Highwoods Properties Reports Second Quarter 2010 Results
Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast and 2009 NAIOP Developer of the Year, today reported results for the three and six months ended June 30, 2010.
Ed Fritsch, President and CEO, stated, “ We were pleased with our second quarter results and the solid volume of leasing activity in the majority of our markets Office occupancy in our wholly-owned portfolio continued to outperform our markets by an average of 640 basis points. We remain focused on driving efficiencies throughout our business resulting in both operating and G&A expense savings.”
“ We made additional progress in our long-term goal of focusing our Company’s resources on enhancing our portfolio in key infill locations. We are extremely pleased to have just acquired Crescent Center, a 336,000 square foot, 9-story Class “A” office building located in the premier section of Poplar Avenue in Memphis. Crescent Center is immediately accretive to FFO and further solidifies our position in the highly desirable Poplar Corridor submarket where the majority of our Memphis assets are concentrated.”
“Our Company’s portfolio was also enhanced through the disposition of 1.3 million square feet of non-core office and industrial assets in the Piedmont Triad for $25 million. In addition, the sale of the Company’s unconsolidated equity interests in its Des Moines joint ventures in May, which had approximately $200 million in gross asset value and $170 million of secured debt, enhanced our operating and financial flexibility under our credit facility covenants, providing us with additional dry powder,” Mr. Fritsch added.Second Quarter and First Half Financial Results For the second quarter of 2010, the Company reported net income available for common stockholders of $36.2 million, or $0.50 per diluted share. This compares to net income available for common stockholders of $33.2 million, or $0.50 per diluted share, for the second quarter of 2009. (The Company noted that the number of weighted average shares outstanding in 2010 was higher due to the 2009 equity offering.)
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