US CREDIT UPDATE: Highwoods Properties (HIW): 3Q25 Results
Highwoods Properties: 3Q25 Results
(HIW; Baa3/BBB-/NR)
{HIW US Equity}
#MNI #RealEstate
Credit neutral
• Total revenues were $202m in line with BBG consensus and and essentially flat to last year.
• Occupancy was 85.3%.
• SS Cash NOI was $131.5m, down from $139.3m last year.
• Net Income of $13.7m was below consensus of $14.2m and down 11.4%
• FFO/sh of $0.86/sh was slightly ahead of consensus of $0.85/sh
• Operating cash flow of $259m was down by 13% YOY. Funds from operations was $95.4m, down 1.6% YOY.
• Acquired $248m of properties during Q3 and disposed of $162m of properties.
• Liquidity stood at $574m.
• Expects occupancy in office segment to range from 85.0-86.0% for remainder of 2025. For FY 25 sees FFO/sh of $3.41 TO $3.45, improved from $3.37 TO $3.45
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USDCAD TECHS: Breaches The Bull Trigger
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3968 High May 20
- RES 1: 1.3959 High Sep 25
- PRICE: 1.3939 @ 19:10 BST Sep 26
- SUP 1: 1.3885/3800 Low Sep 25 / 50-day EMA
- SUP 2: 1.3727 Low Aug 29 and a bear trigger
- SUP 3: 1.3689 Low Jul 28
- SUP 4: 1.3637 Low Jul 25
Last week’s rally in USDCAD cancels a recent bearish theme and instead strengthens a bullish outlook. The pair has breached a key resistance at 1.3925, the May 20 high and bull trigger. The breach confirms a resumption of the bull cycle that started Jun 16. This paves the way for a climb towards 1.4019, a Fibonacci retracement point. On the downside, first key support lies at 1.3800, the 50-day EMA.
AUDUSD TECHS: Trades Through The 50-day EMA
- RES 4: 0.6763 1.382 proj of the Jun 23 - Jul 24 - Aug 21 price swing
- RES 3: 0.6726 1.236 proj of the Jun 23 - Jul 24 - Aug 21 price swing
- RES 2: 0.6660/6707 High Sep 18 / 17
- RES 1: 0.6585/6628 20-day EMA / High Sep 24
- PRICE: 0.6547 @ 19:06 BST Sep 26
- SUP 1: 0.6527/21 61.8% of the Aug 21 - Sep 17 bull leg / Low Sep 26
- SUP 2: 0.6484 76.4% retracement of the Aug 21 - Sep 17 bull leg
- SUP 3: 0.6463/6415 Low Aug 27 / Low Aug 21 / 22 and a bear trigger
- SUP 4: 0.6373 Low Jun 23
The AUDUSD uptrend remains intact and the latest pullback is considered corrective - for now. However, the pair has breached support at the 50-day EMA, at 0.6551. A clear break of this average signals scope for a deeper retracement and exposes 0.6527 (pierced), a Fibonacci retracement. For bulls, a reversal higher would refocus attention on 0.6707, the Sep 17 high. Initial firm resistance to watch is 0.6628, the Sep 24 high.
EURJPY TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 176.00 Round number resistance
- RES 2: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 1: 175.05 High Sep 26
- PRICE: 174.95 @ 19:02 BST Sep 26
- SUP 1: 173.53/172.24 20- and 50-day EMA
- SUP 2: 170.97 Low Aug 14
- SUP 3: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 4: 168.46 Low Jul 1
The trend set-up in EURJPY is unchanged, it remains bullish and the cross traded to a fresh cycle high last week. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull-mode too, highlighting a dominant uptrend. Sights are on 175.43, the Jul 11 ‘24 high and a key M/T resistance. On the downside, first support to watch lies at 173.53, the 20-day EMA.
