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Security Details
- Coupon Rate
- 8.58%
- Liquidation Preference
- $1,000.00
- Call Price
- $1,000.00
- Call / Redemption Date
- 2/12/2027
- Maturity Date
- None
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 85.80
- Distribution Dates
- 2/28, 5/31, 8/31 & 11/30
- Credit Ratings
- Moody's Baa3 · S&P BB+ (5/17/2020)
- Tax-Advantaged Dividends
- No
Security Profile
- CUSIP
- 431284207
- Market Cap
- Micro Cap · $29 Million
- IPO
- 2/12/1997 · $1000.00/share
- Parent Company
- Highwood Properties, Inc. (HIW)
Business: Highwood Properties, Inc., 8 5/8% Series A Cumulative Redeemable Preferred Shares, liquidation preference $1000 per share, redeemable at the issuer's option on or after 2/12/2027 at $1000 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 8 5/8% per annum ($86.25 per annum or $21.5625 per quarter) will be paid quarterly on 2/28, 5/31, 8/31 & 11/30 to holders of record on the record date that will be the 15th day of the calendar month in which the payment date falls or such other record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: June 5, 2011 -- Highwoods Properties announced that it has elected to voluntarily withdraw its 8 5/8% Series A Cumulative Redeemable Preferred Shares from listing on the New York Stock Exchange, NYSE. The Company decided to withdraw the listing for the following reasons: 1) there are only 29,092 shares currently outstanding, 2) there are a miniscule number of shareholders, and 3) the shares rarely trade, all of which did not justify the related ongoing expenses. The Company originally issued 125,000 Series A Preferred Shares at $1,000 per share on February 12, 1997, and, since 2007, has repurchased and retired 95,908 of these shares in private market transactions. These shares are redeemable in February 2027.
Company Contact
- CEO
- Edward J. Fritsch
- CFO
- Mark F. Mulhern
- Headquarters
- 3100 Smoketree Court, Suite 600, Raleigh, NC 27604
- Phone
- 919-872-4924 · Toll-Free 866-449-6637
- Fax
- 919-876-2448
- Investor Relations
- Brendan Maiorana · 919-431-1529 · Brendan.Maiorana@highwoods.com