Highwoods Properties, Inc. (NYSE:HIW) Q1 2022 Earnings Conference Call April 27, 2022 11:00 AM ET
Company Participants
Hannah True - Manager of Finance and Corporate Strategy
Ted Klinck - President and CEO
Brian Leary - COO
Brendan Maiorana - CFO
Conference Call Participants
Vikram Malhotra - Mizuho Securities
Blaine Heck - Wells Fargo
Rob Stevenson - Janney Montgomery Scott
Manny Korchman - Citigroup
Ronald Kamdem - Morgan Stanley
Michael Lewis - Truist Securities
Operator
Good morning. And welcome to the Highwoods Properties Earnings 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, Wednesday, April 27, 2022.
I would now like to turn the conference over to Hannah True, Manager of Finance and Corporate Strategy. 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 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 now turn the call over to Ted.
Ted Klinck
Thanks, Hannah, and good morning, everyone. We had excellent financial and operational results in the first quarter, consistent with our performance since the start of the pandemic. Leasing activity is robust. Same property cash NOI growth was solid. We had our third consecutive quarter of record core FFO per share, which excludes land sale gains.
Our cash flows continue to strengthen and our balance sheet is in excellent shape. We believe our strong performance to start the year is largely attributable to continuing execution of our strategy. As we've stated before, our simple and straightforward investment strategy is to generate attractive and sustainable returns over the long-term by developing, acquiring and owning a portfolio of high quality, differentiated office buildings in the BBDs of our markets or said another way, workplaces that are commute worthy.