Highwoods Properties, Inc. (NYSE:HIW) Q4 2022 Earnings Conference Call February 8, 2023 11:00 AM ET
Company Participants
Hannah True - Investor Relations
Ted Klinck - Chief Executive Officer
Brian Leary - Chief Operating Officer
Brendan Maiorana - Chief Financial Officer
Conference Call Participants
Camille Bonnel - Bank of America
Blaine Heck - Wells Fargo
Georgi Dinkov - Mizuho
Rob Stevenson - Janney
Dave Rodgers - Baird
Dylan Burzinski - Green Street
Peter Abramowitz - Jefferies
Operator
Good morning and welcome to the Highwoods Properties Earning Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded today, Wednesday, February 8, 2023.
I would now like to turn the conference over to Hannah True. Please, go ahead.
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 EBITDAre. 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. We had a strong end to a strong year for Highwoods. In the fourth quarter, we enjoyed solid leasing in terms of both volume and economics, acquired a best-in-class property in uptown Dallas, placed in-service our highly successful Midtown West development in Tampa, announced Midtown East, our second development in Midtown in Tampa and delivered strong FFO of $0.96 per share.
Our healthy leasing during the fourth quarter is somewhat contradictory to the broader macro environment, with interest rates up sharply, limited capital availability and widespread concerns of a pending recession.