Highwoods Announces Additional 5 Million Share Repurchase Program and Declares Quarterly Dividends

Apr 25, 2001, 01:00 ET from Highwoods Properties, Inc.

    RALEIGH, N.C., April 25 /PRNewswire Interactive News Release/ --
     Highwoods Properties' (NYSE:   HIW) Board of Directors today has authorized
 the repurchase of up to an additional five million shares and units of the
 Company's current 61.9 million outstanding common shares and operating
 partnership units through open market or privately negotiated transactions.
     "Having essentially completed our prior 10 million share and unit
 repurchase program as promised, we plan to continue to repurchase our
 undervalued shares in a leverage neutral fashion as part of our continuing
 efforts to build shareholder value.  Funds for the purchases will be generated
 from our normal capital recycling efforts as we continually refine our
 property holdings in our eleven core markets" said Ronald P. Gibson, president
 and chief executive officer of Highwoods.
     Additionally, the Board declared the following dividends:
 
     Security      Amount Per Share        Record Date       Payable Date
 
     Common Stock  $    .57                May 4, 2001        May 17, 2001
 
     Series A
      Cumulative
      Redeemable
      Preferred    $21.5625               May 15, 2001        May 31, 2001
 
     Series B
      Cumulative
      Redeemable
      Preferred    $    .50               June 1, 2001       June 15, 2001
 
     Depositary
      Share each
      representing
      1/10 of a
      Series D
      Cumulative
      Redeemable
      Preferred    $    .50               July 2, 2001       July 31, 2001
 
     Highwoods Properties, Inc. 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.  The Company currently owns or has an
 interest in 591 office, industrial, retail and service center properties
 encompassing approximately 46.2 million square feet, including 33 development
 projects encompassing approximately 3.7 million square feet, and 2,024
 apartment units.  Highwoods also controls more than 1,800 acres of development
 land.  Highwoods is based in Raleigh, North Carolina, and its properties and
 development land are located in Florida, Georgia, Iowa, Kansas, Missouri,
 North Carolina, South Carolina, Tennessee and Virginia.  For more information
 about Highwoods Properties, please visit our Web site at www.highwoods.com.
     Certain matters discussed in this press release, including the expected
 share repurchases, are forward-looking statements within the meaning of the
 federal securities laws.  These statements are distinguished by use of the
 words "will," "expect," "intends" 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
 general economic conditions, local real estate conditions, changes in the cost
 of materials and labor used in construction projects, and the other risks
 detailed in the Company's Annual Report on Form 10-K for the year ended
 December 31, 2000 and subsequent SEC reports.
 
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SOURCE Highwoods Properties, Inc.
    RALEIGH, N.C., April 25 /PRNewswire Interactive News Release/ --
     Highwoods Properties' (NYSE:   HIW) Board of Directors today has authorized
 the repurchase of up to an additional five million shares and units of the
 Company's current 61.9 million outstanding common shares and operating
 partnership units through open market or privately negotiated transactions.
     "Having essentially completed our prior 10 million share and unit
 repurchase program as promised, we plan to continue to repurchase our
 undervalued shares in a leverage neutral fashion as part of our continuing
 efforts to build shareholder value.  Funds for the purchases will be generated
 from our normal capital recycling efforts as we continually refine our
 property holdings in our eleven core markets" said Ronald P. Gibson, president
 and chief executive officer of Highwoods.
     Additionally, the Board declared the following dividends:
 
     Security      Amount Per Share        Record Date       Payable Date
 
     Common Stock  $    .57                May 4, 2001        May 17, 2001
 
     Series A
      Cumulative
      Redeemable
      Preferred    $21.5625               May 15, 2001        May 31, 2001
 
     Series B
      Cumulative
      Redeemable
      Preferred    $    .50               June 1, 2001       June 15, 2001
 
     Depositary
      Share each
      representing
      1/10 of a
      Series D
      Cumulative
      Redeemable
      Preferred    $    .50               July 2, 2001       July 31, 2001
 
     Highwoods Properties, Inc. 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.  The Company currently owns or has an
 interest in 591 office, industrial, retail and service center properties
 encompassing approximately 46.2 million square feet, including 33 development
 projects encompassing approximately 3.7 million square feet, and 2,024
 apartment units.  Highwoods also controls more than 1,800 acres of development
 land.  Highwoods is based in Raleigh, North Carolina, and its properties and
 development land are located in Florida, Georgia, Iowa, Kansas, Missouri,
 North Carolina, South Carolina, Tennessee and Virginia.  For more information
 about Highwoods Properties, please visit our Web site at www.highwoods.com.
     Certain matters discussed in this press release, including the expected
 share repurchases, are forward-looking statements within the meaning of the
 federal securities laws.  These statements are distinguished by use of the
 words "will," "expect," "intends" 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
 general economic conditions, local real estate conditions, changes in the cost
 of materials and labor used in construction projects, and the other risks
 detailed in the Company's Annual Report on Form 10-K for the year ended
 December 31, 2000 and subsequent SEC reports.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X28404045
 
 SOURCE  Highwoods Properties, Inc.