Table of Contents
Page | |
Summary and Corporate Information…………………………………………………………………………………………………………… | i, ii, iii |
Consolidated Statements of Income……………………………………………………………………………………………………………… | 1 |
Funds from Operations and Additional Information…………………………………………………………………………………………… | 2 |
Consolidated Balance Sheets…………………………………………………………………………………………………………………… | 3 |
Capitalization, Net debt-to-EBITDAre and Revenue Detail…………………………………………………………………………………… | 4 |
Mortgages and Notes Payable Summary………………………………………………………………………………………………………… | 5 |
Mortgages and Notes Payable Detail…………………………………………………………………………………………………………… | 6 |
Portfolio Summary………………………………………………………………………………………………………………………………… | 7, 8, 9 |
Occupancy Trends………………………………………………………………………………………………………………………………… | 10 |
Office Leasing Statistics...………………………………………………………………………………………………………………………… | 11 |
Office Leasing Statistics and Rental Rate Comparisons by Market………………………………………………………………………… | 12 |
Office Lease Expirations……………………………………………………………………………………………………………..…………… | 13 |
Office Lease Expirations by Market by Year…………………………………………………………………………………………………… | 14 |
Customer Diversification…………………………………………………………………………………………………………………………… | 15 |
Same Property Performance……………………………………………………………………………………………………………………… | 16 |
Disposition Activity……………………………………………………………………………………………………………………………….… | 17 |
Development Activity………………………………………………………………………………………………………………………………. | 18 |
Land Held for Development……………………………………………………………………………………………………………………… | 19 |
Joint Venture Financial and Summary Information……………………………………………………………………………………………… | 20 |
The information within refers to all Highwoods Properties' wholly-owned entities unless noted otherwise. Wholly-owned entities exclude properties recorded on our Balance Sheet that relate to joint venture investments that are consolidated under GAAP.
All financial information contained in this document is unaudited. In addition, certain matters presented in this supplemental, including estimates of net operating income, pre-leasing commitments and the cost, timing and stabilization of announced development projects, are forward-looking statements within the meaning of the federal securities laws. Although Highwoods believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from Highwoods' current expectations include, among others, general economic conditions, local real estate conditions, the timely development and lease-up of properties, and other risks listed at the end of our second quarter earnings release and detailed from time to time in the Company's SEC reports. Highwoods assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.
This supplemental also includes non-GAAP financial measures, such as funds from operations (FFO), earnings before interest, taxes, depreciation and amortization for real estate (EBITDAre) and net operating income (NOI). Definitions of FFO, EBITDAre and NOI and an explanation of management's view of the usefulness and risks of FFO, EBITDAre and NOI can be found towards the end of our second quarter earnings release.
COVER
MARS Petcare Ribbon Cutting
Nashville Division
TOC
Summary (amounts in thousands, except percentages, ratios, and per share amounts)
Three Months Ended | ||||||
6/30/19 | 6/30/18 | |||||
Financial: | ||||||
Revenues | $ | 184,070 | $ | 178,792 | ||
Net operating income (NOI) | $ | 123,512 | $ | 119,129 | ||
Same property cash NOI growth | 3.1% | -1.1% | ||||
Funds from operations per share | $ | 0.87 | $ | 0.87 | ||
Weighted average common shares outstanding, diluted | 106,445 | 106,267 | ||||
Balance Sheet: | ||||||
Leverage (includes preferred stock) based on gross book assets | 35.9% | 35.3% | ||||
Net debt-to-EBITDAre | 4.74x | 4.65x | ||||
Net debt plus Preferred Stock-to-EBITDAre | 4.81x | 4.72x | ||||
Unencumbered NOI % | 96.4% | 96.2% | ||||
Credit facility availability | $ | 464,000 | $ | 458,000 | ||
Operations: | ||||||
Quarter end occupancy | 90.9% | 91.8% | ||||
Office square feet leased | 1,076 | 1,117 | ||||
Office GAAP rent growth 1/ | 16.8% | 18.2% | ||||
Average office cash rental rate per square foot for in-place leases | $ | 26.47 | $ | 25.40 | ||
Six Months Ended | ||||||
6/30/19 | ||||||
Investment Activity: | ||||||
Building acquisitions | $ | - | ||||
Building dispositions | $ | 32,500 | ||||
Land acquisitions | $ | - | ||||
Land dispositions | $ | - | ||||
Development pipeline | $ | 502,620 | ||||
Pipeline pre-leased % | 80.3% |
1/ GAAP rent growth is calculated by comparing average cash rent psf over the term (GAAP rent) of the new lease to the average cash rent psf over the term related to the previous lease in the same space. Adjustments are made if and to the extent necessary to illustrate the current and prior deal on a consistent gross lease basis.
i
Corporate Information
Board of Directors | Division Officers |
Chuck Anderson | Jim Bacchetta |
Gene Anderson | Vice President, Atlanta |
Carlos Evans, Chair | Rick Dehnert |
Ed Fritsch | Vice President, Greensboro |
David Hartzell, Ph.D. | Jane duFrane |
Sherry Kellett | Vice President, Richmond |
Anne Lloyd | Steve Garrity |
Vice President, Orlando | |
Corporate Officers | Steve Guinn |
Vice President, Memphis | |
Dan Clemmens | Skip Hill |
Vice President, Chief Accounting Officer | Vice President, Raleigh |
Hugh Esleeck | Brian Reames |
Vice President, Treasurer | Senior Vice President, Nashville |
Ed Fritsch | Andy Wisniewski |
Chief Executive Officer | Vice President, Pittsburgh |
Ted Klinck | Dan Woodward |
President | Vice President, Tampa |
Brian Leary | |
Executive Vice President, Chief Operating Officer | |
Carman Liuzzo | |
Senior Vice President, Investments | |
Brendan Maiorana | |
Executive Vice President, Finance and Investor Relations | |
Art McCann | |
Vice President, Chief Information Officer | |
Jeff Miller | |
Executive Vice President, General Counsel and Secretary | |
Mark Mulhern | |
Executive Vice President, Chief Financial Officer | |
Randy Roberson | |
Senior Vice President, Development | |
Mike Starchville | |
Senior Vice President, Asset Management |
ii
Corporate Information
Research Coverage | Corporate Headquarters | |
Highwoods Properties, Inc. | ||
Bank of America/Merrill Lynch | Jefferies & Company, Inc. | 3100 Smoketree Court, Suite 600 |
Jamie Feldman | Jonathan Petersen | Raleigh, NC 27604 |
646-855-5808 | 212-284-1705 | 919-872-4924 |
BTIG | Janney Montgomery Scott | Stock Exchange |
Tom Catherwood | Robert Stevenson | NYSE: HIW |
212-738-6140 | 646-840-3217 | |
Investor Relations | ||
Capital One Securities | Morgan Stanley | Brendan Maiorana |
Chris Lucas | Vikram Malhotra | Executive Vice President, Finance and Investor Relations |
571-633-8151 | 212-761-7064 | Phone: 919-431-1529 |
Fax: 919-431-1439 | ||
Citigroup Global Markets | RW Baird | Brendan.Maiorana@highwoods.com |
Michael Bilerman | David Rodgers | http://www.highwoods.com/ |
212-816-1383 | 216-737-7341 | |
Emmanuel Korchman | Information Request | |
212-816-1382 | Stifel Nicolaus | To request a Supplemental Package or Annual Report |
John Guinee | or to be added to our e-mail distribution list, please contact | |
D.A. Davidson & Co. | 443-224-1307 | Investor Relations. |
Barry Oxford | ||
212-240-9871 | SunTrust Robinson Humphrey | |
Michael Lewis | The Company | |
Green Street Advisors | 212-319-5659 | Highwoods Properties, headquartered in Raleigh, is a publicly |
Daniel Ismail | traded (NYSE:HIW) real estate investment trust ("REIT") and | |
949-640-8780 | Wells Fargo | a member of the S&P MidCap 400 Index. The Company is a |
Blaine Heck | fully-integrated office REIT that owns, develops, acquires, leases and | |
443-263-6529 | manages properties primarily in the best business districts (BBDs) | |
of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, | ||
Raleigh, Richmond and Tampa. For more information about |
Highwoods Properties, please visit our website at:
www.highwoods.com.
iii
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Highwoods Properties Inc. published this content on 23 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2019 20:39:12 UTC