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AI brief of an SEC Form 8-K · Highwoods Properties (HIW)

Highwoods closes $683 million office asset purchase from Preferred Apartment Communities

Neutral Impact 4 of 5 m&a Written later

On July 29, 2021, Highwoods Properties closed its acquisition of a portfolio of office assets from Preferred Apartment Communities, with a total expected investment of $683 million. The company funded the initial cash portion with restricted escrow cash and a $200 million six-month bridge facility, and plans to fund the deal mainly by selling $500 million to $600 million of non-core assets by mid-2022, though it gives no assurance those sales will occur on favorable terms.

Key points

  • Total expected investment is $683 million, including $28 million of near-term building improvements and $4 million of transaction costs.
  • Four secured loans assumed, estimated at fair value of $407 million, with a weighted average effective interest rate of 3.5%.
  • Initial cash payment funded by restricted escrow cash and a $200 million, six-month unsecured bridge facility at LIBOR plus 85 basis points.
  • Plan to sell $500 million to $600 million of non-core assets by mid-2022; about $250 million expected to qualify for Section 1031 tax-deferred treatment.

The filing

CompanyHighwoods Properties (HIW)
Form8-K, current report
Filed with the SECJul 30, 2021, 9:06 AM ET
Accession number0000921082-21-000032

Items reported: 1.01 Material Definitive Agreement2.01 Acquisition or Disposition Completed2.03 New Direct Financial Obligation7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

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 July 30, 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.