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Highwoods Properties is the favorite office REIT because new office supply has dried up, making its prime Sun Belt buildings scarcer and giving it pricing power. It signed over 1mm square feet of second-generation leases in Q2 with GAAP spreads above 20%, and occupancy rose 70 basis points. Debt-to-EBITDA fell to 6.2x, and it was the only office REIT not to cut its dividend in the GFC. Consensus 12% growth in 2027 plus a 6.4% yield implies about 20% total returns with no multiple expansion. x.com
