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HIGHWOODS
PROPERTIES
FACT SHEET*
o Business-Develop, Acquire, Lease and Manage Institutional-Grade Office and
Industrial Properties
o Founded 1978
o Public June 1994
o Real Estate Investment Trust-UPREIT Structure
o Traded on the New York Stock Exchange
o Ticker Symbol-HIW
o Common Shares Outstanding (Including Partnership Unit)-63.7 Million
o Research Coverage-Merrill Lynch, BT Alex Brown, Dain Rauscher, Davenport &
Co., Legg Mason, Montgomery Securities, Morgan Stanley Dean Witter, Paine
Webber, Prudential Securities, Robinson Humphreys
o Largest Office and Industrial REIT in the Southeast
o One of the Fifteen Largest Equity REIT's
o Headquartered in Raleigh, North Carolina
o Total Employees-565
o States and Cities of Operation
Alabama Birmingham
Florida Boca Raton, Fort Lauderdale, Fort Myers, Jacksonville,
Miami, Orlando, Tallahassee, Tampa Bay, West Palm Beach
Georgia Atlanta
Maryland Baltimore
North Carolina Asheville, Cary, Charlotte, Durham, Greensboro, High
Point, Raleigh, Research Triangle Park, Winston-Salem
South Carolina Columbia, Greenville
Tennessee Memphis, Nashville
Virginia Hampton Roads, Richmond
o Total Property Count-630 (including 39 development projects)
o Total Square Footage-44.6 Million (including 4.2 million square feet of
development)
o Current Portfolio Occupancy-93%
o Land Available for Development-1,350 Acres
o Total Capitalization-$3.8 Billion
o Estimated Annual Development/Acquisition Investment-$1.0 Billion
o Initial Public Offering Stock Price-$21.00/Share
o Stock Close-June 10, 1998-$31.44 (6.5% Yield)
o Annual Dividend, Paid Quarterly-$2.04/Share
o Average Annualized Return since IPO-25.1%
o Equity Retained in Operating Partnership Transactions-$400 Million (17% of
Total Equity)
o Equity held by management-$150 Million (6% of Total Equity)
* Excludes the impact of the J.C. Nichols and Easton-Babcock transactions.
June 10, 1998
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Corporate Profile* (logo) HIGHWOODS
PROPERTIES
Highwoods Properties, Inc. (the "Company") (NYSE: HIW) is one of the
largest fully integrated, self-administered real estate investment
trusts ("REIT") that provides leasing, management, development, construction and
other tenant-related services for its properties and for third parties. The
Company owns 444 suburban office buildings and 186 industrial and service center
properties encompassing approximately 44.6 million square feet (including 39
development projects encompassing approximately 4.2 million square feet) located
in 19 markets in Alabama, Florida, Georgia, Maryland, North Carolina, South
Carolina, Tennessee, and Virginia. Highwoods also controls over 1,350 acres of
land for future development.
Highwoods is structured as an UPREIT, or umbrella partnership real estate
investment trust. The Company is the sole general partner and owns the
controlling interest (82%) in Highwoods/Forsyth Limited Partnership through
which it conducts its operations.
The Company's strategy, since becoming a public company in June 1994, has
been to:
o diversify its initial suburban office portfolio to include industrial and
service center properties;
o expand its geographical presence to selected markets with growth and
demographic characteristics similar to its existing markets;
o effectively manage growth through the acquisition of management expertise
along with additional properties;
o maintain a flexible and conservative capital structure; and,
o build an efficient, customer service-oriented organization.
As one of the largest office and industrial REITs in the country, Highwoods
has the financial resources to structure transactions to meet a variety of
seller's needs. Highwoods' stock is publicly traded on the New York Stock
Exchange giving the Company access to the capital markets. As an UPREIT,
Highwoods offers a structure that qualifies the seller for substantial tax
deferral of gain on the sale. This structure provides the benefits of 1) estate
planning 2)deferring tax liability 3) liquidity of dividends and 4) the option
to convert partnership units into stock.
[Map of Highwoods markets]
* Excludes the impact of the J.C. Nichols and Easton-Babcock transactions.
June 10, 1998
