Exhibit 99.2

LOGO

Supplemental Information

March 31, 2005

Supplemental Information

Table of Contents

March 31, 2005


Schedule		Page
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 Long-Term Debt Detail		24
Joint Ventures Portfolio Summary		25
Joint Ventures Lease Expirations		26
Joint Ventures Development		27

The information within refers to all Highwoods Properties’ wholly-owned entities, except pages 24 to 27 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.

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

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 and

Strategic Analysis

Mack D. Pridgen III

Vice President, General Counsel and

Secretary

Terry L. Stevenes

Vice President, Chief Financial Officer

and Treasurer

Research Coverage

Deutsche Banc Securities

Lou Taylor - 212-469-4912

Green Street Advisors

Jim Sullivan - 949-640-8780

KeyBanc Capital Markets

Frank Greywitt - 216-443-4795

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

UBS Warburg

Keith Mills - 212-713-3098

Wachovia Securities

Chris Haley - 443-263-6773


Highwoods Properties, Inc.		i

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

Charlotte/Memphis/Nashville

W. Brian Reames - Regional Manager

Nashville, TN

W. Brian Reames, Senior Vice President

Charlotte, NC

Thomas F. Cochran, 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 at:


Phone:		800-256-2963
Email:		HIW-IR@highwoods.com

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 March 31, 2005, the Company owned or had an interest in 504 in-service office, industrial and retail properties encompassing approximately 39.5 million square feet. Highwoods also owns approximately 1,123 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.

LOGO


Highwoods Properties, Inc.		ii

Capitalization

Dollars, shares, and units in thousands


	03/31/05		12/31/04		09/30/04		06/30/04		03/31/04
Long-Term Debt (see page 9 & 10):	$	1,582,009	$	1,571,777	$	1,600,627	$	1,603,485	$	1,790,039

Finance Obligations:	$	62,604	$	63,531	$	62,992	$	63,345	$	62,994

Preferred Stock:
Series A 8 5/8% Perpetual Preferred Stock	$	104,945	$	104,945	$	104,945	$	104,945	$	104,945
Series B 8% Perpetual Preferred Stock		172,500		172,500		172,500		172,500		172,500
Series D 8% Perpetual Preferred Stock		100,000		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		54,053		53,813		53,713		53,716		53,631
Minority interest partnership units		5,828		6,102		6,128		6,146		6,146

Total shares and units outstanding		59,881		59,841		59,862		59,777		59,677

Stock price at period end	$	26.82	$	27.70	$	24.61	$	23.50	$	26.21
Market value of common equity	$	1,606,008	$	1,657,596	$	1,473,204	$	1,404,760	$	1,564,133

Total market capitalization with debt and obligations	$	3,628,066	$	3,670,349	$	3,514,268	$	3,449,035	$	3,794,611

See pages 24 to 27 for information regarding Highwoods’ Joint Ventures


Highwoods Properties, Inc.		Page 1

Long-Term Debt Summary

Dollars in thousands


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

Secured:
Conventional fixed rate	$	731,426		$	732,796		$	745,524		$	748,740		$	751,894
Variable rate debt		67,348			66,181			50,803			54,945			204,845
Conventional fixed rate 1/		22,800			22,800			22,800			22,800			22,800
Variable rate debt 2/		435			—			—			—			—

Secured total	$	822,009		$	821,777		$	819,127		$	826,485		$	979,539

Unsecured:
Fixed rate bonds and notes	$	460,000		$	460,000		$	460,000		$	460,000		$	560,000
Variable rate debt		120,000			120,000			120,000			120,000			120,000
Credit facility		180,000			170,000			201,500			197,000			130,500

Unsecured total	$	760,000		$	750,000		$	781,500		$	777,000		$	810,500

Total	$	1,582,009		$	1,571,777		$	1,600,627		$	1,603,485		$	1,790,039


Average Interest Rates:

Secured:
Conventional fixed rate		7.2	%		7.2	%		7.2	%		7.2	%		7.2	%
Variable rate debt		4.2	%		4.2	%		3.7	%		3.1	%		3.1	%
Conventional fixed rate 1/		6.1	%		6.1	%		6.1	%		6.1	%		6.1	%
Variable rate debt 2/		2.8	%		—			—			—			0.0	%

Secured total		6.9	%		6.9	%		6.9	%		6.9	%		6.3	%

Unsecured:
Fixed rate bonds		7.4	%		7.4	%		7.4	%		7.4	%		7.3	%
Variable rate debt		3.5	%		3.5	%		3.0	%		2.9	%		2.4	%
Credit facility		3.4	%		3.4	%		2.2	%		2.3	%		2.1	%

Unsecured total		5.9	%		5.9	%		5.4	%		5.4	%		5.8	%

Average		6.4	%		6.4	%		6.2	%		6.2	%		6.1	%

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	$	67,124	$	120,000	$	187,124	5.7	%
2006		50,344		290,000		340,344	5.0	%
2007		93,122		—		93,122	7.3	%
2008		435		100,000		100,435	7.1	%
2009		170,645		50,000		220,645	7.9	%
2010		137,266		—		137,266	7.8	%
2011		—		—		—	—
2012		22,800		—		22,800	6.1	%
2013		274,885		—		274,885	5.9	%
2014		—		—		—	—
Thereafter		5,388		200,000		205,388	7.5	%

Total maturities	$	822,009	$	760,000	$	1,582,009	6.4	%


Weighted average maturity = 4.7 years

1/	Loan relates to the consolidated 20% owned joint venture property (Harborview).

2/	Loan relates to the consolidated 50% owned joint venture property (Vinings).

3/	Excludes annual principal amortization

4/	Included in the $280.0 million of unsecured debt maturities is $180.0 million related to the credit facility which matures in 2006.


Highwoods Properties, Inc.		Page 2

Long-Term Debt Detail

Dollars in thousands

Secured Loans


Lender	Rate		Maturity Date	Loan Balance 03/31/05		Undepreciated Book Value of Assets Secured
Monumental Life Ins. Co.	7.8	%	Nov-09	$	162,712	$	236,939
Northwestern Mutual	6.0	%	Mar-13		141,353		186,524
Northwestern Mutual	7.8	%	Nov-10		137,266		277,521
Massachusetts Mutual Life Ins. Co. 1/	5.7	%	Dec-13		126,997		185,922
Northwestern Mutual	8.2	%	Feb-07		64,761		139,833
GECC 2/	3.7	%	Jan-06		46,985		82,355
Principal Life Ins. Co. 3/	8.6	%	Apr-05		40,891		103,399
Principal Life Ins. Co.	8.2	%	Aug-05		26,233		70,655
Metropolitan Life Ins. Co. 4/	6.1	%	Oct-12		22,800		38,834
PNC/Am South/Southtrust 5/	3.7	%	Oct-07		16,686		17,712
PFL Life Ins. Co. 6/	8.1	%	Jun-07		5,623		22,543
Massachusetts Mutual Life Ins. Co. 1/	6.5	%	Dec-13		5,500		—
Ohio National	8.0	%	Nov-17		5,388		10,956
Lutheran Brotherhood	6.8	%	Apr-09		3,997		7,640
PFL Life Ins. Co. 5/6/	5.4	%	Jun-07		3,678		—
Assoc Retirement Trust Fund	8.0	%	Jan-07		2,375		6,790
USG Annuity	7.7	%	Feb-06		2,166		3,797
Security Life of Denver	8.9	%	Aug-09		2,048		9,496
Southland Life Ins. Co.	8.8	%	Aug-09		1,887		6,993
American United Life	9.0	%	Jun-13		1,035		3,640
CUNA Mutual	8.0	%	Sep-06		614		3,184
Members Life Ins. Co	8.0	%	Sep-06		579		3,266
Central Carolina Bank 7/	2.8	%	Jan-08		435		2,021

	6.9	%		$	822,009	$	1,420,020

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/	3.9	%	Sep-05	$	20,000
Term Loan 8/	4.3	%	Nov-05		100,000
Line of Credit 2/	3.9	%	Jul-06		180,000

	4.0	%		$	300,000

Total Debt	6.5	%		$	1,582,009

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

2/	Floating rate loans based on one month libor.

3/	Paid off on 4/1/05

4/	Loan relates to the consolidated 20% owned joint venture property (Harborview).

5/	Floating rate loan based on ninety day libor.

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

7/	Floating rate loan based on one month libor.

8/	Floating rate loan based on two month libor.


Highwoods Properties, Inc.		Page 3

Portfolio Summary - Wholly-Owned Properties Only 1/

(Rentable Square Feet)


	03/31/05		12/31/04		09/30/04		06/30/04		03/31/04
Office Industrial & Retail

In-Service:
Office 2/	24,254,000		24,628,000		25,151,000		25,272,000		26,608,000
Industrial	6,991,000		7,829,000		7,992,000		7,992,000		8,092,000
Retail 3/	1,409,000		1,409,000		1,410,000		1,411,000		1,411,000

Total	32,654,000		33,866,000		34,553,000		34,675,000		36,111,000

Development Completed - Not Stabilized:
Office 2/	—		—		—		—		140,000
Industrial	353,000		350,000		350,000		—		—
Retail	—		—		—		—		—

Total	353,000		350,000		350,000		—		140,000

Development - In Process:
Office 2/	358,000		358,000		333,000		222,000		112,000
Industrial	—		—		—		350,000		350,000
Retail	9,600		9,600		—		—		—

Total	367,600		367,600		333,000		572,000		462,000

Total:
Office 2/	24,612,000		24,986,000		25,484,000		25,494,000		26,860,000
Industrial	7,344,000		8,179,000		8,342,000		8,342,000		8,442,000
Retail 3/	1,418,600		1,418,600		1,410,000		1,411,000		1,411,000

Total	33,374,600		34,583,600		35,236,000		35,247,000		36,713,000

Same Property
Office 2/	22,534,000		22,534,000		22,534,000		22,534,000		22,534,000
Industrial	6,931,000		6,931,000		6,931,000		6,931,000		6,931,000
Retail	1,409,000		1,409,000		1,409,000		1,409,000		1,409,000

Total	30,874,000		30,874,000		30,874,000		30,874,000		30,874,000

Percent Leased/Pre-Leased:

In-Service:
Office	82.3	%	82.7	%	80.9	%	79.2	%	79.2	%
Industrial	86.8	%	90.2	%	88.4	%	88.0	%	86.5	%
Retail	95.5	%	97.3	%	94.5	%	93.4	%	94.0	%

Total	83.8	%	85.0	%	83.2	%	81.8	%	81.4	%

Development Completed - Not Stabilized:
Office	—		—		—		—		36.0	%
Industrial	100.0	%	100.0	%	100.0	%	—		—
Retail	—		—		—		—		—

Total	100.0	%	100.0	%	100.0	%	—		36.0	%

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

Total	99.1	%	98.5	%	100.0	%	100.0	%	100.0	%

Same Property
Office	82.7	%	83.0	%	80.9	%	80.0	%	80.1	%
Industrial	87.0	%	89.2	%	87.6	%	87.2	%	85.7	%
Retail	95.5	%	97.3	%	94.6	%	93.5	%	94.2	%

Total	84.2	%	85.0	%	83.0	%	82.2	%	82.0	%

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

2/	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

Portfolio Summary

(Continued)

As of March 31, 2005

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


	Rentable Square Feet		Occupancy		Percentage of Annualized Revenue 2/
Market	Rentable Square Feet		Occupancy		Office		Industrial		Retail		Total
Raleigh 3/	4,432,000		83.3	%	15.3	%	0.2	%	—		15.5	%
Atlanta	6,826,000		83.0	%	11.6	%	3.4	%	—		15.0	%
Tampa	4,077,000		70.5	%	13.7	%	—		—		13.7	%
Kansas City	2,308,000	4/	91.6	%	4.1	%	—		8.7	%	12.8	%
Nashville	2,870,000		92.8	%	12.1	%	—		—		12.1	%
Piedmont Triad 5/	5,722,000		90.4	%	6.3	%	3.5	%	—		9.8	%
Richmond	1,836,000		95.1	%	7.3	%	—		—		7.3	%
Memphis	1,216,000		80.6	%	4.3	%	—		—		4.3	%
Charlotte	1,492,000		67.7	%	3.7	%	—		—		3.7	%
Greenville	1,127,000		81.1	%	3.3	%	0.1	%	—		3.4	%
Columbia	426,000		59.9	%	1.0	%	—		—		1.0	%
Orlando	222,000		97.8	%	1.0	%	—		—		1.0	%
Other	100,000		61.3	%	0.4	%	—		—		0.4	%

Total	32,654,000		83.8	%	84.1	%	7.2	%	8.7	%	100.0	%

Summary by Location, Including Joint Venture Properties:


	Rentable Square Feet	Occupancy		Percentage of Annualized Revenue 2/6/
Market	Rentable Square Feet	Occupancy		Office		Industrial		Retail		Multi-Family		Total
Atlanta	7,661,000	84.1	%	12.0	%	3.0	%	—		—		15.0	%
Raleigh	4,887,000	84.8	%	14.2	%	0.1	%	—		—		14.3	%
Kansas City	2,736,000	90.8	%	4.6	%	—		7.8	%	—		12.4	%
Tampa	4,282,000	71.9	%	12.3	%	—		—		—		12.3	%
Nashville	2,870,000	92.8	%	10.8	%	—		—		—		10.8	%
Piedmont Triad	6,086,000	91.0	%	6.0	%	3.1	%	—		—		9.1	%
Richmond	2,249,000	96.0	%	7.0	%	—		—		—		7.0	%
Des Moines	2,245,000	95.3	%	3.1	%	0.4	%	0.1	%	0.4	%	4.0	%
Memphis	1,216,000	80.6	%	3.8	%	—		—		—		3.8	%
Orlando	1,906,000	90.8	%	3.7	%	—		—		—		3.7	%
Charlotte	1,640,000	70.7	%	3.3	%	—		—		—		3.3	%
Greenville	1,127,000	81.1	%	2.9	%	0.1	%	—		—		3.0	%
Columbia	426,000	59.9	%	0.9	%	—		—		—		0.9	%
Other	210,000	81.6	%	0.4	%	—		—		—		0.4	%

Total	39,541,000	85.6	%	85.0	%	6.7	%	7.9	%	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 March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.

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

4/	Excludes basement space in the Country Club Plaza property of 430,000 square feet

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


Highwoods Properties, Inc.		Page 5

Portfolio Summary - Wholly-Owned Properties Only 1/

(Continued)

As of March 31, 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	83.6	%	18.4	%	101,000	71.2	%	2.3	%
Tampa	4,077,000	70.5	%	16.3	%	—	—		—
Nashville	2,870,000	92.8	%	14.4	%	—	—		—
Atlanta	3,575,000	81.8	%	13.8	%	3,251,000	84.3	%	47.2	%
Richmond	1,836,000	95.1	%	8.6	%	—	—		—
Piedmont Triad	2,190,000	89.1	%	7.5	%	3,532,000	91.2	%	49.2	%
Memphis	1,216,000	80.6	%	5.1	%	—	—		—
Kansas City	895,000	85.4	%	4.8	%	4,000	100.0	%	0.1	%
Charlotte	1,492,000	67.7	%	4.4	%	—	—		—
Greenville	1,024,000	86.3	%	3.9	%	103,000	28.9	%	1.2	%
Columbia	426,000	59.9	%	1.2	%	—	—		—
Orlando	222,000	97.8	%	1.2	%	—	—		—
Other	100,000	61.3	%	0.4	%	—	—		—

	24,254,000	82.3	%	100.0	%	6,991,000	86.8	%	100.0	%


	Retail
Market	Rentable Square Feet	Occupancy		Percentage of Retail Annualized Revenue 2/
Kansas City 3/	1,409,000	95.5	%	100.0	%

	1,409,000	95.5	%	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 March, 2005 rental revenue (base rent plus operating expense pass throughs) multiplied by 12.

3/	Excludes basement space in the Country Club Plaza property of 430,000 square feet


Highwoods Properties, Inc.		Page 6

Occupancy Trends - Office, Industrial and Retail Properties 1/


Market	Measurement	03/31/05		12/31/04		09/30/04		06/30/04		03/31/04
Atlanta	Rentable Square Feet	6,826,000		6,825,000		6,825,000		6,821,000		6,919,000
	Occupancy	83.0	%	83.7	%	81.3	%	80.7	%	78.8	%
	Current Properties 2/	83.0	%	83.7	%	81.3	%	80.7	%	78.9	%

Charlotte	Rentable Square Feet	1,492,000		1,492,000		1,655,000		1,655,000		1,655,000
	Occupancy	67.7	%	72.9	%	74.6	%	73.9	%	80.5	%
	Current Properties 2/	67.7	%	72.9	%	75.1	%	74.1	%	81.6	%

Columbia	Rentable Square Feet	426,000		426,000		426,000		426,000		426,000
	Occupancy	59.9	%	60.4	%	57.5	%	57.9	%	58.6	%
	Current Properties 2/	59.9	%	60.4	%	57.5	%	57.9	%	58.6	%

Greenville	Rentable Square Feet	1,127,000		1,127,000		1,319,000		1,319,000		1,319,000
	Occupancy	81.1	%	80.5	%	79.4	%	78.8	%	78.8	%
	Current Properties 2/	81.1	%	80.5	%	78.4	%	77.4	%	77.4	%

Kansas City 3/	Rentable Square Feet	2,308,000		2,308,000		2,308,000		2,310,000		2,309,000
	Occupancy	91.6	%	94.1	%	92.4	%	91.4	%	91.2	%
	Current Properties 2/	91.6	%	94.1	%	92.4	%	91.4	%	91.2	%

Memphis	Rentable Square Feet	1,216,000		1,216,000		1,216,000		1,216,000		1,216,000
	Occupancy	80.6	%	83.2	%	82.1	%	82.0	%	81.3	%
	Current Properties 2/	80.6	%	83.2	%	82.1	%	82.0	%	81.3	%

Nashville	Rentable Square Feet	2,870,000		2,870,000		2,870,000		2,870,000		2,870,000
	Occupancy	92.8	%	93.3	%	93.4	%	91.7	%	89.8	%
	Current Properties 2/	92.8	%	93.3	%	93.4	%	91.7	%	89.8	%

Orlando	Rentable Square Feet	222,000		222,000		387,000		387,000		1,656,000
	Occupancy	97.7	%	93.2	%	94.4	%	52.9	%	75.8	%
	Current Properties 2/	97.7	%	93.2	%	93.2	%	88.5	%	91.5	%
Piedmont Triad	Rentable Square Feet	5,722,000		6,652,000		6,652,000		6,652,000		6,685,000
	Occupancy	90.4	%	92.5	%	91.9	%	91.1	%	90.5	%
	Current Properties 2/	90.4	%	91.3	%	90.6	%	89.7	%	89.5	%

Raleigh	Rentable Square Feet	4,432,000		4,597,000		4,739,000		4,808,000		4,664,000
	Occupancy	83.3	%	83.8	%	81.1	%	79.4	%	80.9	%
	Current Properties 2/	83.3	%	83.3	%	80.2	%	78.7	%	78.9	%

Richmond	Rentable Square Feet	1,836,000		1,835,000		1,835,000		1,835,000		1,851,000
	Occupancy	95.1	%	94.1	%	92.0	%	89.7	%	90.9	%
	Current Properties 2/	95.1	%	94.0	%	92.0	%	89.6	%	90.9	%

Tampa	Rentable Square Feet	4,077,000		4,196,000		4,221,000		4,277,000		4,443,000
	Occupancy	70.5	%	71.0	%	66.1	%	65.9	%	63.7	%
	Current Properties 2/	70.5	%	71.1	%	66.1	%	66.8	%	66.1	%

Total 4/	Rentable Square Feet	32,554,000		33,766,000		34,453,000		34,576,000		36,013,000
	Occupancy	83.8	%	85.0	%	83.2	%	81.8	%	81.4	%

	Current Properties 2/	83.8	%	84.6	%	82.7	%	81.8	%	81.6	%

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

2/	Only properties that were owned and in-service on March 31, 2005 are included for each quarter shown.

3/	Excludes basement space in the Country Club Plaza property of 430,000 square feet.

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


Highwoods Properties, Inc.		Page 7

Leasing Statistics

Office Portfolio 1/


	Three Months Ended
	3/31/2005 2/			12/31/04 3/			9/30/04 4/			6/30/04 5/			3/31/04 6/			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		188			206			219			230			209			210
Rentable square footage leased		1,235,718			1,101,291			1,368,577			1,375,372			1,191,746			1,254,541
Square footage of Renewal Deals		677,799			726,959			703,003			1,011,662			673,551			758,595
Renewed square footage (% of total)		54.9	%		66.0	%		51.4	%		73.6	%		56.5	%		60.5	%
New Leases square footage (% of total)		45.1	%		34.0	%		48.6	%		26.4	%		43.5	%		39.5	%
Average per rentable square foot over the lease term:
Base rent	$	16.20		$	17.40		$	16.68		$	17.64		$	17.43		$	17.07
Tenant improvements		(0.94	)		(1.51	)		(1.27	)		(1.09	)		(1.57	)		(1.28	)
Leasing commissions 7/		(0.66	)		(0.62	)		(0.64	)		(0.52	)		(0.58	)		(0.60	)
Rent concessions		(0.41	)		(0.31	)		(0.37	)		(0.27	)		(0.63	)		(0.40	)

Effective rent		14.19			14.96			14.40			15.76			14.65			14.79
Expense stop		(4.46	)		(5.61	)		(5.32	)		(5.25	)		(5.70	)		(5.27	)

Equivalent effective net rent	$	9.73		$	9.35		$	9.08		$	10.51		$	8.95		$	9.52

Average term in years		5.7			5.0			3.7			4.3			4.8			4.7

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	5,644,830		$	9,208,835		$	9,455,102		$	8,908,277		$	10,063,665		$	8,656,142
Rentable square feet		1,235,718			1,101,291			1,368,577			1,375,372			1,191,746			1,254,541

Per rentable square foot	$	4.57		$	8.36		$	6.91		$	6.48		$	8.44		$	6.90

Leasing Commissions:
Total dollars committed under signed leases 7/	$	4,109,601		$	2,806,566		$	2,969,620		$	2,878,161		$	2,747,400		$	3,102,269
Rentable square feet		1,235,718			1,101,291			1,368,577			1,375,372			1,191,746			1,254,541

Per rentable square foot	$	3.33		$	2.55		$	2.17		$	2.09		$	2.31		$	2.47

Total:
Total dollars committed under signed leases	$	9,754,430		$	12,015,400		$	12,424,721		$	11,786,438		$	12,811,064		$	11,758,411
Rentable square feet		1,235,718			1,101,291			1,368,577			1,375,372			1,191,746			1,254,541

Per rentable square foot	$	7.89		$	10.91		$	9.08		$	8.57		$	10.75		$	9.37

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

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

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

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

6/	Includes 72K square feet of leases that start in 2006 or later

7/	Excludes a full allocation of internal marketing cost


Highwoods Properties, Inc.		Page 8

Leasing Statistics

Industrial Portfolio


	Three Months Ended
	3/31/2005 1/			12/31/04			9/30/04 2/			06/30/04			03/31/04			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		15			36			34			7			32			25
Rentable square footage leased		599,048			1,216,644			285,706			820,933			630,829			710,632
Square footage of Renewal Deals		579,069			875,445			246,797			642,011			448,003			558,265
Renewed square footage (% of total)		96.7	%		72.0	%		86.4	%		78.2	%		71.0	%		78.6	%
New Leases square footage (% of total)		3.3	%		28.0	%		13.6	%		21.8	%		29.0	%		21.4	%
Average per rentable square foot over the lease term:
Base rent	$	3.39		$	3.49		$	4.73		$	4.11		$	3.67		$	3.88
Tenant improvements		(0.16	)		(0.13	)		(0.33	)		(0.31	)		(0.17	)		(0.22	)
Leasing commissions 3/		(0.06	)		(0.06	)		(0.07	)		(0.08	)		(0.14	)		(0.08	)
Rent concessions		(0.01	)		(0.03	)		(0.05	)		(0.17	)		(0.05	)		(0.06	)

Effective rent		3.16			3.27			4.28			3.55			3.31			3.52
Expense stop		(0.08	)		(0.09	)		(0.54	)		(0.36	)		(0.18	)		(0.25	)

Equivalent effective net rent	$	3.08		$	3.18		$	3.74		$	3.19		$	3.13		$	3.27

Average term in years		1.3			2.0			2.6			3.2			2.6			2.3

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	361,044		$	756,077		$	307,534		$	1,805,334		$	640,867		$	774,171
Rentable square feet		599,048			1,216,644			285,706			820,933			630,829			710,632

Per rentable square foot	$	0.60		$	0.62		$	1.08		$	2.20		$	1.02		$	1.09

Leasing Commissions:
Total dollars committed under signed leases 3/	$	63,473		$	226,000		$	64,714		$	207,676		$	280,486		$	168,470
Rentable square feet		599,048			1,216,644			285,706			820,933			630,829			710,632

Per rentable square foot	$	0.11		$	0.19		$	0.23		$	0.25		$	0.44		$	0.24

Total:
Total dollars committed under signed leases	$	424,517		$	982,077		$	372,247		$	2,013,010		$	921,354		$	942,641
Rentable square feet		599,048			1,216,644			285,706			820,933			630,829			710,632

Per rentable square foot	$	0.71		$	0.81		$	1.30		$	2.45		$	1.46		$	1.33

1/	Includes 2K square feet of leases that start in 2006 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

Leasing Statistics

Retail Portfolio


	Three Months Ended
	03/31/05			12/31/04			9/30/04			6/30/04 1/			3/31/04 2/			Average
Net Effective Rents Related to Re-Leased Space:
Number of lease transactions (signed leases)		4			23			18			13			10			14
Rentable square footage leased		10,993			106,629			34,300			38,548			37,303			45,555
Square footage of Renewal Deals		1,750			78,579			15,530			17,482			27,219			28,112
Renewed square footage (% of total)		15.9	%		73.7	%		45.3	%		45.4	%		73.0	%		61.7	%
New Leases square footage (% of total)		84.1	%		26.3	%		54.7	%		54.6	%		27.0	%		38.3	%
Average per rentable square foot over the lease term:
Base rent	$	26.09		$	17.03		$	26.45		$	22.98		$	30.87		$	24.68
Tenant improvements		(2.65	)		(1.73	)		(1.84	)		(2.04	)		(1.58	)		(1.97	)
Leasing commissions 3/		(0.88	)		(0.26	)		(0.56	)		(0.32	)		(0.31	)		(0.47	)
Rent concessions		0.00			0.00			(0.04	)		0.00			(0.06	)		(0.02	)

Effective rent		22.56			15.04			24.01			20.62			28.92			22.22
Expense stop		0.00			0.00			0.00			0.00			0.00			0.00

Equivalent effective net rent	$	22.56		$	15.04		$	24.01		$	20.62		$	28.92		$	22.22

Average term in years		9.3			8.3			5.7			8.0			6.1			7.5

Capital Expenditures Related to Re-leased Space:
Tenant Improvements:
Total dollars committed under signed leases	$	308,098		$	2,137,327		$	403,309		$	800,125		$	866,975		$	903,167
Rentable square feet		10,993			106,629			34,300			38,548			37,303			45,555

Per rentable square foot	$	28.03		$	20.04		$	11.76		$	20.76		$	23.24		$	19.83

Leasing Commissions:
Total dollars committed under signed leases 3/	$	3,778		$	220,528		$	86,458		$	34,423		$	28,206		$	74,679
Rentable square feet		10,993			106,629			34,300			38,548			37,303			45,555

Per rentable square foot	$	0.34		$	2.07		$	2.52		$	0.89		$	0.76		$	1.64

Total:
Total dollars committed under signed leases	$	311,876		$	2,357,855		$	489,767		$	834,548		$	895,181		$	977,845
Rentable square feet		10,993			106,629			34,300			38,548			37,303			45,555

Per rentable square foot	$	28.37		$	22.11		$	14.28		$	21.65		$	24.00		$	21.47

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

2/	Includes 16K square feet of leases that start in 2006 or later

3/	Excludes a full allocation of internal marketing cost


Highwoods Properties, Inc.		Page 10

Leasing Statistics by Market

For the Three Months ended March 31, 2005

Office Portfolio 1/


Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF 2/
Tampa	297,894	8.7	$	14.43	$	5.23	$	6.61
Richmond	161,114	3.2		18.71		5.68		1.72
Raleigh	158,676	3.0		17.41		2.29		0.83
Nashville	148,947	3.0		19.31		4.73		1.34
Piedmont Triad	132,410	11.1		8.55		1.82		2.54
Atlanta	110,227	4.7		14.88		3.31		2.19
Greenville	98,722	5.3		16.23		5.18		4.56
Memphis	56,632	5.2		20.98		12.53		3.04
Charlotte	44,455	2.2		10.80		2.38		0.40
Kansas City	20,046	2.6		20.71		2.88		2.79
Columbia	6,595	5.8		15.99		17.20		5.93

	1,235,718	5.7	$	15.79	$	4.57	$	3.33

Industrial Portfolio

Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF 2/
Piedmont Triad	515,278	0.9	$	3.16	$	0.15	$	0.03
Atlanta	83,770	3.8		4.70		3.40		0.45

	599,048	1.3	$	3.38	$	0.60	$	0.11


Retail Portfolio

Market	Rentable Square Feet Leased	Average Term	GAAP Rental Rate		TI’s Per SF		Lease Commissions Per SF
Kansas City	10,993	9.3	$	26.09	$	28.03	$	0.34

	10,993	9.3	$	26.09	$	28.03	$	0.34

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

Rental Rate Comparisons by Market

For the Three Months ended March 31, 2005

Office Portfolio 1/


Market	Rentable Square Feet Leased	Current GAAP Rent		Previous GAAP Rent		Percentage Change GAAP Rent
Tampa	297,894	$	14.43	$	16.93	-14.8	%
Richmond	161,114		18.71		18.08	3.5	%
Raleigh	158,676		17.41		19.05	-8.6	%
Nashville	148,947		19.31		19.63	-1.6	%
Piedmont Triad	132,410		8.55		8.49	0.7	%
Atlanta	110,227		14.88		16.46	-9.6	%
Greenville	98,722		16.23		14.02	15.8	%
Memphis	56,632		20.98		20.08	4.5	%
Charlotte	44,455		10.80		13.00	-16.9	%
Kansas City	20,046		20.71		20.51	1.0	%
Columbia	6,595		15.99		18.05	-11.4	%

	1,235,718	$	15.79	$	16.55	-4.6	%

Cash Rent Growth	1,235,718	$	16.54	$	18.13	-8.8	%


Industrial Portfolio

Market	Rentable Square Feet Leased	Current GAAP Rent		Previous GAAP Rent		Percentage Change GAAP Rent
Piedmont Triad	515,278	$	3.16	$	3.23	-2.1	%
Atlanta	83,770		4.70		5.42	-13.4	%

	599,048	$	3.38	$	3.53	-4.2	%

Cash Rent Growth	599,048	$	3.27	$	3.45	-5.2	%


Retail Portfolio

Market	Rentable Square Feet Leased	Current GAAP Rent		Previous GAAP Rent		Percentage Change GAAP Rent
Kansas City	10,993	$	26.09	$	16.83	55.0	%

	10,993	$	26.09	$	16.83	55.0	%

Cash Rent Growth	10,993	$	24.05	$	16.98	41.6	%

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

Lease Expirations

March 31, 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/	2,596,243	13.0	%	$	45,916	$	17.69	13.1	%
2006	3,111,763	15.6	%		57,788		18.57	16.4	%
2007	1,998,876	10.0	%		34,981		17.50	10.0	%
2008	3,144,803	15.7	%		51,052		16.23	14.6	%
2009	2,770,415	13.9	%		49,857		18.00	14.3	%
2010	2,118,090	10.6	%		37,441		17.68	10.7	%
2011	1,443,419	7.2	%		27,567		19.10	7.9	%
2012	829,918	4.2	%		15,304		18.44	4.4	%
2013	469,632	2.4	%		7,967		16.96	2.3	%
2014	419,428	2.1	%		8,291		19.77	2.4	%
2015 and thereafter	1,049,119	5.3	%		13,661		13.02	3.9	%

	19,951,706	100.0	%	$	349,825	$	17.53	100.0	%

Industrial:
2005 4/	1,536,242	24.5	%	$	6,610	$	4.30	22.2	%
2006	1,047,623	16.6	%		5,248		5.01	17.6	%
2007	1,090,412	17.3	%		6,185		5.67	20.8	%
2008	688,790	10.9	%		3,132		4.55	10.5	%
2009	644,325	10.2	%		3,756		5.83	12.6	%
2010	198,232	3.2	%		826		4.17	2.8	%
2011	150,822	2.4	%		713		4.73	2.4	%
2012	194,828	3.1	%		455		2.34	1.5	%
2013	102,384	1.6	%		621		6.07	2.1	%
2014	206,731	3.3	%		799		3.86	2.7	%
2015 and thereafter	432,567	6.9	%		1,420		3.28	4.8	%

	6,292,956	100.0	%	$	29,765	$	4.73	100.0	%

1/	Annualized Revenue is March, 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 104,000 square feet of leases that are on a month to month basis or 0.4% of total annualized revenue

4/	Includes 212,000 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’s expiration date.


Highwoods Properties, Inc.		Page 13

Lease Expirations

March 31, 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/	32,264	2.4	%	$	992	$	30.75	2.7	%
2006	99,549	7.4	%		2,438		24.49	6.7	%
2007	79,810	5.9	%		2,180		27.31	6.0	%
2008	129,441	9.6	%		3,612		27.90	9.9	%
2009	191,405	14.2	%		4,797		25.06	13.2	%
2010	91,550	6.8	%		3,116		34.04	8.6	%
2011	58,071	4.3	%		1,902		32.75	5.2	%
2012	140,426	10.4	%		4,033		28.72	11.1	%
2013	108,866	8.1	%		2,775		25.49	7.6	%
2014	83,349	6.2	%		1,626		19.51	4.5	%
2015 and thereafter	331,450	24.7	%		8,890		26.82	24.5	%

	1,346,181	100.0	%	$	36,361	$	27.01	100.0	%

Total:
2005 3/4/	4,164,749	15.0	%		53,518		12.85	12.9	%
2006	4,258,935	15.4	%		65,474		15.37	15.7	%
2007	3,169,098	11.5	%		43,346		13.68	10.4	%
2008	3,963,034	14.4	%		57,796		14.58	13.9	%
2009	3,606,145	13.1	%		58,410		16.20	14.0	%
2010	2,407,872	8.7	%		41,383		17.19	9.9	%
2011	1,652,312	6.0	%		30,182		18.27	7.3	%
2012	1,165,172	4.2	%		19,792		16.99	4.8	%
2013	680,882	2.5	%		11,363		16.69	2.7	%
2014	709,508	2.6	%		10,716		15.10	2.6	%
2015 and thereafter	1,813,136	6.6	%		23,971		13.22	5.8	%

	27,590,843	100.0	%	$	415,951	$	15.08	100.0	%

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

2/	Includes 10,000 square feet of leases that are on a month to month basis or 0.1% of total annualized revenue

3/	Includes 326,000 square feet of leases that are on a month to month basis or 0.7% 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’s expiration date.


Highwoods Properties, Inc.		Page 14

Office Lease Expirations by Market by Quarter 1/

Dollars in thousands


		*Three Months Ended*												Total
		6/30/05 2/			09/30/05			12/31/05			03/31/06			Total
Atlanta	RSF		118,460			349,949			30,914			134,599			633,922
	% of Total Office RSF		0.6	%		1.8	%		0.2	%		0.7	%		3.2	%
	Annualized Revenue 3/	$	1,309		$	5,947		$	469		$	1,738		$	9,463
	% of Total Office Annl Rev		0.4	%		1.7	%		0.1	%		0.5	%		2.7	%

Charlotte	RSF		55,910			73,469			22,267			36,827			188,473
	% of Total Office RSF		0.3	%		0.4	%		0.1	%		0.2	%		0.9	%
	Annualized Revenue 3/	$	993		$	946		$	377		$	555		$	2,871
	% of Total Office Annl Rev		0.3	%		0.3	%		0.1	%		0.2	%		0.8	%

Columbia	RSF		0			27,437			3,352			0			30,789
	% of Total Office RSF		0.0	%		0.1	%		0.0	%		0.0	%		0.2	%
	Annualized Revenue 3/	$	—		$	506		$	60		$	—		$	566
	% of Total Office Annl Rev		0.0	%		0.1	%		0.0	%		0.0	%		0.2	%

Greenville	RSF		227,080			30,364			0			30,791			288,235
	% of Total Office RSF		1.1	%		0.2	%		0.0	%		0.2	%		1.4	%
	Annualized Revenue 3/	$	3,057		$	480		$	—		$	609		$	4,146
	% of Total Office Annl Rev		0.9	%		0.1	%		0.0	%		0.2	%		1.2	%

Kansas City	RSF		39,854			20,727			29,133			60,422			150,136
	% of Total Office RSF		0.2	%		0.1	%		0.1	%		0.3	%		0.8	%
	Annualized Revenue 3/	$	783		$	395		$	532		$	1,307		$	3,017
	% of Total Office Annl Rev		0.2	%		0.1	%		0.2	%		0.4	%		0.9	%

Memphis	RSF		53,891			46,875			9,867			49,630			160,263
	% of Total Office RSF		0.3	%		0.2	%		0.0	%		0.2	%		0.8	%
	Annualized Revenue 3/	$	980		$	853		$	177		$	943		$	2,953
	% of Total Office Annl Rev		0.3	%		0.2	%		0.1	%		0.3	%		0.8	%

Nashville	RSF		116,667			55,687			115,545			143,359			431,258
	% of Total Office RSF		0.6	%		0.3	%		0.6	%		0.7	%		2.2	%
	Annualized Revenue 3/	$	2,410		$	1,143		$	2,367		$	2,870		$	8,790
	% of Total Office Annl Rev		0.7	%		0.3	%		0.7	%		0.8	%		2.5	%

Orlando	RSF		9,154			0			0			0			9,154
	% of Total Office RSF		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
	Annualized Revenue 3/	$	161		$	—		$	—		$	—		$	161
	% of Total Office Annl Rev		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%

Piedmont Triad	RSF		87,464			109,135			41,764			93,611			331,974
	% of Total Office RSF		0.4	%		0.5	%		0.2	%		0.5	%		1.7	%
	Annualized Revenue 3/	$	1,562		$	1,649		$	709		$	1,632		$	5,552
	% of Total Office Annl Rev		0.4	%		0.5	%		0.2	%		0.5	%		1.6	%

Raleigh	RSF		96,912			119,557			101,829			299,390			617,688
	% of Total Office RSF		0.4	%		0.6	%		0.5	%		1.5	%		3.0	%
	Annualized Revenue 3/	$	1,687		$	2,461		$	2,229		$	6,020		$	12,397
	% of Total Office Annl Rev		0.5	%		0.7	%		0.6	%		1.7	%		3.5	%

Richmond	RSF		65,836			179,310			85,631			44,771			375,548
	% of Total Office RSF		0.3	%		0.9	%		0.4	%		0.2	%		1.9	%
	Annualized Revenue 3/	$	1,235		$	3,510		$	1,281		$	853		$	6,879
	% of Total Office Annl Rev		0.4	%		1.0	%		0.4	%		0.2	%		2.0	%

Tampa	RSF		126,549			87,809			56,750			63,342			334,450
	% of Total Office RSF		0.6	%		0.4	%		0.3	%		0.3	%		1.7	%
	Annualized Revenue 3/	$	2,510		$	1,826		$	1,309		$	1,094		$	6,739
	% of Total Office Annl Rev		0.7	%		0.5	%		0.4	%		0.3	%		1.9	%

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

Total	RSF		998,872			1,100,319			497,052			956,742			3,552,985
	% of Total Office RSF		5.0	%		5.5	%		2.5	%		4.8	%		17.8	%
	Annualized Revenue 3/	$	16,692		$	19,716		$	9,510		$	17,621		$	63,539
	% of Total Office Annl Rev		4.8	%		5.6	%		2.7	%		5.0	%		18.2	%

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 104,000 square feet of leases that are on a month to month basis or 0.4% of total annualized revenue

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


Highwoods Properties, Inc.		Page 15

Industrial Lease Expirations by Market by Quarter

Dollars in thousands


		*Three Months Ended*
		6/30/05 1/			09/30/05			12/31/05			03/31/06			Total
Atlanta	RSF		136,694			170,528			271,953			111,622			690,797
	% of Total Industrial RSF		2.2	%		2.7	%		4.3	%		1.8	%		11.0	%
	Annualized Revenue 2/	$	472		$	837		$	1,595		$	646		$	3,550
	% of Total Industrial Annl Rev		1.6	%		2.8	%		5.4	%		2.2	%		12.0	%

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

Kansas City	RSF		2,018			0			0			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		0.1	%		0.0	%		0.0	%		0.0	%		0.1	%

Piedmont Triad	RSF		413,227			476,995			26,966			134,017			1,051,205
	% of Total Industrial RSF		6.6	%		7.6	%		0.4	%		2.1	%		16.7	%
	Annualized Revenue 2/	$	1,546		$	1,636		$	184		$	660		$	4,026
	% of Total Industrial Annl Rev		5.2	%		5.5	%		0.6	%		2.2	%		13.5	%

Raleigh	RSF		5,950			31,911			0			11,887			49,748
	% of Total Industrial RSF		0.1	%		0.5	%		0.0	%		0.2	%		0.8	%
	Annualized Revenue 2/	$	49		$	277		$	—		$	118		$	444
	% of Total Industrial Annl Rev		0.2	%		0.9	%		0.0	%		0.4	%		1.5	%

Total	RSF		557,889			679,434			298,919			273,607			1,809,849
	% of Total Industrial RSF		8.9	%		10.8	%		4.8	%		4.3	%		28.8	%
	Annualized Revenue 2/	$	2,084		$	2,750		$	1,779		$	1,630		$	8,243
	% of Total Industrial Annl Rev		7.1	%		9.2	%		6.0	%		5.5	%		27.7	%

1/	Includes 212,000 square feet of leases that are on a month to month basis or 0.2% of total annualized revenue

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


Highwoods Properties, Inc.		Page 16

Office Lease Expirations by Market by Year 1/

Dollars in thousands


		2005 2/			2006			2007			2008			Thereafter
Atlanta	RSF		499,323			321,046			229,735			549,608			1,325,968
	% of Total Office RSF		2.5	%		1.6	%		1.2	%		2.8	%		6.6	%
	Annualized Revenue 3/	$	7,725		$	4,730		$	3,260		$	8,527		$	23,964
	% of Total Office Annl Rev		2.2	%		1.4	%		0.9	%		2.4	%		6.9	%

Charlotte	RSF		151,646			169,027			121,495			118,735			449,619
	% of Total Office RSF		0.8	%		0.8	%		0.6	%		0.6	%		2.3	%
	Annualized Revenue 3/	$	2,316		$	2,646		$	1,855		$	1,835		$	6,568
	% of Total Office Annl Rev		0.7	%		0.8	%		0.5	%		0.5	%		1.9	%

Columbia	RSF		30,789			59,586			58,951			63,170			42,482
	% of Total Office RSF		0.2	%		0.3	%		0.3	%		0.3	%		0.2	%
	Annualized Revenue 3/	$	565		$	1,110		$	1,046		$	1,089		$	522
	% of Total Office Annl Rev		0.2	%		0.3	%		0.3	%		0.3	%		0.1	%

Greenville	RSF		257,444			148,824			16,115			96,497			364,907
	% of Total Office RSF		1.3	%		0.7	%		0.1	%		0.5	%		1.8	%
	Annualized Revenue 3/	$	3,538		$	2,839		$	298		$	1,760		$	5,180
	% of Total Office Annl Rev		1.0	%		0.8	%		0.1	%		0.5	%		1.5	%

Kansas City	RSF		89,714			154,371			91,920			65,281			362,798
	% of Total Office RSF		0.4	%		0.8	%		0.5	%		0.3	%		1.8	%
	Annualized Revenue 3/	$	1,711		$	3,355		$	1,776		$	1,334		$	8,749
	% of Total Office Annl Rev		0.5	%		1.0	%		0.5	%		0.4	%		2.5	%

Memphis	RSF		110,633			97,750			105,564			179,866			486,004
	% of Total Office RSF		0.6	%		0.5	%		0.5	%		0.9	%		2.4	%
	Annualized Revenue 3/	$	2,010		$	1,839		$	2,026		$	3,663		$	8,458
	% of Total Office Annl Rev		0.6	%		0.5	%		0.6	%		1.0	%		2.4	%

Nashville	RSF		287,899			471,315			235,334			188,552			1,480,494
	% of Total Office RSF		1.4	%		2.4	%		1.2	%		0.9	%		7.4	%
	Annualized Revenue 3/	$	5,920		$	9,557		$	4,595		$	3,748		$	26,662
	% of Total Office Annl Rev		1.7	%		2.7	%		1.3	%		1.1	%		7.6	%

Orlando	RSF		9,154			6,465			20,571			9,240			171,379
	% of Total Office RSF		0.0	%		0.0	%		0.1	%		0.0	%		0.9	%
	Annualized Revenue 3/	$	161		$	170		$	370		$	186		$	3,312
	% of Total Office Annl Rev		0.0	%		0.0	%		0.1	%		0.1	%		0.9	%

Piedmont Triad	RSF		238,363			195,662			199,480			622,522			694,432
	% of Total Office RSF		1.2	%		1.0	%		1.0	%		3.1	%		3.5	%
	Annualized Revenue 3/	$	3,920		$	3,392		$	3,048		$	7,182		$	8,530
	% of Total Office Annl Rev		1.1	%		1.0	%		0.9	%		2.1	%		2.4	%

Raleigh	RSF		318,298			880,578			378,100			558,417			1,485,776
	% of Total Office RSF		1.6	%		4.4	%		1.9	%		2.8	%		7.4	%
	Annualized Revenue 3/	$	6,375		$	15,507		$	6,927		$	9,370		$	25,888
	% of Total Office Annl Rev		1.8	%		4.4	%		2.0	%		2.7	%		7.4	%

Richmond	RSF		330,777			250,744			302,754			212,855			648,423
	% of Total Office RSF		1.7	%		1.3	%		1.5	%		1.1	%		3.2	%
	Annualized Revenue 3/	$	6,026		$	5,037		$	4,944		$	4,007		$	10,220
	% of Total Office Annl Rev		1.7	%		1.4	%		1.4	%		1.1	%		2.9	%

Tampa	RSF		271,108			350,229			226,150			460,611			1,565,969
	% of Total Office RSF		1.4	%		1.8	%		1.1	%		2.3	%		7.8	%
	Annualized Revenue 3/	$	5,643		$	7,448		$	4,515		$	7,832		$	31,554
	% of Total Office Annl Rev		1.6	%		2.1	%		1.3	%		2.2	%		9.0	%

Other	RSF		1,095			6,166			12,707			19,449			21,770
	% of Total Office RSF		0.0	%		0.0	%		0.1	%		0.1	%		0.1	%
	Annualized Revenue 3/	$	5		$	157		$	322		$	519		$	479
	% of Total Office Annl Rev		0.0	%		0.0	%		0.1	%		0.1	%		0.1	%

Total	RSF		2,596,243			3,111,763			1,998,876			3,144,803			9,100,021
	% of Total Office RSF		13.0	%		15.6	%		10.0	%		15.8	%		45.6	%
	Annualized Revenue 3/	$	45,915		$	57,787		$	34,982		$	51,052		$	160,086
	% of Total Office Annl Rev		13.1	%		16.5	%		10.0	%		14.6	%		45.8	%

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 104,000 square feet of leases that are on a month to month basis or 0.4% of total annualized revenue

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


Highwoods Properties, Inc.		Page 17

Industrial Lease Expirations by Market by Year

Dollars in thousands


		2005 1/			2006			2007			2008			Thereafter
Atlanta	RSF		579,175			345,292			665,857			272,037			1,102,191
	% of Total Industrial RSF		9.2	%		5.5	%		10.6	%		4.3	%		17.5	%
	Annualized Revenue 2/	$	2,903		$	2,077		$	3,488		$	1,259		$	4,331
	% of Total Industrial Annl Rev		9.8	%		7.0	%		11.7	%		4.2	%		14.6	%

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		$	—		$	58		$	91
	% of Total Industrial Annl Rev		0.0	%		0.7	%		0.0	%		0.2	%		0.3	%

Kansas City	RSF		2,018			0			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		0.1	%		0.0	%		0.0	%		0.0	%		0.1	%

Piedmont Triad	RSF		917,188			674,363			424,555			396,215			810,333
	% of Total Industrial RSF		14.6	%		10.7	%		6.7	%		6.3	%		12.9	%
	Annualized Revenue 2/	$	3,365		$	2,846		$	2,697		$	1,654		$	4,085
	% of Total Industrial Annl Rev		11.3	%		9.6	%		9.1	%		5.6	%		13.7	%

Raleigh	RSF		37,861			11,887			0			15,188			7,139
	% of Total Industrial RSF		0.6	%		0.2	%		0.0	%		0.2	%		0.1	%
	Annualized Revenue 2/	$	325		$	118		$	—		$	162		$	66
	% of Total Industrial Annl Rev		1.1	%		0.4	%		0.0	%		0.5	%		0.2	%

Total	RSF		1,536,242			1,047,623			1,090,412			688,790			1,929,889
	% of Total Industrial RSF		24.4	%		16.6	%		17.3	%		10.9	%		30.7	%
	Annualized Revenue 2/	$	6,610		$	5,247		$	6,185		$	3,133		$	8,592
	% of Total Industrial Annl Rev		22.2	%		17.6	%		20.8	%		10.5	%		28.9	%

1/ Includes 212,000 square feet of leases that are on a month to month basis or 0.2% of total annualized revenue

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


Highwoods Properties, Inc.		Page 18

Customer Diversification 1/

March 31, 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	863,609	$	17,042	4.10	%	6.5
AT&T 3/	537,529		10,065	2.42	%	3.9
Price Waterhouse Coopers	297,795		7,528	1.81	%	5.1
State Of Georgia	361,687		7,070	1.70	%	4.0
T-Mobile USA	205,394		4,853	1.17	%	4.2
IBM	188,763		3,978	0.96	%	1.1
Northern Telecom	246,000		3,651	0.88	%	2.9
Volvo	270,525		3,572	0.86	%	4.4
US Airways	295,046		3,403	0.82	%	2.7
Lockton Companies	132,718		3,339	0.80	%	9.9
BB&T	229,459		3,260	0.78	%	6.9
CHS Professional Services	170,524		3,042	0.73	%	1.9
Ford Motor Company	125,989		2,734	0.66	%	4.9
IKON	181,361		2,613	0.63	%	1.3
MCI	127,268		2,531	0.61	%	1.2
Hartford Insurance	116,010		2,508	0.60	%	1.6
Aspect Communications	116,692		2,354	0.57	%	1.7
Metropolitan Life	118,017		2,250	0.54	%	6.2
Jacob’s Engineering	228,345		2,236	0.54	%	11.2
Icon Clinical Research	99,163		2,114	0.51	%	7.2

	4,911,894	$	90,143	21.69	%	4.7

By Industry


Category	Percent of Annualized Revenue 2/
Professional, Scientific, and Technical Services	21.3	%
Insurance	10.3	%
Manufacturing	8.8	%
Finance/Banking	8.0	%
Telecommunication	7.8	%
Retail Trade	7.5	%
Government/Public Administration	6.5	%
Health Care and Social Assistance	6.2	%
Wholesale Trade	5.5	%
Transportation and Warehousing	3.4	%
Administrative and Support Services	3.2	%
Real Estate Rental and Leasing	3.1	%
Accommodation and Food Services	2.6	%
Other Services (except Public Administration)	2.4	%
Information	2.1	%
Educational Services	1.3	%

	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 March, 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 $110K in associated annualized revenue.


Highwoods Properties, Inc.		Page 19

Acquisition Activity

Dollars in thousands


Name	Market	Type 1/	Date Acquired	Square Footage	Total Cost
First quarter 2005:
None


Highwoods Properties, Inc.		Page 20

Disposition Activity

Dollars in thousands


Name	Market	Type 1/	Date Sold	Square Footage	Gross Sales Price
First quarter 2005:
Northside	Tampa	O	02/24/05	85,700	$	9,000
531 Northridge Warehouse	Piedmont Triad	I	02/28/05	598,100
531 Northridge Office	Piedmont Triad	O	02/28/05	91,800

				689,900		18,656
3928 Westpoint Boulevard	Piedmont Triad	I	02/28/05	240,000		6,225
4300 Six Forks Road	Raleigh	O	03/31/05	163,300		27,318

				1,178,900	$	61,199

Depreciable Assets Contributed to Joint Ventures


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


Highwoods Properties, Inc.		Page 21

Development Activity

Dollars in thousands


Property	Market	Type 1/	Rentable Square Feet	Anticipated Total Investment		Investment @ 03/31/05		Pre-Leasing		Estimated Completion Date	Estimated Stabilization Date
In - Process
Office:
Center for Disease Control	Atlanta	O	109,000	$	21,375	$	2,420	100	%	4Q05	4Q05
Saxon	Richmond	O	112,000		14,829		6,645	100	%	3Q05	3Q05
FBI 2/	Tampa	O	137,000		31,090		14,950	100	%	4Q05	4Q05

Total or Weighted Average			358,000	$	67,294	$	24,015	100	%

Retail:3/
Griffith Road/Boutique Shops	Piedmont Triad	R	9,600	$	2,634	$	1,874	66	%	2Q05	2Q06

Total or Weighted Average			9,600	$	2,634	$	1,874	66	%

Total or Weighted Average			367,600	$

HIGHWOODS REALTY LTD PARTNERSHIP 8-K