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Highwoods Properties Announces Ratings Upgrade from Moodya?s

^{Published on 2009-12-21 14:20:23 - Market Wire}
 

RALEIGH, N.C.--([ BUSINESS WIRE ])--Highwoods Properties, Inc. (NYSE: HIW),the largest owner and operator of suburban office properties in the Southeast and NAIOP's 2009 Developer of the Year, today announced that Moody's Investors Service has raised the Company's senior debt rating to Baa3, from Ba1, with a stable outlook. The Company‘s senior debt is now rated investment grade by Fitch Ratings, Moody's Investors Service and Standard and Poors.

"We are pleased with this upgrade from Moody's, an important goal of our Strategic Plan. We believe we have the Plan, portfolio, balance sheet and management team to continue to provide long-term growth for our shareholders."

Ed Fritsch, President and Chief Executive Officer of Highwoods Properties, said, "We are pleased with this upgrade from Moody's, an important goal of our Strategic Plan. We believe we have the Plan, portfolio, balance sheet and management team to continue to provide long-term growth for our shareholders."

About 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. At September 30, 2009, the Company owned or had an interest in 380 in-service office, industrial and retail properties encompassing approximately 35.4 million square feet. Highwoods also owned 580 acres of development land. Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Missouri, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our Web site at [ www.highwoods.com ].

Like other issuers, the Company makes no comment as to, or endorsement of, the methodologies or assessments of risk or other assumptions used or made by any credit rating agency, including Moody's Investors Service, in establishing a rating or outlook with respect to the Company or its securities.

Certain matters discussed in this press release, such as expected financial and operational results and the related assumptions underlying our expected results and the timing and impact of anticipated financing and investment activity, are forward-looking statements within the meaning of the federal securities laws. These statements are distinguished by use of the words "will", "expect", "intend" 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, among others, the following: the financial condition of our customers could deteriorate; speculative development by others could result in excessive supply of properties relative to customer demand; development, acquisition, reinvestment, disposition or joint venture projects may not be completed as quickly or on as favorable terms as anticipated; we may not be able to lease or re-lease space as quickly as anticipated or on as favorable terms as old leases; difficulties in obtaining additional capital to satisfy our future cash needs or increases in interest rates could adversely impact our ability to fund important business initiatives and increase our debt service costs; our Southeastern and Midwestern markets may suffer declines in economic growth; our banking and joint venture partners may suffer financial difficulties that adversely impact their ability to satisfy their contractual obligations to us; and others detailed in the Company's 2008 Annual Report on Form 10-K and subsequent SEC reports.