SOURCE: Highwoods Properties

Highwoods Properties

August 13, 2013 16:10 ET

Highwoods Properties Completes Common Stock Offering

Additional Purchase Option Fully Exercised by Underwriters

RALEIGH, NC--(Marketwired - Aug 13, 2013) -   Highwoods Properties, Inc. (NYSE: HIW) has completed its underwritten public offering of 4,312,500 shares of common stock, including 562,500 shares issued and sold upon the full exercise of the underwriters' option to purchase additional common stock. 

The net proceeds to the Company from the offering, after deducting underwriting commissions and discounts and offering expenses, were approximately $150.9 million. The Company intends to use the net proceeds from the offering to repay borrowings outstanding under its $475 million unsecured revolving credit facility, to fund its property acquisitions and development activity and for general corporate purposes. 

Wells Fargo Securities, LLC and Jefferies LLC served as the underwriters of the offering.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities, blue sky or other laws of any such state or other jurisdiction.

About Highwoods Properties
Highwoods Properties, headquartered in Raleigh, North Carolina, is a publicly traded (NYSE: HIW) real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index. The Company is a fully integrated, self-administered REIT that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. At June 30, 2013, Highwoods owned or had an interest in 321 in-service office, industrial and retail properties encompassing approximately 34.3 million square feet and owned 634 acres of development land. The Company's properties and development land are located in Florida, Georgia, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia. 

Certain matters discussed in this press release, such as statements about the expected use of proceeds from the offering, are forward-looking statements within the meaning of the federal securities laws. These statements are distinguished by use of the words "will", "expect", "intend" and words of similar meaning. Although Highwoods believes that 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 Highwoods' current expectations include, among others, the following: the financial condition of our customers could deteriorate; 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 2012 Annual Report on Form 10-K and subsequent SEC reports.