i, ii, iii...vice president, chief accounting officer dan woodward hugh esleeck vice president,...

Page

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

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

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

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

Capitalization, Net debt-to-Adjusted EBITDAre and Revenue Detail…………………………………………………………………………………………………………………………….4

Mortgages and Notes Payable Summary……………………………………………………………………………………………………………………………………………..5

Mortgages and Notes Payable Detail…………………………………………………………………………………………………………………………………………………….6

Portfolio Summary………………………………………………………………………………………………………………………………………………………………………….7, 8

Occupancy Trends………………………………………………………………………………………………………………………………………………………………………9

Office Leasing Statistics...……………………………………………………………………………………………………………………………………………………………..10

Office Leasing Statistics and Rental Rate Comparisons by Market……………………………………………………………………………………………………………….11

Office Lease Expirations……………………………………………………………………………………………………………..…………………………………………………12

Office Lease Expirations by Market by Year……………………………………………………………………………………………………………………………………………13

Customer Diversification…………………………………………………………………………………………………………………………………………………………………..14

Same Property Performance………………………………………………………………………………………………………………………………………………………………15

Disposition Activity……………………………………………………………………………………………………………………………….……………………………………. 16

Development Activity……………………………………………………………………………………………………………………………….…………………………………….17

Land Held for Development………………………………………………………………………………………………………………………………………………………………18

Joint Venture Financial and Summary Information……………………………………………………………………………………………………………………………………..19

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

potential 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 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 the resulting economic recession 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; our assumptions regarding potential losses related to customer

financial difficulties due to the COVID-19 pandemic could prove incorrect; 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; 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 “Business – Risk Factors”

set forth in our 2019 Annual Report on Form 10-K and “Risk Factors” in our second quarter 2020 Quarterly Report on Form 10-Q. 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.

Due to recent dispositions and actively marketing our remaining Greensboro and Memphis assets for sale, we combined these markets into an Other category beginning

in the second quarter 2020.

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 third quarter earnings release.

COVER

Asurion HQ

Nashville, TN

Table of Contents

TOC

Three Months Ended

9/30/20 9/30/19

Financial:

Revenues 181,043$ 187,475$

Net operating income (NOI) 124,151$ 123,340$

Same property cash NOI growth excluding temporary rent deferrals 2.2% 0.5%

Same property cash NOI growth 1.3% 0.5%

Funds from operations per share 0.86$ 0.83$

Weighted average common shares outstanding, diluted 106,740 106,471

Balance Sheet:

Leverage (including preferred stock) based on gross book assets 1/ 36.6% 36.3%

Net debt-to-Adjusted EBITDAre 5.03x 4.92x

Net debt plus Preferred Stock-to-Adjusted EBITDAre 5.09x 4.98x

Unencumbered NOI % 96.6% 96.4%

Credit facility availability 600,000$ 600,000$

Operations:

Quarter-end occupancy 90.2% 91.4%

Office square feet leased 660 939

Office GAAP rent growth 2/ 12.5% 19.4%

Average office cash rental rate per square foot for in-place leases 28.07$ 26.67$

Nine Months Ended

9/30/20

Investment Activity:

Building acquisitions -$

Building dispositions 361,700$

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 balance at 9/30/20 and 9/30/19 of $118.7 million and $116.7 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 Hartzell, Ph.D. Steve Garrity

Sherry Kellett Vice President, Orlando

Ted Klinck Skip Hill

Anne Lloyd Vice President, Raleigh

Brian Reames

Corporate Officers Senior Vice President, Nashville

Andy Wisniewski

Dan Clemmens Vice President, Pittsburgh

Vice President, Chief Accounting Officer Dan Woodward

Hugh Esleeck Vice President, Tampa

Vice President, Treasurer

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 Investor Relations

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 Investor Relations

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/

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

Rental and other revenues 556,996$ 543,908$ 181,043$ 183,153$ 192,800$ 192,071$ 187,475$

Operating expenses:

Rental property and other expenses 174,213 185,244 56,892 55,119 62,202 63,267 64,135

Depreciation and amortization 180,914 189,514 60,303 59,461 61,150 64,990 60,850

Impairments of real estate assets 1,778 5,849 - 1,778 - - 5,318

General and administrative 30,169 33,658 9,155 10,084 10,930 10,409 11,717

Total operating expenses 387,074 414,265 126,350 126,442 134,282 138,666 142,020

Interest expense 61,003 59,622 19,886 19,840 21,277 22,026 20,527

Other income/(loss) (2,654) (3,271) (3,311) 588 69 761 174

Gains on disposition of property 163,397 10,218 10,012 318 153,067 29,299 3,515

Equity in earnings of unconsolidated affiliates 2,965 2,369 823 1,179 963 907 940

Net income 272,627 79,337 42,331 38,956 191,340 62,346 29,557 Net (income) attributable to noncontrolling

interests in the Operating Partnership (7,084) (1,974) (1,107) (1,017) (4,960) (1,577) (737) Net (income) attributable to noncontrolling

interests in consolidated affiliates (872) (919) (298) (289) (285) (295) (297)

Dividends on Preferred Stock (1,866) (1,866) (622) (622) (622) (622) (622)

Net income available for common stockholders 262,805$ 74,578$ 40,304$ 37,028$ 185,473$ 59,852$ 27,901$

Earnings per Common Share - basic:Net income available for common stockholders 2.53$ 0.72$ 0.39$ 0.36$ 1.79$ 0.58$ 0.27$

Weighted average Common Shares

outstanding - basic 103,865 103,674 103,896 103,886 103,813 103,746 103,727

Earnings per Common Share - diluted:Net income available for common stockholders 2.53$ 0.72$ 0.39$ 0.36$ 1.79$ 0.58$ 0.27$

Weighted average Common Shares

outstanding - diluted 106,702 106,425 106,740 106,730 106,633 106,504 106,471

Nine Months Ended Three Months Ended

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

1

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

Funds from operations:

Net income 272,627$ 79,337$ 42,331$ 38,956$ 191,340$ 62,346$ 29,557$

Net (income) attributable to noncontrolling

interests in consolidated affiliates (872) (919) (298) (289) (285) (295) (297)

Depreciation and amortization of real estate assets 178,818 187,347 59,622 58,764 60,432 64,198 60,145

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

(Gains) on disposition of depreciable properties (162,673) (9,283) (10,012) - (152,661) (29,299) (2,580)

Unconsolidated affiliates:

Depreciation and amortization of real estate assets 1,803 1,834 653 581 569 591 632

Funds from operations 291,481 259,716 92,296 99,790 99,395 97,541 88,857

Dividends on Preferred Stock (1,866) (1,866) (622) (622) (622) (622) (622)

Funds from operations available for

common stockholders 289,615$ 257,850$ 91,674$ 99,168$ 98,773$ 96,919$ 88,235$

Funds from operations available for

common stockholders per share 2.71$ 2.42$ 0.86$ 0.93$ 0.93$ 0.91$ 0.83$

Weighted average shares outstanding 106,702 106,425 106,740 106,730 106,633 106,504 106,471

Additional information: 1/

Losses on debt extinguishment 3,671$ 640$ 3,671$ -$ -$ -$ 265$

Straight-line rental income 2/ (33,580) (14,686) (8,135) (15,119) (10,326) (8,280) (6,498) Straight-line rental write-offs related to

termination fees 173 91 41 41 91 145 35

Amortization of lease incentives 1,396 3,848 477 429 490 433 540

Depreciation of non-real estate assets 1,656 1,737 533 551 572 645 555

Ground lease straight-line rent expense 209 237 67 70 72 72 76

Share-based compensation expense 4,980 6,180 1,242 1,242 2,496 1,000 668

Amortization of debt issuance costs 2,312 2,194 779 766 767 776 739

Amortization of accumulated other comprehensive

(income)/loss (222) (841) (74) (74) (74) (74) (212) Amortization of above/(below) market leases and

other adjustments (3,651) 436 (1,203) (1,195) (1,253) (1,135) (1,211)

Non-incremental revenue generating capital expenditures

incurred: 3/

Building improvements (23,290) (23,750) (8,644) (7,295) (7,351) (12,369) (8,566)

2nd generation tenant improvements (60,315) (66,046) (20,847) (18,120) (21,348) (19,090) (19,345)

2nd generation lease commissions (12,709) (19,521) (3,681) (4,274) (4,754) (8,625) (7,553)

Common dividends and unit distributions paid (153,554) (151,556) (51,230) (51,225) (51,099) (50,568) (50,533)

1/ Increase or (decrease) to cash flows.

2/ Includes $0.9 million and $6.0 million of temporary rent deferrals granted by the Company during the three and nine months ended

September 30, 2020, respectively. Includes $1.5 million of credit losses mostly due to the conversion of fixed rent leases to percentage

rent leases for certain customers in the third quarter of 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.

Nine Months Ended Three Months Ended

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

2

9/30/20 12/31/19

Assets:

Real estate assets, at cost:

Land 465,160$ 515,095$

Buildings and tenant improvements 4,948,794 5,128,150

Development in-process 258,219 172,706

Land held for development 131,489 99,163

5,803,662 5,915,114

Less-accumulated depreciation (1,387,723) (1,388,566)

Net real estate assets 4,415,939 4,526,548

Real estate and other assets, net, held for sale 72,729 20,790

Cash and cash equivalents 118,705 9,505

Restricted cash 9,566 5,237

Accounts receivable 25,989 23,370

Mortgages and notes receivable 1,390 1,501

Accrued straight-line rents receivable 253,682 234,652

Investments in and advances to unconsolidated affiliates 26,639 26,298

Deferred leasing costs, net of accumulated amortization of $153,045 and $146,125, respectively 216,329 231,347

Prepaid expenses and other assets, net of accumulated depreciation of $20,557 and $20,017, respectively 63,671 58,996

Total Assets 5,204,639$ 5,138,244$

Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:

Mortgages and notes payable, net 2,469,554$ 2,543,710$

Accounts payable, accrued expenses and other liabilities 299,587 286,911

Total Liabilities 2,769,141 2,830,621

Commitments and contingencies

Noncontrolling interests in the Operating Partnership 95,416 133,216

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;

103,908,229 and 103,756,046 shares issued and outstanding, respectively 1,039 1,038

Additional paid-in capital 3,008,501 2,954,779

Distributions in excess of net income available for common stockholders (718,465) (831,808)

Accumulated other comprehensive loss (1,577) (471)

Total Stockholders' Equity 2,318,324 2,152,397

Noncontrolling interests in consolidated affiliates 21,758 22,010

Total Equity 2,340,082 2,174,407

Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity 5,204,639$ 5,138,244$

Consolidated Balance Sheets (dollars in thousands)

3

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

Mortgages and notes payable, net, at recorded book

value (see pages 5 & 6) 2,469,554$ 2,337,662$ 2,410,189$ 2,543,710$ 2,322,226$

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

Common Stock outstanding 103,908 103,897 103,886 103,756 103,748

Common Units outstanding (not owned by the Company) 2,842 2,842 2,842 2,724 2,726

Common Stock and Common Units outstanding 106,750 106,739 106,728 106,480 106,474

Per share stock price at period end 33.57$ 37.33$ 35.42$ 48.91$ 44.94$

Market value of Common Stock and Common Units 3,583,598$ 3,984,567$ 3,780,306$ 5,207,937$ 4,784,942$

Total capitalization 6,081,978$ 6,351,072$ 6,219,351$ 7,780,506$ 7,136,027$

Net debt-to-Adjusted EBITDAre:

Net income 42,331$ 38,956$ 191,340$ 62,346$ 29,557$

Interest expense 19,886 19,840 21,277 22,026 20,527

Depreciation and amortization 60,303 59,461 61,150 64,990 60,850

(Gains) on disposition of depreciable properties (10,012) - (152,661) (29,299) (2,580)

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

Adjustments to reflect our share of EBITDAre from

unconsolidated affiliates 988 916 907 960 1,005

EBITDAre 113,496$ 120,951$ 122,013$ 121,023$ 110,759$

Losses on debt extinguishment 3,671 - - -

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

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

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

Adjusted EBITDAre (annualized) 1/ 2/ 472,264$ 483,885$ 477,052$ 494,481$ 455,081$

Mortgages and notes payable 3/ 2,497,553$ 2,365,825$ 2,438,248$ 2,572,492$ 2,359,574$

Less - cash and cash equivalents and 1031 restricted cash 3/ (123,040) (8,334) (117,823) (12,305) (120,658)

Net debt 4/ 2,374,513$ 2,357,491$ 2,320,425$ 2,560,187$ 2,238,916$

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

Net debt plus Preferred Stock 2,403,339$ 2,386,334$ 2,349,281$ 2,589,046$ 2,267,775$

Net debt-to-Adjusted EBITDAre 5/ 5.03x 4.87x 4.86x 5.18x 4.92x

Net debt plus Preferred Stock-to-Adjusted EBITDAre 6/ 5.09x 4.93x 4.92x 5.24x 4.98x

Rental and other revenues:

Contractual rents, net 152,991$ 148,397$ 157,593$ 159,332$ 154,902$

Straight-line rental income, net 8,135 15,119 10,326 8,280 6,498

Cost recoveries billed under lease arrangements, net 12,994 13,091 16,157 15,508 17,127

Lease termination fees, net 114 178 120 107 111

Other miscellaneous operating revenues 6,809 6,368 8,604 8,844 8,837

181,043$ 183,153$ 192,800$ 192,071$ 187,475$

1/ Adjusted EBITDAre is calculated prospectively for all periods starting 10/1/19 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. Prior to the quarter ended 12/31/19, Adjusted EBITDAre equals EBITDAre.

2/ Adjusted EBITDAre (annualized) is Adjusted EBITDAre multiplied by four. Certain period specific items are not annualized. In the quarter ended 9/30/19, these included land

impairments and gains and other items.

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)

4

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

Secured:

Conventional fixed rate 93,846$ 94,336$ 94,822$ 95,303$ 95,779$

Unsecured - Fixed:

Fixed rate bonds and notes 2,190,241 1,941,277 1,940,851 1,940,425 1,939,999

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

Unsecured - fixed total 2,240,241 1,991,277 1,990,851 1,990,425 1,989,999

Unsecured - Floating:

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

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

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

Unsecured - floating total 150,000 264,000 337,000 471,000 250,000

Unsecured total 2,390,241 2,255,277 2,327,851 2,461,425 2,239,999

Total 2,484,087$ 2,349,613$ 2,422,673$ 2,556,728$ 2,335,778$

Total Net of Debt Issuance Costs 2,469,554$ 2,337,662$ 2,410,189$ 2,543,710$ 2,322,226$

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% 3.76% 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% 3.74% 3.74% 3.74% 3.73%

Unsecured - Floating:

Bank term loan 1.25% 1.28% 2.09% 2.90% 3.14%

Bank term loan - 1.28% 2.69% 2.81% 3.21%

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

Unsecured - floating total 1.25% 1.27% 2.21% 2.81% 3.16%

Unsecured total 3.42% 3.45% 3.50% 3.56% 3.67%

Weighted Average 3.44% 3.47% 3.52% 3.58% 3.68%

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

2020 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 = 6.9 years

$

5

Undepreciated

Secured Loans Loan Book Value of

Effective Maturity Balance Real Estate & Related

Lender Rate Date 9/30/20 Assets Secured

Allianz Life Insurance Company 4.00% May-29 93,846$ 147,631$

Unsecured Bonds

Bonds 1/ 3.24% Feb-30 399,081

Bonds 2.65% Feb-31 398,384

Bonds 2/ 4.38% Apr-29 349,165

Bonds 3/ 4.06% Mar-28 346,932

Bonds 4/ 3.78% Mar-27 297,434

Bonds 3.75% Jan-23 249,398

Bonds 3.36% Jun-21 149,847

3.58% 2,190,241

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% 2,484,087$

Total Net of Debt Issuance Costs 2,469,554$

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 September 30, 2020

Overall indebtedness (<60%) 40.5%

Secured indebtedness (<40%) 1.5%

Income available for debt service (>1.5x) 5.74x

Total unencumbered assets to unsecured debt (>150%) 249.0%

Agency Rating Outlook Affirmed

S&P BBB Stable 7/13/20

Moody's Baa2 Stable 6/12/20

6

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

Total In-Service

Rentable Square Feet

Office 26,637,000 26,802,000 26,802,000 27,766,000 27,254,000

Industrial - - - 2,672,000 2,672,000

Total 26,637,000 26,802,000 26,802,000 30,438,000 29,926,000

Occupancy

Office 90.2% 91.1% 90.9% 92.0% 91.2%

Industrial - - - 94.2% 92.9%

Total 90.2% 91.1% 90.9% 92.2% 91.4%

Same Property:

Rentable Square Feet 25,101,000 25,101,000 25,101,000 25,101,000 25,101,000

Occupancy 90.0% 90.9% 90.8% 91.9% 91.1%

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

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

Occu

pan

cy

Sq

uare

Feet

in M

illio

ns

Rentable Square Feet Occupancy

7

Percentage of

Rentable Annualized

Market Square Feet Occupancy Cash Revenue 1/

Atlanta 5,416,000 88.7% 20.1%

Nashville 4,565,000 92.7% 19.1%

Raleigh 4,875,000 90.8% 18.2%

Tampa 3,619,000 90.3% 13.9%

Pittsburgh 2,151,000 93.6% 8.4%

Orlando 1,791,000 87.7% 6.7%

Richmond 2,037,000 88.6% 6.0%

Charlotte 841,000 89.5% 3.8%

Other 1,342,000 86.6% 3.8%

Total 26,637,000 90.2% 100.0%

Annualized Cash Revenue by Market 1/

1/ Annualized Cash Revenue is September 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

8

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

Atlanta Rentable Square Feet 5,416,000 5,416,000 5,416,000 5,415,000 5,414,000

Occupancy 88.7% 89.1% 88.9% 89.8% 89.7%

Current Properties 1/ 88.7% 89.1% 88.9% 89.8% 89.7%

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

Occupancy 89.5% 89.5% 89.5% 89.5%

Current Properties 1/ - - - -

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

Occupancy 92.7% 93.3% 93.4% 94.4% 93.8%


Orlando Rentable Square Feet 1,791,000 1,791,000 1,791,000 1,791,000 1,789,000

Occupancy 87.7% 88.3% 88.5% 89.4% 89.8%


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

Occupancy 93.6% 93.7% 93.7% 95.3% 96.2%


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

Occupancy 90.8% 90.9% 90.4% 90.1% 88.6%


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

Occupancy 88.6% 91.0% 92.2% 93.3% 93.0%


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

Occupancy 90.3% 93.4% 91.9% 93.2% 89.7%


Other Rentable Square Feet 1,342,000 1,512,000 1,512,000 5,144,000 5,476,000

Occupancy 86.6% 86.9% 86.8% 93.5% 92.6%


Total Rentable Square Feet 26,637,000 26,802,000 26,802,000 30,438,000 29,926,000

Occupancy 90.2% 91.1% 90.9% 92.2% 91.4%


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

Occupancy Trends

9

Leasing Statistics

Three Months Ended Five Quarter

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

Leasing Activity:

Square footage of Renewal Deals 469,877 730,250 718,127 805,197 571,779 659,046

Square footage of New Deals (Relets) 189,826 91,007 174,685 397,703 366,923 244,029

Rentable square footage leased 659,703 821,257 892,812 1,202,900 938,702 903,075

Renewed square footage (% of total) 71.2% 88.9% 80.4% 66.9% 60.9% 73.0%

New Leases square footage (% of total) 28.8% 11.1% 19.6% 33.1% 39.1% 27.0%

Number of lease transactions (signed leases) 93 92 87 107 97 95

Weighted average per rentable square foot

over the lease term:

Base rent 30.62$ 29.73$ 27.96$ 32.68$ 29.46$ 30.09$

Rent concessions (1.18) (0.88) (0.84) (0.54) (0.61) (0.81)

GAAP rent 29.44 28.85 27.12 32.14 28.85 29.28

Tenant improvements (2.04) (1.48) (2.08) (3.20) (3.61) (2.48)

Leasing commissions 1/ (0.62) (0.67) (0.81) (1.06) (0.86) (0.80)

Effective rent after capex 26.78 26.70 24.23 27.88 24.38 26.00

Expense stop (8.81) (8.90) (8.36) (9.71) (9.08) (8.97)

Effective rent after capex and opex 17.97$ 17.80$ 15.87$ 18.17$ 15.30$ 17.03$

Square feet weighted average term in years 5.1 8.2 4.2 6.0 6.5 6.0

Dollar weighted average term in years 5.3 8.8 4.4 6.1 6.7 6.3

Capital Expenditures Related to Above Leasing Activity:

Tenant Improvements:

Total dollars committed under signed leases 9,068,065$ 10,272,768$ 10,419,237$ 27,061,715$ 24,182,708$ 16,200,899$

Rentable square feet 659,703 821,257 892,812 1,202,900 938,702 903,075

Per rentable square foot 13.75$ 12.51$ 11.67$ 22.50$ 25.76$ 17.94$

Leasing Commissions:

Total dollars committed under signed leases 1/ 1,932,360$ 3,719,672$ 3,218,804$ 8,258,867$ 5,526,859$ 4,531,312$



Total:

Total dollars committed under signed leases 11,000,425$ 13,992,440$ 13,638,041$ 35,320,582$ 29,709,567$ 20,732,211$



1/ Excludes capitalized internal leasing costs.

Office Leasing Statistics

10

For Three Months Ended September 30, 2020

Leasing Statistics Rentable Lease

Square Feet Average TI's Commissions Rental Previous Percentage

Leased Term Per SF Per SF Rate Rent Change

Atlanta 173,856 6.7 6.56$ 0.95$ 32.74$ 29.36$ 11.5%

Raleigh 167,113 3.0 7.87 1.32 25.20 24.07 4.7%

Tampa 79,486 5.1 16.96 5.69 32.72 28.25 15.8%

Orlando 76,624 5.7 22.48 2.79 32.06 21.97 45.9%

Nashville 71,937 5.1 19.14 4.00 28.92 27.80 4.0%

Richmond 26,059 5.5 19.79 4.51 22.16 24.65 -10.1%

Pittsburgh 10,000 7.4 25.00 7.51 30.41 - -

Charlotte 5,124 5.3 91.21 11.90 37.20 - -

Other 49,504 5.3 18.84 6.84 26.87 24.95 7.7%

GAAP Rent Growth 1/ 659,703 5.3 13.75$ 2.93$ 29.44$ 26.17$ 12.5%

Cash Rent Growth 2/ 659,703 5.3 13.75$ 2.93$ 29.94$ 28.52$ 5.0%

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

$24.22 $24.53

$25.74

$26.67

$28.07

$19

$20

$21

$22

$23

$24

$25

$26

$27

$28

$29

9/30/16 9/30/17 9/30/18 9/30/19 9/30/20

11

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/

2020 2/ 340,754 1.4% 9,208$ 27.02$ 1.4%

2021 2,063,611 8.6% 57,316 27.77 8.5%

2022 1,924,128 8.0% 55,007 28.59 8.2%

2023 2,415,645 10.1% 65,929 27.29 9.8%

2024 2,558,175 10.6% 74,306 29.05 11.0%

2025 2,931,878 12.2% 82,012 27.97 12.2%

2026 1,813,231 7.5% 51,984 28.67 7.7%

2027 1,801,773 7.5% 49,472 27.46 7.3%

2028 1,485,175 6.2% 36,657 24.68 5.4%

2029 1,169,975 4.9% 33,286 28.45 4.9%

2030 and thereafter 5,527,372 23.0% 159,288 28.82 23.6%

24,031,717 100.0% 674,465$ 28.07$ 100.0%

Percent of Total Annualized Cash Revenue Expiring by Year

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

rental income) multiplied by 12.

2/ Includes 31,000 square feet of leases that are on a month to month basis, which constitute 0.2% of total annualized revenue.

Note: 2020 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%

2020 2/ 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 andthereafter

12

2020 1/ 2021 2022 2023 Thereafter

Atlanta RSF 77,036 419,251 252,415 253,455 3,799,494

% of Total RSF 0.4% 1.7% 1.0% 1.1% 15.9%

Annualized Cash Revenue 2/ 1,694$ 12,187$ 8,822$ 7,697$ 105,639$

% of Total Annl Cash Rev 0.3% 1.8% 1.4% 1.2% 15.5%

Charlotte RSF 0 0 0 0 752,921

% of Total RSF 0.0% 0.0% 0.0% 0.0% 3.1%

Annualized Cash Revenue 2/ 12$ -$ 361$ -$ 25,271$


Nashville RSF 30,755 228,833 163,894 438,677 3,367,921

% of Total RSF 0.1% 1.0% 0.7% 1.8% 14.0%

Annualized Cash Revenue 2/ 766$ 6,270$ 4,729$ 12,731$ 104,011$


Orlando RSF 25,281 246,924 205,911 147,591 945,325

% of Total RSF 0.1% 1.0% 0.9% 0.6% 4.0%



Pittsburgh RSF 0 77,022 138,936 189,918 1,608,402

% of Total RSF 0.0% 0.3% 0.6% 0.8% 6.7%



Raleigh RSF 57,314 385,606 355,018 364,712 3,264,713

% of Total RSF 0.2% 1.6% 1.4% 1.5% 13.6%



Richmond RSF 29,514 230,805 235,577 329,481 979,909

% of Total RSF 0.1% 1.0% 1.0% 1.4% 4.0%



Tampa RSF 32,106 282,815 427,275 436,740 2,088,418

% of Total RSF 0.1% 1.2% 1.8% 1.8% 8.7%



Other RSF 88,748 192,355 145,102 255,071 480,476

% of Total RSF 0.4% 0.8% 0.6% 1.1% 1.9%



Total RSF 340,754 2,063,611 1,924,128 2,415,645 17,287,579

% of Total RSF 1.4% 8.6% 8.0% 10.1% 71.9%



1/ Includes 31,000 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)

13

Percent of Average

Rentable Annualized Annualized Remaining

Square Cash Cash Lease

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

Federal Government 1,222,764 32,439$ 4.81% 8.1

Bank of America 652,313 26,198 3.88% 13.4

Bridgestone Americas 506,128 18,195 2.70% 16.9

Metropolitan Life Insurance 624,540 16,719 2.48% 10.6

Mars Petcare 223,700 9,850 1.46% 10.7

PPG Industries 361,215 9,837 1.46% 10.6

EQT Corporation 317,052 8,265 1.23% 4.0

Vanderbilt University 294,389 8,251 1.22% 5.6

Tivity 263,598 7,717 1.14% 2.4

Bass, Berry & Sims 213,951 7,167 1.06% 4.3

American General Life 173,834 6,335 0.94% 6.3

Novelis 168,949 6,267 0.93% 3.9

State of Georgia 288,443 5,764 0.85% 3.8

Lifepoint Corporate Services 202,991 5,545 0.82% 8.5

PNC Bank 159,142 5,037 0.75% 7.3

Delta Community Credit Union 128,589 4,885 0.72% 12.1

Avanos Medical 193,199 4,713 0.70% 8.5

Marsh USA 136,246 4,667 0.69% 6.9

Willis Towers Watson 162,849 4,564 0.68% 3.5

Global Payments 168,051 4,537 0.67% 12.4

6,461,943 196,952$ 29.19% 9.2

Percent of Annualized Revenue by Industry

Percent of

Annualized

Cash

Category Revenue 1/

Professional, Scientific, and Technical Services 25.0%

Finance/Banking 17.5%

Health Care and Social Assistance 11.8%

Insurance 9.6%

Manufacturing 7.8%

Government/Public Administration 6.0%

Real Estate Rental and Leasing 4.6%

Information 3.5%

Administrative and Support Services 2.5%

Retail Trade 2.0%

Other Services (except Public Administration) 1.9%

Educational Services 1.8%

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)

14

Three months ended

September 30, Dollar Percentage

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

Rental revenues 1/ 157,885$ 160,724$ (2,839)$ (1.8%)

Operating expenses (52,843) (57,988) 5,145 8.9%

Cash NOI excluding temporary rent deferrals 1/ 105,042 102,736 2,306 2.2%

Temporary rent deferrals 2/ (1,012) - (1,012) -

Cash NOI 104,030 102,736 1,294 1.3%

Lease termination fees 3/ 114 111 3 2.7%

Cash NOI with Term Fees 4/ 104,144 102,847 1,297 1.3%

Straight-line rent and other non-cash adjustments 5/ 6,195 6,548 (353) (5.4%)

GAAP NOI 110,339$ 109,395$ 944$ 0.9%

Average occupancy 90.4% 91.0% (0.6%)

Rentable square feet 25,101,000 25,101,000

Nine months ended

September 30, Dollar Percentage

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

Rental revenues 1/ 476,609$ 475,439$ 1,170$ 0.2%

Operating expenses (159,690) (167,484) 7,794 4.7%

Cash NOI excluding temporary rent deferrals 1/ 316,919 307,955 8,964 2.9%

Temporary rent deferrals 2/ (5,517) - (5,517) -

Cash NOI 311,402 307,955 3,447 1.1%

Lease termination fees 3/ 412 557 (145) (26.0%)

Cash NOI with Term Fees 4/ 311,814 308,512 3,302 1.1%

Straight-line rent and other non-cash adjustments 5/ 25,624 12,358 13,266 107.3%

GAAP NOI 337,438$ 320,870$ 16,568$ 5.2%

Average occupancy 90.7% 91.0% (0.3%)

Rentable square feet 25,101,000 25,101,000

Year to Date: 2020 vs 2019

GAAP NOI Occupancy

Percentage Percentage

Market Change Change

Atlanta (1.4%) 0.1%

Nashville 1.1% (0.3%)

Orlando (7.0%) (1.5%)

Pittsburgh (0.9%) (1.1%)

Raleigh 6.8% 1.8%

Richmond (0.2%) (2.7%)

Tampa 43.0% 1.5%

Other (7.6%) (6.3%)

5.2% (0.3%)

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. Includes $1.5 million of credit losses mostly due to the conversion of fixed rent leases to percentage rent leases for certain customers

in the third quarter of 2020.

Same Property Performance (dollars in thousands)

15

Nine Months

Ended

9/30/20

Occupancy 93.6%

Square feet 3,801,000

Gross sales price 361,700$

Industrial/Flex Portfolio

Market Greensboro

Property type Industrial/Flex

Number of buildings 35

Date sold January 30, 2020

Occupancy 1/ 93.9%

Square feet 2,783,000


The Knollwood

Market Greensboro

Property type Office


Date sold February 12, 2020

Occupancy 1/ 95.2%

Square feet 250,000


Triad Centre

Market Memphis



Date sold March 31, 2020

Occupancy 1/ 93.9%

Square feet 387,000


International Place II

Market Memphis



Date sold March 31, 2020

Occupancy 1/ 91.4%

Square feet 212,000


Centrum and Colonnade

Market Memphis



Date sold July 1, 2020

Occupancy 1/ 89.0%

Square feet 169,000


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

Disposition Activity (dollars In thousands)

16

Rentable Anticipated Investment Estimated Estimated

Square Total As Of Pre Completion Stabilization

Office In-Process Market Feet Investment 1/ 9/30/20 1/ Leased % Date Date

GlenLake Seven 2/ Raleigh 125,700 43,881$ 31,492$ 100.0% 1Q 21 1Q 21

Virginia Springs II Nashville 111,000 37,900 24,072 5.3% 4Q 20 3Q 22

Midtown West 3/ Tampa 150,000 71,300 42,015 6.6% 2Q 21 4Q 22

Asurion Nashville 552,800 285,000 205,089 98.3% 4Q 21 1Q 22

939,500 438,081$ 302,668$ 72.9%

Occupancy

Office Completed Not Stabilized 4/ as of 9/30/20

MetLife III 5/ Raleigh 219,000 64,500$ 62,646$ 100.0% 86.4% 1Q 19 2Q 21

219,000 64,500$ 62,646$ 100.0% 86.4%

Total Pipeline 1,158,500 502,581$ 365,314$ 78.0%

$ Weighted % 78.6%

Asurion HQ, Nashville

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)

17

Acres

As Of Square Footage

Market 9/30/20 Buildout 1/Nashville 58 1,934,000 Tampa 37 813,000 Raleigh 32 1,093,000 Richmond 2/ 23 350,000 Orlando 2 451,000 Atlanta 1 175,000 Pittsburgh 3/ - 58,000

Core total 153 4,874,000

Non-core total 59

Total 212

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

The 212 acres of Development Land have an estimated market value of between $140M to $150M.

1/ Represents approximately $1.9 billion in total development.

2/ 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 million and $1.5 million, respectively.

3/ Total acreage is less than an acre.

Land Held for Development (dollars in thousands)

18

Unconsolidated Joint Venture Financial Information:

Joint Venture Own % Revenue NOI Revenue NOI

Plaza Colonnade, Tenant-in-Common 50.0% 3,275$ 2,060$ 9,974$ 6,629$

Highwoods DLF Forum, LLC 25.0% 3,754 2,684 11,635 8,420

Kessinger/Hunter & Company, LC 26.5% 1,287 170 3,683 581

Total 8,316$ 4,914$ 25,292$ 15,630$

Total Total

Joint Venture Own % Assets Debt Liabilities

Plaza Colonnade, Tenant-in-Common 50.0% 55,561$ 55,464$ 59,062$

Highwoods DLF Forum, LLC 25.0% 108,738 - 5,156

Kessinger/Hunter & Company, LC 26.5% 4,240 1,007 2,264

Total 168,539$ 56,471$ 66,482$

Summary of Joint Ventures:Percentage of

Joint Venture

Annualized

Rentable Cash

Market Square Feet Occupancy Revenue 1/ 2/

Kansas City 292,000 98.7% 47.1%

Raleigh 636,000 91.0% 29.9%

Richmond 3/ 345,000 99.2% 23.0%

Total 1,273,000 95.0% 100.0%



2/ Annualized Cash Revenue is based on Highwoods' share only.

3/ This joint venture is consolidated.

Venture's Books

Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020

Venture's Books

As of September 30, 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)

19

i, ii, iii...vice president, chief accounting officer dan woodward hugh esleeck vice president,...

Documents