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The SEC has stepped up its informal probe of Highwoods Properties' restatement of previous financial results into a formal one. According to the Raleigh, NC-based REIT, the investigation involves the identification of "several adjustments" in relation to the REIT's lease accounting practices that need to be recorded. The adjustments impact 2004 and earlier reporting periods and will also delay the reporting of its first-quarter 2005 results. It is the second time in the past year that Highwoods has restated its results.
"We remain comfortable and confident with the information that we have provided to the sec and are hopeful that this investigation will be brought to a satisfactory conclusion as soon as possible," stated Highwoods president and CEO Ed Fritsch...