Highwoods Properties

HIW Commercial Real Estate REITs 3/10 Low Risk
3/10
Sector avg: 5.4/10

Highwoods Properties has $3.6B in scheduled debt maturities. DebtCanary scores HIW at 3/10, suggesting manageable refinancing risk.

Maturity Schedule

As of 2025-12-31 (latest SEC filing with maturity data). Debt actions taken after this date will only appear once SEC processes the relevant XBRL filing.
Year 1 $7M Year 2 $459M Year 3 $724M Year 4 $717M Year 5 $405M Beyond 5 $1.3B
Period Amount Due % of Total
Year 1 (0-12 months) $7M 0.2%
Year 2 (12-24 months) $459M 12.8%
Year 3 (24-36 months) $724M 20.3%
Year 4 (36-48 months) $717M 20.1%
Year 5 (48-60 months) $405M 11.3%
Beyond 5 Years $1.3B 35.3%
Total Scheduled Maturities $3.6B 100.0%

Key Metrics

Total Long-Term Debt
N/A
Near-Term (12mo)
$7M
Interest Coverage
3.6x
Debt/Equity
1.51
Cash Coverage
4.85x
Operating Income
$545M

Refinancing Cost Shock

If Highwoods Properties refinanced the $465M due within 24 months at today's market yields, its annual interest bill would change by an estimated +$6M/year — about 1.2% of operating income.

Show the full calculation
Debt due within 24 months (Year 1 + Year 2 buckets): $465M
Current average rate = interest expense / interest-bearing debt = $152M / $3.6B = 4.27%
Synthetic rating bucket from coverage (operating income/interest 3.6x): BBB
Market yield for BBB bucket (ICE BofA via FRED, 2026-07-23): 5.62% (BAMLC0A4CBBBEY)
Rate change: 5.62% − 4.27% = +1.35 pp
Annual cost change: +1.35% × $465M = +$6M/yr
As share of operating income ($545M): 1.2%
Index-level estimate, not issuer-level bond pricing: the rating bucket is inferred from interest coverage (not an agency rating), and actual new-issue pricing depends on tenor, security, and market conditions. See the methodology.
Hidden future pain — added interest run-rate as the schedule rolls
+1yr
+$90,207/yr (0.0%)
+2yr
+$6M/yr (1.2%)
+3yr
+$16M/yr (2.9%)
+4yr
+$26M/yr (4.7%)
+5yr
+$31M/yr (5.7%)
Cumulative run-rate change once all debt maturing by each horizon has refinanced. Assumes yields hold. Market-wide view on the Hidden Future Pain page.
What if yields move? market yield 5.62% (+0 bps)
24-month wall refinanced at that yield: = of operating income

Compare across all companies on the Refinancing Cliff Map →

How This Score Was Computed

Weighted average of 4 scored components (raw 3.00, rounded to 3). Weights of skipped components are redistributed proportionally among those scored.

Component Value Sub-Score Weight Used
Near-Term Maturity Concentration
Show calculation
Year-1 maturities / Total scheduled maturities
Year-1 maturities: $7M
Total scheduled maturities: $3.6B
 0.2% 1/10 30%
Interest Coverage Ratio
Show calculation
Operating income / Interest expense
Operating income: $545M
Interest expense: $152M
 3.57x 5/10 25%
Debt-to-Equity Ratio
Show calculation
Long-term debt / Stockholders' equity
Long-term debt: $3.6B
Stockholders' equity: $2.4B
No balance-sheet long-term debt figure was reported; total scheduled maturities used as the debt proxy.
 1.51 5/10 25%
Cash Coverage of Near-Term Debt
Show calculation
Cash & equivalents / Debt due within 12 months
Cash & equivalents: $32M
Near-term debt: $7M
 4.85x 1/10 20%
Cash Runway
Only scored when a company is burning cash. Operating cash flow is positive (or unreported), so runway isn't a constraint.
 N/A — not scored

"Weight Used" shows each component's share after the weights of unscored components are redistributed. Full thresholds and formulas are on the methodology page.

Recent SEC Filings

Material disclosures from Highwoods Properties's most recent EDGAR filings. 8-K item labels indicate the type of event reported.

Date Form Details
2026-06-04 8-K Material Agreement, New Debt Obligation
2026-05-12 8-K Shareholder Vote
2026-04-28 10-Q Quarterly report
2026-03-27 DEFA14A Additional proxy materials
2026-03-27 DEF 14A Proxy statement
2026-02-11 8-K Other Events
2026-02-11 424B5 Prospectus supplement — possible debt or equity issuance
2026-02-10 10-K Annual report

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Office Properties Income Trust
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Data Source: Financial data sourced from SEC EDGAR XBRL filings (10-K annual reports). Fiscal period end: 2026-03-31. Filing date: 2026-04-28. Data last fetched: 2026-07-28. Maturity schedules reflect the company's most recently reported debt repayment obligations. Data quality: Complete.
View SEC EDGAR filings for Highwoods Properties →