Real Estate News

Highwoods Agrees to Acquire Office Assets from Preferred Apartment Communities, Inc.

Total Investment of $769M (Including Assumed Debt)Closing Scheduled for Third Quarter 2021

AssetStrategyMarketSubmarket/BBDSF150 FayettevilleCoreRaleighCBD560,000CAPTRUST TowerCoreRaleighNorth Hills300,000Capitol TowersCoreCharlotteSouthPark479,000Morrocroft CentreCoreCharlotteSouthPark291,000Galleria 75 Redevelopment SiteCoreAtlantaCumberland/GalleriaOffice-Related Mezzanine LoanNon-CoreAtlantaWest MidtownArmour YardsNon-CoreAtlantaBuckhead/Midtown

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Acquisition to be Funded Primarily ThroughSales of Non-Core AssetsExpects to Return Balance Sheet Metrics to Current Levels by Mid-2022_________________________________________

Plan Expected to Strengthen Long-Term Growth Trajectory Immediately Accretive to Cash FlowsNeutral to Current FFO Run Rate; Accretive over Long-Term_________________________________________

Conference Call: Monday, April 19th at 11:00 A.M.

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