WEBSITE Highwoods Properties Investor Day May 12 Nashville - Flipbook - Page 127
VALUE PROPOSITION
HYPOTHETICAL MODEL
EBITDAre
As of 3/31/22
$ 530
Planned Dispositions
Development Pipeline (@ share)
(11)
18
Pro Forma
537
Debt
Debt / EBITDAre
$ 2,820
5.3x
(150)
121
2,791
5.2x
HYPOTHETICAL FUTURE 5 YEARS
Asset recycling
$200M/yr for 5 years (-150bp cap rate spread)
Non office land monetization
Organic growth impact / Retained CF
Assumed 2% EBITDA CAGR
INVESTOR DAY | 2022
Redevelopment planned
Hypothetical 5 year outlook (no new development)
Hypothetical future CIP balance
Hypothetical future deliveries (@ 6.0x D/E)
Hypothetical 5 year potential
*Total expected investment
For illustrative purposes only
(15)
0
0
(120)
60
(75)
4
50
586
2,646
0
200
90
1,200
676
4,046
4.5x
Represents $400M TEI*
6.0x
$1.6B of potential
development starts
