Highwoods expects to invest $63 million for this 100% pre-leased build-to-suit, including the value of Highwoods-owned land. Construction is scheduled to commence this summer, with completion in the first quarter of 2019 and stabilization in the first half of 2021.Weston is an approximate 1,000-acre mixed-use planned unit development of which Highwoods is the declarant. The Company currently owns 11 in-service properties encompassing 1.3 million square feet in Weston that are, on average, 99% occupied. With the addition of this project, Highwoods development pipeline has grown to 2.0 million square feet representing an expected investment of approximately $612 million that is 85% pre-leased on a dollar-weighted basis. MetLife has a one-time right to cancel development of the third building within approximately the next 60 days if shell building costs are expected to significantly exceed currently budgeted costs. A brief presentation outlining this transaction can be accessed through the link below or on the Investors section of the Company's website at www.highwoods.com. HIW Metlife III Development Presentation 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. The Company 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. Disclosure Regarding Forward-Looking StatementsCertain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws, such as the expected cost, timing and impact of Highwoods development activity. 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 Highwoods current expectations include, among others, the following: development activity by competitors in 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; Highwoods may not be able to lease or re-lease second generation space quickly or on as favorable terms as old leases; Highwoods markets may suffer declines in economic growth; Highwoods may not be able to lease newly constructed buildings as quickly or on as favorable terms as originally anticipated; unanticipated increases in interest rates could increase debt service costs; unanticipated increases in operating expenses could negatively impact Highwoods net operating income; Highwoods may not be able to meet its liquidity requirements or obtain capital on favorable terms to fund its working capital needs and growth initiatives or to repay or refinance outstanding debt upon maturity; Highwoods could lose key executive officers; and others detailed in Highwoods 2016 Annual Report on Form 10-K and subsequent SEC reports.
About MetLifeMetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates ("MetLife"), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Contact: Brendan Maiorana Senior Vice President, Finance and Investor RelationsHighwoods Properties 919-431-1529Contact for MetLife Tony VarnonVice President, Global CommunicationsMetLife212-578-8188