Highwoods Properties, Inc. · NYSE:HIW
Highwoods Properties — Investor Presentation (September 2026)
21 slides from Highwoods Properties's investor presentation, Sep 14, 2026
Slide 1: A Foundation for Sustainable Growth
A FOUNDATION FOR SUSTAINABLE GROWTH I NVESTO R P RESENTAT I O N | SEPT EMBER 2 0 2 6
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 CUSTOMER DIVERSIFICATION (% of Annualized Revenue) Finance and Banking 20% 19% ANNUALIZED Legal and Accounting Services TOP 10 CUSTOMERS GAAP REVENUE %* Insurance Tech, Info, Media & Telecom 4% Health Care and Social Assistance 5% 17% Bank of A
Slide 6: Accelerating Rents
ACCELERATING RENTS $/SF NET EFFECTIVE RENTS (Trailing 4 Quarters) $/SF INCREASING RENTS 22 15% higher YOY NEW INVESTMENTS: 2019-2025 (1) 70 20 35% higher from trough 18 60 16 $62.25 50 14 $51.65 12 40 2026 Underwritten Rents 2026 Market Rents 10 (1) Represents approximately $2.7B of invested capital
Slide 7: Occupancy Growth Potential
OCCUPANCY GROWTH POTENTIAL FLIGHT TO QUALITY AVERAGE OCCUPANCY 95.0% % 89.6% leased 94 90.0% 92 85.0% 90 Year-End Outlook 88 80.0% 86 HIW occupancy 600 bps higher v. US at 6/30/2026 84 75.0% 82 80 HIW Occupancy HIW BBDs HIW Markets US 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 25 40 16 35 14 20 30 12 25 10 15 20 8 10 15 6 10 4 5 5 2 0 0 0 2026E Stabilized 2026E
Slide 9: Investments: Acquisitions & Dispositions
INVESTMENTS ACQUISITIONS & DISPOSITIONS DISPOSITIONS $3.7B TOTAL ACQUISITIONS $4.2B TOTAL $821 $695 $549 $491 $473 $447 $436 $374 $400 $375 $309 $296 $286 $228 $158 $179 $165 $149 $125 $127 $133 $104 $105 $108 $65 $84 $85 $20 $37 $0 $0 $0 $0 $0 $M 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20
Slide 10: 2025-2026 Acquisitions
INVESTMENTS 2025-2026 ACQUISITIONS: Total Investment $793M / $581M (at HIW Share) ADVANCE AUTO PARTS TOWER | RALEIGH 720 PARKING GARAGE | CHARLOTTE BLOC83 | RALEIGH THE TERRACES | DALLAS 600 S. TRYON | CHARLOTTE 10
Slide 11: 2025-2026 Dispositions
INVESTMENTS 2025-2026 DISPOSITIONS: Total Proceeds $600M (at HIW Share) 11
Slide 12: Investment Activity (Since February 2025)
INVESTMENTS INVESTMENT ACTIVITY (Since February 2025) ADVANCE AUTO PARTS TOWER | RALEIGH 720 PARKING GARAGE | CHARLOTTE 600 S. TRYON | CHARLOTTE BLOC83 | RALEIGH THE TERRACES | DALLAS ACQUISITIONS TOTAL ACQUISITIONS: $793M / $581M at HIW share 4 YEARS 93.5% 20% AVG AGE AVG OCCUPANCY AVG RENT MTM TOT
Slide 13: 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 2023 $26.9M 8 ACRES OWNED 2 ACRES SOLD 2025 $9.8M 7 ACRES OWNED THE EDGE | RALEIGH OVATION | NASHVILLE 1 ACRE SOLD 2025 $7.2M 76 ACR
Slide 14: Recent Development
INVESTMENTS RECENT DEVELOPMENT $474M INVESTMENT $28M REMAINING ~$40M STABILIZED 1.4M SQUARE FEET 92% LEASED (At HIW share) TO FUND GAAP NOI $230M INVESTMENT $100M INVESTMENT $42M INVESTMENT 642K SQUARE FEET 422K SQUARE FEET 143K SQUARE FEET 95% LEASED 81% LEASED 95% LEASED 23SPRINGS* | DALLAS GRANIT
Slide 15: Financials & Balance Sheet: FFO Outlook
FINANCIALS & BALANCE SHEET AS OF 7/28/2026 ACTUAL LOW HIGH 2025 2026 FFO per Share Outlook $3.46 $3.70 $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 +1.3% +3.3% -2.0% Non-Cash Revenue (Including Straight-Line Rental Income) $
Slide 16: 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 17: Transparent Operating Cash Flows
FINANCIALS & BALANCE SHEET TRANSPARENT OPERATING CASH FLOWS $M 400 Includes building 350 improvement & HIW-tizing 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) cap
Slide 18: Strong Balance Sheet
FINANCIALS & BALANCE SHEET STRONG BALANCE SHEET (As of 6/30/2026) 40.6% 6.2x 4.5% 9.0% Debt + Preferred as Net Debt to EBITDARE Weighted Average Secured Debt as % of Gross Assets Interest Rate % of Gross Assets STRONG ACCESS TO CAPITAL 9.9% $350M secured debt raised $700M bonds issued Baa2 86.2% Flo
Slide 19: Consolidated Maturity Ladder
FINANCIALS & BALANCE SHEET CONSOLIDATED MATURITY LADDER (As of 06/30/2026) $M AVERAGE 3.78% 4.67% 4.13% 3.24% 3.56% 5.11% 7.85% 3.73% 800 INTEREST RATES 700 No maturities 600 until 2027 500 400 300 200 100 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2037 Secured Unsecured Fixed Unsecured Variable
Slide 20: Our People Are Our Trophy Assets
RESILIENCY 2030 SUSTAINABILITY GOALS FROM A 2016 BASELINE Directors serve one-year terms 35% GOAL 2025 PROGRESS 50% GOAL 2025 PROGRESS 10% GOAL 2025 PROGRESS Majority vote director resignation policy 31% 44% 39% Vigorous cash and equity clawback policy No employment contracts OUR PEOPLE ENERGY USE C
Slide 21: 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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