HIW · 10-Q · 2026Q1 · Full report

Outstanding Indebtedness

HIGHWOODS PROPERTIES, INC. · 2026-04-28 · Importance 49 · Surprise 6

As of March 31, 2026, the Company reported mortgages and notes payable, net, at recorded book value of $3,703,498 (in thousands). Of this, $701.3 million was secured indebtedness at a weighted average interest rate of 4.44% and $3,017.2 million was unsecured indebtedness at a weighted average interest rate of 4.46%. The Company also reports that $525.0 million of its debt bears interest at floating rates, creating exposure to short-term interest rate movements as of that date. The mortgages and notes payable and outstanding preferred stock represented 60.8% of total capitalization and 43.6% of the undepreciated book value of assets as of March 31, 2026.

Key facts

• The Company has no debt scheduled to mature within one year from April 28, 2026 except for $300.0 million principal amount of unsecured notes scheduled to mature in March 2027.
• As of March 31, 2026, mortgages and notes payable consisted of $701.3 million of secured indebtedness with a weighted average interest rate of 4.44% and $3,017.2 million of unsecured indebtedness with a weighted average interest rate of 4.46%.
• Mortgages and notes payable, net, at recorded book value were $3,703,498 thousand as of March 31, 2026 compared to $3,554,178 thousand as of December 31, 2025.
• As of March 31, 2026, the Company’s leverage ratio, measured by mortgages and notes payable and outstanding preferred stock to the undepreciated book value of assets, was 43.6%.
• Secured indebtedness was collateralized by real estate assets with an undepreciated book value of $1,278.0 million as of March 31, 2026.
• Preferred Stock at liquidation value was $26,631 thousand as of March 31, 2026.

Impact estimates