Highwoods closes $683M acquisition of office portfolio from Preferred Apartment Communities

HIGHWOODS PROPERTIES, INC.

Total investment $683M includes $28M improvements and $4M costs; assumes $407M secured loans at 3.5% weighted avg rate, 10.7 yr maturity.
Portfolio comprises four core office assets in Charlotte/Raleigh (1.63M sq ft, 94% occupied) and an Atlanta redevelopment site.
Core assets projected to generate cash NOI of $38.3M and GAAP NOI of $42.8M in first four quarters post-closing.
Initial cash funded with restricted cash from non-core asset sales and a $200M bridge facility (LIBOR+85bps, 6-month, extendable).
Company plans to sell $500M-$600M of non-core assets by mid-2022 to repay bridge and return leverage to current levels.

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