Financial Data and Key Metrics Changes - The company reported FFO of $1.06 per share for Q4 2021, including $0.09 from land sale gains, with a full-year FFO of $3.77 per share, exceeding the high-end of the revised outlook by $0.01 [12][39] - Same property cash NOI growth was 3.2% for the quarter and 5.5% for the year, with year-end occupancy reaching 91.2% [13][29] - The company achieved a debt-to-EBITDA ratio of 5.4x, down from 5.6x at the end of Q3 2021 [15][41] Business Line Data and Key Metrics Changes - The company acquired $800 million in high-quality office buildings and completed $356 million in office development, with a 92% lease rate [9][24] - The development pipeline stands at $283 million, with 51% pre-leased [17] - The company signed 194 new second-generation leases totaling 1.1 million square feet in 2021, the highest since 2006 [24] Market Data and Key Metrics Changes - The company noted positive net absorption in markets such as Atlanta, Raleigh, Nashville, and Charlotte, with Raleigh experiencing significant demand for tech and life science jobs [31][32] - Tampa was highlighted as the top housing market for 2022, with office rents increasing by 7% [33] - The company reported a modest increase in occupancy, with expectations for further growth in the latter half of 2022 [29][70] Company Strategy and Development Direction - The company aims to generate sustainable returns by developing and acquiring high-quality office buildings in Best Business Districts (BBDs) [8] - A focus on capital recycling has led to the sale of $1 billion in non-core properties and the acquisition of $1.3 billion in high-quality assets over the past three years [47] - The company plans to sell $150 million to $200 million of non-core assets to return balance sheet metrics to pre-acquisition levels [22][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth prospects, citing strong leasing activity and a resilient portfolio [11][25] - The anticipated gradual increase in portfolio utilization throughout 2022 was highlighted, with expectations for same property cash NOI growth of 0% to 2% [21][44] - Management acknowledged the competitive acquisition market, with cap rates for high-quality assets remaining low [65][66] Other Important Information - The company has a land bank capable of supporting $2.3 billion in future office developments and nearly $2 billion in mixed-use developments [20] - The company is focused on maintaining a strong balance sheet while investing in growth opportunities [41][47] Q&A Session Summary Question: Can you talk about the operating expense guidance and what's driving the increase this year? - Management explained that operating expenses are expected to normalize in 2022, with a significant portion of leases being full-service gross leases, impacting recoveries [52][54] Question: What are your expectations for AFFO or FAD during the year in 2022? - Management indicated that cash flow tends to be more volatile than FFO, but strong cash flow growth over the past few years supports healthy distributions [57][59] Question: Can you provide color on your expectations for acquisitions and dispositions? - Management noted that they have not yet contracted any of the planned dispositions but are confident in achieving the target by mid-year [84][86] Question: How does the company view the competitive landscape for acquisitions? - Management highlighted that high-quality assets are in high demand, with cap rates remaining competitive, particularly for new buildings [65][66] Question: What are your thoughts on tenant retention and the expiration schedule? - Management expects a lower retention ratio this year but noted that there are not many large expirations, which should mitigate risks [67][70]

Financial Data and Key Metrics Changes - The company reported FFO of $0.96 per share in Q3 2021, an increase from $0.93 in Q2 2021 [37] - Net income for the quarter was $72.1 million or $0.69 per share [37] - The updated 2021 FFO outlook is now $3.73 to $3.76 per share, up $0.07 at the midpoint from the previous outlook [14][42] - Same-property cash NOI growth outlook was raised to 6% to 7%, an increase of more than 150 basis points at the midpoint from the prior outlook [45] Business Line Data and Key Metrics Changes - The company signed 672,000 square feet of second leases, including 245,000 square feet of new deals, with a total of 96 leases signed during the quarter [8] - Rents on signed leases increased by 19.3% on a GAAP basis and 4.3% on a cash basis [9] - Same-property cash NOI growth was strong at 6.4%, including repayments of temporary rent deferrals [13] Market Data and Key Metrics Changes - The occupancy rate increased to 90.4%, up 90 basis points from the previous quarter [28] - In Raleigh, 135,000 square feet of leases were signed, with market rents up nearly 4% [31] - Nashville achieved a quarter-end occupancy of 95.3% [32] Company Strategy and Development Direction - The company plans to sell $500 million to $600 million of noncore assets by mid-2022 to return its balance sheet to pre-acquisition levels [16] - The company has a land bank that can support over $2 billion of future development, which is seen as a key differentiator [22] - The company is focusing on high-quality office spaces in prime locations to attract tenants and retain talent [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of office utilization, although it is expected to remain around 40% until the new year [7] - The company believes that the flight to higher quality buildings will provide a competitive advantage [11] - Management noted that customers are increasingly returning to the office, indicating a positive sentiment towards physical workplaces [26] Other Important Information - The company completed the $285 million Asurion build-to-suit project ahead of schedule and on budget [17] - The company has sold $163 million of noncore properties since the acquisition announcement [24] - The company raised its quarterly dividend by over 4% [24] Q&A Session Summary Question: Changes to the Ovation site entitlements - Management confirmed that the site is entitled for 1.4 million square feet of office space and plans to reimagine the master plan for a mixed-use development [54][56] Question: When will concessions start to normalize? - Management indicated that concessions have leveled off but remain competitive, with hopes that net effective rents are stabilizing [58][59] Question: Utilization rate data - The 40% utilization rate primarily reflects smaller customers returning to the office, while larger customers have delayed their return [61][62] Question: Disposition pace and pricing - Management is confident in closing $250 million to $300 million of dispositions by year-end, with current pricing better than initially expected [68][70] Question: Second-generation leasing trends - Management noted a mix of suburban and urban leasing activity, with a focus on repositioning suburban assets to enhance amenities [80][81] Question: Supply chain impacts on future development - Management believes that while there are supply chain challenges, they expect to navigate these issues and continue with new construction [94][96] Question: Portfolio quality post-dispositions - Management stated that capital recycling will continue, and they will always evaluate the portfolio for upgrades [99][100] Question: Largest tenant expirations - The largest tenant expiration through the end of 2022 is a 62,000 square foot customer, with limited large customer exposures anticipated [104][106]

Highwoods Properties, Inc. (NYSE:HIW) Q2 2021 Earnings Conference Call July 28, 2021 11:00 AM ET Company Participants Brendan Maiorana - EVP, Finance & Treasurer Theodore Klinck - President, CEO & Director Brian Leary - EVP & COO Mark Mulhern - EVP & CFO Conference Call Participants Emmanuel Korchman - Citigroup James Feldman - Bank of America Merrill Lynch Robert Stevenson - Janney Montgomery Scott David Rodgers - Robert W. Baird & Co. Vikram Malhotra - Morgan Stanley Operator Good morning, and welcome to ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AT-A-GLANCE \| 1Q21 | | | | | | | | | | CREATING ENVIRONMENTS THAT Spark EXPERIENCES WHERE THE BEST AND BRIGHTEST CAN ACHIEVE TOGETHER WHAT THEY CANNOT APART | | | | | | | | | | Highwood ...

Start Time: 11:00 January 1, 0000 11:57 AM ET Highwoods Properties, Inc. (NYSE:HIW) Q1 2021 Earnings Conference Call April 28, 2021, 11:00 AM ET Company Participants Ted Klinck - President and CEO Mark Mulhern - EVP and CFO Brian Leary - EVP and COO Brendan Maiorana - EVP, Finance and Treasurer Conference Call Participants Brendan Finn - Wells Fargo Parker Decraene - Citi Vikram Malhotra - Morgan Stanley Rob Stevenson - Janney Montgomery Scott Venkat Kommineni - Mizuho Dave Rogers - Baird Jamie Feldman - Ba ...

Highwoods Properties Inc (NYSE:HIW) Q4 2020 Earnings Conference Call February 10, 2021 11:00 AM ET Company Participants Brendan Maiorana - Investor Relations Ted Klinck - Chief Executive Officer Brian Leary - Chief Operating Officer Mark Mulhern - Chief Financial Officer Conference Call Participants Blaine Heck - Wells Fargo Manny Korchman - Citi Jamie Feldman - Bank of America Rob Stevenson - Janney Dave Rogers - Baird Venkat Kommineni - Mizuho Vikram Malhotra - Morgan Stanley Chris Lucas - Capital One Se ...

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Highwoods Properties Inc (NYSE:HIW) Q3 2020 Earnings Conference Call October 28, 2020 11:00 AM ET Company Participants Brendan Maiorana - IR Ted Klinck - Chief Executive Officer Brian Leary - Chief Operating Officer Mark Mulhern - Chief Financial Officer Conference Call Participants Brendan Finn - Wells Fargo Manny Korchman - Citi Dave Rogers - Baird Jamie Feldman - Bank of America Operator Good morning, and welcome to the Highwoods Properties Earnings Call. During the presentation all participants will be ...

Highwoods Properties, Inc. (NYSE:HIW) Q2 2020 Earnings Conference Call July 29, 2020 11:00 AM ET Company Participants Brendan Maiorana - EVP, Finance Theodore Klinck - President, CEO & Director Brian Leary - EVP & COO Mark Mulhern - EVP & CFO Conference Call Participants Robert Stevenson - Janney Montgomery Scott David Rodgers - Robert W. Baird & Co. James Feldman - Bank of America Merrill Lynch Emmanuel Korchman - Citigroup Vikram Malhotra - Morgan Stanley Brendan Finn - Wells Fargo Securities Christopher ...

Highwoods Properties, Inc. (NYSE:HIW) Q1 2020 Earnings Conference Call April 29, 2020 11:00 AM ET Company Participants Brendan Maiorana - EVP, Finance Ted Klinck - President & CEO Brian Leary - EVP & COO Mark Mulhern - EVP & CFO Conference Call Participants Rob Stevenson - Janney Montgomery Scott Brendan Finn - Wells Fargo John Guinee - Stifel Nicolaus David Rodgers - Baird Manny Korchman - Citi Operator Good morning, and welcome to the Highwoods Properties Earnings Call. During the presentation, all partic ...