Highwoods Properties, Inc. (NYSE: HIW) announced that its board of directors authorized the repurchase of up to $250 million of outstanding common stock shares under a new stock repurchase program.

The Raleigh-based real estate investment trust said it anticipates funding any stock repurchases on a leverage-neutral basis using net proceeds from the sale of non-core assets.

The company may purchase shares from time to time in amounts and at prices determined at its discretion, according to the announcement. Shares may be repurchased in the open market or through privately negotiated transactions, including block trades.

The repurchase program does not have an expiration date and does not obligate the company to repurchase any specific dollar amount or number of shares. The program may be suspended, modified or discontinued at any time without prior notice.

Highwoods Properties is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.