Highwoods Properties Announces Ratings Upgrade From Moody's
RALEIGH, NC -- (Marketwired) -- 06/26/13 -- Highwoods Properties,
Inc. (NYSE: HIW) announced that Moody's Investors Service has raised
the Company's senior debt rating to Baa2, from Baa3, with a stable
Ed Fritsch, President and Chief Executive Officer of Highwoods
Properties, said, "We are pleased with this upgrade from Moody's. One
of the four key tenets of our Strategic Plan has been to build and
maintain a conservative and flexible balance sheet that allows us to
capitalize on favorable growth opportunities. Since September 2011,
through a strategic and disciplined non-core disposition program
coupled with our ATM program, we have funded the acquisition of $853
million of assets, including PPG Place, EQT Plaza and both Alliance
Center towers, on a leverage-neutral basis. As a result, we have
significantly improved the quality of our portfolio while maintaining
leverage, including preferred stock, under 44%."
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 March 31, 2013, Highwoods owned or had an interest in 334
in-service office, industrial and retail properties encompassing
approximately 35.0 million square feet and owned 649 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. For more information about
Highwoods Properties, please visit our website at www.highwoods.com.
Like other issuers, the Company makes no comment as to, or
endorsement of, the methodologies or assessments of risk or other
assumptions used or made by any credit rating agency in establishing
a rating or outlook with respect to the Company or its securities.
Certain matters discussed in this press release, such as expected
financial and operational results and the related assumptions
underlying our expected results and the timing and impact of
anticipated financing and investment activity, 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;
speculative development by others 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 space as quickly as anticipated or
on as favorable terms as old leases; difficulties in obtaining
additional capital to satisfy our future cash needs or increases in
interest rates could adversely impact our ability to fund important
business initiatives and increase our debt service costs; our
Southeastern and Midwestern markets may suffer declines in economic
growth; our banking and joint venture partners may suffer financial
difficulties that adversely impact their ability to satisfy their
contractual obligations to us; and others detailed in the Company's
2013 Annual Report on Form 10-K and subsequent SEC reports.
Vice President, Investor Relations
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