Equity Profile

HIW

Highwoods Properties, Inc.

Real EstateOffice REITs$3.5B

Oct29Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Highwoods Properties, Inc. (HIW) is a real estate investment trust (REIT) that focuses on owning and managing office properties in the southeastern United States....

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of profitability and will show how well the company is managing its operations.

$0.84

Occupancy Rate

The occupancy rate reflects the demand for office space and can indicate the company's ability to attract and retain tenants.

N/A

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) that focuses on owning and managing office properties in the southeastern United States. As a player in the office space, its performance can be influenced by trends in remote work, economic growth, and demand for commercial real estate.

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 missing estimates of $0.84, which raised concerns about its profitability. Despite the disappointing earnings, the stock rose by 3.49% the following day, indicating some investor optimism.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations for Highwoods' upcoming earnings are cautious, especially after the significant miss last quarter. Investors will be closely watching for any signs of recovery in occupancy and rental income.

Bull Case

If Highwoods can demonstrate improved occupancy rates and rental income, it may signal a rebound in demand for office space, leading to a positive market reaction.

Bear Case

Conversely, if the company continues to struggle with low occupancy and earnings, it could lead to further declines in stock price and investor confidence.

Key Metrics to Watch

EPS

$0.84

Earnings per share (EPS) is a key indicator of profitability and will show how well the company is managing its operations.

Occupancy Rate

N/A

The occupancy rate reflects the demand for office space and can indicate the company's ability to attract and retain tenants.

Rental Income

N/A

Rental income is crucial for a REIT's revenue and profitability, indicating how well the properties are performing.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the occupancy rate be for Q2 2026?

The occupancy rate is critical for assessing the demand for Highwoods' properties and will directly impact revenue and profitability.

How has rental income changed compared to last quarter?

Changes in rental income will provide insight into the company's financial health and ability to attract tenants in a competitive market.

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 improved occupancy rates.

Supporting Evidence

The options market is pricing in a 10.51% move, indicating expectations of volatility that may not align with the company's actual performance.

Highwoods has a history of surprising the market, as seen in Q4 2025 when it significantly beat EPS estimates.

The recent uptick in stock price despite poor earnings suggests that investors may be anticipating a recovery.

Key Risk

If occupancy rates exceed 90%, it could challenge the current bearish sentiment and lead to a reevaluation of the stock.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around the demand for office space and how effectively Highwoods can manage its properties in a changing work environment.

Bull Confirmed If

A reported occupancy rate above 90% would confirm a strong recovery in demand for office space.

Bear Confirmed If

An occupancy rate below 85% would indicate ongoing challenges in attracting tenants.

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 announcement.

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 the stock could rise by about 0.53%, confirming a positive outlook on occupancy and rental income.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await clearer signals of recovery.

Miss

A miss could lead to a decline of around 1.53%, reinforcing concerns about the company's ability to manage its properties effectively.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on the current occupancy rate and any changes in tenant demand.
2Details on rental income trends and how they compare to previous quarters.
3Management's commentary on the outlook for the office market and any strategic initiatives.
4Any new leases or renewals that could impact future revenue.
5Insights into cost management and operational efficiencies.

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Company Snapshot

Highwoods Properties, Inc. (HIW) is a real estate investment trust (REIT) that focuses on owning and managing office properties in the southeastern United States....

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of profitability and will show how well the company is managing its operations.

$0.84

Occupancy Rate

The occupancy rate reflects the demand for office space and can indicate the company's ability to attract and retain tenants.

N/A

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

Bull Case

If Highwoods can demonstrate improved occupancy rates and rental income, it may signal a rebound in demand for office space, leading to a positive market reaction.

Bear Case

Conversely, if the company continues to struggle with low occupancy and earnings, it could lead to further declines in stock price and investor confidence.

Key Metrics to Watch

EPS

$0.84

Earnings per share (EPS) is a key indicator of profitability and will show how well the company is managing its operations.

Occupancy Rate

N/A

The occupancy rate reflects the demand for office space and can indicate the company's ability to attract and retain tenants.

Rental Income

N/A

Rental income is crucial for a REIT's revenue and profitability, indicating how well the properties are performing.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the occupancy rate be for Q2 2026?

The occupancy rate is critical for assessing the demand for Highwoods' properties and will directly impact revenue and profitability.

How has rental income changed compared to last quarter?

Changes in rental income will provide insight into the company's financial health and ability to attract tenants in a competitive market.

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 improved occupancy rates.

Supporting Evidence

The options market is pricing in a 10.51% move, indicating expectations of volatility that may not align with the company's actual performance.

Highwoods has a history of surprising the market, as seen in Q4 2025 when it significantly beat EPS estimates.

The recent uptick in stock price despite poor earnings suggests that investors may be anticipating a recovery.

Key Risk

If occupancy rates exceed 90%, it could challenge the current bearish sentiment and lead to a reevaluation of the stock.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around the demand for office space and how effectively Highwoods can manage its properties in a changing work environment.

Bull Confirmed If

A reported occupancy rate above 90% would confirm a strong recovery in demand for office space.

Bear Confirmed If

An occupancy rate below 85% would indicate ongoing challenges in attracting tenants.

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 announcement.

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 the stock could rise by about 0.53%, confirming a positive outlook on occupancy and rental income.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await clearer signals of recovery.

Miss

A miss could lead to a decline of around 1.53%, reinforcing concerns about the company's ability to manage its properties effectively.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on the current occupancy rate and any changes in tenant demand.
2Details on rental income trends and how they compare to previous quarters.
3Management's commentary on the outlook for the office market and any strategic initiatives.
4Any new leases or renewals that could impact future revenue.
5Insights into cost management and operational efficiencies.