Highwoods Properties, Inc. · NYSE:HIW
Highwoods Properties — Investor Presentation (December 2025)
27 slides from Highwoods Properties's investor presentation, Dec 8, 2025
Slide 1: #BETTERTOGETHER
iw i = Highwoods: | Granite #BETTERTOGETHER
Slide 2: Safe Harbor
SAFE HARBOR 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 the related assumptions underlying o
Slide 3: Dallas Market Overview
DALLAS MARKET OVERVIEW 2026 79% 422K 19 2028 67% 642K 26 2022 98% 557K 21 Estimated Leased Square Stories Estimated Leased Square Stories Acquisition Occupancy Square Stories Stabilization Feet Stabilization Feet Feet $200M $100M LEGACY $460M $230M UPTOWN $395M $197M UPTOWN Total HIW Best Business T
Slide 4: Dallas BBDs
DALLAS BBDs DALLAS OFFICE MARKET • 25 Dallas Office Submarkets • 139M SF Inventory (CoStar 4-5 Star Rating ) • 498 Buildings • 74% Leased • 1.6M YTD Absorption TIER 1 SUBMARKETS/BBDs LEGACY Legacy • 25.1M SF Inventory | 108 Buildings • 18% of Dallas office inventory • $40/SF NNN Rents (Tier 1 Compet
Slide 5: Dallas Accolades
DALLAS ACCOLADES # 1 DALLAS HAS LED THE US IN JOB GROWTH SINCE 2018 WITH LEADING TEXAS 600,000 NEW JOBS ADDED ECONOMY TOP MARKET 2025 & 2026 2026 $2.7T #8 DFW 600,000 1. Dallas/Ft. Worth 6. Nashville Atlanta 273,000 Texas Largest Economy 8. Tampa/St. Petersburg GDP in the World 11. Raleigh/Durham 12
Slide 6: Corporate HQ Relocations
CORPORATE HQ RELOCATIONS DA L L A S I S T H E P R E F E R R E D LO CAT I O N FO R CO R P O R AT E R E LO CAT I O N S HQS GAINED (2018–2024) 100 81 35 31 31 23 Dallas Austin Nashville Phoenix Houston Denver H Q R E LO CAT I O N S & B U S I N E S S E X PA N S I O N S S I N C E 2 0 2 0 Source: Eastdil
Slide 7: Y'all Street Financial Hub
Y’ALL STREET FINANCIAL HUB “DALL AS HAS BECOME OUR SECOND MOST SIGNIFICANT HUB” DAV I D S O LO M O N | C H A I R M A N & C EO, G O L D M A N S AC H S FINANCIAL SERVICES FINANCIAL SERVICES EMPLOYMENT GROWTH COMMITTMENT TO UPTOWN 70,000 25% 60,000 20% 20% FINANCIAL SERVICES JOBS ADDED 50,000 Regional
Slide 8: Legacy
DALLAS PORTFOLIO LEGACY #BETTERTOGETHER 8
Slide 9: Legacy BBD Drivers
LEGACY BBD DRIVERS THE STAR GREAT SCHOOL DISTRICTS ABUNDANT HOUSING HALL PARK DALLAS NORTH TOLLWAY (DNT) LARGE EMPLOYEE BASE LEGACY WEST Vibrant outdoor retail EASY ACCESS experience with numerous 121/Dallas North Tollway restaurants and a food hall 20 min | DFW Airport Inclusive of hotel 10 min | M
Slide 10: Granite Park 15+ Restaurants
Granite Park 2 Granite Park 1 Granite Park 5 Future Office Granite Park 4 Granite Park 7 Granite Park 3 Granite Properties HQ G R A N I T E PA R K 1 5 + R E STAU R A N TS 10
Slide 11: Granite Park 6 Property Overview
2026 79% $200M Estimated Leased Total LOBBY Stabilization Investment 422K 19 26K Square Feet Stories SF Floor Plates LOUNGE 2.9/1,000 LEGACY SF Parking Ratio BBD TALENT-FOCUSED AMENITIES Outdoor Terrace | Fitness Center 15+ On-Site Restaurants | 4 Service-Based Retailers AMENITY DECK PRIME LOCATION
Slide 12: Major Customers
422K 19 18 MAJOR CUSTOMERS Square Feet 17 16 15 79% 14 Leased 13 12 11 14,660 SF 10 9 8 18,947 SF 7,237 SF 7 1,563 SF 6 16,593 SF 5 16,435 SF 4 2-3 16,951 SF 1 AVAILABLE 12
Slide 13: Uptown
DALLAS PORTFOLIO UPTOWN #BETTERTOGETHER 13
Slide 14: Uptown Submarket Overview
UPTOWN SUBMARKET OVERVIEW 14
Slide 15: Uptown: Welcome to Highwoods
UPTOWN WELCOME TOT HHIGHWOODS E BEST AMENITY IS THE NEIGHBORHOOD WITHIN A 10-MINUTE WALK 100% 94 WALK SCORE Uptown’s 1.6K Hotel Rooms 85% Uptown’s 210+ Restaurants VICTORY PARK THE CRESCENT 75% Uptown’s 21K Residential Units Source: JLL PORTFOLIO EMBEDDED AMENITIES 93 WALK SCORE KLYDE WARREN PARK 15
Slide 16: Uptown Rent Growth
UPTOWN RENT GROWTH DALLAS OFFICE RENTS: EMBEDDED CAGR SINCE 2020 NNN Rent/SF M A R K-TO - M A R K E T $90 16% 14% $80 14% $70 12% $60 10% >90% TOTAL $50 8% INCREASE $40 6% $30 4% M&O 23Springs 4% 3% $20 (Signed) 2% $10 0% $0 Class A Overall Tier 1 Overall Tier 1 Uptown Tier 1 Newly Delivered Future
Slide 17: Uptown Competitive Set
UPTOWN COMPETITIVE SET 1 2 3 4 TOTA L IN-SERVICE COMPETITIVE SET COMPETITIVE SET McKinney & Olive 23Springs 557K SF | 98% 642K SF | 67% The Union 505K SF | 99% 2121 N Pearl 505K SF | 99% 6.9M 5.7M 90% Square Feet Square Feet Leased 5 6 7 Average Asking NNN Rent: $65/SF The Crescent 2100 McKinney 200
Slide 18: Uptown Competitive Set Map
UPTOWN COMPETITIVE SET MAP 8 19 HIGHWOODS + UPTOWN GRANITE ASSETS 24 1. McKinney & Olive 18 2. 23Springs 23 14 2 - 23SPRINGS CLASS AA INVENTORY 3. The Union 4. 2121 N Pearl 17 5. The Crescent 13 6. 2100 McKinney 10 7. 2000 McKinney 15 8. The Quad 5 9. Parkside-BofA 10. Harwood 14 11. The Link 12. Sa
Slide 19: 23Springs: Welcome to Highwoods
WELCOME TO HIGHWOODS 2028 67% $460M Estimated Leased Total LOBBY Stabilization Investment 642K 26 26K Square Feet Stories SF Floor Plates OUTDOOR COURTYARD 2.5/1,000 UPTOWN SF Parking Ratio BBD TALENT-FOCUSED AMENITIES Coffee & Wine Bar | High-End Fitness Studio Valet Parking | On-Site Restaurants |
Slide 20: 23Springs Leasing and Major Customers
642K 67% Square Feet Leased 12,382 SF 26,422 SF 26,510 SF $52/SF $57/SF $70+/SF Pro Forma Signed Leases Avg Asking Rates Underwritten Starting Rent for Remainder Rents (NNN) 9,609 SF 26,384 SF MAJOR CUSTOMERS 26,473 SF 26,560 SF 4,550 SF 10,729 SF 14,725 SF 8,845 SF LEASE NEGOTIATION AVAILABLE 20
Slide 21: McKinney & Olive: Welcome to Highwoods
WELCOME TO HIGHWOODS 98% $395M +50% Leased Total Investment MTM Rents DEL FRISCO’S 557K 21 28K Square Feet Stories SF Floor Plates 2.75/1,000 UPTOWN STARBUCKS RESERVE SF Parking Ratio BBD TALENT-FOCUSED AMENITIES 50K SF of Ground-Level Retail and Dining 93 Walk Score PRIME LOCATION ROOFTOP TERRACE I
Slide 22: Financial Outlook
DALLAS PORTFOLIO FINANCIAL OUTLOOK #BETTERTOGETHER 22
Slide 23: NOI Roadmap: Granite Park 6
NOI ROADMAP IN 000s (100% of Building)* $18,000 422K 19 18 $16,000 $14,000 Square Feet $12,000 17 $10,000 16 $8,000 NOI impact 79% 15 14 $6,000 from scheduled lease commencements Leased $4,000 13 $2,000 12 $0 11 14,660 SF IN PLACE Q4’25 1H’26 2H’26 SPEC 10 9 8 18,947 SF 7,237 SF 7 1,563 SF 6 16,593
Slide 24: NOI Roadmap: 23Springs
642K 67% Square Feet Leased $52/SF $57/SF $70+/SF Pro Forma Starting Signed Leases Avg Asking Rates Rents (NNN) Starting Rent for Remainder NOI ROADMAP In 000s (100% of Building)* $40,000 $35,000 $30,000 $25,000 $20,000 NOI impact $15,000 from scheduled IN PLACE lease $10,000 commencements Q4’25 $5,
Slide 25: McKinney & Olive Mark-to-Market Growth Outlook
557K 98% Square Feet Leased 21 20 $40/SF $50/SF >$60/SF 19 18 Avg In Place Rents Pro Forma Asking Rents (NNN) Underwriting 17 16 15 M A R K-TO - M A R K E T 14 In 000s GROWTH OUTLOOK 13 $7,000 (100% of Building)* 12 $6,000 11 $5,000 10 9 $4,000 NOI impact 8 from potential $3,000 7 mark-to-market $2,
Slide 26: Dallas Portfolio Future Growth Outlook
DALLAS PORTFOLIO FUTURE GROWTH OUTLOOK TOTA L DA L L A S P O RT FO L I O : Gra n i te Pa r k 6 , 2 3 S p r i n g s a n d M c K i n n e y & O l i ve In 000s IN PLACE AS OF 3Q’25 PRO FORMA $90,000 ( A N N UA L I Z E D R U N - R AT E ) OUTLOOK (at 100% of Assets)* (at 100% of Assets)* $80,000 $70,000 $
Slide 27: #BETTERTOGETHER
iw i = Granite | iiHighwoods: #BETTERTOGETHER
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