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RALEIGH - Highwoods Properties , Inc. (NYSE:HIW), a real estate investment trust specializing in office properties, announced today that its Florida buildings have emerged unscathed from the recent hurricanes. President and CEO Ted Klinck expressed relief that the company's employees in Orlando and Tampa are safe and credited the team's preparations for the lack of significant damage.
The assessment followed the passage of Hurricanes Helene and Milton, which caused widespread disruption across the region. Klinck extended thoughts and prayers to the broader community, acknowledging the challenges faced by those more severely affected by the storms.
Highwoods Properties owns and manages a portfolio of office buildings located primarily in the best business districts of several major cities in the Southeastern and Mid-Atlantic United States. The company focuses on creating work environments that foster collaboration and productivity.
This announcement comes as a positive note for investors and tenants, highlighting the resilience of Highwoods' property management and disaster preparedness strategies. It is a testament to the company's operational capabilities in the face of natural disasters that can pose significant risks to real estate assets in vulnerable regions.
The company's success in weathering the storm without notable property damage may reassure stakeholders of its commitment to maintaining robust facilities and ensuring the safety of its occupants. This news is based on a press release statement from Highwoods Properties, Inc.
In other recent news, Highwoods Properties has been the focus of both investors and analysts due to its strong performance and recent developments. The company reported a 4% year-over-year growth in Funds From Operations (FFO) per share in Q2 2024, reaching $0.98. Following this positive performance, Highwoods has raised its full-year FFO outlook.
In terms of leasing activity, Highwoods signed leases totaling 738,000 square feet in Q3 2024, with over 400,000 square feet of this total representing new leases. Notably, one of the transactions includes a long-term lease for 104,000 square feet at Two Alliance Center in Atlanta's Buckhead Business District, set to commence in 2026.
Analysts have also been adjusting their outlooks for Highwoods. Citi maintained a neutral rating with a price target of $31, citing an improving fundamental picture in Highwoods' Sunbelt markets. Truist Securities raised the company's price target to $33 from $29, despite expecting a decrease in FFO for the second half of 2024 and the full year of 2025. BofA Securities increased its price target from $23 to $25, maintaining a neutral rating, following Highwoods' recent quarterly results. These are the recent developments for Highwoods Properties.
InvestingPro Insights
Highwoods Properties' resilience in the face of recent hurricanes is reflected in its strong market performance. According to InvestingPro data, the company's stock has shown remarkable growth, with a 89.69% price total return over the past year and a 42.14% return in the last six months. This upward trajectory aligns with the company's demonstrated ability to protect its assets from natural disasters, potentially boosting investor confidence.
An InvestingPro Tip highlights that Highwoods Properties has maintained dividend payments for 31 consecutive years, underscoring its financial stability and commitment to shareholder returns. This consistent dividend history is particularly noteworthy in the context of the company's ability to withstand environmental challenges without significant impact on its operations or financial health.
The company's current dividend yield stands at an attractive 5.95%, which may appeal to income-focused investors seeking stable returns in the real estate sector. Additionally, Highwoods Properties is trading near its 52-week high, with its price at 98.98% of the peak, suggesting strong market sentiment following the positive news about its properties weathering the hurricanes.
For investors interested in a deeper analysis of Highwoods Properties, InvestingPro offers 8 additional tips that could provide valuable insights into the company's financial health and future prospects.
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