4th quarter 2020

4th Quarter

2020

Page

Summary and Corporate Information………………………………………………………………………………………………………………………………………………………… i, ii, iii

Consolidated Statements of Income…………………………………………………………………………………………………………………………………………………….1

Funds from Operations and Additional Information………………………………………………………………………………………………………………………………… 2

Consolidated Balance Sheets……………………………………………………………………………………………………………………………………………………………..3

Components of Net Asset Value ……………………………………………………………………………………………………………………………………………….. 4

Capitalization, Net Debt-to-Adjusted EBITDAre and Revenue Detail…………………………………………………………………………………………………………………………….5

Mortgages and Notes Payable Summary……………………………………………………………………………………………………………………………………………..6

Mortgages and Notes Payable Detail…………………………………………………………………………………………………………………………………………………….7

Portfolio Summary………………………………………………………………………………………………………………………………………………………………………….8, 9

Occupancy Trends………………………………………………………………………………………………………………………………………………………………………10

Office Leasing Statistics...……………………………………………………………………………………………………………………………………………………………..11

Office Leasing Statistics and Rental Rate Comparisons by Market……………………………………………………………………………………………………………….12

Office Lease Expirations……………………………………………………………………………………………………………..…………………………………………………13

Office Lease Expirations by Market by Year……………………………………………………………………………………………………………………………………………14

Customer Diversification…………………………………………………………………………………………………………………………………………………………………..15

Same Property Performance………………………………………………………………………………………………………………………………………………………………16

Disposition Activity……………………………………………………………………………………………………………………………….……………………………………. 17

Development Activity……………………………………………………………………………………………………………………………….…………………………………….18

Land Held for Development………………………………………………………………………………………………………………………………………………………………19

Joint Venture Financial and Summary Information……………………………………………………………………………………………………………………………………..20

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 our expected results, including but not limited to

potential losses related to customer difficulties, anticipated building usage and expected economic activity due to COVID-19; the continuing ability to borrow under the

Company’s revolving credit facility; the anticipated total investment, projected leasing activity, estimated replacement cost and expected net operating income of acquired

properties and properties to be developed; and expected future leverage of the Company. You can identify forward-looking statements by our use of forward-looking

terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Although we believe that our plans, intentions and expectations

reflected 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 those contained in

any forward-looking statement. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the

ongoing adverse effect of the COVID-19 pandemic, and federal, state, and/or local regulatory guidelines and private business actions to control it, on our financial condition,

operating results and cash flows, our customers, the use of and demand for office space, the real estate market in which we operate, the global economy and the financial

markets. The extent to which the COVID-19 pandemic impacts us and our customers will depend on future developments, which are highly uncertain and cannot be predicted

with confidence, including the scope, severity and duration of the pandemic and its ongoing impact on the U.S. economy and potential changes in customer behavior, 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 in

these statements include: the financial condition of our customers could deteriorate or further worsen; counterparties under our debt instruments, particularly our revolving

credit facility, may attempt to 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, defined as 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 as quickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, disposition or joint

venture projects as quickly or on as favorable terms as anticipated; development activity in our existing markets could result in an excessive supply relative to customer

demand; our markets may suffer declines in economic and/or office employment growth; unanticipated increases in interest rates could increase our debt service costs;

unanticipated increases in operating expenses could negatively impact our operating results; natural disasters and climate change could have an adverse impact on our cash

flow and operating results; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our 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 “Risk Factors” set forth

in our 2020 Annual Report on Form 10-K. Given these uncertainties, you should not place undue reliance on forward-looking statements. We undertake no obligation to

publicly release the results of any revisions to these forward-looking statements to reflect any future events or circumstances or to reflect the occurrence of unanticipated

events.

All financial information contained in this document is unaudited. This supplemental includes non-GAAP financial measures, such as funds from operations (FFO), earnings

before interest, taxes, depreciation and amortization for real estate (EBITDAre), Adjusted EBITDAre and net operating income (NOI). Definitions of FFO, EBITDAre, Adjusted

EBITDAre and NOI and an explanation of management's view of the usefulness and risks of FFO, EBITDAre, Adjusted EBITDAre and NOI can be found towards the end of

our fourth quarter earnings release.

COVER

Midtown West

Tampa, FL

Table of Contents

TOC

Three Months Ended

12/31/20 12/31/19

Financial:

Revenues 179,904$ 192,071$

Net operating income (NOI) 122,292$ 128,804$

Same property cash NOI growth excluding temporary rent deferrals 1.6% 1.1%

Same property cash NOI growth 3.7% 1.1%

Funds from operations per share 0.87$ 0.91$

Weighted average common shares outstanding, diluted 106,752 106,504

Balance Sheet:

Leverage (including preferred stock) based on gross book assets 1/ 36.0% 39.2%

Net debt-to-Adjusted EBITDAre 5.03x 5.18x

Net debt plus Preferred Stock-to-Adjusted EBITDAre 5.10x 5.24x

Unencumbered NOI % 96.6% 96.5%

Credit facility availability 600,000$ 379,000$

Cash and cash equivalents 109,322$ 9,505$

Restricted cash 79,922$ 5,237$

Operations:

Quarter-end occupancy 90.3% 92.2%

Office square feet leased 466 1,203

Office GAAP rent growth 2/ 8.4% 19.8%

Average office cash rental rate per square foot for in-place leases 28.21$ 26.97$

Twelve Months Ended

12/31/20

Investment Activity:

Building acquisitions -$

Building dispositions 491,400$

Land acquisitions 8,526$

Land dispositions 2,825$

Development pipeline 502,581$

Pipeline pre-leased % 78.6%

1/ Debt and gross book assets were reduced by our cash and cash equivalents and 1031 restricted cash balances at 12/31/20 and 12/31/19 of $178.0

million and $9.5 million, respectively.

2/ GAAP rent growth is calculated by comparing average cash rent psf over the term (GAAP rent) of the new lease to the average cash rent psf over

the term related to the previous lease in the same space. Adjustments are made if and to the extent necessary to illustrate the current and prior

deal on a consistent gross lease basis.

Summary (amounts in thousands, except percentages, ratios, and per share amounts)

i

Board of Directors Market Leaders

Chuck Anderson Jim Bacchetta

Gene Anderson Vice President, Atlanta

Tom Anderson Jane duFrane

Carlos Evans, Chair Vice President, Richmond

David Gadis Steve Garrity

David Hartzell, Ph.D. Vice President, Orlando

Sherry Kellett Skip Hill

Ted Klinck Vice President, Raleigh

Anne Lloyd Brian Reames

Senior Vice President, Nashville

Corporate Officers Andy Wisniewski

Vice President, Pittsburgh

Dan Clemmens Dan Woodward

Vice President, Chief Accounting Officer Vice President, Tampa

Ted Klinck

President, Chief Executive Officer

Brian Leary

Executive Vice President, Chief Operating Officer

Carman Liuzzo

Senior Vice President, Investments

Brendan Maiorana

Executive Vice President, Finance and Treasurer

Art McCann

Vice President, Chief Information Officer

Jeff Miller

Executive Vice President, General Counsel and Secretary

Mark Mulhern

Executive Vice President, Chief Financial Officer

Randy Roberson

Senior Vice President, Development

Mike Starchville

Senior Vice President, Asset Management

Corporate Information

ii

Research Coverage Corporate Headquarters

Highwoods Properties, Inc.

Bank of America/Merrill Lynch Janney Montgomery Scott 3100 Smoketree Court, Suite 600

Jamie Feldman Robert Stevenson Raleigh, NC 27604

646-855-5808 646-840-3217 919-872-4924

BTIG Mizuho Stock Exchange

Tom Catherwood Omotayo Okusanya NYSE: HIW

212-738-6140 (646) 949-9672

Venkat Kommineni Investor Relations

Capital One Securities (646) 949-9754 Brendan Maiorana

Chris Lucas Executive Vice President, Finance and Treasurer

571-633-8151 Morgan Stanley Phone: 919-872-4924

Vikram Malhotra [email protected]

Citigroup Global Markets 212-761-7064 http://www.highwoods.com/

Michael Bilerman

212-816-1383 RW Baird Information Request

Emmanuel Korchman David Rodgers To request a Supplemental Package or Annual Report

212-816-1382 216-737-7341 or to be added to our e-mail distribution list, please contact

Investor Relations.

D.A. Davidson & Co. SunTrust Robinson Humphrey

Barry Oxford Michael Lewis

212-240-9871 212-319-5659 The Company

Highwoods Properties, headquartered in Raleigh, is a publicly

Green Street Advisors Wells Fargo traded (NYSE:HIW) real estate investment trust (“REIT”) and

Daniel Ismail Blaine Heck a member of the S&P MidCap 400 Index. The Company is a

949-640-8780 443-263-6529 fully-integrated office REIT that owns, develops, acquires, leases and

manages properties primarily in the best business districts (BBDs)

Jefferies & Company, Inc. of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond

Peter Abramowitz and Tampa. For more information about Highwoods Properties,

(212) 336-7241 please visit our website at:

Jonathan Petersen www.highwoods.com.

212-284-1705

Corporate Information

iii

http://www.highwoods.com/

12/31/20 12/31/19 12/31/20 9/30/20 6/30/20 3/31/20 12/31/19

Rental and other revenues 736,900$ 735,979$ 179,904$ 181,043$ 183,153$ 192,800$ 192,071$

Operating expenses:

Rental property and other expenses 231,825 248,511 57,612 56,892 55,119 62,202 63,267

Depreciation and amortization 241,585 254,504 60,671 60,303 59,461 61,150 64,990

Impairments of real estate assets 1,778 5,849 - - 1,778 - -

General and administrative 41,031 44,067 10,862 9,155 10,084 10,930 10,409

Total operating expenses 516,219 552,931 129,145 126,350 126,442 134,282 138,666

Interest expense 80,962 81,648 19,959 19,886 19,840 21,277 22,026

Other income/(loss) (1,707) (2,510) 947 (3,311) 588 69 761

Gains on disposition of property 215,897 39,517 52,500 10,012 318 153,067 29,299

Equity in earnings of unconsolidated affiliates 4,005 3,276 1,040 823 1,179 963 907

Net income 357,914 141,683 85,287 42,331 38,956 191,340 62,346 Net (income) attributable to noncontrolling

interests in the Operating Partnership (9,338) (3,551) (2,254) (1,107) (1,017) (4,960) (1,577) Net (income) attributable to noncontrolling

interests in consolidated affiliates (1,174) (1,214) (302) (298) (289) (285) (295)

Dividends on Preferred Stock (2,488) (2,488) (622) (622) (622) (622) (622)

Net income available for common stockholders 344,914$ 134,430$ 82,109$ 40,304$ 37,028$ 185,473$ 59,852$

Earnings per Common Share - basic:Net income available for common stockholders 3.32$ 1.30$ 0.79$ 0.39$ 0.36$ 1.79$ 0.58$

Weighted average Common Shares

outstanding - basic 103,876 103,692 103,909 103,896 103,886 103,813 103,746

Earnings per Common Share - diluted:Net income available for common stockholders 3.32$ 1.30$ 0.79$ 0.39$ 0.36$ 1.79$ 0.58$

Weighted average Common Shares

outstanding - diluted 106,714 106,445 106,752 106,740 106,730 106,633 106,504

Year Ended Three Months Ended

Consolidated Statements of Income (amounts in thousands, except per share amounts)

1

12/31/20 12/31/19 12/31/20 9/30/20 6/30/20 3/31/20 12/31/19

Funds from operations:

Net income 357,914$ 141,683$ 85,287$ 42,331$ 38,956$ 191,340$ 62,346$

Net (income) attributable to noncontrolling

interests in consolidated affiliates (1,174) (1,214) (302) (298) (289) (285) (295)

Depreciation and amortization of real estate assets 238,816 251,545 59,998 59,622 58,764 60,432 64,198

Impairments of depreciable properties 1,778 1,400 - - 1,778 - -

(Gains) on disposition of depreciable properties (215,173) (38,582) (52,500) (10,012) - (152,661) (29,299)

Unconsolidated affiliates:

Depreciation and amortization of real estate assets 2,395 2,425 592 653 581 569 591

Funds from operations 384,556 357,257 93,075 92,296 99,790 99,395 97,541

Dividends on Preferred Stock (2,488) (2,488) (622) (622) (622) (622) (622)

Funds from operations available for

common stockholders 382,068$ 354,769$ 92,453$ 91,674$ 99,168$ 98,773$ 96,919$

Funds from operations available for

common stockholders per share 3.58$ 3.33$ 0.87$ 0.86$ 0.93$ 0.93$ 0.91$

Weighted average shares outstanding 106,714 106,445 106,752 106,740 106,730 106,633 106,504

Additional information: 1/

Losses on debt extinguishment 3,674$ 640$ 3$ 3,671$ -$ -$ -$

Straight-line rental income 2/ (37,088) (22,966) (3,508) (8,135) (15,119) (10,326) (8,280) Straight-line rental write-offs related to

termination fees 199 236 26 41 41 91 145

Amortization of lease incentives 1,847 4,281 451 477 429 490 433

Depreciation of non-real estate assets 2,181 2,382 525 533 551 572 645

Ground lease straight-line rent expense 271 309 62 67 70 72 72

Share-based compensation expense 6,210 7,180 1,230 1,242 1,242 2,496 1,000

Amortization of debt issuance costs 3,092 2,970 780 779 766 767 776

Amortization of accumulated other comprehensive

(income)/loss (296) (915) (74) (74) (74) (74) (74) Amortization of above/(below) market leases and

other adjustments (4,909) (699) (1,258) (1,203) (1,195) (1,253) (1,135)

Non-incremental revenue generating capital expenditures

incurred: 3/

Building improvements (39,706) (36,119) (16,416) (8,644) (7,295) (7,351) (12,369)

2nd generation tenant improvements (75,072) (85,136) (14,757) (20,847) (18,120) (21,348) (19,090)

2nd generation lease commissions (14,816) (28,146) (2,107) (3,681) (4,274) (4,754) (8,625)

Common dividends and unit distributions paid (204,787) (202,124) (51,233) (51,230) (51,225) (51,099) (50,568)

1/ Increase or (decrease) to cash flows.

2/ Includes $3.7 million of temporary rent deferrals, net of repayments, granted by the Company during the year ended December 31, 2020.

3/ Excludes capital expenditures (a) incurred within 12 months prior to the disposition date for buildings sold, (b) related to first generation leases and

leases with respect to vacant space in acquired buildings, (c) building improvements that are recoverable from future operating cost savings,

(d) building improvements that constitute part of the total investment cost disclosed in connection with an acquisition and (e) property

re-developments.

Year Ended Three Months Ended

Funds from Operations and Additional Information (amounts in thousands, except per share amounts)

2

12/31/20 12/31/19

Assets:

Real estate assets, at cost:

Land 466,872$ 515,095$

Buildings and tenant improvements 4,981,637 5,128,150

Development in-process 259,681 172,706

Land held for development 131,474 99,163

5,839,664 5,915,114

Less-accumulated depreciation (1,418,379) (1,388,566)

Net real estate assets 4,421,285 4,526,548

Real estate and other assets, net, held for sale 11,360 20,790

Cash and cash equivalents 109,322 9,505

Restricted cash 79,922 5,237

Accounts receivable 27,488 23,370

Mortgages and notes receivable 1,341 1,501

Accrued straight-line rents receivable 259,381 234,652

Investments in and advances to unconsolidated affiliates 27,104 26,298

Deferred leasing costs, net of accumulated amortization of $151,698 and $146,125, respectively 209,329 231,347

Prepaid expenses and other assets, net of accumulated depreciation of $21,154 and $20,017, respectively 62,885 58,996

Total Assets 5,209,417$ 5,138,244$

Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:

Mortgages and notes payable, net 2,470,021$ 2,543,710$

Accounts payable, accrued expenses and other liabilities 268,727 286,911

Total Liabilities 2,738,748 2,830,621

Commitments and contingencies

Noncontrolling interests in the Operating Partnership 112,499 133,216

Equity:

Preferred Stock, $.01 par value, 50,000,000 authorized shares;

8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per

share), 28,826 and 28,859 shares issued and outstanding, respectively 28,826 28,859

Common Stock, $.01 par value, 200,000,000 authorized shares;

103,921,546 and 103,756,046 shares issued and outstanding, respectively 1,039 1,038

Additional paid-in capital 2,993,946 2,954,779

Distributions in excess of net income available for common stockholders (686,225) (831,808)

Accumulated other comprehensive loss (1,462) (471)

Total Stockholders' Equity 2,336,124 2,152,397

Noncontrolling interests in consolidated affiliates 22,046 22,010

Total Equity 2,358,170 2,174,407

Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity 5,209,417$ 5,138,244$

Consolidated Balance Sheets (dollars in thousands)

3

Note: The purpose of providing the following information at the beginning of each year is to enable readers to derive their own estimate of net asset

value. The Company updates this information once annually based on management's assumptions regarding projected current year net operating

income for the existing property portfolio as of the date of initial publication (February 9, 2021). This information is not intended to be an asset-

by-asset or enterprise valuation.

Wholly-owned properties projected cash net operating income (NOI) 1/

Office 2/ 474,948$

Total Net Operating Income 474,948$

Highwoods share of projected NOI at Joint Ventures 1/Office 6,037$

Other incomeDevelopment, leasing and management fees 1,368$

In Service Assets Not Fairly Valued by Capitalized NOI Method

Wholly-owned assets 174,553$

Total 174,553$

Add other assets:

Development investment at cost incurred 398,862$

Land held for development at market value 145,000

Cash and cash equivalents 3/ 78,157

Restricted cash 3/ 11,263

Accounts receivable 27,488

Notes receivable and prepaid expenses 4/ 33,518

Our share of unconsolidated joint ventures other assets 9,358

Deduct partners' share of consolidated joint ventures other assets (11,470)

Total other assets 692,176$

Liabilities:

Mortgages and notes payable 5/ 2,484,002$

Accounts payable, accrued expenses and other liabilities 6/ 205,853

Deduct partners' share of consolidated joint ventures liabilities (4,420)

Market value of debt adjustment 169,142

Preferred stock, at liquidation value 28,826

Free rent liabilities 2/ 9,071

Our share of unconsolidated joint ventures liabilities 29,724

Market value of debt adjustment for joint ventures debt 7/ 1,703

Total deductions 2,923,901$

1/ Projected 2021 Cash NOI for the existing property portfolio excludes straight-line income, lease termination fee income, fee income, NOI related to

developments listed on page 18, and NOI related to assets undervalued by a capitalized NOI method. Assets undervalued by a capitalized NOI

method are identified generally by occupancies under 70% or free rent that lowers the cash NOI to effectively less than 70% of a stabilized cash

NOI. For the assets in this category, an NOI capitalization approach is not appropriate and accordingly an alternative valuation methodology has

been applied.

2/ For certain assets (Cool Springs II, Landmark One, Seaside Plaza, FBI Tampa, Two Alliance and Bank of America Tower), free rent was added

back to NOI with a credit in the liabilities section for the aggregate amount of free rent.

3/ Includes reduction of cash and cash equivalents and restricted cash year end balances for the net impact of the acquisition of our joint venture

partner's 75.0% interest in the Forum and the disposition of the Federal Aviation Administration building subsequent to December 31, 2020.

4/ Excludes $2.6M of deferred compensation plan investments and $28.1M for operating ground leases classified as right of use assets.

5/ Excludes $14.0M of debt issuance costs expected to be amortized over the remaining term of the underlying debt instruments.

6/ Excludes $34.4M of operating ground lease liabilities, $25.9M acqusition-related below market lease liabilities and a $2.6M deferred

compensation plan liability.

7/ In accordance with prior practice, we included an adjustment to mark our debt including our pro rata share of unconsolidated joint venture

debt to estimated fair value as of December 31, 2020.

Components of Net Asset Value (dollars in thousands)

4

12/31/20 9/30/20 6/30/20 3/31/20 12/31/19

Mortgages and notes payable, net, at recorded book

value (see pages 6 & 7) 2,470,021$ 2,469,554$ 2,337,662$ 2,410,189$ 2,543,710$

Preferred Stock, at liquidation value 28,826$ 28,826$ 28,843$ 28,856$ 28,859$

Common Stock outstanding 103,922 103,908 103,897 103,886 103,756

Common Units outstanding (not owned by the Company) 2,839 2,842 2,842 2,842 2,724

Common Stock and Common Units outstanding 106,761 106,750 106,739 106,728 106,480

Per share stock price at period end 39.63$ 33.57$ 37.33$ 35.42$ 48.91$

Market value of Common Stock and Common Units 4,230,938$ 3,583,598$ 3,984,567$ 3,780,306$ 5,207,937$

Total capitalization 6,729,785$ 6,081,978$ 6,351,072$ 6,219,351$ 7,780,506$

Net debt-to-Adjusted EBITDAre:

Net income 85,287$ 42,331$ 38,956$ 191,340$ 62,346$

Interest expense 19,959 19,886 19,840 21,277 22,026

Depreciation and amortization 60,671 60,303 59,461 61,150 64,990

(Gains) on disposition of depreciable properties (52,500) (10,012) - (152,661) (29,299)

Impairments of depreciable properties - - 1,778 - -

Adjustments to reflect our share of EBITDAre from

unconsolidated affiliates 925 988 916 907 960

EBITDAre 114,342$ 113,496$ 120,951$ 122,013$ 121,023$

Losses on debt extinguishment 3 3,671 - - -

(Gains) on disposition of non-depreciable properties - - (318) (406) -

Proforma NOI adjustments for property changes within period (661) (104) - (3,343) 1,776

Adjusted EBITDAre 1/ 113,684$ 117,063$ 120,633$ 118,264$ 122,799$

Adjusted EBITDAre (annualized) 1/ 2/ 460,034$ 472,264$ 483,885$ 477,052$ 494,481$

Mortgages and notes payable 3/ 2,497,853$ 2,497,553$ 2,365,825$ 2,438,248$ 2,572,492$

Less - cash and cash equivalents and 1031 restricted cash 3/ (182,308) (123,040) (8,334) (117,823) (12,305)

Net debt 4/ 2,315,545$ 2,374,513$ 2,357,491$ 2,320,425$ 2,560,187$

Preferred Stock 28,826 28,826 28,843 28,856 28,859

Net debt plus Preferred Stock 2,344,371$ 2,403,339$ 2,386,334$ 2,349,281$ 2,589,046$

Net debt-to-Adjusted EBITDAre 5/ 5.03x 5.03x 4.87x 4.86x 5.18x

Net debt plus Preferred Stock-to-Adjusted EBITDAre 6/ 5.10x 5.09x 4.93x 4.92x 5.24x

Rental and other revenues:

Contractual rents, net 156,257$ 152,991$ 148,397$ 157,593$ 159,332$

Straight-line rental income, net 3,508 8,135 15,119 10,326 8,280

Cost recoveries billed under lease arrangements, net 12,694 12,994 13,091 16,157 15,508

Lease termination fees, net 102 114 178 120 107

Other miscellaneous operating revenues 7,343 6,809 6,368 8,604 8,844

179,904$ 181,043$ 183,153$ 192,800$ 192,071$

1/ Adjusted EBITDAre is calculated as EBITDAre adjusted for gains or losses on debt extinguishment and land sales, land impairments, proforma NOI adjustments for property

changes within period and our share of the same adjustments for unconsolidated affiliates. "Proforma NOI adjustments for property changes within period" means proforma

NOI adjustments assuming any acquisitions, dispositions and developments placed in service within the current period had occurred as of the first day of such period.

2/ Adjusted EBITDAre (annualized) is Adjusted EBITDAre multiplied by four. Certain period specific items are not annualized.

3/ Includes our share of unconsolidated affiliates.

4/ Net debt is calculated as mortgages and notes payable at quarter-end less cash and cash equivalents and 1031 restricted cash at quarter-end.

5/ Net debt at quarter-end divided by Adjusted EBITDAre (annualized).

6/ Net debt plus Preferred Stock at quarter-end divided by Adjusted EBITDAre (annualized).

Capitalization, Net Debt-to-Adjusted EBITDAre and Revenue Detail (dollars, shares and units in thousands)

5

Balances Outstanding: 12/31/20 9/30/20 6/30/20 3/31/20 12/31/19

Secured:

Conventional fixed rate 93,350$ 93,846$ 94,336$ 94,822$ 95,303$

Unsecured - Fixed:

Fixed rate bonds and notes 2,190,652 2,190,241 1,941,277 1,940,851 1,940,425

Bank term loan 1/ 50,000 50,000 50,000 50,000 50,000

Unsecured - fixed total 2,240,652 2,240,241 1,991,277 1,990,851 1,990,425

Unsecured - Floating:

Bank term loan 150,000 150,000 200,000 200,000 200,000

Bank term loan - - 50,000 50,000 50,000

Credit facility 2/ - - 14,000 87,000 221,000

Unsecured - floating total 150,000 150,000 264,000 337,000 471,000

Unsecured total 2,390,652 2,390,241 2,255,277 2,327,851 2,461,425

Total 2,484,002$ 2,484,087$ 2,349,613$ 2,422,673$ 2,556,728$

Total Net of Debt Issuance Costs 2,470,021$ 2,469,554$ 2,337,662$ 2,410,189$ 2,543,710$

End of Period Weighted Average Interest Rates:

Secured:

Conventional fixed rate 4.00% 4.00% 4.00% 4.00% 4.00%

Unsecured - Fixed:

Fixed rate bonds 3.58% 3.58% 3.76% 3.76% 3.76%

Bank term loan 1/ 2.79% 2.79% 2.79% 2.79% 2.79%

Unsecured - fixed total 3.57% 3.57% 3.74% 3.74% 3.74%

Unsecured - Floating:

Bank term loan 1.25% 1.25% 1.28% 2.09% 2.90%

Bank term loan - - 1.28% 2.69% 2.81%

Credit facility 2/ - - 1.18% 1.87% 2.73%

Unsecured - floating total 1.25% 1.25% 1.27% 2.21% 2.81%

Unsecured total 3.42% 3.42% 3.45% 3.50% 3.56%

Weighted Average 3.44% 3.44% 3.47% 3.52% 3.58%

Maturity Schedule

1/ The interest rate on this loan is based on one-month LIBOR plus a spread based on the company's credit rating. Swap agreements effectively

fix one-month LIBOR until January 2022.

2/ Maturity date assumes exercise of two six-month extension options.

3/ Excludes annual principal amortization.

Mortgages and Notes Payable Summary (dollars in thousands)

-

50

100

150

200

250

300

350

400

450

500

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

To

tal

Deb

t (i

n m

illio

ns)

Secured Debt 3/ Unsecured Debt

Weighted Average Maturity = 6.7 years

$

6

Undepreciated

Secured Loans Loan Book Value of

Effective Maturity Balance Real Estate & Related

Lender Rate Date 12/31/20 Assets Secured

Allianz Life Insurance Company 4.00% May-29 93,350$ 147,875$

Unsecured Bonds

Bonds 1/ 3.24% Feb-30 399,106

Bonds 2.65% Feb-31 398,423

Bonds 2/ 4.38% Apr-29 349,189

Bonds 3/ 4.06% Mar-28 347,035

Bonds 4/ 3.78% Mar-27 297,534

Bonds 3.75% Jan-23 249,464

Bonds 3.36% Jun-21 149,901

3.58% 2,190,652

Unsecured Loans

Bank term loan 5/ 1.25% Nov-22 150,000

Bank term loan 6/ 2.79% Nov-22 50,000

Credit facility 5/ 7/ - Jan-23 -

1.63% 200,000

Total Debt 3.44% 2,484,002$

Total Net of Debt Issuance Costs 2,470,021$

Secured and Unsecured Debt Fixed and Variable Rate Debt

1/ Rate includes the impact of the swaps that were settled for ($6.6) million upon issuance of the bonds.

2/ Rate includes the impact of the swaps that were settled for ($5.1) million upon issuance of the bonds.

3/ Rate includes the impact of the swaps that were settled for $7.2 million upon issuance of the bonds.

4/ Rate includes the impact of the swaps that were settled for $7.3 million upon issuance of the bonds.

5/ Floating rate loans based on one-month LIBOR.

6/ This loan maturing November 2022 is swapped to an effective fixed rate of 2.79% to January 2022, including the current spread based on the

company's credit rating.

7/ Maturity date assumes exercise of two six-month extension options.

Mortgages and Notes Payable Detail (dollars in thousands)

Secured 3.8%

Unsecured 96.2%

Variable 6.0%

Fixed 94.0%

Bond Covenants as of December 31, 2020

Overall indebtedness (<60%) 40.3%

Secured indebtedness (<40%) 1.5%

Income available for debt service (>1.5x) 5.81x

Total unencumbered assets to unsecured debt (>150%) 250.0%

Agency Rating Outlook Affirmed

S&P BBB Stable 7/13/20

Moody's Baa2 Stable 6/12/20

7

12/31/20 9/30/20 6/30/20 3/31/20 12/31/19

Total In-Service

Rentable Square Feet

Office 25,909,000 26,637,000 26,802,000 26,802,000 27,766,000

Industrial - - - - 2,672,000

Total 25,909,000 26,637,000 26,802,000 26,802,000 30,438,000

Occupancy

Office 90.3% 90.2% 91.1% 90.9% 92.0%

Industrial - - - - 94.2%

Total 90.3% 90.2% 91.1% 90.9% 92.2%

Same Property:

Rentable Square Feet 24,375,000 24,375,000 24,375,000 24,375,000 24,375,000

Occupancy 90.1% 90.4% 91.3% 90.8% 92.0%

Rentable Square Feet and Occupancy Trend: Total In-Service Office Only

Portfolio Summary

85%

87%

89%

91%

93%

95%

20

21

22

23

24

25

26

27

28

29

12/31/19 3/31/20 6/30/20 9/30/20 12/31/20

Occu

pan

cy

Sq

uare

Feet

in M

illio

ns

Rentable Square Feet Occupancy

8

Percentage of

Rentable Annualized

Market Square Feet Occupancy Cash Revenue 1/

Atlanta 5,416,000 88.8% 21.3%

Nashville 4,567,000 92.8% 19.8%

Raleigh 4,834,000 91.2% 18.4%

Tampa 3,618,000 89.7% 13.4%

Pittsburgh 2,151,000 92.9% 8.3%

Orlando 1,791,000 87.8% 6.8%

Richmond 2,037,000 88.7% 6.2%

Charlotte 841,000 89.6% 4.0%

Other 654,000 87.5% 1.8%

Total 25,909,000 90.3% 100.0%

Annualized Cash Revenue by Market 1/

1/ Annualized Cash Revenue is December 2020 cash rental revenue (base rent plus operating expense pass through revenue excluding

straight-line rental income) multiplied by 12.

Portfolio Summary

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

Atlanta Nashville Raleigh Tampa Pittsburgh Orlando Richmond Charlotte Other

9

Market Measurement 12/31/20 9/30/20 6/30/20 3/31/20 12/31/19

Atlanta Rentable Square Feet 5,416,000 5,416,000 5,416,000 5,416,000 5,415,000

Occupancy 88.8% 88.7% 89.1% 88.9% 89.8%

Current Properties 1/ 88.8% 88.7% 89.1% 88.9% 89.8%

Charlotte Rentable Square Feet 841,000 841,000 841,000 841,000 841,000

Occupancy 89.6% 89.5% 89.5% 89.5% 89.5%


Nashville Rentable Square Feet 4,567,000 4,565,000 4,565,000 4,566,000 4,569,000

Occupancy 92.8% 92.7% 93.3% 93.4% 94.4%


Orlando Rentable Square Feet 1,791,000 1,791,000 1,791,000 1,791,000 1,791,000

Occupancy 87.8% 87.7% 88.3% 88.5% 89.4%


Pittsburgh Rentable Square Feet 2,151,000 2,151,000 2,148,000 2,148,000 2,148,000

Occupancy 92.9% 93.6% 93.7% 93.7% 95.3%


Raleigh Rentable Square Feet 4,834,000 4,875,000 4,875,000 4,874,000 4,874,000

Occupancy 91.2% 90.8% 90.9% 90.4% 90.1%


Richmond Rentable Square Feet 2,037,000 2,037,000 2,036,000 2,036,000 2,036,000

Occupancy 88.7% 88.6% 91.0% 92.2% 93.3%


Tampa Rentable Square Feet 3,618,000 3,619,000 3,618,000 3,618,000 3,620,000

Occupancy 89.7% 90.3% 93.4% 91.9% 93.2%


Other Rentable Square Feet 654,000 1,342,000 1,512,000 1,512,000 5,144,000

Occupancy 87.5% 86.6% 86.9% 86.8% 93.5%


Total Rentable Square Feet 25,909,000 26,637,000 26,802,000 26,802,000 30,438,000

Occupancy 90.3% 90.2% 91.1% 90.9% 92.2%


1/ Only includes properties that were owned and in-service for all periods shown.

Occupancy Trends

10

Leasing Statistics

Three Months Ended Five Quarter

12/31/20 9/30/20 6/30/20 3/31/20 12/31/19 Average

Leasing Activity:

Square footage of Renewal Deals 305,795 469,877 730,250 718,127 805,197 605,849

Square footage of New Deals (Relets) 160,178 189,826 91,007 174,685 397,703 202,680

Rentable square footage leased 465,973 659,703 821,257 892,812 1,202,900 808,529

Renewed square footage (% of total) 65.6% 71.2% 88.9% 80.4% 66.9% 74.9%

New Leases square footage (% of total) 34.4% 28.8% 11.1% 19.6% 33.1% 25.1%

Number of lease transactions (signed leases) 68 93 92 87 107 89

Weighted average per rentable square foot

over the lease term:

Base rent 29.32$ 30.62$ 29.73$ 27.96$ 32.68$ 30.06$

Rent concessions (1.24) (1.18) (0.88) (0.84) (0.54) (0.94)

GAAP rent 28.08 29.44 28.85 27.12 32.14 29.12

Tenant improvements (2.62) (2.04) (1.48) (2.08) (3.20) (2.28)

Leasing commissions 1/ (0.74) (0.62) (0.67) (0.81) (1.06) (0.78)

Effective rent after capex 24.72 26.78 26.70 24.23 27.88 26.06

Expense stop (10.14) (8.81) (8.90) (8.36) (9.71) (9.18)

Effective rent after capex and opex 14.58$ 17.97$ 17.80$ 15.87$ 18.17$ 16.88$

Square feet weighted average term in years 4.4 5.1 8.2 4.2 6.0 5.6

Dollar weighted average term in years 4.6 5.3 8.8 4.4 6.1 5.8

Capital Expenditures Related to Above Leasing Activity:

Tenant Improvements:

Total dollars committed under signed leases 8,901,317$ 9,068,065$ 10,272,768$ 10,419,237$ 27,061,715$ 13,144,620$

Rentable square feet 465,973 659,703 821,257 892,812 1,202,900 808,529

Per rentable square foot 19.10$ 13.75$ 12.51$ 11.67$ 22.50$ 16.26$

Leasing Commissions:

Total dollars committed under signed leases 1/ 1,913,511$ 1,932,360$ 3,719,672$ 3,218,804$ 8,258,867$ 3,808,643$



Total:

Total dollars committed under signed leases 10,814,828$ 11,000,425$ 13,992,440$ 13,638,041$ 35,320,582$ 16,953,263$



1/ Excludes capitalized internal leasing costs.

Office Leasing Statistics

11

For Three Months Ended December 31, 2020

Leasing Statistics Rentable Lease

Square Feet Average TI's Commissions Rental Previous Percentage

Leased Term Per SF Per SF Rate Rent Change

Atlanta 130,005 6.6 33.44$ 7.09$ 28.31$ 24.41$ 16.0%

Orlando 91,324 3.7 12.28 3.97 30.11 27.80 8.3%

Raleigh 80,673 4.3 20.61 3.52 26.06 25.60 1.8%

Pittsburgh 47,962 3.1 13.30 1.56 26.81 26.34 1.8%

Richmond 41,434 2.9 8.77 2.06 22.59 22.12 2.1%

Tampa 36,111 1.5 0.22 0.99 33.48 29.86 12.1%

Nashville 33,030 4.9 21.75 3.71 28.41 27.88 1.9%

Other 5,434 4.7 7.62 4.94 33.74 29.89 12.9%

GAAP Rent Growth 1/ 465,973 4.6 19.10$ 4.11$ 28.08$ 25.91$ 8.4%

Cash Rent Growth 2/ 465,973 4.6 19.10$ 4.11$ 28.19$ 28.18$ 0.0%

Average Office Cash Rental Rates for All In-Place Leases as of:

1/ GAAP rent growth is calculated by comparing average cash rent psf over the term (GAAP rent) of the new lease to the average cash rent psf

over the term related to the previous lease in the same space. Adjustments are made if necessary to put both the current and prior deal on a

consistent gross lease basis.

2/ Cash rent growth is calculated by comparing beginning annualized cash rent psf (after rent concessions burn off) under the new lease to ending

annualized cash rent psf (including recovery income and rent escalations) related to the previous lease in the same space. Adjustments are

made if necessary to put both the current and prior deal on a consistent gross lease basis.

Office Leasing Statistics and Rental Rate Comparisons by Market

$24.12

$25.16

$26.01

$26.97

$28.21

$19

$20

$21

$22

$23

$24

$25

$26

$27

$28

$29

12/31/16 12/31/17 12/31/18 12/31/19 12/31/20

12

Occupied Percent of Percent of

Rentable Occupied Annualized Average Annualized

Square Feet Rentable Cash Rental Cash

Year Expiring Square Feet Revenue 1/ Rate Revenue 1/

2021 2/ 1,913,644 8.2% 52,999$ 27.70$ 8.0%

2022 1,923,263 8.2% 55,031 28.61 8.3%

2023 2,341,142 10.0% 64,912 27.73 9.8%

2024 2,477,527 10.6% 73,936 29.84 11.2%

2025 2,880,807 12.3% 82,530 28.65 12.5%

2026 1,863,015 8.0% 50,806 27.27 7.7%

2027 1,726,509 7.4% 50,443 29.22 7.6%

2028 1,503,344 6.4% 37,441 24.91 5.7%

2029 1,202,446 5.1% 33,001 27.44 5.0%

2030 1,379,684 5.9% 35,278 25.57 5.3%

2031 and thereafter 4,192,266 17.9% 123,931 29.56 18.9%

23,403,647 100.0% 660,308$ 28.21$ 100.0%

Percent of Total Annualized Cash Revenue Expiring by Year

1/ Annualized Cash Revenue is December 2020 cash rental revenue (base rent plus operating expense pass through revenue excluding straight-line

rental income) multiplied by 12.

2/ Includes 52,000 square feet of leases that are on a month to month basis, which constitute 0.2% of total annualized revenue.

Note: 2021 and beyond expirations that have been renewed are reflected above based on the renewal expiration date. Expirations include leases

related to completed not stabilized development properties and exclude leases related to developments in-process.

Office Lease Expirations (dollars in thousands)

0%2%4%6%8%

10%12%14%16%18%20%22%24%

2021 2/ 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 andthereafter

13

2021 1/ 2022 2023 2024 Thereafter

Atlanta RSF 431,077 279,339 249,701 532,100 3,314,975

% of Total RSF 1.9% 1.1% 1.0% 2.3% 14.1%

Annualized Cash Revenue 2/ 12,295$ 9,770$ 7,652$ 16,875$ 94,389$

% of Total Annl Cash Rev 1.9% 1.4% 1.1% 2.5% 14.5%

Charlotte RSF 0 0 0 0 753,738

% of Total RSF 0.0% 0.0% 0.0% 0.0% 3.2%

Annualized Cash Revenue 2/ 12$ 556$ -$ 709$ 25,113$


Nashville RSF 233,050 167,130 439,929 392,955 3,005,871

% of Total RSF 1.0% 0.7% 1.9% 1.7% 12.8%



Orlando RSF 217,704 205,648 162,308 219,421 766,816

% of Total RSF 0.9% 0.9% 0.7% 0.9% 3.3%



Pittsburgh RSF 57,067 131,496 189,918 434,416 1,186,838

% of Total RSF 0.2% 0.6% 0.8% 1.9% 5.1%



Raleigh RSF 344,295 377,913 362,928 510,069 2,813,435

% of Total RSF 1.5% 1.6% 1.6% 2.2% 12.0%



Richmond RSF 202,503 271,308 329,481 104,310 898,313

% of Total RSF 0.9% 1.2% 1.4% 0.4% 3.9%



Tampa RSF 304,202 436,774 412,526 217,100 1,874,856

% of Total RSF 1.3% 1.9% 1.8% 0.9% 8.0%



Other RSF 123,746 53,655 194,351 67,156 133,229

% of Total RSF 0.5% 0.2% 0.8% 0.3% 0.6%



Total RSF 1,913,644 1,923,263 2,341,142 2,477,527 14,748,071

% of Total RSF 8.2% 8.2% 10.0% 10.6% 63.0%



1/ Includes 52,000 square feet of leases that are on a month to month basis, which constitute 0.2% of total annualized revenue.



Office Lease Expirations by Market by Year (dollars in thousands)

14

Percent of Average

Rentable Annualized Annualized Remaining

Square Cash Cash Lease

Top 20 Customers Feet Revenue 1/ Revenue 1/ Term in Years

Federal Government 1,178,487 28,133$ 4.26% 6.2

Bank of America 652,313 26,727 4.05% 13.2

Bridgestone Americas 506,128 18,195 2.76% 16.7

Metropolitan Life Insurance 624,540 16,926 2.56% 10.2

Mars Petcare 223,700 9,850 1.49% 10.4

PPG Industries 361,215 9,837 1.49% 10.3

Vanderbilt University 294,389 8,817 1.34% 5.4

EQT Corporation 317,052 8,265 1.25% 3.8

Tivity 263,598 7,717 1.17% 2.2

Bass, Berry & Sims 213,951 7,170 1.09% 4.1

American General Life 173,834 6,335 0.96% 6.1

Novelis 168,949 6,267 0.95% 3.7

State of Georgia 288,443 5,764 0.87% 3.6

Lifepoint Corporate Services 202,991 5,545 0.84% 8.3

PNC Bank 159,142 5,121 0.78% 7.1

Delta Community Credit Union 128,589 4,885 0.74% 11.8

Avanos Medical 193,199 4,713 0.71% 8.2

Marsh USA 136,246 4,667 0.71% 6.6

Willis Towers Watson 162,849 4,564 0.69% 3.3

Global Payments 168,051 4,537 0.69% 12.2

6,417,666 194,035$ 29.40% 8.7

Percent of Annualized Revenue by Industry

Percent of

Annualized

Cash

Category Revenue 1/

Professional, Scientific, and Technical Services 25.2%

Finance/Banking 17.7%

Health Care and Social Assistance 11.9%

Insurance 9.8%

Manufacturing 8.0%

Government/Public Administration 5.4%

Real Estate Rental and Leasing 4.6%

Information 3.5%

Administrative and Support Services 2.5%

Retail Trade 1.9%

Educational Services 1.8%

Other Services (except Public Administration) 1.7%

Accommodation and Food Services 1.6%

Telecommunication 1.5%

Energy 1.5%

Transportation and Warehousing 1.0%

Wholesale Trade 0.4%

100.0%



Customer Diversification (dollars in thousands)

15

Three months ended

December 31, Dollar Percentage

2020 2019 Change B/(W) Change B/(W)

Rental revenues 1/ 156,383$ 157,211$ (828)$ (0.5%)

Operating expenses (53,098) (55,568) 2,470 4.4%

Cash NOI excluding temporary rent deferrals 1/ 103,285 101,643 1,642 1.6%

Temporary rent deferrals 2/ 2,143 - 2,143 -

Cash NOI 105,428 101,643 3,785 3.7%

Lease termination fees 3/ 102 107 (5) (4.7%)

Cash NOI with Term Fees 4/ 105,530 101,750 3,780 3.7%

Straight-line rent and other non-cash adjustments 5/ 1,698 6,820 (5,122) (75.1%)

GAAP NOI 107,228$ 108,570$ (1,342)$ (1.2%)

Average occupancy 90.1% 91.4% (1.3%)

Rentable square feet 24,375,000 24,375,000

Twelve months ended

December 31, Dollar Percentage

2020 2019 Change B/(W) Change B/(W)

Rental revenues 1/ 622,603$ 621,269$ 1,334$ 0.2%

Operating expenses (208,635) (219,001) 10,366 4.7%

Cash NOI excluding temporary rent deferrals 1/ 413,968 402,268 11,700 2.9%

Temporary rent deferrals 2/ (3,366) - (3,366) -

Cash NOI 410,602 402,268 8,334 2.1%

Lease termination fees 3/ 477 664 (187) (28.2%)

Cash NOI with Term Fees 4/ 411,079 402,932 8,147 2.0%

Straight-line rent and other non-cash adjustments 5/ 27,176 18,990 8,186 43.1%

GAAP NOI 438,255$ 421,922$ 16,333$ 3.9%

Average occupancy 90.9% 91.1% (0.2%)

Rentable square feet 24,375,000 24,375,000

Year to Date: 2020 vs 2019

GAAP NOI Occupancy

Percentage Percentage

Market Change Change

Atlanta (2.8%) (0.1%)

Nashville 0.2% (0.6%)

Orlando (6.5%) (1.6%)

Pittsburgh (1.8%) (1.3%)

Raleigh 6.1% 2.1%

Richmond (0.1%) (3.2%)

Tampa 33.2% 0.8%

Other (6.3%) (4.9%)

3.9% (0.2%)

1/ Excludes straight-line rents, lease termination fees, adjustments related to amortization of acquired above and below market leases and amortization

of lease incentives.

2/ Includes impact of temporary rent deferrals, the majority of which are scheduled to be repaid by the end of 2021. Rent deferrals do not include

abatements or free rent provided in exchange for lease extensions entered into as a result of the COVID-19 pandemic.

3/ Straight-line rent credit losses related to lease terminations are reflected here as a reduction of lease termination fees.

4/ Excludes straight-line rents, adjustments related to amortization of acquired above and below market leases and amortization of lease incentives.

5/ Includes adjustments related to amortization of acquired above and below market leases, amortization of lease incentives and temporary rent

deferrals.

Same Property Performance (dollars in thousands)

16

Twelve Months

Ended

12/31/20

Occupancy 92.0%

Square feet 4,489,000

Gross sales price 491,400$

Industrial/Flex Portfolio 7023 Albert Pick

Market Greensboro Market Greensboro

Property type Industrial/Flex Property type Office

Number of buildings 35 Number of buildings 1

Date sold January 30, 2020 Date sold October 1, 2020

Occupancy 1/ 93.9% Occupancy 1/ 100.0%

Square feet 2,783,000 Square feet 50,000

Gross sales price 193,400$ Gross sales price 4,550$

The Knollwood 1501 Highwoods Blvd/628 & 701 Green Valley

Market Greensboro Market Greensboro

Property type Office Property type Office


Date sold February 12, 2020 Date sold November 3, 2020


Square feet 250,000 Square feet 292,000


Triad Centre Church Street/PennMarc Centre

Market Memphis Market Greensboro/Memphis



Date sold March 31, 2020 Date sold November 9, 2020




International Place II Comcast

Market Memphis Market Memphis



Date sold March 31, 2020 Date sold December 16, 2020




Centrum and Colonnade

Market Memphis

Property type Office

Number of buildings 2

Date sold July 1, 2020

Occupancy 1/ 89.0%

Square feet 169,000

Gross sales price 23,300$

1/ As of last reported quarter-end occupancy prior to date of disposition.

Disposition Activity (dollars In thousands)

17

Rentable Anticipated Investment Estimated Estimated

Square Total As Of Pre Completion Stabilization

Office In-Process Market Feet Investment 1/ 12/31/20 1/ Leased % Date Date

GlenLake Seven 2/ Raleigh 125,700 43,881$ 36,966$ 100.0% 1Q 21 1Q 21

Midtown West 3/ Tampa 150,000 71,300 47,069 6.6% 2Q 21 4Q 22

Asurion Nashville 552,800 285,000 225,727 98.3% 4Q 21 1Q 22

828,500 400,181$ 309,762$ 81.9%

Occupancy

Office Completed Not Stabilized 4/ as of 12/31/20

MetLife III 5/ Raleigh 219,000 64,500$ 62,633$ 100.0% 86.4% 1Q 19 2Q 21

Virginia Springs II Nashville 111,000 37,900 26,467 5.3% 5.3% 4Q 20 3Q 22

330,000 102,400$ 89,100$ 68.1% 59.1%

Total Pipeline 1,158,500 502,581$ 398,862$ 78.0%

$ Weighted % 78.6%

Midtown West, Tampa

1/ Includes deferred lease commissions, which are not classified as development in-process on our consolidated balance sheet.

2/ Recorded on our consolidated balance sheet in land and buildings and tenant improvements, not development in-process.

3/ We own an 80% interest in this consolidated joint venture.

4/ "Completed not stabilized" properties are recorded on our consolidated balance sheet in land and buildings and tenant improvements,

not development in-process.

5/ Pre-lease of 100% contains a required take down of one floor in Q2 '21.

Development Activity (dollars in thousands)

18

Acres

As Of Square Footage

Market 12/31/20 Buildout 1/Nashville 58 1,934,000 Tampa 37 813,000 Raleigh 2/ 40 1,226,000 Richmond 3/ 23 350,000 Orlando 2 451,000 Atlanta 1 175,000 Pittsburgh 4/ - 58,000

Core total 161 5,007,000

Non-core total 59

Total 220

Cost Basis 1/ 2/ 3/ 4/ 128,106$

The 220 acres of Development Land have an estimated market value of between $140M to $150M.

1/ Represents approximately $2 billion in total development.

2/ Includes 8 acres of land reclassified from in-service related to an unoccupied building we plan to demolish and develop a new building on the site.

3/ Excludes 10 acres of core development land and 3 acres of non-core land owned by a 50% consolidated joint venture with a total cost basis

of $1.9 and $1.5 million, respectively.

4/ Total acreage is less than an acre.

Land Held for Development (dollars in thousands)

19

Unconsolidated Joint Venture Financial Information:

Joint Venture Own % Revenue NOI Revenue NOI

Plaza Colonnade, Tenant-in-Common 50.0% 3,236$ 2,100$ 13,210$ 8,729$

Highwoods DLF Forum, LLC 25.0% 3,898 2,790 15,533 11,210

Kessinger/Hunter & Company, LC 26.5% 1,648 544 5,331 1,125

Total 8,782$ 5,434$ 34,074$ 21,064$

Total Total

Joint Venture Own % Assets Debt Liabilities

Plaza Colonnade, Tenant-in-Common 50.0% 52,862$ 55,131$ 56,396$

Highwoods DLF Forum, LLC 25.0% 109,030 - 4,091

Kessinger/Hunter & Company, LC 26.5% 4,417 1,007 1,899

Total 166,309$ 56,138$ 62,386$

Summary of Joint Ventures:

Rentable

Market Square Feet Occupancy

Kansas City 292,000 85.3%

Raleigh 636,000 91.0%

Richmond 1/ 345,000 99.2%

Total 1,273,000 91.9%

1/ This joint venture is consolidated.

Venture's Books

Three Months Ended December 31, 2020 Year Ended December 31, 2020

Venture's Books

As of December 31, 2020

Unconsolidated Joint Ventures Income Year Ended 12/31/14 (dollars in thousands)Unconsolidated Joint Ventures Income Six Months Ended Joint Venture Financial and Summary Information (dollars in thousands)

20

4th quarter 2020

Documents