HIW · Highwoods Properties Q2 FY2026 earnings call record财报电话会记录

“First, leasing volume was healthy, with over 1 million sq ft of second gen signings, including 326,000 sq ft of new leases.”

“Fourth, our development pipeline now consists only of 23Springs in Uptown Dallas, where we increased the lease rate to 93%, up 10 percentage points during the quarter, and where we only have $28 million of projected spend to bring this property to stabilization.”

“Based on our strong results year to date and confidence for the remaining two quarters, we have increased our 2026 FFO outlook to a range of $3.46-$3.70 per share, which equates to $3.58 at the midpoint, an increase of $0.04 per share.”

“Per CBRE, the national office construction pipeline has plunged to just 6.4 million sq ft, the lowest level since 1996, back when there were 11 million fewer jobs using office space in America.”

“The only maturity we have between now and the first quarter of 2028 is our March 2027 bond, which has a balance of $289 million after we repurchased $11 million of the notes during the second quarter.”

“Based on our current expectations of NOI growth, we expect debt to EBITDA to be modestly lower at year-end and continue to decline throughout 2027, assuming otherwise leverage-neutral investment activities.”

“As Ted mentioned, our occupancy improved 70 basis points from the end of Q1, which includes a 30 basis point headwind from the sale of the 100% occupied Bridgestone Tower.”

“To be clear about the dilutive impact from the additional 2026 disposition proceeds, our updated 2026 outlook assumes we will keep the excess disposition proceeds in cash for the remainder of the year.”

“If you go back to 2020, we've generated roughly $150 million of free cash flow above our dividend.”

“If you think about the last 2025 and early 2026, we closed on about $600 million of acquisitions that we thought we were going to get very attractive risk-adjusted returns, and we've been incredibly pleased about it.”

“If we look at just your overall CapEx as a percentage of NOI of the assets you're exiting on the non-core versus maybe what you're buying at here for like a $600, just to give us a flavor of how this longer-term shakes out for just cash flow growth within the portfolio.”

“We've had some large customers that have expirations in three, four, five years that are asking us to renew now, which I think goes to the office demand long term as well and the sustainability there.”