Current Report

-----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, DtNTxoLPzmvW2vi1hiuev4bSudMIzpE1NYqRrD30BxSWkyUgJ/Ykm3E7OOdnt2dQ 28OcOtbiqh4J0cXOoBeQ6g== 0001193125-05-207978.txt : 20051026 0001193125-05-207978.hdr.sgml : 20051026 20051025173958 ACCESSION NUMBER: 0001193125-05-207978 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20051025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051026 DATE AS OF CHANGE: 20051025 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: 051155262 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): October 25, 2005

HIGHWOODS PROPERTIES, INC.

(Exact name of registrant specified in its charter)


Maryland	1-13100	56-1871668
(State of Incorporation)	(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 October 25, 2005, Highwoods Properties, Inc. (the “Company”) issued a press release announcing operational information for the quarter ended September 30, 2005. This press release is attached hereto as Exhibit 99.1. In addition, the Company posted on its web site supplemental information regarding its operations for the quarter ended September 30, 2005, a copy of which is attached hereto as Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits


Exhibit		Description
99.1		Press release dated October 25, 2005

99.2		Supplemental operating information for the quarter ended September 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 Executive Officer and Treasurer

Dated: October 26, 2005

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

LOGO

FOR IMMEDIATE RELEASE Ref: 05-29


Contact:		Tabitha Zane
		Vice President, Investor Relations
		919-431-1529

Highwoods Properties Reports:

Third Quarter 2005 Operational Results

85.8% Occupancy

1.6M sf Second Generation Space Leased

Multi-Tenant Office Building in Richmond Announced

Status Update on Financial Review and Audit

Raleigh, NC – October 25, 2005 – Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, today reported operational results for the third quarter of 2005. The Company also announced that it is building a multi-tenant office building in Richmond and provided a status update on the financial review and audit.

Ed Fritsch, President and Chief Executive Officer of Highwoods Properties, stated, “Third quarter leasing activity remained strong, with 1.6 million square feet of second generation space leased. Total in-service occupancy increased to 85.8%, a 260 basis point improvement from the third quarter of 2004 and a 170 basis point sequential increase. We also saw a strong increase in office occupancy, which was 85.0% at the end of this quarter, compared to 83.5% the previous quarter and 80.9% a year ago.

The Company has made substantial progress this year in strengthening its balance sheet. Through September 30, 2005, we have paid off $270.1 million of debt and preferred stock. This includes $120.1 million of secured debt at an average rate of 7.2%, which unencumbered approximately $280 million of assets, $130 million of 8% preferred stock and a $20 million floating rate unsecured term loan.”

Third Quarter 2005 Highlights

•

Second generation leasing activity in Highwoods’ portfolio totaled approximately 1.6 million square feet, including 1.1 million square feet of office space. For the first nine months of the year, leasing activity totaled approximately 5.0 million square feet, 3.5 million of which was office space. Customer retention was 72% for the quarter and 70% year to date.

•

Occupancy in the Company’s 29.8 million square foot in-service portfolio at September 30, 2005 was 85.8%, up 260 basis points from 83.2% at September 30, 2004. Office occupancy since September 30, 2004, has increased 410 basis points from 80.9% to 85.0%.

Highwoods Properties

October 25, 2005

•

Straight-line (GAAP) rental rates for signed office leases decreased 2.6% in the third quarter from straight line rental rates under the previous leases, in line with the Company’s 2005 expectations. Cash rents for office leases signed declined 6.8%, also in line with the Company’s expectations.

•

Office tenant improvements and leasing commissions as a percentage of term base rent (excluding free rent) were 9.6% compared to the five quarter average of 11.2%. On a dollar per square foot basis, tenant improvements and leasing commissions were $7.85, below our 2005 expectations of $10 to $11 per square foot.

•

2.5 million square feet were sold, generating $234.5 million of gross proceeds. Through September 30, 2005, the Company has sold 4.4 million square feet for gross proceeds of $336 million, surpassing the high end of the Company’s 2005 disposition goal of $300 million. The average occupancy of the properties sold through September 30, 2005 was 79.4%, which includes the two vacant buildings at Highwoods Preserve. Excluding Buildings II and IV at the Preserve, the average occupancy of the properties sold was 84.0%

•

The Company placed two buildings in service during the quarter. These properties, which encompass 466,000 square feet, represent an investment of $36.6 million and are 100% leased.

•

At quarter end, the Company’s wholly owned development pipeline includes eight projects encompassing approximately 790,000 square feet, representing a total projected investment of $127.6 million. At September 30, 2005, these projects were 57.5% pre-leased and were located in seven of the Company’s markets.

Development of Multi-Tenant Office Building Announced in Richmond

The Company announced that it will begin development of Stony Point IV, a multi-tenant Class “A” 104,000 square foot office building in The Park at Stony Point located in Richmond, Virginia. This project, which is currently 46% pre-leased to a high credit, specialty insurance underwriter, represents a projected investment by the Company of approximately $13.1 million, and is expected to be completed in the fourth quarter of 2006. The Company currently owns three additional properties in this office park, encompassing a total of 354,000 square feet, and they are 97% leased. The average occupancy of the submarket in which this office park is located is 90.3%. The Company noted that Stony Point IV is included in its third quarter development pipeline.

Mr. Fritsch stated, “This development project contributes to our achieving an important goal of our Strategic Management Plan which is to build high quality, differentiated assets. Our Stony Point properties have consistently performed very well and we anticipate the demand for this newest addition will be strong. This project is expected to generate a 10+% stabilized cash return on our total investment.”

Filing Status Update

The Company continues its work to finalize the preparation of its financial statements and Ernst & Young LLP, the Company’s independent auditor, is in the process of auditing these financial statements. At this time, the Company cannot provide a definitive date as to when its financial review and E&Y’s audit will be completed. However, based on current information and from discussions with E&Y, the Company believes it will file its 2004 Form 10-K prior to year end. Following the filing of its 2004 Form 10-K, the Company anticipates filing its 2005 10-Qs as soon as possible.

Highwoods Properties

October 25, 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 reconfirmed the FFO guidance it published on September 28, 2005 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. 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 previously disclosed $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.

Supplemental Information

A copy of the Company’s third 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 919-431-1521/ 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.

Highwoods Properties

October 25, 2005

Conference Call

On Wednesday, October 26, 2005 at 9:00 a.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 12:00 p.m. Eastern time through 5:00 p.m., Friday, November 4. Dial-in numbers for the replay are (800) 642-1687 US/Canada, (706) 645-9291 international. The conference ID is 1122022.

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 September 30, 2005, the Company owned or had an interest in 454 in-service office, industrial and retail properties encompassing approximately 37.1 million square feet. Highwoods also owns 988 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, expected timing of the filing of our SEC reports, 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 INFORMATION Supplemental Information

Exhibit 99.2

LOGO

Supplemental Information

September 30, 2005

Supplemental Information

Table of Contents

September 30, 2005


Schedule		Page
Summary and Corporate Information		i, ii and iii

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.				9/30/05

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

Gene H. Anderson

Senior Vice President and Director

Michael F. Beale

Senior Vice President

Robert G. Cutlip

Senior Vice President

S. Hugh Esleeck

Treasurer

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.		ii		9/30/05

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

Vice President, 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.		iii		9/30/05

Capitalization

Dollars,

shares, and units in thousands


	09/30/05		06/30/05		03/31/05		12/31/04		09/30/04
Long-Term Debt (see page 9 & 10):	$	1,440,784	$	1,558,999	$	1,582,010	$	1,572,169	$	1,600,627
Eastshore Debt 1/		—		19,800		—		—		—

Total debt per the balance sheet		1,440,784		1,578,799		1,582,010		1,572,169		1,600,627

Finance Obligations:	$	34,746	$	43,168	$	63,096	$	65,309	$	64,754

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		142,500		172,500		172,500		172,500		172,500
Series D 8% Perpetual Preferred Stock		—		100,000		100,000		100,000		100,000

Total preferred stock	$	247,445	$	377,445	$	377,445	$	377,445	$	377,445

Shares and Units Outstanding:
Common stock outstanding		54,030		54,037		54,053		53,813		53,713
Minority interest partnership units		5,493		5,668		5,828		6,102		6,128

Total shares and units outstanding		59,523		59,705		59,881		59,915		59,841

Stock price at period end	$	29.51	$	29.76	$	26.82	$	27.70	$	24.61
Market value of common equity	$	1,756,524	$	1,776,821	$	1,606,008	$	1,659,646	$	1,472,687

Total market capitalization with debt and obligations 3/	$	3,479,499	$	3,756,433	$	3,628,559	$	3,674,569	$	3,515,513

1/	This debt is the 100% obligation of an entity that Highwoods has no ownership interest in but has been consolidated according to GAAP.

These properties are no longer consolidated as of 9/30/05.

See pages 24 to 26 for information regarding Highwoods’ Joint Ventures


Highwoods Properties, Inc.		Page 1		9/30/05

Long-Term Debt Summary

Dollars

in thousands


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

Secured:
Conventional fixed rate 1/	$	676,558		$	709,595		$	754,226		$	755,596		$	768,324
Variable rate debt 2/		46,226			84,404			67,784			66,573			50,803

Secured total	$	722,784		$	793,999		$	822,010		$	822,169		$	819,127

Unsecured:
Fixed rate bonds and notes	$	460,000		$	460,000		$	460,000		$	460,000		$	460,000
Variable rate debt		100,000			120,000			120,000			120,000			120,000
Credit facility		158,000			185,000			180,000			170,000			201,500

Unsecured total	$	718,000		$	765,000		$	760,000		$	750,000		$	781,500

Total	$	1,440,784		$	1,558,999		$	1,582,010		$	1,572,169		$	1,600,627

Average Interest Rates:

Secured:
Conventional fixed rate		7.0	%		7.1	%		7.1	%		7.2	%		7.2	%
Variable rate debt		5.0	%		4.9	%		4.7	%		4.2	%		3.7	%

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

Unsecured:
Fixed rate bonds		7.4	%		7.4	%		7.4	%		7.4	%		7.4	%
Variable rate debt		5.4	%		4.7	%		3.5	%		3.5	%		3.0	%
Credit facility		4.9	%		4.3	%		3.4	%		3.4	%		2.2	%

Unsecured total		6.5	%		6.2	%		6.0	%		5.9	%		5.4	%

Average		6.7	%		6.5	%		6.5	%		6.4	%		6.2	%

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	$	—	$	100,000	$	100,000	5.4	%
2006 4/		2,102		268,000		270,102	5.8	%
2007		115,539		—		115,539	6.9	%
2008		—		100,000		100,000	7.1	%
2009		168,273		50,000		218,273	7.9	%
2010		135,941		—		135,941	7.8	%
2011		—		—		—	—
2012		22,800		—		22,800	6.1	%
2013		272,867		—		272,867	5.9	%
2014		—		—		—	—
Thereafter		5,262		200,000		205,262	7.5	%

Total maturities	$	722,784	$	718,000	$	1,440,784	6.7	%

Weighted average maturity = 5.1 years

1/	Includes a $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 $268.0 million of unsecured debt maturities includes $158.0 million related to the credit facility which matures in 2006.


Highwoods Properties, Inc.		Page 2		9/30/05

Long-Term Debt Detail

Dollars

in thousands

Secured Loans


Lender	Rate		Maturity Date	Loan Balance 09/30/05
Monumental Life Ins. Co.	7.8	%	Nov-09	$	160,442
Northwestern Mutual	6.0	%	Mar-13		140,405
Northwestern Mutual	7.8	%	Nov-10		135,941
Massachusetts Mutual Life Ins. Co. 1/	5.7	%	Dec-13		125,970
Northwestern Mutual	8.2	%	Feb-07		63,872
PNC/Am South/Southtrust 2/	5.1	%	Oct-07		38,271
Metropolitan Life Ins. Co. 3/	6.1	%	Oct-12		22,800
PFL Life Ins. Co. 4/	8.1	%	Jun-07		5,441
Massachusetts Mutual Life Ins. Co. 1/	6.5	%	Dec-13		5,500
Ohio National	8.0	%	Nov-17		5,262
Lutheran Brotherhood	6.8	%	Apr-09		3,945
PFL Life Ins. Co. 4/ 5/	6.2	%	Jun-07		3,544
USG Annuity	7.7	%	Feb-06		2,102
Security Life of Denver	8.9	%	Aug-09		2,023
Southland Life Ins. Co.	8.8	%	Aug-09		1,864
American United Life	9.0	%	Jun-13		991
Central Carolina Bank 3/ 6/	3.8	%	Jan-08		4,411

	6.9	%		$	722,784

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

	7.4	%		$	460,000

Unsecured Loans
Term Loan 2/	5.4	%	Nov-05	$	100,000
Line of Credit 2/	4.9	%	Jul-06		158,000

	5.1	%		$	258,000

Total Debt	6.7	%		$	1,440,784

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

2/	Floating rate loan based on one month libor.

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

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

5/	Floating rate loan based on ninety day libor.

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


Highwoods Properties, Inc.		Page 3		9/30/05

Portfolio Summary - Wholly-Owned Properties Only 1/

(Rentable

Square Feet)


	09/30/05		06/30/05		03/31/05		12/31/04		09/30/04
Office Industrial & Retail In-Service:
Office 2/	21,432,000		23,849,000		24,254,000		24,628,000		25,151,000
Industrial	6,977,000		6,623,000		6,991,000		7,829,000		7,992,000
Retail 3/	1,417,000		1,417,000		1,409,000		1,409,000		1,410,000

Total	29,826,000		31,889,000		32,654,000		33,866,000		34,553,000

Development Completed - Not Stabilized:
Office 2/	—		—		—		—		—
Industrial	—		353,000		353,000		353,000		353,000
Retail	9,600		9,600		—		—		—

Total	9,600		362,600		353,000		353,000		353,000

Development - In Process:
Office 2/	780,000		710,000		358,000		358,000		333,000
Industrial	—		—		—		—		—
Retail	—		—		9,600		9,600		—

Total	780,000		710,000		367,600		367,600		333,000

Total:
Office 2/	22,212,000		24,559,000		24,612,000		24,986,000		25,484,000
Industrial	6,977,000		6,976,000		7,344,000		8,182,000		8,345,000
Retail 3/	1,426,600		1,426,600		1,418,600		1,418,600		1,410,000

Total	30,615,600		32,961,600		33,374,600		34,586,600		35,239,000

Same Property
Office 2/	21,092,000		21,092,000		21,092,000		21,092,000		21,092,000
Industrial	6,623,000		6,623,000		6,623,000		6,623,000		6,623,000
Retail	1,417,000		1,417,000		1,417,000		1,417,000		1,417,000

Total	29,132,000		29,132,000		29,132,000		29,132,000		29,132,000

Percent Leased/Pre-Leased:

In-Service:
Office	85.0	%	83.5	%	82.3	%	82.7	%	80.9	%
Industrial	86.2	%	83.8	%	86.8	%	90.2	%	88.4	%
Retail	96.4	%	96.0	%	95.5	%	97.3	%	94.5	%

Total	85.8	%	84.1	%	83.8	%	85.0	%	83.2	%

Development Completed - Not Stabilized:
Office	—		—		—		—		—
Industrial	—		100.0	%	100.0	%	100.0	%	100.0	%
Retail	87.0	%	87.0	%	—		—		—

Total	87.0	%	100.0	%	100.0	%	100.0	%	100.0	%

Development - In Process:
Office	57.1	%	60.8	%	100.0	%	100.0	%	100.0	%
Industrial	—		—		—		—		0.0	%
Retail	—		—		66.0	%	44.0	%	—

Total	57.1	%	61.1	%	99.1	%	98.5	%	100.0	%

Same Property
Office	85.1	%	84.6	%	84.5	%	84.6	%	82.3	%
Industrial	86.1	%	83.8	%	86.2	%	88.7	%	87.1	%
Retail	96.4	%	96.0	%	95.1	%	96.8	%	94.1	%

Total	85.8	%	85.0	%	85.4	%	86.1	%	83.9	%

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		9/30/05

Portfolio Summary

(Continued)

As of 9/30/2005

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


Market	Rentable Square Feet		Occupancy		Percentage of Annualized Revenue 2/
Market	Rentable Square Feet		Occupancy		Office		Industrial		Retail		Total
Raleigh 3/	4,358,000		85.5	%	16.1	%	0.2	%	—		16.3	%
Atlanta	6,818,000		83.3	%	12.3	%	3.8	%	—		16.1	%
Kansas City	2,316,000	4/	91.7	%	4.3	%	—		9.5	%	13.8	%
Nashville	2,874,000		95.6	%	13.0	%	—		—		13.0	%
Tampa	2,851,000		76.7	%	11.5	%	—		—		11.5	%
Piedmont Triad 5/	5,589,000		89.1	%	7.0	%	3.6	%	—		10.6	%
Richmond	1,955,000		93.1	%	8.3	%	—		—		8.3	%
Memphis	1,216,000		83.8	%	4.8	%	—		—		4.8	%
Greenville	1,105,000		71.2	%	2.7	%	0.1	%	—		2.8	%
Columbia	426,000		62.1	%	1.2	%	—		—		1.2	%
Orlando	218,000		100.0	%	1.2	%	—		—		1.2	%
Other	100,000		56.3	%	0.4	%	—		—		0.4	%

Total	29,826,000		85.8	%	82.8	%	7.7	%	9.5	%	100.0	%

Summary by Location, Including Joint Venture Properties:


Market	Rentable Square Feet		Occupancy		Percentage of Annualized Revenue 2/ 6/
Market	Rentable Square Feet		Occupancy		Office		Industrial		Retail		Multi- Family		Total
Piedmont Triad	5,953,000		89.7	%	6.6	%	3.2	%	—		—		9.8	%
Atlanta	7,653,000		84.3	%	12.3	%	3.3	%	—		—		15.6	%
Raleigh	4,813,000		86.8	%	14.8	%	0.1	%	—		—		14.9	%
Tampa	3,056,000		78.3	%	10.4	%	—		—		—		10.4	%
Kansas City	3,029,000	4/	89.7	%	4.8	%	0.0	%	8.4	%	—		13.2	%
Richmond	2,368,000		94.3	%	8.0	%	—		—		—		8.0	%
Nashville	2,874,000		95.6	%	11.6	%	—		—		—		11.6	%
Orlando	1,903,000		92.6	%	4.1	%	—		—		—		4.1	%
Des Moines	2,324,000		90.8	%	3.3	%	0.4	%	0.1	%	0.4	%	4.2	%
Greenville	1,105,000		71.2	%	2.4	%	0.1	%	—		—		2.5	%
Memphis	1,216,000		83.8	%	4.2	%	—		—		—		4.2	%
Columbia	426,000		62.0	%	1.0	%	—		—		—		1.0	%
Other	210,000		79.2	%	0.4	%	—		—		—		0.4	%
Charlotte	148,000		100.0	%	0.1	%	0.0	%	—		—		0.1	%

Total	37,078,000		87.2	%	84.0	%	7.1	%	8.5	%	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 September, 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/	Excludes 430,000 square feet of basement space in the Country Club Plaza and other Kansas City retail properties

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

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


Highwoods Properties, Inc.		Page 5		9/30/05

Portfolio Summary - Wholly-Owned Properties Only 1/

(Continued)

As of 9/30/2005


	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	4,257,000	85.9	%	19.6	%	101,000	68.9	%	2.0	%
Nashville	2,874,000	95.6	%	15.7	%	—	—		—
Atlanta	3,492,000	80.5	%	14.9	%	3,326,000	86.1	%	49.3	%
Tampa	2,851,000	76.7	%	13.9	%	—	—		—
Richmond	1,955,000	93.1	%	10.1	%	—	—		—
Piedmont Triad	2,146,000	90.1	%	8.4	%	3,443,000	88.4	%	47.5	%
Memphis	1,216,000	83.8	%	5.8	%	—	—		—
Kansas City	895,000	84.2	%	5.2	%	4,000	100.0	%	0.1	%
Greenville	1,002,000	75.5	%	3.2	%	103,000	28.9	%	1.1	%
Columbia	426,000	62.1	%	1.4	%	—	—		—
Orlando	218,000	100.0	%	1.4	%	—	—		—
Other	100,000	56.3	%	0.4	%	—	—		—

	21,432,000	85.0	%	100.0	%	6,977,000	86.2	%	100.0	%


	Retail
Market	Rentable Square Feet	Occupancy		Percentage of Retail Annualized Revenue 2/
Kansas City 3/	1,417,000	96.4	%	100.0	%

	1,417,000	96.4	%	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 September, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.

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


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

Occupancy Trends - Office, Industrial and Retail Properties 1/


Market	Measurement	09/30/05		06/30/05		03/31/05		12/31/04		09/30/04
Atlanta	Rentable Square Feet Occupancy Current Properties 2/3/	6,818,000 83.3 83.0	% %	6,465,000 81.9 81.9	% %	6,826,000 83.0 82.3	% %	6,825,000 83.7 83.3	% %	6,825,000 81.3 80.9	% %
Charlotte	Rentable Square Feet Occupancy Current Properties 2/	— — —		1,492,000 66.9 —	%	1,492,000 67.7 —	%	1,492,000 72.9 —	%	1,655,000 74.6 —	%
Columbia	Rentable Square Feet Occupancy Current Properties 2/	426,000 62.0 62.0	% %	426,000 61.6 61.6	% %	426,000 59.9 59.9	% %	426,000 60.4 60.4	% %	426,000 57.5 57.5	% %
Greenville	Rentable Square Feet Occupancy Current Properties 2/	1,105,000 71.2 71.2	% %	1,105,000 75.5 75.5	% %	1,127,000 81.1 82.7	% %	1,127,000 80.5 82.1	% %	1,319,000 79.4 80.0	% %
Kansas City 4/	Rentable Square Feet Occupancy Current Properties 2/	2,315,000 91.7 91.7	% %	2,315,000 91.4 91.4	% %	2,308,000 91.6 91.3	% %	2,308,000 94.1 93.8	% %	2,308,000 92.4 92.1	% %
Memphis	Rentable Square Feet Occupancy Current Properties 2/	1,216,000 83.8 83.8	% %	1,216,000 82.3 82.3	% %	1,216,000 80.6 80.6	% %	1,216,000 83.2 83.2	% %	1,216,000 82.1 82.1	% %
Nashville	Rentable Square Feet Occupancy Current Properties 2/	2,874,000 95.6 95.6	% %	2,873,000 95.1 95.0	% %	2,870,000 92.8 92.7	% %	2,870,000 93.3 93.2	% %	2,870,000 93.4 93.3	% %
Orlando	Rentable Square Feet Occupancy Current Properties 2/	218,000 100.0 100.0	% %	218,000 96.8 96.8	% %	222,000 97.7 99.5	% %	222,000 93.2 94.9	% %	387,000 94.4 94.9	% %
Piedmont Triad	Rentable Square Feet Occupancy Current Properties 2/	5,589,000 89.1 89.1	% %	5,593,000 88.3 88.4	% %	5,722,000 90.4 91.0	% %	6,652,000 92.5 91.9	% %	6,652,000 91.9 91.2	% %
Raleigh	Rentable Square Feet Occupancy Current Properties 2/	4,358,000 85.5 85.5	% %	4,432,000 83.8 83.8	% %	4,432,000 83.3 83.2	% %	4,597,000 83.8 83.2	% %	4,739,000 81.1 80.1	% %
Richmond	Rentable Square Feet Occupancy Current Properties 2/3/	1,955,000 93.1 92.7	% %	1,841,000 93.2 93.2	% %	1,836,000 95.1 94.8	% %	1,835,000 94.1 93.7	% %	1,835,000 92.0 91.7	% %
Tampa	Rentable Square Feet Occupancy Current Properties 2/	2,851,000 76.7 76.7	% %	3,813,000 77.2 73.3	% %	4,077,000 70.5 71.1	% %	4,196,000 71.0 72.4	% %	4,221,000 66.1 65.5	% %

Total 5/	Rentable Square Feet Occupancy	29,725,000 85.8	%	31,789,000 84.1	%	32,554,000 83.8	%	33,766,000 85.0	%	34,453,000 83.2	%

	Current Properties 2/3/	85.8	%	84.8	%	85.2	%	85.9	%	83.7	%

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 September 30, 2005 are included for each quarter shown.

3/	Excludes properties placed in service in Q3 05

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		9/30/05

Leasing Statistics

Office Portfolio 1/


	Three Months Ended
	9/30/05 2/			6/30/05 3/			3/31/05 4/			12/31/04 5/			9/30/04 6/			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		180			223			188			206			219			203
Rentable square footage leased		1,069,468			1,155,513			1,235,718			1,101,291			1,368,577			1,186,113
Square footage of Renewal Deals		826,512			785,827			677,799			726,959			703,003			744,020
Renewed square footage (% of total)		77.3	%		68.0	%		54.9	%		66.0	%		51.4	%		62.7	%
New Leases square footage (% of total)		22.7	%		32.0	%		45.1	%		34.0	%		48.6	%		37.3	%

Average per rentable square foot over the lease term:
Base rent	$	17.71		$	17.31		$	16.20		$	17.40		$	16.68		$	17.06
Tenant improvements		(1.10	)		(1.45	)		(0.94	)		(1.51	)		(1.27	)		(1.25	)
Leasing commissions 7/		(0.57	)		(0.60	)		(0.66	)		(0.62	)		(0.64	)		(0.62	)
Rent concessions		(0.27	)		(0.31	)		(0.41	)		(0.31	)		(0.37	)		(0.33	)

Effective rent		15.77			14.95			14.19			14.96			14.40			14.86
Expense stop		(4.85	)		(5.33	)		(4.46	)		(5.61	)		(5.32	)		(5.11	)

Equivalent effective net rent	$	10.92		$	9.62		$	9.73		$	9.35		$	9.08		$	9.75

Average term in years		3.8			4.1			5.7			5.0			3.7			4.4

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	5,996,413		$	8,869,553		$	5,644,830		$	9,208,835		$	9,455,102		$	7,834,947
Rentable square feet		1,069,468			1,155,513			1,235,718			1,101,291			1,368,577			1,186,113

Per rentable square foot	$	5.61		$	7.68		$	4.57		$	8.36		$	6.91		$	6.61

Leasing Commissions:
Total dollars committed under signed leases 7/	$	2,398,139		$	2,629,936		$	4,109,601		$	2,806,566		$	2,969,620		$	2,982,772
Rentable square feet		1,069,468			1,155,513			1,235,718			1,101,291			1,368,577			1,186,113

Per rentable square foot	$	2.24		$	2.28		$	3.33		$	2.55		$	2.17		$	2.51

Total:
Total dollars committed under signed leases	$	8,394,553		$	11,499,489		$	9,754,430		$	12,015,400		$	12,424,721		$	10,817,719
Rentable square feet		1,069,468			1,155,513			1,235,718			1,101,291			1,368,577			1,186,113

Per rentable square foot	$	7.85		$	9.95		$	7.89		$	10.91		$	9.08		$	9.12

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 115K square feet of leases that start in 2007 or later

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

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

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

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

7/	Excludes a full allocation of internal marketing cost


Highwoods Properties, Inc.		Page 8		9/30/05

Leasing Statistics

Industrial Portfolio


	Three Months Ended
	9/30/05 1/			6/30/05 2/			3/31/05			12/31/04			9/30/04 3/			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		32			30			15			36			34			29
Rentable square footage leased		498,819			359,342			599,048			1,216,644			285,706			591,912
Square footage of Renewal Deals		349,405			224,203			579,069			875,445			246,797			454,984
Renewed square footage (% of total)		70.0	%		62.4	%		96.7	%		72.0	%		86.4	%		76.9	%
New Leases square footage (% of total)		30.0	%		37.6	%		3.3	%		28.0	%		13.6	%		23.1	%

Average per rentable square foot over the lease term:
Base rent	$	4.19		$	5.16		$	3.39		$	3.49		$	4.73		$	4.19
Tenant improvements		(0.45	)		(0.51	)		(0.16	)		(0.13	)		(0.33	)		(0.32	)
Leasing commissions 4/		(0.06	)		(0.12	)		(0.06	)		(0.06	)		(0.07	)		(0.07	)
Rent concessions		(0.02	)		(0.16	)		(0.01	)		(0.03	)		(0.05	)		(0.05	)

Effective rent		3.66			4.37			3.16			3.27			4.28			3.75
Expense stop		(0.38	)		(0.31	)		(0.08	)		(0.09	)		(0.54	)		(0.28	)

Equivalent effective net rent	$	3.28		$	4.06		$	3.08		$	3.18		$	3.74		$	3.47

Average term in years		4.1			3.7			1.3			2.0			2.6			2.7

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	1,256,241		$	917,527		$	361,044		$	756,077		$	307,534		$	719,684
Rentable square feet		498,819			359,342			599,048			1,216,644			285,706			591,912

Per rentable square foot	$	2.52		$	2.55		$	0.60		$	0.62		$	1.08		$	1.22

Leasing Commissions:
Total dollars committed under signed leases 4/	$	185,669		$	172,719		$	63,473		$	226,000		$	64,714		$	142,515
Rentable square feet		498,819			359,342			599,048			1,216,644			285,706			591,912

Per rentable square foot	$	0.37		$	0.48		$	0.11		$	0.19		$	0.23		$	0.24

Total:
Total dollars committed under signed leases	$	1,441,910		$	1,090,245		$	424,517		$	982,077		$	372,247		$	862,199
Rentable square feet		498,819			359,342			599,048			1,216,644			285,706			591,912

Per rentable square foot	$	2.89		$	3.03		$	0.71		$	0.81		$	1.30		$	1.46

1/	Includes 113K square feet of leases that start in 2007 or later

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

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

4/	Excludes a full allocation of internal marketing cost


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

Leasing Statistics

Retail Portfolio


	Three Months Ended
	9/30/05			6/30/05 1/			3/31/05			12/31/04			9/30/04 2/			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		7			10			4			23			18			12
Rentable square footage leased		10,721			39,723			10,993			106,629			34,300			40,473
Square footage of Renewal Deals		6,502			36,118			1,750			78,579			15,530			27,696
Renewed square footage (% of total)		60.6	%		90.9	%		15.9	%		73.7	%		45.3	%		68.4	%
New Leases square footage (% of total)		39.4	%		9.1	%		84.1	%		26.3	%		54.7	%		31.6	%

Average per rentable square foot over the lease term:
Base rent	$	17.61		$	21.49		$	26.09		$	17.03		$	26.45		$	21.73
Tenant improvements		(1.21	)		(1.64	)		(2.65	)		(1.73	)		(1.84	)		(1.81	)
Leasing commissions 3/		(1.11	)		(0.40	)		(0.88	)		(0.26	)		(0.56	)		(0.64	)
Rent concessions		(0.08	)		0.00			0.00			0.00			(0.04	)		(0.02	)

Effective rent		15.21			19.45			22.56			15.04			24.01			19.26
Expense stop		0.00			0.00			0.00			0.00			0.00			0.00

Equivalent effective net rent	$	15.21		$	19.45		$	22.56		$	15.04		$	24.01		$	19.26

Average term in years		4.3			8.7			9.3			8.3			5.7			7.3

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	62,187		$	695,152		$	308,098		$	2,137,327		$	403,309		$	721,215
Rentable square feet		10,721			39,723			10,993			106,629			34,300			40,473

Per rentable square foot	$	5.80		$	17.50		$	28.03		$	20.04		$	11.76		$	17.82

Leasing Commissions:
Total dollars committed under signed leases 3/	$	12,026		$	43,041		$	3,778		$	220,528		$	86,458		$	73,166
Rentable square feet		10,721			39,723			10,993			106,629			34,300			40,473

Per rentable square foot	$	1.12		$	1.08		$	0.34		$	2.07		$	2.52		$	1.81

Total:
Total dollars committed under signed leases	$	74,213		$	738,193		$	311,876		$	2,357,855		$	489,767		$	794,381
Rentable square feet		10,721			39,723			10,993			106,629			34,300			40,473

Per rentable square foot	$	6.92		$	18.58		$	28.37		$	22.11		$	14.28		$	19.63

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		9/30/05

Leasing Statistics by Market

For the Three Months ended September 30, 2005

Office Portfolio 1/


Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF 2/
Atlanta	302,736	2.3	$	16.50	$	2.55	$	0.48
Raleigh	202,649	4.4		17.72		5.68		2.31
Piedmont Triad	168,941	3.7		15.58		2.43		2.50
Tampa	118,982	5.1		16.83		13.33		4.41
Memphis	93,278	3.0		19.15		6.45		0.73
Richmond	62,313	4.8		20.12		8.91		2.46
Nashville	45,811	3.9		19.77		3.56		1.83
Kansas City	38,763	5.9		24.86		7.44		4.97
Greenville	28,606	6.0		14.35		15.40		6.57
Columbia	7,389	4.6		15.00		3.88		2.36

	1,069,468	3.8	$	17.44	$	5.61	$	2.24


Industrial Portfolio
Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF 2/
Atlanta	293,881	5.6	$	3.85	$	3.29		0.49
Piedmont Triad	193,233	1.9		4.54		1.40	$	0.14
Raleigh	11,705	2.5		5.96		1.74		0.38

	498,819	4.1	$	4.17	$	2.52	$	0.37


Retail Portfolio
Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF
Kansas City	10,721	4.3	$	17.53	$	5.80	$	1.12

	10,721	4.3	$	17.53	$	5.80	$	1.12

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 commissions per square foot excludes all internal charges from Leasing Departments, which are not allocated to individual leases.


Highwoods Properties, Inc.		Page 11		9/30/05

Rental Rate Comparisons by Market

For the Three Months ended September 30, 2005

Office Portfolio 1/


Market	Rentable Square Feet Leased	Current Rent		Previous Rent		Percentage Change Rent
Atlanta	302,736	$	16.50	$	17.67	-6.6	%
Raleigh	202,649		17.72		19.73	-10.2	%
Piedmont Triad	168,941		15.58		14.99	3.9	%
Tampa	118,982		16.83		16.80	0.2	%
Memphis	93,278		19.15		19.44	-1.5	%
Richmond	62,313		20.12		20.07	0.2	%
Nashville	45,811		19.77		18.94	4.4	%
Kansas City	38,763		24.86		21.91	13.5	%
Greenville	28,606		14.35		12.43	15.5	%
Columbia	7,389		15.00		16.79	-10.7	%

GAAP Rent Growth	1,069,468	$	17.44	$	17.90	-2.6	%

Cash Rent Growth	1,069,468	$	17.25	$	18.50	-6.8	%


Industrial Portfolio

Market	Rentable Square Feet Leased	Current Rent		Previous Rent		Percentage Change Rent
Atlanta	293,881	$	3.85	$	3.57	7.8	%
Piedmont Triad	193,233		4.54		5.15	-11.8	%
Raleigh	11,705		5.96		8.74	-31.8	%

GAAP Rent Growth	498,819	$	4.17	$	4.29	-2.7	%

Cash Rent Growth	498,819	$	4.12	$	4.58	-10.0	%


Retail Portfolio

Market	Rentable Square Feet Leased	Current Rent		Previous Rent		Percentage Change Rent
Kansas City	10,721	$	17.53	$	16.06	9.2	%

GAAP Rent Growth	10,721	$	17.53	$	16.06	9.2	%

Cash Rent Growth	10,721	$	21.18	$	21.05	0.6	%

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		9/30/05

Lease Expirations

September 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/	794,863	4.4	%	$	15,763	$	19.83	4.9	%
2006	2,752,158	15.1	%		50,805		18.46	15.7	%
2007	1,852,512	10.2	%		32,470		17.53	10.0	%
2008	2,970,923	16.3	%		49,464		16.65	15.3	%
2009	2,539,491	13.9	%		46,212		18.20	14.3	%
2010	2,257,033	12.4	%		40,847		18.10	12.6	%
2011	1,693,399	9.3	%		31,968		18.88	9.9	%
2012	963,090	5.3	%		18,779		19.50	5.8	%
2013	513,992	2.8	%		9,288		18.07	2.9	%
2014	419,428	2.3	%		8,249		19.67	2.5	%
2015 and thereafter	1,466,224	8.0	%		19,776		13.49	6.1	%

	18,223,113	100.0	%	$	323,621	$	17.76	100.0	%

Industrial:
2005 4/	728,643	12.1	%	$	3,609	$	4.95	12.1	%
2006	1,430,255	23.8	%		6,248		4.37	20.8	%
2007	1,059,493	17.6	%		6,245		5.89	20.9	%
2008	774,959	12.9	%		3,578		4.62	12.0	%
2009	682,606	11.4	%		4,072		5.97	13.6	%
2010	418,362	7.0	%		2,037		4.87	6.8	%
2011	174,401	2.9	%		788		4.52	2.6	%
2012	198,536	3.3	%		975		4.91	3.3	%
2013	102,384	1.7	%		637		6.22	2.1	%
2014	206,731	3.4	%		835		4.04	2.8	%
2015 and thereafter	235,432	3.9	%		894		3.80	3.0	%

	6,011,802	100.0	%	$	29,918	$	4.98	100.0	%

1/	Annualized Revenue is September, 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 208,000 square feet of leases that are on a month to month basis or 0.9% of total annualized revenue

4/	Includes 143,000 square feet of leases that are on a month to month basis or 0.1% 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		9/30/05

Lease Expirations

September 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/	4,243	0.3	%	$	20	$	4.71	0.1	%
2006	103,699	7.5	%		2,539		24.48	6.8	%
2007	85,689	6.2	%		2,530		29.53	6.7	%
2008	129,441	9.4	%		3,650		28.20	9.7	%
2009	178,477	13.0	%		4,495		25.19	11.9	%
2010	100,472	7.3	%		3,433		34.17	9.1	%
2011	57,974	4.2	%		1,807		31.17	4.8	%
2012	132,034	9.6	%		3,893		29.48	10.4	%
2013	109,674	8.0	%		2,843		25.92	7.6	%
2014	80,159	5.8	%		1,453		18.13	3.9	%
2015 and thereafter	392,705	28.7	%		10,941		27.86	29.0	%

	1,374,567	100.0	%	$	37,604	$	27.36	100.0	%

Total:
2005 3/4/	1,527,749	6.0	%	$	19,392	$	12.69	5.0	%
2006	4,286,112	16.7	%		59,592		13.90	15.3	%
2007	2,997,694	11.7	%		41,245		13.76	10.5	%
2008	3,875,323	15.1	%		56,692		14.63	14.5	%
2009	3,400,574	13.3	%		54,779		16.11	14.0	%
2010	2,775,867	10.8	%		46,317		16.69	11.8	%
2011	1,925,774	7.5	%		34,563		17.95	8.8	%
2012	1,293,660	5.1	%		23,647		18.28	6.0	%
2013	726,050	2.8	%		12,768		17.59	3.3	%
2014	706,318	2.8	%		10,537		14.92	2.7	%
2015 and thereafter	2,094,361	8.2	%		31,611		15.09	8.1	%

	25,609,482	100.0	%	$	391,143	$	15.27	100.0	%

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

2/	Includes 4,000 square feet of leases that are on a month to month basis or 0.0% of total annualized revenue

3/	Includes 355,000 square feet of leases that are on a month to month basis or 1.0% 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		9/30/05

Office Lease Expirations by Market by Quarter 1/

Dollars in thousands


		*Three Months Ended*
		9/30/05 /2			12/31/05			03/31/06			06/30/06			Total
Atlanta	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	163,640 0.9 3,554 1.1	% %	$	145,050 0.8 1,911 0.6	% %	$	57,301 0.3 887 0.3	% %	$	171,081 0.9 2,752 0.9	% %	$	537,072 2.9 9,104 2.8	% %

Columbia	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	21,397 0.1 503 0.2	% %	$	1,077 0.0 18 0.0	% %	$	0 0.0 — 0.0	% %	$	17,391 0.1 369 0.1	% %	$	39,865 0.2 890 0.3	% %

Greenville	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	1,160 0.0 21 0.0	% %	$	29,998 0.2 589 0.2	% %	$	119,623 0.7 2,248 0.7	% %	$	10,699 0.1 221 0.1	% %	$	161,480 0.9 3,079 1.0	% %

Kansas City	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	59,074 0.3 1,182 0.4	% %	$	52,871 0.3 1,134 0.4	% %	$	18,549 0.1 373 0.1	% %	$	22,735 0.1 497 0.2	% %	$	153,229 0.8 3,186 1.0	% %

Memphis	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	10,404 0.1 185 0.1	% %	$	41,602 0.2 826 0.3	% %	$	25,086 0.1 430 0.1	% %	$	16,128 0.1 312 0.1	% %	$	93,220 0.5 1,753 0.5	% %

Nashville	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	128,259 0.7 2,558 0.8	% %	$	155,870 0.9 3,063 0.9	% %	$	50,911 0.3 1,061 0.3	% %	$	65,882 0.4 1,400 0.4	% %	$	400,922 2.2 8,082 2.5	% %

Orlando	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %

Piedmont Triad	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	95,109 0.5 1,380 0.4	% %	$	80,856 0.4 1,412 0.4	% %	$	58,389 0.3 1,043 0.3	% %	$	57,095 0.3 1,002 0.3	% %	$	291,449 1.6 4,837 1.5	% %

Raleigh	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	167,299 0.9 3,448 1.1	% %	$	220,681 1.2 4,360 1.3	% %	$	81,902 0.4 1,726 0.5	% %	$	259,236 1.4 3,261 1.0	% %	$	729,118 4.0 12,795 4.0	% %

Richmond	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	80,848 0.4 1,205 0.4	% %	$	85,774 0.5 1,450 0.4	% %	$	22,510 0.1 410 0.1	% %	$	39,673 0.2 1,002 0.3	% %	$	228,805 1.3 4,067 1.3	% %

Tampa	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	68,567 0.4 1,740 0.5	% %	$	53,068 0.3 1,093 0.3	% %	$	76,033 0.4 1,516 0.5	% %	$	8,978 0.0 179 0.1	% %	$	206,646 1.1 4,528 1.4	% %

Other	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	1,095 0.0 5 0.0	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	1,095 0.0 5 0.0	% %

Total	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	796,852 4.3 15,781 4.9	% %	$	866,847 4.8 15,856 4.9	% %	$	510,304 2.8 9,694 3.0	% %	$	668,898 3.7 10,995 3.4	% %	$	2,842,901 15.6 52,326 16.2	% %

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 208,000 square feet of leases that are on a month to month basis or 0.9% of total annualized revenue

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


Highwoods Properties, Inc.		Page 15		9/30/05

Industrial Lease Expirations by Market by Quarter

Dollars

in thousands


		*Three Months Ended*												Total
		9/30/05 /1			12/31/05			03/31/06			06/30/06			Total
Atlanta	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	594,875 9.9 3,027 10.2	% %	$	122,812 2.0 656 2.2	% %	$	34,091 0.6 236 0.8	% %	$	93,720 1.6 444 1.5	% %	$	845,498 14.1 4,363 14.6	% %

Greenville	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	0 0.0 — 0.0	% %	$	16,081 0.3 206 0.7	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	16,081 0.3 206 0.7	% %

Kansas City	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	0 0.0 — 0.0	% %	$	2,018 0.0 17 0.1	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	2,018 0.0 17 0.1	% %

Piedmont Triad	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	120,608 2.0 468 1.6	% %	$	529,737 8.8 1,840 6.2	% %	$	225,924 3.8 686 2.3	% %	$	262,102 4.4 1,171 3.9	% %	$	1,138,371 18.9 4,165 13.9	% %

Raleigh	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	13,160 0.2 114 0.4	% %	$	9,548 0.2 93 0.3	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	22,708 0.4 207 0.7	% %

Total	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	728,643 12.1 3,609 12.1	% %	$	680,196 11.3 2,812 9.4	% %	$	260,015 4.3 922 3.1	% %	$	355,822 5.9 1,615 5.4	% %	$	2,024,676 33.7 8,958 30.0	% %

1/	Includes 143,000 square feet of leases that are on a month to month basis or 0.1% of total annualized revenue

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


Highwoods Properties, Inc.		Page 16		9/30/05

Office Lease Expirations by Market by Year 1/

Dollars in thousands


		2005 2/			2006			2007			2008			Thereafter
Atlanta	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	161,651 0.9 3,536 1.1	% %	$	414,024 2.3 6,252 1.9	% %	$	264,823 1.5 3,681 1.1	% %	$	573,366 3.1 8,850 2.7	% %	$	1,397,436 7.7 25,892 8.0	% %

Columbia	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	21,397 0.1 503 0.2	% %	$	61,836 0.3 1,173 0.4	% %	$	61,766 0.3 1,048 0.3	% %	$	63,170 0.3 1,102 0.3	% %	$	56,114 0.3 700 0.2	% %

Greenville	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	1,160 0.0 21 0.0	% %	$	188,865 1.0 3,593 1.1	% %	$	16,115 0.1 302 0.1	% %	$	99,410 0.5 1,824 0.6	% %	$	451,237 2.5 4,696 1.5	% %

Kansas City	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	59,074 0.3 1,182 0.4	% %	$	132,238 0.7 2,806 0.9	% %	$	94,911 0.5 1,976 0.6	% %	$	78,678 0.4 1,598 0.5	% %	$	388,577 2.1 9,386 2.9	% %

Memphis	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	10,404 0.1 185 0.1	% %	$	89,993 0.5 1,706 0.5	% %	$	109,136 0.6 2,103 0.6	% %	$	179,883 1.0 3,571 1.1	% %	$	629,076 3.5 11,216 3.5	% %

Nashville	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	128,259 0.7 2,558 0.8	% %	$	446,187 2.4 9,009 2.8	% %	$	203,191 1.1 3,909 1.2	% %	$	238,629 1.3 4,710 1.5	% %	$	1,732,146 9.5 30,718 9.5	% %

Orlando	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	0 0.0 — 0.0	% %	$	6,465 0.0 175 0.1	% %	$	21,694 0.1 447 0.1	% %	$	9,240 0.1 199 0.1	% %	$	180,533 1.0 3,794 1.2	% %

Piedmont Triad	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	95,109 0.5 1,380 0.4	% %	$	230,240 1.3 3,994 1.2	% %	$	196,089 1.1 2,969 0.9	% %	$	634,579 3.5 7,974 2.5	% %	$	778,257 4.3 10,907 3.4	% %

Raleigh	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	167,299 0.9 3,447 1.1	% %	$	620,317 3.4 10,317 3.2	% %	$	414,833 2.3 7,333 2.3	% %	$	581,236 3.2 9,740 3.0	% %	$	1,871,880 10.3 32,127 9.9	% %

Richmond	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	80,848 0.4 1,205 0.4	% %	$	267,491 1.5 5,094 1.6	% %	$	282,864 1.6 4,663 1.4	% %	$	282,651 1.6 5,320 1.6	% %	$	905,885 5.0 16,319 5.0	% %

Tampa	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	68,567 0.4 1,740 0.5	% %	$	294,502 1.6 6,686 2.1	% %	$	173,253 1.0 3,686 1.1	% %	$	210,632 1.2 4,021 1.2	% %	$	1,439,746 7.9 28,877 8.9	% %

Other	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	1,095 0.0 5 0.0	% %	$	0 0.0 — 0.0	% %	$	13,837 0.1 355 0.1	% %	$	19,449 0.1 555 0.2	% %	$	21,770 0.1 483 0.1	% %

Total	RSF % of Total Office RSF Annualized Revenue 3/ % of Total Office Annl Rev	$	794,863 4.4 15,762 4.9	% %	$	2,752,158 15.1 50,805 15.7	% %	$	1,852,512 10.2 32,472 10.0	% %	$	2,970,923 16.3 49,464 15.3	% %	$	9,852,657 54.1 175,115 54.1	% %

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 208,000 square feet of leases that are on a month to month basis or 0.9% of total annualized revenue

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


Highwoods Properties, Inc.		Page 17		9/30/05

Industrial Lease Expirations by Market by Year

Dollars in thousands


		2005 1/			2006			2007			2008			Thereafter
Atlanta	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	594,875 9.9 3,026 10.1	% %	$	330,863 5.5 1,911 6.4	% %	$	593,583 9.9 3,214 10.7	% %	$	347,988 5.8 1,609 5.4	% %	$	997,676 16.6 4,994 16.7	% %

Greenville	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	0 0.0 — 0.0	% %	$	16,081 0.3 206 0.7	% %	$	0 0.0 — 0.0	% %	$	5,350 0.1 59 0.2	% %	$	8,470 0.1 61 0.2	% %

Kansas City	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	0 0.0 — 0.0	% %	$	2,018 0.0 17 0.1	% %	$	0 0.0 — 0.0	% %	$	0 0.0 — 0.0	% %	$	1,756 0.0 19 0.1	% %

Piedmont Triad	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	120,608 2.0 468 1.6	% %	$	1,071,745 17.8 4,021 13.4	% %	$	462,360 7.7 2,994 10.0	% %	$	406,433 6.8 1,746 5.8	% %	$	982,321 16.3 4,969 16.6	% %

Raleigh	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	13,160 0.2 114 0.4	% %	$	9,548 0.2 93 0.3	% %	$	3,550 0.1 37 0.1	% %	$	15,188 0.3 163 0.5	% %	$	28,229 0.5 194 0.6	% %

Total	RSF % of Total Industrial RSF Annualized Revenue 2/ % of Total Industrial Annl Rev	$	728,643 12.1 3,608 12.1	% %	$	1,430,255 23.8 6,248 20.9	% %	$	1,059,493 17.6 6,245 20.9	% %	$	774,959 12.9 3,577 12.0	% %	$	2,018,452 33.6 10,237 34.2	% %

1/	Includes 143,000 square feet of leases that are on a month to month basis or 0.1% of total annualized revenue

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


Highwoods Properties, Inc.		Page 18		9/30/05

Customer Diversification 1/

September 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	1,175,072	$	17,824	4.56	%	5.9
AT&T 3/	537,529		10,260	2.62	%	3.4
Price Waterhouse Coopers	297,795		7,528	1.92	%	4.6
State Of Georgia	356,175		6,846	1.75	%	4.1
T-Mobile USA	205,394		5,031	1.29	%	3.6
US Airways	295,046		4,010	1.03	%	2.2
IBM	188,763		3,768	0.96	%	0.6
Volvo	278,940		3,742	0.96	%	3.8
Hartford Insurance	118,807		3,681	0.94	%	1.0
Northern Telecom	246,000		3,651	0.93	%	2.4
SCI Services, Inc.	160,996		3,417	0.87	%	11.8
BB&T	243,951		3,343	0.85	%	6.3
Lockton Companies	132,718		3,339	0.85	%	9.4
CHS Professional Services	170,524		3,046	0.78	%	1.4
MCI	127,268		2,579	0.66	%	0.6
Metropolitan Life Insurance	118,017		2,250	0.58	%	5.8
Lifepoint Corporate Services	120,112		2,223	0.57	%	5.8
Icon Clinical Research	99,163		2,148	0.55	%	6.7
The Martin Agency	118,518		2,018	0.52	%	11.5
CIGNA Healthcare of NC	180,000		1,999	0.51	%	0.8

	5,170,788	$	92,703	23.70	%	4.5

By Industry


Category	Percent of Annualized Revenue 2/
Professional, Scientific, and Technical Services	21.0	%
Insurance	10.1	%
Manufacturing	8.7	%
Finance/Banking	8.3	%
Retail Trade	8.1	%
Telecommunication	7.7	%
Government/Public Administration	7.1	%
Health Care and Social Assistance	6.6	%
Wholesale Trade	5.5	%
Transportation and Warehousing	3.5	%
Real Estate Rental and Leasing	3.3	%
Accommodation and Food Services	2.8	%
Administrative and Support Services	2.4	%
Other Services (except Public Administration)	2.3	%
Information	1.8	%
Educational Services	0.8	%

	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 September, 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		9/30/05

Acquisition Activity

Dollars in thousands


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

Second quarter 2005:
None

Third quarter 2005:
None


Highwoods Properties, Inc.		Page 20		9/30/05

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

Third quarter 2005:
Charlotte/Sabal	Charlotte/Tampa	O	07/22/05	2,432,900	75.3	%		228,000
Ironwood/Leatherwood	Raleigh	O	08/29/05	75,200	86.4	%		6,500

Third quarter totals				2,508,100	75.6	%		234,500

Nine month totals				4,377,300	79.4	%	$	335,599

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

Third quarter 2005:

None

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


Highwoods Properties, Inc.		Page 21		9/30/05

Development Activity

Dollars in thousands


Property	Market	Type 1/	Rentable Square Feet	Anticipated Total Investment		Investment @ 09/30/05		Pre- Leasing		Estimated Completion Date	Estimated Stabilization Date
In - Process
Office:
Center for Disease Control	Atlanta	O	109,000	$	21,375	$	16,568	100	%	4Q 05	4Q 05
ThyssenKrupp	Memphis	O	78,000		8,800		1,053	100	%	1Q 07	1Q 07
Cool Springs III	Nashville	O	153,000		20,050		3,589	0	%	2Q 06	4Q 07
Glenlake Four	Raleigh	O	158,000		26,889		3,302	46	%	3Q 06	1Q 08
Stony Point IV	Richmond	O	104,000		13,125		1,050	46	%	4Q 06	4Q 07
3330 Healy Rd 2/	Piedmont Triad	O	40,000		3,600		2,998	0	%	4Q 06	2Q 07
FBI 3/	Tampa	O	138,000		31,090		23,775	100	%	4Q 05	4Q 05

Total or Weighted Average			780,000	$	124,929	$	52,335	57	%

Completed Not Stabilized 4/
Retail 5/:
Griffith Road/Boutique Shops	Piedmont Triad	R	9,600	$	2,634	$	2,410	87	%	2Q 05	2Q 06

Total or Weighted Average			9,600	$	2,634	$	2,410	87	%

Grand Total or Weighted Average			789,600	$	127,563	$	54,745	57	%

Placed In Service


Property	Market	Type 1/	In-Service Date	Rentable Square Feet	Investment @ 09/30/05		Quarter 3 2005 NOI 6/		Occ %		Leasing %
National Archives Record Administration	Atlanta	I	9/1/2005	354,000	$	18,295	$	132	88	%	100	%
Saxon	Richmond	O	7/1/2005	112,000		15,798		309	100	%	100	%

Total or Weighted Average				466,000	$	34,093	$	441	91	%	100	%

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

5/	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.

6/	NOI = Net Operating Income (Property Revenue excluding Straight Line Rent - Property Expense)


Highwoods Properties, Inc.		Page 22		9/30/05

Development Land

September 30, 2005

Dollars

in thousands


Market	Usable Acres	Total Estimated Market Value
On Balance Sheet:

Research Triangle	318	$	60,792
Atlanta	226		42,062
Piedmont Triad	117		23,150
Richmond	57		14,296
Kansas City 1/	44		16,594
Baltimore	44		13,166
Charlotte	41		7,623
Nashville	39		12,486
Tampa	33		14,026
Orlando	25		12,470
Memphis	21		5,100
Greenville	12		1,800
Jacksonville	9		1,885
Columbia	2		276

Total 2/	988	$	225,726

1/	Includes 27 acres of residential land

2/	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		9/30/05

Joint Ventures Portfolio Summary

As of September 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	2,324,000	90.8	%	28.3	%	3.8	%	1.0	%	3.3	%	36.4	%
Orlando	1,685,000	91.6	%	26.2	%	—		—		—		26.2	%
Atlanta	835,000	93.0	%	12.4	%	—		—		—		12.4	%
Kansas City	713,000	83.3	%	8.8	%	—		—		—		8.8	%
Richmond	413,000	100.0	%	5.2	%	—		—		—		5.2	%
Piedmont Triad	364,000	100.0	%	3.9	%	—		—		—		3.9	%
Raleigh	455,000	99.6	%	3.7	%	—		—		—		3.7	%
Tampa	205,000	100.0	%	2.1	%	—		—		—		2.1	%
Charlotte	148,000	100.0	%	0.8	%	—		—		—		0.8	%
Other	110,000	100.0	%	0.5	%	—		—		—		0.5	%

Total	7,252,000	92.6	%	91.9	%	3.8	%	1.0	%	3.3	%	100.0	%

1/	Excludes Des Moines’ apartment units

2/	Excludes Des Moines’ apartment occupancy percentage of 92.8%

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


Highwoods Properties, Inc.		Page 24		9/30/05

Joint Ventures Lease Expirations

September 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	152,538	2.2	%	$	2,705	$	17.73	2.1	%
2006	657,677	9.7	%		12,563		19.10	10.0	%
2007	439,731	6.5	%		8,101		18.42	6.4	%
2008	1,371,574	20.1	%		23,346		17.02	18.4	%
2009	853,693	12.6	%		15,975		18.71	12.7	%
2010	591,159	8.7	%		10,437		17.66	8.3	%
2011	573,773	8.4	%		10,606		18.48	8.4	%
2012	422,183	6.2	%		8,956		21.21	7.1	%
2013	710,834	10.5	%		13,749		19.34	10.9	%
2014	386,249	5.7	%		8,418		21.79	6.7	%
2015 and thereafter	640,195	9.4	%		11,360		17.74	9.0	%

	6,799,606	100.0	%	$	126,216	$	18.56	100.0	%

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


Highwoods Properties, Inc.		Page 25		9/30/05

Joint Ventures Development

Dollars in thousands


Property	% Ownership	Market	Rentable Square Feet	Anticipated Total Investment		Investment @ 09/30/05		Pre- Leasing			Estimated Completion Date		Estimated Stabilization Date
Sonoma	50%	Des Moines	75,000	$	9,364		4,746		60	%	2Q05		2Q 06
The Vinings at University Center 2/ 3/	50%	Charlotte	156 units		11,300		7,230		0	%	1Q06		3Q 06
Weston Lakeside 3/	50%	Raleigh	332 units		33,200		3,106		0	%	1Q07		1Q08

Total or Weighted Average 4/			75,000	$	20,664	$	10,626		60	%

Highwoods’ Share of the above				$	10,082	$	5,313


Placed In Service

Property	Market	Type 1/	In-Service Date	Rentable Square Feet		Investment @ 09/30/05		Quarter 3 2005 NOI 5/			Occ %		Leasing %
Plaza Colonade, LLC 1/	Kansas City	O	9/1/2005		285,000	$	69,140	$	1,344		77	%	77	%
Summit	Des Moines	O	9/1/2005		35,000		3,442		72		75	%	75	%
Pinehurst	Des Moines	O	9/1/2005		35,000		3,740		105		89	%	90	%

					355,000	$	76,322	$	1,521		78	%	78	%

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/	Estimated Completion Date is the date the last unit is expected to be delivered

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

5/	NOI = Net Operating Income (Property Revenue excluding Straight Line Rent - Property Expense)


Highwoods Properties, Inc.		Page 26		9/30/05

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