RALEIGH, NC – April 26, 2016 – Highwoods Properties, Inc. (NYSE:HIW) today reported its first quarter 2016 financial and operating results.
Ed Fritsch, President and CEO, stated, “We had another solid quarter, generating 11.0% year-overyear growth in per share FFO, excluding land sale gains and term fees. We leased 902,000 square feet of second generation office space with an average term of 6.5 years and strong net effective rents 5.9% higher than our prior five-quarter average. Compared to the first quarter of 2015, same property cash NOI was up 3.7%, excluding term fees, and same property average occupancy was up 120 basis points.
“We also delivered $56 million of development, a 100% pre-leased headquarters and surgical center for Laser Spine Institute in Tampa’s Westshore submarket. Plus, the $660 million sale of our retailcentric Country Club Plaza assets at a 4.7% blended cap rate has helped drive our leverage ratio under 40%, further simplified our business model and reduced our annual G&A spend. Our future growth prospects are bolstered by our $490 million development pipeline encompassing 1.6 million square feet that is 67% pre-leased along with the $221 million remaining in escrow to reinvest in additional BBD assets and/or use for other general corporate purposes.”Download PDF