Exhibit 99
Highwoods Announces Additional 5 Million Share Repurchase Program
and Declares Quarterly Dividends
----------------
RALEIGH, NC - April 25, 2001 - Highwoods Properties' (NYSE: HIW) Board of
Directors today has authorized the repurchase of up to an additional five
million shares and units of the Company's current 61.9 million outstanding
common shares and operating partnership units through open market or privately
negotiated transactions.
"Having essentially completed our prior 10 million share and unit repurchase
program as promised, we plan to continue to repurchase our undervalued shares in
a leverage neutral fashion as part of our continuing efforts to build
shareholder value. Funds for the purchases will be generated from our normal
capital recycling efforts as we continually refine our property holdings in our
eleven core markets" said Ronald P. Gibson, president and chief executive
officer of Highwoods.
Additionally, the Board declared the following dividends:
- ------------------------------------- ----------------- ---------------------------- --------------------------------
Amount Per
Security Share Record Date Payable Date
- ------------------------------------- ----------------- ---------------------------- --------------------------------
Common Stock $.57 May 4, 2001 May 17, 2001
- ------------------------------------- ----------------- ---------------------------- --------------------------------
Series A Cumulative
Redeemable Preferred $21.5625 May 15, 2001 May 31, 2001
- ------------------------------------- ----------------- ---------------------------- --------------------------------
Series B Cumulative
Redeemable Preferred $.50 June 1, 2001 June 15, 2001
- ------------------------------------- ----------------- ---------------------------- --------------------------------
Depositary Share Each
Representing 1/10 of a
Series D Cumulative
Redeemable Preferred $.50 July 2, 2001 July 31, 2001
- ------------------------------------- ----------------- ---------------------------- --------------------------------
Highwoods Properties, Inc. 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. The Company currently owns or has an interest in 591 office,
industrial, retail and service center properties encompassing approximately 46.2
million square feet, including 33 development projects encompassing
approximately 3.7 million square feet, and 2,024 apartment units. Highwoods also
controls more than 1,800 acres of development land. Highwoods is based in
Raleigh, North Carolina, and its properties and development land are located in
Florida, Georgia, Iowa, Kansas, Missouri, North Carolina, South Carolina,
Tennessee and Virginia. For more information about Highwoods Properties, please
visit our Web site at www.highwoods.com.
Certain matters discussed in this press release, including the expected share
repurchases, are forward-looking statements within the meaning of the federal
securities laws. These statements are distinguished by use of the words "will",
"expect", "intends" and words of similar meaning.
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, changes in the cost
of materials and labor used in construction projects, and the other risks
detailed in the Company's Annual Report on Form 10-K for the year ended December
31, 2000 and subsequent SEC reports.