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 12/31/2015)

(% of Annualized Revenue 3/1/2016)

20

21

22

23

24

12/31/11

20.39

20.86

21.48

22.27

23.49

$/SF

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

Average Office 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

// 120 basis points higher than year-end 2014

Leasing

   Leased 1.0 million square feet of second generation office

// 6.9 year average term...19% longer than prior 5Q average

  Grew average in-place office cash rents per square foot by

5.5% year-over-year

  Achieved GAAP rent growth of +10.6% on second generation

office leases signed

Investment

  Agreed to sell substantially all of its wholly-owned Country

Club Plaza assets for $660 million

// Closed March 1, 2016

Financing

   Paid off $112 million of secured debt

// 6.9% weighted average interest rate maturing in 2016

// Growing unencumbered NOI to over 91%

   Issued 744,000 shares of common stock through ATM

// Average gross sales price of $43.54 per share

// Net proceeds of $32 million

   Ended the year with leverage of 44.9%

// Reduced to 38.4% upon Country Club Plaza closing

4Q 2015

HIGHLIGHTS

Top 10 16.5

Raleigh17%

Atlanta19%

Nashville14%

Tampa13%

Kansas City1%

Memphis8%

Pittsburgh9%

Greensboro6%

Richmond6%

Orlando7%

3

DEVELOPMENT2016 DEVELOPMENT GUIDANCE

$100 – $200M

Cash Rent CommencementInvestment($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

Seven Springs II 38 131,000 43

5000 CentreGreen 41 167,000 0

Bridgestone Americas HQ 200 514,000 99

Riverwood 200 107 299,000 66

Totals $670 2,289,000 77%

$200M Bridgestone Americas HQ

Nashville

   514K SF

   99% pre-leased

$37M GlenLake Five

Raleigh

   166K SF

   88% leasedDelivered 1Q15Stabilizes 2Q17

$15M Biologics HQ

Raleigh

   75K SF

   100% leasedDelivered &

Stabilized 2Q15

  $546M   70% Pre-leased   1.8M SF

  5 Markets   8 Buildings

Pipeline

$110M MetLife I & II

Raleigh

   427K SF

   100% leasedDelivered &

Stabilized 2Q15

$38M Seven Springs II

Nashville

   131K SF

   43% pre-leasedCompletion 2Q17 Stabilizes 3Q18

$56M Laser Spine Institute HQ

Tampa

   176K SF

   100% pre-leasedCompletion 1Q16Stabilizes 1Q16

$59M Seven Springs West

Nashville

   203K SF

   86% pre-leasedCompletion 3Q16

Stabilizes 1Q17

$107M Riverwood 200

Atlanta

   299K SF

   66% pre-leased

Completion 2Q17Stabilizes 2Q19

Completion 3Q17Stabilizes 3Q17

$7.6M Enterprise V (Industrial)

Greensboro

   131K SF

   0% pre-leased

Completion 2Q16Stabilizes 2Q17

$41M 5000 CentreGreen

Raleigh

   167K SF

   0% pre-leased Completion 3Q17Stabilizes 3Q19

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-upThere 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 PinnacleNashville

$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 office

   Buyer: Taubman/Macerich 50/50 JV

   Closed 3/1/16

   4.7% YR 1 cap rate

   Closed HIW KC-based office upon sale

   Highwoods retained:

// 149,000 SF of wholy-owned office

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

// Will dispose of these over time

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 ??? $230M

RE-INVESTMENT SPREAD

$230 M

$124 M

$303 M

6

Sound Maturity Ladder (3/1/16)

38.4% Debt + Preferreds as % of Gross Assets

5.8x Debt to Annualized EBITDA

90.4% 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)

Strong Balance Sheet (3/1/16)

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 and operating processes   Enhances unencumbered pool   Removes JV partner credit risk   Reduces G&A expenses

War on Complexity

0

100

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700

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

500

600

700

0

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$ Millions

Baa2 BBB

2016 2017 2018 2019 2020 2021 2022 2023 2024

$44 Secured

$380Bonds

$132Secured

$235 LOC

$200Bank LoanFloating

$200Bonds

$298Bonds

$350Bank Loan

Fixed /Floating

$248Bonds

$0 $0

7.50%

5.49%

7.50%

1.54%

3.75%3.36%

2.29%

Average Interest Rate

FINANCIALS

*Pro-forma: Includes 3/4/2016 sale of Concourse (Greensboro)

Effect Assumed in FFO Outlook

Effect Not Assumed in FFO Outlook

FFO GROWTH

5.2% YOY INCREASE AT MIDPOINT

7

DEVELOPMENT FISHIN’

O V A T I O N

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