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.
Key points
- 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
The filing
Written by AI on Nov 8, 2026, 1:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 19, 2021.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.