Highwoods Unveils $250M Buyback and $0.50 Quarterly Dividend
Highwoods Properties’ Board approved a new $250 million common stock repurchase program, to be funded on a leverage-neutral basis with net proceeds from non-core asset sales. The Board also declared a $0.50 quarterly common dividend (annualized $2.00) payable June 9 and a $21.5625 Series A preferred dividend payable June 1.
1. Stock Repurchase Program
Highwoods Properties’ Board of Directors authorized the repurchase of up to $250 million of common stock with no set expiration date or obligation to repurchase any minimum amount. The program will be funded on a leverage-neutral basis using net proceeds from the sale of non-core assets and may execute purchases in the open market or through privately negotiated transactions.
2. Dividend Declaration
The Board declared a quarterly cash dividend of $0.50 per common share, equating to an annualized $2.00 per share, payable June 9 to holders of record as of May 18. The company also set a $21.5625 per share dividend on its 8 5/8% Series A Cumulative Redeemable Preferred Stock, payable June 1 to holders of record as of May 15.