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. Please disable your ad-blocker and refresh. Reaffirms 2009 FFO Guidance of $2.53-$2.72 per Diluted Share . I think, they'd like to finance their TI through higher rents. The assets in this joint venture consisted of five properties So really those are the three big ones. That's a great point and question. Highwoods also owns approximately 1,255 acres of development land. But to Brendan's point the CBD, infill, and suburban kind of nature of how we break out our markets; infill, that's basically a Buckhead in Atlanta if you know that. President, Chief Executive Officer & Director, Chief Operating Officer & Executive Vice President, Chief Financial Officer & Executive Vice President, Chief Information Officer & Vice President, Secretary, Executive VP & General Counsel. So, our customers and their teammates who are commuting to our CBDs on the whole are not spending an hour on the train each way. Please, go ahead. 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 Raleigh.
[email protected]. Camilo, Brian Leary here. Good morning guys. I think this is just now going to be embedded in the offerings that we provide. So that's kind of what we're doing. But I would say, just Atlanta to some extent has kind of plateaued between 50% and 75%. 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. RALEIGH, NC - February 8, 2022 - Highwoods Properties, Inc. (NYSE:HIW) today reported its fourth quarter 2021 financial and operating results. So I don't think, I could give you an idea of what percent could be transformed over time. During the quarter, we also announced the Midtown East development in a 50-50 JV. And what was the size of the space that was given back to you? Three-two is what we hear a lot of. Turning to our results. So, CBD, infill, and suburban. Ted Klinck, President and Chief Executive Officer, stated, "We delivered strong financial and operating results in the fourth quarter and for the full year. Hopefully, that's in the rearview mirror. These risks and uncertainties are discussed at length in our press releases as well as our SEC filings. FFO is defined by NAREIT as net income or loss, excluding gains or losses from sales of depreciated property, plus Yes. 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. Agreement to Sell Highwoods Preserve Network Operations Center. Brian? . Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. You've Come To The Right Place. SHAREHOLDER INFORMATION Shareholder Contact For shareholder mailings and Company information: Highwoods Properties, Inc. So we've seen that, say, in Charlotte, where we landed an inbound law firm from New York, open an office in one of our spec suites grew into the space next door and is now looking at growing further. Factors that could cause actual results to differ materially from Highwoods current expectations are detailed in the Companys 2003 Annual Report on Form 10-K and subsequent SEC reports and include, among obtain a copy of the Supplemental Information by contacting Highwoods Investor Relations at 919-875-6717 / 800-256-2963 or by e-mail to
[email protected]. But again, incredibly well-located building and we're encouraged by again by the looks how the building is coming together. Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). So it sort of just depends. Hey, Blaine, Brian Leary, good morning, thanks for the question. Pittsburgh, it may be in there. So, suburban, they're not quite evenly distributed. Without the charge for the retirement package, FFO would have been $31.8 million, or $0.59 per diluted share. Ted, maybe a thought. And then last one for me. 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, we found that that was we were very pleased with that execution given that Tivity was a build-to-suit done in 2007, 2008 and had healthy bumps that compounded over 15 years. It's definitely up year-over-year I mean nationally and within our markets. Previously, he was a partner with DLA Piper US LLP and Alston & Bird LLP. And so I think the concept it's not -- commodity suburbs is not something that we think just because of some of the suburbs is competitive by any stretch. It depends a little bit on the volume of leasing and the nature of that leasing and things like that. Sorry for the long answer for fairly short yes or no. Under SEC rules S-3 shelf registration statements sunset every three years. Develop and improve features of our offerings. You can only renew the ones you have and it's where the holes you have as well in your portfolio. 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. The feedback from potential customers about the property continues to be favorable and we remain optimistic about the long-term prospects for the Okay. The company was founded by Ronald P. Gibson in 1994 and is headquartered in Raleigh, NC. And so those places that might have the higher commute burden to overcome, right? Good morning. So that's kind of the first thing. So that also is impacting us. . share, for the quarter ended March 31, 2004 compared to net income of $3.5 million, or $0.06 per diluted share, for the same quarter last year. Afterwards, we will conduct a question-and-answer session. I might just add on for a little additional complexion into that momentum that Ted talked about the small or midsized, who are they law firms? Are there any markets or tenant types that are coming back stronger than others from a utilization perspective? Vice President, Investor Relations : 919-431-1529: Highwoods Properties Reports: FFO of $1.83 Per Share for First Nine Months of 2005 . . Relations/Quarterly Earnings section of the Companys Web site at www.highwoods.com. I need to kind of just grab that right in front of me but that's probably about where that number would be, which is roughly in line with average when we're at this point in the year where you have just the forward four quarters. So we're encouraged by that. Appreciate the detail there. Last year, we only did nine leases greater than about 50,000 square feet, which I thought was an interesting stat. In April, the Company signed an agreement with a major New York City-based financial All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. So you can, kind of, apply the cap rates that you think versus those numbers. of 81.5% to 82.5% and excludes the $0.11 charge for Mr. Gibsons retirement package and asset gains or impairments associated with operating property dispositions currently contemplated or otherwise. With the off-market acquisition of 650 South Trian and Charlotte, the Queen City now stands is Highwood's fourth largest contributor to NOI. Did that answer your question? McKinney & Olive is a trophy mixed-use building with approximately 500,000 square feet of office and 50,000 square feet of retail. 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. And despite the pandemic, the project leased up successfully at rents at or above our original pro forma. While we recognize 2004 will remain a tenants market, we are optimistic the economic rebound is sustainable and the demand for office space should begin to accelerate.. Toolkit Print Page Email Alerts RSS Feeds Contact IR Philadelphia. And so if you think about what we've talked about the repositioning of our assets in Brentwood and Cools Springs -- Cools Springs which said repositioning landed backfill of that building. I mean, I think those places that have the -- you've heard the term commute worthiness that we talk about. By using this site, you are agreeing to security monitoring and auditing. It's just giving them a diversity of spaces. We had a government user that was in soft term that gave us back a sizable amount of square footage. Thank you for taking my question. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. below). Sure, Dave. Brian, you were talking about utilization before. Press Releases; Events & Presentations; Stock Information. Hey, Ari, it's Brendan. It includes both formal and informal spaces, all conceived around collaboration and the platform enters 2023 having delivered over 100 such spaces with healthy net new rental income associated with it. Some are putting stuff on the sublet market, if they're contracting. The December acquisition of McKinney and Olive, a 550,000 square foot 99% leased tower in the heart of Dallas' uptown BBD, which was tops in the market for annual absorption and rental growth for 2022, we're on track for Dallas to contribute 6% of pro forma NOI to our bottom-line, following the completion and stabilization of our two development projects. Our initial 2023 FFO outlook is $3.66 to $3.82 per share. I just have one follow-up. Investor Relations: www . We are all grateful for the platform he has created. Attention: Investor Relations 3100 Smoketree Court, Suite 600 Raleigh, North Carolina 27604 T . 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 And what gets you to the low versus the high-end of the guidance? And just my last question, Can you talk about the sublet market. It has a solid residential base with incredible incomes and educational attainment. Trimming down on our market activity, in Raleigh, we signed 263,000 square feet and end of the quarter 92% occupied and where market rents grew 5.1% year-over-year for CBRE. As you know, the largest headwind for 2023 is higher interest rates. I think the big firms they're not necessarily making decisions about moving or expanding. Although Highwoods believes that the expectations reflected in such forward-looking statements are It is our belief that the greatest determining factor of a workplace being commute worthy is the magnitude of the commute burden, the worthiness has to overcome. Our plan is to sell up to $400 million of non-core assets this year, while we believe acquisitions are unlikely. All rights reserved. General and administrative (includes $4,638 retirement compensation expense in 2004), Equity in earnings of unconsolidated affiliates, Income before gain/(loss) on disposition of land and depreciable assets, minority interest and discontinued operations, (Loss)/gain on disposition and impairment of depreciable assets, net, Income before minority interest and discontinued operations, Income from discontinued operations, net of minority interest, Gain/(loss) on sale of discontinued operations, net of minority interest, Net (loss)/income attributable to common stockholders. Wed like to share more about how we work and what drives our day-to-day business. 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. Camille just to add on. Thank you for your interest in the U.S. Securities and Exchange Commission. 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. THIS IS THE HIGHWOODS PROPERTIES 2000 ANNUAL REPORT. at Highwoods Preserve Raleigh, NC - May 4, 2004 - Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, today reported a net loss attributable to common stockholders of $1.8 million, or $0.03 per diluted Thats it for me. Our estimate for 2023 interest expenses indicates an increase of 27.7% year . 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. www.highwoods.com. Thanks for the question. Yes. I think just to clip on and this is decades in the making where people live is where they like to work. Again, Monday -- Tuesday, Wednesday, Thursday, we've absolutely noticed it. other REITs because it excludes factors, such as depreciation, amortization and gains and losses from sales of real estate assets, which are based on historical cost and may be of limited relevance in evaluating current performance. The building is well-leased with growing customers and average rents estimated to be 35% below market. In January 2004, the Company signed a Letter of Intent with Kapital-Consult, manager for Dreilander-Fonds (DLF), a European investment firm, under which 1.6M sf Second Generation Space Leased . While concrete, steel and glass may not be the most flexible of materials, we are formalizing the variety of flexible work options we offer under our Highwoods Commons banner based on the success we've had to-date. They have their rhythm for the hybrid. Our local team has seen healthy activity so far this year and we expect this to continue led by job growth in professional and financial service companies. Dial-in numbers for the replay are (800) 642-1687 US/Canada, (706) 645-9291 International. 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. We've got a couple of buildings and a couple of land transactions that are in the market now that I'd say so far they're going well. And then I guess just you mentioned Granite Park just a follow-up on Granite Park VI. We look at the restaurant sales, the deli sales, the cafes; they're much busier back to kind of pre-pandemic levels in terms of that activity. And then the fifth one just Midtown East, obviously, we're just -- we put the silt fence around it and we'll be breaking ground in the next week or two with that one doesn't deliver until 2025. Total proceeds were $19.8 million. It delivers third quarter of this year. Is this happening to you frequently? So from a cash flow perspective it's much less dilutive. And so, we're even seeing the larger ones have implemented their hybrid work week. Highwoods Properties saw a positive improvement to its Relative Strength (RS) Rating on Friday, with an upgrade from 65 to 71.. X When looking for the best stocks to buy and watch, one factor to . Highwoods Properties, Inc. operates as a real estate investment trust, which engages in the operation, acquisition and development of rental office properties. With our ever-improving portfolio quality, we're now even more resilient and better poised for long-term growth. We acquired $400 million of best-in-class assets in Charlotte and Dallas both with meaningful long-term growth potential. So Tuesday, Wednesday, Thursday is when we're seeing the majority of folks in our buildings, driving restaurant sales, sundry sales, things like that. The upside in core FFO in 2022 compared to the midpoint of our initial outlook was due to the following: $0.08 of higher NOI, largely driven by lower than forecast OpEx and higher parking revenues $0.02 from less disposition activity than originally planned and $0.01 from acquisitions. Thank you. If you reached this page via our site or search, please let us know by emailing, Supreme Court Strikes Down Bidens Student-Loan Forgiveness Plan, Supreme Court Rules Web Designer Can Refuse Work on Same-Sex Wedding Announcements, What the Supreme Courts Student-Loan Decision Means for You, Belarus President Says Wagner Mercenaries Could Train His Army, Satellite Images Show Suspected Wagner Tents at Belarus Military Base, Watch: Riots, Looting Continue Across France Over Teen Shooting. 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. We started to flush out a matrix that can be applied across markets and BBDs to custom Taylor for instance in Brentwood. Gear advertisements and other marketing efforts towards your interests. Vice President, Investor Relations : 919-431-1529 . Jeff joined Highwoods in 2007. Can you just expand a little bit on that? 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. And how should we expect leverage to trend as we progress throughout 2023? In addition, the Company sold a 42,000-square foot office building in Looking forward though, and I understand it's a very challenging time, but can you also talk to your expectations for new leasing volume this year? Elevated rates imply high borrowing costs for the company, affecting its ability to purchase or develop real estate. Please go ahead. Over the last few months we have seen increased interest in the campus both from local companies wanting to expand their operations, as well as from So, that's kind of the portfolio breakdown in terms of maybe in terms of performance. In the first quarter of 2003 the Company reported impairment charges of $0.3 million, which reduced FFO by $0.01 per share. We didn't have a lot of pre-leasing coming in before the building was done. This volume of work combined with our high-quality office portfolio and the strongest BBDs throughout the Sunbelt gives us the building blocks we need to generate additional long-term growth. Jefferies & Company, Inc. 212-319-5659 Peter Abramowitz (212) 336-7241 Wells Fargo The Company Jonathan Petersen Blaine Heck Highwoods Properties, headquartered in Raleigh, is a publicly 212-284-1705 443-263-6529 traded (NYSE:HIW) real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index. Year-over-year same-property comparisons are often helpful, but 2023 is somewhat distorted by the unusually low OpEx from the first half of 2022. 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. For the purposes of determining the 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. Telephone and web cast replays will be available two 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. Terms of Service apply. I keep using that term. A high interest rate is another concern for Highwoods. And our CBDs are fundamentally different from a CBD of the gateways. Within these markets our BBDs are both urban and suburban and have proved successful in meeting our customers where they prefer to be. As a reminder, JV leasing is not included in our overall leasing statistics. Highwoods will conduct a conference call to discuss the results of its first quarter on Wednesday, May 5, 2004, at 10:00 a.m. Eastern Time. We did -- if you remember we started that with 15% pre-leased we have not signed anyone else throughout so far. There's no CapEx associated with that obviously. Good morning. 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. Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users. As a result, last evening, we filed a new S-3 with the SEC. In addition, to strong FFO during the year, our cash flows continue to strengthen. Investor Relations Contact. We also have a solid pool of unencumbered assets and the financial flexibility to obtain the longer-term fixed rate debt. Next question is from the line of Michael Griffin with Citi. ET, and will last approximately 30 minutes. But it's out there. The total cost is estimated at $83 million with our share being half of that. And then given Ted's commentary about the continued dislocation in the acquisition market are dispositions in 2023 likely to be back-end loaded? Got it. We've sold assets that were capital inefficient and recycled into acquisitions and development projects, with higher long-term cash flow yields. So our retention when we look at 2023, in terms of what's remaining at year-end 2022 is below average. And so if you look within our portfolio from a sublet standpoint, the average wealth of our sub-lessor is north of six years if you even take out one user who's got 14-plus years, it's over four years. And then, I think we also have options with respect to longer-term financing to reduce the floating rate exposure that we have. For the year, our FFO was $4.03 per share came in at the midpoint of the upwardly revised outlook we provided in October. 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? We do want to sell. Michael Lewis Investor Relations. 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. All interested parties are invited to listen to the call. Yes we had a modest roll up from a cash basis versus where Tivity was. What I would say is from a cash flow perspective, which is where we have focused. Then what happened is they added the shops and restaurants for that high net worth population to service. But 50%, as we roll into a new year for the forward four quarters is about average for us. The Supplemental Information, together with this release, has been furnished to the Securities and Exchange Commission on Form 8-K. You may also And that one has been interesting in that, I'd say, mid last year the activity was just off the charts. So nothing yet to connect those days. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Please. Blaine Heck Investor Relations. This was $0.19 above our original 2022 FFO outlook. Hey, Peter. But I do believe that to a company there is a plan now that folks are back in the office three days a week. In conclusion, each and every Highwoods teammate remains focused on making our diverse portfolio the most talent supportive and commute worthy it can be. Hi Ari, it's Ted. That's helpful. I think it was a 90-day notice but it's a 116,000 square feet in Atlanta and then they gave that back I think they gave mid-January. They do leg into that space over time but they'll take the majority of their space at the beginning of 2024. Appreciate the color. As you know keeping an ATM program in place is one of the many arrows we like to keep in our capital-raising quiver. And then usually the maintenance CapEx numbers are fairly steady as well. It's just a lot of the small and medium-sized users, which, again, plays right to our portfolio. As Ted mentioned, strong fourth quarter capped off a strong 2022 and a strong three-year run through the pandemic that saw the team and portfolio meet every challenge and produce compelling results. 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. When we pay down the debt all of that interest savings falls to the bottom-line. And then we've got a couple of single tenant transactions in the market, but it's going to be a mix of typically what we've done in the last two or three large transactions where we go out and sell -- go out and buy an asset like we did in McKinney & Olive flex up a little bit and then pay off bring the balance sheet back down over time. Brendan do you want to take that? Factset: FactSet Research Systems Inc.2019. Ted Klinck, President and Chief Executive Officer, stated, "We delivered strong financial and operating results in the fourth quarter. It's Ted. 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. So, we've been very pleased with leasing. For example, we may trade lower face rents for lower TIs or free rent if the overall net effective rents are attractive. As Ted mentioned, that's highly dependent on the investment sales market in terms of how much proceeds we get in the door there but that would be used to help pay down some of that debt. 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. The transaction with Kapital-Consult is expected to close no later than the end of the second quarter. The conference ID is 6509246. This global, blue chip customer considered many locations; asset quality, an educated I think we feel very good about the underwriting. Jefferies & Company, Inc. 443-263-6529 Peter Abramowitz (212) 336-7241 The Company Jonathan Petersen Highwoods Properties, headquartered in Raleigh, is a publicly 212-284-1705 traded (NYSE:HIW) real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index. 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. These transactions are subject to the buyers due diligence, documentation and other closing conditions. Great. Dave, haven't really seen that yet. Mike Harris, Senior Regional Vice President, will succeed Mr. Fritsch as chief operating officer. But I do think, it's probably reasonable to assume that at some point It -- I would say, it's more likely than not that we'll do some form of financing to term out some of the floating rate exposure that we have during this year. So I would guess we -- and we -- this is what we project that it will be pretty consistent 2023 versus 2022, but that is a hard number to gauge. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools. A copy of the Companys first quarter 2004 Supplemental Information that includes detailed operating and financial information is available in the Investor We have no further questions on the phone line. And where is utilization midweek for you across the portfolio these days? And on that we would be opportunistic. 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. That's in the first quarter so that's 100 basis points. We ended the year with debt-to-EBITDA of 5.9 times, up from the third quarter due to the acquisition of McKinney & Olive and continued investment on our development pipeline, but still low overall. We believe this purposeful diversification, our high-quality portfolio and continued strong population and job growth across our markets has driven our strong leasing since the onset of the pandemic, including throughout last year.
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