Current Report

FOR IMMEDIATE RELEASE

Ref: 05-27

Contact:

Tabitha Zane

Sr. Director, Investor Relations

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, POkjtd72jgTn/ppv9EAQo2Oe0sB5uAh1iYZNS80+TSPhAtFbWaUcgGnrBnBlaUGA /T/Lu+RuZD8HkRAITp8ymw== 0001193125-05-193189.txt : 20050928 0001193125-05-193189.hdr.sgml : 20050928 20050928161657 ACCESSION NUMBER: 0001193125-05-193189 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20050928 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050928 DATE AS OF CHANGE: 20050928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HIGHWOODS PROPERTIES INC CENTRAL INDEX KEY: 0000921082 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 561871668 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13100 FILM NUMBER: 051108358 BUSINESS ADDRESS: STREET 1: 3100 SMOKETREE CT STREET 2: STE 600 CITY: RALEIGH STATE: NC ZIP: 27604 BUSINESS PHONE: 9198724924 MAIL ADDRESS: STREET 1: 3100 SMOKETREE COURT STREET 2: STE 600 CITY: RALEIGH STATE: NC ZIP: 27604 8-K 1 d8k.htm CURRENT REPORT Current Report

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 28, 2005

HIGHWOODS PROPERTIES, INC.

(Exact name of registrant specified in its charter)

North Carolina

0-21731

56-1869557

(State of Formation)

(Commission File Number)

(IRS Employer

Identification No.)

3100 Smoketree Court

Suite 600

Raleigh, North Carolina 27604

(Address of principal executive offices, zip code)

Registrant’s telephone number, including area code: (919) 872-4924

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On September 28, 2005, Highwoods Properties, Inc., the general partner of Highwoods Realty Limited Partnership, issued a press release announcing its operating results for the three months ended June 30, 2005. This press release is attached hereto as Exhibit 99.1. In addition, we posted on our web site supplemental information regarding our operating results for the three months ended June 30, 2005, a copy of which is attached hereto as Exhibit 99.2.


Exhibit		Description

99.1		Press Release, dated September 28, 2005

99.2		Supplemental operating information of Highwoods Properties, Inc. for the three months ended June 30, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


HIGHWOODS PROPERTIES, INC.

By:		/s/ Terry L. Stevens
		Terry L. Stevens Vice President, Chief Financial Officer and Treasurer

Dated: September 28 , 2005

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

Highwoods Properties Reports Second Quarter 2005 Operational Results

Provides Status Update on Financial Review and Audit

Will Host Conference Call Today, September 28

5:00 P.M. Eastern Time

Raleigh, NC – September 28, 2005 – Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, today reported operational results for the second quarter of 2005. The Company also announced a continuing delay in the filing of the 2004 Form 10-K, which will include previously disclosed restated financial statements for prior periods, and Form 10-Qs for the first two quarters of 2005.

The Company will host a conference call today, September 28, at 5:00 p.m. Eastern time, to discuss these matters. The dial in number for US/Canada callers is (888) 202-5268. International callers should dial (706) 643-7509. A live listen-only Web cast can be accessed through the Company’s Web site at www.highwoods.com under the “Investor Relations” section.

Ed Fritsch, President and Chief Executive Officer of Highwoods Properties, stated, “We are pleased with the continued execution of our Strategic Management Plan and our second quarter leasing activity. Office occupancy is moving in the right direction, increasing 1.2% from the first quarter of 2005 and 4.3% year over year. In addition to improving occupancy, our focus remains on upgrading the quality of our portfolio through infill development and the disposition of non-core, older assets and strengthening our balance sheet through the reduction of high coupon debt and preferred stock.”

Year to date, we have sold $336 million of non-core properties, above the high end of our $100 million to $300 million range for the year, and we have commenced $55 million of new development, including our build-to-suit lease for ThyssenKrupp’s North American headquarters in Memphis which was announced at the end of August. We have also paid off $250 million of debt and preferred stock; including $120 million of high coupon secured debt and $130 million of 8% preferred stock.”

Second Quarter 2005 Highlights

•

Second generation leasing activity in Highwoods’ portfolio totaled approximately 1.6 million square feet, including 1.2 million square feet of office space. For the first six months of the year, leasing activity totaled approximately 3.4 million square feet, 2.4 million of which was office space. Customer retention for the quarter was 71%.

•

Occupancy in the Company’s 31.9 million square foot in-service portfolio at June 30, 2005 was 84.1%, up 2.3% from June 30, 2004. Office occupancy since June 30, 2004 has increased 4.3% from 79.2% to 83.5%.

Highwoods Properties

September 28, 2005

•

Straight-line (GAAP) rental rates for signed office leases decreased 1.0% in the second quarter from straight line rental rates under the previous leases. Cash rents for office leases signed declined 8.4%, slightly better than the decline reported in the first quarter and in line with the Company’s guidance.

•

Office tenant improvements and leasing commissions as a percentage of term base rent were 11.8% compared to the five quarter average of 10.9%. On a dollar per square foot basis, tenant improvements and leasing commissions were $9.95, at the low end of our 2005 expectations of $10 to $11 per square foot, and in line with prior quarters.

•

690,000 square feet of assets were sold, generating $39.9 million of gross proceeds, including Buildings II and IV at Highwoods Preserve in Tampa, which were vacant at the time of sale. Excluding the Preserve, the average age and occupancy of the properties sold were 27 years and 91%, respectively.

•

The Company’s wholly owned development pipeline encompassed 1.1 million square feet, representing a total projected investment of $142 million. At June 30, 2005, these eight projects were 74% pre-leased and were located in six of the Company’s markets.

Filing of 2004 Form 10-K and First and Second Quarter 10-Qs

The Company also announced that the review and audit of its 2004 and first and second quarter financial statements and associated restatements of prior period financial statements are ongoing.

Mr. Fritsch said, “While finalizing our work on our 2004 and first and second quarter financial statements in mid-July, we were evaluating the accounting for a second quarter takedown of development land pursuant to a staged transaction that was originally signed in 1999. The outcome of this evaluation led to a review of the Company’s accounting methodologies related to prior period land cost allocations for this development as well as others.”

The Company subsequently determined that adjustments to these historical land cost allocations were required. These adjustments, which are still subject to audit, in the aggregate would reduce gains from sales of land and buildings recorded from 1997 to 2004 by approximately $5.0 million, of which approximately $0.1 million was in 2002, $2.9 million was in 2003 and $(0.6) million was in 2004.

Because of these unexpected prior period accounting adjustments, which were determined after the Company’s July 6, 2005 press release and conference call, the Company, in consultation with its auditors, determined that additional reviews should be undertaken related to certain other past transactions and accounting practices. These include the capitalization of interest, property taxes and other fixed costs related to development projects occurring prior to 2002, as well as the application of purchase accounting under APB 16 for our portfolio acquisitions and mergers completed from 1995 to 1998.

The Company expects that the primary impact of any such adjustments will be to the recorded value of certain real estate assets acquired or developed in the past. In turn, the primary current and future period impact of such adjustments will be corresponding changes to depreciation expense and to gains or losses to the extent real estate assets impacted by such adjustments have been or will in the future be sold.

Mr. Fritsch concluded, “It is important to bear in mind that the accounting methodologies under review relate to transactions that occurred a number of years ago. Any adjustments that may be required are not expected to have a material impact to FFO going forward or have any impact on the Company’s cash position.”

Highwoods Properties

September 28, 2005

SEC Update

The Company noted that there has been no change in the status of the formal investigation by the Securities and Exchange Commission (“SEC”). Management continues to cooperate fully and remains confident and comfortable with the information being provided to the SEC.

2005 Funds from Operations Outlook

Based on its review of year-to-date operational results, the Company confirmed the FFO guidance it published on July 6 for full-year 2005 of $2.27 to $2.33 per share. This estimate continues to reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, operating expenses and asset dispositions and acquisitions. It does include $0.02 of FFO from US Airways for the remainder of the year (August through December) offset by approximately $0.02 of higher utility costs for the year. This estimate excludes any asset gains or impairments associated with actual or potential depreciable property dispositions, as well as any one-time, non-recurring charges or credits that may occur during the year. Specifically, the estimate does not reflect the $4.2 million reduction in FFO and net income available for common shareholders that the Company will record pursuant to EITF Topic D-42. This reduction, which will be taken in the third quarter, is related to the redemption of $130 million of preferred stock on August 22, 2005. This outlook also assumes that any further adjustments to its historical financial statements as a result of the aforementioned review and audit will not have a material impact on the Company’s expected 2005 financial results.

Non-GAAP Information

We believe that FFO and FFO per share are beneficial to management and investors as important indicators of the performance of an equity REIT. FFO and FFO per share can facilitate comparisons of operating performance between periods and between other REITs because they exclude factors, such as depreciation, amortization and gains and losses from sales of real estate assets, which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates. FFO and FFO per share as disclosed by other REITs may not be comparable to our calculations of FFO and FFO per share. CAD is another useful financial performance measure of an equity REIT. CAD provides an additional basis to evaluate the ability of a REIT to incur and service debt, fund acquisitions and other capital expenditures and pay distributions. CAD does not measure whether cash flow is sufficient to fund all cash needs. FFO, FFO per share and CAD are non-GAAP financial measures and do not represent net income or cash flows from operating, investing or financing activities as defined by GAAP. They should not be considered as alternatives to net income as indicators of our operating performance or to cash flows as measures of liquidity. Furthermore, FFO per share does not depict the amount that accrues directly to the stockholders’ benefit.

FFO is defined by NAREIT as net income or loss, excluding gains or losses from sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis. As clarified by NAREIT in October 2003, impairment losses on depreciable real estate assets are included in FFO. Our calculation of FFO is consistent with FFO as defined by NAREIT.

Highwoods Properties

September 28, 2005

Supplemental Information

A copy of the Company’s second quarter 2005 Supplemental Information that includes leasing and operational statistics is available in the “Investor Relations/Quarterly Earnings” section of the Company’s Web site at www.highwoods.com. You may also obtain a copy of all Supplemental Information published by the Company by contacting Highwoods Investor Relations at 919-431-1529/ 800-256-2963 or by e-mail to HIW-IR@highwoods.com. If you would like to receive future Supplemental Information packages by e-mail, please contact the Investor Relations department as noted above or by written request to: Investor Relations Department, Highwoods Properties, Inc., 3100 Smoketree Court, Suite 600, Raleigh, NC 27604.

Conference Call

Today, September 28, 2005 at 5:00 p.m. Eastern time, Highwoods will host a teleconference call to discuss the matters outlined in this press release. For US/Canada callers, dial (888) 202-5268 and international callers dial (706) 643-7509. A live listen-only Web cast can be accessed through the Company’s Web site at www.highwoods.com under the “Investor Relations” section.

Telephone and Web cast replays will be available two hours after the completion of the call. The telephone replay will be available beginning at 8:00 p.m. Eastern time through 5:00 p.m. October 8. Dial-in numbers for the replay are (800) 642-1687 US/Canada, (706) 645-9291 international. The conference ID is 9997037.

About the Company

Highwoods Properties, Inc., a member of the S&P MidCap 400 Index, is a fully integrated, self-administered real estate investment trust (“REIT”) that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. As of June 30, 2005, the Company owned or had an interest in 490 in-service office, industrial and retail properties encompassing approximately 38.8 million square feet. Highwoods also owns 1,011 acres of development land. Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Kansas, Maryland, Missouri, North Carolina, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our Web site at www.highwoods.com.

Certain matters discussed in this press release, such as the effect of tenant bankruptcies on our operations, anticipated continuing compliance with debt agreements, expected leasing and financing activities and financial and operating performance and the cost and timing of expected development projects and asset dispositions, are forward-looking statements within the meaning of the federal securities laws. These statements are distinguished by use of the words “will”, “expect”, “intends” and words of similar meaning. Although Highwoods believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Factors that could cause actual results to differ materially from Highwoods’ current expectations include, among others, the following: the financial condition of our customers could deteriorate; the final completion of audited financial statements and SOX 404 testing could necessitate additional unexpected adjustments and/or result in unexpected costs; unwaived defaults, if any, under our debt instruments could result in an acceleration of some of our outstanding debt; speculative development by others could result in excessive supply of office properties relative to customer demand; we may not be able to lease or re-lease space quickly or on as favorable terms as old leases; unexpected difficulties in obtaining additional capital to satisfy our future cash needs or unexpected increases in interest rates would increase our debt service costs; and others detailed in the Company’s amended 2003 Annual Report on Form 10-K and subsequent SEC reports.

EX-99.2 3 dex992.htm SUPPLEMENTAL OPERATING INFORMATION Supplemental operating information

Exhibit 99.2

LOGO

Supplemental Information

June 30, 2005

Supplemental Information

Table of Contents

June 30, 2005


Schedule		Page
Summary and Corporate Information		i and ii

Capitalization		1
Long-Term Debt Summary		2
Long-Term Debt Detail		3
Portfolio Summary		4, 5 and 6
Occupancy Trends		7
Leasing Statistics		8, 9 and 10
Leasing Statistics by Market		11
Rental Rate Comparisons by Market		12
Lease Expirations		13 and 14
Office Lease Expirations by Market by Quarter		15
Industrial Lease Expirations by Market by Quarter		16
Office Lease Expirations by Market by Year		17
Industrial Lease Expirations by Market by Year		18
Customer Diversification		19
Acquisition Activity		20
Disposition Activity and Depreciable Assets Contributed to Joint Ventures		21
Development Activity		22
Development Land		23
Joint Ventures Portfolio Summary		24
Joint Ventures Lease Expirations		25
Joint Ventures Development		26

The information within refers to all Highwoods Properties’ wholly-owned entities, except pages 24 to 26 unless noted otherwise.

Certain matters discussed in this supplemental, including estimates of net operating income, pre-leasing commitments and the cost, timing and stabilization of announced development projects, are forward- looking statements within the meaning of the federal securities laws. Although Highwoods believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from Highwoods’ current expectations include general economic conditions, local real estate conditions, the timely development and lease-up of properties, and the other risks detailed from time to time in the Company’s SEC reports.


Highwoods Properties, Inc.				6/30/05

Corporate Information

Board of Directors

Thomas W. Adler

Gene H. Anderson

Kay N. Callison

Edward J. Fritsch

Ronald P. Gibson

William E. Graham Jr.

Lawrence S. Kaplan

L. Glenn Orr Jr.

O. Temple Sloan Jr., Chairman

Willard H. Smith Jr.

John L. Turner

F. William Vandiver, Jr.

Senior Management Team

Edward J. Fritsch

President, Chief Executive Officer and Director

Michael E. Harris

Executive Vice President and Chief Operating Officer

Terry L. Stevens

Vice President, Chief Financial Officer and Treasurer

Gene H. Anderson

Senior Vice President and Director

Michael F. Beale

Senior Vice President

Robert G. Cutlip

Senior Vice President

W. Brian Reames

Senior Vice President

Thomas S. Hill

Corporate Vice President, Leasing

Carman J. Liuzzo

Vice President, Investments

Kevin E. Penn

Chief Information Officer and Vice President, Strategy

Mack D. Pridgen III

Vice President, General Counsel and Secretary

Research Coverage

Deutsche Banc Securities

Lou Taylor - 212-469-4912

Green Street Advisors

Jim Sullivan - 949-640-8780

KeyBanc Capital Markets

Richard Moore - 216-443-2815

Legg Mason

David Fick - 410-454-5018

Morgan Stanley Dean Witter

Gregory Whyte - 212-761-6331

Prudential Equity Group

Jim Sullivan - 212-778-2515

Smith Barney Citigroup

Jonathan Litt - 212-816-0231

Wachovia Securities

Chris Haley - 443-263-6773


Highwoods Properties, Inc.		i		6/30/05

Corporate Information

Divisional Offices

Atlanta/Piedmont Triad

Gene H. Anderson - Regional Manager

Atlanta, GA

Gene H. Anderson, Senior Vice President

Piedmont Triad, NC

Mark W. Shumaker, Vice President

Orlando/Tampa

Michael F. Beale - Regional Manager

Orlando, FL

Michael F. Beale, Senior Vice President

Tampa, FL

Stephen A. Meyers, Vice President

Raleigh/Richmond

Robert G. Cutlip - Regional Manager

Raleigh, NC

Robert G. Cutlip, Senior Vice President

Richmond, VA

Paul W. Kreckman, Vice President

Memphis/Nashville/Columbia/Greenville

W. Brian Reames - Regional Manager

Nashville, TN

W. Brian Reames, Senior Vice President

Columbia, SC and Greenville, SC

W. Brian Reames, Senior Vice President

Memphis, TN

Steven Guinn, Vice President

Kansas City

Kansas City, MO

Barrett Brady, Senior Vice President

Corporate Headquarters

Highwoods Properties, Inc.

3100 Smoketree Court, Suite 600

Raleigh, NC 27604

919-872-4924

Stock Exchange

NYSE Trading Symbol: HIW

Investor Relations Contact

Tabitha Zane

Sr. Director, Investor Relations

Phone: 919-431-1529

Fax: 919-876-6929

E-mail: tabitha.zane@highwoods.com

Information Request

To request a standard Investor Relations package, Annual Report or to be added to our e-mail or fax list, please contact the Investor Relations Coordinator at:

Phone: 919-431-1521

Email: HIW-IR@highwoods.com

The Company

LOGO


Highwoods Properties, Inc.		ii		3/31/05

Capitalization

Dollars, shares, and units in thousands


	06/30/05			03/31/05		12/31/04		09/30/04		06/30/04
Long-Term Debt (see page 2 & 3):	$	1,558,999		$	1,582,010	$	1,572,169	$	1,600,627	$	1,603,485
Eastshore Debt 1/		19,800			—		—		—		—

Total debt per the balance sheet		1,578,799			1,582,010		1,572,169		1,600,627		1,603,485

Finance Obligations:	$	43,168		$	63,096	$	65,309	$	64,754	$	65,091

Preferred Stock (at redemtion value):
Series A 8⁵/8% Perpetual Preferred Stock	$	104,945		$	104,945	$	104,945	$	104,945	$	104,945
Series B 8% Perpetual Preferred Stock		172,500	2/		172,500		172,500		172,500		172,500
Series D 8% Perpetual Preferred Stock		100,000	2/		100,000		100,000		100,000		100,000

Total preferred stock	$	377,445		$	377,445	$	377,445	$	377,445	$	377,445

Shares and Units Outstanding:
Common stock outstanding		54,037			54,053		53,813		53,713		53,716
Minority interest partnership units		5,668			5,828		6,102		6,128		6,146

Total shares and units outstanding		59,705			59,881		59,915		59,841		59,862

Stock price at period end	$	29.76		$	26.82	$	27.70	$	24.61	$	23.50
Market value of common equity	$	1,776,821		$	1,606,008	$	1,659,646	$	1,472,687	$	1,406,757

Total market capitalization with debt and obligations 3/	$	3,756,433		$	3,628,559	$	3,674,569	$	3,515,513	$	3,452,778

1/	This debt is the 100% obligation of an entity that Highwoods has no ownership interest in but is consolidated according to GAAP. These properties will no longer be consolidated as of 9/30/05.

2/	Redeemed all Series D and $30 million of Series B perpetual preferred stock on 8/22/05


Highwoods Properties, Inc.		Page 1		6/30/05

Long-Term Debt Summary

Dollars in thousands


	06/30/05			03/31/05			12/31/04			09/30/04			06/30/04
Balances Outstanding:

Secured:
Conventional fixed rate 1/	$	709,595		$	754,226		$	755,596		$	768,324		$	771,540
Variable rate debt 2/		84,404			67,784			66,573			50,803			54,945

Secured total	$	793,999		$	822,010		$	822,169		$	819,127		$	826,485

Unsecured:
Fixed rate bonds and notes	$	460,000		$	460,000		$	460,000		$	460,000		$	460,000
Variable rate debt		120,000			120,000			120,000			120,000			120,000
Credit facility		185,000			180,000			170,000			201,500			197,000

Unsecured total	$	765,000		$	760,000		$	750,000		$	781,500		$	777,000

Total	$	1,558,999		$	1,582,010		$	1,572,169		$	1,600,627		$	1,603,485

Average Interest Rates:

Secured:
Conventional fixed rate		7.1	%		7.1	%		7.2	%		7.2	%		7.2	%
Variable rate debt		4.9	%		4.7	%		4.2	%		3.7	%		3.1	%

Secured total		6.8	%		6.9	%		6.9	%		6.9	%		6.9	%

Unsecured:
Fixed rate bonds		7.4	%		7.4	%		7.4	%		7.4	%		7.4	%
Variable rate debt		4.7	%		3.5	%		3.5	%		3.0	%		2.9	%
Credit facility		4.3	%		3.4	%		3.4	%		2.2	%		2.3	%

Unsecured total		6.2	%		6.0	%		5.9	%		5.4	%		5.4	%

Average		6.5	%		6.5	%		6.4	%		6.2	%		6.2	%

Capitalized Interest:	$	925		$	423		$	478		$	406		$	324

Maturity Schedule:


	*Future Maturities of Debt*				Total Debt 3/		Average Interest Rate
Year	Secured Debt 3/		Unsecured Debt		Total Debt 3/		Average Interest Rate
2005 4/	$	26,016	$	120,000	$	146,016	5.3	%
2006 5/		50,277		295,000		345,277	5.3	%
2007		109,617		—		109,617	7.0	%
2008		—		100,000		100,000	7.1	%
2009		169,470		50,000		219,470	7.9	%
2010		136,610		—		136,610	7.8	%
2011		—		—		—	—
2012		22,800		—		22,800	6.1	%
2013		273,883		—		273,883	5.9	%
2014		—		—		—	—
Thereafter		5,326		200,000		205,326	7.5	%

Total maturities	$	793,999	$	765,000	$	1,558,999	6.5	%

Weighted average maturity = 4.8 years

1/	Includes the $22.8 million loan related to a consolidated 20% owned joint venture property (Harborview).

2/	Includes the construction loan related to a consolidated 50% owned joint venture property (Vinings).

3/	Excludes annual principal amortization

4/	The $26,016 loan was paid off on July 15, 2005.

5/	The $295.0 million of unsecured debt maturities includes $185.0 million related to the credit facility which matures in 2006.


Highwoods Properties, Inc.		Page 2		6/30/05

Long-Term Debt Detail

Dollars in thousands


Lender	Rate		Maturity Date	Loan Balance 06/30/05		Undepreciated Book Value of Assets Secured
Secured Loans
Monumental Life Ins. Co.	7.8	%	Nov-09	$	161,587	$	241,796
Northwestern Mutual	6.0	%	Mar-13		140,883		187,517
Northwestern Mutual	7.8	%	Nov-10		136,610		279,290
Massachusetts Mutual Life Ins. Co. 1/	5.7	%	Dec-13		126,487		187,412
Northwestern Mutual	8.2	%	Feb-07		64,321		140,873
GECC 2/	5.1	%	Jan-06		46,985		83,465
PNC/Am South/Southtrust 3/	4.6	%	Oct-07		32,474		39,143
Principal Life Ins. Co. 4/	8.2	%	Aug-05		26,016		72,609
Metropolitan Life Ins. Co. 5/	6.1	%	Oct-12		22,800		39,106
PFL Life Ins. Co. 6/	8.1	%	Jun-07		5,533		22,917
Massachusetts Mutual Life Ins. Co. 1/	6.5	%	Dec-13		5,500		—
Ohio National	8.0	%	Nov-17		5,326		10,967
Lutheran Brotherhood	6.8	%	Apr-09		3,971		7,651
PFL Life Ins. Co. 6/ 7/	5.6	%	Jun-07		3,611		—
Assoc Retirement Trust Fund 8/	8.0	%	Jan-07		2,345		6,846
USG Annuity	7.7	%	Feb-06		2,134		3,817
Security Life of Denver	8.9	%	Aug-09		2,036		9,584
Southland Life Ins. Co.	8.8	%	Aug-09		1,876		6,924
American United Life	9.0	%	Jun-13		1,013		3,664
Central Carolina Bank 2/ 9/	3.3	%	Jan-08		1,334		2,774
CUNA Mutual 10/	8.0	%	Sep-06		595		3,195
Members Life Ins. Co 10/	8.0	%	Sep-06		562		3,297

	6.8	%		$	793,999	$	1,352,847

Unsecured Bonds
Bonds	7.0	%	Dec-06	$	110,000
Bonds	7.1	%	Feb-08		100,000
Bonds	8.1	%	Jan-09		50,000
Bonds	7.5	%	Apr-18		200,000

	7.3	%		$	460,000

Unsecured Loans
Term Loan 2/	4.3	%	Sep-05	$	20,000
Term Loan 3/	4.7	%	Nov-05		100,000
Line of Credit 2/	4.3	%	Jul-06		185,000

	4.4	%		$	305,000

Total Debt	6.5	%		$	1,558,999

1/	These two loans are secured by the same assets.

2/	Paid off on 8/1/05

3/	Floating rate loan based on two month libor.

4/	Paid off on 7/15/2005

5/	Loan relates to a consolidated 20% owned joint venture property (Harborview).

6/	These two loans are secured by the same assets.

7/	Floating rate loan based on ninety day libor.

8/	Paid off on 9/1/05

9/	Loan relates to a consolidated 50% owned joint venture property (Vinings).

10/

Paid off on 9/15/05


Highwoods Properties, Inc.		Page 3		6/30/05

Portfolio Summary - Wholly-Owned Properties Only 1/

(Rentable Square Feet)


	06/30/05		03/31/05		12/31/04		09/30/04		06/30/04
Office Industrial & Retail In-Service:
Office 2/	23,849,000		24,254,000		24,628,000		25,151,000		25,272,000
Industrial	6,623,000		6,991,000		7,829,000		7,992,000		7,992,000
Retail 3/	1,417,000		1,409,000		1,409,000		1,410,000		1,411,000

Total	31,889,000		32,654,000		33,866,000		34,553,000		34,675,000

Development Completed - Not Stabilized:
Office 2/	—		—		—		—		—
Industrial	353,000		353,000		353,000		353,000		—
Retail	—		—		—		—		—

Total	353,000		353,000		353,000		353,000		—

Development - In Process:
Office 2/	710,000		358,000		358,000		333,000		222,000
Industrial	—		—		—		—		350,000
Retail	9,600		9,600		9,600		—		—

Total	719,600		367,600		367,600		333,000		572,000

Total:
Office 2/	24,559,000		24,612,000		24,986,000		25,484,000		25,494,000
Industrial	6,976,000		7,344,000		8,179,000		8,342,000		8,342,000
Retail 3/	1,426,600		1,418,600		1,418,600		1,410,000		1,411,000

Total	32,961,600		33,374,600		34,583,600		35,236,000		35,247,000

Same Property
Office 2/	23,662,000		23,684,184		23,684,184		23,684,184		23,684,184
Industrial	6,623,000		6,623,252		6,623,252		6,623,252		6,623,252
Retail	1,417,000		1,416,639		1,416,639		1,416,639		1,416,639

Total	31,702,000		31,724,075		31,724,075		31,724,075		31,724,075

Percent Leased/Pre-Leased:
In-Service:
Office	83.5	%	82.3	%	82.7	%	80.9	%	79.2	%
Industrial	83.8	%	86.8	%	90.2	%	88.4	%	88.0	%
Retail	96.0	%	95.5	%	97.3	%	94.5	%	93.4	%

Total	84.1	%	83.8	%	85.0	%	83.2	%	81.8	%

Development Completed - Not Stabilized:
Office	—		—		—		—		—
Industrial	100.0	%	100.0	%	100.0	%	100.0	%	—
Retail	—		—		—		—		—

Total	100.0	%	100.0	%	100.0	%	100.0	%	—

Development - In Process:
Office	60.8	%	100.0	%	100.0	%	100.0	%	100.0	%
Industrial	—		—		—		—		100.0	%
Retail	87.0	%	66.0	%	44.0	%	—		—

Total	61.1	%	99.1	%	98.5	%	100.0	%	100.0	%

Same Property
Office	83.5	%	83.3	%	83.7	%	81.7	%	80.8	%
Industrial	83.8	%	86.2	%	88.7	%	87.1	%	86.7	%
Retail	96.0	%	95.1	%	96.8	%	94.1	%	93.1	%

Total	84.1	%	84.5	%	85.3	%	83.4	%	82.6	%

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Substantially all of our Office properties are located in suburban markets

3/	Excludes 430,000 square feet of basement space in the Country Club Plaza and other Kansas City retail properties


Highwoods Properties, Inc.		Page 4		6/30/05

Portfolio Summary

(Continued)

As of June 30, 2005

Summary by Location, Wholly-Owned Properties Only 1/:


					Percentage of Annualized Revenue 2/
Market	Rentable Square Feet		Occupancy		Office		Industrial		Retail		Total
Raleigh 3/	4,432,000		83.8	%	15.6	%	0.2	%	—		15.8	%
Atlanta	6,464,000		81.9	%	11.4	%	3.4	%	—		14.8	%
Tampa 4/	3,813,000		77.2	%	14.2	%	—		—		14.2	%
Kansas City	2,316,000	5/	91.3	%	4.0	%	—		9.0	%	13.0	%
Nashville	2,873,000		95.1	%	12.1	%	—		—		12.1	%
Piedmont Triad 6/	5,593,000		87.7	%	6.4	%	3.4	%	—		9.8	%
Richmond	1,841,000		93.2	%	7.1	%	—		—		7.1	%
Memphis	1,216,000		82.3	%	4.6	%	—		—		4.6	%
Charlotte 4/	1,492,000		66.9	%	3.6	%	—		—		3.6	%
Greenville	1,105,000		75.5	%	2.6	%	0.1	%	—		2.7	%
Columbia	426,000		61.7	%	1.0	%	—		—		1.0	%
Orlando	218,000		96.9	%	1.0	%	—		—		1.0	%
Other	100,000		56.3	%	0.3	%	—		—		0.3	%

Total	31,889,000		84.1	%	83.9	%	7.1	%	9.0	%	100.0	%

Summary by Location, Including Joint Venture Properties:


				Percentage of Annualized Revenue 2/ 7/
Market	Rentable Square Feet	Occupancy		Office		Industrial		Retail		Multi-Family		Total
Atlanta	7,299,000	83.1	%	11.5	%	3.0	%	—		—		14.5	%
Raleigh	4,887,000	85.3	%	14.2	%	0.1	%	—		—		14.3	%
Tampa 4/	4,018,000	78.3	%	12.8	%	—		—		—		12.8	%
Kansas City	2,744,000	90.8	%	4.6	%	—		8.0	%	—		12.6	%
Nashville	2,873,000	95.1	%	10.8	%	—		—		—		10.8	%
Piedmont Triad	5,957,000	89.0	%	6.1	%	3.0	%	—		—		9.1	%
Richmond	2,254,000	94.4	%	6.9	%	—		—		—		6.9	%
Memphis	1,216,000	82.3	%	4.1	%	—		—		—		4.1	%
Des Moines	2,245,000	95.4	%	3.1	%	0.4	%	0.1	%	0.4	%	4.0	%
Orlando	1,902,000	91.4	%	3.9	%	—		—		—		3.9	%
Charlotte 4/	1,640,000	69.9	%	3.3	%	—		—		—		3.3	%
Greenville	1,105,000	75.5	%	2.3	%	0.1	%	—		—		2.4	%
Columbia	426,000	61.6	%	0.9	%	—		—		—		0.9	%
Other	210,000	79.2	%	0.4	%	—		—		—		0.4	%

Total	38,776,000	85.9	%	84.9	%	6.6	%	8.1	%	0.4	%	100.0	%

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.

3/	Raleigh Market encompasses Raleigh, Durham, Cary, and Research Triangle metropolitan area.

4/	Includes 1,492,000 square feet of office space in Charlotte and 940,000 square feet of office space in Tampa that was sold on July 22, 2005.

5/	Excludes 430,000 square feet of basement space in the Country Club Plaza and other Kansas City retail properties

6/	Piedmont Triad Market encompasses Greensboro, Winston-Salem metropolitan area.

7/	Includes Highwoods’ share of Joint Venture Annualized Rental Revenue, see page 24


Highwoods Properties, Inc.		Page 5		6/30/05

Portfolio Summary - Wholly-Owned Properties Only 1/

(Continued)

As of June 30, 2005


	Office Properties					Industrial
Market	Rentable Square Feet	Occupancy		Percentage of Office Annualized Revenue 2/		Rentable Square Feet	Occupancy		Percentage of Industrial Annualized Revenue 2/
Raleigh	4,331,000	84.2	%	18.5	%	101,000	68.9	%	2.3	%
Tampa 3/	3,813,000	77.2	%	16.9	%	—	—		—
Nashville	2,873,000	95.1	%	14.4	%	—	—		—
Atlanta	3,492,000	81.1	%	13.6	%	2,972,000	82.7	%	48.3	%
Richmond	1,841,000	93.2	%	8.5	%	—	—		—
Piedmont Triad	2,150,000	90.9	%	7.6	%	3,443,000	86.8	%	48.1	%
Memphis	1,216,000	82.3	%	5.5	%	—	—		—
Kansas City	895,000	83.9	%	4.8	%	4,000	100.0	%	0.1	%
Charlotte 3/	1,492,000	66.9	%	4.3	%	—	—		—
Greenville	1,002,000	80.3	%	3.1	%	103,000	28.9	%	1.2	%
Columbia	426,000	61.7	%	1.2	%	—	—		—
Orlando	218,000	96.9	%	1.2	%	—	—		—
Other	100,000	56.3	%	0.4	%	—	—		—

	23,849,000	83.5	%	100.0	%	6,623,000	83.8	%	100.0	%


	Retail
Market	Rentable Square Feet	Occupancy		Percentage of Retail Annualized Revenue 2/
Kansas City 4/	1,417,000	96.0	%	100.0	%

	1,417,000	96.0	%	100.0	%

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.

3/	Includes 1,492,000 square feet of office space in Charlotte and 940,000 square feet of office space in Tampa that was sold on July 22, 2005.

4/	Excludes 430,000 square feet of basement space in the Country Club Plaza and other Kansas City retail properties


Highwoods Properties, Inc.		Page 6		6/30/05

Occupancy Trends - Office, Industrial and Retail Properties 1/


Market	Measurement	06/30/05		03/31/05		12/31/04		09/30/04		06/30/04
Atlanta	Rentable Square Feet	6,465,000		6,826,000		6,825,000		6,825,000		6,821,000
	Occupancy	81.9	%	83.0	%	83.7	%	81.3	%	80.7	%
	Current Properties 2/	81.9	%	82.3	%	83.3	%	80.9	%	80.5	%

Charlotte 3/	Rentable Square Feet	1,492,000		1,492,000		1,492,000		1,655,000		1,655,000
	Occupancy	66.9	%	67.7	%	72.9	%	74.6	%	73.9	%
	Current Properties 2/	66.9	%	67.7	%	72.9	%	75.1	%	74.1	%

Columbia	Rentable Square Feet	426,000		426,000		426,000		426,000		426,000
	Occupancy	61.6	%	59.9	%	60.4	%	57.5	%	57.9	%
	Current Properties 2/	61.6	%	59.9	%	60.4	%	57.5	%	57.9	%

Greenville	Rentable Square Feet	1,105,000		1,127,000		1,127,000		1,319,000		1,319,000
	Occupancy	75.5	%	81.1	%	80.5	%	79.4	%	78.8	%
	Current Properties 2/	75.5	%	82.7	%	82.1	%	80.0	%	78.9	%

Kansas City 4/	Rentable Square Feet	2,315,000		2,308,000		2,308,000		2,308,000		2,310,000
	Occupancy	91.4	%	91.6	%	94.1	%	92.4	%	91.4	%
	Current Properties 2/	91.4	%	91.3	%	93.8	%	92.1	%	91.2	%

Memphis	Rentable Square Feet	1,216,000		1,216,000		1,216,000		1,216,000		1,216,000
	Occupancy	82.3	%	80.6	%	83.2	%	82.1	%	82.0	%
	Current Properties 2/	82.3	%	80.6	%	83.2	%	82.1	%	82.0	%

Nashville	Rentable Square Feet	2,873,000		2,870,000		2,870,000		2,870,000		2,870,000
	Occupancy	95.1	%	92.8	%	93.3	%	93.4	%	91.7	%
	Current Properties 2/	95.1	%	92.7	%	93.2	%	93.3	%	91.6	%

Orlando	Rentable Square Feet	218,000		222,000		222,000		387,000		387,000
	Occupancy	96.8	%	97.7	%	93.2	%	94.4	%	52.9	%
	Current Properties 2/	96.8	%	99.5	%	94.9	%	94.9	%	90.1	%

Piedmont Triad	Rentable Square Feet	5,593,000		5,722,000		6,652,000		6,652,000		6,652,000
	Occupancy	88.3	%	90.4	%	92.5	%	91.9	%	91.1	%
	Current Properties 2/	88.3	%	90.9	%	91.8	%	91.1	%	90.2	%

Raleigh	Rentable Square Feet	4,432,000		4,432,000		4,597,000		4,739,000		4,808,000
	Occupancy	83.8	%	83.3	%	83.8	%	81.1	%	79.4	%
	Current Properties 2/	83.8	%	83.3	%	83.3	%	80.2	%	78.7	%

Richmond	Rentable Square Feet	1,841,000		1,836,000		1,835,000		1,835,000		1,835,000
	Occupancy	93.2	%	95.1	%	94.1	%	92.0	%	89.7	%
	Current Properties 2/	93.2	%	94.8	%	93.7	%	91.7	%	89.4	%

Tampa 3/	Rentable Square Feet	3,813,000		4,077,000		4,196,000		4,221,000		4,277,000
	Occupancy	77.2	%	70.5	%	71.0	%	66.1	%	65.9	%
	Current Properties 2/	77.2	%	75.4	%	76.0	%	70.6	%	71.4	%

Total 5/	Rentable Square Feet	31,789,000		32,554,000		33,766,000		34,453,000		34,576,000
	Occupancy	84.1	%	83.8	%	85.0	%	83.2	%	81.8	%

	Current Properties 2/	84.1	%	84.5	%	85.3	%	83.4	%	82.5	%

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Only properties that were owned and in-service on June 30, 2005 are included for each quarter shown.

3/	Includes 1,492,000 square feet of office space in Charlotte and 940,000 square feet of office space in Tampa that was sold on July 22, 2005.

4/	Excludes 430,000 square feet of basement space in the Country Club Plaza and other Kansas City retail properties

5/	Excludes a 100,000 square foot building located in South Florida


Highwoods Properties, Inc.		Page 7		6/30/05

Leasing Statistics

Office Portfolio 1/


	Three Months Ended
	6/30/05 2/			3/31/05 3/			12/31/04 4/			9/30/04 5/			6/30/04 6/			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		223			188			206			219			230			213
Rentable square footage leased		1,155,513			1,235,718			1,101,291			1,368,577			1,375,372			1,247,294
Square footage of Renewal Deals		785,827			677,799			726,959			703,003			1,011,662			781,050
Renewed square footage (% of total)		68.0	%		54.9	%		66.0	%		51.4	%		73.6	%		62.6	%
New Leases square footage (% of total)		32.0	%		45.1	%		34.0	%		48.6	%		26.4	%		37.4	%

Average per rentable square foot over the lease term:
Base rent	$	17.31		$	16.20		$	17.40		$	16.68		$	17.64		$	17.05
Tenant improvements		(1.45	)		(0.94	)		(1.51	)		(1.27	)		(1.09	)		(1.25	)
Leasing commissions 7/		(0.60	)		(0.66	)		(0.62	)		(0.64	)		(0.52	)		(0.61	)
Rent concessions		(0.31	)		(0.41	)		(0.31	)		(0.37	)		(0.27	)		(0.33	)

Effective rent		14.95			14.19			14.96			14.40			15.76			14.86
Expense stop		(5.33	)		(4.46	)		(5.61	)		(5.32	)		(5.25	)		(5.19	)

Equivalent effective net rent	$	9.62		$	9.73		$	9.35		$	9.08		$	10.51		$	9.67

Average term in years		4.1			5.7			5.0			3.7			4.3			4.6

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	8,869,553		$	5,644,830		$	9,208,835		$	9,455,102		$	8,908,277		$	8,417,319
Rentable square feet		1,155,513			1,235,718			1,101,291			1,368,577			1,375,372			1,247,294

Per rentable square foot	$	7.68		$	4.57		$	8.36		$	6.91		$	6.48		$	6.75

Leasing Commissions:
Total dollars committed under signed leases 7/	$	2,629,936		$	4,109,601		$	2,806,566		$	2,969,620		$	2,878,161		$	3,078,776
Rentable square feet		1,155,513			1,235,718			1,101,291			1,368,577			1,375,372			1,247,294

Per rentable square foot	$	2.28		$	3.33		$	2.55		$	2.17		$	2.09		$	2.47

Total:
Total dollars committed under signed leases	$	11,499,489		$	9,754,430		$	12,015,400		$	12,424,721		$	11,786,438		$	11,496,096
Rentable square feet		1,155,513			1,235,718			1,101,291			1,368,577			1,375,372			1,247,294

Per rentable square foot	$	9.95		$	7.89		$	10.91		$	9.08		$	8.57		$	9.22

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Includes 68K square feet of leases that start in 2007 or later

3/	Includes 89K square feet of leases that start in 2007 or later

4/	Includes 111K square feet of leases that start in 2007 or later

5/	Includes 128K square feet of leases that start in 2006 or later

6/	Includes 100K square feet of leases that start in 2006 or later

7/	Excludes a full allocation of internal marketing cost


Highwoods Properties, Inc.		Page 8		6/30/05

Leasing Statistics

Industrial Portfolio


	Three Months Ended
	6/30/05 1/			3/31/05			12/31/04			9/30/04 2/			06/30/04			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		30			15			36			34			7			24
Rentable square footage leased		359,342			599,048			1,216,644			285,706			820,933			656,335
Square footage of Renewal Deals		224,203			579,069			875,445			246,797			642,011			513,505
Renewed square footage (% of total)		62.4	%		96.7	%		72.0	%		86.4	%		78.2	%		78.2	%
New Leases square footage (% of total)		37.6	%		3.3	%		28.0	%		13.6	%		21.8	%		21.8	%

Average per rentable square foot over the lease term:
Base rent	$	5.16		$	3.39		$	3.49		$	4.73		$	4.11		$	4.18
Tenant improvements		(0.51	)		(0.16	)		(0.13	)		(0.33	)		(0.31	)		(0.29	)
Leasing commissions 3/		(0.12	)		(0.06	)		(0.06	)		(0.07	)		(0.08	)		(0.08	)
Rent concessions		(0.16	)		(0.01	)		(0.03	)		(0.05	)		(0.17	)		(0.08	)

Effective rent		4.37			3.16			3.27			4.28			3.55			3.73
Expense stop		(0.31	)		(0.08	)		(0.09	)		(0.54	)		(0.36	)		(0.28	)

Equivalent effective net rent	$	4.06		$	3.08		$	3.18		$	3.74		$	3.19		$	3.45

Average term in years		3.7			1.3			2.0			2.6			3.2			2.5

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	917,527		$	361,044		$	756,077		$	307,534		$	1,805,334		$	829,503
Rentable square feet		359,342			599,048			1,216,644			285,706			820,933			656,335

Per rentable square foot	$	2.55		$	0.60		$	0.62		$	1.08		$	2.20		$	1.26

Leasing Commissions:
Total dollars committed under signed leases 3/	$	172,719		$	63,473		$	226,000		$	64,714		$	207,676		$	146,916
Rentable square feet		359,342			599,048			1,216,644			285,706			820,933			656,335

Per rentable square foot	$	0.48		$	0.11		$	0.19		$	0.23		$	0.25		$	0.22

Total:
Total dollars committed under signed leases	$	1,090,245		$	424,517		$	982,077		$	372,247		$	2,013,010		$	976,419
Rentable square feet		359,342			599,048			1,216,644			285,706			820,933			656,335

Per rentable square foot	$	3.03		$	0.71		$	0.81		$	1.30		$	2.45		$	1.49

1/	Includes 4K square feet of leases that start in 2007 or later

2/	Includes 74K square feet of leases that start in 2006 or later

3/	Excludes a full allocation of internal marketing cost


Highwoods Properties, Inc.		Page 9		6/30/05

Leasing Statistics

Retail Portfolio


	Three Months Ended
	6/30/05 1/			3/31/05			12/31/04			9/30/04			6/30/04 2/			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		10			4			23			18			13			14
Rentable square footage leased		39,723			10,993			106,629			34,300			38,548			46,039
Square footage of Renewal Deals		36,118			1,750			78,579			15,530			17,482			29,892
Renewed square footage (% of total)		90.9	%		15.9	%		73.7	%		45.3	%		45.4	%		64.9	%
New Leases square footage (% of total)		9.1	%		84.1	%		26.3	%		54.7	%		54.6	%		35.1	%

Average per rentable square foot over the lease term:
Base rent	$	21.49		$	26.09		$	17.03		$	26.45		$	22.98		$	22.81
Tenant improvements		(1.64	)		(2.65	)		(1.73	)		(1.84	)		(2.04	)		(1.98	)
Leasing commissions 3/		(0.40	)		(0.88	)		(0.26	)		(0.56	)		(0.32	)		(0.48	)
Rent concessions		0.00			0.00			0.00			(0.04	)		0.00			(0.01	)

Effective rent		19.45			22.56			15.04			24.01			20.62			20.34
Expense stop		0.00			0.00			0.00			0.00			0.00			0.00

Equivalent effective net rent	$	19.45		$	22.56		$	15.04		$	24.01		$	20.62		$	20.34

Average term in years		8.7			9.3			8.3			5.7			8.0			8.0

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	695,152		$	308,098		$	2,137,327		$	403,309		$	800,125		$	868,802
Rentable square feet		39,723			10,993			106,629			34,300			38,548			46,039

Per rentable square foot	$	17.50		$	28.03		$	20.04		$	11.76		$	20.76		$	18.87

Leasing Commissions:
Total dollars committed under signed leases 3/	$	43,041		$	3,778		$	220,528		$	86,458		$	34,423		$	77,646
Rentable square feet		39,723			10,993			106,629			34,300			38,548			46,039

Per rentable square foot	$	1.08		$	0.34		$	2.07		$	2.52		$	0.89		$	1.69

Total:
Total dollars committed under signed leases	$	738,193		$	311,876		$	2,357,855		$	489,767		$	834,548		$	946,448
Rentable square feet		39,723			10,993			106,629			34,300			38,548			46,039

Per rentable square foot	$	18.58		$	28.37		$	22.11		$	14.28		$	21.65		$	20.56

1/	Includes 16K square feet of leases that start in 2007 or later

2/	Includes 6K square feet of leases that start in 2006 or later

3/	Excludes a full allocation of internal marketing cost


Highwoods Properties, Inc.		Page 10		6/30/05

Leasing Statistics by Market

For the Three Months ended June 30, 2005

Office Portfolio 1/


Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF 2/
Richmond	194,067	1.7	$	16.01	$	2.58	$	0.94
Raleigh	192,978	4.7		14.90		7.18		2.43
Tampa	182,938	5.1		19.95		15.90		3.22
Nashville	176,501	5.4		19.53		6.01		2.79
Atlanta	162,640	3.4		14.93		5.79		1.45
Charlotte	62,836	3.5		15.58		8.51		0.88
Memphis	57,596	5.8		18.37		16.97		2.82
Piedmont Triad	52,783	3.6		16.64		2.66		0.30
Kansas City	30,695	3.5		19.67		1.57		3.22
Greenville	28,418	4.3		14.85		9.05		3.62
Orlando	6,823	6.2		16.41		12.47		0.00
Columbia	6,108	2.7		12.16		3.69		2.01
Other	1,130	2.0		9.74		4.50		1.54

	1,155,513	4.1	$	17.00	$	7.68	$	2.28


Industrial Portfolio

Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF 2/
Atlanta	233,811	3.3	$	4.74	$	2.30	$	0.36
Piedmont Triad	98,873	4.5		4.93		2.89		0.54
Research Triangle	24,640	4.1		7.49		3.84		0.70
Kansas City	2,018	1.0		8.25		0.00		0.00

	359,342	3.7	$	5.00	$	2.55	$	0.48


Retail Portfolio

Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF
Kansas City	39,723	8.7	$	21.49	$	17.50	$	1.08

	39,723	8.7	$	21.49	$	17.50	$	1.08

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Total lease commisions per square foot excludes all internal charges from Leasing Departments, which are not allocated to individual leases.


Highwoods Properties, Inc.		Page 11		6/30/05

Rental Rate Comparisons by Market

For the Three Months ended June 30, 2005

Office Portfolio 1/


Market	Rentable Square Feet Leased	Current Rent		Previous Rent		Percentage Change Rent
Richmond	194,067	$	16.01	$	15.62	2.5	%
Raleigh	192,978		14.90		17.24	-13.6	%
Tampa	182,938		19.95		17.89	11.5	%
Nashville	176,501		19.53		19.36	0.9	%
Atlanta	162,640		14.93		15.17	-1.6	%
Charlotte	62,836		15.58		15.76	-1.1	%
Memphis	57,596		18.37		19.20	-4.3	%
Piedmont Triad	52,783		16.64		16.31	2.0	%
Kansas City	30,695		19.67		19.06	3.2	%
Greenville	28,418		14.85		18.17	-18.3	%
Orlando	6,823		16.41		12.58	30.5	%
Columbia	6,108		12.16		18.53	-34.4	%
Other	1,130		9.74		14.03	-30.6	%

GAAP Rent Growth	1,155,513	$	17.00	$	17.17	-1.0	%

Cash Rent Growth	1,155,513	$	16.67	$	18.23	-8.4	%


Industrial Portfolio

Market	Rentable Square Feet Leased	Current Rent		Previous Rent		Percentage Change Rent
Atlanta	233,811	$	4.74	$	5.03	-5.7	%
Piedmont Triad	98,873		4.93		4.28	15.3	%
Research Triangle	24,640		7.49		6.88	8.9	%
Kansas City	2,018		8.25		8.25	0.0	%

GAAP Rent Growth	359,342	$	5.00	$	4.98	0.5	%

Cash Rent Growth	359,342	$	5.29	$	5.52	-4.2	%


Retail Portfolio

Market	Rentable Square Feet Leased	Current Rent		Previous Rent		Percentage Change Rent
Kansas City	39,723	$	21.49	$	22.97	-6.5	%

GAAP Rent Growth	39,723	$	21.49	$	22.97	-6.5	%

Cash Rent Growth	39,723	$	20.78	$	23.38	-11.1	%

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66


Highwoods Properties, Inc.		Page 12		6/30/05

Lease Expirations

June 30, 2005

Dollars in thousands


Year	Rentable Square Feet Expiring	Percent of Rentable Square Feet		Annualized Revenue 1/		Average Rental Rate		Percent of Annualized Revenue 1/
Office: 2/
2005 3/	1,486,249	7.5	%	$	26,785	$	18.02	7.6	%
2006	3,276,840	16.4	%		60,708		18.53	17.2	%
2007	1,980,269	9.9	%		35,355		17.85	10.1	%
2008	3,284,593	16.5	%		54,449		16.58	15.5	%
2009	2,757,324	13.9	%		49,948		18.11	14.2	%
2010	2,570,736	12.9	%		45,147		17.56	12.9	%
2011	1,549,647	7.8	%		28,836		18.61	8.2	%
2012	892,307	4.5	%		17,326		19.42	4.9	%
2013	471,902	2.4	%		8,381		17.76	2.4	%
2014	419,428	2.1	%		8,288		19.76	2.4	%
2015 and thereafter	1,218,780	6.1	%		16,044		13.16	4.6	%

	19,908,075	100.0	%	$	351,267	$	17.64	100.0	%

Industrial:
2005 4/	1,005,827	17.3	%	$	4,225	$	4.20	14.5	%
2006	976,885	16.8	%		4,962		5.08	17.0	%
2007	1,076,728	18.4	%		6,232		5.79	21.4	%
2008	716,031	12.3	%		3,321		4.64	11.4	%
2009	643,486	11.1	%		3,868		6.01	13.3	%
2010	263,118	4.5	%		1,527		5.80	5.2	%
2011	155,862	2.7	%		762		4.89	2.6	%
2012	198,536	3.4	%		780		3.93	2.7	%
2013	102,384	1.8	%		626		6.11	2.1	%
2014	206,731	3.6	%		817		3.95	2.8	%
2015 and thereafter	469,730	8.1	%		2,045		4.35	7.0	%

	5,815,318	100.0	%	$	29,165	$	5.02	100.0	%

1/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.

2/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

3/	Includes 254,000 square feet of leases that are on a month to month basis or 0.8% of total annualized revenue

4/	Includes 180,000 square feet of leases that are on a month to month basis or 0.2% of total annualized revenue

Note: 2005 and beyond expirations that have been renewed are reflected above based on the renewal expiration date.


Highwoods Properties, Inc.		Page 13		6/30/05

Lease Expirations

June 30, 2005

(Continued)

Dollars in thousands


Year	Rentable Square Feet Expiring	Percent of Rentable Square Feet		Annualized Revenue 1/		Average Rental Rate		Percent of Annualized Revenue 1/
Retail:
2005 2/	23,225	1.7	%	$	1,007	$	43.36	2.7	%
2006	118,046	8.7	%		2,938		24.89	7.8	%
2007	82,574	6.1	%		2,398		29.04	6.3	%
2008	129,441	9.5	%		3,685		28.47	9.7	%
2009	175,222	12.8	%		4,538		25.90	12.0	%
2010	97,175	7.1	%		3,367		34.65	8.9	%
2011	56,468	4.1	%		1,838		32.55	4.9	%
2012	141,451	10.4	%		4,104		29.01	10.8	%
2013	108,866	8.0	%		2,804		25.76	7.4	%
2014	80,159	5.9	%		1,453		18.13	3.8	%
2015 and thereafter	349,612	25.7	%		9,736		27.85	25.7	%

	1,362,239	100.0	%	$	37,868	$	27.80	100.0	%

Total:
2005 3/4/	2,515,301	9.3	%	$	32,017	$	12.73	7.7	%
2006	4,371,771	16.2	%		68,608		15.69	16.3	%
2007	3,139,571	11.6	%		43,985		14.01	10.5	%
2008	4,130,065	15.3	%		61,455		14.88	14.7	%
2009	3,576,032	13.2	%		58,354		16.32	14.0	%
2010	2,931,029	10.8	%		50,041		17.07	12.0	%
2011	1,761,977	6.5	%		31,436		17.84	7.5	%
2012	1,232,294	4.5	%		22,210		18.02	5.3	%
2013	683,152	2.5	%		11,811		17.29	2.8	%
2014	706,318	2.6	%		10,558		14.95	2.5	%
2015 and thereafter	2,038,122	7.5	%		27,825		13.65	6.7	%

	27,085,632	100.0	%	$	418,300	$	15.44	100.0	%

1/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.

2/	Includes 14,000 square feet of leases that are on a month to month basis or 0.1% of total annualized revenue

3/	Includes 448,000 square feet of leases that are on a month to month basis or 1.1% of total annualized revenue

4/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

Note: 2005 and beyond expirations that have been renewed are reflected above based on the renewal expiration date.


Highwoods Properties, Inc.		Page 14		6/30/05

Office Lease Expirations by Market by Quarter 1/

Dollars in thousands


			*Three Months Ended*												Total
			9/30/05 /2			12/31/05			03/31/06			06/30/06			Total
Atlanta	RSF			343,121			33,121			134,599			88,483			599,324
	% of Total Office RSF			1.7	%		0.2	%		0.7	%		0.4	%		3.0	%
	Annualized Revenue	3/	$	5,440		$	508		$	1,848		$	1,367		$	9,163
	% of Total Office Annl Rev			1.5	%		0.1	%		0.5	%		0.4	%		2.6	%
Charlotte	RSF			77,500			13,240			36,827			23,985			151,552
	% of Total Office RSF			0.4	%		0.1	%		0.2	%		0.1	%		0.8	%
	Annualized Revenue	3/	$	1,086		$	236		$	558		$	434		$	2,314
	% of Total Office Annl Rev			0.3	%		0.1	%		0.2	%		0.1	%		0.7	%
Columbia	RSF			26,360			3,352			1,077			0			30,789
	% of Total Office RSF			0.1	%		0.0	%		0.0	%		0.0	%		0.2	%
	Annualized Revenue	3/	$	487		$	60		$	18		$	—		$	565
	% of Total Office Annl Rev			0.1	%		0.0	%		0.0	%		0.0	%		0.2	%
Greenville	RSF			72,152			0			29,998			119,623			221,773
	% of Total Office RSF			0.4	%		0.0	%		0.2	%		0.6	%		1.1	%
	Annualized Revenue	3/	$	829		$	—		$	589		$	2,248		$	3,666
	% of Total Office Annl Rev			0.2	%		0.0	%		0.2	%		0.6	%		1.0	%
Kansas City	RSF			29,229			31,292			61,265			18,549			140,335
	% of Total Office RSF			0.1	%		0.2	%		0.3	%		0.1	%		0.7	%
	Annualized Revenue	3/	$	608		$	589		$	1,326		$	373		$	2,896
	% of Total Office Annl Rev			0.2	%		0.2	%		0.4	%		0.1	%		0.8	%
Memphis	RSF			58,611			10,981			47,663			32,602			149,857
	% of Total Office RSF			0.3	%		0.1	%		0.2	%		0.2	%		0.8	%
	Annualized Revenue	3/	$	1,115		$	339		$	943		$	596		$	2,993
	% of Total Office Annl Rev			0.3	%		0.1	%		0.3	%		0.2	%		0.9	%
Nashville	RSF			50,646			125,908			153,871			50,911			381,336
	% of Total Office RSF			0.3	%		0.6	%		0.8	%		0.3	%		1.9	%
	Annualized Revenue	3/	$	840		$	2,488		$	3,105		$	1,068		$	7,501
	% of Total Office Annl Rev			0.2	%		0.7	%		0.9	%		0.3	%		2.1	%
Orlando	RSF			0			0			0			0			0
	% of Total Office RSF			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
	Annualized Revenue	3/	$	—		$	—		$	—		$	—		$	—
	% of Total Office Annl Rev			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Piedmont Triad	RSF			118,969			37,762			93,611			63,612			313,954
	% of Total Office RSF			0.6	%		0.2	%		0.5	%		0.3	%		1.6	%
	Annualized Revenue	3/	$	1,894		$	659		$	1,632		$	1,159		$	5,344
	% of Total Office Annl Rev			0.5	%		0.2	%		0.5	%		0.3	%		1.5	%
Raleigh	RSF			116,571			92,875			263,965			126,326			599,737
	% of Total Office RSF			0.5	%		0.5	%		1.3	%		0.6	%		3.0	%
	Annualized Revenue	3/	$	2,333		$	2,073		$	5,371		$	2,634		$	12,411
	% of Total Office Annl Rev			0.7	%		0.6	%		1.5	%		0.7	%		3.5	%
Richmond	RSF			41,395			6,709			149,186			43,177			240,467
	% of Total Office RSF			0.2	%		0.0	%		0.7	%		0.2	%		1.2	%
	Annualized Revenue	3/	$	764		$	102		$	2,392		$	928		$	4,186
	% of Total Office Annl Rev			0.2	%		0.0	%		0.7	%		0.3	%		1.2	%
Tampa	RSF			112,092			62,787			74,355			103,731			352,965
	% of Total Office RSF			0.6	%		0.3	%		0.4	%		0.5	%		1.8	%
	Annualized Revenue	3/	$	2,342		$	1,536		$	1,429		$	2,096		$	7,403
	% of Total Office Annl Rev			0.7	%		0.4	%		0.4	%		0.6	%		2.1	%
Other	RSF			21,576			0			0			0			21,576
	% of Total Office RSF			0.1	%		0.0	%		0.0	%		0.0	%		0.1	%
	Annualized Revenue	3/	$	456		$	—		$	—		$	—		$	456
	% of Total Office Annl Rev			0.1	%		0.0	%		0.0	%		0.0	%		0.1	%
Total	RSF			1,068,222			418,027			1,046,417			670,999			3,203,665
	% of Total Office RSF			5.3	%		2.1	%		5.3	%		3.4	%		16.0	%
	Annualized Revenue	3/	$	18,194		$	8,590		$	19,211		$	12,903		$	58,898
	% of Total Office Annl Rev			5.2	%		2.4	%		5.5	%		3.7	%		16.8	%

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Includes 254,000 square feet of leases that are on a month to month basis or 0.8% of total annualized revenue

3/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.


Highwoods Properties, Inc.		Page 15		6/30/05

Industrial Lease Expirations by Market by Quarter

Dollars in thousands


			*Three Months Ended*
			9/30/05 /1			12/31/05			03/31/06			06/30/06			Total
Atlanta	RSF			147,828			235,019			63,322			34,091			480,260
	% of Total Industrial RSF			2.5	%		4.0	%		1.1	%		0.6	%		8.3	%
	Annualized Revenue	2/	$	569		$	1,368		$	445		$	237		$	2,619
	% of Total Industrial Annl Rev			2.0	%		4.7	%		1.5	%		0.8	%		9.0	%
Charlotte	RSF			0			0			0			0			0
	% of Total Industrial RSF			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
	Annualized Revenue	2/	$	—		$	—		$	—		$	—		$	—
	% of Total Industrial Annl Rev			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Greenville	RSF			0			0			16,081			0			16,081
	% of Total Industrial RSF			0.0	%		0.0	%		0.3	%		0.0	%		0.3	%
	Annualized Revenue	2/	$	—		$	—		$	206		$	—		$	206
	% of Total Industrial Annl Rev			0.0	%		0.0	%		0.7	%		0.0	%		0.7	%
Kansas City	RSF			0			0			2,018			0			2,018
	% of Total Industrial RSF			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
	Annualized Revenue	2/	$	—		$	—		$	17		$	—		$	17
	% of Total Industrial Annl Rev			0.0	%		0.0	%		0.1	%		0.0	%		0.1	%
Piedmont Triad	RSF			580,515			26,966			135,857			225,924			969,262
	% of Total Industrial RSF			10.0	%		0.5	%		2.3	%		3.9	%		16.7	%
	Annualized Revenue	2/	$	1,966		$	184		$	673		$	686		$	3,509
	% of Total Industrial Annl Rev			6.7	%		0.6	%		2.3	%		2.4	%		12.0	%
Raleigh	RSF			15,499			0			9,548			0			25,047
	% of Total Industrial RSF			0.3	%		0.0	%		0.2	%		0.0	%		0.4	%
	Annualized Revenue	2/	$	139		$	—		$	94		$	—		$	233
	% of Total Industrial Annl Rev			0.5	%		0.0	%		0.3	%		0.0	%		0.8	%
Total	RSF			743,842			261,985			226,826			260,015			1,492,668
	% of Total Industrial RSF			12.8	%		4.5	%		3.9	%		4.5	%		25.7	%
	Annualized Revenue	2/	$	2,674		$	1,552		$	1,435		$	923		$	6,584
	% of Total Industrial Annl Rev			9.2	%		5.3	%		4.9	%		3.2	%		22.6	%

1/	Includes 180,000 square feet of leases that are on a month to month basis or 0.2% of total annualized revenue

2/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.


Highwoods Properties, Inc.		Page 16		6/30/05

Office Lease Expirations by Market by Year 1/

Dollars in thousands


			2005 2/			2006			2007			2008			Thereafter
Atlanta	RSF			376,242			353,197			231,462			550,867			1,320,915
	% of Total Office RSF			1.9	%		1.8	%		1.2	%		2.8	%		6.6	%
	Annualized Revenue	3/	$	5,948		$	5,352		$	3,323		$	8,611		$	24,569
	% of Total Office Annl Rev			1.7	%		1.5	%		0.9	%		2.5	%		7.0	%
Charlotte	RSF			90,740			177,064			146,427			126,902			457,596
	% of Total Office RSF			0.5	%		0.9	%		0.7	%		0.6	%		2.3	%
	Annualized Revenue	3/	$	1,322		$	2,831		$	2,317		$	1,872		$	6,626
	% of Total Office Annl Rev			0.4	%		0.8	%		0.7	%		0.5	%		1.9	%
Columbia	RSF			29,712			60,663			58,951			63,170			49,898
	% of Total Office RSF			0.1	%		0.3	%		0.3	%		0.3	%		0.3	%
	Annualized Revenue	3/	$	547		$	1,129		$	1,046		$	1,056		$	522
	% of Total Office Annl Rev			0.2	%		0.3	%		0.3	%		0.3	%		0.1	%
Greenville	RSF			72,152			188,865			16,115			99,410			428,282
	% of Total Office RSF			0.4	%		0.9	%		0.1	%		0.5	%		2.2	%
	Annualized Revenue	3/	$	829		$	3,578		$	302		$	1,838		$	4,474
	% of Total Office Annl Rev			0.2	%		1.0	%		0.1	%		0.5	%		1.3	%
Kansas City	RSF			60,521			156,247			92,491			71,817			369,755
	% of Total Office RSF			0.3	%		0.8	%		0.5	%		0.4	%		1.9	%
	Annualized Revenue	3/	$	1,196		$	3,425		$	1,932		$	1,453		$	8,925
	% of Total Office Annl Rev			0.3	%		1.0	%		0.6	%		0.4	%		2.5	%
Memphis	RSF			69,592			98,568			102,650			186,012			543,392
	% of Total Office RSF			0.3	%		0.5	%		0.5	%		0.9	%		2.7	%
	Annualized Revenue	3/	$	1,455		$	1,888		$	1,999		$	3,828		$	10,048
	% of Total Office Annl Rev			0.4	%		0.5	%		0.6	%		1.1	%		2.9	%
Nashville	RSF			176,554			444,188			229,372			205,363			1,675,479
	% of Total Office RSF			0.9	%		2.2	%		1.2	%		1.0	%		8.4	%
	Annualized Revenue	3/	$	3,329		$	9,060		$	4,432		$	4,341		$	29,592
	% of Total Office Annl Rev			0.9	%		2.6	%		1.3	%		1.2	%		8.4	%
Orlando	RSF			0			6,465			21,694			9,240			173,710
	% of Total Office RSF			0.0	%		0.0	%		0.1	%		0.0	%		0.9	%
	Annualized Revenue	3/	$	—		$	170		$	397		$	186		$	3,399
	% of Total Office Annl Rev			0.0	%		0.0	%		0.1	%		0.1	%		1.0	%
Piedmont Triad	RSF			156,731			226,502			209,194			626,385			734,882
	% of Total Office RSF			0.8	%		1.1	%		1.1	%		3.1	%		3.7	%
	Annualized Revenue	3/	$	2,553		$	3,886		$	3,072		$	7,240		$	10,069
	% of Total Office Annl Rev			0.7	%		1.1	%		0.9	%		2.1	%		2.9	%
Raleigh	RSF			209,446			831,003			377,265			579,159			1,648,705
	% of Total Office RSF			1.1	%		4.2	%		1.9	%		2.9	%		8.3	%
	Annualized Revenue	3/	$	4,405		$	14,575		$	7,239		$	9,855		$	28,588
	% of Total Office Annl Rev			1.3	%		4.1	%		2.1	%		2.8	%		8.1	%
Richmond	RSF			48,104			359,481			257,373			272,891			778,488
	% of Total Office RSF			0.2	%		1.8	%		1.3	%		1.4	%		3.9	%
	Annualized Revenue	3/	$	867		$	6,664		$	4,328		$	5,068		$	12,963
	% of Total Office Annl Rev			0.2	%		1.9	%		1.2	%		1.4	%		3.7	%
Tampa	RSF			174,879			374,597			223,438			473,928			1,697,733
	% of Total Office RSF			0.9	%		1.9	%		1.1	%		2.4	%		8.5	%
	Annualized Revenue	3/	$	3,878		$	8,129		$	4,584		$	8,582		$	34,168
	% of Total Office Annl Rev			1.1	%		2.3	%		1.3	%		2.4	%		9.7	%
Other	RSF			21,576			0			13,837			19,449			1,289
	% of Total Office RSF			0.1	%		0.0	%		0.1	%		0.1	%		0.0	%
	Annualized Revenue	3/	$	456		$	18		$	386		$	519		$	28
	% of Total Office Annl Rev			0.1	%		0.0	%		0.1	%		0.1	%		0.0	%
Total	RSF			1,486,249			3,276,840			1,980,269			3,284,593			9,880,124
	% of Total Office RSF			7.5	%		16.5	%		9.9	%		16.5	%		49.6	%
	Annualized Revenue	3/	$	26,785		$	60,705		$	35,357		$	54,449		$	173,971
	% of Total Office Annl Rev			7.6	%		17.3	%		10.1	%		15.5	%		49.5	%

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Includes 254,000 square feet of leases that are on a month to month basis or 0.8% of total annualized revenue

3/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.


Highwoods Properties, Inc.		Page 17		6/30/05

Industrial Lease Expirations by Market by Year

Dollars in thousands


			2005 1/			2006			2007			2008			Thereafter
Atlanta	RSF			382,847			271,373			614,623			299,278			1,157,284
	% of Total Industrial RSF			6.6	%		4.7	%		10.6	%		5.1	%		19.9	%
	Annualized Revenue	2/	$	1,936		$	1,770		$	3,261		$	1,441		$	5,677
	% of Total Industrial Annl Rev			6.6	%		6.1	%		11.2	%		4.9	%		19.5	%
Charlotte	RSF			0			0			0			0			0
	% of Total Industrial RSF			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
	Annualized Revenue	2/	$	—		$	—		$	—		$	—		$	—
	% of Total Industrial Annl Rev			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Greenville	RSF			0			16,081			0			5,350			8,470
	% of Total Industrial RSF			0.0	%		0.3	%		0.0	%		0.1	%		0.1	%
	Annualized Revenue	2/	$	—		$	206		$	—		$	59		$	91
	% of Total Industrial Annl Rev			0.0	%		0.7	%		0.0	%		0.2	%		0.3	%
Kansas City	RSF			0			2,018			0			0			1,756
	% of Total Industrial RSF			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
	Annualized Revenue	2/	$	—		$	17		$	—		$	—		$	19
	% of Total Industrial Annl Rev			0.0	%		0.1	%		0.0	%		0.0	%		0.1	%
Piedmont Triad	RSF			607,481			677,865			458,555			396,215			846,447
	% of Total Industrial RSF			10.4	%		11.7	%		7.9	%		6.8	%		14.6	%
	Annualized Revenue	2/	$	2,150		$	2,876		$	2,934		$	1,657		$	4,408
	% of Total Industrial Annl Rev			7.4	%		9.9	%		10.1	%		5.7	%		15.1	%
Raleigh	RSF			15,499			9,548			3,550			15,188			25,890
	% of Total Industrial RSF			0.3	%		0.2	%		0.1	%		0.3	%		0.4	%
	Annualized Revenue	2/	$	139		$	94		$	37		$	163		$	230
	% of Total Industrial Annl Rev			0.5	%		0.3	%		0.1	%		0.6	%		0.8	%
Total	RSF			1,005,827			976,885			1,076,728			716,031			2,039,847
	% of Total Industrial RSF			17.3	%		16.8	%		18.5	%		12.3	%		35.1	%
	Annualized Revenue	2/	$	4,225		$	4,963		$	6,232		$	3,320		$	10,425
	% of Total Industrial Annl Rev			14.5	%		17.0	%		21.4	%		11.4	%		35.7	%

1/	Includes 180,000 square feet of leases that are on a month to month basis or 0.2% of total annualized revenue

2/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.


Highwoods Properties, Inc.		Page 18		6/30/05

Customer Diversification 1/

June 30, 2005

Dollars in thousands

Top 20 Customers


Customer	RSF	Annualized Revenue 2/		Percent of Annualized Revenue 2/		Average Remaining Lease Term in Years
Federal Government	869,733	$	17,190	4.11	%	6.3
AT&T 3/	537,529		10,187	2.44	%	3.6
Price Waterhouse Coopers	297,795		7,528	1.80	%	4.8
State Of Georgia	361,687		6,687	1.60	%	3.6
T-Mobile USA	205,394		4,926	1.18	%	3.9
IBM	188,763		3,978	0.95	%	0.9
Northern Telecom	246,000		3,651	0.87	%	2.7
Volvo	270,525		3,595	0.86	%	4.1
US Airways	295,046		3,410	0.82	%	2.5
Lockton Companies	132,718		3,339	0.80	%	9.7
BB&T	229,459		3,273	0.78	%	6.7
CHS Professional Services	170,524		3,045	0.73	%	1.6
Ford Motor Company	125,989		2,783	0.67	%	4.6
Hartford Insurance	118,807		2,600	0.62	%	1.4
MCI	127,268		2,585	0.62	%	0.9
Bank of America	96,349		2,447	0.58	%	4.7
Metropolitan Life Insurance	118,017		2,250	0.54	%	6.0
Icon Clinical Research	99,163		2,114	0.51	%	6.9
The Martin Agency	118,518		2,018	0.48	%	11.8
CIGNA Healthcare of NC	180,000		1,999	0.48	%	1.1

	4,789,284	$	89,605	21.44	%	4.5

By Industry


Category	Percent of Annualized Revenue 2/
Professional, Scientific, and Technical Services	20.6	%
Insurance	10.2	%
Manufacturing	8.7	%
Finance/Banking	8.7	%
Retail Trade	7.6	%
Telecommunication	7.5	%
Government/Public Administration	6.5	%
Health Care and Social Assistance	6.1	%
Wholesale Trade	5.5	%
Transportation and Warehousing	3.5	%
Real Estate Rental and Leasing	3.2	%
Administrative and Support Services	3.1	%
Accommodation and Food Services	2.8	%
Other Services (except Public Administration)	2.5	%
Information	2.1	%
Educational Services	1.4	%

	100.0	%

1/	Excludes properties recorded on our Balance Sheet that were sold but accounted for as Financings or Profit Sharing arrangements under FAS 66

2/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.

3/	AT&T and SBC have received final approval on their plans to merge. SBC currently leases 5K square feet with $114K in associated annualized revenue.


Highwoods Properties, Inc.		Page 19		6/30/05

Acquisition Activity

Dollars in thousands


Name	Market	Type	Date Acquired	Square Footage	Total Cost
First quarter 2005:
None

Second quarter 2005:
None


Highwoods Properties, Inc.		Page 20		6/30/05

Disposition Activity

Dollars in thousands


Name	Market	Type 1/	Date Sold	Square Footage	Occupancy		Gross Sales Price
First quarter 2005:
Northside	Tampa	O	02/24/05	85,700	93.5	%	$	9,000

531 Northridge Warehouse	Piedmont Triad	I	02/28/05	598,100	100.0	%
531 Northridge Office	Piedmont Triad	O	02/28/05	91,800	100.0	%

				689,900	100.0	%		18,656

3928 Westpoint Boulevard	Piedmont Triad	I	02/28/05	240,000	100.0	%		6,225
4300 Six Forks Road	Raleigh	O	03/31/05	163,300	98.0	%		27,318

First quarter totals				1,178,900	99.3	%		61,199

Second quarter 2005:
2599 Empire Drive	Piedmont Triad	I	04/15/05	89,600	100.0	%		2,150

Highwoods Preserve II	Tampa	O	06/30/05	32,600	0.0	%
Highwoods Preserve IV	Tampa	O	06/30/05	207,100	0.0	%

				239,700	0.0	%		24,500

Kennestone Corporate Center	Atlanta	O	06/30/05	82,600	73.3	%
Chattahoochee Avenue	Atlanta	I	06/30/05	62,100	90.1	%
LaVista Business Park	Atlanta	I	06/30/05	216,300	94.5	%

				361,000	88.8	%		13,250

Second quarter totals				690,300	59.4	%		39,900

Six month totals				1,869,200	84.5	%	$	101,099


Depreciable Assets Contributed to Joint Ventures

	Market	Type 1/	Date Contributed	Square Footage	Occupancy		Gross Sales Price
First quarter 2005:
None

Second quarter 2005:
None

1/	The letters “O” and “I” represent Office and Industrial, respectively.


Highwoods Properties, Inc.		Page 21		6/30/05

Development Activity

Dollars in thousands


Property	Market	Type 1/	Rentable Square Feet	Anticipated Total Investment		Investment @ 06/30/05		Pre- Leasing		Estimated Completion Date	Estimated Stabilization Date
In - Process
Office:
Center for Disease Control	Atlanta	O	109,000	$	21,375	$	13,519	100	%	4Q05	4Q05
Cool Springs III	Nashville	O	153,000		20,050		2,425	0	%	2Q06	4Q07
Glenlake Four	Raleigh	O	158,000		26,889		2,408	46	%	3Q06	1Q08
Saxon	Richmond	O	112,000		16,176		14,291	100	%	3Q05	3Q05
3330 Healy Road 2/	Piedmont Triad	O	40,000		3,600		2,998	0	%	4Q06	2Q07
FBI 3/	Tampa	O	138,000		31,090		20,839	100	%	4Q05	4Q05

Total or Weighted Average			710,000	$	119,180	$	56,480	61	%

Retail 4/:
Griffith Road/Boutique Shops	Piedmont Triad	R	9,600	$	2,634	$	2,304	87	%	2Q05	2Q06

Total or Weighted Average			9,600	$	2,634	$	2,304	87	%

Total or Weighted Average 5/			719,600	$	121,814	$	58,784	61	%

Completed Not Stabilized 6/:
National Archives Record Administration	Atlanta	I	353,000	$	20,387	$	18,304	100	%	3Q04	4Q05

Total or Weighted Average			353,000	$	20,387	$	18,304	100	%

Grand Total or Weighed Average			1,072,600	$	142,201	$	77,088	74	%

1/	The letters “O”, “I”, and “R” represent Office, Industrial, and Retail, respectively.

2/	Redevelopment property

3/	An approved 25,000 square feet expansion at an additional anticipated cost of $4.5 million is included.

4/	Excludes a vacant building in Kansas City acquired in the first quarter for $4.1 million for potential future retail development or sale to a retail user.

5/	These “In-process” developments, together with $460,000 of other development costs, are included on the Consolidated Balance Sheet as “Developments-in-process.”

6/	Completed Not Stabilized properties are recorded in the Consolidated Balance Sheet in the Land and Building accounts, not Development-in-process.


Highwoods Properties, Inc.		Page 22		6/30/05

Development Land

June, 2005

Dollars in thousands


Market	Usable Acres	Total Estimated Market Value
On Balance Sheet:

Research Triangle	316	$	69,523
Atlanta	226		39,767
Piedmont Triad	114		23,150
Kansas City 1/	46		17,816
Baltimore	44		13,166
Richmond	61		14,296
Charlotte 2/	67		12,106
Nashville	39		12,486
Orlando	25		12,470
Tampa 3/	29		14,026
Memphis	21		5,100
Greenville	12		1,800
Jacksonville	9		1,885
Columbia	2		276

	1,011	$	237,867

Deferred or optioned:
Atlanta	13	$	3,810

	13	$	3,810

Total 4/	1,023	$	241,677

1/	Includes 27 acres of residential land

2/	Includes 28 acres that was sold on July 22, 2005

3/	Includes 2 acres that was sold on July 22, 2005

4/	Developable square footage on core land holdings is approximately 6.3 million of office space and 1.8 million of industrial space


Highwoods Properties, Inc.		Page 23		6/30/05

Joint Ventures Portfolio Summary

As of June 30, 2005

Summary by Location:


				Percentage of Annualized Revenue - Highwoods’ Share Only 3/
Market	Rentable Square Feet 1/	Occupancy 2/		Office		Industrial		Retail		Multi-Family		Total
Des Moines	2,245,000	95.4	%	27.9	%	3.9	%	1.0	%	3.3	%	36.1	%
Orlando	1,684,000	90.6	%	27.1	%	—		—		—		27.1	%
Atlanta	835,000	92.6	%	12.1	%	—		—		—		12.1	%
Kansas City	428,000	88.1	%	8.7	%	—		—		—		8.7	%
Richmond	413,000	100.0	%	5.1	%	—		—		—		5.1	%
Piedmont Triad	364,000	100.0	%	3.9	%	—		—		—		3.9	%
Raleigh	455,000	99.6	%	3.7	%	—		—		—		3.7	%
Tampa	205,000	99.1	%	2.0	%	—		—		—		2.0	%
Charlotte	148,000	100.0	%	0.8	%	—		—		—		0.8	%
Other	110,000	100.0	%	0.5	%	—		—		—		0.5	%

Total	6,887,000	94.5	%	91.8	%	3.9	%	1.0	%	3.3	%	100.0	%

1/	Excludes Des Moines’ apartment units

2/	Excludes Des Moines’ apartment occupancy percentage of 94.0%

3/	Annualized Rental Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.


Highwoods Properties, Inc.		Page 24		6/30/05

Joint Ventures Lease Expirations

June 30, 2005

Dollars in thousands


Year	Rentable Square Feet Expiring	Percent of Rentable Square Feet		Annualized Revenue 1/		Average Rental Rate		Percent of Annualized Revenue 1/
Total
2005	337,472	5.0	%	$	5,462	$	16.19	4.3	%
2006	662,534	9.7	%		12,635		19.07	9.9	%
2007	430,393	6.3	%		8,064		18.74	6.3	%
2008	1,325,225	19.4	%		22,545		17.01	17.8	%
2009	853,316	12.5	%		15,931		18.67	12.5	%
2010	550,250	8.1	%		9,321		16.94	7.3	%
2011	555,390	8.2	%		10,339		18.62	8.1	%
2012	401,183	5.9	%		8,469		21.11	6.7	%
2013	710,834	10.4	%		15,482		21.78	12.2	%
2014	382,579	5.6	%		8,326		21.76	6.5	%
2015 and thereafter	603,260	8.9	%		10,729		17.79	8.4	%

	6,812,436	100.0	%	$	127,303	$	18.69	100.0	%

1/	Annualized Revenue is June, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.


Highwoods Properties, Inc.		Page 25		6/30/05

Joint Ventures Development

Dollars in thousands


Property	% Ownership		Market	Rentable Square Feet	Anticipated Total Investment		Investment @ 06/30/05		Pre- Leasing		Estimated Completion Date	Estimated Stabilization Date
Plaza Colonade, LLC 1/	50	%	Kansas City	285,000	$	71,500	$	69,038	77	%	4Q04	3Q05
Summit	50	%	Des Moines	35,000		3,784		3,648	75	%	3Q04	3Q05
Pinehurst	50	%	Des Moines	35,000		3,651		3,438	90	%	3Q04	3Q05
Sonoma	50	%	Des Moines	75,000		9,364		3,213	43	%	2Q05	2Q06
The Vinings at University Center 2/	50	%	Charlotte	156 units		10,800		2,774	0	%	4Q05	3Q06

Total or Weighted Average 3/				430,000	$	99,099	$	82,111	72	%

Highwoods’ Share of the above					$	49,550	$	41,055

1/	Includes $16.2 million in investment cost that has been funded by tax increment financing

2/	The Vinings at University Center is currently a fifty percent owned joint venture consolidated under the provisions of FIN 46.

3/	Pre-leasing percentage does not include multi-family


Highwoods Properties, Inc.		Page 26		6/30/05

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