Equity Profile

HIW

Highwoods Properties, Inc.

Real EstateOffice REITs$3.1B

Oct29Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Highwoods Properties, Inc. (HIW) is a real estate investment trust (REIT) focused on owning, operating, and developing office properties....

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of profitability and will help investors gauge the company's financial health this quarter.

$0.84

Occupancy Rate

The occupancy rate reflects demand for office space and is crucial for understanding revenue stability.

90%

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

HIW Q2-2026 Earnings Preview

Context

Company Snapshot

Highwoods Properties, Inc. (HIW) is a real estate investment trust (REIT) focused on owning, operating, and developing office properties. With a market cap of $3 billion, it plays a significant role in the office real estate sector, which is influenced by trends in remote work and urban development.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+14.56%

Avg Stock Reaction

+1.03%

Last Quarter Recap

In Q1-2026, Highwoods reported an EPS of $0.29, significantly below the expected $0.84, leading to a stock increase of 3.49% the following day. The company continues to navigate challenges in the office space market.

Management Promises & Guidance

Expectations

Wall Street Expectations

Market expectations are cautious following a significant EPS miss last quarter. Investors are looking for signs of recovery in occupancy and profitability.

Bull Case

If Highwoods can report better-than-expected EPS and improved occupancy rates, it could signal a rebound in demand for office space, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet earnings expectations again, it may indicate ongoing struggles in the office market, leading to further stock declines.

Key Metrics to Watch

EPS

$0.84

Earnings per share (EPS) is a key indicator of profitability and will help investors gauge the company's financial health this quarter.

Occupancy Rate

90%

The occupancy rate reflects demand for office space and is crucial for understanding revenue stability.

Net Operating Income (NOI)

$50 million

NOI is a measure of the income generated from properties, important for assessing operational efficiency.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected occupancy rate for Q2-2026?

Occupancy rates are critical for revenue generation and will indicate how well Highwoods is managing its properties in a challenging market.

How has the company adjusted its leasing strategy in response to market conditions?

Understanding the company's approach to leasing can provide insights into its future revenue potential and adaptability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for a rebound in office demand as companies adjust to hybrid work models, which could lead to higher occupancy rates.

Supporting Evidence

The options market is pricing a 10.51% move, suggesting expectations of volatility that may not align with actual performance.

Highwoods has historically shown resilience, with a 50% EPS beat rate indicating potential for upside surprises.

Recent trends in urban office space demand may not be fully reflected in current estimates.

Key Risk

If occupancy rates exceed 90%, it could challenge the bearish consensus and indicate a stronger recovery.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be pivotal in determining whether Highwoods can recover from previous misses and adapt to market demands.

Bull Confirmed If

An EPS of $0.84 or higher, alongside an occupancy rate above 90%, would confirm a strong recovery narrative.

Bear Confirmed If

An EPS below $0.29 and an occupancy rate below 85% would signal ongoing challenges in the office sector.

Pre-Earnings Positioning

Options Market

Implied Move

±10.51%

Historical Avg

±1.7%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±10.5% while HIW has averaged ±1.7% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

28.6%

Calls (300)P/C Ratio: 10.67Puts (600)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Highwoods beats expectations, history suggests a potential stock increase of around 0.53%, confirming a positive outlook.

In-Line / Cautious

If results are in line but management expresses caution, the stock may react moderately, reflecting uncertainty in the market.

Miss

A miss could lead to a decline of about 1.53%, indicating continued struggles in the office market.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on occupancy rates and leasing activity.
2Any changes in management's outlook for the office market.
3Details on cost management and operational efficiencies.
4Insights into tenant demand and retention strategies.
5Comments on future development projects or acquisitions.

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Company Snapshot

Highwoods Properties, Inc. (HIW) is a real estate investment trust (REIT) focused on owning, operating, and developing office properties....

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of profitability and will help investors gauge the company's financial health this quarter.

$0.84

Occupancy Rate

The occupancy rate reflects demand for office space and is crucial for understanding revenue stability.

90%

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

HIW Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+14.56%

Avg Stock Reaction

+1.03%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Market expectations are cautious following a significant EPS miss last quarter. Investors are looking for signs of recovery in occupancy and profitability.

Bull Case

If Highwoods can report better-than-expected EPS and improved occupancy rates, it could signal a rebound in demand for office space, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet earnings expectations again, it may indicate ongoing struggles in the office market, leading to further stock declines.

Key Metrics to Watch

EPS

$0.84

Earnings per share (EPS) is a key indicator of profitability and will help investors gauge the company's financial health this quarter.

Occupancy Rate

90%

The occupancy rate reflects demand for office space and is crucial for understanding revenue stability.

Net Operating Income (NOI)

$50 million

NOI is a measure of the income generated from properties, important for assessing operational efficiency.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected occupancy rate for Q2-2026?

Occupancy rates are critical for revenue generation and will indicate how well Highwoods is managing its properties in a challenging market.

How has the company adjusted its leasing strategy in response to market conditions?

Understanding the company's approach to leasing can provide insights into its future revenue potential and adaptability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for a rebound in office demand as companies adjust to hybrid work models, which could lead to higher occupancy rates.

Supporting Evidence

The options market is pricing a 10.51% move, suggesting expectations of volatility that may not align with actual performance.

Highwoods has historically shown resilience, with a 50% EPS beat rate indicating potential for upside surprises.

Recent trends in urban office space demand may not be fully reflected in current estimates.

Key Risk

If occupancy rates exceed 90%, it could challenge the bearish consensus and indicate a stronger recovery.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be pivotal in determining whether Highwoods can recover from previous misses and adapt to market demands.

Bull Confirmed If

An EPS of $0.84 or higher, alongside an occupancy rate above 90%, would confirm a strong recovery narrative.

Bear Confirmed If

An EPS below $0.29 and an occupancy rate below 85% would signal ongoing challenges in the office sector.

Pre-Earnings Positioning

Options Market

Implied Move

±10.51%

Historical Avg

±1.7%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±10.5% while HIW has averaged ±1.7% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

28.6%

Calls (300)P/C Ratio: 10.67Puts (600)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Highwoods beats expectations, history suggests a potential stock increase of around 0.53%, confirming a positive outlook.

In-Line / Cautious

If results are in line but management expresses caution, the stock may react moderately, reflecting uncertainty in the market.

Miss

A miss could lead to a decline of about 1.53%, indicating continued struggles in the office market.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on occupancy rates and leasing activity.
2Any changes in management's outlook for the office market.
3Details on cost management and operational efficiencies.
4Insights into tenant demand and retention strategies.
5Comments on future development projects or acquisitions.