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Highwoods Signs Big Tampa Lease, Prices Notes

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Highwoods Properties Inc. has signed a 176,000-square-foot renewal at Highwoods Preserve in Tampa. This was the company’s largest remaining lease expiration through 2021.

According to a prepared release, following this lease renewal, the company has only five lease expirations greater than 100,000 square feet scheduled to expire through 2021.

Ted Klinck, president and CEO stated, “I applaud our Tampa team for signing this long-term lease, thereby securing steady cash flow for the foreseeable future and reducing our near-term lease rollover risk.”

Highwoods Properties Inc., headquartered in Raleigh, is a publicly-traded REIT and a member of the S&P MidCap 400 Index. Highwoods is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.

In other Highwoods news, the company revealed that Highwoods Realty Limited Partnership, the operating partnership through which the company conducts its operations, has priced a $400 million offering of 3.050% unsecured notes under its existing shelf registration statement. The notes are due February 15, 2030 and were priced to yield 3.079%. The offering is expected to close on September 13, 2019, subject to customary closing conditions.

The operating partnership intends to use the net proceeds from the sale of the notes to repay outstanding debt (including the amount outstanding under its $600 million unsecured revolving credit facility and a portion of the amount outstanding under its $200 million unsecured bank term loan that is scheduled to mature in January 2022) and for general corporate purposes.

 


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