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.
News Market Reaction – HIW
In the trading session that priced this news, HIW gained 4.97%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
The Company expects to record non-FFO gains of approximately
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 |