highwoods investor relations

I'll start with that and maybe Ted and Brian will add in some color. Yes, we've been fairly opportunistic, when vacancies presented itself to do this, and it's been successful, but we really see this rolling up as kind of our flexible option that you get by having a kind of long-term relationship with Highwoods, and not necessarily have to engage at the more typical kind of co-working environments. Investor Relations: www . The sale of Building III is anticipated to close by the end of the third quarter and the Company expects to record an impairment charge of approximately $3.3 million in the second quarter related to the building sale. We believe that FFO is one of several indicators of the performance of an equity REIT. We had about 120,000 square foot customer that we went through a merger here in Raleigh. While this means we expect higher projected interest expense in the short-term, given the forecasted peak in SOFR during 2023, and with no fixed great debt maturities until 2027, we are positioned to benefit from a downward trend in the interest rate curve after this year. Our all-time high for net effective rents during the year is a strong endorsement of our Sunbelt, BBD and diversified portfolio strategy. We thank you for your participation and ask you to please disconnect your lines. With this new shelf in place, we also needed to refresh our longstanding ATM program which we filed via Form 424(b) this morning. It's their effort that has positioned us for continued success for many years to come. Entering text into the input field will update the search result below. 2022 Cable News Network. They have their rhythm for the hybrid. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Please go ahead. I got a little bit more headwind, but we're starting to see some positive things following maybe on the debt side so -- which is good. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. parcels totaling 40 acres for a combined sales price of $3.1 million. Our estimate for 2023 interest expenses indicates an increase of 27.7% year . We've been very successful in Nashville rolling out floor by floor of our common spec suites, where there's a certain different complexion of the user that goes in there, what the rents are and that carries a certain amount of amenity base, where you look at a Buckhead collection, the type of customers that's there, we'll be able to demand and pay for something different. Thanks, Brian. Highwoods Properties Inc is a real estate investment trust engaged in the acquisition, ownership, management, and leasing of properties in urban areas throughout the Southern United States. Dave, haven't really seen that yet. Turning to our results. work force and quality of life were the key components of their decision-making process. These items combined for $0.11 of upside, and were partially offset by $0.05 of higher interest expense attributable to higher than forecasted rates, on our variable rate debt. Thanks Ted and good morning everyone. We had a government user that was in soft term that gave us back a sizable amount of square footage. If you have not received yesterday's earnings release or supplemental, theyre both available on the Investors section of our website at highwoods.com. And then -- so what -- the big thing is who's leasing, who's the sub-lessor and what are their motivations to write a check to move someone in there or how much term do they have left? So that's kind of what we're doing. except per share amounts and ratios), Depreciation and amortization of real estate assets (1), (Loss)/gain on disposition of depreciable real estate assets (2), Minority interest in income from operations, Gain on sale, net of minority interest (2), Minority interest income from discontinued operations, Funds from operations before amounts allocable to minority interest, Minority interest in funds from operations, Funds from operations applicable to common shares, Depreciation of non-real estate assets (1), Retirement compensation accrual - non-cash portion (3). Even with what we believe is an attractive current dividend yield of over 6.5%, we had strong coverage in 2022 with a CAD payout ratio under 75%, providing us meaningful retained cash flow to reinvest. Financial information of Highwoods Properties, Inc - SEC.gov Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Highwoods Properties, Inc. (HIW) Q4 2022 Earnings Call Transcript In the fourth quarter, we enjoyed solid leasing in terms of both volume and economics, acquired a best-in-class property in uptown Dallas, placed in-service our highly successful Midtown West development in Tampa, announced Midtown East, our second development in Midtown in Tampa and delivered strong FFO of $0.96 per share. Hey, Peter. 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. There's no real rush. What I would say is, I think the leasing that we did is probably -- I mean, that's the hardest one to figure out. Our largest market, Raleigh, is less than 22% of revenues. Please go ahead. Camilo, Brian Leary here. Highwoods Properties Reports Second Quarter Results . And then last for me on the dispositions. Same-property cash NOI growth is projected to be flat at the midpoint below our historical average due to higher CapEx and lower average occupancy largely as a result of the activity move out. And then you expect that number to go down in Q1 with Tivity and the backfill customer doesn't commence -- is not scheduled to commence until the beginning of 2024. And that one has been interesting in that, I'd say, mid last year the activity was just off the charts. Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. Highwoods Properties Reports: Third Quarter 2005 Operational Results 85.8% Occupancy . So, yes, I mean I would say I mean from a CBD -- we kind of classify it in three different ways. If you have an ad-blocker enabled you may be blocked from proceeding. But regardless of the short-term fluctuations, the trend is clear. This renewal was for 100% of the customer's prior space with a roll-up in cash rents and limited TIs. For more information, contact opendata@sec.gov. Yes, let me just walk -- maybe walk through each of them. Thank you for your interest in the U.S. Securities and Exchange Commission. Great. So that's kind of the first thing. Highwoods They should not be considered as alternatives to net income as an indicator of our operating performance or to cash flows as a measure of liquidity. How are you guys positioning that at this point? RALEIGH, NC - July 26, 2022 - Highwoods Properties, Inc. (NYSE:HIW) today reported its second quarter 2022 financial and operating results. Hannah True - Investor Relations. We have purposely set up the balance sheet with ample flexibility, as we have over $900 million of debt that is pre-payable without penalty, and no consolidated debt maturities until the end of 2025. We have kind of a campaign where we're literally partnering with them specifically on recruiting and bringing their teammates back to the office. laws. Peers have been weak. 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. Transparency is our policy. As a result, last evening, we filed a new S-3 with the SEC. Over time, we do a lot of early renewals so that number tends to be higher. It's the larger companies, a large public company as well, have been a little slower in terms of their returns. Hi, guys. Highwoods Properties, Inc. operates as a real estate investment trust, which engages in the operation, acquisition and development of rental office properties. REITweek: 2023 Investor Conference - Webcast 6/06/2023 9:30am et Investor Presentation HIW Company Profile & Executives - Highwoods Properties Inc. - Wall Whether it's convening a town hall in our Spark conferencing hubs, taking occupancy on one of our dedicated full floor Spec Suite collections or booking one of our ultimate Zoom rooms, we call the CoLab, the Commons platform provides our customers scalable flexibility with regard to space and duration and can be tailored to their specific needs. Yes. Yes. 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. Last year, we only did nine leases greater than about 50,000 square feet, which I thought was an interesting stat. We didn't have a lot of pre-leasing coming in before the building was done. So, we've been very pleased with leasing. The feedback from potential customers about the property continues to be favorable and we remain optimistic about the long-term prospects for the And so, it obviously does have a connection to the 9%. Mike Harris, Senior Regional Vice President, will succeed Mr. Fritsch as chief operating officer. And so that's Buckhead, that's South Park Charlotte, that's North Hills here in Raleigh. The third one that delivers this year is the Granite Park VI. Well, thanks everybody for joining the call today. For your convenience today's prepared remarks have been posted on the web. All the while growing normalized FFO per share 11% and continuing to strengthen our cash flows. A Warner Bros. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. arrangements with Mr. Gibson result in a total charge of $6.3 million, or $0.11 per share, $4.6 million of which was recorded in the first quarter with the balance to be recorded in the second quarter of 2004. And so those places that might have the higher commute burden to overcome, right? Our plan is to sell up to $400 million of non-core assets this year, while we believe acquisitions are unlikely. In the first quarter of 2003 FFO was $35.2 CAD is 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. And so where we see it growing, Raleigh is probably a market with the greatest amount of sublet space as a proportion of available space that's kind of the headline. In the first quarter the Company also acquired Miller Globals 50% interest in an Next question is from the line of Michael Griffin with Citi. Thank you so much for the time. And then you look at the bigger users the corporates, the publicly traded, the folks in the financial services or what have you, they have their plan and we absolutely have seen it. And if you look at the again the makeup of our customer base, if you kind of go ahead and capture the small and medium customers, as I mentioned our bread and butter, which makes up a great majority, they have been back and they are back. Vice President, Investor Relations : 919-431-1529 . This is Ted. So I think that's a good thing. And they downsized to 46,000 feet. Is that tabled for now? PDF i, ii, iii And they see the workplace experience as part of that. And Raleighs the place where that shows up. Thank you. Under his leadership this Company has grown from a small, Raleigh-based firm to one of the largest owners and operators of suburban office properties in the country with a market capitalization of close to $3.5 With that, I'll turn the call over to Ted. But I would say, just Atlanta to some extent has kind of plateaued between 50% and 75%. That concludes today's call. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. February 27, 2006 . So again, we've got plenty of time. The total cost is estimated at $83 million with our share being half of that. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website. Many of our markets are showing some signs of stabilization with positive Healthpeak NAREIT Investor Presentation - June 2020 (2.7 MB) Healthpeak Investor Presentation - May 2020 (2.7 MB) COVID-19 Update - April 7, 2020 (845 KB) We sell different types of products and services to both investment professionals and individual investors. With rising interest rates and reduced debt availability, the investment sales market has slowed meaningfully over the past few quarters. CapEx spend is often lumpy quarter-to-quarter or year-to-year. So from a cash flow perspective it's much less dilutive. out-of-state corporations seeking operational facilities as this financial services firm is doing. And I think three of the fourth quarters, we had over 300,000 square feet of new leasing. I think not necessarily types of tenants, really size of tenants. Is that not enough data to make that conclusion or leap, or are you seeing that definitely happening where the larger tenants aren't gravitating to Buckhead, but maybe are gravitating towards Riverwood, or something similar across your markets? Thanks for taking the question. Highwoods Posts Tax Treatment of 2014 Dividends - Yahoo Finance In connection with Mr. And George, Brian Leary here to take that question. In April, the Company signed an agreement with a major New York City-based financial The conference ID is 6509246. You can only renew the ones you have and it's where the holes you have as well in your portfolio. The transaction with Kapital-Consult is expected to close no later than the end of the second quarter. Highwoods Properties, Inc. has posted the tax treatment of its 2014 common and preferred dividends. Got it. And what was the size of the space that was given back to you? And then, we have some leases that are queued up to commence into occupancy later in the year. Operator, we are now ready for questions. To that end, our team finished the year with solid financial and operating results for the fourth quarter, signing 924,000 square feet, including 28 expansions, the most net expansions we have signed since the beginning of 2018. So we do have a lot of flexibility within the capital stack. So the 2827 Peachtree just a reminder that's now topped out. I think we've said this before that, during the pandemic, we have seen a disproportionate leasing out in suburbs versus urban, but I don't think there's enough data points to say if there's any trend, one way or the other. Please go ahead. Our largest industry, the highly diversified professional, scientific and technical services category is less than 30%. If you typed the URL into your browser, check that you entered it correctly. The Company is a Turning to investments. Yeah, Blaine, it's a good question. I just want to ask what's kind of built into your guidance in terms of the mark-to-market that you're expecting for the year? As I mentioned earlier, we purposely structured our balance sheet to provide us optionality to be able to repay debt without penalty. Hi Ari, it's Ted. calculation as outlined in footnotes (1) and (2) FFO has been reduced by the following in dollars and per share amounts: FFO in dollars before amounts allocable to minority interest from the Operating Partnership, Accounts payable, accrued expenses and other liabilities, Total Liabilities and Stockholders Equity. Please go ahead. We reserve the right to block IP addresses that submit excessive requests. For more information, please see the SECs Web Site Privacy and Security Policy. Now, the good part of that story is we've already released 55,000 of the 75,000 square feet and with customers that will be starting throughout this year. 1001 and 1030). had an interest in 529 in-service office, industrial and retail properties encompassing approximately 41.7 million square feet. So could you please walk us through the occupancy trajectory through the year? No, I think it has Rob. These products and services are usually sold through license agreements or subscriptions. 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. There were no significant unusual items in the quarter. Okay. We have no further questions on the phone line. I know, Brendan you mentioned no ATM issuance was included in guidance, but should we expect you to issue any additional debt this year? Thank you. So Tuesday, Wednesday, Thursday is when we're seeing the majority of folks in our buildings, driving restaurant sales, sundry sales, things like that. Have you seen any change an uptick since the beginning of the year with more companies having a definitive plan with the date of January 1 coming back, or has it not been really noticeable and your markets? 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. Forward-looking statements made during today's call are subject to risks and uncertainties. But 50%, as we roll into a new year for the forward four quarters is about average for us. Senior Leadership | Highwoods Financial services -- engineering, we're seeing the engineering firms, I think, start to get the momentum with the infrastructure bill, starting to find its way down into the local markets as well, so just a little extra color. PDF $0.48 Net Income per Share $1.00 FFO per Share Highwoods also owns approximately 1,255 acres of development land. FFO as disclosed As Ted mentioned, this does not include the 100% renewal of our 312,000 square foot JV owned property in Richmond through 2034. Highwoods Properties, Inc. (NYSE:HIW) Q4 2022 Earnings Conference Call February 8, 2023 11:00 AM ET, Brendan Maiorana - Chief Financial Officer. Okay. In addition, CAD includes both recurring and Those are the only two above Tivity and the government tenant above 100,000 feet. This was a joint shelf filing by the REIT and the operating partnership that registers an indeterminate number of debt securities, preferred stock and common stock for future capital market transactions. (See also Non-GAAP Information Obviously, we put a pretty wide range of zero to $400 million for our dispo range and it's highly dependent on getting back to a stabilized fully functioning investment sales market. operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. It's hard to manage by Hollywood squares things like that. As of March 31, 2004, the Company owned or Summary Toggle Piedmont Office Realty Trust, Inc. Sure, Camilo. And I know, it probably -- it just sounds like I'm just talking my book. So the two options there are, one, I mean, we would like to have some of the non-core disposition proceeds come in the door. Highwoods Properties Announces CFO Succession Plan - GlobeNewswire So we feel pretty good about the visibility and exposure that's within the high risk portfolio. And I guess maybe the point of the question really is if you're selling $400 million how dilutive is that relative to the debt cost as you think about late 2023 into 2024? We signed 3.3 million square feet of leases, 1.5 million square feet of new -- leasing new customers. Hi. For Our Investors | Highwoods 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.
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