RALEIGH, NC--(Marketwired - Aug 25, 2014) - Highwoods Properties, Inc. (
Ed Fritsch, President and CEO, stated, "In our ongoing focus on the culling of non-core, non-differentiating assets, the disposition of these properties fits well with this strategy. Richmond is an important market for our Company, particularly the West End where our assets are heavily concentrated and which have consistently performed well throughout the cycles."
With the completion of these sales, Highwoods owns or has an interest in 26 office properties, encompassing 2.3 million square feet, in Richmond. These properties are, on average, 95.0% occupied, 490 basis points higher than the Richmond market as a whole.
Year-to-date, the Company has now sold $99.4 million of non-core buildings for gains of $29.4 million. Gains from building sales are not included in the determination of Funds from Operations (FFO).
About Highwoods Properties
Highwoods Properties, headquartered in Raleigh, North Carolina, is a publicly traded (