Highwoods Announces Recent Rental Activity in Tampa

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Highwoods Properties, Inc.

New lease for 71,000 square feet at 5332 Avion
New lease for 112,000 square feet at One Independence
Long-term leases with customers with strong credit profiles

RALEIGH, North Carolina, March 07, 2022 (GLOBE NEWSWIRE) — Highwoods Properties, Inc. (NYSE: HIW) signed two new leases in Tampa for a total of 183,000 square feet.

First, the company signed a 71,000 square foot lease at 5332 Avion, a 176,000 square foot office building in Tampa’s Westshore BBD. With this lease, 5332 Avion is now 95% leased. The 71,000 square foot block of space at 5332 Avion was the largest contiguous block of vacant space in the Company’s entire 27.4 million square foot in-use portfolio.

Second, the company signed a 112,000 square foot lease at One Independence in Tampa, a 116,000 square foot office building also located in Tampa’s Westshore BBD. This lease fully fulfills the company’s two largest remaining lease expirations for 2022 with a new customer in Highwoods and no downtime.

Ted Klinck, President and CEO of Highwoods, said: “I commend our Tampa team for attracting two high credit clients to these properties, ensuring stable cash flow for the foreseeable future, and eliminating our greatest lease renewal risk in 2022. These leases are testament to the quality, resilience and long-term growth potential of our portfolio.”

About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly traded real estate investment trust (“REIT”) (NYSE: HIW) and member of the S&P MidCap 400 Index. company that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa. For more information about Highwoods, please visit our website at www.highwoods.com.

Forward-looking statements
Some of the information in this press release may contain forward-looking statements. These statements include, in particular, statements about our plans, strategies and outlook. You can identify forward-looking statements by our use of forward-looking terms such as “may”, “will”, “expect”, “anticipate”, “estimate”, “continue” or other similar words. Although we believe that our plans, intentions and expectations reflected or implied by these forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be realized.

When reviewing these forward-looking statements, you should keep in mind important factors that could cause our actual results to differ materially from those contained in any forward-looking statement, including, but not limited to, the following: the extent to which the Ongoing COVID-19 affects our financial condition, results of operations and cash flows depend on future developments, which are highly uncertain and cannot be predicted with certainty, including the extent, severity and duration of the pandemic and its impact on the US economy and potential changes in customer behavior that could adversely affect the use of and demand for office space; the financial condition of our customers could deteriorate or worsen further, which could be further exacerbated by the COVID-19 pandemic; our assumptions regarding potential losses related to customer financial hardship due to the COVID-19 pandemic may prove to be incorrect; counterparties under our debt securities, in particular our revolving credit facility, may attempt to avoid their obligations thereunder, which, if successful, would reduce our available cash; we may not be able to lease or re-let second-generation space, defined as previously occupied space that becomes available for rental, quickly or on terms as favorable as previous leases; we may not be able to lease newly constructed properties as quickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, divestiture or joint venture projects as quickly or on as favorable terms as anticipated; development activity in our existing markets could result in excess supply relative to customer demand; our markets may experience declines in economic growth and/or office employment; unexpected increases in interest rates could increase our debt servicing costs; unexpected increases in operating expenses could adversely affect our results of operations; natural disasters and climate change could negatively impact our cash flow and results of operations; we may not be able to meet our cash requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or repay or refinance outstanding indebtedness to deadline ; and the Company could lose key executives.

However, this list of risks and uncertainties is not intended to be exhaustive. You should also review the other caveats we make in the “Risk Factors” section set out in our 2021 Annual Report on Form 10-K. Given these uncertainties, you should not place undue reliance on forward-looking statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unforeseen events.

Contact:
Brendan Maiorana
Executive Vice President and Chief Financial Officer
[email protected]
919-872-4924

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