted toward debt service and property upkeep.

The most significant fixed cost, outside of property-level expenses, is the cost of capital. Highwoods Properties, Inc. reported significant interest expense on debt, totaling $112.782 million YTD Q3 2025. This reflects the leverage required to finance their portfolio of office properties in prime business districts.

General and administrative (G&A) expenses, which cover corporate overhead, are relatively controlled for a company of this scale, coming in at $31.771 million YTD Q3 2025. This is a key area where you want to see efficiency, as it directly impacts the distributable income.

Here's a breakdown of the key cost components for the nine months ended September 30, 2025, with figures in thousands, as reported:

Cost Component	YTD Q3 2025 Amount (in thousands)	YTD Q3 2025 Amount (in millions)
Interest Expense on Debt	$112,782	$112.782 million
General and Administrative Expenses	$31,771	$31.771 million
Property Operating Expenses (Rental property and other expenses)	$200,700	$200.700 million

Property operating expenses are the day-to-day costs of keeping the buildings running. These include utilities, maintenance, and property taxes. For the nine months ended September 30, 2025, Highwoods Properties, Inc. recorded $200.700 million in rental property and other expenses.

Capital outlays for leasing are substantial, as Highwoods Properties, Inc. is actively signing new and renewal leases. The dollars committed for tenant improvements under signed leases year-to-date Q3 2025 were approximately $34.094 million (specifically, $34,093,698). This is a direct investment to secure the revenue stream.

Development and redevelopment costs represent future growth investment, but they are a current cash outflow. While a total YTD development spend isn't explicitly listed as a single line item, we see the commitment level:

• Total investment for the recent Legacy Union Parking Garage acquisition, including near-term planned building improvements, was $111.5 million.
• The current development pipeline aggregates $474 million (at HIW share).
• Only $96 million was left to complete the existing development pipeline as of Q3 2025.

These figures show where capital is being deployed for portfolio enhancement and expansion, which is a necessary cost to maintain the quality of their Best Business District (BBD) focused portfolio.

Highwoods Properties, Inc. (HIW) - Canvas Business Model: Revenue Streams

You're looking at the core ways Highwoods Properties, Inc. brings in cash, which is almost entirely tied to its portfolio of office properties in the Best Business Districts (BBDs) across the Sunbelt.

Rental income from office properties is the primary source, representing the bulk of the top line. As of late 2025, the Trailing Twelve Month (TTM) revenue for Highwoods Properties, Inc. stands at $808 million.

To give you a clearer picture of the components that make up the revenue flow, especially around the third quarter of 2025, here is a breakdown of some key items:

Revenue/Adjustment Component (Q3 2025)	Amount (in thousands, USD)	Per Share Impact (USD)
Rental and Other Revenues (Quarterly)	$201,800	Not specified directly
Lease Termination Income, Net	$585	$0.005
Straight-Line Rental Income	$3,927	$0.036
Capitalized Interest	$1,365	$0.012
Gains on Disposition of Depreciable Properties (YTD 9/30/2025)	$5,674	$0.051

Lease termination fees and other non-cash adjustments flow through the income statement, impacting reported earnings but not necessarily immediate cash flow. For the third quarter of 2025, Lease Termination Income, Net, was reported at $585 thousand, or $0.005 per share. Also impacting non-cash results was Straight-Line Rental Income, which totaled $3,927 thousand for the quarter, translating to $0.036 per share.

Gains from strategic disposition of non-core assets are a key part of the asset recycling strategy. Highwoods Properties, Inc. has targeted $161 million in completed dispositions for its 2025 outlook, continuing to shed less-core assets to fund higher-quality investments.

Parking and other ancillary property income contribute to the overall revenue stream. In the third quarter of 2025, Highwoods Properties, Inc. acquired the Legacy Union Parking Garage for $111.5 million, a 3,057-space facility, which is expected to bolster this ancillary income category moving forward.

Funds From Operations (FFO) is the key metric for a REIT like Highwoods Properties, Inc. The company updated its full-year 2025 FFO guidance to a range of $3.41 to $3.45 per share. This represents the third consecutive quarter raising the midpoint of the outlook for the year.

• FFO midpoint for full-year 2025 is $3.43 per share.
• This updated midpoint is $0.02 higher than the previous outlook provided in July 2025.
• The current FFO outlook midpoint is $0.08 above the initial outlook provided in February 2025.

Finance: review the impact of the Q3 2025 $16 million non-core sale on the remaining disposition target by end of year.