Highwoods Properties, Inc (HIW) Fair Value & Analysis
Real Estate · US · Market cap $3.3B
Highwoods Properties, Inc
HIW · US
Fair value as of: Jul 26, 2026
From 11 valuation models · updated 15 days ago
Share price +0.6% over the past month.
A solid business, but screening 22% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($30.76). The favourable scenario is already priced in.
- Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($16.94 to $30.76) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.
How to read this chart
60‑month range $14.24 – $34.40 · fair‑value band $16.94 – $30.76 · the $31.45 price screens above the $24.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 26, 2026.
Analysis
Highwoods Properties, Inc (HIW) currently trades at $31.45, while our model-based Fair Value estimate is $24.61, implying the stock looks roughly 21.8% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Highwoods Properties, Inc generated revenue of $824M at a net margin of 11.4%. Revenue grew 7.6% year over year. It earns a return on equity of 3.8%. Net debt stands at $3.6B. Fundamentals as of Jul 26, 2026
Our scenario range runs from $16.94 (bear case) to $30.76 (bull case); at $31.45, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 57% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -20% fair-value upside, at -22%, HIW screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 11 models by family
Widest divergence: Multiples ($24.61) versus Asset-Based ($14.45). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 26, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 70
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Highwoods Properties, Inc. is a publicly traded fully integrated office real estate investment trust that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.
Full company description
Highwoods Properties, Inc. is a publicly traded fully integrated office real estate investment trust that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. Highwoods Properties, Inc. is headquartered in Raleigh. Highwoods Properties, Inc. was incorporated in 1978 in Maryland, USA.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Highwoods Properties, Inc reported revenue of $806M in FY2025 versus $768M in FY2021, a compound +1.2%/yr. Reported net income was $160M in FY2025, compounding −15.5%/yr from FY2021.
HIW screens 22% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- HIW Q2 FFO Beats Estimates on Leasing and Rent Growth, 2026 View Up
- Highwoods Properties (HIW) Surpasses Q2 FFO and Revenue Estimates
- Highwoods Announces Availability of Second Quarter 2026 Results
- Highwoods Declares Quarterly Dividends
Peer Group
REIT - Office · 75 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Office median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 26, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €6.46 | -58% |
| BXP, Inc BXP | $69.11 | $53.27 | -23% |
| Vornado Realty Trust VNORP | $51.75 | $41.59 | -20% |
| Alexandria Real Estate Equities, Inc ARE | $50.12 | $59.48 | +19% |
| Hudson Pacific Properties, Inc HPP | $15.38 | $4.60 | -70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.28 SGD | 1.14 SGD | -11% |
| Cousins Properties Incorporated CUZ | $32.15 | $17.62 | -45% |
| Kilroy Realty Corporation KRC | $39.42 | $40.37 | +2% |
| Keppel DC REIT AJBU | 2.20 SGD | 1.68 SGD | -24% |
| DEXUS DXS | A$5.64 | A$4.49 | -20% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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