Highwoods Properties is a publicly traded office REIT that owns and leases office buildings in what it calls "Best Business Districts" (BBDs) — high-amenity office locations, both urban and suburban — across eight Sunbelt and Southeast cities: Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa. Highwoods is a fully integrated REIT, handling leasing, property management, maintenance, and tenant improvements in-house. The company's portfolio totals approximately 26.5M square feet, and its tenant base skews toward mid-size users, with no single tenant exceeding 5% of annualized revenue. Highwoods generates revenue primarily through rental income, with performance driven by occupancy, rental rates, and lease-up of vacant space. The business is capital-intensive, with heavy upfront spending on tenant improvements and leasing commissions before corresponding rent commences. Beyond its in-service portfolio, Highwoods pursues an asset recycling strategy — selling older, non-BBD properties and redeploying proceeds into higher-quality assets — and develops new office buildings, often in partnership with other developers. Near-term growth is primarily organic: Highwoods has identified over $55M of annual NOI growth potential embedded in four core operating assets with elevated vacancy and a four-building development pipeline, with more than 60% of that upside already secured via signed leases expected to commence by late 2026. Longer term, Highwoods is also advancing Ovation, a large-scale mixed-use development in suburban Nashville.