HIW - Highwoods disposes two non-core assets for $68.6M to dispose further three for $65.5M

Highwoods Properties (NYSE:HIW) sold 5405 Windward Parkway, a 248K sq. foot office building in Atlanta, for $48M and 50 Glenlake, a 145K sq. foot office building also in Atlanta, for $20.6M. It expects to close on the sale of three additional non-core buildings encompassing 366K sq. feet for a combined purchase price of $65.5M prior to Dec. 31, 2021. On a combined basis, these office properties are 78% occupied and were projected to generate $7.8M of GAAP net operating income and $7.3M of cash net operating income in 2021. "With these sales, we will have closed on $297M of dispositions since we first announced our $683M acquisition of trophy office assets in the high-growth markets of Charlotte and Raleigh from Preferred Apartment Communities. We are on track with our plan to return our balance sheet metrics to pre-acquisition levels by mid-2022," president & CEO Ted Klinck commented.

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Highwoods disposes two non-core assets for $68.6M, to dispose further three for $65.5M