Highwoods Properties Sells Three Non-Core Federal Government Leased Properties for $86.5M
Highwoods Properties, Inc. (NYSE: HIW) today announced that it has sold three non-core properties encompassing 553,000 square feet for $86.5 million, recording a non-FFO gain of $14.0 million. The properties, which are 100% leased to the federal government, were projected to generate approximately $6.1 million of annual cash net operating income in 2012. The Company used the proceeds to pay down debt and for other working capital purposes. The properties sold were all build-to-suits developed by Highwoods and have an average remaining lease term of 11.5 years.
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