Highwoods Props (NYSE:HIW) Stock, Quote.Headers.trade-ideas

Highwoods Props

Highwoods Properties Inc is a real estate investment trust engaged in the acquisition, ownership, management, and leasing of properties in urban areas throughout the Southern United States. In terms of total square footage, the vast majority of the company's real estate portfolio comprises office buildings in terms. Highwoods Properties derives nearly all of its income in the form of rental revenue from the tenants of its buildings. The majority of this revenue comes from its holdings in the urban markets of Atlanta, Raleigh, Nashville, and Tampa. These cities also account for the majority of the square footage under the company's ownership. Highwoods Properties' largest customers include the U.S. Government, financial services firms, industrial supply retailers, and healthcare companies.

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Vornado Realty Trust&#39;s (NYSE: VNO) second-quarter 2024 funds from operations (FFO) plus assumed conversions as adjusted per share of 57 cents surpassed the Zacks Consensus Estimate of 55 cents. However, the figure declined 20.8% year over year.

Vornado&#39;s Q2 FFO and Revenues Surpass Estimates

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Highwoods Properties (NYSE: HIW) is well-positioned to benefit from the growing demand for its premier office properties concentrated in high-growth Sun Belt markets. Its disciplined capital-recycling program and accretive development projects are other tailwinds.

Why Should You Retain Highwoods Stock in Your Portfolio?

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Worst may be over for CRE assets, but full recovery is far. Market at/bottom, but rebound will take time. Some cities improving, but challenges remain.

Goldman Sachs: The Worst For Commercial Real Estate Market May Be Over, But &#39;It Is Likely To Take Longer To Inflect Positive&#39;

Highwoods Properties Inc

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HIWIN TECHNOLOGIES CORP by HIWIN TECHNOLOGIES CORP.

Wells Fargo analyst Blaine Heck maintains Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) with a Equal-Weight and raises the price target from $22 to $32.

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Wells Fargo Maintains Equal-Weight on Highwoods Props, Raises Price Target to $32

Vornado Realty Trust&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vno#NYSE">VNO</a>) second-quarter 2024 funds from operations (FFO) plus assumed conversions as adjusted per share of 57 cents surpassed the Zacks Consensus Estimate of 55 cents. However, the figure declined 20.8% year over year.
Results display better-than-anticipated top-line growth. Vornado experienced decent leasing activity, higher initial rent and lower leasing commissions in the quarter. However, the total same-store net operating income (NOI) declined year over year.
Total revenues came in at $450.3 million in the reported quarter, which beat the Zacks Consensus Estimate of $434.6 million. However, on a year-over-year basis, revenues declined nearly 4.7%.
Quarter in Detail
In the reported quarter, total same-store NOI (at share) came in at $263.8 million compared with the prior-year quarter&#39;s $289.8 million. The metric for the New York, THE MART and 555 California Street portfolios decreased 4.4%, 4.6% and 46.4%, respectively, from the prior-year period.
Operating expenses increased 3% to $229.4 million year over year. Interest expenses rose 12.9% to $98.4 million year over year.
During the quarter, in the New York office portfolio, 1,322,000 square feet of office space (598,000 square feet at share) was leased for an initial rent of $131.37 per square foot and a weighted average lease term of 9.7 years. The tenant improvements and leasing commissions were $6.54 per square foot per annum or 5% of the initial rent.
In the New York retail portfolio, 4,000 square feet were leased (all at share) at an initial rent of $301.14 per square foot and a weighted average lease term of five years. The tenant improvements and leasing commissions were $10.99 per square foot per annum or 3.6% of the initial rent.
At THE MART, 32,000 square feet of space (all at share) was leased for an initial rent of $56.39 per square foot and a weighted average lease term of 7.2 years. The tenant improvements and leasing commissions were $7.86 per square foot per annum or 13.9% of the initial rent.
Additionally, at 555 California Street, 66,000 square feet of office space (47,000 square feet at share) was leased for an initial rent of $99.14 per square foot and a weighted average lease term of 9.8 years. The tenant improvements and leasing commissions were $12.56 per square foot per annum or 12.7% of the initial rent.
Vornado ended the quarter with occupancy in the New York portfolio at 88.3%, down 180 basis points (bps) year over year. Occupancy in THE MART declined to 76.9% from 80% reported at the end of the year-ago period. However, occupancy in 555 California Street remained unchanged at 94.5%.
Portfolio Activity
During the second quarter, Vornado sold two condominium units at 220 CPS for a net amount of $31.6 million. It also sold its 49.9% interest in 50-70 West 93rd Street to its joint venture partner for a net amount of $2 million.
Balance Sheet
Vornado exited the second quarter of 2024 with cash and cash equivalents of $872.6 million, down 2.3% from $892.7 million as of Mar 31, 2024.
Vornado currently carries a Zacks Rank #4 (Sell).
Vornado Realty Trust Price, Consensus and EPS Surprise
<div class="chart_embed"><img alt="Vornado Realty Trust Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/82/1722952047.png" style="height:265px; width:583px" title="" /></div>
<div class="chart_embed">Vornado Realty Trust price-consensus-eps-surprise-chart | Vornado Realty Trust Quote</div>
Performance of Other REITs
Highwoods Properties Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hiw#NYSE">HIW</a>) reported a second-quarter 2024 FFO per share of 98 cents, which beat the Zacks Consensus Estimate of 90 cents. The figure was also higher than the prior-year quarter&#39;s 94 cents.
Quarterly results reflected a decline in rental property and other expenses year over year and improving leasing activity. However, interest expenses were up year over year. HIW raised its outlook for 2024. HIW currently carries a Zacks Rank#3 (Hold).
Cousins Properties&#39;&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cuz#NYSE">CUZ</a>) second-quarter 2024 FFO per share of 68 cents beat the Zacks Consensus Estimate of 66 cents.
Results reflected decent leasing activity and better-than-anticipated revenues. However, rental property operating and interest expenses increased year over year.CUZ also raised its 2024 outlook for FFO per share. CUZ currently carries a Zacks Rank #3.
Note:&nbsp;Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
<a href="https://www.zacks.com/stock/news/2317151/vornado-s-vno-q2-ffo-and-revenues-surpass-estimates?cid=CS-BENZ-FT-analyst_blog|earnings_article-2317151">To read this article on Zacks.com click here.</a>

Vornado's Q2 FFO and Revenues Surpass Estimates

Baird analyst David Rodgers maintains Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) with a Neutral and raises the price target from $27 to $30.

Baird Maintains Neutral on Highwoods Props, Raises Price Target to $30

Truist Securities analyst Michael Lewis maintains Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) with a Buy and raises the price target from $29 to $33.

Truist Securities Maintains Buy on Highwoods Props, Raises Price Target to $33

Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) reported quarterly earnings of $0.98 per share which beat the analyst consensus estimate of $0.90 by 8.89 percent. The company reported quarterly sales of $204.73 million which missed the analyst consensus estimate of $205.07 million by 0.16 percent. This is a 1.24 percent decrease over sales of $207.29 million the same period last year.

Earnings Beats

Earnings Misses

Highwoods Props Q2 2024 FFO $0.98 Beats $0.90 Estimate, Sales $204.73M Miss $205.07M Estimate

Highwoods Properties&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hiw#NYSE">HIW</a>) is well-positioned to benefit from the growing demand for its premier office properties concentrated in high-growth Sun Belt markets. Its disciplined capital-recycling program and accretive development projects are other tailwinds. A healthy balance sheet position augurs well for long-term growth. However, competition from other industry players and elevated interest rates pose concerns for the company.
<h3>What&#39;s Aiding HIW?</h3>
Highwoods has a large part of its portfolio concentrated in high-growth Sun Belt markets, and the company is poised to benefit from this portfolio focus. These markets exhibit promising long-term favorable demographic trends and are expected to continue experiencing above-average job growth. HIW also has a well-diversified tenant base that includes several industry bellwethers. These factors are expected to support its rent growth over the long term.
Highwoods is seeing a recovery in demand for its high-quality and well-placed office properties, as highlighted by a rebound in new leasing volume. The company leased 922,167 square feet of second-generation office space in the first quarter of 2024, including 422,889 square feet of new leases.
With the next cycle of office space demand likely to be driven by inbound migration and significant investments announced by office occupiers to expand their footprint in the Sun Belt regions, as well as additional hiring plans in the company&#39;s markets, this REIT is likely to experience healthy demand for its properties, boosting leasing activity. Also, the rise in the number of tenants returning to offices will act as a tailwind.
The company maintains a healthy balance sheet, with no consolidated debt maturities until the second quarter of 2026. As of Apr 16, 2024, it had around $17 million of available cash and $10 million drawn on its $750 million revolving credit facility.
It enjoyed investment-grade ratings of BBB/Baa2 from S&amp;P and Moody&#39;s as of the end of the first quarter of 2024, rendering it access to the debt market at favorable rates. Hence, with sound financial footing, Highwoods seems well-positioned to capitalize on long-term growth opportunities.
<h3>What&#39;s Hurting HIW?</h3>
The overall office demand in some markets is likely to remain subdued in the near term. Further, higher development activities across Highwoods&#39; markets are likely to result in new supply in the upcoming period. This is likely to affect its ability to backfill vacated space and strain occupancy levels of its office properties. Management anticipates average occupancy to lie in the range of 87-89% in 2024. It also expects that occupancy will trough in the first half of next year.
A high interest rate is another concern for HIW. Elevated rates imply high borrowing costs for the company, affecting its ability to purchase or develop real estate. As of Mar 31, 2024, it had a substantial debt burden, and its net debt was approximately $3.31 billion. With high interest rates still in place, the dividend payout may seem less attractive than the yields on fixed-income and money market accounts.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have rallied 22.0% against the&nbsp;industry&#39;s growth of 14.6%. The Zacks Consensus Estimate for Highwoods&#39; second-quarter 2024 FFO per share has decreased marginally over the past month to 90 cents. HIW is slated to release quarterly numbers on Jul 23 after the closing bell.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b2/71650.jpg?v=1189437788" />
Image Source: Zacks Investment Research
<h3>Stocks to Consider</h3>
Some better-ranked stocks from the broader REIT sector are&nbsp;Americold Realty Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cold#NYSE">COLD</a>) and&nbsp;Stag Industrial (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stag#NYSE">STAG</a>), each carrying a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Americold Realty Trust&#39;s 2024 funds from operations (FFO) per share has moved marginally northward over the past month to $1.44.
The Zacks Consensus Estimate for Stag Industrial&#39;s 2024 FFO per share has moved marginally northward over the past week to $2.39.
Note:&nbsp;Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
<a href="https://www.zacks.com/stock/news/2303585/why-should-you-retain-highwoods-hiw-stock-in-your-portfolio?cid=CS-BENZ-FT-analyst_blog|zer_report_update-2303585">To read this article on Zacks.com click here.</a>

The worst may be over for commercial real estate (CRE) assets, yet a full recovery is still some distance away, according to a recent report from Goldman Sachs.
The analysis, shared by analyst Caitlin Burrows on Friday, indicates that while the annual decline in CRE transaction volumes has likely bottomed out, significant challenges remain for a meaningful country-wide rebound, though <a href="https://www.benzinga.com/topic/real-estate-investing">some cities are exceptions.</a>
<h1 class="wp-block-heading">CRE Market Has Bottomed, According To Goldman Sachs&#8217;s Burrows</h1>
Goldman Sachs notes that leading indicators suggest the CRE market has seen the worst of its downturn. 
Drawing comparisons to the Global Financial Crisis (GFC), Burrows explained that it took eight quarters of year-over-year declines in transaction volumes before the market saw a positive shift in the ninth quarter. Currently, the CRE market has experienced eight quarters of declines, starting from the third quarter of 2022. 
There have been some optimistic signs from leading indicators. Goldman Sachs highlighted that the OECD's U.S. Composite Business Confidence Index, which leads U.S. office leasing volumes by about two quarters, has shown steady improvement in recent months.
However, while the market may be at or near the bottom, a recovery phase akin to past cycles might still be a few quarters away.
Burrows emphasized that a positive turnaround will take more time due to persistently high interest rates and ongoing structural issues within the office segment. &#8220;It is likely to take longer to inflect positive,&#8221; she noted, pointing to the prolonged period of higher interest rates as a key factor.
<h1 class="wp-block-heading">City-Specific Market Improvements</h1>
The report also pointed to improving market conditions in major cities like New York and San Francisco. 
&#8220;Manhattan has experienced strong leasing activity,&#8221; Burrows noted. She also mentioned that San Francisco is seeing &#8220;AI-driven demand,&#8221; which could help bolster the market.
San Francisco saw a significant increase in office tour activity in May, with a 73% month-over-month and 30% year-over-year rise, primarily driven by demand from TAMI tenants (technology, advertising, media, and information).
<h1 class="wp-block-heading">But Cautious Ahead Is Still Needed</h1>
Goldman Sachs highlighted ongoing challenges for the CRE market, citing that &#8220;higher rates for longer are likely to limit the pool of transactions.&#8221; 
Bank credit to CRE continues to struggle due to already substantial exposure. The office segment remains particularly challenged, facing significant &#8220;structural headwinds.&#8221; 
Before the COVID-19 pandemic, offices accounted for about a quarter of overall CRE transaction volumes. Post-pandemic, this share has plummeted to 15%, reflecting a substantial shift in market dynamics.
Furthermore, the CRE market exhibits considerable heterogeneity, resulting in divided asset valuations. High-quality, healthy assets in favored submarkets are experiencing strong leasing momentum, positively impacting valuations. In contrast, low-quality and distressed assets continue to face pressure on valuations, reflecting ongoing market disparities.
CRE-related exchange traded funds (ETFs), such as the Pacer Industrial Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INDS#NYSE">INDS</a>) and the VanEck Office And Commercial Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DESK#NYSE">DESK</a>) are both down by 10% year-to-date. 
Yet, even within the troubled office CRE market some stocks have shown a strong performance with Net Lease Office Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLOP#NYSE">NLOP</a>) SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) and HIW Highwoods Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) rising 30%, 27% and 16% year to date, respectively.
Read Now: • <a href="https://www.benzinga.com/money/investing-in-commercial-real-estate">Commercial Real Estate Investing: The Ultimate Guide</a>
Photo: Shutterstock

Goldman Sachs: The Worst For Commercial Real Estate Market May Be Over, But 'It Is Likely To Take Longer To Inflect Positive'

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LAMR

Shares of REIT stocks are trading higher amid a drop in Treasury yields following soft May CPI figures.

Deutsche Bank analyst Omotayo Okusanya maintains Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) with a Buy and raises the price target from $28 to $31.

Deutsche Bank Maintains Buy on Highwoods Props, Raises Price Target to $31

Guidance

Highwood Properties Sees FY24 FFO $3.46-$3.61 Vs $3.57 Est.

Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) reported quarterly earnings of $0.89 per share which met the analyst consensus estimate. This is a 9.18 percent decrease over earnings of $0.98 per share from the same period last year. The company reported quarterly sales of $211.275 million which beat the analyst consensus estimate of $206.784 million by 2.17 percent. This is a 0.69 percent decrease over sales of $212.752 million the same period last year.

Highwoods Props Q1 2024 FFO $0.89, Inline, Sales $211.275M Beat $206.784M Estimate

<h3>Companies Reporting Before The Bell</h3>
&bull; RTX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) is expected to report quarterly earnings at $1.23 per share on revenue of $18.41 billion.
&bull; MSCI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>) is expected to report quarterly earnings at $3.45 per share on revenue of $684.13 million.
&bull; Quest Diagnostics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>) is expected to report quarterly earnings at $1.85 per share on revenue of $2.29 billion.
&bull; Community Bank System (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBU#NYSE">CBU</a>) is expected to report quarterly earnings at $0.78 per share on revenue of $176.83 million.
&bull; Herc Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRI#NYSE">HRI</a>) is estimated to report quarterly earnings at $2.15 per share on revenue of $782.85 million.
&bull; JetBlue Airways (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>) is expected to report quarterly loss at $0.52 per share on revenue of $2.20 billion.
&bull; General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) is expected to report quarterly earnings at $2.14 per share on revenue of $41.88 billion.
&bull; GE Aero (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) is estimated to report quarterly earnings at $0.65 per share on revenue of $15.34 billion.
&bull; Spotify Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) is projected to report quarterly earnings at $0.70 per share on revenue of $3.85 billion.
&bull; United Parcel Service (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) is projected to report quarterly earnings at $1.30 per share on revenue of $21.87 billion.
&bull; Banc of California (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BANC#NYSE">BANC</a>) is projected to report quarterly earnings at $0.22 per share on revenue of $259.77 million.
&bull; Polaris (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PII#NYSE">PII</a>) is estimated to report quarterly earnings at $0.06 per share on revenue of $1.75 billion.
&bull; PepsiCo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) is projected to report quarterly earnings at $1.52 per share on revenue of $18.08 billion.
&bull; Kiniksa Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KNSA#NASDAQ">KNSA</a>) is expected to report quarterly loss at $0.18 per share on revenue of $79.61 million.
&bull; Xerox Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NASDAQ">XRX</a>) is projected to report quarterly earnings at $0.35 per share on revenue of $1.53 billion.
&bull; Sherwin-Williams (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHW#NYSE">SHW</a>) is likely to report quarterly earnings at $2.21 per share on revenue of $5.49 billion.
&bull; Dime Community Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DCOM#NASDAQ">DCOM</a>) is projected to report quarterly earnings at $0.39 per share on revenue of $72.52 million.
&bull; Preferred Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFBC#NASDAQ">PFBC</a>) is projected to report quarterly earnings at $2.38 per share on revenue of $66.30 million.
&bull; Halliburton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) is estimated to report quarterly earnings at $0.74 per share on revenue of $5.67 billion.
&bull; Peoples Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEBO#NASDAQ">PEBO</a>) is estimated to report quarterly earnings at $0.80 per share on revenue of $109.74 million.
&bull; Pentair (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNR#NYSE">PNR</a>) is projected to report quarterly earnings at $0.90 per share on revenue of $1.01 billion.
&bull; WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) is expected to report quarterly earnings at $1.49 per share on revenue of $3.27 billion.
&bull; Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) is estimated to report quarterly earnings at $5.81 per share on revenue of $15.95 billion.
&bull; GATX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATX#NYSE">GATX</a>) is estimated to report quarterly earnings at $1.76 per share on revenue of $375.80 million.
&bull; NextEra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) is likely to report quarterly earnings at $0.73 per share on revenue of $5.92 billion.
&bull; Atlantic Union Bankshares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AUB#NYSE">AUB</a>) is likely to report quarterly earnings at $0.72 per share on revenue of $181.92 million.
&bull; Invesco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVZ#NYSE">IVZ</a>) is estimated to report quarterly earnings at $0.39 per share on revenue of $1.09 billion.
&bull; Fiserv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>) is likely to report quarterly earnings at $1.79 per share on revenue of $4.58 billion.
&bull; NextEra Energy Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEP#NYSE">NEP</a>) is projected to report quarterly earnings at $0.21 per share on revenue of $331.80 million.
&bull; Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) is likely to report quarterly earnings at $0.30 per share on revenue of $5.23 billion.
&bull; Cambridge (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CATC#NASDAQ">CATC</a>) is expected to report quarterly earnings at $1.01 per share on revenue of $38.05 million.
&bull; Webster Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBS#NYSE">WBS</a>) is projected to report quarterly earnings at $1.42 per share on revenue of $618.43 million.
&bull; Option Care Health (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPCH#NASDAQ">OPCH</a>) is projected to report quarterly earnings at $0.23 per share on revenue of $1.10 billion.
&bull; Kimberly-Clark (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>) is likely to report quarterly earnings at $1.62 per share on revenue of $5.08 billion.
&bull; Old National (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONB#NASDAQ">ONB</a>) is projected to report quarterly earnings at $0.43 per share on revenue of $439.87 million.
&bull; First BanCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FBP#NYSE">FBP</a>) is estimated to report quarterly earnings at $0.37 per share on revenue of $205.74 million.
&bull; First Commonwealth (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCF#NYSE">FCF</a>) is expected to report quarterly earnings at $0.36 per share on revenue of $119.93 million.
&bull; Sandy Spring Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) is estimated to report quarterly earnings at $0.45 per share on revenue of $81.04 million.
&bull; Popular (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BPOP#NASDAQ">BPOP</a>) is expected to report quarterly earnings at $1.89 per share on revenue of $560.41 million.
&bull; Danaher (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>) is estimated to report quarterly earnings at $1.71 per share on revenue of $5.62 billion.
&bull; Philip Morris Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) is likely to report quarterly earnings at $1.41 per share on revenue of $8.46 billion.
&bull; Ryder System (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/R#NYSE">R</a>) is estimated to report quarterly earnings at $1.71 per share on revenue of $3.06 billion.
&bull; LKQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LKQ#NASDAQ">LKQ</a>) is likely to report quarterly earnings at $0.95 per share on revenue of $3.77 billion.
&bull; PulteGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) is expected to report quarterly earnings at $2.36 per share on revenue of $3.58 billion.
<h3>Companies Reporting After The Bell</h3>
&bull; Avangrid (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGR#NYSE">AGR</a>) is projected to report quarterly earnings at $0.73 per share on revenue of $2.63 billion.
&bull; Rush Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUSHB#NASDAQ">RUSHB</a>) is likely to report earnings for its first quarter.
&bull; Rush Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUSHA#NASDAQ">RUSHA</a>) is projected to report quarterly earnings at $0.82 per share on revenue of $1.88 billion.
&bull; AudioEye (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEYE#NASDAQ">AEYE</a>) is likely to report quarterly loss at $0.08 per share on revenue of $8.03 million.
&bull; Stride (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LRN#NYSE">LRN</a>) is expected to report quarterly earnings at $1.43 per share on revenue of $507.18 million.
&bull; Zurn Elkay Water (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZWS#NYSE">ZWS</a>) is likely to report quarterly earnings at $0.26 per share on revenue of $368.99 million.
&bull; Renasant (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNST#NYSE">RNST</a>) is projected to report quarterly earnings at $0.62 per share on revenue of $163.60 million.
&bull; KKR Real Estate Finance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KREF#NYSE">KREF</a>) is expected to report quarterly earnings at $0.38 per share on revenue of $44.35 million.
&bull; Baker Hughes (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) is expected to report quarterly earnings at $0.40 per share on revenue of $6.38 billion.
&bull; Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) is likely to report quarterly earnings at $0.41 per share on revenue of $283.32 million.
&bull; Hanmi Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAFC#NASDAQ">HAFC</a>) is likely to report quarterly earnings at $0.52 per share on revenue of $59.03 million.
&bull; Matador Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTDR#NYSE">MTDR</a>) is likely to report quarterly earnings at $1.47 per share on revenue of $740.47 million.
&bull; Visa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) is likely to report quarterly earnings at $2.43 per share on revenue of $8.62 billion.
&bull; Chubb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) is likely to report quarterly earnings at $5.34 per share on revenue of $10.29 billion.
&bull; Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) is estimated to report quarterly earnings at $3.43 per share on revenue of $4.73 billion.
&bull; Flushing Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIC#NASDAQ">FFIC</a>) is expected to report quarterly earnings at $0.14 per share on revenue of $48.29 million.
&bull; CoStar Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) is estimated to report quarterly earnings at $0.07 per share on revenue of $649.60 million.
&bull; Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) is projected to report quarterly earnings at $0.27 per share on revenue of $1.67 billion.
&bull; Hawaiian Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HA#NASDAQ">HA</a>) is projected to report quarterly loss at $2.62 per share on revenue of $628.95 million.
&bull; Vicor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VICR#NASDAQ">VICR</a>) is expected to report quarterly earnings at $0.11 per share on revenue of $84.83 million.
&bull; Veritex Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VBTX#NASDAQ">VBTX</a>) is projected to report quarterly earnings at $0.58 per share on revenue of $109.00 million.
&bull; Artisan Partners Asset (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APAM#NYSE">APAM</a>) is projected to report quarterly earnings at $0.73 per share on revenue of $265.60 million.
&bull; Enova International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENVA#NYSE">ENVA</a>) is expected to report quarterly earnings at $1.70 per share on revenue of $588.52 million.
&bull; Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is likely to report quarterly earnings at $0.51 per share on revenue of $21.27 billion.
&bull; EQT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) is likely to report quarterly earnings at $0.66 per share on revenue of $1.63 billion.
&bull; West Fraser Timber (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFG#NYSE">WFG</a>) is likely to report quarterly earnings at $0.26 per share on revenue of $2.01 billion.
&bull; Agree Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADC#NYSE">ADC</a>) is likely to report quarterly earnings at $1.01 per share on revenue of $148.23 million.
&bull; Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) is projected to report quarterly earnings at $0.90 per share on revenue of $206.78 million.
&bull; Retail Opportunity (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROIC#NASDAQ">ROIC</a>) is likely to report quarterly earnings at $0.26 per share on revenue of $83.82 million.
&bull; Pebblebrook Hotel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEB#NYSE">PEB</a>) is likely to report quarterly earnings at $0.15 per share on revenue of $303.41 million.
&bull; Trustmark (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRMK#NASDAQ">TRMK</a>) is estimated to report quarterly earnings at $0.61 per share on revenue of $189.37 million.
&bull; Range Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RRC#NYSE">RRC</a>) is likely to report quarterly earnings at $0.61 per share on revenue of $695.20 million.
&bull; Mattel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) is expected to report quarterly loss at $0.13 per share on revenue of $831.06 million.
&bull; EastGroup Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGP#NYSE">EGP</a>) is expected to report quarterly earnings at $2.01 per share on revenue of $152.09 million.
&bull; Manhattan Associates (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) is likely to report quarterly earnings at $0.87 per share on revenue of $243.45 million.
&bull; QCR Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCRH#NASDAQ">QCRH</a>) is likely to report quarterly earnings at $1.30 per share on revenue of $58.85 million.
&bull; Wesbanco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WSBC#NASDAQ">WSBC</a>) is estimated to report quarterly earnings at $0.55 per share on revenue of $116.64 million.
&bull; Premier Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFC#NASDAQ">PFC</a>) is likely to report quarterly earnings at $0.47 per share on revenue of $52.54 million.
&bull; Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) is likely to report quarterly earnings at $1.28 per share on revenue of $3.14 billion.
&bull; Veralto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLTO#NYSE">VLTO</a>) is expected to report quarterly earnings at $0.76 per share on revenue of $1.22 billion.
&bull; Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) is projected to report quarterly earnings at $0.90 per share on revenue of $726.32 million.
&bull; Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) is projected to report quarterly earnings at $1.07 per share on revenue of $3.61 billion.
&bull; iShares Frontier and Select EM ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FM#NYSE">FM</a>) is expected to report quarterly loss at $0.06 per share on revenue of $1.06 billion.
&bull; IDEX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEX#NYSE">IEX</a>) is estimated to report quarterly earnings at $1.75 per share on revenue of $806.94 million.
&bull; Weatherford International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WFRD#NASDAQ">WFRD</a>) is likely to report quarterly earnings at $1.44 per share on revenue of $1.33 billion.
&bull; Bank of N.T Butterfield (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTB#NYSE">NTB</a>) is estimated to report quarterly earnings at $0.98 per share on revenue of $137.26 million.
&bull; First Busey (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BUSE#NASDAQ">BUSE</a>) is expected to report quarterly earnings at $0.49 per share on revenue of $109.21 million.
&bull; East West Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWBC#NASDAQ">EWBC</a>) is likely to report quarterly earnings at $1.99 per share on revenue of $577.70 million.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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WSBC

Earnings Scheduled For April 23, 2024

The March consumer price index was another splash of cold water on investors' hopes that the Federal Reserve would be able to cut interest rates three times in 2024. When inflation numbers came in higher than expected for both core and noncore readings, it signaled that the Fed may have difficulty fulfilling its goal to reduce inflation to 2% annually.
As a result, stocks sold off and interest-sensitive real estate investment trusts (REITs) were hit hard. The dividend yields on many REITs have risen over the past few days.
In a best-of-both-worlds scenario, REIT investors would hold stocks that provide both appreciation and high-yield income. However, it's often difficult to find high-yielding stocks that aren't price laggards.
Take a look at five REITs that have demonstrated appreciation year to date (YTD) and have annual dividend yields between 7% and 9%. In addition, these five have diversification among several different REIT subsectors. Long-term investors can take advantage of present market sentiment to build a basket of these REITs while interest rates are still high.
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</ul>
NewLake Capital Partners Inc. (OTCMARKETS: NLCP) is a New Canaan, Connecticut-based internally managed specialized industrial REIT with 31 properties totaling 1.7 million square feet across 12 states. NewLake Capital Partners specializes in triple-net leases to cannabis companies and provides capital to them when necessary. Its market cap is only $369.06 million.
NewLake was founded in 2019 and had its initial public offering (IPO) in August 2021. Its tenants include the largest companies in the cannabis industry, such as Curaleaf, Cresco Labs Inc. and Truelieve. As of March, it had a 100% occupancy rate with an average of 14.3 years remaining on its lease terms and 2.6% annual rent escalations on 15- to 20-year lease terms. &nbsp;&nbsp;
On March 14, Compass Point analyst Merrill Ross upgraded NewLake from Neutral to Buy and announced an $18.25 price target.&nbsp;
On March 11, NewLake announced its fourth-quarter operating results. Funds from operations (FFO) of $0.51 beat the estimates of $0.45 and its FFO of $0.48 in the fourth quarter of 2022. Revenue of $13.02 million beat the Wall Street estimate of $11.41 million and topped fourth-quarter 2022 revenue of $12.18 million.
On March 11, NewLake Capital Partners raised its quarterly dividend from $0.40 per share to $0.41 per share. The $1.64 annualized dividend per share yields 8.93%.
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On April 2, the Florida Supreme Court approved an initiative to legalize recreational marijuana in Florida through a referendum on the November ballot. This should benefit NewLake, as it has one property leased to Curaleaf Holdings in Florida and has several other tenants with Florida locations.&nbsp;&nbsp;&nbsp;
Year to date, NewLake Capital Partners has had a total return of 16.03%. Keep in mind that as an over-the-counter (OTC) stock with an average daily volume of about 32,000 shares, it can be quite volatile.
Omega Healthcare Investors Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OHI#NYSE">OHI</a>) is a Hunt Valley, Maryland-based triple-net equity healthcare REIT that provides financing, capital and leasing to 69 operators of 862 senior housing, skilled nursing and assisted living facilities across 42 U.S. states and the United Kingdom. Omega Healthcare Investors has no part in the daily management of these facilities, which the operators run.
On March 22, Citigroup analyst Nicholas Joseph upgraded Omega Healthcare from Neutral to Buy and raised the price target from $32 to $35. On April 2, Truist Securities analyst Michael Lewis maintained a Hold on Omega and raised the price target from $31 to $32.
Omega has a total return of 1.62% YTD. The annualized dividend of $2.68 per share yields 8.73%.
Alexander's Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALX#NYSE">ALX</a>) is a Paramus, New Jersey-based, mixed retail REIT that's externally managed by Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>), which also owns 33.1% of Alexander's stock. Alexanders has five large properties in the New York City metropolitan area.
On Feb. 12, Alexander's reported its fourth-quarter operating results. FFO of $4.99 was ahead of FFO of $4.03 in the fourth quarter of 2022. Revenue of $62.94 million topped $53.05 million in the fourth quarter of 2022.&nbsp;
Alexander's $18 per share annualized dividend yields 8.06%. Year to date, Alexander's has had a total return of 5.38%.
Highwoods Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) is a Raleigh, North Carolina-based office REIT that owns, develops, acquires, leases and manages properties in the Southern cities of Atlanta; Charlotte and Raleigh, North Carolina; Dallas, Nashville, Tennessee; Orlando and Tampa, Florida; and Richmond, Virginia. It was founded in 1978 and had its IPO in 1994.
Highwoods owns 28.4 million square feet of office space. As of Dec. 31, its occupancy rate was 88.9%. Highwoods' tenant base is well diversified by industries, and its top 10 tenants include Bank of America Corp., the federal government, MetLife Inc., Bridgestone Americas Inc. and PPG Industries Inc. It also owns about 120 acres of land.
On Feb. 7, Highwoods Properties reported its fourth-quarter operating results. FFO of $0.99 per share trounced analyst estimates of $0.91 per share and was above FFO of $0.96 in the fourth quarter of 2022. Revenue of $206.86 million was slightly below the Street estimate of $207.83 million and declined from $211.71 million in the fourth quarter of 2022.&nbsp;
On March 28, Morgan Stanley analyst Ronald Kamdem maintained Highwoods Properties with an Underweight rating and raised the price target from $18 to $21.&nbsp;
On April 4, Highwoods announced it sold nine office buildings for gross proceeds of $79.4 million that will be used to reduce outstanding debt on its revolving credit facility.&nbsp;
Highwoods' annualized dividend of $2 per share yields 7.96%. Highwoods Properties' total return YTD is 9.82%.&nbsp;
Modiv Industrial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDV#NYSE">MDV</a>) is a Reno, Nevada-based, internally managed diversified REIT with 42 single-tenant net-lease properties totaling 4.5 million square feet across 15 states. It has 39 industrial, four office and one retail property in a portfolio of about 30 tenants. Modiv Industrial was founded in 2015 and had its IPO date in February 2022.&nbsp;
Its portfolio has an excellent weighted average lease term (WALT) of 14 years and includes average annual rental increases of 2.5%. It has a 100% occupancy rate. Over the past year, Modiv has disposed of noncore office properties to focus more on an industrial portfolio.
On March 4, Modiv reported its fourth-quarter operating results. FFO of $0.40 per share beat the Street estimate of $0.38 per share. Revenue of $12.29 million just missed estimates of $12.14 million.&nbsp;
Modiv's annualized $1.15 dividend per share yields 7.27%. Its total return YTD is 17.23%.
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NLCP

Build A Basket Of Well-Performing, High-Paying Dividend Stocks

Gross proceeds from dispositions closed in the&nbsp;first quarter&nbsp;of 2024 totaled&nbsp;$16.9 million&nbsp;with the remainder closing early in the&nbsp;second quarter.

Asset Sales

Highwoods Properties Says It Sold In Series Of Transactions Non-Core Properties In Raleigh For Combined Gross Proceeds Of $79.4M

In the last three months, 4 analysts have published ratings on Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>), offering a diverse range of perspectives from bullish to bearish.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $26.0, a high estimate of $29.00, and a low estimate of $21.00. This current average has increased by 9.84% from the previous average price target of $23.67. 
<img src="https://www.benzinga.com/files/images/story/2024/1711638010_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
The standing of Highwoods Props among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Ronald Kamdem</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Underweight</td>
<td>$21.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>David Rodgers</td>
<td>Baird</td>
<td>Raises</td>
<td>Neutral</td>
<td>$26.00</td>
<td>$25.00</td>
</tr>
<tr>
<td>Michael Lewis</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$29.00</td>
<td>$28.00</td>
</tr>
<tr>
<td>Omotayo Okusanya</td>
<td>Deutsche Bank</td>
<td>Announces</td>
<td>Buy</td>
<td>$28.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Highwoods Props. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Highwoods Props compared to the broader market.</li>
<li>Price Targets: Analysts navigate through adjustments in price targets, providing estimates for Highwoods Props's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of Highwoods Props's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/HIW/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Highwoods Props analyst ratings.</a>
<h2>Unveiling the Story Behind Highwoods Props</h2>
Highwoods Properties Inc is a real estate investment trust engaged in the acquisition, ownership, management, and leasing of properties in urban areas throughout the Southern United States. In terms of total square footage, the vast majority of the company's real estate portfolio comprises office buildings in terms. Highwoods Properties derives nearly all of its income in the form of rental revenue from the tenants of its buildings. The majority of this revenue comes from its holdings in the urban markets of Atlanta, Raleigh, Nashville, and Tampa. These cities also account for the majority of the square footage under the company's ownership. Highwoods Properties' largest customers include the U.S. Government, financial services firms, industrial supply retailers, and healthcare companies.
<h3>Financial Insights: Highwoods Props</h3>
Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Challenges: Highwoods Props's revenue growth over 3 months faced difficulties. As of 31 December, 2023, the company experienced a decline of approximately -2.29%. This indicates a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Real Estate sector.
Net Margin: Highwoods Props's net margin is impressive, surpassing industry averages. With a net margin of 18.37%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Highwoods Props's ROE stands out, surpassing industry averages. With an impressive ROE of 1.57%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Highwoods Props's ROA stands out, surpassing industry averages. With an impressive ROA of 0.63%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: Highwoods Props's debt-to-equity ratio is below the industry average. With a ratio of 1.34, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>How Are Analyst Ratings Determined?</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Expert Ratings For Highwoods Props

Morgan Stanley analyst Ronald Kamdem maintains Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) with a Underweight and raises the price target from $18 to $21.

Morgan Stanley Maintains Underweight on Highwoods Props, Raises Price Target to $21

Easterly Government Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEA#NYSE">DEA</a>), Highwoods Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>), and SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) are office REITs uniquely positioned to capitalize on the emerging return-to-work trend as businesses and employees navigate the post-pandemic landscape. With a growing consensus around the value of in-person collaboration and the revitalization of urban centers, these REITs stand to gain from the renewed interest in office spaces.
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Easterly Government Properties, with its portfolio of properties leased to U.S. government agencies and a dividend of 9%, offers a stable investment in the office sector. The government&#8217;s enduring need for physical office spaces for various federal operations ensures consistent demand for DEA&#8217;s properties. The return-to-work trend could further solidify DEA&#8217;s occupancy rates and lease renewals, given the government&#8217;s role as a stable tenant committed to long-term occupancy.
Highwoods Properties focuses on high-growth Sunbelt and Mid-Atlantic markets with a dividend of 9%, where migration trends and economic growth are driving increased demand for office spaces. As companies in these regions ramp up their return-to-office plans, HIW&#8217;s strategically located, high-quality office buildings are poised to benefit. The appeal of the Sunbelt&#8217;s favorable business climate, coupled with Highwoods&#8217; emphasis on sustainable and modern work environments, positions it to attract a diverse range of tenants seeking to optimize their office footprints in line with evolving work patterns.
SL Green Realty, as Manhattan&#8217;s largest office landlord with a dividend of 7%, offers direct exposure to the recovery of one of the world&#8217;s most iconic office markets. The gradual return of workers to New York City&#8217;s office buildings signals a rebound in demand for SLG&#8217;s prime office spaces. The company&#8217;s focus on premier properties in key locations, along with its active management and redevelopment efforts, aligns well with the increasing preference for high-quality, well-located office environments that can support the new hybrid work models.
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Image credit: Shutterstock

Back to the Boardroom: How 'Return to Work' is Revitalizing America's Office REITs

Investors seeking stocks with high dividend yields often mistakenly chase poorly performing stocks that eventually cut dividends or cause investors to sacrifice principal for the yield.
But some high-yielding stocks perform well, creating appreciation and income for shareholders. Such trends can last for many months. Since November 2023, several real estate investment trusts (<a href="https://www.benzinga.com/real-estate/reit">REITs</a>) with high dividend yields have performed admirably. Renewed hopes for Fed cuts in 2024 and some oversold positions were the catalysts for the strength of these issues.
Take a look at three high-yielders that have been REIT leaders in total returns over the past three months.&nbsp;
SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) is a New York City-based office REIT and the largest office building landlord in New York. As of Dec. 31, 2023, SL Green Realty held interests in 58 buildings, totaling 32.5 million square feet.
Many income-oriented investors like owning SL Green Realty for its $0.25 per share monthly paying dividend. However, one caveat is that the dividend was recently cut from $0.2708 per share, and it was the second time since December 2022 that SL Green has cut its dividend.&nbsp;
The forward funds from operations (FFO) of $5.14 per share easily covers the $3.00 annual dividend with a payout ratio of 58.3%. The annual dividend yield is 6.74%.
On Jan. 24, 2024SL Green announced its Q4 operating results. FFO of $0.72 per share missed the estimates for $0.91 and was significantly below FFO from Q4 2022 of $1.46 per share. Revenue of $131.93 million was well below the estimates for $161.36 million and even further below revenue from Q4 2022 of $172.89 million.
Despite the weak results, SL Green shares did not sell off and have been relatively stable since then. One reason is the midpoint guidance for the full year 2024 FFO of $5.90-$6.20 (vs. $5.06 consensus estimate) per share rose $1.00 from its previous range. Q4 FFO includes $0.42 of non-recurring general and administrative charges, as well as fair-value adjustments on mark-to-market derivatives.
SL Green's total return over the past three months was 47.98%, making it one of the best performers of all REITs.
Highwoods Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) is a Raleigh, North Carolina-based office REIT that owns, develops, acquires, leases and manages properties in the southern cities of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Tampa and Richmond. It was founded in 1978 and became public in 1994.
Highwoods owns 28.5 million square feet of office space. Its recent occupancy rate was 88.7% and its Weighted Average Lease Term (WALT) was 6 years. Highwoods' tenant base is well diversified by industries and its top 10 tenants include Bank of America, the federal government, MetLife, Bridgestone Americas and PPG Industries. It also owns about 120 acres of land parcels
On February 7, Highwoods Properties reported its Q4 operating results. FFO of $0.99 per share trounced analyst estimates of $0.91 per share and was above FFO of $0.96 in Q4 2022. Revenue of $206.86 million was slightly below the street estimate of $207.83 million and a decline from $211.71 million in Q4 2022.
On January 30, Deutsche Bank analyst Omotayo Okusanya initiated Highwoods Properties with a Buy rating and announced a price target of $28.
Highwoods pays a quarterly dividend of $0.50 per share. The annual dividend of $2.00 per share presently yields 8.3857%. There have been no cuts nor suspensions of the dividend over the past five years. However, the dividend has only grown by 4.16% during that time.
The payout ratio on the forward FFO of $3.60 is 55%, leaving ample coverage of the dividend to minimize the risk of a dividend cut.
Highwoods Properties' total return over the past three months is 35.50%.
Newlake Capital Partners Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NLCP#OTC">NLCP</a>) is a New Canaan, Connecticut-based industrial REIT with 32 properties of 1.7 million square feet across 12 states. Newlake Capital Partners specializes in triple-net leases to cannabis companies, as well as providing capital to them when necessary.
Newlake was founded in 2019 and had its IPO in August 2021. Its tenants include the largest companies in the cannabis industry, such as Curaleaf, Cresco Labs and Trulieve. As of September 30, it had a 100% occupancy rate, with an average of 14.2 years remaining on its lease terms and 2.6% annual rent escalations.&nbsp;
Newlake Capital pays a quarterly dividend of $0.40 per share. The forward annual dividend of $1.60 per share yields 9.79%. The quarterly dividend has been raised six times since 2021 and has been increased by 233%. The payout ratio of 90.39% seems somewhat high, but with so little debt (only $2 million as of September 2023), Newlake is not likely to be at immediate risk of a dividend cut.
One thing to keep in mind is that Newlake does not trade on one of the major indices, which means smaller volume, wider bid-ask spreads and somewhat higher risk. Compare Newlake's average daily volume of 35,818 shares traded with the 244,057 of competitor Innovative Industrial Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IIPR#NYSE">IIPR</a>) which trades on the New York Stock Exchange.&nbsp;
Over the past three months, NewLake Capital Partners has had a total return of 27.81%.
Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the <a href="https://www.benzinga.com/money/reit-newsletter">Weekly REIT Report.</a>
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IIPR

3 High-Yield REITs With The Best Total Return Over The Past Three Months

Investors looking for stocks that can appreciate in price along with paying strong dividends should look at stocks that have just beaten Wall Street estimates on earnings and/or revenue. It's a plus if the earnings and revenue are also improvements over the year-ago quarter.
Real estate investment trusts (REITs) have been reporting earnings over the past few weeks and so far, the results have been somewhat mixed. Take a look at three REITs that did well this week with fourth-quarter earnings and have seen price appreciation as a result.&nbsp;
Simon Property Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPG#NYSE">SPG</a>) is an Indianapolis-based retail REIT that owns and leases over 250 properties, consisting of shopping malls, restaurants, outlet centers and entertainment venues. It has locations in the top 25 population markets across the U.S. Simon Property Group was founded in 1960 and launched its initial public offering (IPO) in 1993. Its occupancy rate for its U.S. malls and premium outlets at the end of the fourth quarter of 2023 was 95.8%, up from 94.9% in the fourth quarter of 2022
On Feb. 5, Simon Property Group reported fourth-quarter operating results. Funds from operations (FFO) of $3.69 per share, handily beating the estimates of $3.34 and FFO from a year ago of $3.40. Revenue of $1.53 billion beat analysts' estimate of $1.36 billion by 12.38% and was a 9.07% increase over revenue of $1.4 year over year. Note that analysts expected revenue to be lower than it was a year ago, but Simon dispelled that idea.
The only blemish on the report was Simon's full-year 2024 FFO guidance range of $11.85-$12.10 was below 2023 full-year guidance of $12.14-$12.22. &nbsp;
In addition, Simon raised its quarterly dividend from $1.90 per share to $1.95 per share. It's the third raise over the last year. One year ago, the quarterly dividend was $1.80 per share. The annual dividend of $7.80 presently yields 5.43% on its recent closing price of $143.39.
Shares have rallied about 5% since the earnings report was released.
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Douglas Emmett Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEI#NYSE">DEI</a>) is a diversified REIT, founded in 1971. It has 18 million square feet of Class A office space within 70 properties and 4,576 apartment units in 14 premium buildings in Southern California and Honolulu. Douglas Emmett points to higher rent growth and lower volatility in these two markets, compared to other areas of the U.S.
On Feb. 7, Douglas Emmett reported its fourth-quarter operating results. FFO of $0.46 beat the estimates of $0.42 but was below the fourth-quarter 2022 FFO of $0.51. Revenue of $259.28 million was ahead of analysts' estimates of $252.77 million and improved on revenue of $254.14 million in the fourth quarter of 2022.
Douglas Emmett pays a $0.19 quarterly dividend. The annual dividend of $0.76 yields 5.97% on its recent closing price of 12.73.
Shares rose over 4% on the morning of the earnings report.
Highwoods Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) is a Raleigh, North Carolina-based office REIT that owns, develops, acquires, leases and manages properties in the Southern cities of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Tampa and Richmond. It was founded in 1978 and had its IPO in 1994.
Highwoods owns 28.5 million square feet of office space. As of Sept. 30, its occupancy rate was 88.7% and its weighted average lease term (WALT) was six years. Highwoods' tenant base is well diversified by industries, and its top 10 tenants include Bank of America Corp., the federal government, MetLife Inc., Bridgestone Americas Inc. and PPG Industries. It also owns about 120 acres of land.
On Feb. 7, Highwoods Properties reported its fourth-quarter operating results. FFO of $0.99 per share trounced analyst estimates of $0.91 per share and was above FFO of $0.96 in the fourth quarter of 2022. But revenue of $206.86 million was slightly below the street estimate of $207.83 million and a decline from $211.71 million in the fourth quarter of 2022.&nbsp;
On Jan. 30, Deutsche Bank analyst Omotayo Okusanya initiated Highwoods Properties with a Buy rating and announced a price target of $28.
Highwoods pays a quarterly dividend of $0.50. The $2 annual dividend yields 9.2% on its recent closing price of $21.64.
Shares were trading over 2% higher following the earnings announcement.
Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the <a href="https://www.benzinga.com/money/reit-newsletter">Weekly REIT Report.</a>
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3 REITs That Beat Earnings Estimates This Week

Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) reported quarterly earnings of $0.99 per share. This is a 3.13 percent increase over earnings of $0.96 per share from the same period last year. The company reported quarterly sales of $206.86 million which missed the analyst consensus estimate of $207.83 million by 0.47 percent. This is a 2.29 percent decrease over sales of $211.71 million the same period last year.

Highwoods Props Q4 FFO $0.99 Up From $0.96 YoY, Sales $206.86M Miss $207.83M Estimate

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