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Highwoods (HIW) Progresses in Raleigh Via Real-Estate Project
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Highwoods Properties, Inc. (HIW - Free Report) plans to develop GlenLake III in Raleigh for a projected investment of $94.4 million. This is in line with the company’s efforts to expand in the high-growth Best Business District markets.
GlenLake III is a mixed-use project which encompasses 218,000 square feet. It is entitled to the development of 205,000 square feet of office space and 13,000 square feet of retail and restaurant space.
Mixed-use developments reduce distances between housing, workplaces, retail businesses, and other amenities and destinations. Hence, the same enables companies to grab the attention of people who prefer to live, work and play in the same area.
Thus, the development of this Raleigh property offers Highwoods Properties the scope to work with high-quality retail and hotel developers besides retaining full control of the office development sites.
With 16% of the office portion already pre-leased to McKim & Creed, the property seems attractive.
The development also positions the company well to capitalize on rising office demand. Amid the favorable migration trends and a pro-business environment, corporate relocations and expansions in the Sun Belt markets gain immense prominence. This, in turn, is driving demand for office spaces. Hence, Highwoods Properties is well poised to capture healthy demand.
Highwoods Properties developed five office buildings in GlenLake from 2001 through 2020. These five office properties are 98% occupied on an aggregate basis and encompass 732,000 square feet. The most recent project was GlenLake VII, a 125,000 square foot fully-occupied office building, which was placed in service during the first quarter of the ongoing year.
This presently Zacks Rank #2 (Buy) company has underperformed its industry over the past six months. Shares of Highwoods Properties have appreciated 8% while the industry has rallied 11.2% during this period.
Extra Space Storage Inc. (EXR - Free Report) carries a Zacks Rank of 2 at present. The Zacks Consensus Estimate for the ongoing year’s FFO per share has been revised marginally upward to $6.62 over the past week.
The Zacks Consensus Estimate for Duke Realty Corporation’s 2021 FFO per share has moved marginally north to $1.73 in the past month. The company carries a Zacks Rank of 2, currently.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Highwoods (HIW) Progresses in Raleigh Via Real-Estate Project
Highwoods Properties, Inc. (HIW - Free Report) plans to develop GlenLake III in Raleigh for a projected investment of $94.4 million. This is in line with the company’s efforts to expand in the high-growth Best Business District markets.
GlenLake III is a mixed-use project which encompasses 218,000 square feet. It is entitled to the development of 205,000 square feet of office space and 13,000 square feet of retail and restaurant space.
Mixed-use developments reduce distances between housing, workplaces, retail businesses, and other amenities and destinations. Hence, the same enables companies to grab the attention of people who prefer to live, work and play in the same area.
Thus, the development of this Raleigh property offers Highwoods Properties the scope to work with high-quality retail and hotel developers besides retaining full control of the office development sites.
With 16% of the office portion already pre-leased to McKim & Creed, the property seems attractive.
The development also positions the company well to capitalize on rising office demand. Amid the favorable migration trends and a pro-business environment, corporate relocations and expansions in the Sun Belt markets gain immense prominence. This, in turn, is driving demand for office spaces. Hence, Highwoods Properties is well poised to capture healthy demand.
Highwoods Properties developed five office buildings in GlenLake from 2001 through 2020. These five office properties are 98% occupied on an aggregate basis and encompass 732,000 square feet. The most recent project was GlenLake VII, a 125,000 square foot fully-occupied office building, which was placed in service during the first quarter of the ongoing year.
This presently Zacks Rank #2 (Buy) company has underperformed its industry over the past six months. Shares of Highwoods Properties have appreciated 8% while the industry has rallied 11.2% during this period.
Other Stocks to Consider
The Zacks Consensus Estimate for CubeSmart’s (CUBE - Free Report) 2021 FFO per share has moved marginally north to $2.05 in the past week. The company carries a Zacks Rank of 2, currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Extra Space Storage Inc. (EXR - Free Report) carries a Zacks Rank of 2 at present. The Zacks Consensus Estimate for the ongoing year’s FFO per share has been revised marginally upward to $6.62 over the past week.
The Zacks Consensus Estimate for Duke Realty Corporation’s 2021 FFO per share has moved marginally north to $1.73 in the past month. The company carries a Zacks Rank of 2, currently.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.