Consolidated Statements of Cash Flows (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | | |
Net income | $20,835 | $13,576 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 50,308 | 48,165 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | -67 | 82 |
Share-based compensation expense | 3,866 | 4,262 |
Allowance for losses on accounts and accrued straight-line rents receivable | 417 | 1,125 |
Accrued interest on mortgages and notes receivable | -170 | -115 |
Amortization of deferred financing costs | 800 | 652 |
Amortization of cash flow hedges | 924 | 928 |
Amortization of mortgages and notes payable fair value adjustments | 57 | -809 |
Net gains on disposition of property | -1,157 | -384 |
Equity in (earnings)/losses of unconsolidated affiliates | -1,811 | 29 |
Changes in financing obligations | 0 | -221 |
Distributions of earnings from unconsolidated affiliates | 1,386 | 788 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 3,166 | 713 |
Prepaid expenses and other assets | -6,769 | -5,260 |
Accrued straight-line rents receivable | -5,591 | -6,457 |
Accounts payable, accrued expenses and other liabilities | -33,088 | -25,690 |
Net cash provided by operating activities | 33,106 | 31,384 |
Investing activities: | | |
Investments in development in process | -11,232 | -27,232 |
Investments in tenant improvements and deferred leasing costs | -30,008 | -24,782 |
Investments in building improvements | -12,081 | -13,007 |
Net proceeds from disposition of real estate assets | 5,650 | 0 |
Distributions of capital from unconsolidated affiliates | 394 | 230 |
Investments in mortgages and notes receivable | -938 | -108 |
Repayments of mortgages and notes receivable | 87 | 16,604 |
Changes in restricted cash and other investing activities | 993 | 4,043 |
Net cash used in investing activities | -47,135 | -44,252 |
Financing activities: | | |
Dividends on Common Stock | -39,563 | -38,225 |
Redemptions/repurchases of Preferred Stock | -10 | 0 |
Redemptions of Common Units | 0 | -93 |
Dividends on Preferred Stock | -627 | -627 |
Distributions to noncontrolling interests in the Operating Partnership | -1,248 | -1,249 |
Distributions to noncontrolling interests in consolidated affiliates | -321 | -522 |
Proceeds from the issuance of Common Stock | 44,937 | 1,313 |
Costs paid for the issuance of Common Stock | -643 | -14 |
Repurchase of shares related to tax withholdings | -3,727 | -1,523 |
Borrowings on revolving credit facility | 110,900 | 96,100 |
Repayments of revolving credit facility | -91,900 | -36,800 |
Repayments of mortgages and notes payable | -1,220 | -2,236 |
Additions to deferred financing costs and other financing activities | 0 | -96 |
Net cash provided by financing activities | 16,578 | 16,028 |
Net increase in cash and cash equivalents | 2,549 | 3,160 |
Cash and cash equivalents at beginning of the period | 8,832 | 10,184 |
Cash and cash equivalents at end of the period | 11,381 | 13,344 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 21,480 | 25,054 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | -2,914 | -1,404 |
Conversions of Common Units to Common Stock | 1,206 | 162 |
Changes in accrued capital expenditures | -2,697 | 5,399 |
Write-off of fully depreciated real estate assets | 15,020 | 3,121 |
Write-off of fully amortized deferred financing and leasing costs | 10,147 | 3,697 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 5,036 | 7,434 |
Unrealized gains on tax increment financing bond | 193 | 165 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 20,835 | 13,576 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 50,308 | 48,165 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | -67 | 82 |
Share-based compensation expense | 3,866 | 4,262 |
Allowance for losses on accounts and accrued straight-line rents receivable | 417 | 1,125 |
Accrued interest on mortgages and notes receivable | -170 | -115 |
Amortization of deferred financing costs | 800 | 652 |
Amortization of cash flow hedges | 924 | 928 |
Amortization of mortgages and notes payable fair value adjustments | 57 | -809 |
Net gains on disposition of property | -1,157 | -384 |
Equity in (earnings)/losses of unconsolidated affiliates | -1,811 | 29 |
Changes in financing obligations | 0 | -221 |
Distributions of earnings from unconsolidated affiliates | 1,386 | 788 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 3,166 | 713 |
Prepaid expenses and other assets | -6,769 | -5,226 |
Accrued straight-line rents receivable | -5,591 | -6,457 |
Accounts payable, accrued expenses and other liabilities | -33,002 | -25,667 |
Net cash provided by operating activities | 33,192 | 31,441 |
Investing activities: | | |
Investments in development in process | -11,232 | -27,232 |
Investments in tenant improvements and deferred leasing costs | -30,008 | -24,782 |
Investments in building improvements | -12,081 | -13,007 |
Net proceeds from disposition of real estate assets | 5,650 | 0 |
Distributions of capital from unconsolidated affiliates | 394 | 230 |
Investments in mortgages and notes receivable | -938 | -108 |
Repayments of mortgages and notes receivable | 87 | 16,604 |
Changes in restricted cash and other investing activities | 993 | 4,043 |
Net cash used in investing activities | -47,135 | -44,252 |
Financing activities: | | |
Distributions on Common Units | -40,637 | -39,300 |
Redemptions/repurchases of Preferred Units | -10 | 0 |
Redemptions of Common Units | 0 | -93 |
Distributions on Preferred Units | -627 | -627 |
Distributions to noncontrolling interests in consolidated affiliates | -321 | -522 |
Proceeds from the issuance of Common Units | 44,937 | 1,313 |
Costs paid for the issuance of Common Units | -643 | -14 |
Repurchase of units related to tax withholdings | -3,727 | -1,523 |
Borrowings on revolving credit facility | 110,900 | 96,100 |
Repayments of revolving credit facility | -91,900 | -36,800 |
Repayments of mortgages and notes payable | -1,220 | -2,236 |
Additions to deferred financing costs and other financing activities | -366 | -338 |
Net cash provided by financing activities | 16,386 | 15,960 |
Net increase in cash and cash equivalents | 2,443 | 3,149 |
Cash and cash equivalents at beginning of the period | 8,938 | 10,281 |
Cash and cash equivalents at end of the period | 11,381 | 13,430 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 21,480 | 25,054 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | -2,914 | -1,404 |
Changes in accrued capital expenditures | -2,697 | 5,399 |
Write-off of fully depreciated real estate assets | 15,020 | 3,121 |
Write-off of fully amortized deferred financing and leasing costs | 10,147 | 3,697 |
Adjustment of Redeemable Common Units to fair value | 3,178 | 6,328 |
Unrealized gains on tax increment financing bond | $193 | $165 |