HIW · 10-Q · 2026Q1 · Full report
Liquidity and Cash Position
HIGHWOODS PROPERTIES, INC. · 2026-04-28 · Importance 13 · Surprise 6
The Company states it maintains a conservative and flexible balance sheet and, as of April 21, 2026, held approximately $32 million of cash and had $175.0 million drawn on its $750.0 million revolving credit facility. Rental and other revenues are identified as the principal source of funds for short-term liquidity, supplemented by available working capital and revolver borrowings. Management expects that available cash, operating cash flows and planned financing activities will be adequate to meet short-term liquidity needs, including operating expenses, interest, distributions and capital expenditures, but notes inability to borrow under the revolver on an event of default would adversely affect operations. The Company also discloses it had $32.4 million of cash and cash equivalents as of March 31, 2026 and unused revolver capacity of $574.9 million.
Key facts
- Net cash used in investing activities for the three months ended March 31, 2026 was $(340,172) thousand compared to $(27,209) thousand in 2025, a change of $(312,963) thousand.
- Net cash provided by/(used in) financing activities for the three months ended March 31, 2026 was $286,907 thousand compared to $(13,278) thousand in 2025, a change of $300,185 thousand.
- Net cash provided by operating activities for the three months ended March 31, 2026 was $62,849 thousand compared to $46,324 thousand in 2025, a change of $16,525 thousand.
- Total cash flows for the three months ended March 31, 2026 were $9,584 thousand compared to $5,837 thousand in 2025, a change of $3,747 thousand.
- Market value of Common Stock and Common Units was $2,404,129 thousand as of March 31, 2026 (compared to $2,890,523 thousand as of December 31, 2025).
- Total capitalization was $6,134,258 thousand as of March 31, 2026 (compared to $6,471,392 thousand as of December 31, 2025).
- Per share stock price at period end was $21.41 as of March 31, 2026 (compared to $25.82 at December 31, 2025).
- Common Stock outstanding was 110,273 (value shown in table) as of March 31, 2026 and 109,905 as of December 31, 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -4.7% | Net cash used in investing activities for the three months ended March 31, 2026 was $(340,172) thousand compared to $(27,209) thousand in… |
| cash | positive | realized | +4.5% | Net cash provided by/(used in) financing activities for the three months ended March 31, 2026 was $286,907 thousand compared to $(13,278)… |
| cash | positive | realized | +0.3% | Net cash provided by operating activities for the three months ended March 31, 2026 was $62,849 thousand compared to $46,324 thousand in… |
| cash | positive | realized | +0.1% | Total cash flows for the three months ended March 31, 2026 were $9,584 thousand compared to $5,837 thousand in 2025, a change of $3,747… |