NYSE: HIW | 4Q 2015

D E V E L O P M E N T | A C Q U I S I T I O N | L E A S I N G | A S S E T M A N A G E M E N T

At-A-GlanceS

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By Market

By Customer

Federal Government 5.5

MetLife 2.3

PPG Industries 1.4

HCA Corporation 1.2

EQT Corporation 1.2

International Paper 1.1

Healthways 1.0

Bass, Berry & Sims 1.0

State of Georgia 0.9

Lockton Companies 0.9

%

Diversification (% of Annualized Revenue)

20

21

22

23

24

12/31/11

20.39

20.86

21.48

22.27

23.49

$

12/31/12 12/31/13 12/31/14 12/31/15

Average O�ce Cash Rental Rates forAll In-Place Leases as of:

Operations

   Earned FFO of $0.82 per share, $3.08 per share for full year

  Grew same property cash NOI by 4.4% year-over-year,

6.7% for full year

   Increased occupancy to 93.1% at year-end, a 120 basis point

increase from year-end 2014

Leasing Activity

   Leased 1.0 million square feet of second generation o�ce at an

average term of 6.9 years, 19% longer than the prior five-quarter

average

  Grew average in-place o�ce cash rents per square foot by 5.5%

year-over-year

  Achieved GAAP rent growth of +10.6% on second generation

o�ce leases signed

Investment Activity

  Agreed to sell substantially all of its wholly-owned Country Club

Plaza (the “Plaza”) assets for $660 million

Financing Activity

   Paid o¥ $112 million of secured debt (6.9% weighted

average interest rate) scheduled to mature in 2016, growing

unencumbered NOI to over 91%

   Issued 744,000 shares of common stock through its ATM

program at an average gross sales price of $43.54 per share,

raising net proceeds of $32 million

   Ended the year with leverage of 44.9%, projected to go to

~38-39% when Plaza sale closes on March, 1 2016

4Q 2015

HIGHLIGHTS

Top 10 16.5

Raleigh16%

Atlanta18%

Nashville13%Tampa

12%

Kansas City7%

Memphis7%

Pittsburgh9%

Richmond6%

Greensboro5%

Orlando7%

3

DEVELOPMENT2016 DEVELOPMENT GUIDANCE

$100 – $200M

Cash Rent Commencement

Investment($M) SF Pre-Leased % 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

MetLife I 53 213,500 100

Biologics HQ 15 75,000 100

MetLife II 57 213,500 100

GlenLake Five 37 166,000 88

Enterprise V (Industrial) 7.6 131,000 0

Laser Spine Institute HQ 56 176,000 100

Seven Springs West 59 203,000 86

Bridgestone Americas HQ 200 514,000 99

5000 CentreGreen 41 167,000 0

Riverwood 200 107 299,000 66

Seven Springs II 38 131,000 43

Totals $670 2,289,000 77%

$107M Riverwood 200

Atlanta

   299K SF

   66% pre-leased

$200M Bridgestone Americas HQ

Nashville

   514K SF

   99% pre-leased

$59M Seven Springs West

Nashville

   203K SF

   86% pre-leased

$38M Seven Springs II

Nashville

   131K SF

   43% pre-leased

$37M GlenLake Five

Raleigh

   166K SF

   88% leased

$15M Biologics HQ

Raleigh

   75K SF

   100% leased

$56M Laser Spine Institute HQ

Tampa

   176K SF

   100% pre-leased

$41M 5000 CentreGreen

Raleigh

   167K SF

   0% pre-leased

$7.6M Enterprise V (Industrial)

Greensboro

   131K SF

   0% pre-leased

Delivered 1Q15Stabilizes 2Q17

Delivered & Stabilized 2Q15

  $546M   70% Pre-leased   1.8M SF   5 Markets   8 BuildingsPipeline

$110M MetLife I & II

Raleigh

   427K SF

   100% leased Delivered & Stabilized 2Q15

Projected Completion 2Q17

Projected Completion 1Q16

Projected Completion 3Q16

Projected Completion 2Q17

Projected Completion 3Q17

Projected Completion 2Q16

Projected Completion 3Q17

4

VALUE-ADD ACQUISITIONS2016 ACQUISITION GUIDANCE

$220 - $320M

9.2M SF of acquisitions since 2011

We have captured 8.9% of occupancy in value add

lease-up

There is another 3.2% of occupancy yet to be captured!

HighwoodtizingShock ‘n Awe

BI CapEx

Brand Trigger

Highwoods Standard

421 Fayetteville

Before

Before

After

After

$153M Pinnacle at Symphony PlaceNashville

$92M 421 FayettevilleRaleigh

$68M Lincoln PlazaOrlando

$46M Glenlake N & S (2 bldgs)Atlanta

$118M CBD Orlando (5 bldgs)Orlando

$143M One Alliance CenterAtlanta

$56M Meridian I & II (2 bldgs)Tampa

$99M EQT PlazaPittsburgh

$147M Two Alliance CenterAtlanta

$214M PPG Place (6 bldgs)Pittsburgh

$86M Riverwood 100Atlanta

2014

2013

2012

2011

5

Sell Country Club Plaza $660M   Kansas City

   804,000 SF Retail

   468,000 SF O�ce

   Under contract to Taubman/Macerich JV

   $50M Hard Money

   Scheduled to Close 3/1/16

   4.7% YR 1 Cap Rate

   Highwoods retained:

   149,000 SF of wholy owned O�ce

   Ownership in 2 JVs (12.5%/50%) that own 554,000 SF of O�ce

Source

Bought Monarch Centre (2 Buildings) $303M   Buckhead Atlanta

   896,000 SF

   80% occupancy (with known near-term moveouts)

   20% below replacement cost

   Acquired 9/30/15

   Project 7+% Stabilized Return

Uses

Bought SunTrust Financial Centre $124M   CBD Tampa

   528,000 SF

   77% occupancy (with known near-term moveouts)

   40% below replacement cost

   Acquired 9/30/15

   Project 7+% Stabilized Return

Buy ??? $220M

RE-INVESTMENT SPREAD

$220 M

$124 M

$303 M

6

Sound Maturity Ladder (12/31/15)

44.9% Debt + Preferreds as % of Gross Assets

6.1x Debt to Annualized EBITDA

91.0% Unencumbered NOI

3.1% Secured Debt as % of Gross Assets

Investment Grade Ratings

* Factors that could cause actual 2016 FFO results to differ materially from Highwoods current expectations are detailed in the Company’s 2015 Annual Report on Form 10-K and subsequent SEC filings.

Low High

FFO per Share $3.18 $3.30

Growth in Same Property Cash NOI from Continuing Operations 4.0% 5.0%

Straight-Line Rental Income $22M $24M

G&A Expenses $36M $38M

Year-End Occupancy 92.5% 93.5%

Weighted Average Fully Diluted Shares Outstanding 99M 100M

Disposition of Plaza Assets $660M $660M

Acquisitions Using Escrowed Funds from Disposition of Plaza Assets $0M $220M

Other Potential Dispositions $100M $200M

Other Potential Acquisitions $ $0M $100M

Potential Development Announcements $100M $200M

2016 Outlook* (Assumptions as of February 10, 2016)

FFO Growth: 5.2% YOY Increase at Midpoint

Strong Balance Sheet (12/31/15)

Joint Ventures 2005 2015* Reduction

Buildings 70 13 -81%

SF 7.3M 1.8M -75%

% of Annualized Revenue 10.2% 2.0% -80%

   Streamlines leasing process   Enhances unencumbered pool   Removes JV partner credit risk   Reduces G&A expense

War on Complexity

0

100

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400

500

600

700

Yr '23Yr '22Yr '21Yr '20Yr '19Yr '18Yr '17Yr '16

500

600

700

0

100

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$ Millions

Average Interest Rate

Baa2 BBB

2016 2017 2018 2019 2020 2021 2022 2023

$44 Secured

$380Bonds

$132Secured

$299 LOC

$200Bank Loan

Floating$200Bonds

$298Bonds

$350Bank Loan

Fixed /Floating

$248Bonds$0

2.16%

5.49%

7.50%

1.45%

3.75%3.36%

2.29%

FINANCIALS

*Pro Forma: Assumes sale of Concourse (Greensboro)

$350 Bank Loan Floating

E�ect Assumed in FFO Outlook

E�ect Not Assumed in FFO Outlook

7

FISHIN’

O V A T I O N

Independence Park | Tampa

Ovation | Nashville Ovation | Nashville

Capital Plaza III | Orlando SouthSide Works | PittsburghInnsbrook | Richmond North Shore Commons | Richmond

  YO U ’ V E C O M E TO T H E R I G H T P L A C E .