Conceptual Rendering

HIGHWOODS TO DEVELOP MARS PETCARE U.S. HEADQUARTERS NASHVILLE FEBRUARY 28, 2017

Certain matters discussed in this presentation are forward-looking statements within the meaning of the federal securities laws, such as the expected cost, timing and impact of our development activity. These statements are distinguished by use of the words "will", "expect", "intend" and words of similar meaning. Although Highwoods believes 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 the Company’s current expectations include, among others, the following: development activity by our competitors in our existing markets could result in excessive supply of properties relative to customer demand; development, acquisition, reinvestment, disposition or joint venture projects may not be completed as quickly or on as favorable terms as anticipated; we may not be able to lease or re-lease second generation space quickly or on as favorable terms as old leases; our markets may suffer declines in economic growth; we may not be able to lease our newly constructed buildings as quickly or on as favorable terms as originally anticipated; unanticipated increases in interest rates could increase our debt service costs; unanticipated increases in operating expenses could negatively impact our NOI; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or to repay or refinance outstanding debt upon maturity; the Company could lose key executive officers; and others detailed in the Company’s 2016 Annual Report on Form 10-K and subsequent SEC reports.

SAFE HARBOR

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SOBRO 1,033,633 SF

WEST END 466,301 SF

SEVEN SPRINGS 706,811 SF

MARYLAND FARMS 1,082,703 SF

VIRGINIA SPRINGS 14 Acres

COOL SPRINGS 936,799 SF

OVATION Mars Petcare U.S. HQ 224,000 SF

HIGHWOODS NASHVILLE PORTFOLIO

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WILLIAMSON COUNTY

SF includes 645,000 SF of underway development

7th FASTEST

GROWING COUNTY IN THE NATION

(OUT OF 3,007)

POPULATION

211,672

#1 LARGEST

JOB GROWTH IN THE U.S.

#1 FASTEST GROWING

COUNTY IN THE STATE OF TN

(OUT OF 95)

ABOUT WILLIAMSON COUNTY

AREA

584 mi2

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WILLIAMSON COUNTY

Sources: Tennessean, bizjournal.com

IMMEDIATE AREA COLUMBIA STATE

COMMUNITY COLLEGE

NATION’S TOP 150 COMMUNITY COLLEGES

85 ACRES

LIBERTY PARK

1 ACRE FREEDOM RUN

DOG PARK

LIFETIME ATHLETIC CENTER

120K SF

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ABOUT MARS PETCARE Part of the Mars Inc. Family mars.com

THE FIVE PRINCIPLES

Quality

Efficiency Responsibility

Mutuality Freedom

6 Source: Mars Petcare

ASSOCIATES

40,000+ Worldwide

#1 Pet food

manufacturer in the world

PURPOSE

A BETTER WORLD FOR PETS™

START

3Q17 DELIVER

2Q19

STRATEGIC INVESTMENT HIGHWOODS

INVESTMENT

$96M PRE-LEASED

100%

LAND

Highwoods Owned

PARKING

4.8/1,000 Structured

CURRENT HIGHWOODS CUSTOMER?

No

LONG-TERM LEASE

USE

U.S. HQ

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LEED GOLD CERTIFIED

Core and

Shell

224,000 SF

COOL SPRINGS

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COOL SPRINGS 5 Buildings 937,039 SF 98.8% Occupied

OVATION 145 Overall Acres

HIGHWOODS FRANKLIN/COOL SPRINGS PORTFOLIO

Conceptual Rendering

0.4 Miles OVATION MASTER PLAN 145 Overall Acres

Including 56 Acres Dedicated Green Space

OFFICE (by Highwoods)

66 Acres

Up to 1.4M SF

RETAIL/RESIDENTIAL/HOTEL (by others)

79 Acres

Up to 480,000 SF Retail

Up to 950 Residential Units

Up to 450 Hotel Rooms

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Conceptual Rendering

EAST END MASTER PLAN 12.5 Acres

Up to 500,000 SF Office

4.8/1,000 Parking

1.4 Acre Courtyard

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LOOKING EAST

Conceptual Rendering

12 Conceptual Rendering

LOOKING WEST

YIELD

8+% WEIGHTED AVERAGE

GAAP

DEVELOPMENT PIPELINE

PROJECTS

11 INVESTMENT

$645M

MARKETS

5 PRE-LEASED

73%

SQUARE FEET

2.1M

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Cash Rent Commencement