Highwoods Sells $127.5M of Greensboro and Memphis Assets

Rhea-AI Summary

Highwoods Properties (NYSE: HIW) has successfully sold non-core properties in Greensboro and Memphis, generating $127.5 million in gross proceeds. The transactions included a 49,500 square foot property, a three-building office portfolio totaling 292,400 square feet, and a medical office building portfolio of 284,700 square feet, all with a combined occupancy rate of 91.3%. The company anticipates recognizing non-FFO gains of approximately $52.4 million in Q4 2020 from these sales.

Positive

• Generated $127.5 million from the sale of non-core properties.
• Anticipated non-FFO gains of $52.4 million in Q4 2020.
• Properties sold had a combined occupancy rate of 91.3%.

Negative

• None.

RALEIGH, N.C., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has sold non-core properties in Greensboro and Memphis for combined gross proceeds of $127.5 million. The sold properties include 7023 Albert Pick Road, a 49,500 square foot property, a three-building office portfolio in Greensboro that comprises 292,400 square feet, and a medical office building portfolio in Greensboro and Memphis that comprises 284,700 square feet. These properties were a combined 91.3% occupied upon closing and were projected to generate approximately $8.8 million of annual cash and GAAP net operating income in 2020.

The Company expects to record non-FFO gains of approximately $52.4 million in the fourth quarter of 2020 in connection with these sales.  

About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index.  Highwoods is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.  For more information about Highwoods, please visit our website at www.highwoods.com.

Contact:	Brendan Maiorana
	Executive Vice President, Finance
	919-431-1529

FAQ

What properties did Highwoods Properties sell?

Highwoods sold a 49,500 square foot property, a three-building office portfolio totaling 292,400 square feet, and a medical office building portfolio of 284,700 square feet.

How much did Highwoods Properties earn from the property sales?

Highwoods Properties generated $127.5 million in gross proceeds from the sales.

What are the anticipated gains from the sales by Highwoods Properties?

The company expects to record non-FFO gains of approximately $52.4 million in Q4 2020.

What was the occupancy rate of the properties sold by Highwoods Properties?

The sold properties had a combined occupancy rate of 91.3%.