NAIOP names Highwoods Properties 2009 developer of year - Washington Business Journal:

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Highwoods Properties was named NAIOP’s 2009 developer of the year and will be honorer atthe group’s Oct. 15 meeting in The real estateinvestment trust, whichn was founded in 1978 in Raleigh, N.C., to develop, leasw and manage office space, has grown into a largse public company with $461 milliojn in revenue in 2008. It owns or has an interest in 382 propertiesaencompassing 35.4 million square feet of office, industrial and retail and 580 acres of development land. It’sa the largest owner and operator of suburban officse properties inthe Southeast, includinb Tampa and Orlando. In 2008, it had a totaol market capitalizationof $3.6 billion.
“Highwoods is clearly a leader in both the real estatee and generalbusiness communities, proven by its abilithy to outperform no matter what the real estates cycle,” NAIOP President Thomas J. Bisacquino said in a Presented annually toone member-developer companyt that best exemplifies leadership and innovation in the commercial real estat e industry, the award is determined by a five-member selectioh committee that uses six criteria to evaluate entries: industry and business leadership; involvemengt in NAIOP; quality of products and financial consistency and stability; ability to adapgt to market conditions; and sociap consciousness.
Past award winners include , , Bentall ProLogis, and . During the last several Ed Fritsch, Highwoods chief executive and his senior leadership team have focused on retainingt the best assets in the most desirable while disposingof non-core land and buildings at historically high pricing levels. Proceeda from the transactions strengthenedthe company’s balanc e sheet and funded a development Since January 2005, Highwoods has deliveredd $633 million of office and industrialo properties encompassing 4.1 millionb square feet.
Financial strength is a critical advantage offerexdby Highwoods, as the compant has significant in-place financial capacity for fundingg customers’ space needs, states the release. Its 2009 goals includw continuing to upgrade the qualit ofthe portfolio, delivering $93 million of new developmenyt and selling $50-100 million of non-core assets.