RALEIGH, N.C. - Highwoods Properties, Inc. (NYSE:HIW) has extended the maturity date of a $150 million unsecured bank term loan from May 2027 to June 2031, according to a press release statement issued today.
The recast includes two one-year extension options exercisable by the company if no defaults have occurred. The interest rate on the extended $150 million term loan is SOFR plus 90 basis points. The extension strengthens Highwoods’ debt maturity profile, with the company carrying total debt of $3.7 billion and maintaining a current ratio of 1.56, indicating liquid assets exceed short-term obligations.
The company’s $200 million term loan carries an interest rate of SOFR plus 95 basis points, while its $750 million unsecured revolving credit facility has an interest rate of SOFR plus 85 basis points. All three facilities include provisions for interest rate adjustments of up to 2.5 basis points based on the achievement of predetermined sustainability goals related to greenhouse gas emissions reduction.
BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, T.D. Bank, N.A., Truist Securities, Inc., U.S. Bank National Association and JPMorgan Chase Bank, N.A. served as Joint Lead Arrangers on the extended term loan. BofA Securities, Inc., Wells Fargo Securities, LLC and PNC Capital Markets LLC acted as Joint Bookrunners.
Bank of America, N.A. is Administrative Agent, with Wells Fargo Bank, National Association and PNC Bank, National Association serving as Co-Syndication Agents. TD Bank, N.A., Truist Bank, U.S. Bank National Association and JPMorgan Chase Bank, N.A. served as Co-Documentation Agents. First Citizens Bank served as Senior Managing Agent. Additional lenders include First Horizon Bank and Associated Bank, National Association.
Highwoods Properties is a real estate investment trust that owns and manages office properties primarily in Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The company offers investors a 7.42% dividend yield and has maintained dividend payments for 33 consecutive years, according to InvestingPro data. However, InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value. For deeper insights, including comprehensive Pro Research Reports and additional ProTips, visit InvestingPro.
In other recent news, Highwoods Properties reported a strong performance for the first quarter of 2026. The company achieved earnings per share of $0.29, significantly exceeding the forecasted $0.13, resulting in a 123.08% positive surprise. Additionally, revenue reached $214.03 million, surpassing the expected $209.73 million, marking a 2.05% positive surprise. These results highlight the company’s robust financial health and operational efficiency.
In analyst-related developments, Baird reiterated a Neutral rating for Highwoods Properties with a price target of $29.00. The firm highlighted the company’s progress in leasing activities, noting that larger vacancies are being addressed and new leasing is tracking above the target of 300,000 square feet per quarter. These recent developments indicate ongoing leasing momentum and strong financial performance for Highwoods Properties.
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