Company’s...*2019 FFO excludes balance sheet write-offs associated with LSI’s sudden closure in Q1’19 and one-time costs associated with the Market Rotation Plan. **Outlook excludes

Some of the information in this presentation may contain forward-looking statements. Such statements include, in particular, statements about our plans, strategies andprospects such as the following: the expected financial and operational results and the related assumptions underlying our expected results, including but not limited topotential losses related to customer difficulties, anticipated building usage and expected economic activity due to COVID-19; the continuing ability to borrow under theCompany’s revolving credit facility; the anticipated total investment, projected leasing activity, estimated replacement cost and expected net operating income of acquiredproperties and properties to be developed; and expected future leverage of the Company. You can identify forward-looking statements by our use of forward-lookingterminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Although we believe that our plans, intentions and expectationsreflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be achieved.

When considering such forward-looking statements, you should keep in mind important factors that could cause our actual results to differ materially from thosecontained in any forward-looking statement. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-lookingstatements is the potential adverse effect of the COVID-19 pandemic, and federal, state, and/or local regulatory guidelines to control it, on our financial condition,operating results and cash flows, our customers, the real estate market in which we operate, the global economy and the financial markets. The extent to which theCOVID-19 pandemic impacts us and our customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including thescope, severity and duration of the pandemic, the direct and indirect economic effects of the pandemic and containment measures, and potential changes in customerbehavior, among others.

Additional factors, many of which may be influenced by the COVID-19 pandemic, that could cause actual outcomes or results to differ materially from those indicated inthese statements include: the financial condition of our customers could deteriorate or further worsen; our assumptions regarding potential losses related to customerfinancial difficulties due to the COVID-19 pandemic could prove incorrect; counterparties under our debt instruments, particularly our revolving credit facility, may attemptto avoid their obligations thereunder, which, if successful, would reduce our available liquidity; we may not be able to lease or re-lease second generation space, definedas previously occupied space that becomes available for lease, quickly or on as favorable terms as old leases; we may not be able to lease newly constructed buildings asquickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, disposition or joint venture projects asquickly or on as favorable terms as anticipated; development activity in our existing markets could result in an excessive supply relative to customer demand; our marketsmay suffer declines in economic and/or office employment growth; unanticipated increases in interest rates could increase our debt service costs; unanticipated increasesin operating expenses could negatively impact our operating results; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fundour working capital needs and growth initiatives or repay or refinance outstanding debt upon maturity; and the Company could lose key executive officers.

This list of risks and uncertainties, however, is not intended to be exhaustive. You should also review the other cautionary statements we make in “Business – Risk Factors”set forth in our 2019 Annual Report on Form 10-K and “Risk Factors” in our third quarter 2020 Quarterly Report on Form 10-Q. Given these uncertainties, you should notplace undue reliance on forward-looking statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements toreflect any future events or circumstances or to reflect the occurrence of unanticipated events.

SAFE HARBOR

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TABLE OF CONTENTS

OPERATIONS

RENT COLLECTION & RELIEF

2020 OUTLOOK

BALANCE SHEET & LIQUIDITY

INVESTMENTS

DEVELOPMENT

MARKET ROTATION PLAN

GEOGRAPHIC MIX

SUSTAINABILITY

MARS PETCARE HQ | NASHVILLE

OPERATIONS

COVID-19 RESPONSE• Existing Business Continuity Plan (BCP)

• BCP created in 2012 and updated annually• Overseen by Executive Leadership• Led by Asset Management (including Customer Service) and Local Teams• Supported by HR, Marketing, Legal and Technology Teams• Customer and employee focused

• Health and wellbeing of employees, customers and guests is primary priority• Results to-date

• All buildings have remained open• Disinfected all impacted areas when there has been virus exposure or suspected

exposure• Developed return-to-work protocols consistent with CDC and local government

guidelines

HIGHWOODS | AT-A-GLANCE | 3Q201

0

5

10

15

20

2013 2014 2015 2016 2017 2018 2019 3Q20*

-2

-1

0

1

2

3

4

5

6

7

2013 2014 2015 2016 2017 2018 2019* 2020**Same Prop Growth Change in Y/Y Avg Occ

20

22

24

26

28

30

2013 2014 2015 2016 2017 2018 2019 3Q20

10

12

14

16

18

10

12

14

16

18

2013 2014 2015 2016 2017 2018 2019 3Q20Net Effective Rent* Payback Ratio**

**

%

%

AVERAGE IN-PLACE CASH RENT

GAAP RENT GROWTH

SAME PROPERTY AND AVERAGE OCCUPANCY

*YTD through 3Q20

Outlook range

$/SF

*2019 same property NOI growth excludes impact from LSI’s sudden closure in Q1’19**2020 outlook range includes 125 basis point impact to Same Property growth related to rent deferrals and abatements due to COVID-19

$/SF %LEASE ECONOMICS

*Net effective rent defined as cash rent due over the term less operating expenses and leasing capital expenditures (TI/LC)**YTD through 3Q20

OPERATIONS


0

10

20

30

40

50

2012 2013 2014 2015 2016 2017 2018 2019 2020

2.25 Year 3.25 Year

EXPIRATIONS > 100K SFEXPIRATIONS > 100K SF

Customer Market Expiration SF Comments

2020 None remaining

2021 None remaining

2022 None remaining

RENEWALS

COMPLETEDOVER THE LAST 2 YEARS

>100K SF

CUMULATIVE FORWARD EXPIRATIONS*PERCENT OF REVENUE

3.25 year avg

2.25 year avg

*As of Q3 for each year

Georgia Building Authority

%

OPERATIONS


RENT COLLECTION & RELIEF FROM OPERATIONS

RENT COLLECTIONS

• Collected 99.7% of 3Q’20 and October rents• Rent deferral agreements for 1.2% of annualized rent

• 25% repaid to date (repayments on schedule)• Expect repayment of deferrals by the end of 2021

• Multi-functional team across HIW responsible for following up withlate payers• Led by COO, Legal and Local Teams• Supported by Finance and Executive Management

• Objective to protect HIW interests and maximize long-term benefit to HIW• HIW working closely with customers with need-based requests


25% repaid to

date

INDUSTRY DIVERSIFICATIONPERCENT OF ANNUALIZED RENT

RENT COLLECTION & RELIEF

Need-Based Requests

# SFAnnualized

Rent %Deferral as %

Annualized Rent

Agreed-upon deals 107 1,687,681 7.7% 1.2%

TOP 10 CUSTOMERS BY % OF RENT*Federal Government 4.8%

Bank of America 3.9%

Bridgestone Americas 2.7%

Metropolitan Life Insurance 2.5%

Mars Petcare 1.5%

PPG Industries 1.5%

EQT Corporation 1.2%

Vanderbilt University 1.2%

Tivity 1.1%

Bass, Berry & Sims 1.1%

TOTAL Top 10 Customers 21.5%

SMALL HEALTHCARE

PRACTICE

1.7%*RESTAURANTS/

RETAIL

1.5%*1.2%*COWORKING

*Based on annualized cash revenue as of September 2020

3Q’20 RENTSCOLLECTED

99.7%

RENT RELIEF DEALS

OCTOBER RENTS COLLECTED

99.7%


25%

18%

12%

10%

8%

6%

5%

16%

Professional Services

Finance/Banking

Health & Social Care

Insurance

Manufacturing

Government

Real Estate

Remaining (10 industries)

Low High

Outlook as of Feb 4, 2020 $3.60 $3.72Business updates

Rental revenue ($0.04) ($0.08)

Parking revenue ($0.07) ($0.09)

OpEx savings $0.14 $0.12

G&A savings $0.02 $0.02

Non-operational changes

Debt extinguishment charge ($0.04) ($0.04)

Interest expense ($0.01) ($0.01)

3Q/4Q dispositions ($0.02) ($0.02)

Other $0.01 ($0.01)

FFO Outlook as of October 27, 2020* $3.59 $3.61

2.00

2.50

3.00

3.50

4.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020F**

Outlook midpoint

HISTORICAL FFO PER SHARE

CHANGES TO FFO OUTLOOKat the midpoint

NON-FFO CHANGESto outlook

$ millions

2020 OUTLOOK

*The Company expects it could incur losses during the remainder of 2020 related to customer financial difficulties related to COVID-19. Given the fluidity of the pandemic and its uncertain impacts such losses are too speculative and therefore not included in the outlook as of October 27, 2020.


FFO PER SHARE

*2019 FFO excludes balance sheet write-offs associated with LSI’s sudden closure in Q1’19 and one-time costs associated with the Market Rotation Plan. **Outlook excludes potential lost revenues and non-cash straight line rent credit losses due to COVID-19 during the remainder of 2020.

$

1.50

1.60

1.70

1.80

1.90

2.00

2016 2017 2018 2019 2020

ANNUALIZED DIVIDEND PER SHARE$

FFO OUTLOOK REDUCED

<2% AT THE OUTLOOK

MIDPOINT

2020 non-operational changes to outlook

reduced FFO by $0.07/sh

HIGHER PROJECTED

2020 CASH FLOW

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2011 2012 2013 2014 2015 2016 2017 2018 2019 3Q20

$ millions

BALANCE SHEET & LIQUIDITY

36.6% 5.0x 3.44%

1.5% 96.6% Baa2 BBB

Weighted AverageInterest Rate

Net Debt toAnnualized EBITDAre

Debt + Preferredas % of Gross Assets

Secured Debtas % of Gross Assets

Unencumbered NOI

STRONG BALANCE SHEET

GREATER THAN

OF LIQUIDITY

$700M

MATURITY LADDER3.78% 4.06% 4.30% 3.24%3.75%1.63% AVERAGE INTEREST RATES 2.65%

x DEBT/EBITDAre

As of 9/30/2020

Current liquidity includes:• Full availability under $600M LOC

• Cash on hand

3.36% BOND ISSUANCE

2.65% INT RATE

10.5 YR TERM

$400M


0

100

200

300

400

500

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Unsecured Fixed Unsecured Variable Secured

0

100

200

300

400

500

600

700

800

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Acquisitions Dispositions

0

50

100

150

200

250

300

350

400

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

INVESTMENTS

ACQUISITIONS $2.4B TOTAL

DISPOSITIONS $2.3B TOTAL

DEVELOPMENT ANNOUNCEMENTS

ACQUISITIONS & DISPOSITIONS$ millions

$ millions

DEVELOPMENTS $1.5B TOTAL

ACQUISITIONCHARLOTTE

ACQUISITIONRALEIGH

DEVELOPMENTNASHVILLE

DISPOSITIONGREENSBORO


Market Acres Office SF Potential Investment

Nashville 58 1,934,000

Tampa* 37 1,413,000

Raleigh 32 1,093,000

Richmond 23 350,000

Orlando 2 451,000

Atlanta 1 175,000

Pittsburgh - 58,000

Charlotte - 40,000

Total 153 5,514,000

DEVELOPMENT PIPELINE

DEVELOPMENT

Current Pipeline MarketInvst ($M)

SF(K)

Pre-leased

(%)

ProformaStabilization

3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

MetLife III Raleigh 65 219 100 2Q21

GlenLake Seven Raleigh 44 126 100 1Q21

Midtown West Tampa 71 150 7 4Q22

Virginia Springs II Nashville 38 111 5 3Q22

Asurion HQ Nashville 285 553 98 1Q22

MarketUnder Construction

(SF in millions)Projects % of Stock Competitive Set

Pre-leased (%)

Atlanta 4.7 17 4.6 48

Raleigh 2.4 9 5.6 39

Nashville 2.0 7 6.1 31

Charlotte 1.2 5 4.4 37

Pittsburgh 1.7 10 4.0 25

Tampa 1.0 3 3.5 39

Richmond 0.2 4 0.8 70

Orlando 0.1 1 1.8 78

PROFORMA DEVELOPMENT CASH RENT COMMENCEMENT

COMPETITIVE SET CONSTRUCTION*

FUTURE HEADQUARTERS DELIVERIES

MARTIN MARIETTA2021 Stabilization

ASURION2022 Stabilization

GLENLAKE SEVEN

RALEIGH

$44MInvestment

126KSquare Feet

100%Leased

POTENTIAL FUTURE PROJECTS

RALEIGH

RALEIGH PITTSBURGH

TAMPA

NASHVILLE

NASHVILLE

$503MInvestment

$138MRemaining to Fund

$40MStabilized NOI

1.2MSquare Feet

79%Pre-leased

ASURION HQ NASHVILLE

$285MInvestment

553KSquare Feet

98%Leased

20222020

FUTURE DEVELOPMENT POTENTIAL | LAND BANK

*Includes 600K SF potential at Midtown Tampa not on HIW-owned land

$2.2BTOTAL

2021

HIGHWOODS | AT-A-GLANCE | 3Q209*Includes competitive multi-customer projects in the BBDs of our markets. Excludes build to suits and other non-competitive projects.

FFO Neutral

Increases Cash Flow

Leverage Neutral

Improves Portfolio Quality

Improves Portfolio Efficiency

Simplifies Operations

Enhances Future Growth

PHASE ONE COMPLETE

PHASE TWO IN PROGRESSSignificant progress in 2020

MARKET ROTATION PLAN

Closed $151M YTD

BANK OF AMERICA TOWER | CHARLOTTE

$3M under contract


GEOGRAPHIC MIX

GREATER THAN

REVENUEIN TOP ULI MARKETS

80%**Represents remaining properties in the non-core Greensboro

and Memphis markets.


GREATER THAN

REVENUEIN TOP ULI MARKETS

PITTSBURGH8%

CHARLOTTE4%

ATLANTA20%

ORLANDO6%

TAMPA13%

NASHVILLE22%

RALEIGH19%

RICHMOND6%

2021 TOP REAL ESTATE MARKETS1. RALEIGH/DURHAM2. Austin3. NASHVILLE4. Dallas/Fort Worth5. CHARLOTTE6. TAMPA/ST. PETERSBURG7. Salt Lake City8. Washington, DC-Northern VA9. Boston10. Long Island11. ATLANTA

75%OTHER**

2%

PRO FORMA REVENUE MIX*

*Represents current revenue mix plus projected revenues from the

current development pipeline.


SUSTAINABILITY 2026 SUSTAINABILITY GOALSFROM A 2016 BASELINE

20% REDUCTIONenergy intensity

20% REDUCTIONcarbon emissions

10% REDUCTIONwater use

CURRENT GOAL PROGRESSION TO DATESINCE 2016

11.0% reduction to date

11.6%reduction to date

14.9% reduction to date

ADDITIONAL PROGRESS

3.5%energy reduction

in 2019

3.6%GHG emissions

reductionin 2019

2.4%water reduction

in 2019

67.5average Energy

Star scorein 2019

$43Minvested in energy efficiency projects

since 2006

100%of managed buildings

benchmarked in Energy Star portfolio

managersince 2013

11.7Msquare feet Energy

Star certified68 certifications in 2019

100%of new development

office portfolio(2M SF) LEED

certifiedSince 2013

Documents

Company’s...*2019 FFO excludes balance sheet write-offs associated with LSI’s sudden closure in Q1’19 and one-time costs associated with the Market Rotation Plan. **Outlook excludes