SOURCE: Highwoods Properties

Highwoods Properties

March 12, 2012 16:05 ET

Highwoods Properties Sells Non-Core Asset in Kansas City for $11M

RALEIGH, NC--(Marketwire - Mar 12, 2012) - Highwoods Properties, Inc. (NYSE: HIW), today announced that it has sold a 96-unit, vacant apartment building located in Country Club Plaza for $11 million and recorded a non-FFO gain of $5.1 million. The property was sold to a Kansas City based multi-family developer/owner. The Company will use the proceeds from this disposition to pay down its unsecured revolving credit facility.

Ed Fritsch, president and chief executive officer of Highwoods, stated, "This sale is in direct alignment with our continuous effort to improve the overall quality of our portfolio through the disposition of non-core assets and the development and acquisition of infill, core assets. We are pleased to transfer ownership of this residential property to a firm that specializes in multi-family development and operations in the greater Kansas City area.

"Kansas City is an important market for our Company. Our 2.3 million square feet of office and retail properties are exclusively located in and around Country Club Plaza."

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 December 31, 2011, Highwoods owned or had an interest in 338 in-service office, industrial and retail properties encompassing approximately 34.5 million square feet and owned 586 acres of development land. The Company's properties and development land are located in Florida, Georgia, Mississippi, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our website at www.highwoods.com.