Exhibit 99.2
Supplemental Information
March 31, 2005
Supplemental Information
Table of Contents
March 31, 2005
Schedule | Page | |
Corporate Information | i and ii | |
Capitalization | 1 | |
Long-Term Debt Summary | 2 | |
Long-Term Debt Detail | 3 | |
Portfolio Summary | 4, 5 and 6 | |
Occupancy Trends | 7 | |
Leasing Statistics | 8, 9 and 10 | |
Leasing Statistics by Market | 11 | |
Rental Rate Comparisons by Market | 12 | |
Lease Expirations | 13 and 14 | |
Office Lease Expirations by Market by Quarter | 15 | |
Industrial Lease Expirations by Market by Quarter | 16 | |
Office Lease Expirations by Market by Year | 17 | |
Industrial Lease Expirations by Market by Year | 18 | |
Customer Diversification | 19 | |
Acquisition Activity | 20 | |
Disposition Activity and Depreciable Assets Contributed to Joint Ventures | 21 | |
Development Activity | 22 | |
Development Land | 23 | |
Joint Ventures Long-Term Debt Detail | 24 | |
Joint Ventures Portfolio Summary | 25 | |
Joint Ventures Lease Expirations | 26 | |
Joint Ventures Development | 27 |
The information within refers to all Highwoods Properties’ wholly-owned entities, except pages 24 to 27 unless noted otherwise.
Certain matters discussed 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 general economic conditions, local real estate conditions, the timely development and lease-up of properties, and the other risks detailed from time to time in the Company’s SEC reports.
Highwoods Properties, Inc. |
Corporate Information
Board of Directors
Thomas W. Adler
Gene H. Anderson
Kay N. Callison
Edward J. Fritsch
Ronald P. Gibson
William E. Graham Jr.
Lawrence S. Kaplan
L. Glenn Orr Jr.
O. Temple Sloan Jr., Chairman
Willard H. Smith Jr.
John L. Turner
F. William Vandiver, Jr.
Senior Management Team
Edward J. Fritsch
President, Chief Executive Officer and Director
Michael E. Harris
Executive Vice President and Chief Operating Officer
Gene H. Anderson
Senior Vice President and Director
Michael F. Beale
Senior Vice President
Robert G. Cutlip
Senior Vice President
W. Brian Reames
Senior Vice President
Thomas S. Hill
Corporate Vice President, Leasing
Carman J. Liuzzo
Vice President, Investments and
Strategic Analysis
Mack D. Pridgen III
Vice President, General Counsel and
Secretary
Terry L. Stevenes
Vice President, Chief Financial Officer
and Treasurer
Research Coverage
Deutsche Banc Securities
Lou Taylor - 212-469-4912
Green Street Advisors
Jim Sullivan - 949-640-8780
KeyBanc Capital Markets
Frank Greywitt - 216-443-4795
Legg Mason
David Fick - 410-454-5018
Morgan Stanley Dean Witter
Gregory Whyte - 212-761-6331
Prudential Equity Group
Jim Sullivan - 212-778-2515
Smith Barney Citigroup
Jonathan Litt - 212-816-0231
UBS Warburg
Keith Mills - 212-713-3098
Wachovia Securities
Chris Haley - 443-263-6773
Highwoods Properties, Inc. | i |
Corporate Information
Divisional Offices
Atlanta/Piedmont Triad
Gene H. Anderson - Regional Manager
Atlanta, GA
Gene H. Anderson, Senior Vice President
Piedmont Triad, NC
Mark W. Shumaker, Vice President
Orlando/Tampa
Michael F. Beale - Regional Manager
Orlando, FL
Michael F. Beale, Senior Vice President
Tampa, FL
Stephen A. Meyers, Vice President
Raleigh/Richmond
Robert G. Cutlip - Regional Manager
Raleigh, NC
Robert G. Cutlip, Senior Vice President
Richmond, VA
Paul W. Kreckman, Vice President
Charlotte/Memphis/Nashville
W. Brian Reames - Regional Manager
Nashville, TN
W. Brian Reames, Senior Vice President
Charlotte, NC
Thomas F. Cochran, Senior Vice President
Memphis, TN
Steven Guinn, Vice President
Kansas City
Kansas City, MO
Barrett Brady, Senior Vice President
Corporate Headquarters
Highwoods Properties, Inc.
3100 Smoketree Court, Suite 600
Raleigh, NC 27604
919-872-4924
Stock Exchange
NYSE Trading Symbol: HIW
Investor Relations Contact
Tabitha Zane
Sr. Director, Investor Relations
Phone: | 919-431-1529 | |
Fax: | 919-876-6929 |
E-mail: tabitha.zane@highwoods.com
Information Request
To request a standard Investor Relations package, Annual Report or to be added to our e-mail or fax list, please contact the Investor Relations at:
Phone: | 800-256-2963 | |
Email: | HIW-IR@highwoods.com |
The Company
Highwoods Properties, Inc., a member of the S&P MidCap 400 Index, is a fully integrated, self-administered real estate investment trust (“REIT”) that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. As of March 31, 2005, the Company owned or had an interest in 504 in-service office, industrial and retail properties encompassing approximately 39.5 million square feet. Highwoods also owns approximately 1,123 acres of development land. Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Kansas, Maryland, Missouri, North Carolina, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our Web site at www.highwoods.com.
Highwoods Properties, Inc. | ii |
Capitalization
Dollars, shares, and units in thousands
03/31/05 | 12/31/04 | 09/30/04 | 06/30/04 | 03/31/04 | |||||||||||
Long-Term Debt (see page 9 & 10): | $ | 1,582,009 | $ | 1,571,777 | $ | 1,600,627 | $ | 1,603,485 | $ | 1,790,039 | |||||
Finance Obligations: | $ | 62,604 | $ | 63,531 | $ | 62,992 | $ | 63,345 | $ | 62,994 | |||||
Preferred Stock: | |||||||||||||||
Series A 8 5/8% Perpetual Preferred Stock | $ | 104,945 | $ | 104,945 | $ | 104,945 | $ | 104,945 | $ | 104,945 | |||||
Series B 8% Perpetual Preferred Stock | 172,500 | 172,500 | 172,500 | 172,500 | 172,500 | ||||||||||
Series D 8% Perpetual Preferred Stock | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||
Total preferred stock | $ | 377,445 | $ | 377,445 | $ | 377,445 | $ | 377,445 | $ | 377,445 | |||||
Shares and Units Outstanding: | |||||||||||||||
Common stock outstanding | 54,053 | 53,813 | 53,713 | 53,716 | 53,631 | ||||||||||
Minority interest partnership units | 5,828 | 6,102 | 6,128 | 6,146 | 6,146 | ||||||||||
Total shares and units outstanding | 59,881 | 59,841 | 59,862 | 59,777 | 59,677 | ||||||||||
Stock price at period end | $ | 26.82 | $ | 27.70 | $ | 24.61 | $ | 23.50 | $ | 26.21 | |||||
Market value of common equity | $ | 1,606,008 | $ | 1,657,596 | $ | 1,473,204 | $ | 1,404,760 | $ | 1,564,133 | |||||
Total market capitalization with debt and obligations | $ | 3,628,066 | $ | 3,670,349 | $ | 3,514,268 | $ | 3,449,035 | $ | 3,794,611 | |||||
See pages 24 to 27 for information regarding Highwoods’ Joint Ventures
Highwoods Properties, Inc. | Page 1 |
Long-Term Debt Summary
Dollars in thousands
03/31/05 | 12/31/04 | 09/30/04 | 06/30/04 | 03/31/04 | ||||||||||||||||
Balances Outstanding: | ||||||||||||||||||||
Secured: | ||||||||||||||||||||
Conventional fixed rate | $ | 731,426 | $ | 732,796 | $ | 745,524 | $ | 748,740 | $ | 751,894 | ||||||||||
Variable rate debt | 67,348 | 66,181 | 50,803 | 54,945 | 204,845 | |||||||||||||||
Conventional fixed rate 1/ | 22,800 | 22,800 | 22,800 | 22,800 | 22,800 | |||||||||||||||
Variable rate debt 2/ | 435 | — | — | — | — | |||||||||||||||
Secured total | $ | 822,009 | $ | 821,777 | $ | 819,127 | $ | 826,485 | $ | 979,539 | ||||||||||
Unsecured: | ||||||||||||||||||||
Fixed rate bonds and notes | $ | 460,000 | $ | 460,000 | $ | 460,000 | $ | 460,000 | $ | 560,000 | ||||||||||
Variable rate debt | 120,000 | 120,000 | 120,000 | 120,000 | 120,000 | |||||||||||||||
Credit facility | 180,000 | 170,000 | 201,500 | 197,000 | 130,500 | |||||||||||||||
Unsecured total | $ | 760,000 | $ | 750,000 | $ | 781,500 | $ | 777,000 | $ | 810,500 | ||||||||||
Total | $ | 1,582,009 | $ | 1,571,777 | $ | 1,600,627 | $ | 1,603,485 | $ | 1,790,039 | ||||||||||
Average Interest Rates: | ||||||||||||||||||||
Secured: | ||||||||||||||||||||
Conventional fixed rate | 7.2 | % | 7.2 | % | 7.2 | % | 7.2 | % | 7.2 | % | ||||||||||
Variable rate debt | 4.2 | % | 4.2 | % | 3.7 | % | 3.1 | % | 3.1 | % | ||||||||||
Conventional fixed rate 1/ | 6.1 | % | 6.1 | % | 6.1 | % | 6.1 | % | 6.1 | % | ||||||||||
Variable rate debt 2/ | 2.8 | % | — | — | — | 0.0 | % | |||||||||||||
Secured total | 6.9 | % | 6.9 | % | 6.9 | % | 6.9 | % | 6.3 | % | ||||||||||
Unsecured: | ||||||||||||||||||||
Fixed rate bonds | 7.4 | % | 7.4 | % | 7.4 | % | 7.4 | % | 7.3 | % | ||||||||||
Variable rate debt | 3.5 | % | 3.5 | % | 3.0 | % | 2.9 | % | 2.4 | % | ||||||||||
Credit facility | 3.4 | % | 3.4 | % | 2.2 | % | 2.3 | % | 2.1 | % | ||||||||||
Unsecured total | 5.9 | % | 5.9 | % | 5.4 | % | 5.4 | % | 5.8 | % | ||||||||||
Average | 6.4 | % | 6.4 | % | 6.2 | % | 6.2 | % | 6.1 | % | ||||||||||
Maturity Schedule:
Future Maturities of Debt | Total Debt 3/ | Average Interest Rate | ||||||||||
Year | Secured Debt 3/ | Unsecured Debt | ||||||||||
2005 | $ | 67,124 | $ | 120,000 | $ | 187,124 | 5.7 | % | ||||
2006 | 50,344 | 290,000 | 340,344 | 5.0 | % | |||||||
2007 | 93,122 | — | 93,122 | 7.3 | % | |||||||
2008 | 435 | 100,000 | 100,435 | 7.1 | % | |||||||
2009 | 170,645 | 50,000 | 220,645 | 7.9 | % | |||||||
2010 | 137,266 | — | 137,266 | 7.8 | % | |||||||
2011 | — | — | — | — | ||||||||
2012 | 22,800 | — | 22,800 | 6.1 | % | |||||||
2013 | 274,885 | — | 274,885 | 5.9 | % | |||||||
2014 | — | — | — | — | ||||||||
Thereafter | 5,388 | 200,000 | 205,388 | 7.5 | % | |||||||
Total maturities | $ | 822,009 | $ | 760,000 | $ | 1,582,009 | 6.4 | % | ||||
Weighted average maturity = 4.7 years |
1/ | Loan relates to the consolidated 20% owned joint venture property (Harborview). |
2/ | Loan relates to the consolidated 50% owned joint venture property (Vinings). |
3/ | Excludes annual principal amortization |
4/ | Included in the $280.0 million of unsecured debt maturities is $180.0 million related to the credit facility which matures in 2006. |
Highwoods Properties, Inc. | Page 2 |
Long-Term Debt Detail
Dollars in thousands
Secured Loans
Lender | Rate | Maturity Date | Loan Balance 03/31/05 | Undepreciated Book Value of Assets Secured | |||||||
Monumental Life Ins. Co. | 7.8 | % | Nov-09 | $ | 162,712 | $ | 236,939 | ||||
Northwestern Mutual | 6.0 | % | Mar-13 | 141,353 | 186,524 | ||||||
Northwestern Mutual | 7.8 | % | Nov-10 | 137,266 | 277,521 | ||||||
Massachusetts Mutual Life Ins. Co. 1/ | 5.7 | % | Dec-13 | 126,997 | 185,922 | ||||||
Northwestern Mutual | 8.2 | % | Feb-07 | 64,761 | 139,833 | ||||||
GECC 2/ | 3.7 | % | Jan-06 | 46,985 | 82,355 | ||||||
Principal Life Ins. Co. 3/ | 8.6 | % | Apr-05 | 40,891 | 103,399 | ||||||
Principal Life Ins. Co. | 8.2 | % | Aug-05 | 26,233 | 70,655 | ||||||
Metropolitan Life Ins. Co. 4/ | 6.1 | % | Oct-12 | 22,800 | 38,834 | ||||||
PNC/Am South/Southtrust 5/ | 3.7 | % | Oct-07 | 16,686 | 17,712 | ||||||
PFL Life Ins. Co. 6/ | 8.1 | % | Jun-07 | 5,623 | 22,543 | ||||||
Massachusetts Mutual Life Ins. Co. 1/ | 6.5 | % | Dec-13 | 5,500 | — | ||||||
Ohio National | 8.0 | % | Nov-17 | 5,388 | 10,956 | ||||||
Lutheran Brotherhood | 6.8 | % | Apr-09 | 3,997 | 7,640 | ||||||
PFL Life Ins. Co. 5/6/ | 5.4 | % | Jun-07 | 3,678 | — | ||||||
Assoc Retirement Trust Fund | 8.0 | % | Jan-07 | 2,375 | 6,790 | ||||||
USG Annuity | 7.7 | % | Feb-06 | 2,166 | 3,797 | ||||||
Security Life of Denver | 8.9 | % | Aug-09 | 2,048 | 9,496 | ||||||
Southland Life Ins. Co. | 8.8 | % | Aug-09 | 1,887 | 6,993 | ||||||
American United Life | 9.0 | % | Jun-13 | 1,035 | 3,640 | ||||||
CUNA Mutual | 8.0 | % | Sep-06 | 614 | 3,184 | ||||||
Members Life Ins. Co | 8.0 | % | Sep-06 | 579 | 3,266 | ||||||
Central Carolina Bank 7/ | 2.8 | % | Jan-08 | 435 | 2,021 | ||||||
6.9 | % | $ | 822,009 | $ | 1,420,020 | ||||||
Unsecured Bonds | |||||||||||
Bonds | 7.0 | % | Dec-06 | $ | 110,000 | ||||||
Bonds | 7.1 | % | Feb-08 | 100,000 | |||||||
Bonds | 8.1 | % | Jan-09 | 50,000 | |||||||
Bonds | 7.5 | % | Apr-18 | 200,000 | |||||||
7.3 | % | $ | 460,000 | ||||||||
Unsecured Loans | |||||||||||
Term Loan 2/ | 3.9 | % | Sep-05 | $ | 20,000 | ||||||
Term Loan 8/ | 4.3 | % | Nov-05 | 100,000 | |||||||
Line of Credit 2/ | 3.9 | % | Jul-06 | 180,000 | |||||||
4.0 | % | $ | 300,000 | ||||||||
Total Debt | 6.5 | % | $ | 1,582,009 | |||||||
1/ | These two loans are secured by the same assets. |
2/ | Floating rate loans based on one month libor. |
3/ | Paid off on 4/1/05 |
4/ | Loan relates to the consolidated 20% owned joint venture property (Harborview). |
5/ | Floating rate loan based on ninety day libor. |
6/ | These two loans are secured by the same assets. |
7/ | Floating rate loan based on one month libor. |
8/ | Floating rate loan based on two month libor. |
Highwoods Properties, Inc. | Page 3 |
Portfolio Summary - Wholly-Owned Properties Only 1/
(Rentable Square Feet)
03/31/05 | 12/31/04 | 09/30/04 | 06/30/04 | 03/31/04 | |||||||||||
Office Industrial & Retail | |||||||||||||||
In-Service: | |||||||||||||||
Office 2/ | 24,254,000 | 24,628,000 | 25,151,000 | 25,272,000 | 26,608,000 | ||||||||||
Industrial | 6,991,000 | 7,829,000 | 7,992,000 | 7,992,000 | 8,092,000 | ||||||||||
Retail 3/ | 1,409,000 | 1,409,000 | 1,410,000 | 1,411,000 | 1,411,000 | ||||||||||
Total | 32,654,000 | 33,866,000 | 34,553,000 | 34,675,000 | 36,111,000 | ||||||||||
Development Completed - Not Stabilized: | |||||||||||||||
Office 2/ | — | — | — | — | 140,000 | ||||||||||
Industrial | 353,000 | 350,000 | 350,000 | — | — | ||||||||||
Retail | — | — | — | — | — | ||||||||||
Total | 353,000 | 350,000 | 350,000 | — | 140,000 | ||||||||||
Development - In Process: | |||||||||||||||
Office 2/ | 358,000 | 358,000 | 333,000 | 222,000 | 112,000 | ||||||||||
Industrial | — | — | — | 350,000 | 350,000 | ||||||||||
Retail | 9,600 | 9,600 | — | — | — | ||||||||||
Total | 367,600 | 367,600 | 333,000 | 572,000 | 462,000 | ||||||||||
Total: | |||||||||||||||
Office 2/ | 24,612,000 | 24,986,000 | 25,484,000 | 25,494,000 | 26,860,000 | ||||||||||
Industrial | 7,344,000 | 8,179,000 | 8,342,000 | 8,342,000 | 8,442,000 | ||||||||||
Retail 3/ | 1,418,600 | 1,418,600 | 1,410,000 | 1,411,000 | 1,411,000 | ||||||||||
Total | 33,374,600 | 34,583,600 | 35,236,000 | 35,247,000 | 36,713,000 | ||||||||||
Same Property | |||||||||||||||
Office 2/ | 22,534,000 | 22,534,000 | 22,534,000 | 22,534,000 | 22,534,000 | ||||||||||
Industrial | 6,931,000 | 6,931,000 | 6,931,000 | 6,931,000 | 6,931,000 | ||||||||||
Retail | 1,409,000 | 1,409,000 | 1,409,000 | 1,409,000 | 1,409,000 | ||||||||||
Total | 30,874,000 | 30,874,000 | 30,874,000 | 30,874,000 | 30,874,000 | ||||||||||
Percent Leased/Pre-Leased: | |||||||||||||||
In-Service: | |||||||||||||||
Office | 82.3 | % | 82.7 | % | 80.9 | % | 79.2 | % | 79.2 | % | |||||
Industrial | 86.8 | % | 90.2 | % | 88.4 | % | 88.0 | % | 86.5 | % | |||||
Retail | 95.5 | % | 97.3 | % | 94.5 | % | 93.4 | % | 94.0 | % | |||||
Total | 83.8 | % | 85.0 | % | 83.2 | % | 81.8 | % | 81.4 | % | |||||
Development Completed - Not Stabilized: | |||||||||||||||
Office | — | — | — | — | 36.0 | % | |||||||||
Industrial | 100.0 | % | 100.0 | % | 100.0 | % | — | — | |||||||
Retail | — | — | — | — | — | ||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | — | 36.0 | % | ||||||
Development - In Process: | |||||||||||||||
Office | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||
Industrial | — | — | — | 100.0 | % | 100.0 | % | ||||||||
Retail | 66.0 | % | 44.0 | % | — | — | — | ||||||||
Total | 99.1 | % | 98.5 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||
Same Property | |||||||||||||||
Office | 82.7 | % | 83.0 | % | 80.9 | % | 80.0 | % | 80.1 | % | |||||
Industrial | 87.0 | % | 89.2 | % | 87.6 | % | 87.2 | % | 85.7 | % | |||||
Retail | 95.5 | % | 97.3 | % | 94.6 | % | 93.5 | % | 94.2 | % | |||||
Total | 84.2 | % | 85.0 | % | 83.0 | % | 82.2 | % | 82.0 | % | |||||
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66 |
2/ | Substantially all of our Office properties are located in suburban markets |
3/ | Excludes 430,000 square feet of basement space in the Country Club Plaza and other Kansas City retail properties. |
Highwoods Properties, Inc. | Page 4 |
Portfolio Summary
(Continued)
As of March 31, 2005
Summary by Location, Wholly-Owned Properties Only 1/:
Rentable Square Feet | Occupancy | Percentage of Annualized Revenue 2/ | ||||||||||||||||
Market | Office | Industrial | Retail | Total | ||||||||||||||
Raleigh 3/ | 4,432,000 | 83.3 | % | 15.3 | % | 0.2 | % | — | 15.5 | % | ||||||||
Atlanta | 6,826,000 | 83.0 | % | 11.6 | % | 3.4 | % | — | 15.0 | % | ||||||||
Tampa | 4,077,000 | 70.5 | % | 13.7 | % | — | — | 13.7 | % | |||||||||
Kansas City | 2,308,000 | 4/ | 91.6 | % | 4.1 | % | — | 8.7 | % | 12.8 | % | |||||||
Nashville | 2,870,000 | 92.8 | % | 12.1 | % | — | — | 12.1 | % | |||||||||
Piedmont Triad 5/ | 5,722,000 | 90.4 | % | 6.3 | % | 3.5 | % | — | 9.8 | % | ||||||||
Richmond | 1,836,000 | 95.1 | % | 7.3 | % | — | — | 7.3 | % | |||||||||
Memphis | 1,216,000 | 80.6 | % | 4.3 | % | — | — | 4.3 | % | |||||||||
Charlotte | 1,492,000 | 67.7 | % | 3.7 | % | — | — | 3.7 | % | |||||||||
Greenville | 1,127,000 | 81.1 | % | 3.3 | % | 0.1 | % | — | 3.4 | % | ||||||||
Columbia | 426,000 | 59.9 | % | 1.0 | % | — | — | 1.0 | % | |||||||||
Orlando | 222,000 | 97.8 | % | 1.0 | % | — | — | 1.0 | % | |||||||||
Other | 100,000 | 61.3 | % | 0.4 | % | — | — | 0.4 | % | |||||||||
Total | 32,654,000 | 83.8 | % | 84.1 | % | 7.2 | % | 8.7 | % | 100.0 | % | |||||||
Summary by Location, Including Joint Venture Properties:
Rentable Square Feet | Occupancy | Percentage of Annualized Revenue 2/6/ | ||||||||||||||||||
Market | Office | Industrial | Retail | Multi-Family | Total | |||||||||||||||
Atlanta | 7,661,000 | 84.1 | % | 12.0 | % | 3.0 | % | — | — | 15.0 | % | |||||||||
Raleigh | 4,887,000 | 84.8 | % | 14.2 | % | 0.1 | % | — | — | 14.3 | % | |||||||||
Kansas City | 2,736,000 | 90.8 | % | 4.6 | % | — | 7.8 | % | — | 12.4 | % | |||||||||
Tampa | 4,282,000 | 71.9 | % | 12.3 | % | — | — | — | 12.3 | % | ||||||||||
Nashville | 2,870,000 | 92.8 | % | 10.8 | % | — | — | — | 10.8 | % | ||||||||||
Piedmont Triad | 6,086,000 | 91.0 | % | 6.0 | % | 3.1 | % | — | — | 9.1 | % | |||||||||
Richmond | 2,249,000 | 96.0 | % | 7.0 | % | — | — | — | 7.0 | % | ||||||||||
Des Moines | 2,245,000 | 95.3 | % | 3.1 | % | 0.4 | % | 0.1 | % | 0.4 | % | 4.0 | % | |||||||
Memphis | 1,216,000 | 80.6 | % | 3.8 | % | — | — | — | 3.8 | % | ||||||||||
Orlando | 1,906,000 | 90.8 | % | 3.7 | % | — | — | — | 3.7 | % | ||||||||||
Charlotte | 1,640,000 | 70.7 | % | 3.3 | % | — | — | — | 3.3 | % | ||||||||||
Greenville | 1,127,000 | 81.1 | % | 2.9 | % | 0.1 | % | — | — | 3.0 | % | |||||||||
Columbia | 426,000 | 59.9 | % | 0.9 | % | — | — | — | 0.9 | % | ||||||||||
Other | 210,000 | 81.6 | % | 0.4 | % | — | — | — | 0.4 | % | ||||||||||
Total | 39,541,000 | 85.6 | % | 85.0 | % | 6.7 | % | 7.9 | % | 0.4 | % | 100.0 | % | |||||||
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66 |
2/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
3/ | Raleigh Market encompasses Raleigh, Durham, Research Triangle metropolitan area. |
4/ | Excludes basement space in the Country Club Plaza property of 430,000 square feet |
5/ | Piedmont Triad Market encompasses Greensboro, Winston-Salem metropolitan area. |
Highwoods Properties, Inc. | Page 5 |
Portfolio Summary - Wholly-Owned Properties Only 1/
(Continued)
As of March 31, 2005
Office Properties | Industrial | |||||||||||||||
Market | Rentable Square Feet | Occupancy | Percentage of Office Annualized Revenue 2/ | Rentable Square Feet | Occupancy | Percentage of Industrial Annualized Revenue 2/ | ||||||||||
Raleigh | 4,331,000 | 83.6 | % | 18.4 | % | 101,000 | 71.2 | % | 2.3 | % | ||||||
Tampa | 4,077,000 | 70.5 | % | 16.3 | % | — | — | — | ||||||||
Nashville | 2,870,000 | 92.8 | % | 14.4 | % | — | — | — | ||||||||
Atlanta | 3,575,000 | 81.8 | % | 13.8 | % | 3,251,000 | 84.3 | % | 47.2 | % | ||||||
Richmond | 1,836,000 | 95.1 | % | 8.6 | % | — | — | — | ||||||||
Piedmont Triad | 2,190,000 | 89.1 | % | 7.5 | % | 3,532,000 | 91.2 | % | 49.2 | % | ||||||
Memphis | 1,216,000 | 80.6 | % | 5.1 | % | — | — | — | ||||||||
Kansas City | 895,000 | 85.4 | % | 4.8 | % | 4,000 | 100.0 | % | 0.1 | % | ||||||
Charlotte | 1,492,000 | 67.7 | % | 4.4 | % | — | — | — | ||||||||
Greenville | 1,024,000 | 86.3 | % | 3.9 | % | 103,000 | 28.9 | % | 1.2 | % | ||||||
Columbia | 426,000 | 59.9 | % | 1.2 | % | — | — | — | ||||||||
Orlando | 222,000 | 97.8 | % | 1.2 | % | — | — | — | ||||||||
Other | 100,000 | 61.3 | % | 0.4 | % | — | — | — | ||||||||
24,254,000 | 82.3 | % | 100.0 | % | 6,991,000 | 86.8 | % | 100.0 | % | |||||||
Retail | ||||||||
Market | Rentable Square Feet | Occupancy | Percentage of Retail Annualized Revenue 2/ | |||||
Kansas City 3/ | 1,409,000 | 95.5 | % | 100.0 | % | |||
1,409,000 | 95.5 | % | 100.0 | % | ||||
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66 |
2/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
3/ | Excludes basement space in the Country Club Plaza property of 430,000 square feet |
Highwoods Properties, Inc. | Page 6 |
Occupancy Trends - Office, Industrial and Retail Properties 1/
Market | Measurement | 03/31/05 | 12/31/04 | 09/30/04 | 06/30/04 | 03/31/04 | |||||||||||
Atlanta | Rentable Square Feet | 6,826,000 | 6,825,000 | 6,825,000 | 6,821,000 | 6,919,000 | |||||||||||
Occupancy | 83.0 | % | 83.7 | % | 81.3 | % | 80.7 | % | 78.8 | % | |||||||
Current Properties 2/ | 83.0 | % | 83.7 | % | 81.3 | % | 80.7 | % | 78.9 | % | |||||||
Charlotte | Rentable Square Feet | 1,492,000 | 1,492,000 | 1,655,000 | 1,655,000 | 1,655,000 | |||||||||||
Occupancy | 67.7 | % | 72.9 | % | 74.6 | % | 73.9 | % | 80.5 | % | |||||||
Current Properties 2/ | 67.7 | % | 72.9 | % | 75.1 | % | 74.1 | % | 81.6 | % | |||||||
Columbia | Rentable Square Feet | 426,000 | 426,000 | 426,000 | 426,000 | 426,000 | |||||||||||
Occupancy | 59.9 | % | 60.4 | % | 57.5 | % | 57.9 | % | 58.6 | % | |||||||
Current Properties 2/ | 59.9 | % | 60.4 | % | 57.5 | % | 57.9 | % | 58.6 | % | |||||||
Greenville | Rentable Square Feet | 1,127,000 | 1,127,000 | 1,319,000 | 1,319,000 | 1,319,000 | |||||||||||
Occupancy | 81.1 | % | 80.5 | % | 79.4 | % | 78.8 | % | 78.8 | % | |||||||
Current Properties 2/ | 81.1 | % | 80.5 | % | 78.4 | % | 77.4 | % | 77.4 | % | |||||||
Kansas City 3/ | Rentable Square Feet | 2,308,000 | 2,308,000 | 2,308,000 | 2,310,000 | 2,309,000 | |||||||||||
Occupancy | 91.6 | % | 94.1 | % | 92.4 | % | 91.4 | % | 91.2 | % | |||||||
Current Properties 2/ | 91.6 | % | 94.1 | % | 92.4 | % | 91.4 | % | 91.2 | % | |||||||
Memphis | Rentable Square Feet | 1,216,000 | 1,216,000 | 1,216,000 | 1,216,000 | 1,216,000 | |||||||||||
Occupancy | 80.6 | % | 83.2 | % | 82.1 | % | 82.0 | % | 81.3 | % | |||||||
Current Properties 2/ | 80.6 | % | 83.2 | % | 82.1 | % | 82.0 | % | 81.3 | % | |||||||
Nashville | Rentable Square Feet | 2,870,000 | 2,870,000 | 2,870,000 | 2,870,000 | 2,870,000 | |||||||||||
Occupancy | 92.8 | % | 93.3 | % | 93.4 | % | 91.7 | % | 89.8 | % | |||||||
Current Properties 2/ | 92.8 | % | 93.3 | % | 93.4 | % | 91.7 | % | 89.8 | % | |||||||
Orlando | Rentable Square Feet | 222,000 | 222,000 | 387,000 | 387,000 | 1,656,000 | |||||||||||
Occupancy | 97.7 | % | 93.2 | % | 94.4 | % | 52.9 | % | 75.8 | % | |||||||
Current Properties 2/ | 97.7 | % | 93.2 | % | 93.2 | % | 88.5 | % | 91.5 | % | |||||||
Piedmont Triad | Rentable Square Feet | 5,722,000 | 6,652,000 | 6,652,000 | 6,652,000 | 6,685,000 | |||||||||||
Occupancy | 90.4 | % | 92.5 | % | 91.9 | % | 91.1 | % | 90.5 | % | |||||||
Current Properties 2/ | 90.4 | % | 91.3 | % | 90.6 | % | 89.7 | % | 89.5 | % | |||||||
Raleigh | Rentable Square Feet | 4,432,000 | 4,597,000 | 4,739,000 | 4,808,000 | 4,664,000 | |||||||||||
Occupancy | 83.3 | % | 83.8 | % | 81.1 | % | 79.4 | % | 80.9 | % | |||||||
Current Properties 2/ | 83.3 | % | 83.3 | % | 80.2 | % | 78.7 | % | 78.9 | % | |||||||
Richmond | Rentable Square Feet | 1,836,000 | 1,835,000 | 1,835,000 | 1,835,000 | 1,851,000 | |||||||||||
Occupancy | 95.1 | % | 94.1 | % | 92.0 | % | 89.7 | % | 90.9 | % | |||||||
Current Properties 2/ | 95.1 | % | 94.0 | % | 92.0 | % | 89.6 | % | 90.9 | % | |||||||
Tampa | Rentable Square Feet | 4,077,000 | 4,196,000 | 4,221,000 | 4,277,000 | 4,443,000 | |||||||||||
Occupancy | 70.5 | % | 71.0 | % | 66.1 | % | 65.9 | % | 63.7 | % | |||||||
Current Properties 2/ | 70.5 | % | 71.1 | % | 66.1 | % | 66.8 | % | 66.1 | % | |||||||
Total 4/ | Rentable Square Feet | 32,554,000 | 33,766,000 | 34,453,000 | 34,576,000 | 36,013,000 | |||||||||||
Occupancy | 83.8 | % | 85.0 | % | 83.2 | % | 81.8 | % | 81.4 | % | |||||||
Current Properties 2/ | 83.8 | % | 84.6 | % | 82.7 | % | 81.8 | % | 81.6 | % | |||||||
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharingarrangements under FAS 66 |
2/ | Only properties that were owned and in-service on March 31, 2005 are included for each quarter shown. |
3/ | Excludes basement space in the Country Club Plaza property of 430,000 square feet. |
4/ | Excludes 100,000 square foot building located in South Florida |
Highwoods Properties, Inc. | Page 7 |
Leasing Statistics
Office Portfolio 1/
Three Months Ended | ||||||||||||||||||||||||
3/31/2005 2/ | 12/31/04 3/ | 9/30/04 4/ | 6/30/04 5/ | 3/31/04 6/ | Average | |||||||||||||||||||
Net Effective Rents Related to Re-Leased Space: | ||||||||||||||||||||||||
Number of lease transactions (signed leases) | 188 | 206 | 219 | 230 | 209 | 210 | ||||||||||||||||||
Rentable square footage leased | 1,235,718 | 1,101,291 | 1,368,577 | 1,375,372 | 1,191,746 | 1,254,541 | ||||||||||||||||||
Square footage of Renewal Deals | 677,799 | 726,959 | 703,003 | 1,011,662 | 673,551 | 758,595 | ||||||||||||||||||
Renewed square footage (% of total) | 54.9 | % | 66.0 | % | 51.4 | % | 73.6 | % | 56.5 | % | 60.5 | % | ||||||||||||
New Leases square footage (% of total) | 45.1 | % | 34.0 | % | 48.6 | % | 26.4 | % | 43.5 | % | 39.5 | % | ||||||||||||
Average per rentable square foot over the lease term: | ||||||||||||||||||||||||
Base rent | $ | 16.20 | $ | 17.40 | $ | 16.68 | $ | 17.64 | $ | 17.43 | $ | 17.07 | ||||||||||||
Tenant improvements | (0.94 | ) | (1.51 | ) | (1.27 | ) | (1.09 | ) | (1.57 | ) | (1.28 | ) | ||||||||||||
Leasing commissions 7/ | (0.66 | ) | (0.62 | ) | (0.64 | ) | (0.52 | ) | (0.58 | ) | (0.60 | ) | ||||||||||||
Rent concessions | (0.41 | ) | (0.31 | ) | (0.37 | ) | (0.27 | ) | (0.63 | ) | (0.40 | ) | ||||||||||||
Effective rent | 14.19 | 14.96 | 14.40 | 15.76 | 14.65 | 14.79 | ||||||||||||||||||
Expense stop | (4.46 | ) | (5.61 | ) | (5.32 | ) | (5.25 | ) | (5.70 | ) | (5.27 | ) | ||||||||||||
Equivalent effective net rent | $ | 9.73 | $ | 9.35 | $ | 9.08 | $ | 10.51 | $ | 8.95 | $ | 9.52 | ||||||||||||
Average term in years | 5.7 | 5.0 | 3.7 | 4.3 | 4.8 | 4.7 | ||||||||||||||||||
Capital Expenditures Related to Re-leased Space: | ||||||||||||||||||||||||
Tenant Improvements: | ||||||||||||||||||||||||
Total dollars committed under signed leases | $ | 5,644,830 | $ | 9,208,835 | $ | 9,455,102 | $ | 8,908,277 | $ | 10,063,665 | $ | 8,656,142 | ||||||||||||
Rentable square feet | 1,235,718 | 1,101,291 | 1,368,577 | 1,375,372 | 1,191,746 | 1,254,541 | ||||||||||||||||||
Per rentable square foot | $ | 4.57 | $ | 8.36 | $ | 6.91 | $ | 6.48 | $ | 8.44 | $ | 6.90 | ||||||||||||
Leasing Commissions: | ||||||||||||||||||||||||
Total dollars committed under signed leases 7/ | $ | 4,109,601 | $ | 2,806,566 | $ | 2,969,620 | $ | 2,878,161 | $ | 2,747,400 | $ | 3,102,269 | ||||||||||||
Rentable square feet | 1,235,718 | 1,101,291 | 1,368,577 | 1,375,372 | 1,191,746 | 1,254,541 | ||||||||||||||||||
Per rentable square foot | $ | 3.33 | $ | 2.55 | $ | 2.17 | $ | 2.09 | $ | 2.31 | $ | 2.47 | ||||||||||||
Total: | ||||||||||||||||||||||||
Total dollars committed under signed leases | $ | 9,754,430 | $ | 12,015,400 | $ | 12,424,721 | $ | 11,786,438 | $ | 12,811,064 | $ | 11,758,411 | ||||||||||||
Rentable square feet | 1,235,718 | 1,101,291 | 1,368,577 | 1,375,372 | 1,191,746 | 1,254,541 | ||||||||||||||||||
Per rentable square foot | $ | 7.89 | $ | 10.91 | $ | 9.08 | $ | 8.57 | $ | 10.75 | $ | 9.37 | ||||||||||||
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharingarrangements under FAS 66 |
2/ | Includes 89K square feet of leases that start in 2007 or later |
3/ | Includes 111K square feet of leases that start in 2007 or later |
4/ | Includes 128K square feet of leases that start in 2006 or later |
5/ | Includes 100K square feet of leases that start in 2006 or later |
6/ | Includes 72K square feet of leases that start in 2006 or later |
7/ | Excludes a full allocation of internal marketing cost |
Highwoods Properties, Inc. | Page 8 |
Leasing Statistics
Industrial Portfolio
Three Months Ended | ||||||||||||||||||||||||
3/31/2005 1/ | 12/31/04 | 9/30/04 2/ | 06/30/04 | 03/31/04 | Average | |||||||||||||||||||
Net Effective Rents Related to Re-Leased Space: | ||||||||||||||||||||||||
Number of lease transactions (signed leases) | 15 | 36 | 34 | 7 | 32 | 25 | ||||||||||||||||||
Rentable square footage leased | 599,048 | 1,216,644 | 285,706 | 820,933 | 630,829 | 710,632 | ||||||||||||||||||
Square footage of Renewal Deals | 579,069 | 875,445 | 246,797 | 642,011 | 448,003 | 558,265 | ||||||||||||||||||
Renewed square footage (% of total) | 96.7 | % | 72.0 | % | 86.4 | % | 78.2 | % | 71.0 | % | 78.6 | % | ||||||||||||
New Leases square footage (% of total) | 3.3 | % | 28.0 | % | 13.6 | % | 21.8 | % | 29.0 | % | 21.4 | % | ||||||||||||
Average per rentable square foot over the lease term: | ||||||||||||||||||||||||
Base rent | $ | 3.39 | $ | 3.49 | $ | 4.73 | $ | 4.11 | $ | 3.67 | $ | 3.88 | ||||||||||||
Tenant improvements | (0.16 | ) | (0.13 | ) | (0.33 | ) | (0.31 | ) | (0.17 | ) | (0.22 | ) | ||||||||||||
Leasing commissions 3/ | (0.06 | ) | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.14 | ) | (0.08 | ) | ||||||||||||
Rent concessions | (0.01 | ) | (0.03 | ) | (0.05 | ) | (0.17 | ) | (0.05 | ) | (0.06 | ) | ||||||||||||
Effective rent | 3.16 | 3.27 | 4.28 | 3.55 | 3.31 | 3.52 | ||||||||||||||||||
Expense stop | (0.08 | ) | (0.09 | ) | (0.54 | ) | (0.36 | ) | (0.18 | ) | (0.25 | ) | ||||||||||||
Equivalent effective net rent | $ | 3.08 | $ | 3.18 | $ | 3.74 | $ | 3.19 | $ | 3.13 | $ | 3.27 | ||||||||||||
Average term in years | 1.3 | 2.0 | 2.6 | 3.2 | 2.6 | 2.3 | ||||||||||||||||||
Capital Expenditures Related to Re-leased Space: | ||||||||||||||||||||||||
Tenant Improvements: | ||||||||||||||||||||||||
Total dollars committed under signed leases | $ | 361,044 | $ | 756,077 | $ | 307,534 | $ | 1,805,334 | $ | 640,867 | $ | 774,171 | ||||||||||||
Rentable square feet | 599,048 | 1,216,644 | 285,706 | 820,933 | 630,829 | 710,632 | ||||||||||||||||||
Per rentable square foot | $ | 0.60 | $ | 0.62 | $ | 1.08 | $ | 2.20 | $ | 1.02 | $ | 1.09 | ||||||||||||
Leasing Commissions: | ||||||||||||||||||||||||
Total dollars committed under signed leases 3/ | $ | 63,473 | $ | 226,000 | $ | 64,714 | $ | 207,676 | $ | 280,486 | $ | 168,470 | ||||||||||||
Rentable square feet | 599,048 | 1,216,644 | 285,706 | 820,933 | 630,829 | 710,632 | ||||||||||||||||||
Per rentable square foot | $ | 0.11 | $ | 0.19 | $ | 0.23 | $ | 0.25 | $ | 0.44 | $ | 0.24 | ||||||||||||
Total: | ||||||||||||||||||||||||
Total dollars committed under signed leases | $ | 424,517 | $ | 982,077 | $ | 372,247 | $ | 2,013,010 | $ | 921,354 | $ | 942,641 | ||||||||||||
Rentable square feet | 599,048 | 1,216,644 | 285,706 | 820,933 | 630,829 | 710,632 | ||||||||||||||||||
Per rentable square foot | $ | 0.71 | $ | 0.81 | $ | 1.30 | $ | 2.45 | $ | 1.46 | $ | 1.33 | ||||||||||||
1/ | Includes 2K square feet of leases that start in 2006 or later |
2/ | Includes 74K square feet of leases that start in 2006 or later |
3/ | Excludes a full allocation of internal marketing cost |
Highwoods Properties, Inc. | Page 9 |
Leasing Statistics
Retail Portfolio
Three Months Ended | ||||||||||||||||||||||||
03/31/05 | 12/31/04 | 9/30/04 | 6/30/04 1/ | 3/31/04 2/ | Average | |||||||||||||||||||
Net Effective Rents Related to Re-Leased Space: | ||||||||||||||||||||||||
Number of lease transactions (signed leases) | 4 | 23 | 18 | 13 | 10 | 14 | ||||||||||||||||||
Rentable square footage leased | 10,993 | 106,629 | 34,300 | 38,548 | 37,303 | 45,555 | ||||||||||||||||||
Square footage of Renewal Deals | 1,750 | 78,579 | 15,530 | 17,482 | 27,219 | 28,112 | ||||||||||||||||||
Renewed square footage (% of total) | 15.9 | % | 73.7 | % | 45.3 | % | 45.4 | % | 73.0 | % | 61.7 | % | ||||||||||||
New Leases square footage (% of total) | 84.1 | % | 26.3 | % | 54.7 | % | 54.6 | % | 27.0 | % | 38.3 | % | ||||||||||||
Average per rentable square foot over the lease term: | ||||||||||||||||||||||||
Base rent | $ | 26.09 | $ | 17.03 | $ | 26.45 | $ | 22.98 | $ | 30.87 | $ | 24.68 | ||||||||||||
Tenant improvements | (2.65 | ) | (1.73 | ) | (1.84 | ) | (2.04 | ) | (1.58 | ) | (1.97 | ) | ||||||||||||
Leasing commissions 3/ | (0.88 | ) | (0.26 | ) | (0.56 | ) | (0.32 | ) | (0.31 | ) | (0.47 | ) | ||||||||||||
Rent concessions | 0.00 | 0.00 | (0.04 | ) | 0.00 | (0.06 | ) | (0.02 | ) | |||||||||||||||
Effective rent | 22.56 | 15.04 | 24.01 | 20.62 | 28.92 | 22.22 | ||||||||||||||||||
Expense stop | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Equivalent effective net rent | $ | 22.56 | $ | 15.04 | $ | 24.01 | $ | 20.62 | $ | 28.92 | $ | 22.22 | ||||||||||||
Average term in years | 9.3 | 8.3 | 5.7 | 8.0 | 6.1 | 7.5 | ||||||||||||||||||
Capital Expenditures Related to Re-leased Space: | ||||||||||||||||||||||||
Tenant Improvements: | ||||||||||||||||||||||||
Total dollars committed under signed leases | $ | 308,098 | $ | 2,137,327 | $ | 403,309 | $ | 800,125 | $ | 866,975 | $ | 903,167 | ||||||||||||
Rentable square feet | 10,993 | 106,629 | 34,300 | 38,548 | 37,303 | 45,555 | ||||||||||||||||||
Per rentable square foot | $ | 28.03 | $ | 20.04 | $ | 11.76 | $ | 20.76 | $ | 23.24 | $ | 19.83 | ||||||||||||
Leasing Commissions: | ||||||||||||||||||||||||
Total dollars committed under signed leases 3/ | $ | 3,778 | $ | 220,528 | $ | 86,458 | $ | 34,423 | $ | 28,206 | $ | 74,679 | ||||||||||||
Rentable square feet | 10,993 | 106,629 | 34,300 | 38,548 | 37,303 | 45,555 | ||||||||||||||||||
Per rentable square foot | $ | 0.34 | $ | 2.07 | $ | 2.52 | $ | 0.89 | $ | 0.76 | $ | 1.64 | ||||||||||||
Total: | ||||||||||||||||||||||||
Total dollars committed under signed leases | $ | 311,876 | $ | 2,357,855 | $ | 489,767 | $ | 834,548 | $ | 895,181 | $ | 977,845 | ||||||||||||
Rentable square feet | 10,993 | 106,629 | 34,300 | 38,548 | 37,303 | 45,555 | ||||||||||||||||||
Per rentable square foot | $ | 28.37 | $ | 22.11 | $ | 14.28 | $ | 21.65 | $ | 24.00 | $ | 21.47 | ||||||||||||
1/ | Includes 6K square feet of leases that start in 2006 or later |
2/ | Includes 16K square feet of leases that start in 2006 or later |
3/ | Excludes a full allocation of internal marketing cost |
Highwoods Properties, Inc. | Page 10 |
Leasing Statistics by Market
For the Three Months ended March 31, 2005
Office Portfolio 1/
Market | Rentable Square Feet Leased | Average Term | GAAP Rental Rate | TI’s Per SF | Lease Commissions Per SF 2/ | ||||||||
Tampa | 297,894 | 8.7 | $ | 14.43 | $ | 5.23 | $ | 6.61 | |||||
Richmond | 161,114 | 3.2 | 18.71 | 5.68 | 1.72 | ||||||||
Raleigh | 158,676 | 3.0 | 17.41 | 2.29 | 0.83 | ||||||||
Nashville | 148,947 | 3.0 | 19.31 | 4.73 | 1.34 | ||||||||
Piedmont Triad | 132,410 | 11.1 | 8.55 | 1.82 | 2.54 | ||||||||
Atlanta | 110,227 | 4.7 | 14.88 | 3.31 | 2.19 | ||||||||
Greenville | 98,722 | 5.3 | 16.23 | 5.18 | 4.56 | ||||||||
Memphis | 56,632 | 5.2 | 20.98 | 12.53 | 3.04 | ||||||||
Charlotte | 44,455 | 2.2 | 10.80 | 2.38 | 0.40 | ||||||||
Kansas City | 20,046 | 2.6 | 20.71 | 2.88 | 2.79 | ||||||||
Columbia | 6,595 | 5.8 | 15.99 | 17.20 | 5.93 | ||||||||
1,235,718 | 5.7 | $ | 15.79 | $ | 4.57 | $ | 3.33 | ||||||
Industrial Portfolio | |||||||||||||
Market | Rentable Square Feet Leased | Average Term | GAAP Rental Rate | TI’s Per SF | Lease Commissions Per SF 2/ | ||||||||
Piedmont Triad | 515,278 | 0.9 | $ | 3.16 | $ | 0.15 | $ | 0.03 | |||||
Atlanta | 83,770 | 3.8 | 4.70 | 3.40 | 0.45 | ||||||||
599,048 | 1.3 | $ | 3.38 | $ | 0.60 | $ | 0.11 | ||||||
Retail Portfolio | |||||||||||||
Market | Rentable Square Feet Leased | Average Term | GAAP Rental Rate | TI’s Per SF | Lease Commissions Per SF | ||||||||
Kansas City | 10,993 | 9.3 | $ | 26.09 | $ | 28.03 | $ | 0.34 | |||||
10,993 | 9.3 | $ | 26.09 | $ | 28.03 | $ | 0.34 | ||||||
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharingarrangements under FAS 66 |
2/ | Total lease commissions per square foot excludes all internal charges from Leasing Departments, which are notallocated to individual leases. |
Highwoods Properties, Inc. | Page 11 |
Rental Rate Comparisons by Market
For the Three Months ended March 31, 2005
Office Portfolio 1/
Market | Rentable Square Feet Leased | Current GAAP Rent | Previous GAAP Rent | Percentage Change GAAP Rent | |||||||
Tampa | 297,894 | $ | 14.43 | $ | 16.93 | -14.8 | % | ||||
Richmond | 161,114 | 18.71 | 18.08 | 3.5 | % | ||||||
Raleigh | 158,676 | 17.41 | 19.05 | -8.6 | % | ||||||
Nashville | 148,947 | 19.31 | 19.63 | -1.6 | % | ||||||
Piedmont Triad | 132,410 | 8.55 | 8.49 | 0.7 | % | ||||||
Atlanta | 110,227 | 14.88 | 16.46 | -9.6 | % | ||||||
Greenville | 98,722 | 16.23 | 14.02 | 15.8 | % | ||||||
Memphis | 56,632 | 20.98 | 20.08 | 4.5 | % | ||||||
Charlotte | 44,455 | 10.80 | 13.00 | -16.9 | % | ||||||
Kansas City | 20,046 | 20.71 | 20.51 | 1.0 | % | ||||||
Columbia | 6,595 | 15.99 | 18.05 | -11.4 | % | ||||||
1,235,718 | $ | 15.79 | $ | 16.55 | -4.6 | % | |||||
Cash Rent Growth | 1,235,718 | $ | 16.54 | $ | 18.13 | -8.8 | % | ||||
Industrial Portfolio | |||||||||||
Market | Rentable Square Feet Leased | Current GAAP Rent | Previous GAAP Rent | Percentage Change GAAP Rent | |||||||
Piedmont Triad | 515,278 | $ | 3.16 | $ | 3.23 | -2.1 | % | ||||
Atlanta | 83,770 | 4.70 | 5.42 | -13.4 | % | ||||||
599,048 | $ | 3.38 | $ | 3.53 | -4.2 | % | |||||
Cash Rent Growth | 599,048 | $ | 3.27 | $ | 3.45 | -5.2 | % | ||||
Retail Portfolio | |||||||||||
Market | Rentable Square Feet Leased | Current GAAP Rent | Previous GAAP Rent | Percentage Change GAAP Rent | |||||||
Kansas City | 10,993 | $ | 26.09 | $ | 16.83 | 55.0 | % | ||||
10,993 | $ | 26.09 | $ | 16.83 | 55.0 | % | |||||
Cash Rent Growth | 10,993 | $ | 24.05 | $ | 16.98 | 41.6 | % | ||||
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharingarrangements under FAS 66 |
Highwoods Properties, Inc. | Page 12 |
Lease Expirations
March 31, 2005
Dollars in thousands
Year | Rentable Square Feet Expiring | Percent of Rentable Square Feet | Annualized Revenue 1/ | Average Rental Rate | Percent of Annualized Revenue 1/ | |||||||||
Office: 2/ | ||||||||||||||
2005 3/ | 2,596,243 | 13.0 | % | $ | 45,916 | $ | 17.69 | 13.1 | % | |||||
2006 | 3,111,763 | 15.6 | % | 57,788 | 18.57 | 16.4 | % | |||||||
2007 | 1,998,876 | 10.0 | % | 34,981 | 17.50 | 10.0 | % | |||||||
2008 | 3,144,803 | 15.7 | % | 51,052 | 16.23 | 14.6 | % | |||||||
2009 | 2,770,415 | 13.9 | % | 49,857 | 18.00 | 14.3 | % | |||||||
2010 | 2,118,090 | 10.6 | % | 37,441 | 17.68 | 10.7 | % | |||||||
2011 | 1,443,419 | 7.2 | % | 27,567 | 19.10 | 7.9 | % | |||||||
2012 | 829,918 | 4.2 | % | 15,304 | 18.44 | 4.4 | % | |||||||
2013 | 469,632 | 2.4 | % | 7,967 | 16.96 | 2.3 | % | |||||||
2014 | 419,428 | 2.1 | % | 8,291 | 19.77 | 2.4 | % | |||||||
2015 and thereafter | 1,049,119 | 5.3 | % | 13,661 | 13.02 | 3.9 | % | |||||||
19,951,706 | 100.0 | % | $ | 349,825 | $ | 17.53 | 100.0 | % | ||||||
Industrial: | ||||||||||||||
2005 4/ | 1,536,242 | 24.5 | % | $ | 6,610 | $ | 4.30 | 22.2 | % | |||||
2006 | 1,047,623 | 16.6 | % | 5,248 | 5.01 | 17.6 | % | |||||||
2007 | 1,090,412 | 17.3 | % | 6,185 | 5.67 | 20.8 | % | |||||||
2008 | 688,790 | 10.9 | % | 3,132 | 4.55 | 10.5 | % | |||||||
2009 | 644,325 | 10.2 | % | 3,756 | 5.83 | 12.6 | % | |||||||
2010 | 198,232 | 3.2 | % | 826 | 4.17 | 2.8 | % | |||||||
2011 | 150,822 | 2.4 | % | 713 | 4.73 | 2.4 | % | |||||||
2012 | 194,828 | 3.1 | % | 455 | 2.34 | 1.5 | % | |||||||
2013 | 102,384 | 1.6 | % | 621 | 6.07 | 2.1 | % | |||||||
2014 | 206,731 | 3.3 | % | 799 | 3.86 | 2.7 | % | |||||||
2015 and thereafter | 432,567 | 6.9 | % | 1,420 | 3.28 | 4.8 | % | |||||||
6,292,956 | 100.0 | % | $ | 29,765 | $ | 4.73 | 100.0 | % | ||||||
1/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
2/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66 |
3/ | Includes 104,000 square feet of leases that are on a month to month basis or 0.4% of total annualized revenue |
4/ | Includes 212,000 square feet of leases that are on a month to month basis or 0.2% of total annualized revenue |
Note: 2005 and beyond expirations that have been renewed are reflected above based on the renewal’s expiration date.
Highwoods Properties, Inc. | Page 13 |
Lease Expirations
March 31, 2005
(Continued)
Dollars in thousands
Year | Rentable Square Feet Expiring | Percent of Rentable Square Feet | Annualized Revenue 1/ | Average Rental Rate | Percent of Annualized Revenue 1/ | |||||||||
Retail: | ||||||||||||||
2005 2/ | 32,264 | 2.4 | % | $ | 992 | $ | 30.75 | 2.7 | % | |||||
2006 | 99,549 | 7.4 | % | 2,438 | 24.49 | 6.7 | % | |||||||
2007 | 79,810 | 5.9 | % | 2,180 | 27.31 | 6.0 | % | |||||||
2008 | 129,441 | 9.6 | % | 3,612 | 27.90 | 9.9 | % | |||||||
2009 | 191,405 | 14.2 | % | 4,797 | 25.06 | 13.2 | % | |||||||
2010 | 91,550 | 6.8 | % | 3,116 | 34.04 | 8.6 | % | |||||||
2011 | 58,071 | 4.3 | % | 1,902 | 32.75 | 5.2 | % | |||||||
2012 | 140,426 | 10.4 | % | 4,033 | 28.72 | 11.1 | % | |||||||
2013 | 108,866 | 8.1 | % | 2,775 | 25.49 | 7.6 | % | |||||||
2014 | 83,349 | 6.2 | % | 1,626 | 19.51 | 4.5 | % | |||||||
2015 and thereafter | 331,450 | 24.7 | % | 8,890 | 26.82 | 24.5 | % | |||||||
1,346,181 | 100.0 | % | $ | 36,361 | $ | 27.01 | 100.0 | % | ||||||
Total: | ||||||||||||||
2005 3/4/ | 4,164,749 | 15.0 | % | 53,518 | 12.85 | 12.9 | % | |||||||
2006 | 4,258,935 | 15.4 | % | 65,474 | 15.37 | 15.7 | % | |||||||
2007 | 3,169,098 | 11.5 | % | 43,346 | 13.68 | 10.4 | % | |||||||
2008 | 3,963,034 | 14.4 | % | 57,796 | 14.58 | 13.9 | % | |||||||
2009 | 3,606,145 | 13.1 | % | 58,410 | 16.20 | 14.0 | % | |||||||
2010 | 2,407,872 | 8.7 | % | 41,383 | 17.19 | 9.9 | % | |||||||
2011 | 1,652,312 | 6.0 | % | 30,182 | 18.27 | 7.3 | % | |||||||
2012 | 1,165,172 | 4.2 | % | 19,792 | 16.99 | 4.8 | % | |||||||
2013 | 680,882 | 2.5 | % | 11,363 | 16.69 | 2.7 | % | |||||||
2014 | 709,508 | 2.6 | % | 10,716 | 15.10 | 2.6 | % | |||||||
2015 and thereafter | 1,813,136 | 6.6 | % | 23,971 | 13.22 | 5.8 | % | |||||||
27,590,843 | 100.0 | % | $ | 415,951 | $ | 15.08 | 100.0 | % | ||||||
1/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
2/ | Includes 10,000 square feet of leases that are on a month to month basis or 0.1% of total annualized revenue |
3/ | Includes 326,000 square feet of leases that are on a month to month basis or 0.7% of total annualized revenue |
4/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66 |
Note: 2005 and beyond expirations that have been renewed are reflected above based on the renewal’s expiration date.
Highwoods Properties, Inc. | Page 14 |
Office Lease Expirations by Market by Quarter 1/
Dollars in thousands
Three Months Ended | Total | |||||||||||||||||||||
6/30/05 2/ | 09/30/05 | 12/31/05 | 03/31/06 | |||||||||||||||||||
Atlanta | RSF | 118,460 | 349,949 | 30,914 | 134,599 | 633,922 | ||||||||||||||||
% of Total Office RSF | 0.6 | % | 1.8 | % | 0.2 | % | 0.7 | % | 3.2 | % | ||||||||||||
Annualized Revenue 3/ | $ | 1,309 | $ | 5,947 | $ | 469 | $ | 1,738 | $ | 9,463 | ||||||||||||
% of Total Office Annl Rev | 0.4 | % | 1.7 | % | 0.1 | % | 0.5 | % | 2.7 | % | ||||||||||||
Charlotte | RSF | 55,910 | 73,469 | 22,267 | 36,827 | 188,473 | ||||||||||||||||
% of Total Office RSF | 0.3 | % | 0.4 | % | 0.1 | % | 0.2 | % | 0.9 | % | ||||||||||||
Annualized Revenue 3/ | $ | 993 | $ | 946 | $ | 377 | $ | 555 | $ | 2,871 | ||||||||||||
% of Total Office Annl Rev | 0.3 | % | 0.3 | % | 0.1 | % | 0.2 | % | 0.8 | % | ||||||||||||
Columbia | RSF | 0 | 27,437 | 3,352 | 0 | 30,789 | ||||||||||||||||
% of Total Office RSF | 0.0 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.2 | % | ||||||||||||
Annualized Revenue 3/ | $ | — | $ | 506 | $ | 60 | $ | — | $ | 566 | ||||||||||||
% of Total Office Annl Rev | 0.0 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.2 | % | ||||||||||||
Greenville | RSF | 227,080 | 30,364 | 0 | 30,791 | 288,235 | ||||||||||||||||
% of Total Office RSF | 1.1 | % | 0.2 | % | 0.0 | % | 0.2 | % | 1.4 | % | ||||||||||||
Annualized Revenue 3/ | $ | 3,057 | $ | 480 | $ | — | $ | 609 | $ | 4,146 | ||||||||||||
% of Total Office Annl Rev | 0.9 | % | 0.1 | % | 0.0 | % | 0.2 | % | 1.2 | % | ||||||||||||
Kansas City | RSF | 39,854 | 20,727 | 29,133 | 60,422 | 150,136 | ||||||||||||||||
% of Total Office RSF | 0.2 | % | 0.1 | % | 0.1 | % | 0.3 | % | 0.8 | % | ||||||||||||
Annualized Revenue 3/ | $ | 783 | $ | 395 | $ | 532 | $ | 1,307 | $ | 3,017 | ||||||||||||
% of Total Office Annl Rev | 0.2 | % | 0.1 | % | 0.2 | % | 0.4 | % | 0.9 | % | ||||||||||||
Memphis | RSF | 53,891 | 46,875 | 9,867 | 49,630 | 160,263 | ||||||||||||||||
% of Total Office RSF | 0.3 | % | 0.2 | % | 0.0 | % | 0.2 | % | 0.8 | % | ||||||||||||
Annualized Revenue 3/ | $ | 980 | $ | 853 | $ | 177 | $ | 943 | $ | 2,953 | ||||||||||||
% of Total Office Annl Rev | 0.3 | % | 0.2 | % | 0.1 | % | 0.3 | % | 0.8 | % | ||||||||||||
Nashville | RSF | 116,667 | 55,687 | 115,545 | 143,359 | 431,258 | ||||||||||||||||
% of Total Office RSF | 0.6 | % | 0.3 | % | 0.6 | % | 0.7 | % | 2.2 | % | ||||||||||||
Annualized Revenue 3/ | $ | 2,410 | $ | 1,143 | $ | 2,367 | $ | 2,870 | $ | 8,790 | ||||||||||||
% of Total Office Annl Rev | 0.7 | % | 0.3 | % | 0.7 | % | 0.8 | % | 2.5 | % | ||||||||||||
Orlando | RSF | 9,154 | 0 | 0 | 0 | 9,154 | ||||||||||||||||
% of Total Office RSF | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Annualized Revenue 3/ | $ | 161 | $ | — | $ | — | $ | — | $ | 161 | ||||||||||||
% of Total Office Annl Rev | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Piedmont Triad | RSF | 87,464 | 109,135 | 41,764 | 93,611 | 331,974 | ||||||||||||||||
% of Total Office RSF | 0.4 | % | 0.5 | % | 0.2 | % | 0.5 | % | 1.7 | % | ||||||||||||
Annualized Revenue 3/ | $ | 1,562 | $ | 1,649 | $ | 709 | $ | 1,632 | $ | 5,552 | ||||||||||||
% of Total Office Annl Rev | 0.4 | % | 0.5 | % | 0.2 | % | 0.5 | % | 1.6 | % | ||||||||||||
Raleigh | RSF | 96,912 | 119,557 | 101,829 | 299,390 | 617,688 | ||||||||||||||||
% of Total Office RSF | 0.4 | % | 0.6 | % | 0.5 | % | 1.5 | % | 3.0 | % | ||||||||||||
Annualized Revenue 3/ | $ | 1,687 | $ | 2,461 | $ | 2,229 | $ | 6,020 | $ | 12,397 | ||||||||||||
% of Total Office Annl Rev | 0.5 | % | 0.7 | % | 0.6 | % | 1.7 | % | 3.5 | % | ||||||||||||
Richmond | RSF | 65,836 | 179,310 | 85,631 | 44,771 | 375,548 | ||||||||||||||||
% of Total Office RSF | 0.3 | % | 0.9 | % | 0.4 | % | 0.2 | % | 1.9 | % | ||||||||||||
Annualized Revenue 3/ | $ | 1,235 | $ | 3,510 | $ | 1,281 | $ | 853 | $ | 6,879 | ||||||||||||
% of Total Office Annl Rev | 0.4 | % | 1.0 | % | 0.4 | % | 0.2 | % | 2.0 | % | ||||||||||||
Tampa | RSF | 126,549 | 87,809 | 56,750 | 63,342 | 334,450 | ||||||||||||||||
% of Total Office RSF | 0.6 | % | 0.4 | % | 0.3 | % | 0.3 | % | 1.7 | % | ||||||||||||
Annualized Revenue 3/ | $ | 2,510 | $ | 1,826 | $ | 1,309 | $ | 1,094 | �� | $ | 6,739 | |||||||||||
% of Total Office Annl Rev | 0.7 | % | 0.5 | % | 0.4 | % | 0.3 | % | 1.9 | % | ||||||||||||
Other | RSF | 1,095 | 0 | 0 | 0 | 1,095 | ||||||||||||||||
% of Total Office RSF | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Annualized Revenue 3/ | $ | 5 | $ | — | $ | — | $ | — | $ | 5 | ||||||||||||
% of Total Office Annl Rev | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Total | RSF | 998,872 | 1,100,319 | 497,052 | 956,742 | 3,552,985 | ||||||||||||||||
% of Total Office RSF | 5.0 | % | 5.5 | % | 2.5 | % | 4.8 | % | 17.8 | % | ||||||||||||
Annualized Revenue 3/ | $ | 16,692 | $ | 19,716 | $ | 9,510 | $ | 17,621 | $ | 63,539 | ||||||||||||
% of Total Office Annl Rev | 4.8 | % | 5.6 | % | 2.7 | % | 5.0 | % | 18.2 | % |
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66 |
2/ | Includes 104,000 square feet of leases that are on a month to month basis or 0.4% of total annualized revenue |
3/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
Highwoods Properties, Inc. | Page 15 |
Industrial Lease Expirations by Market by Quarter
Dollars in thousands
Three Months Ended | ||||||||||||||||||||||
6/30/05 1/ | 09/30/05 | 12/31/05 | 03/31/06 | Total | ||||||||||||||||||
Atlanta | RSF | 136,694 | 170,528 | 271,953 | 111,622 | 690,797 | ||||||||||||||||
% of Total Industrial RSF | 2.2 | % | 2.7 | % | 4.3 | % | 1.8 | % | 11.0 | % | ||||||||||||
Annualized Revenue 2/ | $ | 472 | $ | 837 | $ | 1,595 | $ | 646 | $ | 3,550 | ||||||||||||
% of Total Industrial Annl Rev | 1.6 | % | 2.8 | % | 5.4 | % | 2.2 | % | 12.0 | % | ||||||||||||
Charlotte | RSF | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
% of Total Industrial RSF | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Annualized Revenue 2/ | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
% of Total Industrial Annl Rev | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Greenville | RSF | 0 | 0 | 0 | 16,081 | 16,081 | ||||||||||||||||
% of Total Industrial RSF | 0.0 | % | 0.0 | % | 0.0 | % | 0.3 | % | 0.3 | % | ||||||||||||
Annualized Revenue 2/ | $ | — | $ | — | $ | — | $ | 206 | $ | 206 | ||||||||||||
% of Total Industrial Annl Rev | 0.0 | % | 0.0 | % | 0.0 | % | 0.7 | % | 0.7 | % | ||||||||||||
Kansas City | RSF | 2,018 | 0 | 0 | 0 | 2,018 | ||||||||||||||||
% of Total Industrial RSF | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Annualized Revenue 2/ | $ | 17 | $ | — | $ | — | $ | — | $ | 17 | ||||||||||||
% of Total Industrial Annl Rev | 0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | ||||||||||||
Piedmont Triad | RSF | 413,227 | 476,995 | 26,966 | 134,017 | 1,051,205 | ||||||||||||||||
% of Total Industrial RSF | 6.6 | % | 7.6 | % | 0.4 | % | 2.1 | % | 16.7 | % | ||||||||||||
Annualized Revenue 2/ | $ | 1,546 | $ | 1,636 | $ | 184 | $ | 660 | $ | 4,026 | ||||||||||||
% of Total Industrial Annl Rev | 5.2 | % | 5.5 | % | 0.6 | % | 2.2 | % | 13.5 | % | ||||||||||||
Raleigh | RSF | 5,950 | 31,911 | 0 | 11,887 | 49,748 | ||||||||||||||||
% of Total Industrial RSF | 0.1 | % | 0.5 | % | 0.0 | % | 0.2 | % | 0.8 | % | ||||||||||||
Annualized Revenue 2/ | $ | 49 | $ | 277 | $ | — | $ | 118 | $ | 444 | ||||||||||||
% of Total Industrial Annl Rev | 0.2 | % | 0.9 | % | 0.0 | % | 0.4 | % | 1.5 | % | ||||||||||||
Total | RSF | 557,889 | 679,434 | 298,919 | 273,607 | 1,809,849 | ||||||||||||||||
% of Total Industrial RSF | 8.9 | % | 10.8 | % | 4.8 | % | 4.3 | % | 28.8 | % | ||||||||||||
Annualized Revenue 2/ | $ | 2,084 | $ | 2,750 | $ | 1,779 | $ | 1,630 | $ | 8,243 | ||||||||||||
% of Total Industrial Annl Rev | 7.1 | % | 9.2 | % | 6.0 | % | 5.5 | % | 27.7 | % |
1/ | Includes 212,000 square feet of leases that are on a month to month basis or 0.2% of total annualized revenue |
2/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
Highwoods Properties, Inc. | Page 16 |
Office Lease Expirations by Market by Year 1/
Dollars in thousands
2005 2/ | 2006 | 2007 | 2008 | Thereafter | ||||||||||||||||||
Atlanta | RSF | 499,323 | 321,046 | 229,735 | 549,608 | 1,325,968 | ||||||||||||||||
% of Total Office RSF | 2.5 | % | 1.6 | % | 1.2 | % | 2.8 | % | 6.6 | % | ||||||||||||
Annualized Revenue 3/ | $ | 7,725 | $ | 4,730 | $ | 3,260 | $ | 8,527 | $ | 23,964 | ||||||||||||
% of Total Office Annl Rev | 2.2 | % | 1.4 | % | 0.9 | % | 2.4 | % | 6.9 | % | ||||||||||||
Charlotte | RSF | 151,646 | 169,027 | 121,495 | 118,735 | 449,619 | ||||||||||||||||
% of Total Office RSF | 0.8 | % | 0.8 | % | 0.6 | % | 0.6 | % | 2.3 | % | ||||||||||||
Annualized Revenue 3/ | $ | 2,316 | $ | 2,646 | $ | 1,855 | $ | 1,835 | $ | 6,568 | ||||||||||||
% of Total Office Annl Rev | 0.7 | % | 0.8 | % | 0.5 | % | 0.5 | % | 1.9 | % | ||||||||||||
Columbia | RSF | 30,789 | 59,586 | 58,951 | 63,170 | 42,482 | ||||||||||||||||
% of Total Office RSF | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.2 | % | ||||||||||||
Annualized Revenue 3/ | $ | 565 | $ | 1,110 | $ | 1,046 | $ | 1,089 | $ | 522 | ||||||||||||
% of Total Office Annl Rev | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.1 | % | ||||||||||||
Greenville | RSF | 257,444 | 148,824 | 16,115 | 96,497 | 364,907 | ||||||||||||||||
% of Total Office RSF | 1.3 | % | 0.7 | % | 0.1 | % | 0.5 | % | 1.8 | % | ||||||||||||
Annualized Revenue 3/ | $ | 3,538 | $ | 2,839 | $ | 298 | $ | 1,760 | $ | 5,180 | ||||||||||||
% of Total Office Annl Rev | 1.0 | % | 0.8 | % | 0.1 | % | 0.5 | % | 1.5 | % | ||||||||||||
Kansas City | RSF | 89,714 | 154,371 | 91,920 | 65,281 | 362,798 | ||||||||||||||||
% of Total Office RSF | 0.4 | % | 0.8 | % | 0.5 | % | 0.3 | % | 1.8 | % | ||||||||||||
Annualized Revenue 3/ | $ | 1,711 | $ | 3,355 | $ | 1,776 | $ | 1,334 | $ | 8,749 | ||||||||||||
% of Total Office Annl Rev | 0.5 | % | 1.0 | % | 0.5 | % | 0.4 | % | 2.5 | % | ||||||||||||
Memphis | RSF | 110,633 | 97,750 | 105,564 | 179,866 | 486,004 | ||||||||||||||||
% of Total Office RSF | 0.6 | % | 0.5 | % | 0.5 | % | 0.9 | % | 2.4 | % | ||||||||||||
Annualized Revenue 3/ | $ | 2,010 | $ | 1,839 | $ | 2,026 | $ | 3,663 | $ | 8,458 | ||||||||||||
% of Total Office Annl Rev | 0.6 | % | 0.5 | % | 0.6 | % | 1.0 | % | 2.4 | % | ||||||||||||
Nashville | RSF | 287,899 | 471,315 | 235,334 | �� | 188,552 | 1,480,494 | |||||||||||||||
% of Total Office RSF | 1.4 | % | 2.4 | % | 1.2 | % | 0.9 | % | 7.4 | % | ||||||||||||
Annualized Revenue 3/ | $ | 5,920 | $ | 9,557 | $ | 4,595 | $ | 3,748 | $ | 26,662 | ||||||||||||
% of Total Office Annl Rev | 1.7 | % | 2.7 | % | 1.3 | % | 1.1 | % | 7.6 | % | ||||||||||||
Orlando | RSF | 9,154 | 6,465 | 20,571 | 9,240 | 171,379 | ||||||||||||||||
% of Total Office RSF | 0.0 | % | 0.0 | % | 0.1 | % | 0.0 | % | 0.9 | % | ||||||||||||
Annualized Revenue 3/ | $ | 161 | $ | 170 | $ | 370 | $ | 186 | $ | 3,312 | ||||||||||||
% of Total Office Annl Rev | 0.0 | % | 0.0 | % | 0.1 | % | 0.1 | % | 0.9 | % | ||||||||||||
Piedmont Triad | RSF | 238,363 | 195,662 | 199,480 | 622,522 | 694,432 | ||||||||||||||||
% of Total Office RSF | 1.2 | % | 1.0 | % | 1.0 | % | 3.1 | % | 3.5 | % | ||||||||||||
Annualized Revenue 3/ | $ | 3,920 | $ | 3,392 | $ | 3,048 | $ | 7,182 | $ | 8,530 | ||||||||||||
% of Total Office Annl Rev | 1.1 | % | 1.0 | % | 0.9 | % | 2.1 | % | 2.4 | % | ||||||||||||
Raleigh | RSF | 318,298 | 880,578 | 378,100 | 558,417 | 1,485,776 | ||||||||||||||||
% of Total Office RSF | 1.6 | % | 4.4 | % | 1.9 | % | 2.8 | % | 7.4 | % | ||||||||||||
Annualized Revenue 3/ | $ | 6,375 | $ | 15,507 | $ | 6,927 | $ | 9,370 | $ | 25,888 | ||||||||||||
% of Total Office Annl Rev | 1.8 | % | 4.4 | % | 2.0 | % | 2.7 | % | 7.4 | % | ||||||||||||
Richmond | RSF | 330,777 | 250,744 | 302,754 | 212,855 | 648,423 | ||||||||||||||||
% of Total Office RSF | 1.7 | % | 1.3 | % | 1.5 | % | 1.1 | % | 3.2 | % | ||||||||||||
Annualized Revenue 3/ | $ | 6,026 | $ | 5,037 | $ | 4,944 | $ | 4,007 | $ | 10,220 | ||||||||||||
% of Total Office Annl Rev | 1.7 | % | 1.4 | % | 1.4 | % | 1.1 | % | 2.9 | % | ||||||||||||
Tampa | RSF | 271,108 | 350,229 | 226,150 | 460,611 | 1,565,969 | ||||||||||||||||
% of Total Office RSF | 1.4 | % | 1.8 | % | 1.1 | % | 2.3 | % | 7.8 | % | ||||||||||||
Annualized Revenue 3/ | $ | 5,643 | $ | 7,448 | $ | 4,515 | $ | 7,832 | $ | 31,554 | ||||||||||||
% of Total Office Annl Rev | 1.6 | % | 2.1 | % | 1.3 | % | 2.2 | % | 9.0 | % | ||||||||||||
Other | RSF | 1,095 | 6,166 | 12,707 | 19,449 | 21,770 | ||||||||||||||||
% of Total Office RSF | 0.0 | % | 0.0 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||
Annualized Revenue 3/ | $ | 5 | $ | 157 | $ | 322 | $ | 519 | $ | 479 | ||||||||||||
% of Total Office Annl Rev | 0.0 | % | 0.0 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||
Total | RSF | 2,596,243 | 3,111,763 | 1,998,876 | 3,144,803 | 9,100,021 | ||||||||||||||||
% of Total Office RSF | 13.0 | % | 15.6 | % | 10.0 | % | 15.8 | % | 45.6 | % | ||||||||||||
Annualized Revenue 3/ | $ | 45,915 | $ | 57,787 | $ | 34,982 | $ | 51,052 | $ | 160,086 | ||||||||||||
% of Total Office Annl Rev | 13.1 | % | 16.5 | % | 10.0 | % | 14.6 | % | 45.8 | % |
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66 |
2/ | Includes 104,000 square feet of leases that are on a month to month basis or 0.4% of total annualized revenue |
3/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
Highwoods Properties, Inc. | Page 17 |
Industrial Lease Expirations by Market by Year
Dollars in thousands
2005 1/ | 2006 | 2007 | 2008 | Thereafter | ||||||||||||||||||
Atlanta | RSF | 579,175 | 345,292 | 665,857 | 272,037 | 1,102,191 | ||||||||||||||||
% of Total Industrial RSF | 9.2 | % | 5.5 | % | 10.6 | % | 4.3 | % | 17.5 | % | ||||||||||||
Annualized Revenue 2/ | $ | 2,903 | $ | 2,077 | $ | 3,488 | $ | 1,259 | $ | 4,331 | ||||||||||||
% of Total Industrial Annl Rev | 9.8 | % | 7.0 | % | 11.7 | % | 4.2 | % | 14.6 | % | ||||||||||||
Charlotte | RSF | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
% of Total Industrial RSF | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Annualized Revenue 2/ | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
% of Total Industrial Annl Rev | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Greenville | RSF | 0 | 16,081 | 0 | 5,350 | 8,470 | ||||||||||||||||
% of Total Industrial RSF | 0.0 | % | 0.3 | % | 0.0 | % | 0.1 | % | 0.1 | % | ||||||||||||
Annualized Revenue 2/ | $ | — | $ | 206 | $ | — | $ | 58 | $ | 91 | ||||||||||||
% of Total Industrial Annl Rev | 0.0 | % | 0.7 | % | 0.0 | % | 0.2 | % | 0.3 | % | ||||||||||||
Kansas City | RSF | 2,018 | 0 | 0 | 0 | 1,756 | ||||||||||||||||
% of Total Industrial RSF | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Annualized Revenue 2/ | $ | 17 | $ | — | $ | — | $ | — | $ | 19 | ||||||||||||
% of Total Industrial Annl Rev | 0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | ||||||||||||
Piedmont Triad | RSF | 917,188 | 674,363 | 424,555 | 396,215 | 810,333 | ||||||||||||||||
% of Total Industrial RSF | 14.6 | % | 10.7 | % | 6.7 | % | 6.3 | % | 12.9 | % | ||||||||||||
Annualized Revenue 2/ | $ | 3,365 | $ | 2,846 | $ | 2,697 | $ | 1,654 | $ | 4,085 | ||||||||||||
% of Total Industrial Annl Rev | 11.3 | % | 9.6 | % | 9.1 | % | 5.6 | % | 13.7 | % | ||||||||||||
Raleigh | RSF | 37,861 | 11,887 | 0 | 15,188 | 7,139 | ||||||||||||||||
% of Total Industrial RSF | 0.6 | % | 0.2 | % | 0.0 | % | 0.2 | % | 0.1 | % | ||||||||||||
Annualized Revenue 2/ | $ | 325 | $ | 118 | $ | — | $ | 162 | $ | 66 | ||||||||||||
% of Total Industrial Annl Rev | 1.1 | % | 0.4 | % | 0.0 | % | 0.5 | % | 0.2 | % | ||||||||||||
Total | RSF | 1,536,242 | 1,047,623 | 1,090,412 | 688,790 | 1,929,889 | ||||||||||||||||
% of Total Industrial RSF | 24.4 | % | 16.6 | % | 17.3 | % | 10.9 | % | 30.7 | % | ||||||||||||
Annualized Revenue 2/ | $ | 6,610 | $ | 5,247 | $ | 6,185 | $ | 3,133 | $ | 8,592 | ||||||||||||
% of Total Industrial Annl Rev | 22.2 | % | 17.6 | % | 20.8 | % | 10.5 | % | 28.9 | % |
1/ Includes 212,000 square feet of leases that are on a month to month basis or 0.2% of total annualized revenue
2/ Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.
Highwoods Properties, Inc. | Page 18 |
Customer Diversification 1/
March 31, 2005
Dollars in thousands
Top 20 Customers
Customer | RSF | Annualized Revenue 2/ | Percent of Annualized Revenue 2/ | Average Remaining Lease Term in Years | ||||||
Federal Government | 863,609 | $ | 17,042 | 4.10 | % | 6.5 | ||||
AT&T 3/ | 537,529 | 10,065 | 2.42 | % | 3.9 | |||||
Price Waterhouse Coopers | 297,795 | 7,528 | 1.81 | % | 5.1 | |||||
State Of Georgia | 361,687 | 7,070 | 1.70 | % | 4.0 | |||||
T-Mobile USA | 205,394 | 4,853 | 1.17 | % | 4.2 | |||||
IBM | 188,763 | 3,978 | 0.96 | % | 1.1 | |||||
Northern Telecom | 246,000 | 3,651 | 0.88 | % | 2.9 | |||||
Volvo | 270,525 | 3,572 | 0.86 | % | 4.4 | |||||
US Airways | 295,046 | 3,403 | 0.82 | % | 2.7 | |||||
Lockton Companies | 132,718 | 3,339 | 0.80 | % | 9.9 | |||||
BB&T | 229,459 | 3,260 | 0.78 | % | 6.9 | |||||
CHS Professional Services | 170,524 | 3,042 | 0.73 | % | 1.9 | |||||
Ford Motor Company | 125,989 | 2,734 | 0.66 | % | 4.9 | |||||
IKON | 181,361 | 2,613 | 0.63 | % | 1.3 | |||||
MCI | 127,268 | 2,531 | 0.61 | % | 1.2 | |||||
Hartford Insurance | 116,010 | 2,508 | 0.60 | % | 1.6 | |||||
Aspect Communications | 116,692 | 2,354 | 0.57 | % | 1.7 | |||||
Metropolitan Life | 118,017 | 2,250 | 0.54 | % | 6.2 | |||||
Jacob’s Engineering | 228,345 | 2,236 | 0.54 | % | 11.2 | |||||
Icon Clinical Research | 99,163 | 2,114 | 0.51 | % | 7.2 | |||||
4,911,894 | $ | 90,143 | 21.69 | % | 4.7 | |||||
By Industry
Category | Percent of Annualized Revenue 2/ | ||
Professional, Scientific, and Technical Services | 21.3 | % | |
Insurance | 10.3 | % | |
Manufacturing | 8.8 | % | |
Finance/Banking | 8.0 | % | |
Telecommunication | 7.8 | % | |
Retail Trade | 7.5 | % | |
Government/Public Administration | 6.5 | % | |
Health Care and Social Assistance | 6.2 | % | |
Wholesale Trade | 5.5 | % | |
Transportation and Warehousing | 3.4 | % | |
Administrative and Support Services | 3.2 | % | |
Real Estate Rental and Leasing | 3.1 | % | |
Accommodation and Food Services | 2.6 | % | |
Other Services (except Public Administration) | 2.4 | % | |
Information | 2.1 | % | |
Educational Services | 1.3 | % | |
100.0 | % | ||
1/ | Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66 |
2/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
3/ | AT&T and SBC have received final approval on their plans to merge. SBC currently leases 5K square feet with $110K in associated annualized revenue. |
Highwoods Properties, Inc. | Page 19 |
Acquisition Activity
Dollars in thousands
Name | Market | Type 1/ | Date Acquired | Square Footage | Total Cost | |||||
First quarter 2005: | ||||||||||
None |
Highwoods Properties, Inc. | Page 20 |
Disposition Activity
Dollars in thousands
Name | Market | Type 1/ | Date Sold | Square Footage | Gross Sales Price | ||||||
First quarter 2005: | |||||||||||
Northside | Tampa | O | 02/24/05 | 85,700 | $ | 9,000 | |||||
531 Northridge Warehouse | Piedmont Triad | I | 02/28/05 | 598,100 | |||||||
531 Northridge Office | Piedmont Triad | O | 02/28/05 | 91,800 | |||||||
689,900 | 18,656 | ||||||||||
3928 Westpoint Boulevard | Piedmont Triad | I | 02/28/05 | 240,000 | 6,225 | ||||||
4300 Six Forks Road | Raleigh | O | 03/31/05 | 163,300 | 27,318 | ||||||
1,178,900 | $ | 61,199 | |||||||||
Depreciable Assets Contributed to Joint Ventures
Market | Type 1/ | Date Contributed | Square Footage | Gross Sales Price | ||||||
First quarter 2005: | ||||||||||
None |
Highwoods Properties, Inc. | Page 21 |
Development Activity
Dollars in thousands
Property | Market | Type 1/ | Rentable Square Feet | Anticipated Total Investment | Investment @ 03/31/05 | Pre-Leasing | Estimated Completion Date | Estimated Stabilization Date | |||||||||||
In - Process | |||||||||||||||||||
Office: | |||||||||||||||||||
Center for Disease Control | Atlanta | O | 109,000 | $ | 21,375 | $ | 2,420 | 100 | % | 4Q05 | 4Q05 | ||||||||
Saxon | Richmond | O | 112,000 | 14,829 | 6,645 | 100 | % | 3Q05 | 3Q05 | ||||||||||
FBI 2/ | Tampa | O | 137,000 | 31,090 | 14,950 | 100 | % | 4Q05 | 4Q05 | ||||||||||
Total or Weighted Average | 358,000 | $ | 67,294 | $ | 24,015 | 100 | % | ||||||||||||
Retail:3/ | |||||||||||||||||||
Griffith Road/Boutique Shops | Piedmont Triad | R | 9,600 | $ | 2,634 | $ | 1,874 | 66 | % | 2Q05 | 2Q06 | ||||||||
Total or Weighted Average | 9,600 | $ | 2,634 | $ | 1,874 | 66 | % | ||||||||||||
Total or Weighted Average | 367,600 | $ | 69,928 | $ | 25,889 | 99 | % | ||||||||||||
Completed Not Stabilized 4/ | |||||||||||||||||||
National Archives Record Administration | Atlanta | I | 353,000 | $ | 20,387 | $ | 17,822 | 100 | % | 3Q04 | 4Q05 | ||||||||
Total or Weighted Average | 353,000 | $ | 20,387 | $ | 17,822 | 100 | % | ||||||||||||
Grand Total or Weighed Average | 720,600 | $ | 90,315 | $ | 43,711 | 100 | % | ||||||||||||
Developed for Sale | |||||||||||||||||||
Market | Type 1/ | Rentable Square Feet | Anticipated Total Investment | Investment 03/31/05 | Pre-Sales | Estimated Completion Date | |||||||||||||
Grove Park Condominiums | Richmond | O | 65,000 | $ | 6,163 | $ | 6,060 | 84 | % | 4Q04 | |||||||||
1/ | The letters "O", and "I" represent Office and Industrial, respectively. |
2/ | An approved 25,000 square feet expansion at an additional anticipated cost of $4.5 million is included. The related lease amendment is out for signature. |
3/ | Excludes a vacant building in Kansas City acquired in the first quarter for $4.1 million for potential future retail developmant or sale to a retail user. |
4/ | This property was 63% occupied as of March 31, 2005 and contributed $10,000 in Net Operating Income (Property Revenue - Property Expense) in Q1 2005. |
Highwoods Properties, Inc. | Page 22 |
Development Land
March, 2005
Dollars in thousands
Developable Square Footage | Total Market Value | ||||||||||
Market | Acres | Office | Retail | Industrial | |||||||
On Balance Sheet: | |||||||||||
Research Triangle | 361 | 3,119,000 | 60,000 | 162,000 | $ | 68,900 | |||||
Atlanta | 249 | 270,000 | 1,100,000 | 1,390,000 | 37,400 | ||||||
Piedmont Triad | 117 | 787,000 | 37,000 | 1,190,000 | 16,400 | ||||||
Charlotte | 73 | 1,151,000 | — | — | 12,600 | ||||||
Richmond | 61 | 688,000 | — | — | 10,500 | ||||||
Orlando | 49 | 862,000 | — | — | 15,600 | ||||||
Nashville | 48 | 830,000 | — | — | 12,900 | ||||||
Kansas City 1/ | 46 | 550,000 | 91,000 | — | 12,300 | ||||||
Baltimore | 45 | 771,000 | — | — | 14,300 | ||||||
Tampa | 29 | 462,000 | — | 15,000 | 12,200 | ||||||
Memphis | 22 | 288,000 | — | — | 4,200 | ||||||
Greenville | 12 | 150,000 | — | — | 1,800 | ||||||
Jacksonville | 9 | 80,000 | — | — | 1,900 | ||||||
Columbia | 2 | 20,000 | — | — | 300 | ||||||
1,123 | 10,028,000 | 1,288,000 | 2,757,000 | $ | 221,300 | ||||||
Deferred or optioned: | |||||||||||
Atlanta | 25 | — | 500,000 | — | |||||||
25 | — | 500,000 | — | ||||||||
Total | 1,148 | 10,028,000 | 1,788,000 | 2,757,000 | |||||||
1/ | Includes 27 acres of residential land |
Highwoods Properties, Inc. | Page 23 |
Joint Ventures Long-Term Debt Detail
Dollars in thousands
Joint Venture | Own % | Lender | Interest Rate | Maturity Date | Loan Balance 03/31/05 | ||||||||
Dallas County Partners I, LP | 50.0 | % | American Express | 7.0 | % | Sep-09 | 3,514 | ||||||
Dallas County Partners I, LP | 50.0 | % | American Express | 6.9 | % | Jun-09 | 7,438 | ||||||
Dallas County Partners I, LP | 50.0 | % | John Hancock Life Insurance Co. | 7.6 | % | Mar-08 | 2,962 | ||||||
Dallas County Partners I, LP | 50.0 | % | State Farm | 7.1 | % | Oct-08 | 3,040 | ||||||
Dallas County Partners I, LP | 50.0 | % | State Farm | 7.9 | % | Sep-06 | 3,009 | ||||||
Dallas County Partners I, LP | 50.0 | % | State Farm | 7.5 | % | May-07 | 4,359 | ||||||
Dallas County Partners I, LP | 50.0 | % | Bank of America | 5.7 | % | Oct-07 | 3,987 | ||||||
Dallas County Partners I, LP | 50.0 | % | State Farm | 7.5 | % | Dec-07 | 5,065 | ||||||
Dallas County Partners I, LP | 50.0 | % | Thrivent | 8.5 | % | Aug-10 | 1,682 | ||||||
Dallas County Partners I, LP | 50.0 | % | Union Planters | 6.3 | % | Jun-14 | 3,664 | ||||||
Dallas County Partners I, LP | 50.0 | % | Union Planters | 7.2 | % | Jan-06 | 489 | ||||||
Dallas County Partners I, LP | 50.0 | % | Bankers Trust | 8.0 | % | Jul-11 | 1,232 | ||||||
7.1 | % | 40,441 | |||||||||||
Dallas County Partners II, LP | 50.0 | % | Principal Life Insurance Company | 10.2 | % | Jun-13 | 20,892 | ||||||
Fountain Three | 50.0 | % | John Hancock Life Insurance Co. | 7.8 | % | Jan-08 | 6,019 | ||||||
Fountain Three | 50.0 | % | American Express | 6.9 | % | Jun-09 | 3,976 | ||||||
Fountain Three | 50.0 | % | Thrivent | 8.0 | % | Oct-10 | 3,748 | ||||||
Fountain Three | 50.0 | % | Thrivent | 7.3 | % | Apr-09 | 3,581 | ||||||
Fountain Three | 50.0 | % | Wells Fargo | 8.2 | % | May-08 | 2,023 | ||||||
Fountain Three | 50.0 | % | Lehman Brothers | 8.0 | % | Jul-09 | 3,617 | ||||||
Fountain Three | 50.0 | % | Thrivent | 7.0 | % | Sep-12 | 5,566 | ||||||
7.5 | % | 28,530 | |||||||||||
RRHWoods, LLC | 50.0 | % | Industrial Revenue Bonds | 1.0 | % | Nov-15 | 23,000 | ||||||
RRHWoods, LLC | 50.0 | % | Bank of America | 6.8 | % | Sep-12 | 27,388 | ||||||
RRHWoods, LLC | 50.0 | % | Industrial Revenue Bonds | 1.0 | % | Sep-15 | 6,000 | ||||||
RRHWoods, LLC | 50.0 | % | Industrial Revenue Bonds | 1.1 | % | Nov-15 | 5,500 | ||||||
RRHWoods, LLC | 50.0 | % | Bank of America | 5.7 | % | Oct-07 | 4,041 | ||||||
RRHWoods, LLC | 50.0 | % | Union Planters | 6.3 | % | Jun-14 | 3,664 | ||||||
3.8 | % | 69,593 | |||||||||||
Plaza Colonnade, LLC | 50.0 | % | Met Life | 5.7 | % | Jan-17 | 50,000 | ||||||
Plaza Colonnade, LLC | 50.0 | % | Tax Incremental Financing | 5.4 | % | Mar-10 | 1,818 | ||||||
Plaza Colonnade, LLC | 50.0 | % | Tax Incremental Financing | 6.0 | % | Mar-16 | 4,394 | ||||||
Plaza Colonnade, LLC | 50.0 | % | Tax Incremental Financing | 5.9 | % | Mar-24 | 12,473 | ||||||
5.8 | % | 68,685 | |||||||||||
4600 Madison Associates, LLC | 12.5 | % | State Farm | 6.9 | % | Apr-18 | 15,824 | ||||||
Board of Trade Investment Company | 49.0 | % | KC Board of Trade Clearing Corp. | 7.8 | % | Sep-07 | 517 | ||||||
Highwoods DLF 98/29, LP | 22.8 | % | USG Annuity & Life Company | 6.8 | % | Apr-11 | 65,936 | ||||||
Highwoods DLF 97/26 DLF 99/32, LP | 42.9 | % | Massachusetts Mutual Life Ins. Co. | 7.7 | % | May-12 | 58,126 | ||||||
Concourse Center Associates, LLC | 50.0 | % | Lincoln National Life Insurance Co. | 7.0 | % | Jul-10 | 9,473 | ||||||
Highwoods KC Orlando, LLC | 40.0 | % | Met Life | 5.2 | % | Jul-14 | 143,000 | ||||||
Highwoods - Markel Associates, LLC | 50.0 | % | Principal Life Insurance Company | 5.8 | % | Jan-14 | 39,285 | ||||||
Highwoods KC Glenridge Office | 40.0 | % | Wachovia | 4.8 | % | Jun-14 | 16,500 | ||||||
Highwoods KC Glenridge Land | 40.0 | % | Transwestern | 4.8 | % | Feb-05 | 238 | ||||||
6.1 | % | 348,899 | |||||||||||
6.1 | % | $ | 577,040 | ||||||||||
Highwoods’ Share of the above | $ | 244,570 | |||||||||||
Highwoods Properties, Inc. | Page 24 |
Joint Ventures Portfolio Summary
As of March 31, 2005
Summary by Location:
Percentage of Annualized Revenue - Highwoods’ Share Only 3/ | ||||||||||||||||||||
Market | Rentable Square Feet 1/ | Occupancy 2/ | Office | Industrial | Retail | Multi-Family | Total | |||||||||||||
Des Moines | 2,245,000 | 95.3 | % | 27.7 | % | 3.7 | % | 1.0 | % | 3.4 | % | 35.8 | % | |||||||
Orlando | 1,684,000 | 89.9 | % | 24.8 | % | — | — | — | 24.8 | % | ||||||||||
Atlanta | 835,000 | 93.3 | % | 15.7 | % | — | — | — | 15.7 | % | ||||||||||
Kansas City | 428,000 | 86.3 | % | 8.4 | % | — | — | — | 8.4 | % | ||||||||||
Richmond | 413,000 | 100.0 | % | 5.0 | % | — | — | — | 5.0 | % | ||||||||||
Piedmont Triad | 364,000 | 100.0 | % | 3.8 | % | — | — | — | 3.8 | % | ||||||||||
Raleigh | 455,000 | 99.3 | % | 3.5 | % | — | — | — | 3.5 | % | ||||||||||
Tampa | 205,000 | 99.1 | % | 1.7 | % | — | — | — | 1.7 | % | ||||||||||
Charlotte | 148,000 | 100.0 | % | 0.8 | % | — | — | — | 0.8 | % | ||||||||||
Other | 110,000 | 100.0 | % | 0.5 | % | — | — | — | 0.5 | % | ||||||||||
Total | 6,887,000 | 94.3 | % | 91.9 | % | 3.7 | % | 1.0 | % | 3.4 | % | 100.0 | % | |||||||
1/ | Excludes Des Moines’ apartment units |
2/ | Excludes Des Moines’ apartment occupancy percentage of 93.5% |
3/ | Annualized Rental Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
Highwoods Properties, Inc. | Page 25 |
Joint Ventures Lease Expirations
March 31, 2005
Dollars in thousands
Year | Rentable Square Feet Expiring | Percent of Rentable Square Feet | Annualized Revenue 1/ | Average Rental Rate | Percent of Annualized Revenue 1/ | |||||||||
Total | ||||||||||||||
2005 | 648,896 | 9.6 | % | $ | 9,324 | $ | 14.37 | 7.2 | % | |||||
2006 | 655,354 | 9.7 | % | 12,363 | 18.86 | 9.6 | % | |||||||
2007 | 378,549 | 5.6 | % | 7,828 | 20.68 | 6.1 | % | |||||||
2008 | 1,299,233 | 19.1 | % | 21,989 | 16.92 | 17.2 | % | |||||||
2009 | 839,009 | 12.4 | % | 20,086 | 23.94 | 15.6 | % | |||||||
2010 | 368,712 | 5.4 | % | 7,254 | 19.67 | 5.6 | % | |||||||
2011 | 553,652 | 8.2 | % | 10,278 | 18.56 | 8.0 | % | |||||||
2012 | 354,359 | 5.2 | % | 7,353 | 20.75 | 5.7 | % | |||||||
2013 | 714,819 | 10.6 | % | 13,762 | 19.25 | 10.7 | % | |||||||
2014 | 368,000 | 5.4 | % | 7,961 | 21.63 | 6.2 | % | |||||||
2015 and thereafter | 594,502 | 8.8 | % | 10,484 | 17.63 | 8.1 | % | |||||||
6,775,085 | 100.0 | % | $ | 128,682 | $ | 18.99 | 100.0 | % | ||||||
1/ | Annualized Revenue is March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12. |
Highwoods Properties, Inc. | Page 26 |
Joint Ventures Development
Dollars in thousands
Property | % Ownership | Market | Rentable Square Feet | Anticipated Total Investment | Investment 03/31/05 | Pre-Leasing | Estimated Completion Date | Estimated Stabilization Date | ||||||||||||
Plaza Colonade, LLC 1/ | 50 | % | Kansas City | 285,000 | $ | 71,500 | $ | 68,536 | 77 | % | 4Q04 | 3Q05 | ||||||||
Summit | 50 | % | Des Moines | 35,000 | 3,559 | 3,437 | 75 | % | 3Q04 | 3Q05 | ||||||||||
Pinehurst | 50 | % | Des Moines | 35,000 | 3,559 | 3,526 | 81 | % | 3Q04 | 3Q05 | ||||||||||
Sonoma | 50 | % | Des Moines | 75,000 | 9,364 | 1,518 | 0 | % | 2Q05 | 2Q06 | ||||||||||
Total or Weighted Average | 430,000 | $ | 87,982 | $ | 77,017 | 64 | % | |||||||||||||
Highwoods’ Share of the above | $ | 43,991 | $ | 38,509 | ||||||||||||||||
1/ | Includes $16.2 million in investment cost that has been funded by tax increment financing |
Highwoods Properties, Inc. | Page 27 |