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Highwoods (HIW) Deploys EV Charger Units at Atlanta Property
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Scaling up its sustainability goals, Highwoods Properties, Inc. (HIW - Free Report) recently entered into a partnership with Invisible Urban Charging (“IUC”) for the supply of electric vehicle (EV) chargers at one of its premier properties located in Atlanta's upscale Cumberland submarket, GA. Amid tenants’ growing preference for high-quality office spaces, HIW’s latest move is expected to attract next-generation workforce to its properties.
Reflecting positive sentiments, shares of HIW gained 1.87% on Jun 15 normal trading session on the NYSE.
The on-site chargers at this modern all-glass office building, spanning 299,000 square feet, were replaced with 10 state-of-the-art EV charger units by IUC per the terms of the agreement. The installation was done in less than three days and is now online, providing tenants and visitors with an enhanced charging experience.
Additionally, the installation of the EV chargers at HIW’s recently renovated 200 Riverwood was done by IUC in collaboration with Jones Lang Lasalle (JLL - Free Report) . IUC recently partnered with JLL to roll out and service large-scale banks of EV chargers globally.
It expects to ensure a seamless deployment process by leveraging JLL's expertise and nationwide installation capability through the latter’s extensive network of electrical contractors, logistics and signage partners.
Per Devon K. Tucker, parking operations supervisor, Highwoods Properties, “For decades, Highwoods Properties has been committed to Investing in clean energy infrastructure to contribute towards a sustainable future and provide healthy and productive workspaces for our customers. By investing in charging infrastructure, incentivizing electric vehicle adoption, and promoting technological advancements, we can accelerate this transition and create a healthier, more sustainable transportation system for future generations.”
Highwoods Properties’ portfolio of premium office properties concentrated in the high-growth markets of the Sun Belt region, with favorable demographic trends, is well-poised to benefit from the healthy demand for premier office spaces.
Moreover, the company’s efforts to expand its footprint in the high-growth best business districts (BBD) markets through the disposition of non-core assets and redeploying the proceeds for accretive acquisitions and development activities bode well for long-term growth.
In line with this strategy, this May, HIW divested its interests in two office buildings — One Independence Park and Riverbirch — for $19.5 million and $20.7 million, respectively. One Independence Park encompasses 116,000 square feet and is located in Tampa’s Westshore BBD while Riverbirch is situated in the Research Triangle Park submarket of Raleigh and spans 60,000 square feet.
With solid balance sheet strength, HIW remains well-poised to capitalize on long-term growth opportunities.
Nonetheless, a choppy office market environment and a high interest rate environment are concerning for the company in the near term.
Shares of this Zacks Rank #3 (Hold) company have gained 10.3% in the past three months compared with the industry’s growth of 1.7%.
The Zacks Consensus Estimate for Ventas’ ongoing year’s funds from operations (FFO) per share has been raised marginally over the past week to $2.98.
The Zacks Consensus Estimate for Rexford Industrial’s current-year FFO per share has moved marginally northward over the past two months to $2.19.
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) Deploys EV Charger Units at Atlanta Property
Scaling up its sustainability goals, Highwoods Properties, Inc. (HIW - Free Report) recently entered into a partnership with Invisible Urban Charging (“IUC”) for the supply of electric vehicle (EV) chargers at one of its premier properties located in Atlanta's upscale Cumberland submarket, GA. Amid tenants’ growing preference for high-quality office spaces, HIW’s latest move is expected to attract next-generation workforce to its properties.
Reflecting positive sentiments, shares of HIW gained 1.87% on Jun 15 normal trading session on the NYSE.
The on-site chargers at this modern all-glass office building, spanning 299,000 square feet, were replaced with 10 state-of-the-art EV charger units by IUC per the terms of the agreement. The installation was done in less than three days and is now online, providing tenants and visitors with an enhanced charging experience.
Additionally, the installation of the EV chargers at HIW’s recently renovated 200 Riverwood was done by IUC in collaboration with Jones Lang Lasalle (JLL - Free Report) . IUC recently partnered with JLL to roll out and service large-scale banks of EV chargers globally.
It expects to ensure a seamless deployment process by leveraging JLL's expertise and nationwide installation capability through the latter’s extensive network of electrical contractors, logistics and signage partners.
Per Devon K. Tucker, parking operations supervisor, Highwoods Properties, “For decades, Highwoods Properties has been committed to Investing in clean energy infrastructure to contribute towards a sustainable future and provide healthy and productive workspaces for our customers. By investing in charging infrastructure, incentivizing electric vehicle adoption, and promoting technological advancements, we can accelerate this transition and create a healthier, more sustainable transportation system for future generations.”
Highwoods Properties’ portfolio of premium office properties concentrated in the high-growth markets of the Sun Belt region, with favorable demographic trends, is well-poised to benefit from the healthy demand for premier office spaces.
Moreover, the company’s efforts to expand its footprint in the high-growth best business districts (BBD) markets through the disposition of non-core assets and redeploying the proceeds for accretive acquisitions and development activities bode well for long-term growth.
In line with this strategy, this May, HIW divested its interests in two office buildings — One Independence Park and Riverbirch — for $19.5 million and $20.7 million, respectively. One Independence Park encompasses 116,000 square feet and is located in Tampa’s Westshore BBD while Riverbirch is situated in the Research Triangle Park submarket of Raleigh and spans 60,000 square feet.
With solid balance sheet strength, HIW remains well-poised to capitalize on long-term growth opportunities.
Nonetheless, a choppy office market environment and a high interest rate environment are concerning for the company in the near term.
Shares of this Zacks Rank #3 (Hold) company have gained 10.3% in the past three months compared with the industry’s growth of 1.7%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the REIT sector are Ventas (VTR - Free Report) and Rexford Industrial Realty (REXR - Free Report) . Each of these companies presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Ventas’ ongoing year’s funds from operations (FFO) per share has been raised marginally over the past week to $2.98.
The Zacks Consensus Estimate for Rexford Industrial’s current-year FFO per share has moved marginally northward over the past two months to $2.19.
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.