Maryland | 001-13100 | 56-1871668 | ||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
North Carolina | 000-21731 | 56-1869557 | ||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, $.01 par value, of Highwoods Properties, Inc. | HIW | New York Stock Exchange |
•Note 13 to Consolidated Financial Statements - Earnings Per Share and Per Unit; |
•Item 4 - Controls and Procedures; and |
Item 6 - Certifications of CEO and CFO Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act. |
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
ITEM 4. CONTROLS AND PROCEDURES | |||||
PART II - OTHER INFORMATION | |||||
ITEM 6. EXHIBITS |
June 30, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Real estate assets, at cost: | |||||||||||
Land | $ | 489,894 | $ | 466,872 | |||||||
Buildings and tenant improvements | 5,139,518 | 4,981,637 | |||||||||
Development in-process | 250,338 | 259,681 | |||||||||
Land held for development | 147,386 | 131,474 | |||||||||
6,027,136 | 5,839,664 | ||||||||||
Less-accumulated depreciation | (1,478,227) | (1,418,379) | |||||||||
Net real estate assets | 4,548,909 | 4,421,285 | |||||||||
Real estate and other assets, net, held for sale | 0 | 11,360 | |||||||||
Cash and cash equivalents | 6,535 | 109,322 | |||||||||
Restricted cash | 51,898 | 79,922 | |||||||||
Accounts receivable | 15,927 | 27,488 | |||||||||
Mortgages and notes receivable | 1,264 | 1,341 | |||||||||
Accrued straight-line rents receivable | 267,603 | 259,381 | |||||||||
Investments in and advances to unconsolidated affiliates | 714 | 27,104 | |||||||||
Deferred leasing costs, net of accumulated amortization of $140,257 and $151,698, respectively | 216,318 | 209,329 | |||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $19,717 and $21,154, respectively | 127,853 | 62,885 | |||||||||
Total Assets | $ | 5,237,021 | $ | 5,209,417 | |||||||
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: | |||||||||||
Mortgages and notes payable, net | $ | 2,475,902 | $ | 2,470,021 | |||||||
Accounts payable, accrued expenses and other liabilities | 265,296 | 268,727 | |||||||||
Total Liabilities | 2,741,198 | 2,738,748 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Noncontrolling interests in the Operating Partnership | 128,180 | 112,499 | |||||||||
Equity: | |||||||||||
Preferred Stock, $.01 par value, 50,000,000 authorized shares; | |||||||||||
8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,821 and 28,826 shares issued and outstanding, respectively | 28,821 | 28,826 | |||||||||
Common Stock, $.01 par value, 200,000,000 authorized shares; | |||||||||||
104,209,513 and 103,921,546 shares issued and outstanding, respectively | 1,042 | 1,039 | |||||||||
Additional paid-in capital | 2,989,405 | 2,993,946 | |||||||||
Distributions in excess of net income available for common stockholders | (672,239) | (686,225) | |||||||||
Accumulated other comprehensive loss | (1,225) | (1,462) | |||||||||
Total Stockholders’ Equity | 2,345,804 | 2,336,124 | |||||||||
Noncontrolling interests in consolidated affiliates | 21,839 | 22,046 | |||||||||
Total Equity | 2,367,643 | 2,358,170 | |||||||||
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | $ | 5,237,021 | $ | 5,209,417 |
June 30, 2020 | December 31, 2019 | ||||||
Assets: | |||||||
Real estate assets, at cost: | |||||||
Land | $ | 485,501 | $ | 515,095 | |||
Buildings and tenant improvements | 5,010,086 | 5,128,150 | |||||
Development in-process | 195,166 | 172,706 | |||||
Land held for development | 131,522 | 99,163 | |||||
5,822,275 | 5,915,114 | ||||||
Less-accumulated depreciation | (1,376,817 | ) | (1,388,566 | ) | |||
Net real estate assets | 4,445,458 | 4,526,548 | |||||
Real estate and other assets, net, held for sale | — | 20,790 | |||||
Cash and cash equivalents | 4,752 | 9,505 | |||||
Restricted cash | 8,955 | 5,237 | |||||
Accounts receivable | 29,876 | 23,370 | |||||
Mortgages and notes receivable | 1,440 | 1,501 | |||||
Accrued straight-line rents receivable | 249,722 | 234,652 | |||||
Investments in and advances to unconsolidated affiliates | 26,775 | 26,298 | |||||
Deferred leasing costs, net of accumulated amortization of $151,170 and $146,125, respectively | 221,905 | 231,347 | |||||
Prepaid expenses and other assets, net of accumulated depreciation of $20,532 and $20,017, respectively | 67,905 | 58,996 | |||||
Total Assets | $ | 5,056,788 | $ | 5,138,244 | |||
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: | |||||||
Mortgages and notes payable, net | $ | 2,337,662 | $ | 2,543,710 | |||
Accounts payable, accrued expenses and other liabilities | 275,551 | 286,911 | |||||
Total Liabilities | 2,613,213 | 2,830,621 | |||||
Commitments and contingencies | |||||||
Noncontrolling interests in the Operating Partnership | 106,103 | 133,216 | |||||
Equity: | |||||||
Preferred Stock, $.01 par value, 50,000,000 authorized shares; | |||||||
8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,843 and 28,859 shares issued and outstanding, respectively | 28,843 | 28,859 | |||||
Common Stock, $.01 par value, 200,000,000 authorized shares; | |||||||
103,896,936 and 103,756,046 shares issued and outstanding, respectively | 1,039 | 1,038 | |||||
Additional paid-in capital | 2,996,442 | 2,954,779 | |||||
Distributions in excess of net income available for common stockholders | (708,903 | ) | (831,808 | ) | |||
Accumulated other comprehensive loss | (1,704 | ) | (471 | ) | |||
Total Stockholders’ Equity | 2,315,717 | 2,152,397 | |||||
Noncontrolling interests in consolidated affiliates | 21,755 | 22,010 | |||||
Total Equity | 2,337,472 | 2,174,407 | |||||
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | $ | 5,056,788 | $ | 5,138,244 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Rental and other revenues | $ | 185,502 | $ | 183,153 | $ | 369,307 | $ | 375,953 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Rental property and other expenses | 56,226 | 55,119 | 112,415 | 117,321 | |||||||||||||||||||
Depreciation and amortization | 61,949 | 59,461 | 122,876 | 120,611 | |||||||||||||||||||
Impairments of real estate assets | 0 | 1,778 | 0 | 1,778 | |||||||||||||||||||
General and administrative | 10,107 | 10,084 | 20,059 | 21,014 | |||||||||||||||||||
Total operating expenses | 128,282 | 126,442 | 255,350 | 260,724 | |||||||||||||||||||
Interest expense | 19,001 | 19,840 | 38,769 | 41,117 | |||||||||||||||||||
Other income | 332 | 588 | 644 | 657 | |||||||||||||||||||
Gains on disposition of property | 22,862 | 318 | 41,799 | 153,385 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 431 | 1,179 | 1,068 | 2,142 | |||||||||||||||||||
Net income | 61,844 | 38,956 | 118,699 | 230,296 | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,624) | (1,017) | (3,117) | (5,977) | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (294) | (289) | (575) | (574) | |||||||||||||||||||
Dividends on Preferred Stock | (621) | (622) | (1,243) | (1,244) | |||||||||||||||||||
Net income available for common stockholders | $ | 59,305 | $ | 37,028 | $ | 113,764 | $ | 222,501 | |||||||||||||||
Earnings per Common Share – basic: | |||||||||||||||||||||||
Net income available for common stockholders | $ | 0.57 | $ | 0.36 | $ | 1.09 | $ | 2.14 | |||||||||||||||
Weighted average Common Shares outstanding – basic | 104,106 | 103,886 | 104,035 | 103,849 | |||||||||||||||||||
Earnings per Common Share – diluted: | |||||||||||||||||||||||
Net income available for common stockholders | $ | 0.57 | $ | 0.36 | $ | 1.09 | $ | 2.14 | |||||||||||||||
Weighted average Common Shares outstanding – diluted | 106,964 | 106,730 | 106,887 | 106,681 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Rental and other revenues | $ | 183,153 | $ | 184,070 | $ | 375,953 | $ | 356,433 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 55,119 | 60,558 | 117,321 | 121,109 | |||||||||||
Depreciation and amortization | 59,461 | 59,460 | 120,611 | 128,664 | |||||||||||
Impairments of real estate assets | 1,778 | 531 | 1,778 | 531 | |||||||||||
General and administrative | 10,084 | 9,560 | 21,014 | 21,941 | |||||||||||
Total operating expenses | 126,442 | 130,109 | 260,724 | 272,245 | |||||||||||
Interest expense | 19,840 | 20,356 | 41,117 | 39,095 | |||||||||||
Other income/(loss) | 588 | 321 | 657 | (3,445 | ) | ||||||||||
Gains on disposition of property | 318 | 6,703 | 153,385 | 6,703 | |||||||||||
Equity in earnings of unconsolidated affiliates | 1,179 | 765 | 2,142 | 1,429 | |||||||||||
Net income | 38,956 | 41,394 | 230,296 | 49,780 | |||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,017 | ) | (1,044 | ) | (5,977 | ) | (1,237 | ) | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289 | ) | (306 | ) | (574 | ) | (622 | ) | |||||||
Dividends on Preferred Stock | (622 | ) | (622 | ) | (1,244 | ) | (1,244 | ) | |||||||
Net income available for common stockholders | $ | 37,028 | $ | 39,422 | $ | 222,501 | $ | 46,677 | |||||||
Earnings per Common Share – basic: | |||||||||||||||
Net income available for common stockholders | $ | 0.36 | $ | 0.38 | $ | 2.14 | $ | 0.45 | |||||||
Weighted average Common Shares outstanding – basic | 103,886 | 103,693 | 103,849 | 103,647 | |||||||||||
Earnings per Common Share – diluted: | |||||||||||||||
Net income available for common stockholders | $ | 0.36 | $ | 0.38 | $ | 2.14 | $ | 0.45 | |||||||
Weighted average Common Shares outstanding – diluted | 106,730 | 106,445 | 106,681 | 106,402 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | 61,844 | $ | 38,956 | $ | 118,699 | $ | 230,296 | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | (11) | (103) | (11) | (1,236) | |||||||||||||||||||
Amortization of cash flow hedges | 126 | 75 | 248 | 3 | |||||||||||||||||||
Total other comprehensive income/(loss) | 115 | (28) | 237 | (1,233) | |||||||||||||||||||
Total comprehensive income | 61,959 | 38,928 | 118,936 | 229,063 | |||||||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | (1,918) | (1,306) | (3,692) | (6,551) | |||||||||||||||||||
Comprehensive income attributable to common stockholders | $ | 60,041 | $ | 37,622 | $ | 115,244 | $ | 222,512 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Comprehensive income: | |||||||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 | |||||||
Other comprehensive loss: | |||||||||||||||
Unrealized losses on cash flow hedges | (103 | ) | (646 | ) | (1,236 | ) | (2,550 | ) | |||||||
Amortization of cash flow hedges | 75 | (360 | ) | 3 | (875 | ) | |||||||||
Total other comprehensive loss | (28 | ) | (1,006 | ) | (1,233 | ) | (3,425 | ) | |||||||
Total comprehensive income | 38,928 | 40,388 | 229,063 | 46,355 | |||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | (1,306 | ) | (1,350 | ) | (6,551 | ) | (1,859 | ) | |||||||
Comprehensive income attributable to common stockholders | $ | 37,622 | $ | 39,038 | $ | 222,512 | $ | 44,496 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 103,885,918 | $ | 1,039 | $ | 28,856 | $ | 3,000,614 | $ | (1,676 | ) | $ | 22,097 | $ | (696,070 | ) | $ | 2,354,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | 104,055,152 | $ | 1,041 | $ | 28,826 | $ | 2,986,462 | $ | (1,340) | $ | 21,545 | $ | (681,613) | $ | 2,354,921 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 11,018 | — | — | 362 | — | — | — | 362 | Issuances of Common Stock, net of issuance costs and tax withholdings | 158,188 | 1 | — | 7,094 | — | — | — | 7,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | Conversions of Common Units to Common Stock | 1,000 | — | — | 44 | — | — | — | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.48 per share) | — | — | — | — | — | (49,861 | ) | (49,861 | ) | Dividends on Common Stock ($0.48 per share) | — | — | — | — | — | (49,931) | (49,931) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($21.5625 per share) | — | — | — | — | — | (622 | ) | (622 | ) | Dividends on Preferred Stock ($21.5625 per share) | — | — | — | — | — | (621) | (621) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (5,776 | ) | — | — | — | (5,776 | ) | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (6,068) | — | — | — | (6,068) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (631 | ) | — | (631 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | Issuances of restricted stock | 1,484 | — | — | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | (13 | ) | — | — | — | — | (13 | ) | Redemptions/repurchases of Preferred Stock | — | (5) | — | — | — | — | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | — | 1,242 | — | — | — | 1,242 | Share-based compensation expense, net of forfeitures | (6,311) | 0 | — | 1,873 | — | — | — | 1,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,017 | ) | (1,017 | ) | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,624) | (1,624) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 289 | (289 | ) | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 294 | (294) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 38,956 | 38,956 | Net income | — | — | — | — | — | 61,844 | 61,844 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (28 | ) | — | — | (28 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | 115 | — | — | 115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 38,928 | Total comprehensive income | 61,959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 103,896,936 | $ | 1,039 | $ | 28,843 | $ | 2,996,442 | $ | (1,704 | ) | $ | 21,755 | $ | (708,903 | ) | $ | 2,337,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | 104,209,513 | $ | 1,042 | $ | 28,821 | $ | 2,989,405 | $ | (1,225) | $ | 21,839 | $ | (672,239) | $ | 2,367,643 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 103,921,546 | $ | 1,039 | $ | 28,826 | $ | 2,993,946 | $ | (1,462) | $ | 22,046 | $ | (686,225) | $ | 2,358,170 | ||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 109,130 | 1 | — | 5,896 | — | — | — | 5,897 | |||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | 1,000 | — | — | 44 | — | — | — | 44 | |||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.96 per share) | — | — | — | — | — | (99,778) | (99,778) | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($43.125 per share) | — | — | — | — | — | (1,243) | (1,243) | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (15,334) | — | — | — | (15,334) | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (782) | — | (782) | ||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | 184,584 | — | — | — | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | (5) | — | — | — | — | (5) | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | (6,747) | 2 | — | 4,853 | — | — | — | 4,855 | |||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (3,117) | (3,117) | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 575 | (575) | 0 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 118,699 | 118,699 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 237 | — | — | 237 | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 118,936 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 104,209,513 | $ | 1,042 | $ | 28,821 | $ | 2,989,405 | $ | (1,225) | $ | 21,839 | $ | (672,239) | $ | 2,367,643 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | |||||||||||||||||||||||
Balance at December 31, 2019 | 103,756,046 | $ | 1,038 | $ | 28,859 | $ | 2,954,779 | $ | (471 | ) | $ | 22,010 | $ | (831,808 | ) | $ | 2,174,407 | |||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | (2,248 | ) | — | — | 1,401 | — | — | — | 1,401 | |||||||||||||||||||||
Dividends on Common Stock ($0.96 per share) | — | — | — | — | — | (99,596 | ) | (99,596 | ) | |||||||||||||||||||||
Dividends on Preferred Stock ($43.125 per share) | — | — | — | — | — | (1,244 | ) | (1,244 | ) | |||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 36,525 | — | — | — | 36,525 | |||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (829 | ) | — | (829 | ) | |||||||||||||||||||||
Issuances of restricted stock | 149,304 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | (16 | ) | — | — | — | — | (16 | ) | |||||||||||||||||||||
Share-based compensation expense, net of forfeitures | (6,166 | ) | 1 | — | 3,737 | — | — | — | 3,738 | |||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (5,977 | ) | (5,977 | ) | |||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 574 | (574 | ) | — | ||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 230,296 | 230,296 | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | (1,233 | ) | — | — | (1,233 | ) | |||||||||||||||||||||
Total comprehensive income | 229,063 | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 103,896,936 | $ | 1,039 | $ | 28,843 | $ | 2,996,442 | $ | (1,704 | ) | $ | 21,755 | $ | (708,903 | ) | $ | 2,337,472 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2019 | Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | Balance at March 31, 2020 | 103,885,918 | $ | 1,039 | $ | 28,856 | $ | 3,000,614 | $ | (1,676) | $ | 22,097 | $ | (696,070) | $ | 2,354,860 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | Issuances of Common Stock, net of issuance costs and tax withholdings | 11,018 | — | — | 362 | — | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Income | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | 103,690,619 | $ | 1,037 | $ | 28,859 | $ | 2,956,517 | $ | 7,494 | $ | 17,584 | $ | (811,223 | ) | $ | 2,200,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 9,672 | — | — | 397 | — | — | — | 397 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | 5,000 | — | — | 222 | — | — | — | 222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.475 per share) | — | — | — | — | — | (49,250 | ) | (49,250 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.48 per share) | Dividends on Common Stock ($0.48 per share) | — | — | — | — | — | (49,861) | (49,861) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($21.5625 per share) | — | — | — | — | — | (622 | ) | (622 | ) | Dividends on Preferred Stock ($21.5625 per share) | — | — | — | — | — | (622) | (622) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 14,722 | — | — | — | 14,722 | Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (5,776) | — | — | — | (5,776) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (476 | ) | — | (476 | ) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (631) | — | (631) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated affiliates | — | — | — | — | 4,987 | — | 4,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | Redemptions/repurchases of Preferred Stock | — | (13) | — | — | — | — | (13) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | (688 | ) | — | — | 940 | — | — | — | 940 | Share-based compensation expense, net of forfeitures | 0 | 0 | — | 1,242 | — | — | — | 1,242 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,044 | ) | (1,044 | ) | Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,017) | (1,017) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 306 | (306 | ) | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 289 | (289) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 41,394 | 41,394 | Net income | — | — | — | — | — | 38,956 | 38,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (1,006 | ) | — | — | (1,006 | ) | Other comprehensive loss | — | — | — | (28) | — | — | (28) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 40,388 | Total comprehensive income | 38,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | 103,704,603 | $ | 1,037 | $ | 28,859 | $ | 2,972,798 | $ | 6,488 | $ | 22,401 | $ | (821,051 | ) | $ | 2,210,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | 103,896,936 | $ | 1,039 | $ | 28,843 | $ | 2,996,442 | $ | (1,704) | $ | 21,755 | $ | (708,903) | $ | 2,337,472 |
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Income | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | |||||||||||||||||||||||
Balance at December 31, 2018 | 103,557,065 | $ | 1,036 | $ | 28,877 | $ | 2,976,197 | $ | 9,913 | $ | 17,576 | $ | (769,303 | ) | $ | 2,264,296 | ||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | (23,705 | ) | — | — | (731 | ) | — | — | — | (731 | ) | |||||||||||||||||||
Conversions of Common Units to Common Stock | 8,000 | — | — | 353 | — | — | — | 353 | ||||||||||||||||||||||
Dividends on Common Stock ($0.95 per share) | — | — | — | — | — | (98,425 | ) | (98,425 | ) | |||||||||||||||||||||
Dividends on Preferred Stock ($43.125 per share) | — | — | — | — | — | (1,244 | ) | (1,244 | ) | |||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | (8,532 | ) | — | — | — | (8,532 | ) | |||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (784 | ) | — | (784 | ) | |||||||||||||||||||||
Contributions from noncontrolling interests in consolidated affiliates | — | — | — | — | 4,987 | — | 4,987 | |||||||||||||||||||||||
Issuances of restricted stock | 164,190 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | (18 | ) | — | — | — | — | (18 | ) | |||||||||||||||||||||
Share-based compensation expense, net of forfeitures | (947 | ) | 1 | — | 5,511 | — | — | — | 5,512 | |||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (1,237 | ) | (1,237 | ) | |||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 622 | (622 | ) | — | ||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 49,780 | 49,780 | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | (3,425 | ) | — | — | (3,425 | ) | |||||||||||||||||||||
Total comprehensive income | 46,355 | |||||||||||||||||||||||||||||
Balance at June 30, 2019 | 103,704,603 | $ | 1,037 | $ | 28,859 | $ | 2,972,798 | $ | 6,488 | $ | 22,401 | $ | (821,051 | ) | $ | 2,210,532 |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 103,756,046 | $ | 1,038 | $ | 28,859 | $ | 2,954,779 | $ | (471) | $ | 22,010 | $ | (831,808) | $ | 2,174,407 | ||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | (2,248) | 0 | — | 1,401 | — | — | — | 1,401 | |||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($0.96 per share) | — | — | — | — | — | (99,596) | (99,596) | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($43.125 per share) | — | — | — | — | — | (1,244) | (1,244) | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | 36,525 | — | — | — | 36,525 | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | (829) | — | (829) | ||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | 149,304 | — | — | — | — | — | — | 0 | |||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | (16) | — | — | — | — | (16) | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | (6,166) | 1 | — | 3,737 | — | — | — | 3,738 | |||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | (5,977) | (5,977) | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | 574 | (574) | 0 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 230,296 | 230,296 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (1,233) | — | — | (1,233) | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 229,063 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 103,896,936 | $ | 1,039 | $ | 28,843 | $ | 2,996,442 | $ | (1,704) | $ | 21,755 | $ | (708,903) | $ | 2,337,472 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 118,699 | $ | 230,296 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 122,876 | 120,611 | |||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (1,439) | (1,278) | |||||||||
Share-based compensation expense | 4,855 | 3,738 | |||||||||
Net credit losses/(reversals) on operating lease receivables | (489) | 2,333 | |||||||||
Accrued interest on mortgages and notes receivable | (54) | (61) | |||||||||
Amortization of debt issuance costs | 1,661 | 1,533 | |||||||||
Amortization of cash flow hedges | 248 | 3 | |||||||||
Amortization of mortgages and notes payable fair value adjustments | 776 | 852 | |||||||||
Impairments of real estate assets | 0 | 1,778 | |||||||||
Losses on debt extinguishment | 134 | 0 | |||||||||
Net gains on disposition of property | (41,799) | (153,385) | |||||||||
Equity in earnings of unconsolidated affiliates | (1,068) | (2,142) | |||||||||
Distributions of earnings from unconsolidated affiliates | 1,402 | 407 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 6,694 | (1,031) | |||||||||
Prepaid expenses and other assets | (5,642) | (8,320) | |||||||||
Accrued straight-line rents receivable | (7,638) | (21,522) | |||||||||
Accounts payable, accrued expenses and other liabilities | (1,801) | 6,403 | |||||||||
Net cash provided by operating activities | 197,415 | 180,215 | |||||||||
Investing activities: | |||||||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | (120) | (2,363) | |||||||||
Investments in development in-process | (54,365) | (83,071) | |||||||||
Investments in tenant improvements and deferred leasing costs | (44,827) | (85,544) | |||||||||
Investments in building improvements | (24,109) | (30,312) | |||||||||
Investment in acquired controlling interest in unconsolidated affiliate | (127,339) | 0 | |||||||||
Net proceeds from disposition of real estate assets | 71,501 | 334,366 | |||||||||
Distributions of capital from unconsolidated affiliates | 0 | 72 | |||||||||
Investments in mortgages and notes receivable | (23) | (32) | |||||||||
Repayments of mortgages and notes receivable | 154 | 154 | |||||||||
Payments of earnest money deposits | (55,000) | 0 | |||||||||
Changes in other investing activities | 5,711 | (3,541) | |||||||||
Net cash provided by/(used in) investing activities | (228,417) | 129,729 | |||||||||
Financing activities: | |||||||||||
Dividends on Common Stock | (99,778) | (99,596) | |||||||||
Redemptions/repurchases of Preferred Stock | (5) | (16) | |||||||||
Dividends on Preferred Stock | (1,243) | (1,244) | |||||||||
Distributions to noncontrolling interests in the Operating Partnership | (2,726) | (2,728) | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | (782) | (829) | |||||||||
Proceeds from the issuance of Common Stock | 7,763 | 2,753 | |||||||||
Costs paid for the issuance of Common Stock | (185) | (228) | |||||||||
Repurchase of shares related to tax withholdings | (1,681) | (1,124) | |||||||||
Borrowings on revolving credit facility | 230,000 | 129,000 | |||||||||
Repayments of revolving credit facility | (75,000) | (336,000) | |||||||||
Repayments of mortgages and notes payable | (151,006) | (967) | |||||||||
Changes in debt issuance costs and other financing activities | (5,166) | 0 | |||||||||
Net cash used in financing activities | (99,809) | (310,979) | |||||||||
Net decrease in cash and cash equivalents and restricted cash | $ | (130,811) | $ | (1,035) |
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Operating activities: | |||||||
Net income | $ | 230,296 | $ | 49,780 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 120,611 | 128,664 | |||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (1,278 | ) | 868 | ||||
Share-based compensation expense | 3,738 | 5,512 | |||||
Credit losses on operating lease receivables | 2,333 | 8,144 | |||||
Write-off of mortgages and notes receivable | — | 4,087 | |||||
Accrued interest on mortgages and notes receivable | (61 | ) | (118 | ) | |||
Amortization of debt issuance costs | 1,533 | 1,455 | |||||
Amortization of cash flow hedges | 3 | (875 | ) | ||||
Amortization of mortgages and notes payable fair value adjustments | 852 | 787 | |||||
Impairments of real estate assets | 1,778 | 531 | |||||
Losses on debt extinguishment | — | 375 | |||||
Net gains on disposition of property | (153,385 | ) | (6,703 | ) | |||
Equity in earnings of unconsolidated affiliates | (2,142 | ) | (1,429 | ) | |||
Distributions of earnings from unconsolidated affiliates | 407 | 669 | |||||
Settlement of cash flow hedges | — | (5,144 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (1,031 | ) | (5,507 | ) | |||
Prepaid expenses and other assets | (8,320 | ) | (3,305 | ) | |||
Accrued straight-line rents receivable | (21,522 | ) | (14,273 | ) | |||
Accounts payable, accrued expenses and other liabilities | 6,403 | 9,771 | |||||
Net cash provided by operating activities | 180,215 | 173,289 | |||||
Investing activities: | |||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | (2,363 | ) | (12,795 | ) | |||
Investments in development in-process | (83,071 | ) | (50,884 | ) | |||
Investments in tenant improvements and deferred leasing costs | (85,544 | ) | (78,449 | ) | |||
Investments in building improvements | (30,312 | ) | (24,113 | ) | |||
Net proceeds from disposition of real estate assets | 334,366 | 31,510 | |||||
Distributions of capital from unconsolidated affiliates | 72 | 29 | |||||
Investments in mortgages and notes receivable | (32 | ) | — | ||||
Repayments of mortgages and notes receivable | 154 | 147 | |||||
Changes in other investing activities | (3,541 | ) | (4,272 | ) | |||
Net cash provided by/(used in) investing activities | 129,729 | (138,827 | ) | ||||
Financing activities: | |||||||
Dividends on Common Stock | (99,596 | ) | (98,425 | ) | |||
Redemptions/repurchases of Preferred Stock | (16 | ) | (18 | ) | |||
Dividends on Preferred Stock | (1,244 | ) | (1,244 | ) | |||
Distributions to noncontrolling interests in the Operating Partnership | (2,728 | ) | (2,598 | ) | |||
Distributions to noncontrolling interests in consolidated affiliates | (829 | ) | (784 | ) | |||
Proceeds from the issuance of Common Stock | 2,753 | 1,049 | |||||
Costs paid for the issuance of Common Stock | (228 | ) | — | ||||
Repurchase of shares related to tax withholdings | (1,124 | ) | (1,780 | ) | |||
Borrowings on revolving credit facility | 129,000 | 169,400 | |||||
Repayments of revolving credit facility | (336,000 | ) | (215,400 | ) | |||
Borrowings on mortgages and notes payable | — | 349,010 | |||||
Repayments of mortgages and notes payable | (967 | ) | (225,929 | ) | |||
Changes in debt issuance costs and other financing activities | — | (4,379 | ) | ||||
Net cash used in financing activities | (310,979 | ) | (31,098 | ) | |||
Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | (1,035 | ) | $ | 3,364 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net decrease in cash and cash equivalents and restricted cash | $ | (130,811) | $ | (1,035) | |||||||
Cash and cash equivalents and restricted cash at beginning of the period | 189,244 | 14,742 | |||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 58,433 | $ | 13,707 |
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | (1,035 | ) | $ | 3,364 | ||
Cash and cash equivalents and restricted cash at beginning of the period | 14,742 | 10,143 | |||||
Cash and cash equivalents and restricted cash at end of the period | $ | 13,707 | $ | 13,507 |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 4,752 | $ | 4,530 | Cash and cash equivalents at end of the period | $ | 6,535 | $ | 4,752 | |||||||||
Restricted cash at end of the period | 8,955 | 8,977 | Restricted cash at end of the period | 51,898 | 8,955 | |||||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 13,707 | $ | 13,507 | Cash and cash equivalents and restricted cash at end of the period | $ | 58,433 | $ | 13,707 |
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Cash paid for interest, net of amounts capitalized | $ | 38,424 | $ | 33,378 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 36,071 | $ | 38,424 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Unrealized losses on cash flow hedges | $ | (11) | $ | (1,236) | |||||||
Conversions of Common Units to Common Stock | 44 | 0 | |||||||||
Changes in accrued capital expenditures (1) | (23,599) | (18,819) | |||||||||
Write-off of fully depreciated real estate assets | 36,798 | 22,630 | |||||||||
Write-off of fully amortized leasing costs | 28,575 | 10,564 | |||||||||
Write-off of fully amortized debt issuance costs | 4,158 | 0 | |||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 15,334 | (36,525) | |||||||||
Issuances of Common Units to acquire real estate assets | 0 | 6,163 | |||||||||
Contingent consideration in connection with the acquisition of land | 0 | 1,500 | |||||||||
Future consideration in connection with the acquisition of land | 16,000 | 0 |
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Unrealized losses on cash flow hedges | $ | (1,236 | ) | $ | (2,550 | ) | |
Conversions of Common Units to Common Stock | — | 353 | |||||
Changes in accrued capital expenditures (1) | (18,819 | ) | 2,027 | ||||
Write-off of fully depreciated real estate assets | 22,630 | 36,188 | |||||
Write-off of fully amortized leasing costs | 10,564 | 19,900 | |||||
Write-off of fully amortized debt issuance costs | — | 828 | |||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (36,525 | ) | 8,532 | ||||
Contributions from noncontrolling interests in consolidated affiliates | — | 4,987 | |||||
Issuances of Common Units to acquire real estate assets | 6,163 | — | |||||
Contingent consideration in connection with the acquisition of land | 1,500 | — | |||||
Initial recognition of lease liabilities related to right of use assets | — | 35,349 |
June 30, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Real estate assets, at cost: | |||||||||||
Land | $ | 489,894 | $ | 466,872 | |||||||
Buildings and tenant improvements | 5,139,518 | 4,981,637 | |||||||||
Development in-process | 250,338 | 259,681 | |||||||||
Land held for development | 147,386 | 131,474 | |||||||||
6,027,136 | 5,839,664 | ||||||||||
Less-accumulated depreciation | (1,478,227) | (1,418,379) | |||||||||
Net real estate assets | 4,548,909 | 4,421,285 | |||||||||
Real estate and other assets, net, held for sale | 0 | 11,360 | |||||||||
Cash and cash equivalents | 6,535 | 109,322 | |||||||||
Restricted cash | 51,898 | 79,922 | |||||||||
Accounts receivable | 15,927 | 27,488 | |||||||||
Mortgages and notes receivable | 1,264 | 1,341 | |||||||||
Accrued straight-line rents receivable | 267,603 | 259,381 | |||||||||
Investments in and advances to unconsolidated affiliates | 714 | 27,104 | |||||||||
Deferred leasing costs, net of accumulated amortization of $140,257 and $151,698, respectively | 216,318 | 209,329 | |||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $19,717 and $21,154, respectively | 127,853 | 62,885 | |||||||||
Total Assets | $ | 5,237,021 | $ | 5,209,417 | |||||||
Liabilities, Redeemable Operating Partnership Units and Capital: | |||||||||||
Mortgages and notes payable, net | $ | 2,475,902 | $ | 2,470,021 | |||||||
Accounts payable, accrued expenses and other liabilities | 265,296 | 268,727 | |||||||||
Total Liabilities | 2,741,198 | 2,738,748 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Redeemable Operating Partnership Units: | |||||||||||
Common Units, 2,837,725 and 2,838,725 outstanding, respectively | 128,180 | 112,499 | |||||||||
Series A Preferred Units (liquidation preference $1,000 per unit), 28,821 and 28,826 units issued and outstanding, respectively | 28,821 | 28,826 | |||||||||
Total Redeemable Operating Partnership Units | 157,001 | 141,325 | |||||||||
Capital: | |||||||||||
Common Units: | |||||||||||
General partner Common Units, 1,066,384 and 1,063,515 outstanding, respectively | 23,182 | 23,087 | |||||||||
Limited partner Common Units, 102,734,320 and 102,449,222 outstanding, respectively | 2,295,026 | 2,285,673 | |||||||||
Accumulated other comprehensive loss | (1,225) | (1,462) | |||||||||
Noncontrolling interests in consolidated affiliates | 21,839 | 22,046 | |||||||||
Total Capital | 2,338,822 | 2,329,344 | |||||||||
Total Liabilities, Redeemable Operating Partnership Units and Capital | $ | 5,237,021 | $ | 5,209,417 |
June 30, 2020 | December 31, 2019 | ||||||
Assets: | |||||||
Real estate assets, at cost: | |||||||
Land | $ | 485,501 | $ | 515,095 | |||
Buildings and tenant improvements | 5,010,086 | 5,128,150 | |||||
Development in-process | 195,166 | 172,706 | |||||
Land held for development | 131,522 | 99,163 | |||||
5,822,275 | 5,915,114 | ||||||
Less-accumulated depreciation | (1,376,817 | ) | (1,388,566 | ) | |||
Net real estate assets | 4,445,458 | 4,526,548 | |||||
Real estate and other assets, net, held for sale | — | 20,790 | |||||
Cash and cash equivalents | 4,752 | 9,505 | |||||
Restricted cash | 8,955 | 5,237 | |||||
Accounts receivable | 29,876 | 23,370 | |||||
Mortgages and notes receivable | 1,440 | 1,501 | |||||
Accrued straight-line rents receivable | 249,722 | 234,652 | |||||
Investments in and advances to unconsolidated affiliates | 26,775 | 26,298 | |||||
Deferred leasing costs, net of accumulated amortization of $151,170 and $146,125, respectively | 221,905 | 231,347 | |||||
Prepaid expenses and other assets, net of accumulated depreciation of $20,532 and $20,017, respectively | 67,905 | 58,996 | |||||
Total Assets | $ | 5,056,788 | $ | 5,138,244 | |||
Liabilities, Redeemable Operating Partnership Units and Capital: | |||||||
Mortgages and notes payable, net | $ | 2,337,662 | $ | 2,543,710 | |||
Accounts payable, accrued expenses and other liabilities | 275,551 | 286,911 | |||||
Total Liabilities | 2,613,213 | 2,830,621 | |||||
Commitments and contingencies | |||||||
Redeemable Operating Partnership Units: | |||||||
Common Units, 2,842,295 and 2,723,703 outstanding, respectively | 106,103 | 133,216 | |||||
Series A Preferred Units (liquidation preference $1,000 per unit), 28,843 and 28,859 units issued and outstanding, respectively | 28,843 | 28,859 | |||||
Total Redeemable Operating Partnership Units | 134,946 | 162,075 | |||||
Capital: | |||||||
Common Units: | |||||||
General partner Common Units, 1,063,304 and 1,060,709 outstanding, respectively | 22,886 | 21,240 | |||||
Limited partner Common Units, 102,424,823 and 102,286,528 outstanding, respectively | 2,265,692 | 2,102,769 | |||||
Accumulated other comprehensive loss | (1,704 | ) | (471 | ) | |||
Noncontrolling interests in consolidated affiliates | 21,755 | 22,010 | |||||
Total Capital | 2,308,629 | 2,145,548 | |||||
Total Liabilities, Redeemable Operating Partnership Units and Capital | $ | 5,056,788 | $ | 5,138,244 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Rental and other revenues | $ | 185,502 | $ | 183,153 | $ | 369,307 | $ | 375,953 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Rental property and other expenses | 56,226 | 55,119 | 112,415 | 117,321 | |||||||||||||||||||
Depreciation and amortization | 61,949 | 59,461 | 122,876 | 120,611 | |||||||||||||||||||
Impairments of real estate assets | 0 | 1,778 | 0 | 1,778 | |||||||||||||||||||
General and administrative | 10,107 | 10,084 | 20,059 | 21,014 | |||||||||||||||||||
Total operating expenses | 128,282 | 126,442 | 255,350 | 260,724 | |||||||||||||||||||
Interest expense | 19,001 | 19,840 | 38,769 | 41,117 | |||||||||||||||||||
Other income | 332 | 588 | 644 | 657 | |||||||||||||||||||
Gains on disposition of property | 22,862 | 318 | 41,799 | 153,385 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 431 | 1,179 | 1,068 | 2,142 | |||||||||||||||||||
Net income | 61,844 | 38,956 | 118,699 | 230,296 | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (294) | (289) | (575) | (574) | |||||||||||||||||||
Distributions on Preferred Units | (621) | (622) | (1,243) | (1,244) | |||||||||||||||||||
Net income available for common unitholders | $ | 60,929 | $ | 38,045 | $ | 116,881 | $ | 228,478 | |||||||||||||||
Earnings per Common Unit – basic: | |||||||||||||||||||||||
Net income available for common unitholders | $ | 0.57 | $ | 0.36 | $ | 1.10 | $ | 2.15 | |||||||||||||||
Weighted average Common Units outstanding – basic | 106,535 | 106,319 | 106,464 | 106,259 | |||||||||||||||||||
Earnings per Common Unit – diluted: | |||||||||||||||||||||||
Net income available for common unitholders | $ | 0.57 | $ | 0.36 | $ | 1.10 | $ | 2.15 | |||||||||||||||
Weighted average Common Units outstanding – diluted | 106,555 | 106,321 | 106,478 | 106,272 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Rental and other revenues | $ | 183,153 | $ | 184,070 | $ | 375,953 | $ | 356,433 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 55,119 | 60,558 | 117,321 | 121,109 | |||||||||||
Depreciation and amortization | 59,461 | 59,460 | 120,611 | 128,664 | |||||||||||
Impairments of real estate assets | 1,778 | 531 | 1,778 | 531 | |||||||||||
General and administrative | 10,084 | 9,560 | 21,014 | 21,941 | |||||||||||
Total operating expenses | 126,442 | 130,109 | 260,724 | 272,245 | |||||||||||
Interest expense | 19,840 | 20,356 | 41,117 | 39,095 | |||||||||||
Other income/(loss) | 588 | 321 | 657 | (3,445 | ) | ||||||||||
Gains on disposition of property | 318 | 6,703 | 153,385 | 6,703 | |||||||||||
Equity in earnings of unconsolidated affiliates | 1,179 | 765 | 2,142 | 1,429 | |||||||||||
Net income | 38,956 | 41,394 | 230,296 | 49,780 | |||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289 | ) | (306 | ) | (574 | ) | (622 | ) | |||||||
Distributions on Preferred Units | (622 | ) | (622 | ) | (1,244 | ) | (1,244 | ) | |||||||
Net income available for common unitholders | $ | 38,045 | $ | 40,466 | $ | 228,478 | $ | 47,914 | |||||||
Earnings per Common Unit – basic: | |||||||||||||||
Net income available for common unitholders | $ | 0.36 | $ | 0.38 | $ | 2.15 | $ | 0.45 | |||||||
Weighted average Common Units outstanding – basic | 106,319 | 106,017 | 106,259 | 105,973 | |||||||||||
Earnings per Common Unit – diluted: | |||||||||||||||
Net income available for common unitholders | $ | 0.36 | $ | 0.38 | $ | 2.15 | $ | 0.45 | |||||||
Weighted average Common Units outstanding – diluted | 106,321 | 106,036 | 106,272 | 105,993 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | 61,844 | $ | 38,956 | $ | 118,699 | $ | 230,296 | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Unrealized losses on cash flow hedges | (11) | (103) | (11) | (1,236) | |||||||||||||||||||
Amortization of cash flow hedges | 126 | 75 | 248 | 3 | |||||||||||||||||||
Total other comprehensive income/(loss) | 115 | (28) | 237 | (1,233) | |||||||||||||||||||
Total comprehensive income | 61,959 | 38,928 | 118,936 | 229,063 | |||||||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | (294) | (289) | (575) | (574) | |||||||||||||||||||
Comprehensive income attributable to common unitholders | $ | 61,665 | $ | 38,639 | $ | 118,361 | $ | 228,489 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Comprehensive income: | |||||||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 | |||||||
Other comprehensive loss: | |||||||||||||||
Unrealized losses on cash flow hedges | (103 | ) | (646 | ) | (1,236 | ) | (2,550 | ) | |||||||
Amortization of cash flow hedges | 75 | (360 | ) | 3 | (875 | ) | |||||||||
Total other comprehensive loss | (28 | ) | (1,006 | ) | (1,233 | ) | (3,425 | ) | |||||||
Total comprehensive income | 38,928 | 40,388 | 229,063 | 46,355 | |||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | (289 | ) | (306 | ) | (574 | ) | (622 | ) | |||||||
Comprehensive income attributable to common unitholders | $ | 38,639 | $ | 40,082 | $ | 228,489 | $ | 45,733 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | $ | 23,059 | $ | 2,282,831 | $ | (1,340) | $ | 21,545 | $ | 2,326,095 | |||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 71 | 7,024 | — | — | 7,095 | ||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 23,055 | $ | 2,282,528 | ||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 4 | 358 | — | — | 362 | |||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.48 per unit) | (510 | ) | (50,518 | ) | — | — | (51,028 | ) | Distributions on Common Units ($0.48 per unit) | (511) | (50,587) | — | — | (51,098) | ||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($21.5625 per unit) | (6 | ) | (616 | ) | — | — | (622 | ) | Distributions on Preferred Units ($21.5625 per unit) | (6) | (615) | — | — | (621) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | 12 | 1,230 | — | — | 1,242 | Share-based compensation expense, net of forfeitures | 19 | 1,854 | — | — | 1,873 | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (631 | ) | (631 | ) | |||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (56 | ) | (5,570 | ) | — | — | (5,626 | ) | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (65) | (6,416) | — | — | (6,481) | ||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (3 | ) | (286 | ) | — | 289 | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | (3) | (291) | — | 294 | 0 | |||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 390 | 38,566 | — | — | 38,956 | Net income | 618 | 61,226 | — | — | 61,844 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | (28 | ) | — | (28 | ) | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | 115 | — | 115 | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 38,928 | Total comprehensive income | 61,959 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 22,886 | $ | 2,265,692 | $ | (1,704 | ) | $ | 21,755 | $ | 2,308,629 | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 23,182 | $ | 2,295,026 | $ | (1,225) | $ | 21,839 | $ | 2,338,822 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | 23,087 | $ | 2,285,673 | $ | (1,462) | $ | 22,046 | $ | 2,329,344 | |||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 59 | 5,838 | — | — | 5,897 | ||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 21,240 | $ | 2,102,769 | ||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 76 | 7,488 | — | — | 7,564 | |||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.96 per unit) | (1,019 | ) | (100,912 | ) | — | — | (101,931 | ) | Distributions on Common Units ($0.96 per unit) | (1,021) | (101,091) | — | — | (102,112) | ||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($43.125 per unit) | (12 | ) | (1,232 | ) | — | — | (1,244 | ) | Distributions on Preferred Units ($43.125 per unit) | (12) | (1,231) | — | — | (1,243) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | 37 | 3,701 | — | — | 3,738 | Share-based compensation expense, net of forfeitures | 49 | 4,806 | — | — | 4,855 | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (829 | ) | (829 | ) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (782) | (782) | |||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 267 | 26,453 | — | — | 26,720 | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (161) | (15,912) | — | — | (16,073) | |||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (6 | ) | (568 | ) | — | 574 | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | (6) | (569) | 575 | 0 | ||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 2,303 | 227,993 | — | — | 230,296 | Net income | 1,187 | 117,512 | — | — | 118,699 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | (1,233 | ) | — | (1,233 | ) | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | 237 | — | 237 | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 229,063 | Total comprehensive income | 118,936 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 22,886 | $ | 2,265,692 | $ | (1,704 | ) | $ | 21,755 | $ | 2,308,629 | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 23,182 | $ | 2,295,026 | $ | (1,225) | $ | 21,839 | $ | 2,338,822 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2019 | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Income | Noncontrolling Interests in Consolidated Affiliates | Total | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | Balance at March 31, 2020 | $ | 23,055 | $ | 2,282,528 | $ | (1,676) | $ | 22,097 | $ | 2,326,004 | |||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 4 | 358 | — | — | 362 | ||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | Accumulated Other Comprehensive Income | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | 21,463 | $ | 2,124,868 | ||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 4 | 393 | — | — | 397 | |||||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.475 per unit) | (503 | ) | (49,850 | ) | — | — | (50,353 | ) | ||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.48 per unit) | Distributions on Common Units ($0.48 per unit) | (510) | (50,518) | — | — | (51,028) | ||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($21.5625 per unit) | (6 | ) | (616 | ) | — | — | (622 | ) | Distributions on Preferred Units ($21.5625 per unit) | (6) | (616) | — | — | (622) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | 9 | 931 | — | — | 940 | Share-based compensation expense, net of forfeitures | 12 | 1,230 | — | — | 1,242 | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (476 | ) | (476 | ) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (631) | (631) | |||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated affiliates | — | — | — | 4,987 | 4,987 | |||||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 150 | 14,853 | — | — | 15,003 | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (56) | (5,570) | — | — | (5,626) | |||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (3 | ) | (303 | ) | — | 306 | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | (3) | (286) | — | 289 | 0 | |||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 414 | 40,980 | — | — | 41,394 | Net income | 390 | 38,566 | — | — | 38,956 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | (1,006 | ) | — | (1,006 | ) | Other comprehensive loss | — | — | (28) | — | (28) | |||||||||||||||||||||||||||||||||||
Total comprehensive income | 40,388 | Total comprehensive income | 38,928 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | 21,528 | $ | 2,131,256 | $ | 6,488 | $ | 22,401 | $ | 2,181,673 | ||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | $ | 22,886 | $ | 2,265,692 | $ | (1,704) | $ | 21,755 | $ | 2,308,629 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Income | Noncontrolling Interests in Consolidated Affiliates | Total | General Partners’ Capital | Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | $ | 21,240 | $ | 2,102,769 | $ | (471) | $ | 22,010 | $ | 2,145,548 | |||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | Issuances of Common Units, net of issuance costs and tax withholdings | 76 | 7,488 | — | — | 7,564 | ||||||||||||||||||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | Accumulated Other Comprehensive Income | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 22,078 | $ | 2,185,852 | ||||||||||||||||||||||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | (7 | ) | (724 | ) | — | — | (731 | ) | ||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.95 per unit) | (1,006 | ) | (99,628 | ) | — | — | (100,634 | ) | ||||||||||||||||||||||||||||||||||||||||
Distributions on Common Units ($0.96 per unit) | Distributions on Common Units ($0.96 per unit) | (1,019) | (100,912) | — | — | (101,931) | ||||||||||||||||||||||||||||||||||||||||||
Distributions on Preferred Units ($43.125 per unit) | (12 | ) | (1,232 | ) | — | — | (1,244 | ) | Distributions on Preferred Units ($43.125 per unit) | (12) | (1,232) | — | — | (1,244) | ||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | 55 | 5,457 | — | — | 5,512 | Share-based compensation expense, net of forfeitures | 37 | 3,701 | — | — | 3,738 | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (784 | ) | (784 | ) | Distributions to noncontrolling interests in consolidated affiliates | — | — | — | (829) | (829) | |||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated affiliates | — | — | — | 4,987 | 4,987 | |||||||||||||||||||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (72 | ) | (7,135 | ) | — | — | (7,207 | ) | Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 267 | 26,453 | — | — | 26,720 | ||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (6 | ) | (616 | ) | — | 622 | — | Net (income) attributable to noncontrolling interests in consolidated affiliates | (6) | (568) | — | 574 | 0 | |||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 498 | 49,282 | — | — | 49,780 | Net income | 2,303 | 227,993 | — | — | 230,296 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | (3,425 | ) | — | (3,425 | ) | Other comprehensive loss | — | — | (1,233) | — | (1,233) | |||||||||||||||||||||||||||||||||||
Total comprehensive income | 46,355 | Total comprehensive income | 229,063 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | 21,528 | $ | 2,131,256 | $ | 6,488 | $ | 22,401 | $ | 2,181,673 | ||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | $ | 22,886 | $ | 2,265,692 | $ | (1,704) | $ | 21,755 | $ | 2,308,629 |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Operating activities: | Operating activities: | |||||||||||||||||
Net income | $ | 230,296 | $ | 49,780 | Net income | $ | 118,699 | $ | 230,296 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 120,611 | 128,664 | Depreciation and amortization | 122,876 | 120,611 | |||||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (1,278 | ) | 868 | Amortization of lease incentives and acquisition-related intangible assets and liabilities | (1,439) | (1,278) | ||||||||||||
Share-based compensation expense | 3,738 | 5,512 | Share-based compensation expense | 4,855 | 3,738 | |||||||||||||
Credit losses on operating lease receivables | 2,333 | 8,144 | ||||||||||||||||
Write-off of mortgages and notes receivable | — | 4,087 | ||||||||||||||||
Net credit losses/(reversals) on operating lease receivables | Net credit losses/(reversals) on operating lease receivables | (489) | 2,333 | |||||||||||||||
Accrued interest on mortgages and notes receivable | (61 | ) | (118 | ) | Accrued interest on mortgages and notes receivable | (54) | (61) | |||||||||||
Amortization of debt issuance costs | 1,533 | 1,455 | Amortization of debt issuance costs | 1,661 | 1,533 | |||||||||||||
Amortization of cash flow hedges | 3 | (875 | ) | Amortization of cash flow hedges | 248 | 3 | ||||||||||||
Amortization of mortgages and notes payable fair value adjustments | 852 | 787 | Amortization of mortgages and notes payable fair value adjustments | 776 | 852 | |||||||||||||
Impairments of real estate assets | 1,778 | 531 | Impairments of real estate assets | 0 | 1,778 | |||||||||||||
Losses on debt extinguishment | — | 375 | Losses on debt extinguishment | 134 | 0 | |||||||||||||
Net gains on disposition of property | (153,385 | ) | (6,703 | ) | Net gains on disposition of property | (41,799) | (153,385) | |||||||||||
Equity in earnings of unconsolidated affiliates | (2,142 | ) | (1,429 | ) | Equity in earnings of unconsolidated affiliates | (1,068) | (2,142) | |||||||||||
Distributions of earnings from unconsolidated affiliates | 407 | 669 | Distributions of earnings from unconsolidated affiliates | 1,402 | 407 | |||||||||||||
Settlement of cash flow hedges | — | (5,144 | ) | |||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (1,031 | ) | (5,507 | ) | Accounts receivable | 6,694 | (1,031) | |||||||||||
Prepaid expenses and other assets | (8,320 | ) | (3,305 | ) | Prepaid expenses and other assets | (5,642) | (8,320) | |||||||||||
Accrued straight-line rents receivable | (21,522 | ) | (14,273 | ) | Accrued straight-line rents receivable | (7,638) | (21,522) | |||||||||||
Accounts payable, accrued expenses and other liabilities | 6,403 | 9,771 | Accounts payable, accrued expenses and other liabilities | (1,801) | 6,403 | |||||||||||||
Net cash provided by operating activities | 180,215 | 173,289 | Net cash provided by operating activities | 197,415 | 180,215 | |||||||||||||
Investing activities: | Investing activities: | |||||||||||||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | (2,363 | ) | (12,795 | ) | Investments in acquired real estate and related intangible assets, net of cash acquired | (120) | (2,363) | |||||||||||
Investments in development in-process | (83,071 | ) | (50,884 | ) | Investments in development in-process | (54,365) | (83,071) | |||||||||||
Investments in tenant improvements and deferred leasing costs | (85,544 | ) | (78,449 | ) | Investments in tenant improvements and deferred leasing costs | (44,827) | (85,544) | |||||||||||
Investments in building improvements | (30,312 | ) | (24,113 | ) | Investments in building improvements | (24,109) | (30,312) | |||||||||||
Investment in acquired controlling interest in unconsolidated affiliate | Investment in acquired controlling interest in unconsolidated affiliate | (127,339) | 0 | |||||||||||||||
Net proceeds from disposition of real estate assets | 334,366 | 31,510 | Net proceeds from disposition of real estate assets | 71,501 | 334,366 | |||||||||||||
Distributions of capital from unconsolidated affiliates | 72 | 29 | Distributions of capital from unconsolidated affiliates | 0 | 72 | |||||||||||||
Investments in mortgages and notes receivable | (32 | ) | — | Investments in mortgages and notes receivable | (23) | (32) | ||||||||||||
Repayments of mortgages and notes receivable | 154 | 147 | Repayments of mortgages and notes receivable | 154 | 154 | |||||||||||||
Payments of earnest money deposits | Payments of earnest money deposits | (55,000) | 0 | |||||||||||||||
Changes in other investing activities | (3,541 | ) | (4,272 | ) | Changes in other investing activities | 5,711 | (3,541) | |||||||||||
Net cash provided by/(used in) investing activities | 129,729 | (138,827 | ) | Net cash provided by/(used in) investing activities | (228,417) | 129,729 | ||||||||||||
Financing activities: | Financing activities: | |||||||||||||||||
Distributions on Common Units | (101,931 | ) | (100,634 | ) | Distributions on Common Units | (102,112) | (101,931) | |||||||||||
Redemptions/repurchases of Preferred Units | (16 | ) | (18 | ) | Redemptions/repurchases of Preferred Units | (5) | (16) | |||||||||||
Distributions on Preferred Units | (1,244 | ) | (1,244 | ) | Distributions on Preferred Units | (1,243) | (1,244) | |||||||||||
Distributions to noncontrolling interests in consolidated affiliates | (829 | ) | (784 | ) | Distributions to noncontrolling interests in consolidated affiliates | (782) | (829) | |||||||||||
Proceeds from the issuance of Common Units | 2,753 | 1,049 | Proceeds from the issuance of Common Units | 7,763 | 2,753 | |||||||||||||
Costs paid for the issuance of Common Units | (228 | ) | — | Costs paid for the issuance of Common Units | (185) | (228) | ||||||||||||
Repurchase of units related to tax withholdings | (1,124 | ) | (1,780 | ) | Repurchase of units related to tax withholdings | (1,681) | (1,124) | |||||||||||
Borrowings on revolving credit facility | 129,000 | 169,400 | Borrowings on revolving credit facility | 230,000 | 129,000 | |||||||||||||
Repayments of revolving credit facility | (336,000 | ) | (215,400 | ) | Repayments of revolving credit facility | (75,000) | (336,000) | |||||||||||
Borrowings on mortgages and notes payable | — | 349,010 | ||||||||||||||||
Repayments of mortgages and notes payable | (967 | ) | (225,929 | ) | Repayments of mortgages and notes payable | (151,006) | (967) | |||||||||||
Changes in debt issuance costs and other financing activities | (393 | ) | (4,768 | ) | Changes in debt issuance costs and other financing activities | (5,558) | (393) | |||||||||||
Net cash used in financing activities | (310,979 | ) | (31,098 | ) | Net cash used in financing activities | (99,809) | (310,979) | |||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | (1,035 | ) | $ | 3,364 | |||||||||||||
Net decrease in cash and cash equivalents and restricted cash | Net decrease in cash and cash equivalents and restricted cash | $ | (130,811) | $ | (1,035) |
Six Months Ended June 30, | ||||||||||||||||||
Six Months Ended June 30, | 2021 | 2020 | ||||||||||||||||
2020 | 2019 | |||||||||||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | $ | (1,035 | ) | $ | 3,364 | |||||||||||||
Net decrease in cash and cash equivalents and restricted cash | Net decrease in cash and cash equivalents and restricted cash | $ | (130,811) | $ | (1,035) | |||||||||||||
Cash and cash equivalents and restricted cash at beginning of the period | 14,742 | 10,143 | Cash and cash equivalents and restricted cash at beginning of the period | 189,244 | 14,742 | |||||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 13,707 | $ | 13,507 | Cash and cash equivalents and restricted cash at end of the period | $ | 58,433 | $ | 13,707 |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 4,752 | $ | 4,530 | Cash and cash equivalents at end of the period | $ | 6,535 | $ | 4,752 | |||||||||
Restricted cash at end of the period | 8,955 | 8,977 | Restricted cash at end of the period | 51,898 | 8,955 | |||||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 13,707 | $ | 13,507 | Cash and cash equivalents and restricted cash at end of the period | $ | 58,433 | $ | 13,707 |
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Cash paid for interest, net of amounts capitalized | $ | 38,424 | $ | 33,378 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | 36,071 | $ | 38,424 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Unrealized losses on cash flow hedges | $ | (11) | $ | (1,236) | |||||||
Changes in accrued capital expenditures (1) | (23,599) | (18,819) | |||||||||
Write-off of fully depreciated real estate assets | 36,798 | 22,630 | |||||||||
Write-off of fully amortized leasing costs | 28,575 | 10,564 | |||||||||
Write-off of fully amortized debt issuance costs | 4,158 | 0 | |||||||||
Adjustment of Redeemable Common Units to fair value | 15,681 | (33,276) | |||||||||
Issuances of Common Units to acquire real estate assets | 0 | 6,163 | |||||||||
Contingent consideration in connection with the acquisition of land | 0 | 1,500 | |||||||||
Future consideration in connection with the acquisition of land | 16,000 | 0 |
Six Months Ended June 30, | |||||||
2020 | 2019 | ||||||
Unrealized losses on cash flow hedges | $ | (1,236 | ) | $ | (2,550 | ) | |
Changes in accrued capital expenditures (1) | (18,819 | ) | 2,027 | ||||
Write-off of fully depreciated real estate assets | 22,630 | 36,188 | |||||
Write-off of fully amortized leasing costs | 10,564 | 19,900 | |||||
Write-off of fully amortized debt issuance costs | — | 828 | |||||
Adjustment of Redeemable Common Units to fair value | (33,276 | ) | 6,818 | ||||
Contributions from noncontrolling interests in consolidated affiliates | — | 4,987 | |||||
Issuances of Common Units to acquire real estate assets | 6,163 | — | |||||
Contingent consideration in connection with the acquisition of land | 1,500 | — | |||||
Initial recognition of lease liabilities related to right of use assets | — | 35,349 |
2. Leases |
June 30, 2021 | |||||
Net real estate assets | $ | 51,533 | |||
Cash and cash equivalents | $ | 101 | |||
Deferred leasing costs | $ | 260 | |||
Prepaid expenses and other assets, net of accumulated depreciation | $ | 126 | |||
Accounts payable, accrued expenses and other liabilities | $ | 1,798 |
June 30, 2020 | |||
Development in-process | $ | 34,462 | |
Accounts payable, accrued expenses and other liabilities | $ | 2,377 |
June 30, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ | 356,575 | $ | 361,027 | |||||||
Less accumulated amortization | (140,257) | (151,698) | |||||||||
$ | 216,318 | $ | 209,329 | ||||||||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||||||
Acquisition-related below market lease liabilities | $ | 55,581 | $ | 63,748 | |||||||
Less accumulated amortization | (31,159) | (37,838) | |||||||||
$ | 24,422 | $ | 25,910 |
June 30, 2020 | December 31, 2019 | ||||||
Assets: | |||||||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ | 373,075 | $ | 377,472 | |||
Less accumulated amortization | (151,170 | ) | (146,125 | ) | |||
$ | 221,905 | $ | 231,347 | ||||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 65,039 | $ | 65,971 | |||
Less accumulated amortization | (36,164 | ) | (34,014 | ) | |||
$ | 28,875 | $ | 31,957 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 8,566 | $ | 8,759 | $ | 17,364 | $ | 19,074 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 429 | $ | 460 | $ | 919 | $ | 3,308 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 321 | $ | 343 | $ | 609 | $ | 700 | |||||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 138 | $ | 139 | $ | 277 | $ | 276 | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (1,517 | ) | $ | (1,763 | ) | $ | (3,083 | ) | $ | (3,416 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 8,626 | $ | 8,566 | $ | 17,197 | $ | 17,364 | |||||||||||||||
Amortization of lease incentives (in rental and other revenues) | $ | 445 | $ | 429 | $ | 893 | $ | 919 | |||||||||||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 241 | $ | 321 | $ | 518 | $ | 609 | |||||||||||||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 0 | $ | 138 | $ | 0 | $ | 277 | |||||||||||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (1,421) | $ | (1,517) | $ | (2,850) | $ | (3,083) |
Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | Amortization of Lease Incentives (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||
July 1 through December 31, 2020 | $ | 18,951 | $ | 831 | $ | 529 | $ | 233 | $ | (2,874 | ) | |||||||||
2021 | 33,989 | 1,415 | 767 | — | (5,013 | ) | ||||||||||||||
2022 | 29,787 | 1,204 | 601 | — | (3,982 | ) | ||||||||||||||
2023 | 26,329 | 1,121 | 447 | — | (3,607 | ) | ||||||||||||||
2024 | 23,306 | 975 | 373 | — | (2,939 | ) | ||||||||||||||
Thereafter | 74,561 | 4,325 | 2,161 | — | (10,460 | ) | ||||||||||||||
$ | 206,923 | $ | 9,871 | $ | 4,878 | $ | 233 | $ | (28,875 | ) | ||||||||||
Weighted average remaining amortization periods as of June 30, 2020 (in years) | 8.4 | 9.1 | 9.5 | 0.5 | 8.7 |
Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | Amortization of Lease Incentives (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | |||||||||||||||||||||||||||||||||||
July 1 through December 31, 2021 | $ | 18,331 | $ | 791 | $ | 484 | $ | (2,336) | ||||||||||||||||||||||||||||||
2022 | 33,657 | 1,493 | 910 | (4,214) | ||||||||||||||||||||||||||||||||||
2023 | 29,975 | 1,421 | 754 | (3,838) | ||||||||||||||||||||||||||||||||||
2024 | 26,604 | 1,273 | 664 | (3,171) | ||||||||||||||||||||||||||||||||||
2025 | 21,634 | 1,195 | 546 | (1,813) | ||||||||||||||||||||||||||||||||||
Thereafter | 69,158 | 4,975 | 2,453 | (9,050) | ||||||||||||||||||||||||||||||||||
$ | 199,359 | $ | 11,148 | $ | 5,811 | $ | (24,422) | |||||||||||||||||||||||||||||||
Weighted average remaining amortization periods as of June 30, 2021 (in years) | 8.0 | 9.2 | 8.8 | 8.4 |
Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues) | Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization) | Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues) | ||||||||||||||||||||||||
Amount recorded at acquisition | $ | 2,036 | $ | 13,168 | $ | (1,361) | ||||||||||||||||||||
Weighted average remaining amortization periods as of June 30, 2021 (in years) | 7.2 | 5.8 | 5.7 |
June 30, 2020 | December 31, 2019 | ||||||
Secured indebtedness | $ | 94,336 | $ | 95,303 | |||
Unsecured indebtedness | 2,255,277 | 2,461,425 | |||||
Less-unamortized debt issuance costs | (11,951 | ) | (13,018 | ) | |||
Total mortgages and notes payable, net | $ | 2,337,662 | $ | 2,543,710 |
June 30, 2021 | December 31, 2020 | ||||||||||
Secured indebtedness | $ | 92,345 | $ | 93,350 | |||||||
Unsecured indebtedness | 2,396,466 | 2,390,652 | |||||||||
Less-unamortized debt issuance costs | (12,909) | (13,981) | |||||||||
Total mortgages and notes payable, net | $ | 2,475,902 | $ | 2,470,021 |
June 30, 2020 | December 31, 2019 | ||||||
Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 1,237 | $ | 154 |
June 30, 2021 | December 31, 2020 | ||||||||||
Derivatives: | |||||||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||||||
Interest rate swaps | $ | 461 | $ | 846 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||
Amount of unrealized losses recognized in accumulated other comprehensive income/(loss) on derivatives: | |||||||||||||||
Interest rate swaps | $ | (103 | ) | $ | (646 | ) | $ | (1,236 | ) | $ | (2,550 | ) | |||
Amount of (gains)/losses reclassified out of accumulated other comprehensive income/(loss) into interest expense: | |||||||||||||||
Interest rate swaps | $ | 75 | $ | (360 | ) | $ | 3 | $ | (875 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||||||||||
Amount of unrealized losses recognized in accumulated other comprehensive loss on derivatives: | |||||||||||||||||||||||
Interest rate swaps | $ | (11) | $ | (103) | $ | (11) | $ | (1,236) | |||||||||||||||
Amount of losses reclassified out of accumulated other comprehensive loss into interest expense: | |||||||||||||||||||||||
Interest rate swaps | $ | 126 | $ | 75 | $ | 248 | $ | 3 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Beginning noncontrolling interests in the Operating Partnership | $ | 100,674 | $ | 127,976 | $ | 133,216 | $ | 105,960 | |||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 5,776 | (14,722 | ) | (36,525 | ) | 8,532 | |||||||||
Issuances of Common Units | — | — | 6,163 | — | |||||||||||
Conversions of Common Units to Common Stock | — | (222 | ) | — | (353 | ) | |||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | 1,017 | 1,044 | 5,977 | 1,237 | |||||||||||
Distributions to noncontrolling interests in the Operating Partnership | (1,364 | ) | (1,298 | ) | (2,728 | ) | (2,598 | ) | |||||||
Total noncontrolling interests in the Operating Partnership | $ | 106,103 | $ | 112,778 | $ | 106,103 | $ | 112,778 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Beginning noncontrolling interests in the Operating Partnership | $ | 121,895 | $ | 100,674 | $ | 112,499 | $ | 133,216 | |||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 6,068 | 5,776 | 15,334 | (36,525) | |||||||||||||||||||
Issuances of Common Units | 0 | 0 | 0 | 6,163 | |||||||||||||||||||
Conversions of Common Units to Common Stock | (44) | 0 | (44) | 0 | |||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | 1,624 | 1,017 | 3,117 | 5,977 | |||||||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | (1,363) | (1,364) | (2,726) | (2,728) | |||||||||||||||||||
Total noncontrolling interests in the Operating Partnership | $ | 128,180 | $ | 106,103 | $ | 128,180 | $ | 106,103 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income available for common stockholders | $ | 37,028 | $ | 39,422 | $ | 222,501 | $ | 46,677 | |||||||
Increase in additional paid in capital from conversions of Common Units to Common Stock | — | 222 | — | 353 | |||||||||||
Issuances of Common Units | — | — | (6,163 | ) | — | ||||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 37,028 | $ | 39,644 | $ | 216,338 | $ | 47,030 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income available for common stockholders | $ | 59,305 | $ | 37,028 | $ | 113,764 | $ | 222,501 | |||||||||||||||
Increase in additional paid in capital from conversions of Common Units to Common Stock | 44 | 0 | 44 | 0 | |||||||||||||||||||
Issuances of Common Units | 0 | 0 | 0 | (6,163) | |||||||||||||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 59,349 | $ | 37,028 | $ | 113,808 | $ | 216,338 |
Level 1 | Level 2 | Level 3 | ||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
Fair Value at June 30, 2020: | ||||||||||||||||
Assets: | ||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 1,440 | $ | — | $ | 1,440 | $ | — | ||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,111 | 2,111 | — | — | ||||||||||||
Impaired real estate assets | 2,053 | — | — | 2,053 | ||||||||||||
Total Assets | $ | 5,604 | $ | 2,111 | $ | 1,440 | $ | 2,053 | ||||||||
Noncontrolling Interests in the Operating Partnership | $ | 106,103 | $ | 106,103 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | 2,421,024 | $ | — | $ | 2,421,024 | $ | — | ||||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 1,237 | — | 1,237 | — | ||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,111 | 2,111 | — | — | ||||||||||||
Total Liabilities | $ | 2,424,372 | $ | 2,111 | $ | 2,422,261 | $ | — |
Fair Value at December 31, 2019: | ||||||||||||||||
Assets: | ||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 1,501 | $ | — | $ | 1,501 | $ | — | ||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,345 | 2,345 | — | — | ||||||||||||
Total Assets | $ | 3,846 | $ | 2,345 | $ | 1,501 | $ | — | ||||||||
Noncontrolling Interests in the Operating Partnership | $ | 133,216 | $ | 133,216 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | 2,615,776 | $ | — | $ | 2,615,776 | $ | — | ||||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 154 | — | 154 | — | ||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,345 | 2,345 | — | — | ||||||||||||
Total Liabilities | $ | 2,618,275 | $ | 2,345 | $ | 2,615,930 | $ | — |
Level 1 | Level 2 | |||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | ||||||||||||||||||||||||
Fair Value at June 30, 2021: | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 1,264 | $ | 0 | $ | 1,264 | ||||||||||||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,829 | 2,829 | 0 | |||||||||||||||||||||||
Total Assets | $ | 4,093 | $ | 2,829 | $ | 1,264 | ||||||||||||||||||||
Noncontrolling Interests in the Operating Partnership | $ | 128,180 | $ | 128,180 | $ | 0 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | 2,619,464 | $ | 0 | $ | 2,619,464 | ||||||||||||||||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 461 | 0 | 461 | |||||||||||||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,829 | 2,829 | 0 | |||||||||||||||||||||||
Total Liabilities | $ | 2,622,754 | $ | 2,829 | $ | 2,619,925 |
Fair Value at December 31, 2020: | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 1,341 | $ | 0 | $ | 1,341 | ||||||||||||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,573 | 2,573 | 0 | |||||||||||||||||||||||
Total Assets | $ | 3,914 | $ | 2,573 | $ | 1,341 | ||||||||||||||||||||
Noncontrolling Interests in the Operating Partnership | $ | 112,499 | $ | 112,499 | $ | 0 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | 2,639,163 | $ | 0 | $ | 2,639,163 | ||||||||||||||||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 846 | 0 | 846 | |||||||||||||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,573 | 2,573 | 0 | |||||||||||||||||||||||
Total Liabilities | $ | 2,642,582 | $ | 2,573 | $ | 2,640,009 |
11. Accumulated Other Comprehensive Loss |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Beginning balance | $ | (1,340) | $ | (1,676) | $ | (1,462) | $ | (471) | |||||||||||||||
Unrealized losses on cash flow hedges | (11) | (103) | (11) | (1,236) | |||||||||||||||||||
Amortization of cash flow hedges (1) | 126 | 75 | 248 | 3 | |||||||||||||||||||
Total accumulated other comprehensive loss | $ | (1,225) | $ | (1,704) | $ | (1,225) | $ | (1,704) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Cash flow hedges: | |||||||||||||||
Beginning balance | $ | (1,676 | ) | $ | 7,494 | $ | (471 | ) | $ | 9,913 | |||||
Unrealized losses on cash flow hedges | (103 | ) | (646 | ) | (1,236 | ) | (2,550 | ) | |||||||
Amortization of cash flow hedges (1) | 75 | (360 | ) | 3 | (875 | ) | |||||||||
Total accumulated other comprehensive income/(loss) | $ | (1,704 | ) | $ | 6,488 | $ | (1,704 | ) | $ | 6,488 |
12. Real Estate and Other Assets Held For Sale |
June 30, 2020 | December 31, 2019 | ||||||
Assets: | |||||||
Land | $ | — | $ | 4,815 | |||
Buildings and tenant improvements | — | 29,581 | |||||
Less-accumulated depreciation | — | (16,775 | ) | ||||
Net real estate assets | — | 17,621 | |||||
Accrued straight-line rents receivable | — | 2,073 | |||||
Deferred leasing costs, net | — | 1,096 | |||||
Real estate and other assets, net, held for sale | $ | — | $ | 20,790 |
June 30, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Land | $ | 0 | $ | 2,612 | |||||||
Buildings and tenant improvements | 0 | 12,238 | |||||||||
Less-accumulated depreciation | 0 | (3,577) | |||||||||
Net real estate assets | 0 | 11,273 | |||||||||
Deferred leasing costs, net | 0 | 87 | |||||||||
Real estate and other assets, net, held for sale | $ | 0 | $ | 11,360 | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 | |||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,017 | ) | (1,044 | ) | (5,977 | ) | (1,237 | ) | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289 | ) | (306 | ) | (574 | ) | (622 | ) | |||||||
Dividends on Preferred Stock | (622 | ) | (622 | ) | (1,244 | ) | (1,244 | ) | |||||||
Net income available for common stockholders | $ | 37,028 | $ | 39,422 | $ | 222,501 | $ | 46,677 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | 103,886 | 103,693 | 103,849 | 103,647 | |||||||||||
Net income available for common stockholders | $ | 0.36 | $ | 0.38 | $ | 2.14 | $ | 0.45 | |||||||
Earnings per Common Share - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289 | ) | (306 | ) | (574 | ) | (622 | ) | |||||||
Dividends on Preferred Stock | (622 | ) | (622 | ) | (1,244 | ) | (1,244 | ) | |||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 38,045 | $ | 40,466 | $ | 228,478 | $ | 47,914 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | 103,886 | 103,693 | 103,849 | 103,647 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 2 | 19 | 13 | 20 | |||||||||||
Noncontrolling interests Common Units | 2,842 | 2,733 | 2,819 | 2,735 | |||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | 106,730 | 106,445 | 106,681 | 106,402 | |||||||||||
Net income available for common stockholders | $ | 0.36 | $ | 0.38 | $ | 2.14 | $ | 0.45 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings per Common Share - basic: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 61,844 | $ | 38,956 | $ | 118,699 | $ | 230,296 | |||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,624) | (1,017) | (3,117) | (5,977) | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (294) | (289) | (575) | (574) | |||||||||||||||||||
Dividends on Preferred Stock | (621) | (622) | (1,243) | (1,244) | |||||||||||||||||||
Net income available for common stockholders | $ | 59,305 | $ | 37,028 | $ | 113,764 | $ | 222,501 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | 104,106 | 103,886 | 104,035 | 103,849 | |||||||||||||||||||
Net income available for common stockholders | $ | 0.57 | $ | 0.36 | $ | 1.09 | $ | 2.14 | |||||||||||||||
Earnings per Common Share - diluted: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 61,844 | $ | 38,956 | $ | 118,699 | $ | 230,296 | |||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (294) | (289) | (575) | (574) | |||||||||||||||||||
Dividends on Preferred Stock | (621) | (622) | (1,243) | (1,244) | |||||||||||||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 60,929 | $ | 38,045 | $ | 116,881 | $ | 228,478 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | 104,106 | 103,886 | 104,035 | 103,849 | |||||||||||||||||||
Add: | |||||||||||||||||||||||
Stock options using the treasury method | 20 | 2 | 14 | 13 | |||||||||||||||||||
Noncontrolling interests Common Units | 2,838 | 2,842 | 2,838 | 2,819 | |||||||||||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | 106,964 | 106,730 | 106,887 | 106,681 | |||||||||||||||||||
Net income available for common stockholders | $ | 0.57 | $ | 0.36 | $ | 1.09 | $ | 2.14 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings per Common Unit - basic: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 61,844 | $ | 38,956 | $ | 118,699 | $ | 230,296 | |||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (294) | (289) | (575) | (574) | |||||||||||||||||||
Distributions on Preferred Units | (621) | (622) | (1,243) | (1,244) | |||||||||||||||||||
Net income available for common unitholders | $ | 60,929 | $ | 38,045 | $ | 116,881 | $ | 228,478 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | 106,535 | 106,319 | 106,464 | 106,259 | |||||||||||||||||||
Net income available for common unitholders | $ | 0.57 | $ | 0.36 | $ | 1.10 | $ | 2.15 | |||||||||||||||
Earnings per Common Unit - diluted: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 61,844 | $ | 38,956 | $ | 118,699 | $ | 230,296 | |||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (294) | (289) | (575) | (574) | |||||||||||||||||||
Distributions on Preferred Units | (621) | (622) | (1,243) | (1,244) | |||||||||||||||||||
Net income available for common unitholders | $ | 60,929 | $ | 38,045 | $ | 116,881 | $ | 228,478 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | 106,535 | 106,319 | 106,464 | 106,259 | |||||||||||||||||||
Add: | |||||||||||||||||||||||
Stock options using the treasury method | 20 | 2 | 14 | 13 | |||||||||||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | 106,555 | 106,321 | 106,478 | 106,272 | |||||||||||||||||||
Net income available for common unitholders | $ | 0.57 | $ | 0.36 | $ | 1.10 | $ | 2.15 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289 | ) | (306 | ) | (574 | ) | (622 | ) | |||||||
Distributions on Preferred Units | (622 | ) | (622 | ) | (1,244 | ) | (1,244 | ) | |||||||
Net income available for common unitholders | $ | 38,045 | $ | 40,466 | $ | 228,478 | $ | 47,914 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | 106,319 | 106,017 | 106,259 | 105,973 | |||||||||||
Net income available for common unitholders | $ | 0.36 | $ | 0.38 | $ | 2.15 | $ | 0.45 | |||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289 | ) | (306 | ) | (574 | ) | (622 | ) | |||||||
Distributions on Preferred Units | (622 | ) | (622 | ) | (1,244 | ) | (1,244 | ) | |||||||
Net income available for common unitholders | $ | 38,045 | $ | 40,466 | $ | 228,478 | $ | 47,914 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | 106,319 | 106,017 | 106,259 | 105,973 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 2 | 19 | 13 | 20 | |||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | 106,321 | 106,036 | 106,272 | 105,993 | |||||||||||
Net income available for common unitholders | $ | 0.36 | $ | 0.38 | $ | 2.15 | $ | 0.45 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Rental and Other Revenues: | |||||||||||||||
Office: | |||||||||||||||
Atlanta | $ | 36,537 | $ | 37,692 | $ | 74,496 | $ | 73,995 | |||||||
Charlotte | 9,010 | — | 17,943 | — | |||||||||||
Nashville | 34,622 | 33,109 | 69,119 | 64,508 | |||||||||||
Orlando | 12,304 | 12,995 | 25,326 | 26,927 | |||||||||||
Pittsburgh | 14,676 | 14,994 | 29,624 | 30,309 | |||||||||||
Raleigh | 31,202 | 30,673 | 63,755 | 59,770 | |||||||||||
Richmond | 11,834 | 12,341 | 24,094 | 24,627 | |||||||||||
Tampa | 25,358 | 23,497 | 50,602 | 39,068 | |||||||||||
Total Office Segment | 175,543 | 165,301 | 354,959 | 319,204 | |||||||||||
Other | 7,610 | 18,769 | 20,994 | 37,229 | |||||||||||
Total Rental and Other Revenues | $ | 183,153 | $ | 184,070 | $ | 375,953 | $ | 356,433 |
Net Operating Income: | |||||||||||||||
Office: | |||||||||||||||
Atlanta | $ | 23,901 | $ | 24,819 | $ | 49,084 | $ | 48,242 | |||||||
Charlotte | 7,123 | — | 14,325 | — | |||||||||||
Nashville | 25,132 | 24,208 | 49,885 | 46,526 | |||||||||||
Orlando | 7,750 | 8,007 | 15,755 | 16,563 | |||||||||||
Pittsburgh | 9,350 | 8,895 | 18,020 | 18,029 | |||||||||||
Raleigh | 23,997 | 22,438 | 47,633 | 43,297 | |||||||||||
Richmond | 8,508 | 8,610 | 17,199 | 17,162 | |||||||||||
Tampa | 17,663 | 14,291 | 34,196 | 21,376 | |||||||||||
Total Office Segment | 123,424 | 111,268 | 246,097 | 211,195 | |||||||||||
Other | 4,610 | 12,244 | 12,535 | 24,129 | |||||||||||
Total Net Operating Income | 128,034 | 123,512 | 258,632 | 235,324 | |||||||||||
Reconciliation to net income: | |||||||||||||||
Depreciation and amortization | (59,461 | ) | (59,460 | ) | (120,611 | ) | (128,664 | ) | |||||||
Impairments of real estate assets | (1,778 | ) | (531 | ) | (1,778 | ) | (531 | ) | |||||||
General and administrative expenses | (10,084 | ) | (9,560 | ) | (21,014 | ) | (21,941 | ) | |||||||
Interest expense | (19,840 | ) | (20,356 | ) | (41,117 | ) | (39,095 | ) | |||||||
Other income/(loss) | 588 | 321 | 657 | (3,445 | ) | ||||||||||
Gains on disposition of property | 318 | 6,703 | 153,385 | 6,703 | |||||||||||
Equity in earnings of unconsolidated affiliates | 1,179 | 765 | 2,142 | 1,429 | |||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Rental and Other Revenues: | |||||||||||||||||||||||
Office: | |||||||||||||||||||||||
Atlanta | $ | 35,738 | $ | 36,537 | $ | 71,713 | $ | 74,496 | |||||||||||||||
Charlotte | 8,917 | 9,010 | 18,051 | 17,943 | |||||||||||||||||||
Nashville | 35,578 | 34,622 | 70,737 | 69,119 | |||||||||||||||||||
Orlando | 12,730 | 12,304 | 25,289 | 25,326 | |||||||||||||||||||
Pittsburgh | 13,949 | 14,676 | 28,567 | 29,624 | |||||||||||||||||||
Raleigh | 37,655 | 31,202 | 74,697 | 63,755 | |||||||||||||||||||
Richmond | 11,751 | 11,834 | 23,213 | 24,094 | |||||||||||||||||||
Tampa | 25,886 | 25,358 | 50,310 | 50,602 | |||||||||||||||||||
Total Office Segment | 182,204 | 175,543 | 362,577 | 354,959 | |||||||||||||||||||
Other | 3,298 | 7,610 | 6,730 | 20,994 | |||||||||||||||||||
Total Rental and Other Revenues | $ | 185,502 | $ | 183,153 | $ | 369,307 | $ | 375,953 |
|
16. Subsequent Events |
our assumptions regarding potential losses related to customer financial difficulties due to the COVID-19 pandemic could prove incorrect; |
New | Renewal | All Office | |||||||||
Leased space (in rentable square feet) | 91,007 | 730,250 | 821,257 | ||||||||
Average term (in years - rentable square foot weighted) | 5.1 | 8.6 | 8.2 | ||||||||
Base rents (per rentable square foot) (1) | $ | 30.02 | $ | 29.69 | $ | 29.73 | |||||
Rent concessions (per rentable square foot) (1) | (1.01 | ) | (0.87 | ) | (0.88 | ) | |||||
GAAP rents (per rentable square foot) (1) | $ | 29.01 | $ | 28.82 | $ | 28.85 | |||||
Tenant improvements (per rentable square foot) (1) | $ | 3.32 | $ | 1.25 | $ | 1.48 | |||||
Leasing commissions (per rentable square foot) (1) | $ | 0.89 | $ | 0.65 | $ | 0.67 |
New | Renewal | All Office | |||||||||||||||
Leased space (in rentable square feet) | 323,022 | 575,538 | 898,560 | ||||||||||||||
Average term (in years - rentable square foot weighted) | 6.6 | 4.9 | 5.5 | ||||||||||||||
Base rents (per rentable square foot) (1) | $ | 31.16 | $ | 31.13 | $ | 31.14 | |||||||||||
Rent concessions (per rentable square foot) (1) | (2.13) | (1.15) | (1.50) | ||||||||||||||
GAAP rents (per rentable square foot) (1) | $ | 29.03 | $ | 29.98 | $ | 29.64 | |||||||||||
Tenant improvements (per rentable square foot) (1) | $ | 5.37 | $ | 2.70 | $ | 3.66 | |||||||||||
Leasing commissions (per rentable square foot) (1) | $ | 1.16 | $ | 0.80 | $ | 0.93 |
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Net Cash Provided By Operating Activities | $ | 197,415 | $ | 180,215 | $ | 17,200 | |||||||||||
Net Cash Provided By/(Used In) Investing Activities | (228,417) | 129,729 | (358,146) | ||||||||||||||
Net Cash Used In Financing Activities | (99,809) | (310,979) | 211,170 | ||||||||||||||
Total Cash Flows | $ | (130,811) | $ | (1,035) | $ | (129,776) |
Six Months Ended June 30, | |||||||||||
2020 | 2019 | Change | |||||||||
Net Cash Provided By Operating Activities | $ | 180,215 | $ | 173,289 | $ | 6,926 | |||||
Net Cash Provided by/(Used In) Investing Activities | 129,729 | (138,827 | ) | 268,556 | |||||||
Net Cash Used In Financing Activities | (310,979 | ) | (31,098 | ) | (279,881 | ) | |||||
Total Cash Flows | $ | (1,035 | ) | $ | 3,364 | $ | (4,399 | ) |
June 30, 2021 | December 31, 2020 | ||||||||||
Mortgages and notes payable, net, at recorded book value | $ | 2,475,902 | $ | 2,470,021 | |||||||
Preferred Stock, at liquidation value | $ | 28,821 | $ | 28,826 | |||||||
Common Stock outstanding | 104,210 | 103,922 | |||||||||
Common Units outstanding (not owned by the Company) | 2,838 | 2,839 | |||||||||
Per share stock price at period end | $ | 45.17 | $ | 39.63 | |||||||
Market value of Common Stock and Common Units | $ | 4,835,358 | $ | 4,230,938 | |||||||
Total capitalization | $ | 7,340,081 | $ | 6,729,785 |
June 30, 2020 | December 31, 2019 | ||||||
Mortgages and notes payable, net, at recorded book value | $ | 2,337,662 | $ | 2,543,710 | |||
Preferred Stock, at liquidation value | $ | 28,843 | $ | 28,859 | |||
Common Stock outstanding | 103,897 | 103,756 | |||||
Common Units outstanding (not owned by the Company) | 2,842 | 2,724 | |||||
Per share stock price at period end | $ | 37.33 | $ | 48.91 | |||
Market value of Common Stock and Common Units | $ | 3,984,567 | $ | 5,207,937 | |||
Total capitalization | $ | 6,351,072 | $ | 7,780,506 |
Property | Market | Rentable Square Feet | Anticipated Total Investment (1) | Investment As Of June 30, 2020 (1) | Pre Leased % | Estimated Completion | Estimated Stabilization | |||||||||||||
($ in thousands) | ||||||||||||||||||||
GlenLake Seven (2) | Raleigh | 125,700 | $ | 43,881 | $ | 30,738 | 100.0 | % | 1Q 21 | 1Q 21 | ||||||||||
Virginia Springs II | Nashville | 111,000 | 37,900 | 20,059 | — | 4Q 20 | 3Q 22 | |||||||||||||
Midtown One (3) | Tampa | 150,000 | 71,300 | 34,462 | — | 2Q 21 | 4Q 22 | |||||||||||||
Asurion | Nashville | 552,800 | 285,000 | 153,563 | 98.3 | 4Q 21 | 1Q 22 | |||||||||||||
939,500 | $ | 438,081 | $ | 238,822 | 71.2 | % |
Property | Market | Rentable Square Feet | Anticipated Total Investment (1) | Investment As Of June 30, 2021 (1) | Pre Leased % | Estimated Completion | Estimated Stabilization | |||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asurion | Nashville | 552,800 | $ | 285,000 | $ | 263,268 | 98.4 | % | 4Q 21 | 4Q 21 | ||||||||||||||||||||||||||||||||||||||||
552,800 | $ | 285,000 | $ | 263,268 | 98.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) computed in accordance with GAAP; |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Funds from operations: | |||||||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289 | ) | (306 | ) | (574 | ) | (622 | ) | |||||||
Depreciation and amortization of real estate assets | 58,764 | 58,720 | 119,196 | 127,202 | |||||||||||
Impairments of depreciable properties | 1,778 | — | 1,778 | — | |||||||||||
(Gains) on disposition of depreciable properties | — | (6,703 | ) | (152,661 | ) | (6,703 | ) | ||||||||
Unconsolidated affiliates: | |||||||||||||||
Depreciation and amortization of real estate assets | 581 | 622 | 1,150 | 1,202 | |||||||||||
Funds from operations | 99,790 | 93,727 | 199,185 | 170,859 | |||||||||||
Dividends on Preferred Stock | (622 | ) | (622 | ) | (1,244 | ) | (1,244 | ) | |||||||
Funds from operations available for common stockholders | $ | 99,168 | $ | 93,105 | $ | 197,941 | $ | 169,615 | |||||||
Funds from operations available for common stockholders per share | $ | 0.93 | $ | 0.87 | $ | 1.86 | $ | 1.59 | |||||||
Weighted average shares outstanding (1) | 106,730 | 106,445 | 106,681 | 106,402 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Funds from operations: | |||||||||||||||||||||||
Net income | $ | 61,844 | $ | 38,956 | $ | 118,699 | $ | 230,296 | |||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (294) | (289) | (575) | (574) | |||||||||||||||||||
Depreciation and amortization of real estate assets | 61,293 | 58,764 | 121,521 | 119,196 | |||||||||||||||||||
Impairments of depreciable properties | — | 1,778 | — | 1,778 | |||||||||||||||||||
(Gains) on disposition of depreciable properties | (22,862) | — | (41,799) | (152,661) | |||||||||||||||||||
Unconsolidated affiliates: | |||||||||||||||||||||||
Depreciation and amortization of real estate assets | 181 | 581 | 399 | 1,150 | |||||||||||||||||||
Funds from operations | 100,162 | 99,790 | 198,245 | 199,185 | |||||||||||||||||||
Dividends on Preferred Stock | (621) | (622) | (1,243) | (1,244) | |||||||||||||||||||
Funds from operations available for common stockholders | $ | 99,541 | $ | 99,168 | $ | 197,002 | $ | 197,941�� | |||||||||||||||
Funds from operations available for common stockholders per share | $ | 0.93 | $ | 0.93 | $ | 1.84 | $ | 1.86 | |||||||||||||||
Weighted average shares outstanding (1) | 106,964 | 106,730 | 106,887 | 106,681 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 61,844 | $ | 38,956 | $ | 118,699 | $ | 230,296 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (431) | (1,179) | (1,068) | (2,142) | |||||||||||||||||||
Gains on disposition of property | (22,862) | (318) | (41,799) | (153,385) | |||||||||||||||||||
Other income | (332) | (588) | (644) | (657) | |||||||||||||||||||
Interest expense | 19,001 | 19,840 | 38,769 | 41,117 | |||||||||||||||||||
General and administrative expenses | 10,107 | 10,084 | 20,059 | 21,014 | |||||||||||||||||||
Impairments of real estate assets | — | 1,778 | — | 1,778 | |||||||||||||||||||
Depreciation and amortization | 61,949 | 59,461 | 122,876 | 120,611 | |||||||||||||||||||
Net operating income | 129,276 | 128,034 | 256,892 | 258,632 | |||||||||||||||||||
Non same property and other net operating income | (6,378) | (4,930) | (12,282) | (12,839) | |||||||||||||||||||
Same property net operating income | $ | 122,898 | $ | 123,104 | $ | 244,610 | $ | 245,793 | |||||||||||||||
Same property net operating income | $ | 122,898 | $ | 123,104 | $ | 244,610 | $ | 245,793 | |||||||||||||||
Lease termination fees, straight-line rent and other non-cash adjustments (1) | (3,305) | (15,458) | (6,734) | (26,237) | |||||||||||||||||||
Same property cash net operating income | $ | 119,593 | $ | 107,646 | $ | 237,876 | $ | 219,556 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income | $ | 38,956 | $ | 41,394 | $ | 230,296 | $ | 49,780 | |||||||
Equity in earnings of unconsolidated affiliates | (1,179 | ) | (765 | ) | (2,142 | ) | (1,429 | ) | |||||||
Gains on disposition of property | (318 | ) | (6,703 | ) | (153,385 | ) | (6,703 | ) | |||||||
Other (income)/loss | (588 | ) | (321 | ) | (657 | ) | 3,445 | ||||||||
Interest expense | 19,840 | 20,356 | 41,117 | 39,095 | |||||||||||
General and administrative expenses | 10,084 | 9,560 | 21,014 | 21,941 | |||||||||||
Impairments of real estate assets | 1,778 | 531 | 1,778 | 531 | |||||||||||
Depreciation and amortization | 59,461 | 59,460 | 120,611 | 128,664 | |||||||||||
Net operating income | 128,034 | 123,512 | 258,632 | 235,324 | |||||||||||
Non same property and other net operating income | (13,831 | ) | (12,698 | ) | (30,769 | ) | (22,974 | ) | |||||||
Same property net operating income | $ | 114,203 | $ | 110,814 | $ | 227,863 | $ | 212,350 | |||||||
Same property net operating income | $ | 114,203 | $ | 110,814 | $ | 227,863 | $ | 212,350 | |||||||
Lease termination fees, straight-line rent and other non-cash adjustments (1) | (12,091 | ) | (6,704 | ) | (19,798 | ) | (6,395 | ) | |||||||
Same property cash net operating income | $ | 102,112 | $ | 104,110 | $ | 208,065 | $ | 205,955 |
Number | Description | ||||
10.1 |
10.3 | |||||
31.1 | |||||
31.2 | |||||
31.3 | |||||
31.4 | |||||
32.1 | |||||
32.2 | |||||
32.3 | |||||
32.4 | |||||
101.INS | |||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Highwoods Properties, Inc. | |||||
By: | /s/ Mark F. Mulhern | ||||
Mark F. Mulhern | |||||
Executive Vice President and Chief Financial Officer |
Highwoods Realty Limited Partnership | |||||
By: | Highwoods Properties, Inc., its sole general partner | ||||
By: | /s/ Mark F. Mulhern | ||||
Mark F. Mulhern | |||||
Executive Vice President and Chief Financial Officer |