Here are 1-2 brief analogies for Highwoods Properties (HIW):

• Like a Simon Property Group, but for prime office buildings.
• Think of them as a Prologis, but focused on major urban office towers.

• Office Property Ownership: Highwoods Properties holds a portfolio of commercial office properties in strategic business districts.
• Office Property Development: The company develops new office buildings to expand its portfolio and meet market demand.
• Office Property Acquisition: Highwoods Properties acquires existing office properties to enhance its asset base and market presence.
• Office Property Leasing: The company leases out office spaces within its properties to various tenants.
• Office Property Management: Highwoods Properties provides comprehensive management services for its owned and leased office properties.

Highwoods Properties, Inc. (HIW) sells office space primarily to other companies. Its major customers, also known as tenants, include:

• Bank of America, N.A. (BAC)
• Deloitte Consulting LLP
• Wells Fargo Bank, N.A. (WFC)
• PwC (PricewaterhouseCoopers LLP)
• Truist Bank (TFC)

Ted Klinck, President & CEO

Ted Klinck joined Highwoods in March 2012 and became President and Chief Executive Officer in 2018. Previously, he was principal and chief investment officer with Goddard Investment Group in Atlanta. Prior to joining Goddard Investment, he spent 16 years with Morgan Stanley Real Estate, including its predecessor companies Lend Lease and Equitable Real Estate.

Brendan Maiorana, Executive Vice President and Chief Financial Officer

Brendan Maiorana was appointed Chief Financial Officer effective January 1, 2022. He joined Highwoods in 2016 and previously served as Executive Vice President of Finance and Investor Relations, and Treasurer. Prior to Highwoods, he spent 11 years in Equity Research at Wells Fargo Securities and four years as a senior auditor at Ernst & Young LLP.

Brian Leary, Executive Vice President and Chief Operating Officer

Brian Leary joined Highwoods in 2019. Before Highwoods, he was president of Crescent Communities' commercial and mixed-use business unit from 2014, where he directed office, industrial, and retail developments. He also held senior management and executive positions with Jacoby Development, Inc., Atlanta Beltline, Inc. (as President and CEO), AIG Global Real Estate, Atlantic Station, LLC, and Central Atlanta Progress.

Jeff Miller, Executive Vice President, General Counsel and Secretary

Jeff Miller joined Highwoods in 2007. Prior to that, he was a partner with DLA Piper US LLP and Alston & Bird LLP, concentrating on securities, corporate governance, and serving as general outside counsel to publicly-traded REITs, including Highwoods. He also served as lead independent director of Hatteras Financial Corp., a publicly-traded mortgage REIT, prior to its merger in 2016.

Carman Liuzzo, Senior Vice President, Investments

Carman Liuzzo leads Highwoods' Investment Group. He initially joined Highwoods in 1994 as Vice President, Chief Financial Officer and Treasurer, a position he held until December 2003. Before Highwoods, he spent four years with KPMG Peat Marwick and then Boddie-Noell Enterprises as Chief Accounting Officer.

1. Declining Occupancy and Evolving Demand for Office Space: Highwoods Properties' financial performance is highly susceptible to fluctuations in office employment levels and overall economic growth, directly impacting its occupancy and rental rates. The continued social acceptance and perceived economic benefits of work-from-home and hybrid arrangements present a long-term challenge to the demand for office space. For example, occupancy in Highwoods' office portfolio decreased from 87.1% in 2024 to 85.5% in March 2025, with an expected range of 85.0% to 86.0% for the remainder of 2025. This trend can lead to reduced occupancy, lower rental revenues, and pressure on the company's financial results.
2. Interest Rate Fluctuations and Increased Cost of Capital: As a real estate investment trust (REIT), Highwoods Properties is significantly exposed to interest rate fluctuations. Rising interest rates can increase the company's debt servicing obligations and the overall cost of capital, which can negatively impact its financial performance and limit its ability to fund new investments, refinance existing debt, or pursue growth initiatives. Slower-than-expected interest rate cuts by the Federal Reserve could also lead to higher interest costs for the REIT.
3. Competition and Economic Downturns: Highwoods Properties operates in a highly competitive commercial real estate market, facing competition from other REITs, financial institutions, and private investors. This competition can lead to pressure on rental rates and occupancy. Additionally, economic downturns, particularly in the company's core markets in the Sun Belt region, can result in decreased demand for office space, higher vacancy rates, and downward pressure on rental rates, thereby adversely affecting Highwoods Properties' financial performance and growth strategy.

The widespread and ongoing adoption of remote and hybrid work models, which fundamentally alters the demand for traditional office space. This trend could lead to reduced overall space requirements from tenants, increased vacancy rates, and downward pressure on rents across the office real estate sector.

The addressable markets for Highwoods Properties' main products or services, which are office properties, in their primary operating regions are as follows:

• Atlanta, GA: null
• Charlotte, NC: Approximately 83.3 million square feet (as of July 2025).
• Nashville, TN: 57.1 million square feet (as of Q4 2024).
• Orlando, FL: Approximately 53.5 million square feet (as of Q4 2025).
• Pittsburgh, PA: 127.2 million square feet (as of February 2025).
• Raleigh, NC: Approximately 79.1 million square feet (as of February 2026, representing two-thirds of the combined Raleigh-Durham office market).
• Richmond, VA: null
• Tampa, FL: null

Highwoods Properties (NYSE: HIW) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Increased Occupancy and Strong Leasing Activity: Highwoods Properties anticipates an increase in occupancy rates driven by robust leasing activity, particularly for second-generation leases and new leases. The company expects to raise occupancy by approximately 200 basis points from the end of 2025 to the end of 2026. This is supported by strong demand in its Best Business Districts (BBDs) and a leased rate that is currently higher than the occupancy rate, indicating future occupied space.
2. Rental Rate Growth and Enhanced Pricing Power: The company has demonstrated its ability to achieve significant rent growth, with a reported 20% increase in net effective rents compared to 2024 in Q4 2025. Management notes robust pricing power, allowing for higher rental rates across its portfolio. This trend is expected to continue, contributing to increased revenue per square foot.
3. Stabilization and Lease-up of the Development Pipeline: Highwoods has a substantial development pipeline, which is significantly pre-leased. These projects are anticipated to deliver year-over-year growth and provide meaningful contributions to revenue as they stabilize and reach full occupancy over the next few years. For instance, the development pipeline aggregated $474.2 million and was 71.9% pre-leased as of September 30, 2025.
4. Strategic Acquisitions in High-Growth Sun Belt Markets: The company's focus on high-growth Sun Belt markets, characterized by favorable demographic trends and above-average job growth, is a key long-term driver. Highwoods has actively pursued acquisitions in these markets, such as the purchase of 6Hundred at Legacy Union in Charlotte, which contribute to an expanded and high-quality portfolio with long-term leases.
5. Redevelopment and "Highwoodtizing" of Existing Properties: Highwoods Properties enhances its existing assets through redevelopment projects, referred to as "Highwoodtizing." These strategic investments in existing buildings, such as those in Nashville and Raleigh, aim to generate higher rental rates and increase leasing activity, thereby boosting revenue from the current portfolio.

[1] Share Repurchases

No information available for significant share repurchases beyond shares withheld for tax liabilities related to employee stock awards.

[2] Share Issuance

• In February 2026, Highwoods Properties launched an "at-the-market" (ATM) equity program to offer and sell up to $300 million of common stock through various transactions, including forward sale agreements and warrant sale agreements.
• During the fourth quarter of 2024, the company issued 1.59 million shares of common stock through its ATM program, generating net proceeds of $51.3 million.

[4] Outbound Investments

• In April 2021, Highwoods Properties agreed to acquire a portfolio of office assets from Preferred Apartment Communities, Inc. for a total investment of $769 million, which included assumed debt, near-term building improvements, and transaction costs.
• In the fourth quarter of 2025, Highwoods acquired 6Hundred at Legacy Union, a 411,000 square foot Class AA office tower in Charlotte, for $223 million.
• In January 2026, Highwoods made significant investments in joint ventures, including a $21.0 million investment for a 10% share in Bloc83 in CBD Raleigh (total JV investment $210.5 million) and an $87.4 million investment for an 80% share in The Terraces in Dallas (total JV investment $109.3 million).

[5] Capital Expenditures

• Highwoods Properties reported annual capital expenditures of $219.9 million in 2021, $241.5 million in 2022, $98.16 million in 2023, $45.154 million in 2024, and $49.734 million in 2025.
• Capital expenditures were elevated in 2025 and are expected to continue at elevated levels through 2027, primarily due to leasing activity and the build-out of occupancy, with leasing capital trending approximately $40 million above a normalized year.
• The company's development pipeline, valued at $474 million in Q4 2025 and 78% pre-leased, represents ongoing capital allocation towards new projects.