Highwoods Properties, Inc. (NYSE:HIW) Q3 2023 Results Conference Call October 25, 2023 11:00 AM ET
Company Participants
Brendan Maiorana - CFO
Ted Klinck - CEO
Brian Leary - COO
Hannah True - Manager of Finance and Corporate Strategy
Conference Call Participants
Camille Bonnel - Bank of America
Avery Tiras - Citi
Yang Ku - Wells Fargo
Robert Stevenson - Janney
Georgi Dinkov - Mizuho
Dylan Burzinski - Green Street
Peter Abramowitz - Jefferies
Operator
Hello, and welcome to the Highwoods Q3 2023 Earnings Call. My name is Alex. I'll be coordinating the call today. [Operator Instructions]
I'll now hand over to your host Brendan Maiorana, CFO, to begin. Please go ahead.
Brendan Maiorana
Thank you, operator, and good morning, everyone. Joining me on the call this morning are Ted Klinck, our Chief Executive Officer; and Brian Leary, our Chief Operating Officer; Hannah True, our Manager of Finance and Corporate Strategy is under the weather.
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, Brendan, and good morning, everyone. During the third quarter, we once again had solid financial and operational results, while maintaining a balance sheet is among the strongest in the sector with healthy credit metrics and ample liquidity.
At the beginning of the year, we predicted the operating environment in capital markets, particularly for the office sector, would remain challenged for an extended period of time. So far, this is playing out as expected. We remain laser-focused on operations and balance sheet management and believe the meaningful new investment opportunities will eventually surface.
With this backdrop, these are our priorities. First, ensuring our portfolio operations remain healthy. To that end, we're aggressively addressing future lease role, proactively reinvesting in those assets with ample opportunity to drive outsized returns, focusing on net effective rents and maintaining strong cash flow by being even more disciplined on discretionary CapEx.