|Over a month ago|
Highwoods Properties raises FY21 FFO view to $3.62-$3.73 from $3.54-$3.66 » 16:4607/2707/27/21
Consensus $3.64. The…
Consensus $3.64. The company said, "The Company has updated its full year 2021 FFO outlook to $3.62 to $3.73 per share, which compares to the prior range of $3.54 to $3.66 per share provided on April 27, 2021. This outlook reflects management's view of current and future market conditions, including assumptions such as asset usage due to the pandemic, rental rates, occupancy levels, operating and general and administrative expenses, weighted average diluted shares outstanding and interest rates. Factors that could cause actual results to differ materially from Highwoods current expectations are discussed below and are also detailed in the Company's 2020 Annual Report on Form 10-K and subsequent SEC reports."
Highwoods Properties reports Q2 FFO 93c, consensus 90c » 16:4307/2707/27/21
Reports Q2 revenue…
Reports Q2 revenue $185.5M, consensus $184.90M. Ted Klinck, president and CEO, stated "We are pleased with our strong operating and financial performance during the second quarter. Our leasing activity continued to accelerate from the improved results we posted in the first quarter as highlighted by our new leasing volume of 323,000 square feet, our highest quarterly volume since 2019 and above our long-term quarterly average. Further, our leasing volume was broad-based across markets and included our highest count of new deals since 2014. We delivered strong FFO and robust same property cash NOI growth, demonstrating the continued strengthening of our cash flows."
Highwoods Properties CFO Mark Mulhern to retire, Brendan Maiorana to succeed » 16:3807/2707/27/21
Highwoods Properties announced Mark Mulhern will retire as CFO effective January 1, 2022. Brendan Maiorana, who currently serves as executive VP of finance and treasurer, will assume the role of CFO upon Mulhern's retirement. Maiorana became executive VP of finance in July 2019 and assumed the role of treasurer in January. Highwoods also announced Sara Carlton, has been promoted to VP and sssociate general counsel and Ryan Hunt has been promoted to VP and chief information officer. Carlton joined Highwoods in 2007. Hunt is responsible for the company's information technology strategy and aligning technology investments with the overall business. Hunt joined Highwoods in 1997 and quickly transitioned his focus to technology.
|Over a quarter ago|
Highwoods Properties sells non-core Tampa property for $43M » 16:1206/2306/23/21
Highwoods Properties has…
Highwoods Properties has sold Preserve VII, a 115,000 square foot single customer building in north Tampa, for $43M. This property is 100% occupied and is projected to generate $2.0 million of annual cash net operating income, including the impact of $0.4M of free rent, and $2.4M of annual GAAP net operating income in 2021. The Company expects to record a non-FFO gain of approximately $22.8M n the second quarter of 2021 in connection with this sale.
Highwoods Properties downgraded to Neutral from Buy at Mizuho » 06:4806/0306/03/21
Mizuho analyst Omotayo…
Mizuho analyst Omotayo Okusanya downgraded Highwoods Properties to Neutral from Buy with a price target of $45, up from $43. The analyst views implies the stock as fairly valued at the current level.
Highwoods Properties publishes 2020 corporate responsibility report » 07:2905/1005/10/21
Highwoods Properties, announces it has published its 2020 Corporate Responsibility Report. This is the fourth annual Corporate Responsibility Report of Highwoods and highlights the Company's Environmental, Social and Governance initiatives. "In 2020, we continued to advance our environmental initiatives and drove performance improvements across our portfolio. We updated our long-term energy, emissions and water reduction goals and aligned with the United Nations Sustainable Development Goals. We earned the prestigious GRESB Green Star rating in our inaugural submission. Furthering our long-term commitment to sustainability and operational excellence, we achieved the prestigious ENERGY STAR certification for 75 of our properties, which represents 57% of our eligible square footage, and LEED certification for all new developments. Capitalizing on low occupancy conditions during the pandemic, we used this opportunity to expedite the implementation of energy and water efficiency upgrades across our portfolio," Ted Klinck, president and CEO of Highwoods Properties, wrote.
Highwoods Properties sees FY21 FFO $3.54-$3.66 16:2804/2704/27/21
Highwoods Properties reports Q1 FFO 91c, consensus 87c » 16:2604/2704/27/21
"We're encouraged by the increased activity we are experiencing even though it's still challenging to forecast the trajectory of the economic recovery given the ongoing uncertainties created by the pandemic. However, given our strong first quarter financial results and outlook for the remainder of the year, we have the confidence to update our per share FFO outlook, which implies a 2 cent increase at the midpoint, and raise our same property cash NOI outlook," the company said.
Preferred Apartment to sell portfolio to Highwoods Properties for $717.5M » 06:0804/1904/19/21
Preferred Apartment (APTS) announced that the company has entered into an agreement to sell a portfolio of seven office properties and one office real estate loan investment to Highwoods Properties (HIW) for an aggregate purchase price of $717.5M, including the assumption of debt. The transactions are expected to close in Q3 and are subject to customary closing conditions. The transactions have been unanimously approved by the company's board of directors. Highwoods is posting $50M of earnest money deposits that are non-refundable except in limited circumstances. The portfolio was marketed by JLL. As part of the transaction, PAC will separately market Armour Yards and 251 Armour for sale to a third party. The Armour Yards and 251 Armour transaction may close earlier or later than Q3 depending on whether PAC chooses to sell them to a third party purchaser or requires Highwoods to purchase them. The company expects to utilize a portion of the proceeds to redeem a portion of its 6.00% Series A redeemable preferred stock. The company intends to largely redeploy the remainder of the proceeds to grow its core suburban Sunbelt Class A multifamily business through PAC's proprietary acquisition channels, including real estate loan investments, and for other corporate purposes. The financial impacts of these planned disposition and investment activities were not included in the company's 2021 core FFO per share guidance released on March 1. The Company anticipates that the transaction will reduce core FFO following closing but this may be offset to some extent based on the use of the proceeds, the timing of redeployment of proceeds, and G&A savings.
Highwoods Properties to acquire office assets from Preferred Apartment » 06:0804/1904/19/21
Highwoods Properties (HIW) has agreed to acquire a portfolio of office assets from Preferred Apartment Communities (APTS). The core portfolio to be acquired consists of four Class A office assets in Charlotte and Raleigh and one mixed-use redevelopment site in Atlanta. The Company has also agreed to acquire two non-core assets: a mezzanine loan related to a recently constructed office building in Atlanta; and Armour Yards, a multi-building creative office project in Atlanta. The company's total investment, including the estimated value of the non-core assets, is expected to be $769M, which includes $28M of near-term building improvements and $5M of transaction costs. The transaction is expected to include, among other things, the assumption of four secured loans collateralized by the core office buildings estimated to be recorded at fair value of $403M in the aggregate, with a weighted average effective interest rate of 3.7% and a weighted average maturity of 10.8 years. The value of the non-core assets represents less than 12% of the anticipated total investment. The acquisition, which is subject to customary closing conditions, is scheduled to close during the third quarter. The company is posting $50M of earnest money deposits that are non-refundable except in limited circumstances. The core office buildings in Charlotte and Raleigh, which encompass 1,630,000 square feet in total, were 95% leased at December 31, 2020 with rent collections of over 99% during 2020. These properties are projected to generate cash net operating income of $38M and GAAP net operating income of $42.7M in the first four quarters following closing. The company's plan is to ultimately fund the acquisition primarily by accelerating the sales of existing non-core assets. The company expects to return its balance sheet metrics to current levels by mid-2022.