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Highwoods Signs Lease for 46,000 Square Feet at 11000 Weston

1082 Days ago

New Customer for Raleigh Division with Strong Credit

RALEIGH, N.C., July 16, 2019 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has signed a lease for 46,000 square feet at 11000 Weston Parkway in Cary NC, one of Raleigh’s BBDs.  The lease is with a new customer for the Company’s Raleigh division with a strong credit profile.  11000 Weston is a 178,000 square foot property that was formerly solely occupied by Fidelity Investments. 

Ed Fritsch, CEO stated, “We’re nearing completion of upgrades to the common areas of 11000 Weston, including converting the building to a multi-customer property.  These enhancements, combined with its location in the mixed-use Weston PUD and overlooking the 520 acre Lake Crabtree, are driving strong interest from prospects.”   

About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index.  Highwoods is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.  For more information about Highwoods, please visit our website at www.highwoods.com.

Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws, such as the following: the expected financial and operational results and the related assumptions underlying our expected results; and anticipated total investment, projected leasing activity, estimated replacement cost and expected net operating income of acquired properties and properties to be developed. These statements are distinguished by use of the words "will", "expect", "intend" and words of similar meaning. Although Highwoods believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Factors that could cause actual results to differ materially from the Company’s current expectations include, among others, the following: development activity by our competitors in our existing markets could result in excessive supply of properties relative to customer demand; development, acquisition, reinvestment, disposition or joint venture projects may not be completed as quickly or on as favorable terms as anticipated; we may not be able to lease or re-lease second generation space quickly or on as favorable terms as old leases; our markets may suffer declines in economic growth; we may not be able to lease our newly constructed buildings as quickly or on as favorable terms as originally anticipated; unanticipated increases in interest rates could increase our debt service costs; unanticipated increases in operating expenses could negatively impact our NOI; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or to repay or refinance outstanding debt upon maturity; the Company could lose key executive officers; and others detailed in the Company’s 2018 Annual Report on Form 10-K and subsequent SEC reports.

Brendan Maiorana                               
Executive Vice President, Finance

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