Highwoods Announces Recent Investment and Financing Activity

Core Insights - Highwoods Properties, Inc. has announced significant investment and financing transactions that were completed in Q4 2024 and early 2025 [1] Group 1: Asset Dispositions - The company sold non-core buildings in Raleigh and Tampa for total gross proceeds of $166.4 million, with $21.4 million from Q4 2024 and the remainder in early 2025 [2] - The sold properties include one office building of 170,000 square feet in North Raleigh and three buildings totaling 616,000 square feet in Tampa, which are 88% occupied and expected to generate $13.6 million in GAAP net operating income and $13.0 million in cash net operating income in 2025 [2] Group 2: Land Acquisition - In Q4 2024, the company acquired the fee simple title to the land beneath its Century Center assets for $50.6 million, consolidating ownership of the buildings and land for long-term flexibility [3] Group 3: Equity Raise - The company sold 1.59 million shares of common stock at an average gross sales price of $32.71 per share, raising net proceeds of $51.3 million [4] Group 4: Management Commentary - The President and CEO highlighted that the recent asset sales reflect the company's strategy of divesting non-core assets to reinvest in higher-quality buildings, with nearly $220 million in proceeds enhancing the balance sheet and providing capital for future growth opportunities in 2025 [5]