Highwoods Properties says Q4 gross proceeds from disposition closed $21.4M

Highwoods Properties (HIW) announced investment and financing transactions that closed during the fourth quarter of 2024 and to date in early 2025. First, the Company has sold in a series of transactions non-core buildings in Raleigh and Tampa for combined gross proceeds of $166.4M . Gross proceeds from dispositions closed in the fourth quarter of 2024 totaled $21.4M with the remainder closing early in the first quarter of 2025. The sold properties include one office building encompassing 170,000 square feet in North Raleigh and three buildings encompassing 616,000 square feet in the Westshore submarket of Tampa. On a combined basis, these properties are 88% occupied and were projected to generate $13.6M of GAAP net operating income and $13M of cash net operating income in 2025. Ted Klinck, President and Chief Executive Officer, stated, “Our recent disposition activity demonstrates our continuing ability to execute on our long-standing strategy of selling non-core assets with limited future upside and ultimately using the proceeds to recycle into higher-quality buildings. The nearly $220 million of proceeds from these non-core dispositions and equity raised during the fourth quarter, further bolsters our already strong balance sheet and creates dry powder for future external growth opportunities in 2025.” “Acquiring the land underneath our Century Center assets consolidates our ownership of the buildings and the land, which provides us with more long-term flexibility and certainty,” added Mr. Klinck.Highwoods Properties announces its Board of Directors has declared a cash dividend of 50c per share of common stock for the quarter ended December 31 which equates to an annualized dividend of $2.00 per share. This quarterly dividend is payable on March 11 to all holders of record as of February 18