Highwoods Properties Repurchases $52.5 Million of 8.625% Series A Preferred Stock

Tue. September 16, 2008; Posted: 04:05 PM

RALEIGH, N.C., Sep 16, 2008 (BUSINESS WIRE) -- HIW | Quote | Chart | News | PowerRating -- Highwoods Properties, Inc. (NYSE:HIW), the largest owner and operator of suburban office properties in the Southeast, today announced that, in two privately negotiated transactions, it has repurchased and retired at 97.5% of liquidation value 53,845 shares of its outstanding 8.625% Series A Preferred Shares for an aggregate purchase price of $52.5 million. The transaction was priced on September 11th and settlement occurred on September 16th. The Series A Preferred Shares are not callable by the Company until 2027. The repurchase was funded using proceeds from the Company's previously disclosed common stock offering, which closed on September 12, 2008.

Ed Fritsch, president and chief executive officer of Highwoods, stated, "We are pleased to quickly put to work 27% of the proceeds from our recent common stock offering in an accretive acquisition of high-coupon, non-callable preferred stock. Based on the price at which we repurchased the Series A Preferred Shares, the yield to our Company from this transaction is 8.9%."

About the Company

Highwoods Properties, Inc., a member of the S&P MidCap 400 Index, is a fully integrated, self-administered real estate investment trust ("REIT") that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. At June 30, 2008, the Company owned or had an interest in 384 in-service office, industrial and retail properties encompassing approximately 35.0 million square feet. Highwoods also owned 610 acres of development land. Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Kansas, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our Web site at www.highwoods.com.

SOURCE: Highwoods Properties, Inc.

Highwoods Properties Tabitha Zane, Vice President, Investor Relations, 919-431-1529

For full details on Highwoods Properties Inc (HIW) click here. Highwoods Properties Inc (HIW) has Short Term PowerRatings of 5. Details on Highwoods Properties Inc (HIW) Short Term PowerRatings is available at This Link.

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