Highwoods Properties (HIW) Completes Public Offering, Lowers FY09 FFO Outlook
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Highwoods Properties, Inc. (NYSE: HIW) today announced that it has completed a public offering of 7,015,000 shares of common stock at a price per share of $21.50, including 915,000 shares issued and sold upon the full exercise of the underwriters' over-allotment option.
The net proceeds to the Company from the offering, after deducting underwriting commissions and discounts and offering expenses, were approximately $143.9 million. The Company used the net proceeds from the offering to repay debt and for general corporate purposes.
As a result of the equity offering, recently completed dispositions and anticipated debt financing activities, the Company has updated its 2009 FFO guidance, from $2.53-$2.72 to $2.43-$2.58. The Street is currently expecting FY09 FFO of $2.61.
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