0 6 / 2 0 / 2 0 1 6© 2 0 1 6

V I R G I N I A S P R I N G S | V I E W F R O M T H E P O N D

NYSE: HIW

D E V E L O P M E N T | A C Q U I S I T I O N | L E A S I N G | A S S E T M A N A G E M E N T

At-A-Glance

Q2 Operations

   $0.82/sh FFO

   $3.24/sh FFO guidance; midpoint = 5.2% YOY growth

   92.5% occupancy

   4.5% cash same property NOI growth; guidance of 4% to 5% for 2016

   15.4% growth in GAAP rent spreads

Balance Sheet

   Leverage at 37.5%

   Debt + pref’d/EBITDA at 5.2x

Development and other

   Announced 100% pre-leased built to suit in Richmond, VA

   $519M pipeline, 71% pre-leased, 1.7M SF

   Announced intention to pay special dividend of at least $0.75/sh

DEVELOPMENT FISHIN’

GUIDANCE

HIGHLIGHTS

5 6

$59M Seven Springs West

Nashville

   203K SF

   86% pre-leased

Completion 3Q16Stabilizes 1Q17

$107M Riverwood 200

Atlanta

   299K SF

   71% pre-leased

Completion 2Q17Stabilizes 2Q19

$200M Bridgestone Americas HQ

Nashville

   514K SF

   100% pre-leased

Completion 3Q17Stabilizes 3Q17

$38M Seven Springs II

Nashville

   131K SF

   53% pre-leased

Completion 2Q17 Stabilizes 3Q18

$29M Virginia Urology

Richmond

   87K SF

   100% pre-leased

Completion 3Q18Stabilizes 3Q18

$41M 5000 CentreGreen

Raleigh

   167K SF

   0% pre-leased

Completion 3Q17Stabilizes 3Q19

Cash Rent Commencement

Funded $252 or 49% as of 6/30/2016

Current Pipeline Invst($M) SF(K) Preleased(%) 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

GlenLake Five 37 166 88

Enterprise V (Industrial) 8 131 0

Seven Springs West 59 203 86

Seven Springs II 38 131 53

5000 CentreGreen 41 167 0

Riverwood 200 107 299 71

Bridgestone Americas HQ 200 514 100

Virginia Urology 29 87 100

Totals $519 1,698 SF 71%

$200M Bridgestone Americas HQNashville

$56M Laser Spine Institute HQTampa

$29M Virginia UrologyRichmond

100% Pre-LeasedRaleigh

Atlanta

Tampa

Orlando

Greensboro

Nashville

Memphis

Pittsburgh

Richmond

Completion3Q17

UNDERWAY

1Q16

DELIVERED

Completion3Q18

ANNOUNCED

Core Land Inventory

   8 markets

   278 acres

   $1.1B development potential

   FFO range $3.20-3.28/sh

   Same property NOI growth 4-5%

   Year-end occupancy 92.5-93.2%

   G&A expense $37-39M

   Dispositions $760-860M

   Acquisitions $31-131M

   Development announcements $100-200M

   Average shares outstanding 100.8-101.3M

MSF

<$18Rentper SF $18-22 $22-26 $26-30 >$30

0

2

4

6

8

10

$2M, 1.0 acre CBD Tampa

$9M, 13.8 acres Brentwood, Nashville

$6M, 0.6 acre CBD Raleigh

$18M, 1.1 acre ground lease at EQT CBD Pittsburgh

STRATEGIC AND FINANCIAL BENEFITS OPERATING METRICS

FINANCIALS

2 3 4

0

100

200

300

400

500

600

700

Sound Maturity Ladder (6/30/16)

500

600

0

100

400

300

200

$ Millions

Pay Date:

2016

03/15/1711/01/17

2017 2018 2019 2020 2021 2022 2025 20262023 2024 2027

$130Secured

$200BankLoan

$379 Bonds

$211LOC

$200Bonds

$298Bonds

$350BankLoan

Fixed/Floating

$248Bonds

$150 BankLoan

$300Bonds

$248BankLoan

5.49% 7.50% 1.59% 2.34% 3.36% 1.55% 3.75%AverageInterestRate

Strong Balance Sheet (6/30/16)

Financial Impact

Debt + Preferred / EBITDA (6/30/16)

Financial Benefits

37.5% Debt + Preferred as % of Gross Assets

5.2x Debt + Preferred to Annualized EBITDA

92.8% Unencumbered NOI

2.1% Revenues from JVs

2.3% Secured Debt as % of Gross Assets

Investment Grade Ratings

Baa2 BBB

5.0

5.5

6.0

6.5

7.0

7.5

'16'15'14'13'12'11'10'09'08'07'06'05'04

PORTFOLIO DIVERSIFICATION

Year-End OccupancyAverage Office Cash Rental Rates for All In-Place Leases as of:

$/SF

6/30/12 6/30/13 6/30/14 6/30/15 6/30/16

20

21

22

23

24

2012

%

2013 2014 2015 2016E

92.5 to 93.2

85

87

89

91

93

95

By Customer

By Industry

By Market

SF Distribution by Office Lease Size

Rental Rate Distribution

5.8

2.6

(% of Annualized Revenue 6/30/2016)

(% of Annualized Revenue 6/30/2016)

Top 5 12.3

Top 10 17.5

Customers > 2% %

(% of Annualized Revenue 6/30/2016)

(% of Annualized Revenue 6/30/2016)

(Amount of Occupied SF 6/30/2016)

Raleigh17%

Atlanta19%

Nashville15%

Tampa13%

Memphis8%

Pittsburgh9%

Greensboro6%

Richmond6%

Orlando7%

ProfessionalServices

10 RemainingIndustries

Real Estate

Government

Manufacturing

Insurance HealthCare

Finance/Banking

14.6%

24.3%20.3%

5.1%

7.0%

7.1%8.3% 13.3%

%

<2 2-5 5-10 10-25 25-50 >50

0

10

20

30

40

KSF

SunTrust Financial CentreMonarch Centre

Land

SOLD

Country Club Plaza

OfficeRetail

Occupancy

468K SF804K SF97%

$660MSale Proceeds

$31Mof NOI

4.7%Cap Rate

RETAIL IQ

LESS LIABILITY

PLAZAUNDER-APPRECIATED

SUNBELT

FOCUS

SIMPLIFIEDSTRATEGY

REDUCEDCREDIT EXPOSURE

LOWERCAP EX

E-COMMERCE

$303M 896K SF

FFO Growth = $0.05/shSpecial Dividend > $0.75/shLower Leverage = 100bps

$430M x 7% = $30M of NOI$110M x ~4% = $5M of Interest Savings

$35M of Land/Other = $1M of NOI/Savings$75M Special Dividend

$124M 526K SF

$35M 16.5 Acres