Benzinga | Nov 9, 2020 04:48PM EST

Highwoods Sells $127.5M Of Greensboro And Memphis Assets

RALEIGH, N.C., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has sold non-core properties in Greensboro and Memphis for combined gross proceeds of $127.5 million. The sold properties include 7023 Albert Pick Road, a 49,500 square foot property, a three-building office portfolio in Greensboro that comprises 292,400 square feet, and a medical office building portfolio in Greensboro and Memphis that comprises 284,700 square feet. These properties were a combined 91.3% occupied upon closing and were projected to generate approximately $8.8 million of annual cash and GAAP net operating income in 2020.

The Company expects to record non-FFO gains of approximately $52.4 million in the fourth quarter of 2020 in connection with these sales.