RISING

CASH

FLOWs

INTEREST RATES

40YEARS1978 - 2018

NYSE:HIW DEVELOPMENT ACQUISITION LEASING ASSET MANAGEMENT

cashflow

BEST BUSINESS DISTRICT

Land Ban

k

$1.7BBuild

able

AT-A-GLANCE2q18

BYE MOVING CO.

FIdelity

DIVIDENDs

PIPELINE

HQ

751 CORPORATE CENTER

VirginIA SPRINGS I

20181.85+5.1%

1.76+3.5% 2017

1.70 2016

HQ

10projects

$725minvestment

2.0msquare feet

5markets

95%pre-leased

8+%gaap yield

DEVELOPMENTPIPELINE

FINANCIAL PERFORMANCE

Market Under Construction (SF 000) Projects % of Stock Pre-leased (%)

Nashville 2,974 15 8.8 16.9

Raleigh 1,261 7 2.4 57.3

Atlanta 1,183 3 1.0 85.7

Orlando 289 2 1.3 95.8

Tampa 250 1 0.9 64.0

Richmond, Greensboro, Pittsburgh, Memphis

Nothing Under Construction

2014

DEVELOPMENT PIPELINE 2 3

Development Announcement Timeline

Competitive Construction

Mars Petcare U.S. Headquarters

Asurion Headquarters

224K SF

219K SF

$96MINVESTMENT

$65MINVESTMENT

100%PRE-LEASED

100%PRE-LEASED

MetLife Global Technology Campus

METLIFE I

METLIFE II

Pro Forma Development Cash Rent Commencement

2013 2015 2016 2017

International Paper

$56M

MetLife I & II Campus

$110M

GlenLake V

$37M

11800 Weston

$15M

Seven Springs West

$59M

Laser Spine Institute

$56M

Bridgestone Tower

$200M

Riverwood 200

$107M

Seven Springs II

$38M

5000 CentreGreen

$41M

Virginia Urology

$29M

Mars Petcare U.S. HQ

$96M

751 Corporate Center

$22M

MetLife III

$65M

METLIFE III

AcquisitionsDispositions Development

DividendsCAD

ASSET RECYCLYNG

0

100

200

300

400

500

600

700

800

$M

$M

$B

0

1

3

5

2

4

6

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

GUIDANCEMIDPOINT

gross book value

Based on new office construction in BBD locations. Excludes BTS and owner occupied projects where existing user buildings are not competitive to HIW product.

Bridgestone TowerNashville

Riverwood 200Atlanta

2017 DELIVERIES

10PROJ

ECTS

$725MINVE

STME

NT2.0M

SQUA

RE FEET

5MARK

ETS

95%PRE-

LEAS

ED

8+%GAAP

YIE

LD

4

100

125

150

175

200

225

200

150

1002014 20162015 2017 2018 E

551KSF

4q21DELIVERY

$285MINVESTMENT

79.4 93.6 106.5Average Shares (M)

101.1 105.6

$394M

1.2MSQUARE FEET

93%LEASED

Asurion HQ

$285M

2018

1q22

20132012

89.2 97.2

Current Pipeline Invst ($M)

SF(000)

Pre-leased(%)

Proforma Stabilized 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q203Q20

Riverwood 200 107 299 90 2Q19

Seven Springs II 38 135 73 3Q18

5000 CentreGreen 41 167 87 3Q19

Enterprise IV (Industrial) 8 128 100 4Q18

Virginia Urology 29 87 100 3Q18

751 Corporate Center 22 90 89 4Q20

Mars Petcare U.S. HQ 96 224 100 3Q19

MetLife III 65 219 100 2Q21

Virginia Springs I 34 109 100 3Q20

Asurion HQ 285 551 98 1Q22

Totals $725 2,009 SF 95%

Completed & Stablized Invst ($M)

SF(000)

Leased(%)

Proforma Stabilized 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q203Q20

Bridgestone Tower 200 514 100 2Q17

%

0-5 5-10 10-25 25-50 50-75 75-100 >100

0

10

20

30

40

SF (000)

FINANCIALS

$1.78/sh Net Income

$3.39/sh FFO

92.9% Year-End Occupancy

3.4M SF Signed 2nd Gen Office Leases

14.7% Weighted Average GAAP Rent Spread

4.1% Same Property Cash NOI Growth

6/30/18

Fixed Floating

   FFO Range $3.39 to 3.45/share

   Same Property Cash NOI Growth 1.0 to 2.0%

   Year-End Occupancy 91.50 to 92.75%

   G&A Expenses $38.0 to 40.0M

   Dispositions $61 to 136M

   Acquisitions $0 to 200M

   Development Announcements $285 to 385M

   Average Shares Outstanding 106.2 to 106.8M

1.3

71.1

7.0

20.6AverageMaturity

5.4 Yrs

Equity**

Secured Debt

28.9

Debt

Unsecured Floating Rate

UnsecuredFixed Rate

0

100

400

500

300

200

$M

‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘29

$299Bonds$225

BankLoan

$350BankLoans

$50Bank Loan

‘27

2.76% 2.78% 3.36% 3.10% 3.49% 4.00% Average Interest Rate3.78%

$152LOC

PRO FORMA*

4.06%

‘28

**Based on 9/19/18 share price

$249Bonds

$98Secured

$296Bonds

$346Bonds

2017 Operational Highlights

2018 Outlook

Sound Maturity Ladder

35.3% Debt + Preferred as % of Gross Assets

4.7x Net Debt + Preferred to Annualized EBITDAre

96.2% Unencumbered NOI

1.8% Secured Debt as % of Gross Assets

1.4% Annualized Revenues from JVs

Baa2 BBB

Strong Balance Sheet

DIVERSIFICATION

EXPIRATIONS

% of Annualized Revenue 6/30/18

ProfessionalServices

10 RemainingIndustries

Real Estate

Government

Manufacturing

Insurance

HealthCare

Finance/Banking

13.4%

25.3%20.4%

4.7%

6.3%

8.5%9.4% 12.0%

by Market

Raleigh17%

Atlanta18%

Nashville17%

Tampa15%

Memphis6%

Pittsburgh9%

Richmond6%

Greensboro5%

Orlando7%

No Market ≥20%

by Square Feet

Number of Leases

HIGHLY DIVERSIFIED ACROSS CUSTOMER LEASE SIZE

378 329 132 32 19 33991

by Customer

5.0

2.6

2.3

Top 5 12.6

Top 10 18.0

by Industry

ONLY 3 CUSTOMERS >2.0%

* *

5 6

Year Customer Market Expiration SF (000)

Re-let (%) Comments

Sizable Move-Outs

Morgan Stanley Atlanta 3Q 61 5 LOIs for remainder of the space

Towers Watson Atlanta 3Q 76 55 Expansion possibility for new customer

SCI Richmond 3Q 163 95 Re-let program complete in 12 months

Move-Outs 100+K SF

FBI Atlanta 1Q 137 28 "Highwoodtizing" in progress; steady interest

Fidelity Raleigh 3Q 178 N/A Interest in the space from sizable users

Expirations 100+K SF

INC Research Raleigh 1Q 102 N/A Building sold May 1, 2018 (7% cap rate, $185/SF)

UMA Education Tampa 3Q 153 N/A Renewal signed

AT&T Raleigh 3Q 105 N/A Renewal signed

T-Mobile Tampa 4Q 116 N/A Customer evaluating options

FAA Atlanta 4Q 100 N/A Highly probable renewal; location, location, location

2017

2018

2019

* Includes repayment of $10M bank loan with borrowings on LOC

0

2

4

6

8

10

0

25

50

75

100

D+P/EBITDAre Book Leverage

4.7x 5.1x5.5x

35.3% 38.6% 41.9%

D+P/E BookLeverage

06/30/18 Development* Dev + Inv**

* Assumes funding and stabilization of current development pipeline. ** Assumes funding and stabilization of current development pipeline$350M of additional projects at 8.0% yield.

PRE-FUNDED GROWTH WITH NO FUTURE EQUITY ISSUANCE

Significant Balance Sheet Capacity

$0.49/sh Net Income

$0.87/sh FFO

91.8% Quarter-End Occupancy

1.1M SF Signed 2nd Gen Office Leases

18.2% Weighted Average GAAP Rent Spread

13.6% Payback Ratio

2Q18 Operational Results