8-K filings in April 2021, explained

Highwoods to buy $769 million office portfolio from Preferred Apartment Communities

Highwoods agreed on April 16, 2021 to acquire office assets from Preferred Apartment Communities, with a total investment expected to be $769 million, including $28 million of near-term building improvements and $5 million of transaction costs. The company plans to fund the initial $250 million cash portion with its revolving credit facility and a $200 million bridge loan, and to ultimately fund the deal mainly by selling $500 to $600 million of non-core assets by mid-2022. The acquisition is scheduled to close in the third quarter of 2021, and the company said the deal is not yet reflected in its 2021 FFO outlook.

• Total investment expected at $769 million, including $28 million of near-term improvements and $5 million of transaction costs
• Four assumed secured loans estimated at $403 million fair value, with a 3.7% weighted average effective interest rate
• Initial $250 million cash portion funded by a $750 million revolver and a $200 million six-month bridge facility from JPMorgan Chase Bank
• Planned sales of $500 to $600 million of non-core assets by mid-2022, with about half expected to close by year-end 2021; closing scheduled for Q3 2021