Highwoods Properties Inc. (NYSE:HIW) Q1 2023 Results Conference Call April 26, 2023 11:00 AM ET
Company Participants
Hannah True - Financial Analyst
Ted Klinck - President, CEO and Director
Brian Leary - Executive VP and COO
Brendan Maiorana - Executive VP and CFO
Conference Call Participants
Blaine Heck - Wells Fargo
Rob Stevenson - Janney
Michael Griffin - Citi
Ronald Kamdem - Morgan Stanley
Dylan Burzinski - Green Street
Daniel Leben - Baird
Peter Abramowitz - Jefferies
Operator
Good morning, and welcome to the Highwoods Properties earnings call. During the presentation all participants are in a listen-only mode. Afterword’s we will conduct a question and answer session. [Operator Instructions] As a reminder, this conference is being recorded, Wednesday, April 26, 2023.
I would now like to turn the conference over to Hannah True. Please go ahead, Ms. True.
Hannah True
Thank you, operator, and good morning, everyone. Joining me on the call this morning are Ted Klinck, our Chief Executive Officer; Brian Leary, our Chief Operating Officer; and Brendan Maiorana, our Chief Financial Officer.
For your convenience, today's prepared remarks have been posted on the web. If you have not received yesterday's earnings release or supplemental, they're both available on the Investors section of our website at highwoods.com. On today's call, our review will include non-GAAP measures such as FFO, NOI and EBITDA. The release and supplemental include a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Forward-looking statements made during today's call are subject to risks and uncertainties. These risks and uncertainties are discussed at length in our press releases as well as our SEC filings. As you know, actual events and results can differ materially from these forward-looking statements, and the company does not undertake a duty to update any forward-looking statements.
With that, I'll turn the call over to Ted.
Ted Klinck
Thanks, Hannah, and good morning, everyone. During the first quarter, we once, again, had strong financial and operational results. Leasing activity was solid; same-property cash NOI growth was positive; FFO per share was healthy, with a sequential increase from the fourth quarter; our cash flows continue to strengthen; and we reinforced our already fortress balance sheet by bolstering our near-term liquidity.
Our well-diversified, high-quality portfolio continues to outperform versus our markets and compared to other major metro areas throughout the U.S. As we stated last quarter, we believe that to be resilient, we must be diversified, which is a core component of our long-stated simple and straightforward goal of generating attractive and sustainable returns over the long term.