HIW - Highwoods offloads $55.8M in additional non-core assets

Highwoods Properties (NYSE:HIW) sold 4421 and 4401 Waterfront Drive, two non-core office buildings for $20.8M. The company also sold Progress Center, which consists of two in-service non-core office buildings for $35M. On a combined basis, the four in-service office buildings were 76% occupied as of Sep.30 and were seen generating $2.7M of GAAP net operating income and $2.6M of cash net operating income in 2021. During Q4, the company expects to record total gains of ~$92.9M, including non-FFO gains of ~$83.5M and FFO gains of ~$9.4M. "We are pleased to have already closed on $353M of non-core dispositions since we first announced our $683M acquisition of trophy office assets in the high-growth markets of Charlotte and Raleigh from PAC. We are ahead of schedule, having planned $250 to $300M of non-core dispositions by year-end 2021," president & CEO Ted Klinck commented. By mid-2022, the company targets to return to balance sheet metrics to

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Highwoods offloads $55.8M in additional non-core assets