Highwoods Properties, Inc. (HIW)

Real Estate Investment Trusts

Latest Price

$29.82

TTM P/E

35.93

Normalized P/E

19.85

TTM Div Yield

Fwd Div Yield

Book Value

21.29

P/B Ratio

1.40

Valuation metrics

EPS: $1.45

Book value / share: $21.65

Formula: √(22.5 × EPS × BVPS)

Graham Number

$26.57

11% downside

Norm. op. income: $545M (median of 7yr)

Tax rate: 25%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$37.42

+25% upside

EPS: $1.45

Target P/E: 20×

Formula: EPS × P/E

P/E Fair Value

$29.00

3% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	21.01M	$633.0M	19.05%	+3.45M	2026-06-30
Cohen & Steers, Inc.	16.83M	$507.0M	15.27%	+4.42M	2026-06-30
Vanguard Portfolio Management LLC	12.04M	$363.0M	10.91%	+301.9K	2026-06-30
State Street Corp	7.59M	$229.0M	6.89%	+773.3K	2026-06-30
Massachusetts Financial Services Co	5.86M	$187.0M	5.31%	+211.4K	2026-06-30
Vanguard Capital Management LLC	4.96M	$149.0M	4.50%	+81.9K	2026-06-30
T. Rowe Price Investment Management, Inc.	3.48M	$105.0M	3.16%	+4.7K	2026-06-30
Geode Capital Management, LLC	3.22M	$97.0M	2.92%	+975.9K	2026-06-30
Quantinno Capital Management LP	3.10M	$93.0M	2.81%	+1.29M	2026-06-30
Sixth Street Partners Management Company, L.P.	2.50M	$75.0M	2.27%	--	2026-06-30