Highwoods Pptys Inc - HIW STOCK NEWS

Highwoods Properties, Inc. (NYSE:HIW) announces it will release its fourth quarter and full year 2021 results on February 8, 2022, after market close. A conference call is scheduled for February 9, 2022, at 11:00 A.M. Eastern time. US/Canada callers can dial (800) 756-3565 or join the webcast on the company's website. The company also outlined its 2022 financial release schedule with quarterly releases set after market close and subsequent calls at 11:00 A.M. Eastern time.

Highwoods Properties (NYSE:HIW) has announced a joint venture with Brand Properties to construct a 135,000 square foot office building at 2827 Peachtree in Atlanta's Buckhead district. The project involves a total investment of $79 million, with 62% of the space pre-leased. Highwoods owns a 50% interest in the venture. Construction is set to begin in Q1 2022, aiming for completion by Q3 2023. The development pipeline for Highwoods has now expanded to $283 million across 615,000 square feet, achieving 49% pre-leasing.

Highwoods Properties, Inc. (NYSE: HIW) sold non-core assets totaling $353 million since announcing its acquisition of office assets from Preferred Apartment Communities. Recent sales include two office buildings in Richmond for $20.8 million and Progress Center in Raleigh for $35 million. The sold properties had a combined occupancy of 76% and were expected to generate $2.7 million in net operating income in 2021. The company anticipates recognizing $92.9 million in gains from these transactions by year-end 2021, supporting its strategy to improve portfolio quality and cash flow.

Highwoods Properties (NYSE: HIW) announces the construction of GlenLake III in Raleigh, comprising 218,000 square feet, including 205,000 square feet of office space and 13,000 square feet of retail. The anticipated investment totals $94.4 million, with construction beginning Q4 2021 and completion expected by Q3 2023. 16% of the office space is already leased to McKim & Creed for their headquarters. This project aligns with Highwoods' strategy to enhance workplace environments and responds to the strong demand for quality office space in GlenLake.

Highwoods Properties (NYSE:HIW) has finalized the sale of two office buildings in Atlanta for a total of $68.6 million. The properties sold include 5405 Windward Parkway (248,000 sq. ft.) for $48.0 million and 50 Glenlake (145,000 sq. ft.) for $20.6 million. The company anticipates closing three additional non-core offices, totaling 366,000 sq. ft., for $65.5 million by year-end. These properties represent a collective 78% occupancy and were expected to generate approximately $7.8 million in net operating income for 2021. This marks a significant step in Highwoods' strategy to enhance its balance sheet and portfolio quality.

Highwoods Properties, Inc. (NYSE:HIW) has declared a cash dividend of $0.50 per share for the quarter ending September 30, 2021, corresponding to an annualized dividend of $2.00 per share. This dividend will be payable on December 7, 2021, to all shareholders of record by November 15, 2021. Additionally, the Board announced a dividend of $21.5625 per share for the 8 5/8% Series A Preferred Stock, payable on November 30, 2021, to holders of record by November 15, 2021.

Highwoods Properties, Inc. (NYSE:HIW) announced its third quarter 2021 results on October 26, 2021. The company is a publicly-traded real estate investment trust (REIT) specializing in property management and development across key business districts in major cities. For full details, investors can access the release on their website. Highwoods is a member of the S&P MidCap 400 Index and operates primarily in cities like Atlanta, Charlotte, and Nashville.

Highwoods Properties has acquired the remaining 77 acres of development land at Ovation in Franklin, TN, for $57.8 million, giving the company total ownership of the 145-acre mixed-use project. This strategic acquisition allows Highwoods to re-imagine Ovation’s master plan, initially approved for 1.4 million square feet of office space and over 400,000 square feet of retail, among other developments. Highwoods plans to collaborate with the City of Franklin to enhance this property, aiming to create a premier live-work-play environment.

Highwoods Properties (NYSE:HIW) has sold two non-core office buildings totaling 443,000 square feet for $119.7 million. The sold properties include Stony Point VI in Richmond for $52.2 million and Crescent Center in Memphis for $67.5 million, which were 80% occupied and projected to generate $6.5 million in annual cash net operating income. The company expects non-FFO gains of $37.3 million in Q3 2021 from these sales. These transactions are part of a broader strategy to dispose of $500-$600 million in non-core assets by mid-2022.