Highwoods Properties (HIW) Sold Preserve VII for $43M

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Go back to Highwoods Properties (HIW) Sold Preserve VII for $43M

Highwoods Sells Non-Core Asset in Tampa for $43.0M

June 23, 2021 4:05 PM EDT

RALEIGH, N.C., June 23, 2021 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE: HIW) has sold Preserve VII, a 115,000 square foot single customer building in north Tampa, for $43.0 million. This property is 100% occupied and is projected to generate $2.0 million of annual cash net operating income, including the impact of $0.4 million of free rent, and $2.4 million of annual GAAP net operating income in 2021.

The Company expects to record a non-FFO gain of approximately $22.8 million in the second quarter of 2021 in connection with this sale.

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