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Highwoods Properties Inc. (HIW-0.54%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Highwoods Properties, a real estate investment trust, owns and operates office properties primarily in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa.
As of December 31, 2024, the company owned approximately 27.2 million rentable square feet of in-service properties and had 1.6 million square feet under development.
Highwoods Properties reported rental and other revenues of $825.9 million for 2024, a decrease from $834.0 million in 2023. This decrease was primarily attributed to property dispositions.
The company recorded net income of $104.3 million for 2024, down from $151.3 million in 2023. The decrease was due to higher interest expenses and impairment charges.
Highwoods Properties recorded an impairment charge of $24.6 million in 2024 related to EQT Plaza in Pittsburgh.
The company’s occupancy rate for its office portfolio decreased to 87.1% as of December 31, 2024, from 88.9% the previous year.
Highwoods Properties declared a cash dividend of $0.50 per share for each quarter of 2024, consistent with the previous year.
The company reported total assets of $6.0 billion as of December 31, 2024, with total liabilities of $3.6 billion.
Highwoods Properties continues to focus on owning and managing high-quality office buildings in vibrant business districts and maintaining a strong balance sheet.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Highwoods Properties Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.