Highwoods Announces Recent Disposition Activity
April 04 2024 - 4:05PM
Highwoods Properties, Inc. (NYSE:HIW) has sold in
a series of transactions non-core properties in Raleigh for
combined gross proceeds of $79.4 million. Gross proceeds from
dispositions closed in the first quarter of 2024 totaled $16.9
million with the remainder closing early in the second quarter. The
sold properties include eight office buildings encompassing 338,000
square feet across from Rex Hospital in the west Raleigh submarket
and one office building encompassing 97,000 square feet adjacent to
the Research Triangle Park.
On a combined basis, these properties are 85%
occupied and were projected to generate $6.0 million of GAAP and
cash net operating income in 2024.
As part of the sale of one building, the Company
provided $6.2 million in non-recourse first mortgage seller
financing. The note is scheduled to mature in February 2025, but
can be prepaid without penalty at any time prior to maturity.
The cash proceeds received from the dispositions
have been used to reduce amounts outstanding on the Company’s
revolving credit facility and for general corporate purposes.
About Highwoods
Highwoods Properties, Inc., headquartered in
Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office
real estate investment trust (“REIT”) that owns, develops,
acquires, leases and manages properties primarily in the best
business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville,
Orlando, Raleigh, Richmond and Tampa. Highwoods is in the
work-placemaking business. We believe that by creating environments
and experiences where the best and brightest can achieve together
what they cannot apart, we can deliver greater value to our
customers, their teammates and, in turn, our stakeholders. For more
information about Highwoods, please visit our website at
www.highwoods.com.
Contact: |
Brendan Maiorana |
|
Executive Vice President and Chief Financial Officer |
|
brendan.maiorana@highwoods.com |
|
919-872-4924 |
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