Highwoods Properties,
Inc. HIW has acquired its joint venture partner's 60%
interest in HIW-KC Orlando, LLC, which owns five office buildings
encompassing 1.3 million square feet in CBD Orlando, for a purchase
price of $113.3 million. The properties are valued at $195.9 million,
including $7.0 million of planned near-term building improvements.
This equates to a total asset value of $153 per square foot, a 40%
discount to estimated replacement cost. The Company's total
incremental investment is expected to be $117.5 million.
Real Estate Value: 100% 60%
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Purchase Price $ 188.9 $ 113.3
Near-Term Building Improvements 7.0 4.2
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Total Investment $ 195.9 $ 117.5
=========== ===========
Equity Value: 100% 60%
----------- -----------
Purchase Price $ 188.9 $ 113.3
Less Debt (127.9) (76.7)
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Equity $ 61.0 $ 36.6
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