Highwoods Properties, Inc. (HIW) Balance Sheet
HIW balance sheet, 2025
December 31, 2025 · U.S. dollars$6.27B assets = $3.84B liabilities + $2.44B equity
Both columns are drawn to the same scale: what HIW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HIW financial health
Descriptive bands, not a rating. Fiscal 2025.
HIW balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.56B2016 | $6.27B2025 | +3.6%/yr | |
| Total liabilities | $2.26B2016 | $3.84B2025 | +6.1%/yr | |
| Shareholders’ equity | $2.30B2016 | $2.38B2025 | +0.4%/yr | |
| Cash & short-term investments | $49.5M2016 | $27.4M2025 | −6.4%/yr | |
| Total debt | $3.90B2016 | $3.64B2025 | −0.8%/yr | |
| Net cash (debt) | −$3.85B2016 | −$3.61B2025 | +$238.4M | |
| Working capital | $4.2M2016 | $364.8M2025 | +$360.6M | |
| Book value per share | $22.672016 | $21.522025 | −0.6%/yr | |
| Debt / equity | 1.702016 | 1.532025 | −0.17 | |
| Shares outstanding | 101.4M2016 | 110.6M2025 | +1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HIW assets
HIW liabilities and equity
HIW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HIW balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $27.4M | $22.4M | $25.1M | $21.4M | $23.2M | $109.3M | $9.5M | $3.8M | $3.3M | $49.5M |
| Cash & equivalents | $27.4M | $22.4M | $25.1M | $21.4M | $23.2M | $109.3M | $9.5M | $3.8M | $3.3M | $49.5M |
| Short-term investments | — | — | — | — | −$4.5M | — | — | $1.1M | $85.1M | $29.1M |
| Receivables | $358.5M | $337.1M | $343.5M | $320.2M | $283.6M | $288.2M | $261.6M | $251.6M | $231.5M | $199.0M |
| Inventory | $23.2M | $55.4M | $6.4M | $4.7M | $8.1M | $79.9M | $5.2M | $6.4M | $85.1M | $29.1M |
| Other current assets | $0 | $84.0M | $65.1M | $68.1M | $78.6M | $62.9M | $59.0M | $28.8M | $28.6M | $40.4M |
| Total current assets | $373.6M | $499.0M | $440.2M | $414.4M | $393.3M | $540.3M | $335.3M | $290.6M | $348.5M | $318.1M |
| Property, plant & equipment (net) | $0 | $0 | $4.80B | $4.93B | $4.82B | $4.29B | $4.43B | $4.04B | $3.96B | $3.93B |
| Goodwill & intangible assets | $244.3M | $0 | $0 | $252.8M | $258.9M | $209.3M | $231.3M | $195.3M | $200.7M | $213.5M |
| Long-term investments | $471.6M | $485.7M | $343.2M | $269.2M | $10.9M | $38.5M | $47.1M | $23.6M | $38.0M | $18.8M |
| Other non-current assets | $5.18B | $5.04B | $423.3M | $201.5M | $215.2M | $131.5M | $97.1M | $128.2M | $74.1M | $77.4M |
| Total assets | $6.27B | $6.03B | $6.00B | $6.06B | $5.70B | $5.21B | $5.14B | $4.68B | $4.62B | $4.56B |
| Liabilities | ||||||||||
| Accounts payable | — | $204.2M | $187.3M | $240.0M | $263.3M | $268.7M | $286.9M | $218.9M | $228.2M | $313.9M |
| Short-term debt | $8.8M | $11.3M | $6.9M | $7.1M | $206.5M | $150.5M | $248,000 | $3.6M | $2.01B | $1.95B |
| Deferred revenue | — | — | −$187.3M | −$247.1M | −$263.3M | — | — | −$4.39B | −$4.05B | −$4.01B |
| Total current liabilities | $8.8M | $304.6M | $193.8M | $301.2M | $295.0M | $268.7M | $286.9M | $218.9M | $228.2M | $313.9M |
| Long-term debt | $3.55B | $3.29B | $3.21B | $3.20B | $2.79B | $2.47B | $2.54B | $2.09B | $2.01B | $1.95B |
| Other long-term liabilities | $281.9M | $102.7M | $115.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $3.84B | $3.60B | $3.52B | $3.50B | $3.08B | $2.74B | $2.83B | $2.30B | $2.24B | $2.26B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.1M | $1.1M | $1.0M | $1.0M | $1.0M | $1.0M | $2.93B | $2.85B |
| Retained earnings (deficit) | −$870.1M | −$810.6M | −$698.0M | −$633.2M | −$579.6M | −$686.2M | −$831.8M | −$769.3M | −$747.3M | −$749.4M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$2.5M | −$2.2M | −$2.0M | −$1.2M | −$973,000 | −$1.5M | −$471,000 | $9.9M | $7.8M | $4.9M |
| Minority interest | $56.7M | $70.1M | $54.2M | $22.2M | $22.4M | $22.0M | $22.0M | $17.6M | $17.4M | $18.0M |
| Total shareholders' equity | $2.38B | $2.36B | $2.43B | $2.56B | $2.61B | $2.47B | $2.31B | $2.37B | $2.38B | $2.30B |
| Key figures | ||||||||||
| Total debt | $3.64B | $3.29B | $3.21B | $3.20B | $3.00B | $2.62B | $2.54B | $2.09B | $2.01B | $3.90B |
| Net cash (debt) | −$3.61B | −$3.27B | −$3.19B | −$3.18B | −$2.97B | −$2.51B | −$2.53B | −$2.09B | −$2.01B | −$3.85B |
| Working capital | $364.8M | $194.4M | $246.4M | $113.2M | $98.4M | $271.6M | $48.4M | $71.7M | $120.3M | $4.2M |
| Tangible book value | $2.13B | $2.36B | $2.43B | $2.31B | $2.35B | $2.26B | $2.08B | $2.17B | $2.18B | $2.09B |
| Book value per share | $21.52 | $21.80 | $22.58 | $24.40 | $24.39 | $23.15 | $21.68 | $22.30 | $22.55 | $22.67 |
| Shares outstanding | 110.6M | 108.3M | 107.8M | 105.1M | 107.1M | 106.7M | 106.4M | 106.3M | 105.6M | 101.4M |
| Current ratio | 42.45 | 1.64 | 2.27 | 1.38 | 1.33 | 2.01 | 1.17 | 1.33 | 1.53 | 1.01 |
| Quick ratio | 43.83 | 1.18 | 1.90 | 1.13 | 1.04 | 1.48 | 0.94 | 1.17 | 1.03 | 0.79 |
| Debt / equity | 1.53 | 1.39 | 1.32 | 1.25 | 1.15 | 1.06 | 1.10 | 0.88 | 0.85 | 1.70 |
| Equity / assets | 37.9% | 39.2% | 40.5% | 42.3% | 45.9% | 47.4% | 44.9% | 50.7% | 51.5% | 50.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $145.4M | $32.4M | $27.4M | $26.3M | $21.2M | $20.1M | $22.4M | $23.6M | $27.0M | $16.4M | $25.1M | $16.9M |
| Cash & equivalents | $145.4M | $32.4M | $27.4M | $26.3M | $21.2M | $20.1M | $22.4M | $23.6M | $27.0M | $16.4M | $25.1M | $16.9M |
| Receivables | $315.5M | $367.7M | $358.5M | $353.6M | $348.5M | $346.7M | $337.1M | $352.2M | $344.2M | $345.5M | $343.5M | $333.9M |
| Inventory | $0 | $0 | $23.2M | $10.5M | $0 | $0 | $55.4M | $386.2M | $3.8M | $1 | $6.4M | $3.8M |
| Other current assets | $82.1M | $82.3M | $0 | $80.2M | $0 | $0 | $84.0M | $0 | $9.9M | $109.6M | $65.1M | $74.8M |
| Total current assets | $543.0M | $482.4M | $373.6M | $470.5M | $363.5M | $360.6M | $499.0M | $461.0M | $384.8M | $471.5M | $440.2M | $429.4M |
| Property, plant & equipment (net) | $5.12B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.68B | $4.71B | $4.80B | $4.81B |
| Goodwill & intangible assets | $278.2M | $0 | $244.3M | $225.3M | $221.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $495.3M | $471.6M | $497.0M | $496.2M | $492.1M | $485.7M | $482.7M | $378.8M | $372.7M | $343.2M | $314.5M |
| Other non-current assets | $534.1M | $5.62B | $5.18B | $4.95B | $4.98B | $5.22B | $5.04B | $5.08B | $529.6M | $462.5M | $423.3M | $472.7M |
| Total assets | $6.47B | $6.60B | $6.27B | $6.14B | $6.06B | $6.08B | $6.03B | $6.03B | $5.97B | $6.01B | $6.00B | $6.02B |
| Liabilities | ||||||||||||
| Accounts payable | $305.7M | — | — | — | $264.8M | $241.0M | $204.2M | $275.7M | $284.6M | $265.9M | $187.3M | $286.7M |
| Short-term debt | — | — | $8.8M | $0 | $0 | $0 | $7.2M | $0 | — | — | $6.9M | $0 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | −$187.3M | — |
| Total current liabilities | $305.7M | $279.4M | $8.8M | $283.9M | $281.2M | $258.0M | $304.6M | $295.2M | $286.6M | $269.0M | $302.2M | $287.9M |
| Long-term debt | $0 | $3.70B | $3.55B | $3.40B | $3.33B | $3.34B | $3.29B | $3.30B | $3.19B | $3.26B | $3.21B | $3.21B |
| Other long-term liabilities | $3.52B | $0 | $275.2M | $0 | $0 | $0 | $0 | $0 | $18.2M | $18.1M | $0 | $22.5M |
| Total liabilities | $3.88B | $3.98B | $3.84B | $3.69B | $3.62B | $3.60B | $3.60B | $3.59B | $3.50B | $3.55B | $3.52B | $3.52B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M |
| Retained earnings (deficit) | −$855.4M | −$893.7M | −$870.1M | −$843.8M | −$802.6M | −$767.0M | −$810.6M | −$753.4M | −$715.0M | −$724.8M | −$698.0M | −$683.2M |
| Accumulated other comprehensive income | −$2.6M | −$2.6M | −$2.5M | −$2.4M | −$2.4M | −$2.3M | −$2.2M | −$2.2M | −$717.1M | −$726.9M | −$2.0M | −$684.6M |
| Minority interest | — | $244.8M | $56.7M | $69.1M | $71.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.39B | $2.37B | $2.38B | $2.38B | $2.37B | $2.41B | $2.36B | $2.36B | $2.41B | $2.40B | $2.43B | $2.45B |
| Key figures | ||||||||||||
| Total debt | $3.52B | $3.70B | $3.64B | $3.40B | $3.33B | $3.34B | $3.29B | $3.30B | $3.19B | $3.26B | $3.21B | $3.21B |
| Net cash (debt) | −$3.37B | −$3.67B | −$3.61B | −$3.38B | −$3.31B | −$3.32B | −$3.27B | −$3.27B | −$3.16B | −$3.25B | −$3.19B | −$3.20B |
| Working capital | $237.3M | $203.0M | $364.8M | $186.6M | $82.3M | $102.6M | $194.4M | $165.8M | $98.3M | $202.5M | $138.1M | $141.5M |
| Tangible book value | $2.11B | $2.37B | $2.13B | $2.16B | $2.15B | $2.41B | $2.36B | $2.36B | $2.41B | $2.40B | $2.43B | $2.45B |
| Book value per share | $21.29 | $21.14 | $21.65 | $21.55 | $21.57 | $21.95 | $21.94 | $21.83 | $22.78 | $22.71 | $23.02 | $23.21 |
| Shares outstanding | 112.3M | 112.1M | 109.9M | 110.5M | 110.0M | 109.8M | 107.6M | 108.2M | 106.0M | 105.8M | 105.7M | 105.7M |
| Current ratio | 1.78 | 1.73 | 42.45 | 1.66 | 1.29 | 1.40 | 1.64 | 1.56 | 1.34 | 1.75 | 1.46 | 1.49 |
| Quick ratio | 1.51 | 1.43 | 43.83 | 1.34 | 1.31 | 1.42 | 1.18 | 1.27 | 1.30 | 1.35 | 1.22 | 1.22 |
| Debt / equity | 1.47 | 1.56 | 1.53 | 1.43 | 1.41 | 1.38 | 1.39 | 1.40 | 1.32 | 1.36 | 1.32 | 1.31 |
| Equity / assets | 37.0% | 35.9% | 37.9% | 38.8% | 39.2% | 39.7% | 39.2% | 39.2% | 40.4% | 40.0% | 40.5% | 40.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.
HIW financial position
At the end of fiscal 2025 (December 31, 2025), Highwoods Properties had total assets of $6.3 billion (up 4.1% from a year earlier), total liabilities of $3.8 billion and shareholders' equity of $2.4 billion. It held $27.4 million in cash and short-term investments against $3.6 billion of debt, net debt of $3.6 billion. Its current ratio was 42.45. In the latest quarter (ended June 30, 2026) total assets were $6.5 billion and equity $2.4 billion.
Related: HIW income statement, HIW cash flow statement, HIW key metrics. See the HIW stock overview for the latest quote and news.
HIW balance sheet FAQ
What are Highwoods Properties's total assets?
Highwoods Properties reported total assets of $6.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.0 billion a year earlier.
How much debt does Highwoods Properties have?
Highwoods Properties had $3.6 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.53.
How much cash does Highwoods Properties have?
Highwoods Properties held $27.4 million in cash and short-term investments at the end of fiscal 2025; with $3.6 billion of debt that is net debt of $3.6 billion.
What is Highwoods Properties's book value?
Highwoods Properties's shareholders' equity (book value) was $2.4 billion at the end of fiscal 2025, or $21.52 per share.
What is Highwoods Properties's current ratio?
Highwoods Properties had current assets of $373.6 million and current liabilities of $8.8 million, a current ratio of 42.45 (it can cover its short-term obligations).
How much goodwill does Highwoods Properties have?
Highwoods Properties carried $244.3 million of goodwill and intangible assets, 3.9% of total assets, at the end of fiscal 2025.