SEC Comment Letter 0000000000-23-005791 to HIGHWOODS REALTY LTD PARTNERSHIP (CIK 0000941713)
HIGHWOODS REALTY LTD PARTNERSHIP (CIK 0000941713)
Date: June 1, 2023 · CIK: 0000941713 · Accession: 0000000000-23-005791
AI Filing Summary & Sentiment
File numbers found in text: 000-21731, 001-13100
Letter
United States securities and exchange commission logo June 1, 2023 Brendan Maiorana Chief Financial Officer Highwoods Properties, Inc. Highwoods Realty Limited Partnership 150 Fayetteville Street Suite 1400 Raleigh, NC 27601 Re:Highwood Properties, Inc. Highwoods Realty Limited Partnership Form 10-Q for the quarterly period ended March 31, 2023 File No. 001-13100 File No. 000-21731 Dear Brendan Maiorana: We have reviewed your filing and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to the comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to the comment, we may have additional comments. Form 10-Q for the quarterly period ended March 31, 2023 Notes to Condensed Consolidated Financial Statements 11. Subsequent Events, page 25 1.We note your disclosure on page 17 that as of March 31, 2023, your risk of loss with respect to the McKinney & Olive joint venture was $165.6 million, which represents the carrying value of your investment balance and includes $80.0 million of preferred equity that you funded to the joint venture. We further note your disclosure on page 25 that on April 21, 2023, you received $40.0 million of net proceeds upon the full redemption of your $80.0 million short-term preferred equity investment in the McKinney & Olive joint venture. As it appears that you only received $40.0 million for your $80.0 million investment, please tell us when/if you plan to receive the remaining $40.0 million or if you have considered the need for impairment at March 31, 2023. Within your response,
FirstName LastNameBrendan Maiorana Comapany NameHighwoods Properties, Inc. June 1, 2023 Page 2 FirstName LastName Brendan Maiorana Highwoods Properties, Inc. June 1, 2023 Page 2 please reference the authoritative accounting literature management relied upon. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Babette Cooper at 202-551-3396 or Jennifer Monick at 202-551-3295 with any questions. Sincerely, Division of Corporation Finance Office of Real Estate & Construction
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United States securities and exchange commission logo
June 1, 2023
Brendan Maiorana
Chief Financial Officer
Highwoods Properties, Inc.
Highwoods Realty Limited Partnership
150 Fayetteville Street
Suite 1400
Raleigh, NC 27601
Re:Highwood Properties, Inc.
Highwoods Realty Limited Partnership
Form 10-Q for the quarterly period ended March 31, 2023
File No. 001-13100
File No. 000-21731
Dear Brendan Maiorana:
We have reviewed your filing and have the following comment. In our comment, we
may ask you to provide us with information so we may better understand your disclosure.
Please respond to the comment within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe our
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to the comment, we may have additional comments.
Form 10-Q for the quarterly period ended March 31, 2023
Notes to Condensed Consolidated Financial Statements
11. Subsequent Events, page 25
1.We note your disclosure on page 17 that as of March 31, 2023, your risk of loss with
respect to the McKinney & Olive joint venture was $165.6 million, which represents the
carrying value of your investment balance and includes $80.0 million of preferred equity
that you funded to the joint venture. We further note your disclosure on page 25 that on
April 21, 2023, you received $40.0 million of net proceeds upon the full redemption of
your $80.0 million short-term preferred equity investment in the McKinney & Olive joint
venture. As it appears that you only received $40.0 million for your $80.0 million
investment, please tell us when/if you plan to receive the remaining $40.0 million or if
you have considered the need for impairment at March 31, 2023. Within your response,
FirstName LastNameBrendan Maiorana
Comapany NameHighwoods Properties, Inc.
June 1, 2023 Page 2
FirstName LastName
Brendan Maiorana
Highwoods Properties, Inc.
June 1, 2023
Page 2
please reference the authoritative accounting literature management relied upon.
In closing, we remind you that the company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or
absence of action by the staff.
You may contact Babette Cooper at 202-551-3396 or Jennifer Monick at 202-551-3295
with any questions.
Sincerely,
Division of Corporation Finance
Office of Real Estate & Construction