Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended |
Mar. 31, 2016 | Mar. 31, 2015 |
Operating activities: | | |
Net income | $ 446,735 | $ 20,835 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 53,494 | 50,308 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 108 | (67) |
Share-based compensation expense | 3,556 | 3,866 |
Allowance for losses on accounts and accrued straight-line rents receivable | 1,077 | 417 |
Accrued interest on mortgages and notes receivable | (42) | (170) |
Amortization of debt issuance costs | 990 | 800 |
Amortization of cash flow hedges | 795 | 924 |
Amortization of mortgages and notes payable fair value adjustments | (59) | 57 |
Net gains on disposition of property | (418,893) | (1,157) |
Equity in earnings of unconsolidated affiliates | (1,285) | (1,811) |
Distributions of earnings from unconsolidated affiliates | 717 | 1,386 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 601 | 3,166 |
Prepaid expenses and other assets | (6,577) | (6,769) |
Accrued straight-line rents receivable | (6,624) | (5,591) |
Accounts payable, accrued expenses and other liabilities | (26,358) | (33,088) |
Net cash provided by operating activities | 48,235 | 33,106 |
Investing activities: | | |
Investments in development in-process | (33,188) | (11,232) |
Investments in tenant improvements and deferred leasing costs | (23,513) | (30,008) |
Investments in building improvements | (16,479) | (12,081) |
Net proceeds from disposition of real estate assets | 661,390 | 5,650 |
Distributions of capital from unconsolidated affiliates | 2,118 | 394 |
Investments in mortgages and notes receivable | (7,602) | (938) |
Repayments of mortgages and notes receivable | 79 | 87 |
Investments in and advances to unconsolidated affiliates | (105) | 0 |
Changes in restricted cash and other investing activities | (248,865) | 993 |
Net cash provided by/(used in) investing activities | 333,835 | (47,135) |
Financing activities: | | |
Dividends on Common Stock | (40,881) | (39,563) |
Redemptions/repurchases of Preferred Stock | (20) | (10) |
Dividends on Preferred Stock | (626) | (627) |
Distributions to noncontrolling interests in the Operating Partnership | (1,232) | (1,248) |
Distributions to noncontrolling interests in consolidated affiliates | (320) | (321) |
Proceeds from the issuance of Common Stock | 54,915 | 44,937 |
Costs paid for the issuance of Common Stock | (788) | (643) |
Repurchase of shares related to tax withholdings | (3,229) | (3,727) |
Borrowings on revolving credit facility | 66,400 | 110,900 |
Repayments of revolving credit facility | (107,400) | (91,900) |
Repayments of mortgages and notes payable | (350,535) | (1,220) |
Changes in debt issuance costs and other financing activities | (45) | 0 |
Net cash provided by/(used in) financing activities | (383,761) | 16,578 |
Net increase/(decrease) in cash and cash equivalents | (1,691) | 2,549 |
Cash and cash equivalents at beginning of the period | 5,036 | 8,832 |
Cash and cash equivalents at end of the period | 3,345 | 11,381 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 20,951 | 21,480 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | (3,635) | (2,914) |
Conversions of Common Units to Common Stock | 0 | 1,206 |
Changes in accrued capital expenditures | (5,978) | (2,697) |
Write-off of fully depreciated real estate assets | 12,579 | 15,020 |
Write-off of fully amortized debt issuance and leasing costs | 5,282 | 10,147 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 429 | 5,036 |
Unrealized gains on tax increment financing bond | 0 | 193 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 446,735 | 20,835 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 53,494 | 50,308 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 108 | (67) |
Share-based compensation expense | 3,556 | 3,866 |
Allowance for losses on accounts and accrued straight-line rents receivable | 1,077 | 417 |
Accrued interest on mortgages and notes receivable | (42) | (170) |
Amortization of debt issuance costs | 990 | 800 |
Amortization of cash flow hedges | 795 | 924 |
Amortization of mortgages and notes payable fair value adjustments | (59) | 57 |
Net gains on disposition of property | (418,893) | (1,157) |
Equity in earnings of unconsolidated affiliates | (1,285) | (1,811) |
Distributions of earnings from unconsolidated affiliates | 717 | 1,386 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 601 | 3,166 |
Prepaid expenses and other assets | (6,577) | (6,769) |
Accrued straight-line rents receivable | (6,624) | (5,591) |
Accounts payable, accrued expenses and other liabilities | (26,358) | (33,002) |
Net cash provided by operating activities | 48,235 | 33,192 |
Investing activities: | | |
Investments in development in-process | (33,188) | (11,232) |
Investments in tenant improvements and deferred leasing costs | (23,513) | (30,008) |
Investments in building improvements | (16,479) | (12,081) |
Net proceeds from disposition of real estate assets | 661,390 | 5,650 |
Distributions of capital from unconsolidated affiliates | 2,118 | 394 |
Investments in mortgages and notes receivable | (7,602) | (938) |
Repayments of mortgages and notes receivable | 79 | 87 |
Investments in and advances to unconsolidated affiliates | (105) | 0 |
Changes in restricted cash and other investing activities | (248,865) | 993 |
Net cash provided by/(used in) investing activities | 333,835 | (47,135) |
Financing activities: | | |
Distributions on Common Units | (41,939) | (40,637) |
Redemptions/repurchases of Preferred Units | (20) | (10) |
Distributions on Preferred Units | (626) | (627) |
Distributions to noncontrolling interests in consolidated affiliates | (320) | (321) |
Proceeds from the issuance of Common Units | 54,915 | 44,937 |
Costs paid for the issuance of Common Units | (788) | (643) |
Repurchase of units related to tax withholdings | (3,229) | (3,727) |
Borrowings on revolving credit facility | 66,400 | 110,900 |
Repayments of revolving credit facility | (107,400) | (91,900) |
Repayments of mortgages and notes payable | (350,535) | (1,220) |
Changes in debt issuance costs and other financing activities | (219) | (366) |
Net cash provided by/(used in) financing activities | (383,761) | 16,386 |
Net increase/(decrease) in cash and cash equivalents | (1,691) | 2,443 |
Cash and cash equivalents at beginning of the period | 5,036 | 8,938 |
Cash and cash equivalents at end of the period | 3,345 | 11,381 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 20,951 | 21,480 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | (3,635) | (2,914) |
Changes in accrued capital expenditures | (5,978) | (2,697) |
Write-off of fully depreciated real estate assets | 12,579 | 15,020 |
Write-off of fully amortized debt issuance and leasing costs | 5,282 | 10,147 |
Adjustment of Redeemable Common Units to fair value | 12,208 | 3,178 |
Unrealized gains on tax increment financing bond | $ 0 | $ 193 |