Highwoods Provides Update on Financial Impact of COVID-19 Pandemic

99% of May Rents Collected

RALEIGH, N.C., June 01, 2020 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) today provided an update on the financial impact of the COVID-19 pandemic.

After collecting 99% of its contractually required rents for the month of April, the Company has collected 99% of its contractually required rents for the month of May. 

To date, the Company has agreed to grant temporary rent deferrals that represent 1.2% of its annualized rental revenues, including the deferrals disclosed in its first quarter 2020 earnings release on April 28, 2020. The Company is not currently aware of any customer-specific facts or circumstances that indicate a likelihood of any material losses at this point during the second quarter.

The Company further reported that all buildings and parking facilities have remained open for business.

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, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.  For more information about Highwoods, please visit our website at www.highwoods.com.

Forward-Looking Statements

Some of the information in this press release may contain forward-looking statements. Such statements include, in particular, statements about our plans, strategies and prospects such as the following: the expected financial and operational results and the related assumptions underlying our expected results, including but not limited to potential losses related to customer difficulties, anticipated building usage and expected economic activity due to COVID-19; the continuing ability to borrow under the Company’s revolving credit facility; the anticipated total investment, projected leasing activity, estimated replacement cost and expected net operating income of acquired properties and properties to be developed; and expected future leverage of the Company. You can identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be achieved.