Highwoods Properties, Inc. (NYSE:HIW) Q4 2022 Earnings Call Transcript

Brian Leary: Camille just to add on. And our CBDs are fundamentally different from a CBD of the gateways. So, our customers and their teammates who are commuting to our CBDs on the whole are not spending an hour on the train each way. So, our CBDs have a different kind of complex. I keep using that term. Now, as I mentioned earlier those regions that do look more like a gateway in terms of longer commutes and kind of that hub-and-spoke from the burbs and then back out again, they are looking more like kind of the coastal gateways in terms of the return. But to Brendan’s point the CBD, infill, and suburban kind of nature of how we break out our markets; infill, that’s basically a Buckhead in Atlanta if you know that. It has a solid residential base with incredible incomes and educational attainment.

Then what happened is they added the shops and restaurants for that high net worth population to service. And then because they already live there and they played there, they wanted to work there. And so that’s Buckhead, that’s South Park Charlotte, that’s North Hills here in Raleigh. So, that is a little bit of a nuance between the CBD, within the Highwoods Sunbelt portfolio and a CBD analog to the gateways of coastals.

Camille Bonnel: Thank you.

Operator: Thank you. We have no further questions on the phone line.

Ted Klinck: Well, thanks everybody for joining the call today. We appreciate your interest in Highwoods and we look forward to talking to you all again soon. Thank you.

Operator: That concludes today’s call. We thank you for your participation and ask you to please disconnect your lines.