Highwoods Properties Inc

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  • uploads///C DIV
    Company & Industry Overviews

    Highwoods Properties’ Falling Funds from Operations Payout Ratio

    Highwoods Properties’ (HIW) FFO (funds from operations) increased to $2.90 per share in 2014, compared with $2.81 per share in 2013.

    By Peter Barnes
  • uploads///C REV
    Company & Industry Overviews

    Highwoods Properties’ Moderate Revenue Growth in Recent Years

    In comparison to its peer group, Highwoods Properties posted a moderate revenue growth.

    By Peter Barnes
  • uploads///C ACQUI
    Company & Industry Overviews

    Highwoods Properties Acquires Trophy Assets in Recent Years

    Highwoods Properties (HIW) acquires properties in the best business districts to strengthen its competitive position in the market.

    By Peter Barnes
  • uploads///C TENNATS
    Company & Industry Overviews

    Highwoods Properties’ Diversified Tenant Base

    Highwoods Properties’ top five tenants occupy an area of 3 million square feet or 11% of the company’s total rentable area.

    By Peter Barnes
  • uploads///C DEBT
    Company & Industry Overviews

    Douglas Emmett’s Leverage: A Tale of Dependence, or of Improvement?

    At the end of fiscal 2014, Douglas Emmett’s consolidated debt was $3.4 billion, up by 6% over 2013. Since 2015, its total debt has seen moderate declines.

    By Peter Barnes
  • uploads///C DIV
    Company & Industry Overviews

    Analyzing Douglas Emmett’s Low—but Rising—FFO Payout Ratio

    Bolstered by its higher FFO per share, Douglas Emmett increased its dividend by 9.5% to $0.81 per common share in fiscal 2014, over $0.74 per share in 2013.

    By Peter Barnes
  • uploads///C FFO
    Company & Industry Overviews

    Douglas Emmett’s Net Operating Income Growth—Too Flat for Comfort?

    Douglas Emmett’s NOI remained flat over the past five years. In 2010, the company reported NOI of $393.4 million while in 2014 it was at $397.7 million.

    By Peter Barnes
  • uploads///C EV EBITDA
    Company & Industry Overviews

    Why Does Kilroy Realty Trade at a Higher Valuation than Peers?

    A closer look at Kilroy Realty’s EV/EBITDA multiple shows that it is in line with its historical valuation.

    By Peter Barnes
  • uploads///C DIV
    Company & Industry Overviews

    Analyzing Kilroy Realty’s Funds from Operations Payout Ratio

    FFO payout ratio is the dividend declared per common share divided by the diluted FFO per common share for a given period.

    By Peter Barnes
  • uploads///C EV EBITDA
    Company & Industry Overviews

    What Does SL Green’s Higher EV/EBITDA Multiple Mean to Investors?

    The EV/EBITDA multiple is widely used for the valuation of real estate companies.

    By Peter Barnes
  • uploads///C P FFO
    Company & Industry Overviews

    Peer Group Comparison: SL Green Realty Trades at Lower Multiple

    A closer look at SL Green Realty’s (SLG) trailing-12-month price-to-FFO multiple shows that it is in line with its historical valuation.

    By Peter Barnes
  • uploads///C FFO
    Company & Industry Overviews

    Evaluating SL Green’s Higher Funds from Operations

    FFO (funds from operations) is a measure used by REITs to define the cash generated from their operations.

    By Peter Barnes
  • uploads///C EV EBITDA
    Company & Industry Overviews

    The Lowdown on Boston Properties’ High EV-to-EBITDA: Investor Takeaways

    Boston Properties’ EV-to-EBITDA ratio shows that it is in line with its historical valuation, with an EV-to-EBITDA ratio of around 19.9x as of November 27.

    By Peter Barnes
  • uploads///C P FFO
    Company & Industry Overviews

    Boston Properties’ Price-to-FFO Multiple Stands Tall among Peers

    Boston Properties’ TTM price-to-FFO ratio is in line with its historical valuation, with a current price-to-FFO ratio of around 21.8x as of November 27.

    By Peter Barnes
  • uploads///C DIV
    Company & Industry Overviews

    Boston Properties’ Higher FFO Payout Ratio, or Why Dividends Matter

    Boston Properties’ FFO increased to $5.26 per share in 2014, compared to $4.91 per share in 2013. Bolstered by high FFO, it increased its dividend by 46.4%.

    By Peter Barnes
  • uploads///C FFO
    Company & Industry Overviews

    Sizing up Boston Properties’ Funds from Operations

    Boston Properties’ FFO has risen steadily over the past five years, from $547.4 million in 2010 to $807.5 million in 2014—its highest in ten years.

    By Peter Barnes
  • uploads///Nonfarm Payrolls
    Financials

    Payrolls Up By A Quarter Million In December

    Private payrolls increased by 228,000, and manufacturing payrolls rose by 17,000. Construction payrolls rose 48,000, a big jump.

    By Brent Nyitray, CFA, MBA
  • uploads///civeo crude
    Fund Managers

    Civeo cuts workforce and postpones dividend

    Due to decreasing demand and declining revenues, Civeo has cut its workforce by 30% in Canada and by 45% in the US. More than 1,000 employees have lost their jobs in total.

    By Adam Rogers
  • uploads///Nonfarm Payrolls
    Macroeconomic Analysis

    November Payrolls Exceed Wall Street Expectations

    In November, payrolls increased by 321,000, well in excess of Wall Street expectations of 230,000. Government employment increased by 7,000 jobs.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Why geography matters to REIT investors

    The strength of the services economy, in particular, is an important driver of office REITs. Strength increases demand and prices for office space. It lowers vacancy rates.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Financials

    The US services economy continues to hum along

    Expansion was reported in 16 of the industries. The best-performing sectors were construction, retail, and agriculture. Two industries—entertainment and utilities—reported declines.

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Real Estate

    October payrolls increase: Good news for office REITs

    Private payrolls increased by 209,000 while manufacturing payrolls rose by 15,000. Private services payrolls increased by 181,000. Government employment increased by 5,000 jobs.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Pay attention to office REITs’ focus on geography

    Office REITs are driven in part by economy’s strength The strength of the services economy, in particular, is an important driver of office real estate investment trusts (or REITs) such as Boston Properties, Inc. (BXP), Kilroy Realty Corporation (KRC), Vornado Realty Trust (VNO), SL Green Realty Corp. (SLG), and Highwoods Properties Inc. (HIW). Strength increases […]

    By Brent Nyitray, CFA, MBA
  • uploads///Nonfarm Payrolls
    Real Estate

    Why September’s rising payrolls matter for office REITs

    In September, payrolls increased by 248,000, which came in well above Wall Street expectations of 215,000. The ADP survey predicted the number would come in at 213,000.

    By Brent Nyitray, CFA, MBA
  • uploads///JOLT Job Openings
    Real Estate

    JOLT job openings are flat at 13-year highs, driving office REITs

    The Bureau of Labor Statistics (or BLS) compiles data from a random sample of private non-farm businesses. Job openings are one piece of the report. The other is hires versus separations.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    Services activity hits a record in August, supporting office REITs

    The index showed that overall activity in the non-manufacturing sector increased for the 55th consecutive month, and the rate of growth is accelerating.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Must-know: Why all commercial real estate is local

    Vacancy rates are determined not only by demand, but also by the supply of office space. Since the real estate bubble burst, we’ve had a lack of new construction, which has limited supply of office space.

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    Why capacity utilization is an important economic indicator

    Capacity utilization rates are approaching long-term historical averages.

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    Institute for Supply Management non-manufacturing survey grows

    The index showed that overall activity in the non-manufacturing sector increased for the 53rd consecutive month, but the rate of growth is decelerating.

    By Brent Nyitray, CFA, MBA
  • uploads///Markit Non Manufacturing PMI
    Real Estate

    Why Markit suggests the June payroll forecasts are too low

    Markit is forecasting a June payroll number of 250,000. Wall Street is forecasting that the ADP report will come in at 208,000 and that the BLS payroll number will come in at 200,000 when they’re released next week.

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    A rebound in capacity utilization helps office REITs like SL Green

    While most people don’t think of industrial data affecting office REITs, it does influence the top-line growth of commercial REITs like SL Green (SLG).

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    Must-know: Why did the service sector report a pick-up in May?

    The Institute of Supply Management (ISM) Purchasing Manager’s Index (PMI) is similar to the other regional PMI indices, but it covers the entire country. It’s the sister index to the ISM Manufacturing Purchasing Managers Index.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Why economic strength can be a double-edged sword for office REITs

    We’re seeing signs of strength in the employment market. Friday’s payroll reading was a mixed bag—payrolls were strong, but the drop in unemployment was due to a decrease in the labor force participation rate.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Why you should focus on geography’s role in the office REIT cycle

    The strength of the services economy is an important driver of the office REITs like Boston Properties (BXP), Kilroy (KRC), Vornado Realty Trust (VNO), S.L. Green (SLG), and Highwoods (HIW).

    By Brent Nyitray, CFA, MBA
  • uploads///ISM non manf
    Real Estate

    Why a service sector rebound in March affects key office REITs

    The index showed that overall activity in the non-manufacturing sector increased for the 50th consecutive month and the pace of growth is accelerating.

    By Brent Nyitray, CFA, MBA
  • uploads///JOLT Job Openings
    Real Estate

    Must know: Why the rise in job openings is good for office REITs

    The activity and decisions of the Fed are probably the biggest driver of returns in the financial sector right now.

    By Brent Nyitray, CFA, MBA
  • uploads///Office Vacancy Rates
    Real Estate

    Why the ISM Services report drives REITs like Boston Properties

    The strength of the services economy in particular is an important driver of the office REITs like Boston Properties (BXP), Kilroy (KRC), Vornado Realty Trust (VNO), S.L. Green (SLG), and Highwoods (HIW).

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    The US witnesses an unexpected drop in capacity utilization

    From 1972 to 2012, capacity utilization averaged 80.2% and bottomed at 66.9% in 2009 suggesting there’s a lot of room for production to expand before we start feeling inflationary pressures.

    By Brent Nyitray, CFA, MBA
  • uploads///Capacity Utilization
    Real Estate

    Capacity utilization approaches historical levels, helping REITs

    Industrial production and capacity utilization are numbers that get a lot of focus at the Fed. These figures not only help forecast economic activity, but they’re also important inputs into inflation.

    By Brent Nyitray, CFA, MBA
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