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Highwoods PROPERTIES Ref : 21-08 FOR IMMEDIATE RELEASE Contact : Brendan Maiorana Executive Vice President of Finance and Treasurer brendan.maiorana@highwoods.com 919-872-4924 Highwoods Agrees to Acquire Office Assets from Preferred Apartment Communities , Inc. Total Investment of $ 769M ( Including Assumed Debt ) Closing Scheduled for Third Quarter 2021 Asset 150 Fayetteville Strategy Core Market Submarket / BBD SF Raleigh CBD 560,000 CAPTRUST Tower Core Raleigh North Hills 300,000 Capitol Towers Core Charlotte SouthPark 479,000 Morrocroft Centre Core Charlotte SouthPark 291,000 Galleria 75 Redevelopment Site Core Atlanta Cumberland / Galleria Office - Related Mezzanine Loan Armour Yards Non - Core Atlanta Non - Core Atlanta West Midtown Buckhead / Midtown Acquisition to be Funded Primarily Through Sales of Non - Core Assets Expects to Return Balance Sheet Metrics to Current Levels by Mid - 2022 Plan Expected to Strengthen Long - Term Growth Trajectory Immediately Accretive to Cash Flows Neutral to Current FFO Run Rate ; Accretive over Long - Term Conference Call : Monday , April 19th at 11:00 A.M. ET ( 800 ) 756-3565 or www.highwoods.com - RALEIGH , NC – April 19 , 2021 – Highwoods Properties , Inc. ( NYSE : HIW ) has agreed to acquire a portfolio of office assets from Preferred Apartment Communities , Inc. ( NYSE : APTS ) ( " PAC " ) . The core portfolio to be acquired consists of four Class A office assets in Charlotte and Raleigh and one mixed- use redevelopment site in Atlanta . The Company has also agreed to acquire two non - core assets : a mezzanine loan related to a recently constructed office building in Atlanta ; and Armour Yards , a multi- building creative office project in Atlanta .