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Highwoods Properties Inc. provides office space in urban and suburban business districts across several U.S. markets. It manages its properties and also buys and develops office buildings. Tenants pay rent and reimburse certain property operating costs; these payments underpin its business. The company operates as a real estate investment trust, or REIT.
Its earnings depend on keeping space occupied, renewing leases and finding tenants for vacant offices, with rents and cost reimbursements covering rising property expenses. Office employment and economic growth in its markets shape demand. Bank of America and Asurion are its largest tenants, but neither supplies a dominant share of revenue, and the company is not significantly dependent on any single geographic market.
To retain REIT status, Highwoods must meet rules governing its income, assets, ownership and distributions to shareholders. These rules limit some investments and require it to distribute most of its taxable income, leaving less cash for reinvestment and debt repayment.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Cousins Properties competes with Highwoods for tenants paying for amenity-rich Class A offices in Atlanta, Charlotte, Tampa, Dallas and Nashville. Its renewals and new leases show how well these workplaces attract and retain tenants in markets Highwoods also serves.
Piedmont Realty Trust competes with Highwoods for corporate tenants renting high-quality, amenity-rich offices in Sunbelt markets. Watch Piedmont's tenant retention for evidence of how well this workplace offering keeps rent-paying customers.
BXP and Highwoods both depend on companies renting modern, amenity-rich workplaces, but BXP concentrates on gateway cities rather than Highwoods' core Sunbelt markets. BXP's rents for these premium offices offer a comparison for demand, not a readout of Highwoods' local markets.
Kilroy Realty and Highwoods both earn rent from premium office tenants, but Kilroy has greater exposure to technology tenants and life-science properties. Watch its office leasing with that difference in mind: technology tenants supplied 51% of its office-portfolio annualized base rental revenues as of December 31, 2025.
Hudson Pacific Properties and Highwoods both depend on corporate tenants renting offices, but Hudson Pacific also earns income from studios and production services. Its office occupancy and rents are the closer comparison for Highwoods; its entertainment businesses serve a different demand.
SL Green Realty and Highwoods both collect office rents, so employers' demand for workplaces matters to both despite their different locations. SL Green's Manhattan-heavy portfolio makes its commercial occupancy a geographic comparison, rather than a direct measure of leasing demand in Highwoods' core markets.
Vornado Realty Trust and Highwoods both depend on employers paying to lease workplaces, with Vornado's office-centered business in New York contrasting with Highwoods' Sunbelt office portfolio.
Douglas Emmett and Highwoods both earn office rent and seek attractive office districts, although Douglas Emmett also rents apartments. Its office rental revenue is the useful comparison for Highwoods, rather than income from apartment tenants.
Net Lease Office Properties and Highwoods both collect rent from corporate office tenants, but the former emphasizes single-tenant buildings where tenants pay substantially all operating and maintenance costs—net leases—and property sales. Separate its leasing results from sales: in January and February 2026 it sold four properties, including the one leased to its largest tenant by annualized base rent as of December 31, 2025.
Highwoods Properties Inc. earningsThis company
Highwoods collects rent from office buildings, and this report will show whether occupancy and income from existing properties are stabilizing.
Read occupancy alongside same-property net operating income (NOI: property revenue minus property expenses). Rising occupancy and improving NOI would show leasing is filling space and lifting property income; falling occupancy or NOI would mean vacancies or costs still outweigh rent gains.
Cousins Properties Inc. earningsCUZ
Cousins Properties leases Class A offices in Atlanta, Charlotte, Tampa, Dallas and Nashville, where it competes with Highwoods; its renewals and new leases will show whether companies still pay for premium workplaces in those shared markets.
Look at Cousins Properties' renewals and new leases: are tenants staying, and are rents holding up? Strong renewals and new leasing would show premium offices can still attract and retain companies in these shared markets, supporting Highwoods' leasing environment. Tenant losses or weaker new leases would mean stiffer competition for renters and more pressure on Highwoods' occupancy and rents.
