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UPDATE 1-Highwoods Properties exits Des Moines JV for $15 mln
May 14, 2010 / 2:38 PM / 7 years ago

UPDATE 1-Highwoods Properties exits Des Moines JV for $15 mln

* Says sells JV equity for $15 mln in cash

* Says JVs were expected to add $0.05 to 2010 FFO

May 14 (Reuters) - Real estate investment trust Highwoods Properties Inc (HIW.N) said it sold its equity in its Des Moines joint ventures for $15 million in cash, as its assets were substantially underperforming.

The operator of suburban office properties said the joint ventures were expected to generate $17.8 million in cash to net operating income in 2010, and to add 5 cents per share to 2010 funds from operations, which was included in the outlook for the year.

The company said the sale of equity in the joint ventures would add 2 cents per share to 2010 FFO.

Shares of the company were trading down 2 percent at $31.45 Friday morning on the New York Stock Exchange. (Reporting by Megha Mandavia in Bangalore; Editing by Prem Udayabhanu)

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