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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000921082-09-000023.txt : 20090601
<SEC-HEADER>0000921082-09-000023.hdr.sgml : 20090601
<ACCEPTANCE-DATETIME>20090601171625
ACCESSION NUMBER:		0000921082-09-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090527
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090601
DATE AS OF CHANGE:		20090601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWOODS REALTY LTD PARTNERSHIP
		CENTRAL INDEX KEY:			0000941713
		STANDARD INDUSTRIAL CLASSIFICATION:	LESSORS OF REAL PROPERTY, NEC [6519]
		IRS NUMBER:				561869557
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21731
		FILM NUMBER:		09865807

	BUSINESS ADDRESS:	
		STREET 1:		3100 SMOKETREE CT STE 600
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27604
		BUSINESS PHONE:		9198724924

	MAIL ADDRESS:	
		STREET 1:		3100 SMOKETREE COURT
		STREET 2:		STE 600
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HIGHWOODS FORSYTH L P
		DATE OF NAME CHANGE:	19960626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWOODS PROPERTIES INC
		CENTRAL INDEX KEY:			0000921082
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				561871668
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13100
		FILM NUMBER:		09865806

	BUSINESS ADDRESS:	
		STREET 1:		3100 SMOKETREE CT
		STREET 2:		STE 600
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27604
		BUSINESS PHONE:		9198724924

	MAIL ADDRESS:	
		STREET 1:		3100 SMOKETREE COURT
		STREET 2:		STE 600
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27604
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>final8k_offering.htm
<DESCRIPTION>FORM 8-K EQUITY OFFERING
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;border-top:double 2.25pt;padding-top:1;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, DC 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES EXCHANGE ACT OF 1934</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported): May 27, 2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="32%" nowrap valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>Maryland</font></b></p> </td>
        <td width="28%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>001-13100</font></b></p> </td>
        <td width="32%" nowrap valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>56-1871668</font></b></p> </td>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="32%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>(State or other jurisdiction </font><br> <font size=2>of incorporation or organization)</font></p> </td>
        <td width="28%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>(Commission</font><br> <font size=2>File Number)</font></p> </td>
        <td width="32%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>(I.R.S. Employer </font><br> <font size=2>Identification Number)</font></p> </td>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="32%" nowrap valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>North Carolina</font></b></p> </td>
        <td width="28%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>000-21731</font></b></p> </td>
        <td width="32%" nowrap valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>56-1869557</font></b></p> </td>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="32%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>(State or other jurisdiction </font><br> <font size=2>of incorporation or organization)</font></p> </td>
        <td width="28%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>(Commission</font><br> <font size=2>File Number)</font></p> </td>
        <td width="32%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>(I.R.S. Employer </font><br> <font size=2>Identification Number)</font></p> </td>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3100 Smoketree Court, Suite 600</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Raleigh, North Carolina 27604</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of principal executive offices, zip code)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrants&#146; telephone number, including area code: (919) 872-4924</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions: </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="95%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="95%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="96%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="96%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;border-top:double 2.25pt;padding-top:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>






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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 8.01.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Other Events.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:14.92%; text-indent:-14.92%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:left;'><font size=2>On May 27, 2009, Highwoods Properties, Inc. (the &#147;Company&#148;) entered into an underwriting agreement with Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Wachovia Capital Markets, LLC and Morgan Stanley &amp; Co. Incorporated, as representatives of the several underwriters, relating to an offering of 6,100,000 shares of the Company&#146;s common stock. In addition, the Company granted to the underwriters an option for 30 days to purchase up to 915,000 additional shares of common stock to cover overallotments, if any. The offering was made pursuant to the Company&#146;s Registration Statement on Form S-3 (File No. 333-149733). The closing of the offering, which included the full exercise of the underwriters&#146; over-allotment option, occurred on June 1, 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9.01.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements and Exhibits.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="82%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>No.</font></b></u></p> </td>
        <td width="82%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Description</font></b></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>1</font></p> </td>
        <td width="82%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Underwriting Agreement</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>5</font></p> </td>
        <td width="82%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Opinion of DLA Piper LLP (US) re legality</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>8</font></p> </td>
        <td width="82%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Opinion of DLA Piper LLP (US) re tax matters</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>23</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of DLA Piper LLP (US) (included in Exhibits 5 and 8)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><small>HIGHWOODS</small> <small>PROPERTIES,</small> <small>INC.</small></b>  </p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:&nbsp;</font></p> </td>
        <td width="43%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>/s/ </font><small>JEFFREY</small> <small>D.</small> <small>MILLER</small></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><b><font size=1>Jeffrey D. Miller</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>Vice President, General Counsel and Secretary </font></i></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i>&nbsp;</i></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><small>HIGHWOODS</small> <small>REALTY</small> <small>LIMITED</small> <small>PARTNERSHIP</small></b>  </p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>By: Highwoods Properties, Inc., its general partner</font>  </p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>/s/ </font><small>JEFFREY</small> <small>D.</small> <small>MILLER</small></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><b><font size=1>Jeffrey D. Miller</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>Vice President, General Counsel and Secretary</font></i></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i>&nbsp;</i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Dated:  June 1, 2009</font></p>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1_underwriting.htm
<DESCRIPTION>UNDERWRITING AGREEMENT
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 1</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC.</font></B></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>COMMON STOCK, $.01 PAR VALUE</font></B></p>

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<p style=' margin-bottom:144pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNDERWRITING AGREEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>May 27, 2009</font></p>

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<p style=' margin-bottom:48pt; margin-top:0pt;text-align:right;'><font size=2>May 27, 2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4.55%; text-indent:-4.55%;text-align:left;'><font size=2>To the Managers named in Schedule I hereto</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:4.55%;text-align:left;'><font size=2>for the Underwriters named in Schedule II hereto</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>Highwoods Properties, Inc., a Maryland corporation (the &#147;</font><b><font size=2>Company</font></b><font size=2>&#148;), proposes to issue and sell to the several underwriters named in Schedule II hereto (the &#147;</font><b><font size=2>Underwriters</font></b><font size=2>&#148;), for whom you are acting as managers (the &#147;</font><b><font size=2>Managers</font></b><font size=2>&#148;), the number of shares of its Common Stock, $.01 par value, set forth in Schedule I hereto (the &#147;</font><b><font size=2>Firm</font></b><font size=2> </font><b><font size=2>Shares</font></b><font size=2>&#148;). The Company also proposes to issue and sell to the several Underwriters not more than the number of additional shares of its Common Stock, $.01 par value, set forth in Schedule I hereto (the &#147;</font><b><font size=2>Additional Shares</font></b><font size=2>&#148;) if and to the extent
that you, as Managers of the offering, shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of common stock granted to the Underwriters in Section 2 hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the &#147;</font><b><font size=2>Shares</font></b><font size=2>.&#148; The shares of Common Stock, $.01 par value, of the Company to be outstanding after giving effect to the sales contemplated hereby are hereinafter referred to as the &#147;</font><b><font size=2>Common Stock.</font></b><font size=2>&#148;  If the firm or firms listed in Schedule II hereto include only the Managers listed in Schedule I hereto, then the terms &#147;Underwriters&#148; and &#147;Managers&#148; as used herein shall each be deemed to refer to such firm or firms.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>The Company and Highwoods Realty Limited Partnership, a North Carolina limited partnership (the &#147;</font><b><font size=2>Operating Partnership</font></b><font size=2>&#148;), have filed with the Securities and Exchange Commission (the &#147;</font><b><font size=2>Commission</font></b><font size=2>&#148;) a registration statement, including a prospectus, (the file number of which is set forth in Schedule I hereto) on Form S-3, relating to the securities (the &#147;</font><b><font size=2>Shelf Securities</font></b><font size=2>&#148;), including the Shares, to be issued from time to time by the Company or the Operating Partnership. The registration statement as amended to the date of this Agreement, including the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule&nbsp;430A or Rule&nbsp;430B under the Securities Act of 1933,
as amended (the &#147;</font><b><font size=2>Securities Act</font></b><font size=2>&#148;), is hereinafter referred to as the &#147;</font><b><font size=2>Registration Statement</font></b><font size=2>&#148;, and the related prospectus covering the Shelf Securities dated March 14, 2008 in the form first used to confirm sales of the Shares (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the &#147;</font><b><font size=2>Basic Prospectus.</font></b><font size=2>&#148;  The Basic Prospectus, as supplemented by the prospectus supplement specifically relating to the Shares in the form first used to confirm sales of the Shares (or in </font></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the &#147;</font><b><font size=2>Prospectus</font></b><font size=2>,&#148; and the term &#147;</font><b><font size=2>preliminary prospectus</font></b><font size=2>&#148; means any preliminary form of the Prospectus. For purposes of this Agreement, &#147;</font><b><font size=2>free writing prospectus</font></b><font size=2>&#148; has the meaning set forth in Rule 405 under the Securities Act, &#147;</font><b><font size=2>Time of Sale Prospectus</font></b><font size=2>&#148; means the preliminary prospectus together with the free writing prospectuses, if any, and other information, each identified in Schedule I hereto, and &#147;</font><b><font size=2>broadly available road show</font></b><font size=2>&#148; means a &#147;bona fide
electronic road show&#148; as defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person. As used herein, the terms &#147;Registration Statement,&#148; &#147;Basic Prospectus,&#148; &#147;preliminary prospectus,&#148; &#147;Time of Sale Prospectus&#148; and &#147;Prospectus&#148; shall include the documents, if any, incorporated by reference therein. The terms &#147;</font><b><font size=2>supplement</font></b><font size=2>,&#148; &#147;</font><b><font size=2>amendment</font></b><font size=2>,&#148; and &#147;</font><b><font size=2>amend</font></b><font size=2>&#148; as used herein with respect to the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus, any preliminary prospectus or free writing prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the &#147;</font><b><font size=2>Exchange Act</font></b><font
size=2>&#148;), that are deemed to be incorporated by reference therein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Representations and Warranties</font></i><font size=2>. Each of the Company and the Operating Partnership, jointly and severally, represents and warrants to and agrees with each of the Underwriters that:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Registration Statement. </font></i><font size=2>The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending before or, to the knowledge of the Company, threatened by the Commission. The Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) eligible to use the Registration Statement as an automatic shelf registration statement and neither the Company nor the Operating Partnership has received notice that the Commission objects to the use of the Registration Statement as an automatic shelf registration statement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Incorporated Documents. </font></i><font size=2>(i) Each document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Time of Sale Prospectus or the Prospectus complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of the Commission thereunder, (ii) each part of the Registration Statement, when such part became effective, did not contain, and each such part, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) the Registration Statement as of the date hereof does not contain any untrue statement of a material fact or omit to </font></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iv) the Registration Statement and the Prospectus comply, and as amended or supplemented, if applicable, will comply in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (v) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date (as defined in Section 4), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (vi) each broadly available road
show, if any, when considered together with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (vii) the Prospectus does not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Managers expressly for use therein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Not an Ineligible Issuer. </font></i><font size=2>The Company is not an &#147;ineligible issuer&#148; in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company or the Operating Partnership has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company or the Operating Partnership complies or will comply in all material respects with the requirements of the Secu


rities Act and the applicable rules and regulations of the Commission thereunder. Except for the free writing prospectuses, if any, identified in Schedule I hereto forming part of the Time of Sale Prospectus, and electronic road shows, if any, each furnished to you before first use, neither the Company nor the Operating Partnership has prepared, used or referred to, and neither will, without your prior consent, prepare, use or refer to, any free writing prospectus.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Authorization of this Agreement. </font></i><font size=2>This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>3</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>the Company and the Operating Partnership, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Authorization of Issuance. </font></i><font size=2>The Shares have been duly authorized and, when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of such Shares will not be subject to any preemptive or similar rights.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>No Material Adverse Change. </font></i><font size=2>Except as otherwise disclosed in the Time of Sale Prospectus and the Prospectus, subsequent to the respective dates as of which information is given in the Time of Sale Prospectus and the Prospectus:  (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Company, the Operating Partnership and their subsidiaries, considered as one entity (any such change is called a &#147;</font><b><font size=2>Material Adverse Change</font></b><font size=2>&#148;); (ii) the Company, the Operating Partnership and its subsidiari


es, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii) except for regular quarterly dividends on the Company&#146;s common stock or preferred stock or the Operating Partnership&#146;s units in amounts per share or unit that are consistent with past practices, there has been no dividend or distribution of any kind declared, paid or made by the Operating Partnership or the Company on any class of capital stock or partnership interests.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Independent Accountants. </font></i><font size=2>Deloitte &amp; Touche LLP, which expressed their opinion with respect to certain financial statements (which term as used in this Agreement includes the related notes thereto) and supporting schedules filed with the Commission and incorporated by reference in the Time of Sale Prospectus and the Prospectus, are independent public accountants within the meaning of Regulation S-X under the Securities Act and the Exchange Act and are a registered public accounting firm within the meaning of Sarbanes Oxley Act of 2002, and any non-audit services provided by Deloitte &amp; Touche LLP to the Company or the Operating Partnership or any of their subsidiaries have been approved by the Audit Committee of the Board of Directors of the Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Preparation of the Financial Statements. </font></i><font size=2>The financial statements, together with the related schedules and notes, incorporated by reference in the Time of Sale Prospectus and the Prospectus present fairly the consolidated financial position of the Company as of and at the dates indicated and the </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>4</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>consolidated results of its operations and cash flows for the periods specified. Such financial statements have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods involved.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Real Estate Investment Trust.</font></i><font size=2> With respect to all tax periods in respect of which the Internal Revenue Service is or will be entitled to any claim, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust under the Internal Revenue Code of 1986 (as amended, the &#147;</font><b><font size=2>Code</font></b><font size=2>,&#148; which term, as used herein, includes the regulations and published interpretations thereunder), and the Company&#146;s present and proposed method of operation will enable it to continue to meet the requirements for taxation as a real estate investment trust under the Code.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Incorporation and Good Standing of the Company, the Operating Partnership, and their Respective Subsidiaries.  </font></i><font size=2>Each of the Operating Partnership, the Company, and their respective subsidiaries</font><b><font size=2> </font></b><font size=2>has been duly incorporated or formed, as applicable, and is validly existing as a corporation, limited partnership or limited liability company, as applicable, in good standing under the laws of the jurisdiction of its incorporation or formation, as applicable, and has the corporate, limited partnership or limited liability company power and authority to own, lease and operate its properties and to conduct its business as described in the Time of Sale Prospectus and, in the case of the Operating Partnership and the Company, to enter into and perform its obligation


s under this Agreement. Each of the Operating Partnership, the Company, and each subsidiary is duly qualified as a foreign corporation, limited partnership or limited liability company, as applicable, to transact business and is in good standing or equivalent status in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions where the failure to so qualify or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Change. All of the issued and outstanding capital stock (or similar equity interests) of each subsidiary of the Company has been duly authorized and validly issued, is fully paid and nonassessable and such capital stock owned by the Company is owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim. The Company does not own or control, directly or indirectly


, any corporation, association or other entity that would be deemed a Significant Subsidiary (as such term is defined in Rule&nbsp;405 under the Securities Act) other than the subsidiaries listed in Exhibit 21 to the Company&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 2008.</font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>5</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2> (k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Partnership Agreement</font></i><font size=2>. The Agreement of Limited Partnership of the Operating Partnership (the &#147;</font><b><font size=2>Partnership Agreement</font></b><font size=2>&#148;) has been duly and validly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms. To the best of the Company&#146;s knowledge, the Partnership Agreement has been duly executed and delivered by the other parties thereto and is a valid and binding agreement, enforceable against such parties in accordance with its terms.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Conformity of Capital Stock to Description</font></i><font size=2>. The authorized capital stock of the Company conforms as to legal matters to the description thereof contained in each of the Time of Sale Prospectus and the Prospectus.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Capitalization and Other Matters</font></i><font size=2>. All of the outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in compliance with federal and state securities laws. None of the outstanding shares of Common Stock were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or any of its subsidiaries other than those accurately described in the Time of Sale Prospectus and the Prospectus. The descripti


on of the options or other rights granted and/or exercised under the Company&#146;s stock option plans set forth in the Time of Sale Prospectus and the Prospectus accurately and fairly describes such options and rights in all material respects.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required. </font></i><font size=2>None of the Company, the Operating Partnership, nor any of their subsidiaries is in violation of its partnership agreement, charter, bylaws, or limited liability company agreement or is in default (or, with the giving of notice or lapse of time, would be in default) (&#147;</font><b><font size=2>Default</font></b><font size=2>&#148;) under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which the Company, the Operating Partnership or any of its subsidiaries is a party or by which it or any of them may be bound, or to which any of the property or assets of the Operating Partnership, the Company or any of their subsidiaries is subject (each, an &#147;
</font><b><font size=2>Existing Instrument</font></b><font size=2>&#148;), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company&#146;s and the Operating Partnership&#146;s execution, delivery and performance of this Agreement, and the issuance and delivery of the Shares, and consummation of the transactions contemplated hereby and by the Time of Sale Prospectus and the Prospectus (i) have been duly authorized by all necessary partnership or corporate action, as applicable, and will not result in any </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>6</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>violation of the provisions of the partnership agreement, charter, bylaws or limited liability company agreement of the Company, the Operating Partnership or any of their subsidiaries, (ii) will not conflict with or constitute a breach of, or Default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company, the Operating Partnership or any of their subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument, and (iii) will not result in any violation of any law, statute, administrative regulation or administrative or court decree applicable to the Company, the Operating Partnership or any subsidiary. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency,
is required for the execution, delivery and performance by the Company and the Operating Partnership of this Agreement or the issuance and delivery of the Shares, or consummation of the transactions contemplated hereby and by the Time of Sale Prospectus and the Prospectus, except such as have been obtained or made by the Company and the Operating Partnership and are in full force and effect under the Securities Act, and except such as may be required by the applicable securities laws of the several states of the United States or provinces of Canada. As used herein, a &#147;</font><b><font size=2>Debt Repayment Triggering Event</font></b><font size=2>&#148; means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#146;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the
Company, the Operating Partnership, or any of their subsidiaries.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>No Material Actions or Proceedings. </font></i><font size=2>Except as otherwise disclosed in the Time of Sale Prospectus and the Prospectus, there are no legal or governmental actions, suits or proceedings pending or, to the best of the Company&#146;s and the Operating Partnership&#146;s knowledge, threatened (i) against or affecting the Company, the Operating Partnership, or any of their subsidiaries or which has as the subject thereof any property owned or leased by, the Company, the Operating Partnership, or any of their subsidiaries that, if determined adversely to the Company, the Operating Partnership, or such subsidiary, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement or (ii) that are required to be described

in the Registration Statement or the Prospectus and are not so described; and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required. No material labor dispute with the employees of the Operating Partnership, the Company or any of their subsidiaries exists or, to the best of the knowledge of the Operating Partnership and the Company, is threatened or imminent.</font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>7</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2> (p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Preliminary Prospectuses. </font></i><font size=2>Each preliminary prospectus filed as part of the registration statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule&nbsp;424 under the Securities Act, complied when so filed in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Intellectual Property Rights. </font></i><font size=2>The Company, the Operating Partnership and their subsidiaries own or possess sufficient trademarks, trade names, patent rights, copyrights, licenses, domain names, approvals, trade secrets and other similar rights (collectively, &#147;</font><b><font size=2>Intellectual Property Rights</font></b><font size=2>&#148;) reasonably necessary to conduct their businesses as now conducted; and the expected expiration of any of such Intellectual Property Rights would not result in a Material Adverse Change. Neither the Company, the Operating Partnership, nor any of their subsidiaries has received any notice of infringement or conflict with asserted Intellectual Property Rights of others, which infringement or conflict, if the subject of an unfavorable decision, would result in a


 Material Adverse Change.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>All Necessary Permits, etc. </font></i><font size=2>The Company, the Operating Partnership and each of their subsidiaries possess such valid and current certificates, authorizations, permits, licenses, approvals, consents and other authorizations issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses except for those for which the failure to obtain would not result in a Material Adverse Change. None of the Company, the Operating Partnership, nor any subsidiary has received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization, permit, license, approval, consent or other authorization which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or

finding, would result in a Material Adverse Change. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Title to Properties. </font></i><font size=2>Except as otherwise disclosed in the Time of Sale Prospectus and the Prospectus, each of the Company, the Operating Partnership and their subsidiaries has good and marketable fee simple title to or valid and enforceable leasehold title in all the properties and assets that are reflected as owned in the financial statements referred to in Section 1(h) hereof, in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, claims and other defects, except for such security interests, mortgages, liens, encumbrances, equities, claims and other defects that do not have a material adverse effect on the condition (financial or otherwise), earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course of busi


ness, of the Company, the Operating Partnership and their subsidiaries, considered as one entity (any such effect is called a &#147;</font><b><font size=2>Material Adverse Effect</font></b><font size=2>&#148;).</font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>8</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2> (t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Mortgages, Deeds of Trust and Ground Leases. </font></i><font size=2>The mortgages and deeds of trust encumbering the properties and assets described in the Time of Sale Prospectus and the Prospectus (i) are not convertible (in the absence of foreclosure) into an equity interest in the property or asset described therein or in the Company, the Operating Partnership or any of their subsidiaries, nor does the Company, the Operating Partnership nor any of their subsidiaries hold a participating interest therein, (ii) except as set forth in the Time of Sale Prospectus and the Prospectus, are not cross-defaulted to any indebtedness other than indebtedness of the Company, the Operating Partnership or any of their subsidiaries and (iii) are not cross-collateralized to any property not owned by the Company, the Operating Partners


hip or any of their subsidiaries. Except as not to cause a Material Adverse Effect, all ground leases affecting any of the properties, development projects or development land owned by the Company, the Operating Partnership or any of their subsidiaries are in full force and effect, and none of the Company, the Operating Partnership or any of their subsidiaries is in default under any such ground lease and neither of the Company nor the Operating Partnership knows of any event which, but for the passage of time or the giving of notice, or both, would constitute a default under any of such ground leases.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Tax Law Compliance. </font></i><font size=2>Each of the Company and the Operating Partnership has filed all federal, state, local and foreign income tax returns which have been required to be filed (except in any case in which the failure to so file would not have a Material Adverse Effect) and has paid all taxes required to be paid and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except, in all cases, for any such tax, assessment, fine or penalty that is being contested in good faith.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Not an &#147;Investment Company&#148;. </font></i><font size=2>The Company and the Operating Partnership have been advised of the rules and requirements under the Investment Company Act of 1940, as amended (the &#147;</font><b><font size=2>Investment Company Act</font></b><font size=2>,&#148; which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder). None of the Company, the Operating Partnership, or any of their subsidiaries is, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in the Prospectus will not be, an &#147;investment company&#148; within the meaning of the Investment Company Act.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Insurance. </font></i><font size=2>Each of the Company, the Operating Partnership, and their subsidiaries are insured by recognized, financially sound institutions with policies in such amounts and with such deductibles and covering such risks as are generally deemed adequate and customary for their businesses including, without limitation, policies covering real and personal property owned or leased by the Company, the Operating Partnership, and their subsidiaries against theft, damage, destruction, acts of vandalism and earthquakes. Neither the Company nor the </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>9</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Operating Partnership has any reason to believe that it or any subsidiary will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Change.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Title Insurance. </font></i><font size=2>Each of the Company, the Operating Partnership, and each of their subsidiaries has title insurance or binding commitments for title insurance on all material properties and assets owned by them in an amount at least equal to the greater of (a) the cost of acquisition of such property or assets and (b) the cost of construction of the improvements located on such properties.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>No Price Stabilization or Manipulation. </font></i><font size=2>Neither the Company nor the Operating Partnership has taken or will take, directly or indirectly, any action designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of any security of the Company or the Operating Partnership to facilitate the sale or resale of the Shares.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>No Registration Rights. </font></i><font size=2>There are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company include any securities of the Company with the Shares registered pursuant to the Registration Statement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Compliance with Sarbanes-Oxley. </font></i><font size=2>Except as otherwise disclosed in the Time of Sale Prospectus and the Prospectus,</font><b><font size=2> </font></b><font size=2>the Company, the Operating Partnership, and their subsidiaries and their respective officers and directors are in compliance with the applicable provisions of the Sarbanes-Oxley Act of 2002 (the &#147;</font><b><font size=2>Sarbanes-Oxley Act</font></b><font size=2>,&#148; which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Accounting System. </font></i><font size=2>Except as otherwise disclosed in the Time of Sale Prospectus and the Prospectus, the Company and its subsidiaries maintain a system of accounting controls that is in compliance with the Sarbanes Oxley Act and is designed to provide reasonable assurances that: (i) transactions are executed in accordance with management&#146;s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv) the recorded accountability for assets is compared with
existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Disclosure Controls and Procedures</font></i><font size=2>. Each of the Company and the Operating Partnership has established and maintains disclosure controls </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>10</font>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>and procedures (as such term is defined in Rules 13a-15 and 15d-14 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company, the Operating Partnership, and their subsidiaries is made known to the chief executive officer and chief financial officer of the Company by others within the Company, the Operating Partnership, or any of their subsidiaries. The auditors of the Company and the Operating Partnership and the Audit Committee of the Board of Directors of the Company have been advised of:  (i)&nbsp;any significant deficiencies or material weaknesses in the design or operation of internal controls which could adversely affect the ability of the Company and the Operating Partnership to record, process, summarize, and report financial data; and (ii)&nbsp;any fraud, whether or not material, that involves management or other
employees who have a role in the internal controls of the Company and the Operating Partnership. Except as otherwise disclosed in the Time of Sale Prospectus and the Prospectus, since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Compliance with Environmental Laws. </font></i><font size=2>Except as otherwise disclosed in the Time of Sale Prospectus and the Prospectus or as would not, individually or in the aggregate, result in a Material Adverse Change:  (i) neither the Company, the Operating Partnership, nor any of their subsidiaries is in violation of any federal, state, local or foreign law or regulation relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum
products (collectively, &#147;</font><b><font size=2>Materials of Environmental Concern</font></b><font size=2>&#148;), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &#147;</font><b><font size=2>Environmental Laws</font></b><font size=2>&#148;), which violation includes, without limitation, noncompliance with any permits or other governmental authorizations required for the operation of the business of the Company, the Operating Partnership, or their subsidiaries under applicable Environmental Laws, or noncompliance with the terms and conditions thereof, nor has the Company, the Operating Partnership, or any of their subsidiaries received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company, the Operating Partnership, or any of their subsidiaries is in violation of any
Environmental Law; (ii) there is no claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company or the Operating Partnership has received written notice, and no written notice by any person or entity alleging </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>11</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries, attorneys&#146; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Company, the Operating Partnership, or any of their subsidiaries, now or in the past (collectively, &#147;</font><b><font size=2>Environmental Claims</font></b><font size=2>&#148;), pending or, to the best of the knowledge of the Company and the Operating Partnership, threatened against the Company, the Operating Partnership, or any of their subsidiaries or any person or entity whose liability for any Environmental Claim the Company, the Operating Partnership, or any of their subsidiaries has retained or assumed either contractually or by operation
of law; and (iii) to the best of the knowledge of the Company and the Operating Partnership, there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that would result in a violation of any Environmental Law or form the basis of a potential Environmental Claim against the Company, the Operating Partnership, or any of their subsidiaries or against any person or entity whose liability for any Environmental Claim the Company, the Operating Partnership, or any of their subsidiaries has retained or assumed either contractually or by operation of law.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Periodic Review of Costs of Environmental Compliance. </font></i><font size=2>In the ordinary course of its business, the Company and the Operating Partnership conduct a periodic review of the effect of Environmental Laws on the business, operations and properties of the Company, the Operating Partnership, and their subsidiaries, in the course of which they identify and evaluate associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review and the amount of its established reserves, the Company and the Operating
Partnership have reasonably concluded that such associated costs and liabilities would not, individually or in the aggregate, result in a Material Adverse Change.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>ERISA Compliance</font></i><font size=2>. The Company, the Operating Partnership, and their subsidiaries and any &#147;employee benefit plan&#148; (as defined under the Employee Retirement Income Security Act of 1974 (as amended, &#147;</font><B><font SIZE=2>ERISA</font></B><font size=2>,&#148; which term, as used herein, includes the regulations and published interpretations thereunder) established or maintained by the Company, the Operating Partnership, their subsidiaries, or their &#147;ERISA Affiliates&#148; (as defined below) are in compliance in all material respects with ERISA. &#147;</font><b><font size=2>ERISA Affiliate</font></b><font size=2>&#148; means, with respect to the Company, the Operating Partnership, or a subsidiary, any member of any group of organizations described in Section&nbsp;414 of the Code of

which the Company, the Operating Partnership or such subsidiary is a member. No </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>12</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2> &#147;reportable event&#148; (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any &#147;employee benefit plan&#148; established or maintained by the Company, the Operating Partnership, their subsidiaries, or any of their ERISA Affiliates. No &#147;employee benefit plan&#148; established or maintained by the Company, the Operating Partnership, their subsidiaries, or any of their ERISA Affiliates, if such &#147;employee benefit plan&#148; were terminated, would have any &#147;amount of unfunded benefit liabilities&#148; (as defined under ERISA). Neither the Company, the Operating Partnership, their subsidiaries, nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any &#147;employee benefit plan&#148; or (ii) Sections 412, 4971, 4975 or 4980B of the
Code. Each &#147;employee benefit plan&#148; established or maintained by the Company, the Operating Partnership, their subsidiaries, or any of their ERISA Affiliates that is intended to be qualified under Section 401 of the Code is so qualified and nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Compliance with Labor Laws</font></i><font size=2>. Except as  would not, individually or in the aggregate, result in a Material Adverse Change, (i) there is (A) no unfair labor practice complaint pending or, to the best of the Company&#146;s and the Operating Partnership&#146;s knowledge, threatened against the Company, the Operating Partnership, or any of their subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements pending, or to the best of the Company&#146;s and the Operating Partnership&#146;s knowledge, threatened, against the Company, the Operating Partnership, or any of their subsidiaries, (B) no strike, labor dispute, slowdown or stoppage pending or, to the best of the Company&#146;s and
the Operating Partnership&#146;s knowledge, threatened against the Company, the Operating Partnership, or any of their subsidiaries and (C) no union representation question existing with respect to the employees of the Company, the Operating Partnership, or any of their subsidiaries and, to the best of the Company&#146;s and the Operating Partnership&#146;s knowledge, no union organizing activities taking place and (ii) there has been no violation of any federal, state or local law relating to discrimination in hiring, promotion or pay of employees or of any applicable wage or hour laws. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Related Party Transactions</font></i><font size=2>. No relationship, direct or indirect, exists between or among any of the Company, the Operating Partnership, or any affiliate of the Company or the Operating Partnership, on the one hand, and any director, officer, member, stockholder, partner, customer, or supplier of the Company, the Operating Partnership, or any affiliate of the Company or the Operating Partnership, on the other hand, which is required to be disclosed pursuant to Item 404 of Regulation S-K which is not so disclosed in the Time of Sale Prospectus and the Prospectus. There are no outstanding loans, advances </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>13</font>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2> (except advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company, the Operating Partnership, or any affiliate of the Company or the Operating Partnership to or for the benefit of any of the officers or directors of the Company, the Operating Partnership, or any affiliate of the Company, the Operating Partnership, or any of their respective family members.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Unlawful Payments. </font></i><font size=2>Neither the Company, the Operating Partnership, nor any of their subsidiaries or affiliates, nor any director, officer, or employee, nor, to the Company&#146;s or the Operating Partnership&#146;s knowledge, any agent or representative of the Company, the Operating Partnership or of any of their subsidiaries or affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any &#147;government official&#148; (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of th


e foregoing, or any political party
or party official or candidate for political office) to influence official action or secure an improper advantage; and the Company, the Operating Partnership and their subsidiaries and affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintain and will continue to maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Anti-Money Laundering Laws. </font></i><font size=2>The operations of the Company, the Operating Partnership and their subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company, the Operating Partnership and their subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#147;</font><b><font

size=2>Anti-Money Laundering
Laws</font></b><font size=2>&#148;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, the Operating Partnership or any of their subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company and the Operating Partnership, threatened. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>OFAC, etc. </font></i><font size=2>(i) Neither the Company, the Operating Partnership nor any of their subsidiaries (collectively, the &#147;</font><b><font size=2>Entity</font></b><font size=2>&#148;) or, to the knowledge of the Entity, any director, officer, employee, agent, affiliate or </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>14</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>representative of the Entity, is an individual or entity (&#147;</font><b><font size=2>Person</font></b><font size=2>&#148;) that is, or is owned or controlled by a Person that is:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:29.09%; text-indent:16.36%;text-align:left;'><font size=2>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#146;s Office of Foreign Assets Control (&#147;</font><B><font SIZE=2>OFAC</font></B><font size=2>&#148;) , the United Nations Security Council (&#147;</font><B><font SIZE=2>UNSC</font></B><font size=2>&#148;), the European Union (&#147;</font><B><font SIZE=2>EU</font></B><font size=2>&#148;), Her Majesty&#146;s Treasury (&#147;</font><B><font SIZE=2>HMT</font></B><font size=2>&#148;), or other relevant sanctions authority (collectively, &#147;</font><b><font size=2>Sanctions</font></b><font size=2>&#148;), nor</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:29.09%; text-indent:16.36%;text-align:left;'><font size=2>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:18.91%;text-align:left;'><font size=2> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and covenants that it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:29.09%; text-indent:16.36%;text-align:left;'><font size=2>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:29.09%; text-indent:16.36%;text-align:left;'><font size=2>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:18.91%;text-align:left;'><font size=2> (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company and the Operating Partnership represents and covenants that for the past 5 years, the Entity has not knowingly engaged in, is not now knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Agreements to Sell and Purchase. </font></i><font size=2>The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations and warranties herein contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company the respective numbers of Firm Shares set forth in Schedule&nbsp;II hereto opposite its name at the purchase price set forth in Schedule I hereto (the &#147;</font><b><font size=2>Purchase Price</font></b><font size=2>&#148;).</font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>15</font>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>On the basis of the representations and warranties contained in this Agreement, and subject to its terms and conditions, the Company agrees to sell to the Underwriters the Additional Shares, and the Underwriters shall have the right to purchase, severally and not jointly, up to the number of Additional Shares set forth in Schedule I hereto at the Purchase Price. You may exercise this right on behalf of the Underwriters in whole or from time to time in part by giving written notice not later than 30 days after the date of the Prospectus. Any exercise notice shall specify the number of Additional Share to be purchased by the Underwriters and the date on which such shares are to be purchased. Each purchase date may not be earlier than the closing date for the Firm Shares nor later than ten business days after the date of such notice. Additional Shares may be purchased as provided in Section 4
hereto solely for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. On each day, if any, that Additional Shares are to be purchased (an &#147;</font><b><font size=2>Option Closing Date</font></b><font size=2>&#148;), each Underwriter agrees, severally and not jointly, to purchase the number of Additional Shares (subject to such adjustments to eliminate fractional shares as you may determine) that bears the same proportion to the total number of Additional Shares to be purchased on such Option Closing Date as the number of Firm Shares set forth in Schedule II hereto opposite the name of such Underwriter bears to the total number of Firm Shares.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Public Offering</font></i><font size=2>. The Company is advised by you that the Underwriters propose to make a public offering of their respective portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in your judgment is advisable. The Company is further advised by you that the Shares are to be offered to the public upon the terms set forth in the Prospectus.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Payment and Delivery. </font></i><font size=2>Payment for the Firm Shares shall be made to the Company in Federal or other funds immediately available in New York City on the closing date and time set forth in Schedule I hereto, or at such other time on the same or such other date as may be agreed by the Company and you. The time and date of such payment are hereinafter referred to as the &#147;</font><b><font size=2>Closing Date</font></b><font size=2>.&#148;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>Payment for any Additional Shares shall be made to the Company in Federal or other funds immediately available in New York City on the date specified in the corresponding notice described in Section 2 or at such other time on the same or on such other date as may be agreed by the Company and you.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>The Firm Shares and the Additional Shares shall be registered in such names and in such denominations as you shall request in writing not later than one full business day prior to the Closing Date or the applicable Option Closing Date, as the case may be, for the respective accounts of the several Underwriters, with </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>16</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>any transfer taxes payable in connection with the transfer of the Shares to the Underwriters duly paid, against payment of the Purchase Price therefor.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Conditions to the Underwriters&#146; Obligations</font></i><font size=2>. The several obligations of the Underwriters are subject to the following conditions:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:9.09%; text-indent:14.55%;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any of the securities of the Company, the Operating Partnership, or any of their subsidiaries by any &#147;nationally recognized statistical rating organization,&#148; as such term is defined for purposes of Rule&nbsp;436(g)(2) under the Securities Act; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:9.09%; text-indent:14.55%;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus as of the date of this Agreement that, in your judgment, is material and adverse and that makes it, in your judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the Company, to the effect set forth in Section&nbsp;5(a)(ii) above and to the effect that the representations and warranties of the Company and the Operating Partnership contained in this Agreement are true and correct as of the Closing Date and that the Company and the Operating Partnership have complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received on the Closing Date an opinion of DLA Piper LLP (US), outside counsel for the Company, dated the Closing Date, the form of which is attached as Exhibit&nbsp;B.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received on the Closing Date an opinion of Vinson &amp; Elkins L.L.P., counsel for the Underwriters, dated the </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>17</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Closing Date, with respect to such matters as may be reasonably requested by the Underwriters.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>The opinion of counsel for the Company described in Section&nbsp;5(c) above shall be rendered to the Underwriters at the request of the Company and shall so state therein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or the Closing Date, as the case may be, in form and substance reasonably satisfactory to the Underwriters, from Deloitte&nbsp;&amp; Touche LLP, independent public accountants, containing statements and information of the type ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; </font><i><font size=2>provided</font></i><font size=2> that the letter delivered on the Closing Date shall use a &#147;cut-off date&#148; not earlier than the date hereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;lock-up&#148; agreements, each substantially in the form of Exhibit A hereto, between you and certain executive officers and directors of the Company relating to sales and certain other dispositions of shares of Common Stock or certain other securities, delivered to you on or before the date hereof, shall be in full force and effect on the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Senior Vice President and Chief Financial Officer of the Company shall have furnished to the Underwriters, on the date hereof and on the Closing Date, a letter dated as of the date hereof and as of the Closing Date, in the form previously provided by the Underwriters, that such officer or his staff have performed specified procedures as a result of which such officer has determined that certain information of an accounting, financial or statistical nature set forth or incorporated by reference in the Time of Sale Prospectus and the Prospectus is true and correct and agrees with the accounting records of the Company and the Operating Partnership.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>The several obligations of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to you on the applicable Option Closing Date of such documents as you may reasonably request with respect to the good standing of the Company, the due authorization and issuance of the Additional Shares to be sold on such Option Closing Date and other matters related to the issuance of such Additional Shares.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Covenants of the Company</font></i><font size=2>. The Company and the Operating Partnership, jointly and severally, covenant with each Underwriter as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To furnish to you, without charge, a signed copy of the Registration Statement (including exhibits thereto and documents incorporated by </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>18</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>reference therein) and to deliver to each of the Underwriters during the period mentioned in Section&nbsp;6(e) or 6(f) below, as many copies of the Time of Sale Prospectus, the Prospectus, any documents incorporated by reference therein and any supplements and amendments thereto or to the Registration Statement as you may reasonably request.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus during the period mentioned in Section 6(e) or 6(f) below, to furnish to you a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which you reasonably object.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period mentioned in Section 6(e) or 6(f) below, to furnish to you a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred to by the Company and not to use or refer to any proposed free writing prospectus to which you reasonably object. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not to take any action that would result in an Underwriter, the Company or the Operating Partnership being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon reques


t, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, during such period after the first date of the public offering of the Shares as in the reasonable opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>19</font>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Act) is required by law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses you will furnish to the Company) to which Shares may have been sold by you on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus
so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as you shall reasonably request; provided that in no event shall the Company or the Operating Partnership be obligated to qualify to do business in any jurisdiction where it is not now so qualified or take any action that would subject it to general service of process suits in any jurisdiction where it is not now subject.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To make generally available to the Company&#146;s security holders and to you as soon as practicable an earning statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and the rules and regulations of the Commission thereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements and expenses of the Company&#146;s counsel and the Company&#146;s accountants in connection with the registration and delivery of the Shares under the Securities Act and all other fees or expenses in connection with the Company&#146;s preparation and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including the filing fees payable to the Commission relating to the Shares (within

the time required by Rule 456 (b)(1), if applicable), all printing costs associated therewith, </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>20</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) any transfer or other similar taxes payable on the transfer and delivery of the Shares to the Underwriters, (iii) all filing fees in connection with the offer and sale of the Shares under state securities laws and all expenses in connection with the qualification of the Shares for offer and sale under state securities laws as provided in Section&nbsp;6(g) hereof, (iv) all filing fees for connection with the review and qualification of the offering of the Shares by the Financial Industry Regulatory Authority, (v) all costs and expenses incident to listing the Shares on the NYSE, (vi) the cost of printing certificates representing the Shares, (vii) the costs and charges of any transfer agent, registrar or depositary, (viii) the costs and expenses of the Company relating to investor
presentations on any &#147;road show&#148; undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the Company&#146;s preparation or dissemination of any electronic road show, expenses associated with the Company&#146;s production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants, and the cost of any aircraft chartered by the Company in connection with the road show and (ix) all other costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section. It is understood, however, that except as provided in this Section, Section&nbsp;8 entitled &#147;Indemnity and Contribution&#148; and the last paragraph of
Section&nbsp;10 below, the Underwriters will pay all of their costs and expenses, including fees and disbursements of their counsel, stock transfer taxes payable on resale of any of the Shares by them and any advertising expenses connected with any offers they may make. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the third anniversary of the initial effective date of the Registration Statement occurs before all the Shares have been sold by the Underwriters, prior to the third anniversary to file a new shelf registration statement and to take any other action necessary to permit the public offering of the Shares to continue without interruption; references herein to the Registration Statement shall include the new registration statement declared effective by the Commission.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>The Company also covenants with each Underwriter that, without the prior written consent of the Managers identified in Schedule I with the authorization to release this lock-up on behalf of the Underwriters, it will not, during the restricted period set forth in Schedule I hereto, (1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>21</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2> (2)&nbsp;enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause&nbsp;(1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise or (3)&nbsp;file any registration statement with the Commission relating to the offering of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock other than a Form S-8 with respect to the Company&#146;s 2009 long-term equity incentive plan. The foregoing sentence shall not apply to (a) the Shares to be sold hereunder, (b) the issuance by the Company of shares of Common Stock upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof of which the Underwriters have been advised in writing
or are disclosed in the Time of Sale Prospectus and the Prospectus, (c) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock, </font><i><font size=2>provided</font></i><font size=2> that such plan does not provide for the transfer of Common Stock during the 60-day restricted period, (d) the issuance of Common Stock or cash upon the redemption of units of limited partnership interest in the Operating Partnership, (e) the issuance of up to 500,000 units in the Operating Partnership in connection with property acquisitions, (f) the grant of options or the issuance of Common Stock to employees, officers, directors, advisors or consultants pursuant to any employee benefit plan disclosed in the Time of Sale Prospectus and the Prospectus or (g) the issuance of Common Stock pursuant to the Company&#146;s existing dividend reinvestment plan. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Covenants of the Underwriters</font></i><font size=2>. Each Underwriter severally covenants with the Company not to take any action that would result in the Company being required to file with the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter.</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Indemnity and Contribution.</font></i></p>


<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule&nbsp;405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus as defined in Rule 433(


h) under the Securities Act, </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>22</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>any &#147;road show&#148; (as defined in Rule 433 under the Securities Act) not constituting an &#147;Issuer Free Writing Prospectus&#148;, or the Prospectus or any amendment or supplement thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter through you expressly for use therein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Operating Partnership, the Company, its directors, its officers who sign the Registration Statement and each person, if any, who controls the Company or the Operating Partnership within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Underwriter, but only with reference to information relating to such Underwriter furnished to the Company in writing by such Underwriter through you expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus or the Prospectus or any amendment or supplement thereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section&nbsp;8(a) or 8(b), such person (the &#147;</font><b><font size=2>indemnified party</font></b><font size=2>&#148;) shall promptly notify the person against whom such indemnity may be sought (the &#147;</font><b><font size=2>indemnifying party</font></b><font size=2>&#148;) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to reta


in its own counsel, but the fees and
expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Manager authorized to </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>23</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>appoint counsel under this Section set forth in Schedule I hereto, in the case of parties indemnified pursuant to Section&nbsp;8(a), and by the Company or the Operating Partnership, in the case of parties indemnified pursuant to Section&nbsp;8(b). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any
settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent the indemnification provided for in Section&nbsp;8(a) or 8(b) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Operating Partnership on the one hand and the Underwriters on the other hand from the offering of the Shares or (ii) if the allocation provided by clause&nbsp;(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to i


n clause&nbsp;(d)(i) above but also
the relative fault of the Company and the Operating Partnership on the one hand and of the Underwriters on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Operating Partnership on the one hand and the Underwriters on the other hand in connection with the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Shares (before deducting expenses) received by the Company and the total underwriting discounts and commissions received by the Underwriters bear to the </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>24</font>
</A></p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>aggregate initial public offering price of the Shares set forth in the Prospectus. The relative fault of the Company and the Operating Partnership on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Operating Partnership or by the Underwriters and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Underwriters&#146; respective obligations to contribute pursuant to this Section&nbsp;8 are several in proportion to the respective number of Shares they have purchased hereunder, and not joint.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, the Operating Partnership and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section&nbsp;8 were determined by </font><i><font size=2>pro rata</font></i><font size=2> allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section&nbsp;8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section&nbsp;8(d) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section&nbsp;8, n


o Underwriter shall be required to
contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section&nbsp;8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnity and contribution provisions contained in this Section&nbsp;8 and the representations, warranties and other statements of the Company and the Operating Partnership contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter or by or on behalf of the Company or the Operating Partnership, their officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Shares.</font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>25</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Termination</font></i><font size=2>. The Underwriters may terminate this Agreement by notice given by you to the Company, if  after the execution and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange, the NYSE Amex or the NASDAQ Global Market, (ii) trading of any securities of the Company shall have been suspended on the New York Stock Exchange, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in financ


ial markets or any
calamity or crisis that, in your judgment, is material and adverse and which, singly or together with any other event specified in this clause&nbsp;(vi), makes it, in your judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Effectiveness; Defaulting Underwriters</font></i><font size=2>. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in Schedule&nbsp;II bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date;
</font><i><font size=2>provided</font></i><font size=2> that in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section&nbsp;10 by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to you and the Company for the purchase of such Firm Shares are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case either you or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order
that the required changes, if any, in the Registration Statement, in </font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>26</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>the Time of Sale Prospectus, in the Prospectus or in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement, the Company and the Operating Partnership will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Entire Agreement.</font></i></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement between the Company, the Operating Partnership and the Underwriters with respect to the preparation of any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Shares.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:13.64%;text-align:left;'><font size=2> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Operating Partnership acknowledge that in connection with the offering of the Shares: (i) the Underwriters have acted at arms length, are not agents of, and owe no fiduciary duties to, the Company, the Operating Partnership or any other person, (iii) the Underwriters owe the Company and the Operating Partnership only those duties and obligations set forth in this Agreement and prior written agreements (to the extent not superseded by this Agreement), if any, and (iii) the Underwriters may have interests that differ from those of the Company and the Operating Partnership. The Company and the Operating Partnership waive to the full extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.</font></p>

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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>27</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Counterparts</font></i><font size=2>. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Applicable Law</font></i><font size=2>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Headings</font></i><font size=2>. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:11.82%;text-align:left;'><font size=2>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Notices</font></i><font size=2>. All communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be delivered, mailed or sent to you at the address set forth in Schedule I hereto; and if to the Company or the Operating Partnership shall be delivered, mailed or sent to the address set forth in Schedule I hereto.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.5in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.5in'><font size=2>Very truly yours,</font><br> <br> <font size=2>Highwoods Properties, Inc.</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Terry L. Stevens</font></p> </td> </tr>
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        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="34%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Terry L. Stevens</font></p> </td> </tr>
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        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="34%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Senior Vice President and Chief Financial Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12.0pt'><font size=2>Very truly yours,</font><br> <br> <font size=2>Highwoods Realty Limited Partnership</font></p>
<p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0in;margin-bottom:.5in'><font size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highwoods Properties, Inc., its general partner</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Terry L. Stevens</font></p> </td> </tr>
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        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="34%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Terry L. Stevens</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="34%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Senior Vice President and Chief Financial Officer</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>28</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:58.3pt;text-indent:-58.3pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accepted as of the date hereof</font>  </p>
<p style='margin-left:58.3pt;text-indent:-58.3pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merrill Lynch &amp; Co.</font></p>
<p style='margin-left:58.3pt;text-indent:-58.3pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</font></p>
<p style='margin-left:58.3pt;text-indent:-58.3pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Wachovia Capital Markets, LLC</font></p>
<p style='margin-left:58.5pt;text-indent:-58.5pt;text-align:left;margin-top:0in;margin-bottom:12.0pt'><font size=2>Morgan Stanley &amp; Co. Incorporated</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:58.3pt;text-indent:-58.3pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:23.05pt;text-indent:-23.05pt;text-align:left;margin-top:0in;margin-bottom:12.0pt'><font size=2>Acting severally on behalf of themselves and the several Underwriters named in Schedule II hereto.</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:23.05pt;text-indent:-23.05pt;text-align:left;margin-top:0in;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.5in'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.75pt 0in 0in'>
            <p style='margin-left:62.55pt;text-indent:-62.55pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merrill Lynch &amp; Co.</font></p>
<p style='margin-left:35.55pt;text-indent:-35.55pt;text-align:left;margin-top:0in;margin-bottom:.5in'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:62.55pt;text-indent:-62.55pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Peter Chapman</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Peter Chapman</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Managing Director</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>29</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:right;'><B><font SIZE=2>SCHEDULE I</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Managers:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Managers authorized to release lock-up under Section 6:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Wachovia Capital Markets, LLC and Morgan Stanley &amp; Co. Incorporated</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Manager authorized to appoint counsel under Section 8(c):</font></p>
<p style='margin-left:.5in;text-indent:-.2in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registration Statement File No.:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>333-149733</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Time of Sale Prospectus</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  style='margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:22.5pt;text-indent:-22.5pt'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospectus dated March 14, 2008 relating to the Shelf</font></p>
<p  style='margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:22.5pt;text-indent:-22.5pt'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the preliminary prospectus supplement dated May 26, 2009 relating to the Shares</font></p>
<p  style='margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:22.5pt;text-indent:-22.5pt'><font size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the price per share for the Shares</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of Shares purchased by the Underwriters</font></p> </td> </tr>
    <tr >
        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Lock-up Restricted Period:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:31.5pt;text-indent:-31.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>60 days following the date of this agreement</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title of Shares to be purchased:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:31.5pt;text-indent:-31.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Common Stock, $.01 Par Value</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of Firm Shares:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:31.5pt;text-indent:-31.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6,100,000</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of Additional Shares:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:31.5pt;text-indent:-31.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>915,000</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Purchase Price:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.9pt;text-indent:-.9pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$20.5594 a share; provided that the purchase price per share for any Additional Shares purchased upon the exercise of the over-allotment option shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Additional Shares.</font></p> </td> </tr>
    <tr >
        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Price to the Public</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:31.5pt;text-indent:-31.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$21.50 a share</font></p> </td> </tr>
    <tr >
        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Selling Concession:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:31.5pt;text-indent:-31.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.54 a share</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Closing Date and Time:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:31.5pt;text-indent:-31.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>June 1, 2009   9:00 a.m.</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Closing Location:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:31.5pt;text-indent:-31.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DLA Piper LLP (US)</font></p>
<p style='margin-left:.9pt;text-indent:-.9pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4141 Parklake Avenue, Suite 300 </font></p>
<p style='margin-left:.9pt;text-indent:-.9pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Raleigh, North Carolina</font></p> </td> </tr>
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        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Address for Notices to Underwriters:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merrill Lynch &amp; Co.</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>One Bryant Park</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>New York, New York 10036</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Facsimile: (646) 855-3073</font></p>
<p style='margin-left:.9pt;text-indent:-.9pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Attention: Syndicate Department</font></p>
<p
style='margin-left:.9pt;text-indent:-.9pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:.9pt;text-indent:-.9pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>with a copy to:</font>  </p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>One Bryant Park</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>New York, NY 10036</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Facsimile: (212) 230-8730</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Attention: ECM
Legal</font></p>
<p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Address for Notices to the Company or the Operating Partnership:</font></p> </td>
        <td width="52%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.9pt;text-indent:-.9pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3100 Smoketree Court, Suite 600</font></p>
<p style='margin-left:.9pt;text-indent:-.9pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Raleigh, NC 27604</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><A NAME="PAGENUM"><font size=2>I-1</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:24pt; margin-top:0pt;text-align:right;'><B><font SIZE=2>SCHEDULE II</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr style='height:26.1pt'>
        <td width="68%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:26.1pt'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Underwriter</font></b></p> </div> </td>
        <td width="31%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:26.1pt'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Firm Shares To Be Purchased</font></b></p> </div> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith</font><br> <font size=2>Incorporated</font>                 </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>1,882,460</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>Wachovia Capital Markets, LLC</font>                                        </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>1,568,920</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>Morgan Stanley &amp; Co. Incorporated</font>         </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>941,230</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>BB&amp;T Capital Markets, a division of Scott &amp; </font><br> <font size=2>Stringfellow, Inc.</font>                                          </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>427,000</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>Morgan Keegan &amp; Company, Inc.</font>                      </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>398,330</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>PNC Capital Markets LLC</font>                         </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>198,860</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>RBC Capital Markets Corporation</font>                             </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>170,800</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>Wedbush Morgan Securities Inc.</font>                                         </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>170,800</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>Piper Jaffray &amp; Co.</font>                </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>170,800</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:3.0pt;margin-bottom: 3.0pt'><font size=2>FTN Equity Capital Markets Corp.</font>                          </p> </td>
        <td width="31%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:3.0pt;margin-bottom:3.0pt'><font size=2>114,070</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:1.0pt;margin-bottom: 3.0pt'><font size=2>Stifel, Nicolaus &amp; Company, Incorporated</font>                      </p> </td>
        <td width="31%" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>56,730</font></p> </td> </tr>
    <tr >
        <td width="68%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom: 3.0pt'><font size=2>Total</font>                 </p> </td>
        <td width="31%" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,100,000</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>II-1</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:right;'><B><font SIZE=2>EXHIBIT A</font></B></p>

<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><b><font size=2>[FORM OF LOCK-UP LETTER]</font></b></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:54.55%;text-align:left;'><font size=2>May __, 2008</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Merrill Lynch &amp; Co.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Wachovia Capital Markets, LLC</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Morgan Stanley &amp; Co. Incorporated</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>As Representatives of the Several Underwriters</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4.55%; text-indent:-4.55%;text-align:left;'><font size=2>c/o Merrill Lynch &amp; Co.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4.55%;text-align:left;'><font size=2>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4.55%;text-align:left;'><font size=2>One Bryant Park</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4.55%;text-align:left;'><font size=2>New York, New York 10036</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4.55%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>The undersigned understands that Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;</font><b><font size=2>Merrill Lynch</font></b><font size=2>&#148;), Wachovia Capital Markets, LLC (&#147;</font><b><font size=2>Wachovia</font></b><font size=2>&#148;), and Morgan Stanley &amp; Co. Incorporated (&#147;</font><b><font size=2>Morgan Stanley</font></b><font size=2>&#148;) propose to enter into an Underwriting Agreement (the &#147;</font><b><font size=2>Underwriting Agreement</font></b><font size=2>&#148;) with Highwoods Properties, Inc., a Maryland corporation (the &#147;</font><b><font size=2>Company</font></b><font size=2>&#148;), providing for the public offering (the &#147;</font><b><font size=2>Public Offering</font></b><font size=2>&#148;) by the several Underwriters, including Merrill Lynch, Wachovia and Morgan Stanley (the &#147;</font><b><font
size=2>Underwriters</font></b><font size=2>&#148;), of ___________ shares (the &#147;</font><b><font size=2>Shares</font></b><font size=2>&#148;) of the Common Stock, $.01 par value, of the Company (the &#147;</font><b><font size=2>Common Stock</font></b><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>To induce the Underwriters that may participate in the Public Offering to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of Merrill Lynch, Wachovia and Morgan Stanley on behalf of the Underwriters, it will not, during the period commencing on the date hereof and ending 60 days after the date of the final prospectus relating to the Public Offering (the &#147;</font><b><font size=2>Prospectus</font></b><font size=2>&#148;), (1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or (2)&nbsp;enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause&nbsp;(1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (a) transactions relating to shares of Common Stock or other securities acquired in open market transactions after the completion of the Public Offering, </font><i><font size=2>provided</font></i><font size=2> that no filing under Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended (the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>A-1</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'> </p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>




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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2> &#147;</font><b><font size=2>Exchange Act</font></b><font size=2>&#148;), shall be required or shall be voluntarily made in connection with subsequent sales of Common Stock or other securities acquired in such open market transactions, (b) transfers of shares of Common Stock or any security convertible into Common Stock as a bona fide gift, or (c) distributions of shares of Common Stock or any security convertible into Common Stock to limited partners or stockholders of the undersigned; </font><i><font size=2>provided</font></i><font size=2> that in the case of any transfer or distribution pursuant to clause&nbsp;(b) or (c), (i) each donee or distributee shall sign and deliver a lock-up letter substantially in the form of this letter and (ii) no filing under Section&nbsp;16(a) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock, shall be required or shall be
voluntarily made during the restricted period referred to in the foregoing sentence, or (d) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock, </font><i><font size=2>provided</font></i><font size=2> that such plan does not provide for the transfer of Common Stock during the restricted period. In addition, the undersigned agrees that, without the prior written consent of Merrill Lynch, Wachovia and Morgan Stanley on behalf of the Underwriters, it will not, during the period commencing on the date hereof and ending 60 days after the date of the Prospectus, make any demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company&#146;s transfer agent and registrar against the transfer of the
undersigned&#146;s shares of Common Stock except in compliance with the foregoing restrictions.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>The undersigned understands that the Company and the Underwriters are relying upon this agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this agreement is irrevocable and shall be binding upon the undersigned&#146;s heirs, legal representatives, successors and assigns.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:9.09%;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:6.0pt;margin-bottom: 12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.75pt 0in 0in'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:6.0pt;margin-bottom: 12.0pt'><font size=2>Very truly yours,</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.75pt 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.75pt 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Name)</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.75pt 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="50%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="50%" valign=top style='padding:0in 5.75pt 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>A-2</font>
</A></p>

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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>ex5_opinion.htm
<DESCRIPTION>LEGAL OPINION
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font FACE="ARIAL" SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font face="Arial" size=2>Exhibit 5</font></b></p>

<p style=' margin-bottom:28.8pt; margin-top:0pt;text-align:right;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font face="Arial" size=1>DLA Piper LLP (US)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" size=1>4141 Parklake Avenue, Suite 300</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" size=1>Raleigh, North Carolina  27612-2350</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Arial" size=1>www.dlapiper.com</font></p>

<p style=' margin-bottom:28.8pt; margin-top:0pt;text-align:right;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font FACE="ARIAL" SIZE=2></font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>June 1, 2009</font></p> </td>
        <td width="39%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&nbsp;</font></b></p> </td> </tr>
    <tr style='height:12.0pt'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=bottom style=' height:12.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Highwoods Properties, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>3100 Smoketree Court, Suite 600</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Raleigh, North Carolina 27604</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Re:</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7,015,000 Shares of Common Stock</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>We are acting as counsel to Highwoods Properties, Inc., a Maryland corporation (the &#147;</font><u><font size=2>Company</font></u><font size=2>&#148;), in connection with its registration statement on Form S-3 (registration no. 333-149733) (the &#147;</font><u><font size=2>Registration Statement</font></u><font size=2>&#148;) that became effective pursuant to Rules 401(g) and 462(e) promulgated under the Securities Act of 1933, as amended, upon filing with the Securities and Exchange Commission (the &#147;</font><u><font size=2>Commission</font></u><font size=2>&#148;). The Registration Statement related to the proposed public offering of securities of the Company that may be offered and sold by the Company from time to time as set forth in the prospectus dated March 14, 2008, which forms a part of the Registration Statement (the &#147;</font><u><font size=2>Prospectus</font></u><font
size=2>&#148;), and as may be set forth in one or more supplements to the Prospectus. This opinion letter is rendered in connection with the proposed public offering of 7,015,000 shares of common stock, par value $0.01 per share, of the Company (the &#147;</font><u><font size=2>Shares</font></u><font size=2>&#148;), as described in the Prospectus, and the related preliminary and final prospectus supplements dated May 26, 2009 and May 27, 2009, respectively (collectively, the &#147;</font><u><font size=2>Prospectus Supplement</font></u><font size=2>&#148;). This opinion letter is rendered pursuant to Item 9.01 of Form 8-K and Item 601(b)(5) of Regulation S-K. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>We are familiar with the proceedings taken to date by the Company with respect to the proposed issuance and sale of the Shares pursuant to the terms of the Underwriting Agreement dated May 27, 2009 by and among the Company, Highwoods Realty Limited Partnership and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Wachovia Capital Markets, LLC and Morgan Stanley &amp; Co. Incorporated, as representatives of several underwriters named therein (the &#147;</font><u><font size=2>Underwriting Agreement</font></u><font size=2>&#148;). We have also examined copies of the Company&#146;s Amended and Restated Charter (the &#147;</font><u><font size=2>Charter</font></u><font size=2>&#148;), the Company&#146;s Amended and Restated Bylaws and such other materials and matters as we have deemed necessary for the issuance of this opinion. In our examination of the relevant documents, we have assumed
the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents and the conformity to authentic original documents of all documents submitted to us as copies (including telecopies). This opinion letter is given, and all statements herein are made, in the context of the foregoing. As to various questions of fact material to this opinion, we have relied on statements and certificates of officers and representatives of the Company and others.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>Based upon and subject to the assumptions, limitations and qualifications stated herein, we are of the opinion that the Shares have been duly authorized by the Company and, when issued and delivered in accordance with the terms of the Underwriting Agreement with respect to the Shares described in the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>






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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Highwoods Properties, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>June 1, 2009</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt;text-align:left;'><font size=2>Page Two</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Prospectus Supplement, against payment of the consideration set forth therein, are validly issued, fully paid and non-assessable. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>Our opinion set forth above is subject to the following general qualifications and assumptions:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The foregoing opinion is rendered as of the date hereof. We assume no obligation to update or supplement the opinion if any laws change after the date hereof or if any facts or circumstances come to our attention after the date hereof that might change the opinion.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:13.54%; text-indent:-5.85%;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>We have made no investigation as to, and we express no opinion concerning, any laws other than the Maryland General Corporation Law, applicable provisions of the Constitution of the State of Maryland and reported judicial decisions interpreting the Maryland General Corporation Law and such applicable provisions of such Constitution, and we do not express any opinion herein concerning any other laws. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:13.54%; text-indent:-5.85%;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Without limiting the effect of the immediately preceding qualification, we note that we express no opinion as to compliance with the securities or &#147;blue sky&#148; laws or principles of conflicts of laws of the State of Maryland or any other jurisdiction.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>We assume that the issuance of the Shares, together with all outstanding shares, will not cause the Company to issue shares of common stock in excess of the number of such shares authorized by the Company&#146;s Charter. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>We assume that none of the Shares will be issued in violation of Article VI of the Charter. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Our opinion is limited to the matters set forth herein, and no other opinion should be inferred beyond the matters expressly stated.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>We hereby consent to the filing of this opinion letter as Exhibit 5 to the Company&#146;s current report on Form 8-K, filed with the Commission on the date hereof, portions of which are incorporated by reference into the Registration Statement, and to the reference to this firm under the caption &#147;Legal Matters&#148; in the Prospectus and the Prospectus Supplement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:46.15%;text-align:left;'><font size=2>Very truly yours,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:46.15%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:46.15%;text-align:left;'><font size=2>/s/ DLA Piper LLP (US)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:46.15%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>






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<DOCUMENT>
<TYPE>EX-8
<SEQUENCE>4
<FILENAME>ex8_taxcert.htm
<DESCRIPTION>TAX CERTIFICATION
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:34.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>DLA Piper LLP (US)</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>203 North LaSalle Street, Suite 1900</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Chicago, Illinois 60601-1293</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>T</font></B><font face="Arial" size=2> 312.368.4000 </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>F</font></B><font face="Arial" size=2> 312.236.7516 </font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>W</font></B><font face="Arial" size=2> www.dlapiper.com</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:30pt;text-align:center;'><font size=2>June 1, 2009</font></p>

<p style=' margin-bottom:0pt; margin-top:24pt;text-align:left;'><font size=2>Highwoods Properties, Inc. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>3100 Smoketree Ct., Suite 600</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Raleigh, NC  27604 </font></p>


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        <td width="8%" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Re:</font></p> </td>
        <td width="83%" nowrap valign=top style='padding:12.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Tax Opinion Regarding REIT Status of Highwoods Properties, Inc.</font></b></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.23%;text-align:justify;'><font size=2>We are acting as counsel to Highwoods Properties, Inc., a Maryland corporation (the &#147;</font><u><font size=2>Company</font></u><font size=2>&#148;), in connection with its registration statement on Form S-3 (registration no. 333-149733) (the &#147;</font><u><font size=2>Registration Statement</font></u><font size=2>&#148;) that became effective pursuant to Rules 401(g) and 462(e) promulgated under the Securities Act of 1933, as amended, upon filing with the Securities and Exchange Commission (the &#147;</font><u><font size=2>Commission</font></u><font size=2>&#148;). The Registration Statement related to the proposed public offering of securities of the Company that may be offered and sold by the Company from time to time as set forth in the prospectus dated March 14, 2008, which forms a part of the Registration Statement (the &#147;</font><u><font size=2>Prospectus</font></u><font
size=2>&#148;), and as may be set forth in one or more supplements to the Prospectus. This opinion letter is rendered in connection with the proposed public offering of 7,015,000 shares of common stock, par value $0.01 per share, of the Company (the &#147;</font><u><font size=2>Shares</font></u><font size=2>&#148;), as described in the Prospectus, and the related preliminary and final prospectus supplements dated May 26, 2009 and May 27, 2009, respectively (collectively, the &#147;</font><u><font size=2>Prospectus Supplement</font></u><font size=2>&#148;). This opinion letter is rendered pursuant to Item 9.01 of Form 8-K and Item 601(b)(8) of Regulation S-K. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>In connection with the offering of the Common Stock, you have requested our opinion regarding:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Whether the Company has been organized and has operated in conformity with the requirements for qualification and taxation as a real estate investment trust (&#147;</font><U><font SIZE=2>REIT</font></U><font size=2>&#148;) under the Internal Revenue Code of 1986, as amended (the &#147;</font><u><font size=2>Code</font></u><font size=2>&#148;) for its taxable years ended December 31, 2003 through December 31, 2008, and whether the Company&#146;s current organization and method of operations will enable it to continue to meet the requirements for qualification and taxation as a REIT.</font></p> </td> </tr></table>
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        <td width="3%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Whether each of the discussions in the Prospectus under the heading &#147;Material U.S. Federal Income Tax Considerations&#148; and in the Prospectus Supplement under the heading &#147;Additional U.S. Federal Income Tax Considerations&#148; to the extent that each constitutes matters of federal income tax law or legal conclusions relating thereto, is correct and complete in all material respects.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>






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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Board of Directors <br>June 1, 2009 <br> Page 2</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>In connection with rendering the opinions expressed below, we have examined originals (or copies identified to our satisfaction as true copies of the originals) of the following documents (collectively, the &#147;</font><u><font size=2>Reviewed Documents</font></u><font size=2>&#148;):</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Articles of Restatement of the Company (the &#147;</font><u><font size=2>Company Charter</font></u><font size=2>&#148;);</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Amended and Restated Bylaws of the Company (the &#147;</font><u><font size=2>Company Bylaws</font></u><font size=2>&#148;);</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Second Restated Agreement of Limited Partnership of Highwoods Realty Limited Partnership (the &#147;</font><u><font size=2>Operating Partnership</font></u><font size=2>&#148; and the agreement, the &#147;</font><u><font size=2>Operating Partnership Agreement</font></u><font size=2>&#148;);</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(4)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Registration Statement;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(5)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Prospectus;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(6)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Prospectus Supplement; </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(7)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Company&#146;s Annual Report on Form 10-K for the year ending December 31, 2008; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(8)</font></p> </td>
        <td  valign=top style='padding:12.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>such other documents as may have been presented to us by Highwoods from time to time.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>In addition, we have relied upon the factual representations contained in Highwoods&#146; certificate, dated as of the date hereof (the &#147;</font><u><font size=2>Highwoods Officer&#146;s Certificate</font></u><font size=2>&#148;), executed by a duly appointed officer of Highwoods, setting forth certain representations relating to the organization and operation of Highwoods, the Operating Partnership, and their respective subsidiaries. </font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>For purposes of our opinions, we have not made an independent investigation of the facts set forth in the documents we reviewed. We consequently have assumed that the information presented in such documents or otherwise furnished to us accurately and completely describes all material facts relevant to our opinions. No facts have come to our attention, however, that would cause us to question the accuracy and completeness of such facts or documents in a material way. Any representation or statement in any document upon which we rely that is made &#147;to the best of our knowledge&#148; or otherwise similarly qualified is assumed to be correct. Any alteration of such facts may adversely affect our opinions. In the course of our representation of the Company, no information has come to our attention that would cause us to question the accuracy or completeness of the representations
contained in Highwoods Officer&#146;s Certificate, or the Reviewed Documents in a material way.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>In our review, we have assumed, with your consent, that all of the representations and statements of a factual nature set forth in the documents we reviewed are true and correct, and all of the obligations imposed by any such documents on the parties thereto have been and will be performed or satisfied in accordance with their terms. We have also assumed the genuineness of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Board of Directors <br>June 1, 2009 <br> Page 3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:justify;'><font size=2>all signatures, the proper execution of all documents, the authenticity of all documents submitted to us as originals, the conformity to originals of documents submitted to us as copies, and the authenticity of the originals from which any copies were made.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>The opinions set forth in this letter are based on relevant provisions of the Code, the regulations promulgated thereunder by the United States Department of the Treasury (&#147;</font><u><font size=2>Regulations</font></u><font size=2>&#148;) (including proposed and temporary Regulations), and interpretations of the foregoing as expressed in court decisions, the legislative history, and existing administrative rulings and practices of the Internal Revenue Service (including its practices and policies in issuing private letter rulings, which are not binding on the Internal Revenue Service (&#147;</font><U><font SIZE=2>IRS</font></U><font size=2>&#148;) except with respect to a taxpayer that receives such a ruling), all as of the date hereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>In rendering these opinions, we have assumed that the transactions contemplated by the Reviewed Documents will be consummated in accordance with the terms and provisions of such documents, and that such documents accurately reflect the material facts of such transactions. In addition, the opinions are based on the correctness of the following specific assumptions:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(i)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company, the Operating Partnership and their respective subsidiaries will each be operated in the manner described in the Company Charter, the Bylaws, the Operating Partnership Agreement, the other organizational documents of each such entity and their subsidiaries, as the case may be, and all terms and provisions of such agreements and documents will be complied with by all parties thereto; </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(ii)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Company is a duly formed corporation under the laws of the State of Maryland; and </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(iii)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Operating Partnership is a duly organized and validly existing limited partnership under the laws of the State of North Carolina.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>It should be noted that statutes, regulations, judicial decisions, and administrative interpretations are subject to change at any time and, in some circumstances, with retroactive effect. A material change that is made after the date hereof in any of the foregoing bases for our opinions could affect our conclusions. Furthermore, if the facts vary from those relied upon (including any representations, warranties, covenants or assumptions upon which we have relied are inaccurate, incomplete, breached or ineffective), our opinion contained herein could be inapplicable. Moreover, the qualification and taxation of the Company as a REIT depends upon its ability to meet, through actual annual operating results, distribution levels and diversity of share ownership and the various qualification tests imposed under the Code, the results of which will not be reviewed by the undersigned.
Accordingly, no assurance can be given that the actual results of the operations of the Company for any one taxable year will satisfy such requirements.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>Based upon and subject to the foregoing, it is our opinion that:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Board of Directors <br>June 1, 2009 <br> Page 4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:7.69%; text-indent:7.69%;text-align:justify;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company was organized and has operated in conformity with the requirements for qualification and taxation as a REIT under the Code for its taxable years ended December 31, 2003 through December 31, 2008, and the Company&#146;s current organization and method of operations will enable it to continue to meet the requirements for qualification and taxation as a REIT.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:7.69%; text-indent:7.69%;text-align:justify;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the discussions in the Prospectus under the heading &#147;Material U.S. Federal Income Tax Considerations&#148; and in the Prospectus Supplement under the heading &#147;Additional U.S. Federal Income Tax Considerations&#148; to the extent that each constitutes matters of federal income tax law or legal conclusions relating thereto, is correct and complete in all material respects.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; text-indent:7.69%;text-align:justify;'><font size=2>The foregoing opinions are limited to the matters specifically discussed herein, which are the only matters to which you have requested our opinions. Other than as expressly stated above, we express no opinion on any issue relating to the Company or its Operating Partnership, or to any investment therein.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>For a discussion relating the law to the facts and the legal analysis underlying the opinions set forth in this letter, we incorporate by reference the discussions of federal income tax issues, which we assisted in preparing, in the Prospectus under the heading &#147;Material U.S. Federal Income Tax Considerations&#148; and in the Prospectus Supplement under the heading &#147;Additional U.S. Federal Income Tax Considerations.&#148;  We assume no obligation to advise you of any changes in the foregoing subsequent to the date of this opinion letter, and we are not undertaking to update the opinion letter from time to time. You should be aware that an opinion of counsel represents only counsel&#146;s best legal judgment, and has no binding effect or official status of any kind, and that no assurance can be given that contrary positions may not be taken by the IRS or that a court considering
the issues would not hold otherwise.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>This opinion is rendered only to you and may not be quoted in whole or in part or otherwise referred to, nor be filed with, or furnished to, any other person or entity. We hereby consent to the filing of this opinion letter as Exhibit 8 to the Company&#146;s current report on Form 8-K, filed with the Commission on the date hereof, portions of which are incorporated by reference into the Registration Statement, and to the reference to this firm under the caption &#147;Legal Matters&#148; in the Prospectus and the Prospectus Supplement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:55.69%;text-align:left;'><font size=2>Very truly yours,</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:55.69%;text-align:left;'><font size=2>/s/ DLA PIPER LLP (US)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>






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