Highwoods Properties, Inc. · NYSE:HIW
Highwoods Properties — Investor Presentation (March 2026)
27 slides from Highwoods Properties's investor presentation, March 2026
Slide 1: A Foundation for Sustainable Growth
INVESTOR PRESENTATION A FOUNDATION FOR SUSTAINABLE GROWTH 4Q25 NYSE: HIW | #BETTERTOGETHER
Slide 2: Forward-Looking Statements
INVESTOR PRESENTATION FORWARD-LOOKING STATEMENTS Some of the information in this presentation may contain forward-looking statements. Such statements include, in particular, statements about our plans, strategies and prospects such as the following: the expected financial and operational results and
Slide 3: About Highwoods
ABOUT HIGHWOODS OUR MISSION IS TO CREATE ENVIRONMENTS AND EXPERIENCES THAT INSPIRE OUR TEAMMATES AND OUR CUSTOMERS TO ACHIEVE MORE TOGETHER. WE ARE IN THE WORK-PLACEMAKING BUSINESS AND BELIEVE THAT BY CREATING EXCEPTIONAL ENVIRONMENTS AND EXPERIENCES, WE CAN DELIVER GREATER VALUE TO OUR CUSTOMERS, T
Slide 4: Attractive Markets & Portfolio
ATTRACTIVE MARKETS & PORTFOLIO BBD EXPOSURE BY MARKET (% of Annualized Revenue*) CBD 4% PITTSBURGH >90% NASHVILLE RICHMOND Suburban 3% NOI* IN TOP 20 RALEIGH ULI MARKETS CHARLOTTE** CBD 5% Suburban CBD Infill Suburban 8% 8% 5% CBD 8% 10% Infill 10% Infill 2% BBD BALANCE Suburban 1% Suburban ATLANTA
Slide 5: Resilient Leasing & Operations
RESILIENT LEASING & OPERATIONS INDUSTRY DIVERSIFICATION (% of Annualized Revenue) CUSTOMER DIVERSIFICATION Finance and Banking Legal and Accounting Services 19% 19% ANNUALIZED Insurance TOP 10 CUSTOMERS GAAP REVENUE %* Health Care and Social Assistance 4% Tech, Info, Media & Telecom 5% Manufacturing
Slide 6: Accelerating Rents
ACCELERATING RENTS $/SF NET EFFECTIVE RENTS (Trailing 4 Quarters) $/SF INCREASING RENTS 22 NEW INVESTMENTS: 2019-2025 (1) 20% higher YOY 70 20 30% higher from trough 18 60 16 $62.25 14 50 $51.65 12 10 40 2026 Underwritten Rents 2026 Market Rents Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-1
Slide 7: Occupancy Growth Potential
OCCUPANCY GROWTH POTENTIAL FLIGHT TO QUALITY AVERAGE OCCUPANCY 95.0% % 89.2% leased 94 90.0% 92 85.0% 90 Year-End Outlook 88 80.0% 86 HIW occupancy 560 bps higher v. US at 12/31/25 75.0% 84 82 HIW Occupancy HIW BBDs HIW Markets US 80 2013 2014 2015 2016 2017 2018 2019* 2020 2021 2022 2023 2024 2025
Slide 8: Organic Growth Potential
ORGANIC GROWTH POTENTIAL EMBEDDED UPSIDE1 GROWTH POTENTIAL LOW OCCUPIED, IN-SERVICE2 2023 COMPLETED DEVELOPMENT 2025 COMPLETED DEVELOPMENT GLENLAKE THREE + GRANITE PARK SIX 23 SPRINGS + MIDTOWN EAST $M $M $M 45 18 30 40 16 35 14 25 30 12 20 25 10 15 20 8 15 6 10 10 4 5 5 2 0 0 0 2026E Stabilized 202
Slide 9: Acquisitions & Dispositions
INVESTMENTS ACQUISITIONS & DISPOSITIONS ACQUISITIONS $4.2B TOTAL DISPOSITIONS $3.3B TOTAL $821 $695 $549 $491 $473 $447 $436 $374 $400 $309 $296 $286 $228 $158 $179 $165 $149 $125 $127 $133 $104 $105 $108 $65 $84 $85 $20 $37 $0 $0 $0 $0 $0 $42 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
Slide 10: Advance Auto Parts Tower
INVESTMENTS ADVANCE AUTO PARTS TOWER $138M Total Investment IMPROVES PORTFOLIO QUALITY Acquisition of ~350K SF AA-Class office in strong BBD location in Raleigh Disposition of 35-year-old non-core properties in non-BBD location in Tampa IMPROVES GROWTH RATE AAP Tower rents below market with up
Slide 11: Highwoods Legacy Union Portfolio
INVESTMENTS HIGHWOODS LEGACY UNION PORTFOLIO BANK OF AMERICA TOWER DELIVERED 2019, 96% Occupied 6HUNDRED DELIVERED 2025, 89% Leased PARKING GARAGE DELIVERED 2019 SIX50 DELIVERED 2022, 97% Occupied 11
Slide 12: Parking Garage at South Church
INVESTMENTS HIGHWOODS LEGACY UNION PORTFOLIO PARKING GARAGE AT 720 SOUTH CHURCH 720 SOUTH CHURCH STREET $111.5M Total Investment FAVORABLE FINANCIAL IMPACT Immediately accretive to annual cash flow Capital efficient with limited capex needs in the short-term and long-term IMPROVES GROWTH RATE
Slide 13: 6Hundred at Legacy Union
INVESTMENTS HIGHWOODS LEGACY UNION PORTFOLIO 6HUNDRED at LEGACY UNION $223M Total Investment 89% Leased Stabilized Annual NOI Projection: $17.5M to $18.5M (Cash and GAAP) IMPROVES PORTFOLIO QUALITY Acquisition of 411K SF Class AA office in strong BBD location in Charlotte Delivered in 2025 Bes
Slide 14: Strategic Investments via Joint Ventures
INVESTMENTS STRATEGIC INVESTMENTS VIA JOINT VENTURES $319.8M Total Investment (at 100%) $108.4M Investment (at HIW share) + $12.9M Net Pref Equity $9.0M GAAP NOI in 2026 (at HIW share) + $0.8M Net Pref Income IMPROVES PORTFOLIO QUALITY Acquisition of 665K SF best-in-class office in strong BBD loca
Slide 15: Bloc83
INVESTMENTS $210.5M 10% 465K 27K 97% CBD BLOC83 TOTAL INVESTMENT HIW SHARE OFFICE SF RETAIL SF LEASED RALEIGH BBD ROOFTOP TERRACE OUTDOOR COURTYARD SKY LOUNGE CUSTOMER LOUNGE OFFICE CUSTOMERS 15
Slide 16: The Terraces
$109.3M 80% $12.9M 173K 100% >30% PRESTON CENTER INVESTMENTS THE TERRACES TOTAL INVESTMENT HIW SHARE PREF EQUITY SQUARE FEET LEASED RENT MTM DALLAS BBD FITNESS ENTRANCE CUSTOMER BUILD-OUT LOBBY OFFICE CUSTOMERS 16
Slide 17: Investment Activity Since February 2025
INVESTMENTS INVESTMENT ACTIVITY (Since February 2025) ACQUISITIONS TOTAL ACQUISITIONS: $793M / $581M at HIW share 4 YEARS 93.5% 15% AVG AGE AVG OCCUPANCY AVG RENT MTM TOTAL DISPOSITIONS: $228M completed in 2025 CLT, RAL, DAL ~8.0% $42M completed in Q1’26 BEST BBDs STABILIZED CAP RATE ~$200M by mid-2
Slide 18: Dispositions
INVESTMENTS DISPOSITIONS 2025 NON-CORE DISPOSITIONS $228M COMPLETED 2026 NON-CORE DISPOSITIONS COMPLETED $42M ADDITIONAL DISPOSITIONS $190-210M OVER NEXT 6 MONTHS Includes non-core assets and non-core land parcels RICHMOND | 2026 RICHMOND | 2025 ATLANTA | 2025 >$1.5B SOLD OVER PAST 5 YEARS TAMPA | 2
Slide 19: Non-Office Land as a Source of Capital
INVESTMENTS NON-OFFICE LAND AS A SOURCE OF CAPITAL INDEPENDENCE PARK | TAMPA 1900 CENTURY CENTER | ATLANTA CAPITAL PLAZA THREE | ORLANDO 23 TOTAL ACRES | 16 ACRES SOLD $26.9M 8 ACRES OWNED 2 ACRES SOLD $9.8M 7 ACRES OWNED THE EDGE | RALEIGH OVATION | NASHVILLE 1 ACRE SOLD $7.2M 76 ACRES OWNED (For n
Slide 20: In-Process Development
INVESTMENTS IN-PROCESS DEVELOPMENT (At HIW share) $474M INVESTMENT $82M REMAINING ~$40M STABILIZED 1.4M SQUARE FEET 80% LEASED TO FUND GAAP NOI $230M INVESTMENT $100M INVESTMENT $42M INVESTMENT 642K SQUARE FEET 422K SQUARE FEET 143K SQUARE FEET 75% LEASED 79% LEASED 95% LEASED 23SPRINGS* | DALLAS GR
Slide 21: Financials & Balance Sheet: FFO Outlook
FINANCIALS & BALANCE SHEET AS OF 2/10/2026 ACTUAL LOW HIGH 2025 2026 FFO per Share Outlook $3.40 $3.68 $3.48* EFFECTS ASSUMED IN FFO OUTLOOK Growth in Same Property Cash NOI -1.0% +1.0% -2.4% Growth in Same Property GAAP NOI +0.5% +2.5% -2.0% Straight-Line Rental Income $40 $50 $15.4 G&A Expenses $4
Slide 22: Consistent Cash Flow
FINANCIALS & BALANCE SHEET CONSISTENT CASH FLOW $ 000s 300,000 250,000 200,000 150,000 100,000 50,000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash Available for Distribution Average shares *Cash Available for Distribution means FFO as adjusted for non-cash i
Slide 23: Transparent Operating Cash Flows
FINANCIALS & BALANCE SHEET TRANSPARENT OPERATING CASH FLOWS $M 400 Includes building 350 improvement & HIWtizing capital* HIW OPERATING CASH FLOW 300 2025 leasing capex Includes 100% of leasing capital* 40% > LT average 2025 Core FFO 250 Includes 100% of building improvement (back of house) capi
Slide 24: Strong Balance Sheet
FINANCIALS & BALANCE SHEET STRONG BALANCE SHEET (As of 12/31/2025) 43.1% 6.6x 4.5% 9.2% Debt + Preferred as Net Debt to EBITDARE Weighted Average Secured Debt as % of Gross Assets Interest Rate % of Gross Assets STRONG ACCESS TO CAPITAL 10.5% $245M secured debt raised $700M bonds issued Baa2 87.2% B
Slide 25: Consolidated Maturity Ladder
FINANCIALS & BALANCE SHEET CONSOLIDATED MATURITY LADDER (As of 12/31/2025) $M AVERAGE 4.08% 4.67% 4.15% 3.24% 3.30% 5.11% 7.85% 3.73% 800 INTEREST RATES 700 600 No maturities 500 until 2027 400 300 200 100 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2037 Secured Unsecured Fixed Unsecured Variable
Slide 26: Our People Are Our Trophy Assets
RESILIENCY 2030 SUSTAINABILITY GOALS FROM A 2016 BASELINE Directors serve one-year terms Majority vote director resignation policy 35% GOAL 50% GOAL 10% GOAL 2024 PROGRESS 2024 PROGRESS 2024 PROGRESS Vigorous cash and equity clawback policy 31% 41% 27% No employment contracts ENERGY USE REDUCTION (k
Slide 27: Thank You!
INVESTOR PRESENTATION OUR MISSION IS TO CREATE ENVIRONMENTS AND EXPERIENCES THAT INSPIRE OUR TEAMMATES AND OUR CUSTOMERS TO ACHIEVE MORE TOGETHER. WE ARE IN THE WORK-PLACEMAKING BUSINESS AND BELIEVE THAT BY CREATING EXCEPTIONAL ENVIRONMENTS AND EXPERIENCES, WE CAN DELIVER GREATER VALUE TO OUR CUSTOM
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