highwoods investor relations

Throughout his career in private practice, Jeff concentrated on securities, corporate governance and related strategic matters, and served as general outside counsel to a variety of publicly-traded REITs, including Highwoods. We announced over $400 million of development in Dallas, Atlanta, Tampa and Charlotte and we sold $133 million of non-core land and buildings. Please. Over the long run, we will continue our strategy of monetizing properties we believe have below average growth prospects, limited upside or our CapEx intensive, and we'll use the proceeds to replenish our dry powder and ultimately recycle into higher-growth properties. Copyright 2023 Morningstar, Inc. All rights reserved. Hi Ari, Brian Leary to clip on there. So, again, we feel good. The transaction with Kapital-Consult is expected to close no later than the end of the second quarter. There's no rush here. There's no CapEx associated with that obviously. And activity has been very, very strong there even though the delivery is a couple of years out. quickly or on as favorable terms as old leases; and unexpected difficulties in obtaining additional capital to satisfy our future cash needs or unexpected increases in interest rates would increase our debt service costs. Press Release - SEC.gov This announcement follows our first office development in Midtown Tampa, Midtown West which we placed in service during the fourth quarter as originally scheduled at 97% leased. Thank you, operator, and good morning, everyone. And Raleighs the place where that shows up. And that's out of 425 deals, right? So, that is a little bit of a nuance between the CBD, within the Highwoods Sunbelt portfolio and a CBD analog to the gateways of coastals. Okay. So the mix of assets it is it's a couple of land deals. I think just to clip on and this is decades in the making where people live is where they like to work. Dave, haven't really seen that yet. comfortable with the lower end of the range as a result of lowering the volume of anticipated acquisitions due to overly aggressive market pricing that exceeds the Companys investment criteria. I would say, I mean, it's on a cash basis we've been roughly kind of around flat for the pack really almost since the onset of COVID. Okay. Operator, we are now ready for questions. REITweek: 2023 Investor Conference - Webcast 6/06/2023 9:30am et Investor Presentation All rights reserved. Over time, we do a lot of early renewals so that number tends to be higher. So, yes, I mean I would say I mean from a CBD -- we kind of classify it in three different ways. While a 2023 FFO outlook is below 2022 actual results, as a reminder we have grown normalized FFO per share each year for 12 consecutive years at a 4% compound average rate. And then I guess a slightly different way of asking something that was asked earlier, but a lot of your coastal competitors have talked about a pickup in activity pretty meaningfully since the New Year. Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). It's their effort that has positioned us for continued success for many years to come. And then a more normalized kind of GAAP roll-up in the double-digit range. Sure. Highwoods Properties | LinkedIn All times are ET. We continue to believe that to be resilient, our portfolio must be diversified and not be overly reliant on any single customer, market, submarket, industry or lease size. How is that trending in your markets and specifically in your portfolio? HIW Stock Price & Charts | Highwoods Properties Highwoods But 50%, as we roll into a new year for the forward four quarters is about average for us. The feedback from potential customers about the property continues to be favorable and we remain optimistic about the long-term prospects for the 1.6M sf Second Generation Space Leased . Without the charge for the retirement package, FFO would have been $31.8 million, or $0.59 per diluted share. Hi. It's just we'll be opportunistic as to when and what form that takes. If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. But it's out there. In our release last night, we stated an anticipated headwind of $0.08 per share at the midpoint from higher OpEx, net of anticipated recoveries. Again, we don't stabilize that until I think first quarter 2026. I'll let that over to Brian or Ted to answer that. We are confident that the Highwoods portfolio will continue to serve as a location of choice for the best and brightest individuals and organizations. So what I would say is, I mean, I think the marginal cost of borrowing on what we would pay off if you look at our forecast for 2023 you're probably in the mid to kind of upper 5s. Hey George, this is Brendan. And we've actually had -- since we've had the fence go up we've had some inquiries on that, which I didn't really expect. So I don't think, I could give you an idea of what percent could be transformed over time. Vice President, Investor Relations : 919-431-1529: Highwoods Properties Reports: FFO of $1.83 Per Share for First Nine Months of 2005 . Brian, I wanted to talk about rent a little bit and you talked about economic or effective rents earlier. But just -- the demand we're seeing right now plays to what our core portfolio is smaller and medium-sized customers where we continue to see demand. Our return to the office has really been the smaller customers, suburban customers, as well have been the first ones back. We'll see but it is a large transaction and larger deals are harder to get done these days in terms of dilution. Press Releases | Investor Relations | Piedmont Office Realty Trust, Inc. Again assets that maybe have a lower growth profile going forward. Thank you. The release and supplemental include a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. February 27, 2006 . In connection with Mr. The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high growth Sun Belt markets. As you dig into that you realize that almost 60% of all the sublease space in a market like Raleigh is in one single area called the Research Triangle Park, which we don't have any exposure to and have none in our market. And how should we expect leverage to trend as we progress throughout 2023? But I will say, a blanket statement. Highwoods also owns approximately 1,255 acres of development land. combined reports better reflect how management and investors view the business as a single operating unit; Based on the current of SOFR curve, we expect to incur $0.25 to $0.30 per share of higher interest expense in 2023 compared to what the forward curve implied just 12 months ago. And then given Ted's commentary about the continued dislocation in the acquisition market are dispositions in 2023 likely to be back-end loaded? The land sale, based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. The Company is a Our urban and suburban BBD portfolio provides a variety of options and amenities with regard to commute worthiness and has attracted a customer base across a broad spectrum of industries and sizes. Brian you guys had north of $135 million of combined building improvements and second-gen expenses in 2022 and just shy of $120 million in 2021, what are you expecting in 2023 at this point given Tivity retenanting and other known spending? And all of a sudden late last year or the third quarter the big users like we've all heard they sort of just press the pause button. Three-two is what we hear a lot of. Small and medium-sized customers are bread and butter with an average customer size of less than 15,000 square feet, are disproportionately back in the office and expanding. And so what we're doing is, we're also realizing that folks want to collaborate and kind of get out of their own office. This investment priced below replacement cost provides a unique combination of an attractive going-in cash flow yield with the opportunities to earn development-like returns as we roll rents up to market. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Press Release - SEC.gov Further, this building is only four blocks from our 2023 Springs development providing ample opportunity for leasing and operating synergies and with what we believe will be the two of the best buildings in Uptown. And we do have a stabilization date of first quarter 2025 and that. Company Presentations | Healthpeak - Healthpeak, Investor Relations Hey, Blaine, Brian Leary, good morning, thanks for the question. We're preparing it to market. The dial-in number is (888) 202-5268 domestic, (706) 643-7509 international. Great. So as you roll forward, is there any good evidence that you have now or that you're starting to have negotiations on, were these bigger deals, say 50,000 to 100,000 or north of 100,000 square feet are getting done, where you're seeing a substantially greater amount of pressure on rents or effective rents. Telephone and web cast replays will be available two This site is protected by reCAPTCHA and the Google These statements are distinguished by use of the words will, expect, intends and words of similar meaning. I think, they'd like to finance their TI through higher rents. Hi, guys. And George, Brian Leary here to take that question. Yeah. And then last for me on the dispositions. We acquired $400 million of best-in-class assets in Charlotte and Dallas both with meaningful long-term growth potential. One of the government customer, they were -- again, just to reiterate they're in the soft term so they had the ability to terminate their lease on a reasonably short notice. We have ample liquidity over $550 million between our line of credit and undrawn amounts on the construction loans, at our Dallas development JVs, which provide us plenty of room to fund the remaining $359 million to complete our development pipeline. According to Cushman & Wakefield, the national market posted positive net absorption for the quarter and a 4.7% year-over-year increase in market rent. Our all-time high for net effective rents during the year is a strong endorsement of our Sunbelt, BBD and diversified portfolio strategy. I think I sound like a little bit like a broken record, but a lot of these organizations, while they are cost-focused for sure, 1% of what they spend every year is on utilities, 9% is on real estate, 90% is on people and they're pretty focused on that 90%. self-administered real estate investment trust (REIT) that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. Although Highwoods believes that the expectations reflected in such forward-looking statements are And how much of your office space do you think could eventually be converted to more of a flexible use? We started to flush out a matrix that can be applied across markets and BBDs to custom Taylor for instance in Brentwood. Wed like to share more about how we work and what drives our day-to-day business. We use cookies to improve your experience.Please read our Privacy Policy or click Accept.Privacy Policy or click Accept. Okay. FOR IMMEDIATE RELEASE Ref: 17-20 Contact: Brendan Maiorana Senior Vice President, Finance and Investor Relations 919-431-1529 Highwoods. And then usually the maintenance CapEx numbers are fairly steady as well. Certain matters discussed in this press release, such as the effect of tenant bankruptcies on our operations, expected Kapital-Consult will acquire a 60% equity interest in the Orlando properties for approximately $45.5 million. Relations section. RALEIGH, NC - July 26, 2022 - Highwoods Properties, Inc. (NYSE:HIW) today reported its second quarter 2022 financial and operating results. And then Ted, I mean any updated thoughts on the Pittsburgh portfolio and the potential sale now? The telephone replay will be available for one week beginning at 1:00 p.m. Eastern Time. So we'll see those are very early and haven't even responded to some of the RFPs, but we're getting some activity there. Our largest customer, Bank of America, is less than 4%. Presentations - City Office REIT, Inc - investors.cioreit.com Yeah, Blaine, it's a good question. With rising interest rates and reduced debt availability, the investment sales market has slowed meaningfully over the past few quarters. Senior Leadership | Highwoods I think we've all seen that and you've heard it from others, and that was a case for us really in 2022 as well. others, the following: the financial condition of our customers could deteriorate; speculative development by others could result in excessive supply of office properties relative to customer demand; we may not be able to lease or re-lease space PDF o }*- YG( R7J Highwoods to Present at Nareit's REITweek: 2023 Investor For my second question, can you just talk a little bit more about your capital needs this year? $19.7 million. Learn how it impacts everything we do, Do Not Sell or Share My Personal Information. Thanks for the question. Why You Should Retain Highwoods Properties (HIW) Stock for Now We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. 2022 Cable News Network. CAD is Thank you for taking my questions. 919-431-1529. Investor Relations Highwoods Properties Inc HIW Executive Morningstar Rating | Rating as of Apr 13, 2023 Quote Chart Stock Analysis . FFO is defined by NAREIT as net income or loss, excluding gains or losses from sales of depreciated property, plus All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. Non-incremental revenue generating capital expenditures: Second generation tenant improvements paid, Dividends paid per common share/common unit- diluted, Weighted average shares outstanding - diluted (4), Weighted average shares/units outstanding - diluted, Net (decrease)/increase in cash and cash equivalents, Funds from Operations and Cash Available for Distributions (continued), (In
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