RALEIGH, NC – August 2, 2016 – Highwoods Properties, Inc. (NYSE:HIW) today reported its second quarter 2016 financial and operating results.
Ed Fritsch, President and CEO, stated, “We had another solid quarter, generating 18.5% year-overyear growth in net income per share and 6.5% year-over-year growth in FFO per share. We leased 907,000 square feet of second generation office space with robust GAAP rent growth of 15.4% and an average term of 5.6 years. Compared to the second quarter of 2015, same property cash NOI was up 4.5% and same property average occupancy was up 60 basis points.”
Mr. Fritsch added, “We are close to wrapping up the strategic initiative we announced last September to enhance our BBD office focus by selling Country Club Plaza as tax-efficiently as possible and redeploying the net proceeds to acquire BBD-centric trophy towers, replenish our inventory of infill land for future development and further strengthen our balance sheet. To date, we have reinvested $445 million in tax-free exchanges. Consistent with our goal of being disciplined allocators of capital, we are using the remaining sale proceeds to pay down even more debt and anticipate returning capital to our shareholders through a special cash dividend of at least $0.75 per share.”
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