HERNDON, Va., July 13, 2009 – NAIOP, the Commercial Real Estate Development Association, today announced that Highwoods Properties has been selected as the 2009 Developer of the Year.

Highwoods Properties is a publicly-held, fully-integrated self-administered real estate investment trust (REIT) founded in 1978 in Raleigh to develop, lease and manage their inaugural 122-acre Highwoods Office Center. In June 1994, the company began trading on the New York Stock Exchange under "HIW."

Since 1995, the company's portfolio has grown through development and acquisitions, with the company expanding into the Atlanta, Des Moines, Greensboro, Greenville, Kansas City, Memphis, Nashville, Orlando, Richmond, Tampa and Winston-Salem markets. Today, Highwoods Properties owns or has an interest in 382 properties encompassing 35.4 million square feet of office, industrial and retail space, and 580 acres of development land and is the largest owner and operator of suburban office properties in the Southeast.

In 2008, Highwoods reported annual revenues of $461 million and boasted a total market capitalization of $3.6 billion.

"Highwoods is clearly a leader in both the real estate and general business communities, proven by its ability to outperform no matter what the real estate cycle," said Thomas J. Bisacquino, NAIOP president. "Highwoods is recognized throughout the industry for its development of outstanding projects, and it is NAIOP's privilege to recognize the company for its contributions to both the real estate development community and NAIOP."

NAIOP will present the 2009 Developer of the Year award to Ed Fritsch, Highwoods' president and chief executive officer, and other members of the Highwoods' team on Thursday, October 15, at NAIOP's Development '09: The Annual Meeting for Commercial Real Estate in Chicago.

"Since 1978, Highwoods has been focused on developing a top-quality portfolio that mutually serves the best interests of our customers, investors and communities," said Fritsch. "We are both flattered and proud to be recognized by NAIOP, such a highly-respected organization within our industry."

Presented annually to one member-developer company that best exemplifies leadership and innovation in the commercial real estate industry, the Developer of the Year award is determined by a five-member selection committee of industry peers that uses six criteria to evaluate entries: industry and business leadership; involvement in NAIOP; quality of products and services; financial consistency and stability; ability to adapt to market conditions; and social consciousness. Past winners of the award include Liberty Property Trust; Ryan Companies; Bentall Capital; ProLogis; Colonial Properties Trust; and Lowe Enterprises.

Company Focuses on Quality Products, Solid Foundation
During the last several years, Highwoods' CEO Fritsch and his senior leadership team have been focused on retaining the best assets in the most desirable submarkets, while disposing of non-core land and buildings at historically high pricing levels. The proceeds from these transactions were used to dramatically strengthen the balance sheet and fund a robust development pipeline. Since January 2005, Highwoods has delivered $633 million of office and industrial properties encompassing 4.1 million square feet.

Highwoods' portfolio is diverse, and the company boasts in-house capabilities of turn-key development, site selection, land purchase and inventory, design and space planning, financing, and renovation and reuse, among others. Some of the company's notable projects include Raleigh's RBC Plaza and GlenLake Four; the Centers for Disease Control and Federal Aviation Administration in Atlanta; and Cool Springs III and V in Nashville.

Financial strength is a critical advantage offered by Highwoods, as the company has significant in-place financial capacity for funding customers' space needs. As a leading commercial real estate company maintaining a strong and flexible balance sheet and offering a high-quality portfolio, Highwoods stays focused on being in the right financial position at all times to service its customers.

In 2009, the company's goals include continuing to upgrade the quality of the portfolio, delivering $93 million of new development and selling $50-100 million of older, non-core assets.

The Developer of the Year is also recognized for its demonstration of a strong commitment to its local communities and NAIOP, both on the chapter and corporate levels. Community involvement is a Highwoods tradition and an important part of the company's corporate culture. Many of Highwoods' employees also serve on NAIOP's local and corporate boards and committees, and are active members in multiple markets across the country.

About NAIOP

NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate. NAIOP comprises 15,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit www.naiop.org.

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. At March 31, 2009, the Company owned or had an interest in 382 in-service office, industrial and retail properties encompassing approximately 35.4 million square feet. Highwoods also owned 580 acres of development land. Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Kansas, Missouri, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit www.highwoods.com.