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Highwoods to Develop MetLife's Office Building in Weston
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Highwoods Properties, Inc. (HIW - Free Report) announced that it has been selected by MetLife, Inc. (MET - Free Report) to develop a third office building for its global technology campus in Cary’s mixed-use Weston planned unit development (PUD). The Raleigh, NC-based real estate investment trust (REIT) will invest $63 million for this 219,000 square feet, fully pre-leased building. Construction on this build-to-suit project is slated to begin this summer and is likely to be complete in first-quarter 2019.
Notably, Highwoods developed the first two buildings for MetLife in 2015. The addition of the third building in the 655,000-square-foot campus took the REIT’s total investment to around $172 million. Also, with this project, the development pipeline of Highwoods has risen to 2 million square feet. This amounts to an expected investment of around $612 million, which is 85% pre-leased on a dollar-weighted basis.
Headquartered in NY, MetLife is a leading provider of insurance and financial services to a broad spectrum of individual and institutional customers and is a trusted and highly regarded customer of Highwoods. The successful growth of MetLife in Weston indicates the availability of strong technology-oriented employment pool that attracts companies to this area.
Shares of Highwoods underperformed the Zacks categorized REIT and Equity Trust - Other industry in the last three months. Shares of the company decreased 3.5%, whereas the industry lost 0.8%. However, in the last 30 days, its full-year 2017 FFO per share estimates moved up.
Currently, both Highwoods and MetLife carry a Zacks Rank #3 (Hold).
In the last 30 days, Easterly Government Properties’ FFO per share for second-quarter 2017 remained unchanged at 31 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 increased 1.3% to 77 cents.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
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Highwoods to Develop MetLife's Office Building in Weston
Highwoods Properties, Inc. (HIW - Free Report) announced that it has been selected by MetLife, Inc. (MET - Free Report) to develop a third office building for its global technology campus in Cary’s mixed-use Weston planned unit development (PUD). The Raleigh, NC-based real estate investment trust (REIT) will invest $63 million for this 219,000 square feet, fully pre-leased building. Construction on this build-to-suit project is slated to begin this summer and is likely to be complete in first-quarter 2019.
Notably, Highwoods developed the first two buildings for MetLife in 2015. The addition of the third building in the 655,000-square-foot campus took the REIT’s total investment to around $172 million. Also, with this project, the development pipeline of Highwoods has risen to 2 million square feet. This amounts to an expected investment of around $612 million, which is 85% pre-leased on a dollar-weighted basis.
Headquartered in NY, MetLife is a leading provider of insurance and financial services to a broad spectrum of individual and institutional customers and is a trusted and highly regarded customer of Highwoods. The successful growth of MetLife in Weston indicates the availability of strong technology-oriented employment pool that attracts companies to this area.
Shares of Highwoods underperformed the Zacks categorized REIT and Equity Trust - Other industry in the last three months. Shares of the company decreased 3.5%, whereas the industry lost 0.8%. However, in the last 30 days, its full-year 2017 FFO per share estimates moved up.
Currently, both Highwoods and MetLife carry a Zacks Rank #3 (Hold).
Investors interested in the REIT space, may consider better-ranked stocks like Easterly Government Properties, Inc. (DEA - Free Report) and Gaming and Leisure Properties, Inc. (GLPI - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, Easterly Government Properties’ FFO per share for second-quarter 2017 remained unchanged at 31 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 increased 1.3% to 77 cents.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>