Some of the information in this presentation may contain forward-looking statements. Such statements include, in particular, statements about our plans, strategies andprospects such as the following: the expected financial and operational results and the related assumptions underlying our expected results, including but not limited topotential losses related to customer difficulties, anticipated building usage and expected economic activity due to COVID-19; the continuing ability to borrow under theCompany’s revolving credit facility; the anticipated total investment, projected leasing activity, estimated replacement cost and expected net operating income of acquiredproperties and properties to be developed; and expected future leverage of the Company. You can identify forward-looking statements by our use of forward-lookingterminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Although we believe that our plans, intentions and expectationsreflected 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 thosecontained in any forward-looking statement. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-lookingstatements is the potential adverse effect of the COVID-19 pandemic, and federal, state, and/or local regulatory guidelines 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 theCOVID-19 pandemic impacts us and our customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including thescope, severity and duration of the pandemic, the direct and indirect economic effects of the pandemic and containment measures, and potential changes in customerbehavior, 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 inthese statements include: the financial condition of our customers could deteriorate or further worsen; our assumptions regarding potential losses related to customerfinancial difficulties due to the COVID-19 pandemic could prove incorrect; counterparties under our debt instruments, particularly our revolving credit facility, may attemptto 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, definedas 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 asquickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, disposition or joint venture projects asquickly or on as favorable terms as anticipated; development activity in our existing markets could result in an excessive supply relative to customer demand; our marketsmay suffer declines in economic and/or office employment growth; unanticipated increases in interest rates could increase our debt service costs; unanticipated increasesin 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 fundour 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 first quarter 2020 Quarterly Report on Form 10-Q. Given these uncertainties, you should notplace undue reliance on forward-looking statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements toreflect any future events or circumstances or to reflect the occurrence of unanticipated events.

SAFE HARBOR

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TABLE OF CONTENTS

OPERATIONSRENT COLLECTION & RELIEF2020 OUTLOOKBALANCE SHEET & LIQUIDITYINVESTMENTSDEVELOPMENTMARKET ROTATION PLANGEOGRAPHIC MIXSUSTAINABILITY

MARS PETCARE HQ | NASHVILLE

HIGHWOODS | AT-A-GLANCE | 1Q201

OPERATIONS

HIGHWOODS | AT-A-GLANCE | 1Q202

OPERATIONS

(2)

0

2

4

6

8

2013 2014 2015 2016 2017 2018 2019* 2020**Same Prop Growth Change in Y/Y Avg Occ

0

5

10

15

20

2013 2014 2015 2016 2017 2018 2019 1Q20*

16

18

20

22

24

26

28

2013 2014 2015 2016 2017 2018 2019 1Q20

%

%

HIGHWOODS | AT-A-GLANCE | 1Q203

AVERAGE IN-PLACE RENT

GAAP RENT GROWTH

SAME PROPERTY AND AVERAGE OCCUPANCY

*1Q20 - trailing twelve months

Outlook range

$/SF

*2019 Same property NOI growth excludes impact from LSI’s sudden closure in Q1’19**2020 outlook range as of 4/28/2020 excludes potential lost revenues and non-cash straight line rent credit losses due to COVID-19

10

12

14

16

18

10

12

14

16

18

2013 2014 2015 2016 2017 2018 2019 1Q20*Net Effective Rent*** Payback Ratio

$/SF %LEASE ECONOMICS

***Net effective rent defined as cash rent due over the term less operating expenses and leasing capital expenditures (TI/LC)

OPERATIONS

EXPIRATIONS > 100K SF

HIGHWOODS | AT-A-GLANCE | 1Q204

Customer Market Expiration SF Comments

2020FAA Atlanta Holdover 100K Negotiating terms

T-Mobile Tampa 3Q 116K Will vacate

FBI Tampa 4Q 138K Close to finalizing renewal

2021

2022

RENEWALS

COMPLETEDOVER THE LAST 2 YEARS

>100K SF

None remaining

None remaining 0

10

20

30

40

50

2012 2013 2014 2015 2016 2017 2018 2019 2020Three Year Four Year

CUMULATIVE FORWARD EXPIRATIONS*PERCENT OF REVENUE Four year avg

Three year avg

*As of Q1 for each year

Georgia Building Authority

%

OPERATIONS

25%

16%

14%10%

9%

6%

5%

15%

Professional Services

Finance/Banking

Health & Social Care

Insurance

Manufacturing

Government

Real Estate

Remaining (10 Industries)

INDUSTRY DIVERSIFICATION

HIGHWOODS | AT-A-GLANCE | 1Q205

RENT COLLECTION & RELIEF

Need-Based Requests SF Annualized Rent % Deferral as % Annualized Rent

Agreed-Upon Deals 2,001,438 8.7% 1.2%In-process requests 301,943 1.6% N/A Total 2,303,381 10.3% 1.2%

TOP 10 CUSTOMERS BY % OF RENT*Federal Government 4.9%Bank of America 3.7%Bridgestone Americas 2.6%MetLife Insurance 2.5%PPG Industries 1.5%Mars Petcare 1.4%EQT Corporation 1.2%Tivity 1.2%Vanderbilt University 1.2%Bass, Berry & Sims 1.1%TOTAL Top 10 Customers 21.3%

SMALL HEALTHCARE PRACTICE

1.7%RESTAURANTS/

RETAIL

1.5% 1.3%COWORKING

*Based on annualized cash revenue as of March 2020

APRIL RENTSCOLLECTED

99%MAY RENTSCOLLECTED

99%

CHANGES TO FFO OUTLOOK NON-FFO CHANGES TO OUTLOOK$ millionsOutlook midpoint Outlook midpoint

HIGHER PROJECTED

2020 CASH FLOW

***Rent deferral agreements as of 5/29/20.

20

15

10

5

0

(5)

(10)

(15) Leasing Parking Other OpEx G&A Rent Deferral***

BICapEx

LeasingCapEx

1.50

1.60

1.70

1.80

1.90

2.00

2016 2017 2018 2019 2020

ANNUALIZED DIVIDEND PER SHARE$

HIGHWOODS | AT-A-GLANCE | 1Q206

*Outlook as of 4/28/20 excludes potential lost revenues and non-cash straight line rent credit losses due to COVID-19.

Outlook as of Feb 4, 2020COVID-19 Impacts and Business UpdateRental RevenueParking RevenueOpEx SavingsG&A SavingsOtherOutlook as of Apr 28, 2020*

$3.60

$(0.04)$(0.08)$0.05$0.01$0.01$3.55

$3.72

$(0.02)$(0.03)$0.03$0.01

$(0.03)$3.68

Low HighFFO PER SHARE

2020 OUTLOOK

*2019 FFO excludes balance sheet write-offs associated with LSI’s sudden closure in Q1’19 and one-time costs associated with the Market Rotation Plan.

2.00

2.50

3.00

3.50

4.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020F**

HISTORICAL FFO PER SHARE$Outlook midpoint

**Outlook as of 4/28/20 excludes potential lost revenues and non-cash straight line rent credit losses due to COVID-19.

FFO OUTLOOK REDUCED

~1% AT THE OUTLOOK

MIDPOINT

$ millions

MATURITY LADDER

0

100

200

300

400

500

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030Unsecured Variable Secured

3.0

4.0

5.0

6.0

7.0

2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20

DEBT/EBITDArex

HIGHWOODS | AT-A-GLANCE | 1Q207

3.78%

BALANCE SHEET & LIQUIDITY

*Debt and gross book assets were reduced by $87M to reflect the payoff of the credit facility on 4/1/20 with 1031 proceeds that were included in restricted cash balance at 3/31/20

Existing liquidity does not include:- Potential asset sales- Retained future cash flow- Future capital issuances

STRONG BALANCE SHEET

36.9%* 4.9x 3.52%

1.6% 96.6% Baa2 BBB

Weighted AverageInterest Rate

Net Debt toAnnualized EBITDare

Debt + Preferredas % of Gross Assets

Secured Debtas % of Gross Assets Unencumbered NOI

GREATER THAN

OF EXISTINGLIQUIDITY

$630MMORE THAN ENOUGH CURRENT LIQUIDITY

TO FUND DEVELOPMENT AND DEBT MATURITIES THROUGH YEAR-END 2021

4.06% 4.30% 3.24%3.72%2.31%3.36% AVERAGE INTEREST RATES

All data as of 3/31/20

INVESTMENTS

HIGHWOODS | AT-A-GLANCE | 1Q208

0

100

200

300

400

500

600

700

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20

0

100

200

300

400

500

600

700

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20

ACQUISITIONS $2.4B TOTAL

DISPOSITIONS $2.2B TOTAL

DEVELOPMENT ANNOUNCEMENTS

ACQUISITIONS & DISPOSITIONS$ millions

$ millions

DEVELOPMENTS $1.5B TOTAL

ACQUISITIONTAMPA

ACQUISITIONRALEIGH

DEVELOPMENTNASHVILLE

DISPOSITIONGREENSBORO

Market Acres Office SF Potential Investment

Nashville 58 1,934,000Tampa* 37 1,413,000Raleigh 32 1,093,000Richmond 23 350,000Orlando 2 451,000Atlanta 1 175,000Pittsburgh - 58,000Charlotte - 40,000Total 153 5,514,000

HIGHWOODS | AT-A-GLANCE | 1Q209

DEVELOPMENT PIPELINE

DEVELOPMENT

Current Pipeline Market Invst ($M)

SF(K)

Pre-leased

(%)

ProformaStabilization 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

MetLife III Raleigh 65 219 100 2Q21

GlenLake Seven Raleigh 41 126 100 1Q21

Midtown One Tampa 71 150 0 4Q22

Virginia Springs II Nashville 38 111 0 3Q22

Asurion HQ Nashville 285 553 98 1Q22

Market Under Construction(SF in millions) Projects % of Stock

Competitive SetPre-leased

(%)

Atlanta 5.4 19 5.2 57

Raleigh 2.9 12 6.9 27

Nashville 1.9 6 6.3 32

Charlotte 1.2 5 4.4 27

Pittsburgh 1.1 7 2.7 43

Tampa 1.0 3 3.6 34

Richmond .4 4 1.5 43

PROFORMA DEVELOPMENT CASH RENT COMMENCEMENT

COMPETITIVE SET CONSTRUCTION

FUTURE HEADQUARTERS DELIVERIES

MARTIN MARIETTA2021 Stabilization

ASURION2022 Stabilization

GLENLAKE SEVEN

RALEIGH

$41MInvestment

126KSquare Feet

100%Leased

POTENTIAL FUTURE PROJECTS

RALEIGH

RALEIGH PITTSBURGH

TAMPA

NASHVILLE

NASHVILLE

$500MInvestment

1.2MSquare Feet

77%Pre-leased

ASURION HQ NASHVILLE

$285MInvestment

553KSquare Feet

98%Leased

20222020

FUTURE DEVELOPMENT POTENTIAL | LAND BANK

*Includes 600K SF potential at Midtown Tampa not on HIW-owned land

$2.2BTOTAL

2021

HIGHWOODS | AT-A-GLANCE | 1Q2010

FFO NeutralIncreases Cash FlowLeverage NeutralImproves Portfolio QualityImproves Portfolio EfficiencySimplifies OperationsEnhances Future Growth

PHASE ONE COMPLETE

PHASE TWO IN PROGRESSAttractive Properties

MARKET ROTATION PLAN

o Greensboro and Memphis MOB Portfolioo Memphis Office Properties along Poplar Corridoro Greensboro Office Properties

No Pre-set Timetable

BANK OF AMERICA TOWER | CHARLOTTE

GEOGRAPHIC MIX

GREATER THAN

REVENUEIN TOP ULI MARKETS

PITTSBURGH8%

CHARLOTTE4%

ATLANTA19%

ORLANDO6%

TAMPA13%

NASHVILLE21%

RALEIGH18%

RICHMOND6%

HIGHWOODS | AT-A-GLANCE | 1Q2011

2020 TOP REAL ESTATE MARKETSAustinRALEIGH/DURHAMNASHVILLECHARLOTTEBostonDallas/Fort WorthORLANDOATLANTALos AngelesSeattleTAMPA/ST. PETERSBURG

80%Based on annualized cash revenue as of March 2020 including stabilization of current development pipeline

*Represents remaining properties in Greensboro and Memphis. The Company plans to exit these markets as part of phase two of the market rotation plan.

OTHER*5%

1.2.3.4.5.6.7.8.9.

10.11.

HIGHWOODS | AT-A-GLANCE | 1Q2012

SUSTAINABILITY 2020 SUSTAINABLE GOALSFROM A 2016 BASELINE

20% REDUCTIONenergy intensity

20%REDUCTIONcarbon emissions

10% REDUCTION

water use

CURRENT GOAL PROGRESSION TO DATESINCE 2016

11.0% reduction to date

11.6%reduction to date

14.9% reduction to date

ADDITIONAL PROGRESS

3.5%energy reduction

In 2019

3.6%GHG emissions

reductionIn 2019

2.4%water reduction

In 2019

67.5average Energy

Star scoreIn 2019

$43Minvested in energy efficiency projects

Since 2006

100%of managed buildings

benchmarked in energy star portfolio

managerSince 2013

100%of eligible core

portfolio achieved energy star certification

68 certifications in 2019

100%of new development

office portfolio(2M SF) LEED

certifiedSince 2013