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Highwoods Reports Slight Increase in Funds From Operations

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RALEIGH, N.C. — Highwoods Properties

(NYSE: HIW) reported a slight increase in funds from operations for 2005 over the previous year in delayed financial reports.

Highwoods, a real estate investment trust and the largest owner and operator of suburban properties in the Southeast, said its funds from operations, or FFO, were $127.2 million, or $2.11 per share. That figure was up from $124.2 million, or $2.07 per share, in 2004. Highwoods' financial report was delayed due to an ongoing review of earnings dating back several years. The company continues to be under investigation by the Securities and Exchange Commission.

FFO is a key indicator of a real estate investment trust's performance.

Net income for 2005 was $30.9 million, or 58 cents per share, an increase from $10.7 million, or 20 cents, for 2004.

Highwoods stock closed Monday at $32.77, up 91 cents.

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