Slide 1: Supplemental Information 1Q26
SUPPLEMENTAL1Q INFORMATION26 BLOC83 | RALEIGH
Slide 2: Table of Contents
Table of Contents Page Summary and Corporate Information……………………………………………………………………………………………………………………………………………………………………………………… i, ii, iii Consolidated Statements of Income………………………………………………………………………………………………………………………………………………………………………………………… 1 Funds from Operations and Additional Information………………………
Slide 3: Summary
Summary (amounts in thousands, except percentages, ratios, and per share amounts) Three Months Ended 3/31/26 3/31/25 Financial: Consolidated revenues $ 214,034 $ 200,383 In-Service consolidated net operating income (NOI) $ 142,916 $ 135,349 In-Service net operating income (@ HIW share) 1/ $ 146,178
Slide 4: Corporate Information
Corporate Information Board of Directors Market Leaders Chuck Anderson Alex Chambers Carlos Evans, Chair Senior Vice President, Nashville David Gadis Lauren Coup David Hartzell, Ph.D. Senior Vice President, Tampa Ted Klinck Steve Garrity Anne Lloyd Senior Vice President, Orlando Candice Todd Skip Hi
Slide 5: Corporate Information
Corporate Information Research Coverage Corporate Headquarters Highwoods Properties, Inc. BTIG Mizuho Securities USA LLC 150 Fayetteville Street, Suite 1400 Tom Catherwood Vikram Malhotra Raleigh, NC 27601 212-738-6140 212-282-3827 919-872-4924 Citigroup Global Markets Morgan Stanley Stock Exchange
Slide 6: Consolidated Statements of Income
Consolidated Statements of Income (amounts in thousands, except per share amounts) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Rental and other revenues $ 214,034 $ 203,356 $ 201,773 $ 200,600 $ 200,383 Operating expenses: Rental property and other expenses 71,118 66,761 65,923 63,65
Slide 7: Funds from Operations and Additional Information
Funds from Operations and Additional Information (amounts in thousands, except per share amounts) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Funds from operations: Net income $ 33,365 $ 29,722 $ 13,707 $ 19,221 $ 100,000 Net (income)/loss attributable to noncontrolling interests in
Slide 8: Consolidated Balance Sheets
Consolidated Balance Sheets (dollars in thousands) 3/31/26 12/31/25 Assets: Real estate assets, at cost: Land $ 636,317 $ 609,177 Buildings and tenant improvements 6,450,630 6,144,697 Development in-process - 6,248 Land held for development 198,256 214,149 7,285,203 6,974,271 Less-accumulated deprec
Slide 9: Capitalization, Net Debt-to-Adjusted EBITDAre and Revenue Detail
Capitalization, Net Debt-to-Adjusted EBITDAre and Revenue Detail (dollars, shares and units in thousands) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Mortgages and notes payable, net, at recorded book value (see pages 5 & 6) $ 3,703,498 $ 3,554,178 $ 3,404,707 $ 3,334,385 $ 3,338,492 Preferred Stock, a
Slide 10: Mortgages and Notes Payable Summary
Mortgages and Notes Payable Summary (dollars in thousands) Balances Outstanding: 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Secured: Mortgages fixed rate $ 701,302 $ 703,409 $ 705,498 $ 707,567 $ 709,901 Unsecured - Fixed: Fixed rate bonds and notes 2,492,210 2,491,745 2,143,031 2,142,626 2,142,220 Un
Slide 11: Mortgages and Notes Payable Detail
Mortgages and Notes Payable Detail (dollars in thousands) Undepreciated Secured Loans Loan Book Value of Effective Maturity Balance Real Estate & Related Mortgage Lender Rate Date 3/31/26 Assets Secured LGIM 5.69% Apr-28 $ 200,000 $ 410,535 New York Life Insurance Company 3.73% Jan-37 117,156 210,52
Slide 12: Portfolio Summary
Portfolio Summary 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 In-Service: Rentable Square Feet (HIW share) 26,818,000 26,830,000 26,536,000 26,640,000 26,707,000 Occupancy (HIW share) 85.0% 85.3% 85.3% 85.6% 85.5% Same Property: Rentable Square Feet (HIW share) 25,378,000 25,378,000 25,378,000 25,378,0
Slide 13: Portfolio Summary
Portfolio Summary (dollars in thousands) HIW Share Three Months Ended 3/31/26 Percentage of Percentage of Rental and Net Operating Net Operating Rentable Other Revenues Income Income Market Square Feet Occupancy (GAAP) (GAAP) (GAAP) Raleigh 6,097,000 88.1% 21.5% 23.4% $ 34,104 Nashville 5,104,000 82
Slide 14: Occupancy Trends
Occupancy Trends Market Measurement 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Atlanta Rentable Square Feet 4,595,000 4,690,000 4,716,000 4,716,000 4,716,000 Occupancy 85.2% 86.4% 86.2% 86.7% 85.9% Current Properties 1/ 85.2% 86.3% 86.0% 86.5% 86.3% Charlotte Rentable Square Feet 2,402,000 2,402,000 1
Slide 15: Leasing Statistics
Leasing Statistics Leasing Statistics Three Months Ended Five Quarter 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Average Leasing Activity: Square footage of Renewal Deals 651,431 305,284 722,895 552,362 447,799 535,954 Square footage of New Deals (Relets) 306,971 221,078 326,416 370,734 251,992 295,43
Slide 16: Leasing Statistics and Rental Rate Comparisons by Market
Leasing Statistics and Rental Rate Comparisons by Market HIW Share For Three Months Ended 3/31/26 Dollar Leasing Statistics Rentable Weighted Lease Square Feet Average TI's Commissions Rental Previous Percentage Leased Term Per SF Per SF Rate Rent Change Nashville 286,807 9.8 $ 74.06 $ 13.74 $ 36.92
Slide 17: Lease Expirations
Lease Expirations (dollars in thousands) Total HIW Share Occupied Occupied Percent of Percent of Rentable Rentable Occupied Annualized Average Annualized Square Feet Square Feet Rentable Cash Rental Cash Year Expiring Expiring Square Feet Revenue 1/ Rate Revenue 1/ 2026 2/ 1,327,232 1,311,524 5.8% $
Slide 18: Lease Expirations by Market by Year
Lease Expirations by Market by Year (dollars in thousands) HIW Share 2026 1/ 2027 2028 2029 Thereafter Atlanta RSF 264,485 667,303 422,401 312,522 2,249,319 % of Total RSF 1.2% 2.9% 2.0% 1.4% 9.8% Annualized Cash Revenue 2/ $ 9,241 $ 22,198 $ 16,042 $ 9,171 $ 72,701 % of Total Annualized Cash Rev 1.
Slide 19: Customer Diversification
Customer Diversification (dollars in thousands) HIW Share Percent of Average Rentable Annualized Annualized Annualized Remaining Square Cash GAAP GAAP Lease Top 20 Customers Feet Revenue 1/ Revenue 2/ Revenue 2/ Term in Years Bank of America 620,790 $ 33,783 $ 34,316 4.21% 8.4 Asurion 543,794 25,982
Slide 20: Same Property Performance
Same Property Performance (dollars in thousands) HIW Share Three Months Ended Dollar Percentage 3/31/26 3/31/25 Change B/(W) Change B/(W) Rental revenues 1/ $ 197,167 $ 194,415 $ 2,752 1.4% Operating expenses (68,687) (65,203) (3,484) (5.3%) Cash NOI 128,480 129,212 (732) (0.6%) Straight-line rent a
Slide 21: Acquisition Activity
Acquisition Activity (dollars In thousands) Three Months Three Months Ended Ended Total Building Acquisitions: 3/31/26 Total Land Acquisitions 3/31/26 Occupancy at Acquisition 95.5% Office Development potential (SF) - Square feet 665,000 Mixed Use Development potential (SF) - Gross total investment
Slide 22: Disposition Activity
Disposition Activity (dollars In thousands) Three Months Three Months Ended Ended Total Building Dispositions: 3/31/26 Total Land Dispositions: 3/31/26 Occupancy at disposition 90.2% Gross sales price $ - Square feet 357,000 Gross sales price $ 42,275 Stony Point I, II and III Market Richmond Date s
Slide 23: Development Activity
Development Activity (dollars in thousands) Individual Project Details Shown at 100% Rentable Anticipated Investment Occupancy Estimated Estimated Consolidated Square Total As Of Pre- As Of Completion Stabilization Completed Not Stabilized Market Own % (Y/N) Feet Investment 1/ 3/31/26 Leased % 3/31/
Slide 24: Consolidated Land Held for Development
Consolidated Land Held for Development Market Office SF Mixed Use SF 1/ Total SF Nashville 2,210,000 2,708,000 4,918,000 Raleigh 685,000 - 685,000 Charlotte 300,000 280,000 580,000 Tampa 300,000 - 300,000 Total 3,495,000 2,988,000 6,483,000 Estimated Build Out $2.0 Billion $1.3 Billion $3.3 Billion
Slide 25: In-Service Joint Ventures
In-Service Joint Ventures1/ (dollars in thousands) Joint Venture Summary by Market: Percentage of Rentable Joint Venture Square Feet Annualized Market (HIW Share) Occupancy Cash Revenue 2/ 3/ Dallas 4/ 619,000 72.9% 63.3% Tampa 4/ 121,000 100.0% 15.0% Kansas City 146,000 88.8% 10.7% Atlanta 68,000 9