Highwoods Properties Voluntarily Withdraws Series A Preferred Stock From Listing on NYSE
Highwoods Properties Inc. (NYSE: HIW), one of the largest owners and operators of office properties in the Southeast, today announced that it has elected to voluntarily withdraw its 8 5/8% Series A Cumulative Redeemable Preferred Shares from listing on the New York Stock Exchange. The Company decided to withdraw the listing for the following reasons: 1) there are only 29,092 shares currently outstanding, 2) there are a miniscule number of shareholders, and 3) the shares rarely trade, all of which did not justify the related ongoing expenses. The Company originally issued 125,000 Series A Preferred Shares at $1,000 per share on February 12, 1997, and, since 2007, has repurchased and retired 95,908 of these shares in private market transactions. These shares are redeemable in February 2027.
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