secwatch.observer — SEC 8-K summary
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Issuer:     HIGHWOODS PROPERTIES, INC. (HIW)
CIK:        0000921082
Form:       8-K
Filed at:   2021-07-30T23:59:59+00:00
Accession:  0000921082-21-000032
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/921082/000092108221000032/0000921082-21-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/921082/000092108221000032/hiw-20210729.htm
  HTML page:      https://secwatch.observer/filing/0000921082-21-000032

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