HIW - Highwoods Properties announces ~$98M non-core asset sales

Highwoods Properties (NYSE:HIW) on Thursday announced the sale of non-core assets for $97.6M. HIW sold the FBI Tampa Field Office for $70.4M. The 138K sq. ft. office building was developed by HIW as a build-to-suit for the FBI in 2005 and renewed under a long-term lease in 2020. HIW also expects to close on the sale of its remaining office buildings in Greensboro, totaling 299K sq. ft. and are 88.2% occupied, later this quarter or early in Q3 for $20.3M. These buildings were estimated to generate $6.3M of annual GAAP net operating income and $5.7M of annual cash net operating income, which includes impact of free rent, in 2022. HIW also sold an 8.9-acre non-core land parcel adjacent to its One Independence office in Tampa's Westshore BBD for $6.9M. HIW expects to record $2.3M of land sale gains (included in FFO) in Q2. "With these sales, we will have sold

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Highwoods Properties announces ~$98M non-core asset sales