Highwoods Sells Non-Core Properties for $166 Million.

Deal News | Feb 03, 2025 | Globenewswire

Highwoods Properties, Inc., a real estate investment trust headquartered in Raleigh, N.C., has announced a series of investment and financing activities completed in the fourth quarter of 2024 and early 2025. The company sold non-core properties in Raleigh and Tampa for $166.4 million, consolidating its focus on more strategic assets. This divestment aligns with Highwoods' strategy of recycling capital into higher-quality buildings. Additionally, Highwoods acquired the land underneath its Century Center assets in Atlanta, previously held under a long-term ground lease, for $50.6 million. This purchase provides greater long-term flexibility for Highwoods. The company also raised $51.3 million by selling 1.59 million shares at an average gross sales price of $32.71 per share. Highwoods' CEO, Ted Klinck, emphasized the strength added to the company's balance sheet and its readiness for future growth opportunities in 2025.

Sectors

Real Estate Investment Trust (REIT)
Commercial Real Estate

Geography

United States – Highwoods is headquartered in Raleigh, N.C., and operates and owns properties in regions such as Atlanta, Tampa, and other U.S. cities.
North Carolina – Highwoods is based in Raleigh, N.C., and has conducted sales within the state as part of its transaction activities.
Florida – Involvement in the sale of non-core properties located in the Tampa area.
Georgia – Significant transaction involving the acquisition of land in the Atlanta area.

Industry

Real Estate Investment Trust (REIT) – The article discusses Highwoods Properties, a publicly-traded REIT that engages in the acquisition, development, leasing, and management of properties.
Commercial Real Estate – Involves the sale and acquisition of office buildings and properties, which is central to Highwoods' recent activities described in the article.

Financials

$166.4 million – Combined gross proceeds from the sale of non-core buildings in Raleigh and Tampa.
$50.6 million – Cost of acquiring fee simple title to the land beneath Highwoods' Century Center assets in Atlanta.
1.59 million shares – Number of common stock shares sold by Highwoods in late 2024.
$51.3 million – Net proceeds from the sale of 1.59 million shares of common stock.

Participants

Name	Role	Type	Description
Highwoods Properties, Inc.	Target	Company	A North Carolina-based real estate investment trust involved in recent investment and financing activities.
Ted Klinck	CEO	Person	President and Chief Executive Officer of Highwoods Properties, overseeing strategic activities and issuing statements about the company's operations.