Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 19, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | HIGHWOODS PROPERTIES INC. | |
Entity Central Index Key | 921,082 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 97,409,163 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Highwoods Realty Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | HIGHWOODS REALTY LIMITED PARTNERSHIP | |
Entity Central Index Key | 941,713 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Real estate assets, at cost: | ||
Land | $ 448,706 | $ 443,705 |
Buildings and tenant improvements | 4,113,001 | 4,063,328 |
Development in-process | 180,150 | 194,050 |
Land held for development | 68,244 | 68,244 |
Total real estate assets | 4,810,101 | 4,769,327 |
Less-accumulated depreciation | (1,033,127) | (1,007,104) |
Net real estate assets | 3,776,974 | 3,762,223 |
Real estate and other assets, net, held for sale | 0 | 240,948 |
Cash and cash equivalents | 3,345 | 5,036 |
Restricted cash | 258,444 | 16,769 |
Accounts receivable, net of allowance of $1,003 and $928, respectively | 25,912 | 29,077 |
Mortgages and notes receivable, net of allowance of $282 and $287, respectively | 9,661 | 2,096 |
Accrued straight-line rents receivable, net of allowance of $468 and $257, respectively | 156,323 | 150,392 |
Investments in and advances to unconsolidated affiliates | 19,225 | 20,676 |
Deferred leasing costs, net of accumulated amortization of $122,630 and $115,172, respectively | 224,459 | 231,765 |
Prepaid expenses and other assets, net of accumulated amortization of $18,590 and $17,830, respectively | 39,681 | 26,649 |
Total Assets | 4,514,024 | 4,485,631 |
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Liabilities, Redeemable Operating Partnership Units and Capital: | ||
Mortgages and notes payable, net | 2,100,937 | 2,491,813 |
Accounts payable, accrued expenses and other liabilities | 212,106 | 233,988 |
Liabilities held for sale | 0 | 14,119 |
Total Liabilities | $ 2,313,043 | $ 2,739,920 |
Commitments and contingencies | ||
Noncontrolling interests in the Operating Partnership | $ 138,637 | $ 126,429 |
Equity/Capital: | ||
Preferred Stock, $.01 par value, 50,000,000 authorized shares; 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 29,030 and 29,050 shares issued and outstanding, respectively | 29,030 | 29,050 |
Common Stock, $.01 par value, 200,000,000 authorized shares; 97,392,301 and 96,091,932 shares issued and outstanding, respectively | 974 | 961 |
Additional paid-in capital | 2,652,254 | 2,598,242 |
Distributions in excess of net income available for common stockholders | (631,226) | (1,023,135) |
Accumulated other comprehensive loss | (6,651) | (3,811) |
Total Stockholders’ Equity | 2,044,381 | 1,601,307 |
Noncontrolling interests in consolidated affiliates | 17,963 | 17,975 |
Total Equity/Capital | 2,062,344 | 1,619,282 |
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital | 4,514,024 | 4,485,631 |
Highwoods Realty Limited Partnership [Member] | ||
Real estate assets, at cost: | ||
Land | 448,706 | 443,705 |
Buildings and tenant improvements | 4,113,001 | 4,063,328 |
Development in-process | 180,150 | 194,050 |
Land held for development | 68,244 | 68,244 |
Total real estate assets | 4,810,101 | 4,769,327 |
Less-accumulated depreciation | (1,033,127) | (1,007,104) |
Net real estate assets | 3,776,974 | 3,762,223 |
Real estate and other assets, net, held for sale | 0 | 240,948 |
Cash and cash equivalents | 3,345 | 5,036 |
Restricted cash | 258,444 | 16,769 |
Accounts receivable, net of allowance of $1,003 and $928, respectively | 25,912 | 29,077 |
Mortgages and notes receivable, net of allowance of $282 and $287, respectively | 9,661 | 2,096 |
Accrued straight-line rents receivable, net of allowance of $468 and $257, respectively | 156,323 | 150,392 |
Investments in and advances to unconsolidated affiliates | 19,225 | 20,676 |
Deferred leasing costs, net of accumulated amortization of $122,630 and $115,172, respectively | 224,459 | 231,765 |
Prepaid expenses and other assets, net of accumulated amortization of $18,590 and $17,830, respectively | 39,681 | 26,649 |
Total Assets | 4,514,024 | 4,485,631 |
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Liabilities, Redeemable Operating Partnership Units and Capital: | ||
Mortgages and notes payable, net | 2,100,937 | 2,491,813 |
Accounts payable, accrued expenses and other liabilities | 212,106 | 233,988 |
Liabilities held for sale | 0 | 14,119 |
Total Liabilities | $ 2,313,043 | $ 2,739,920 |
Commitments and contingencies | ||
Redeemable Operating Partnership Units: | ||
Common Units, 2,899,752 outstanding | $ 138,637 | $ 126,429 |
Series A Preferred Units (liquidation preference $1,000 per unit), 29,030 and 29,050 units issued and outstanding, respectively | 29,030 | 29,050 |
Total Redeemable Operating Partnership Units | 167,667 | 155,479 |
Equity/Capital: | ||
General partner Common Units, 998,832 and 985,829 outstanding, respectively | 20,219 | 15,759 |
Limited partner Common Units, 95,984,660 and 94,697,294 outstanding, respectively | 2,001,783 | 1,560,309 |
Accumulated other comprehensive loss | (6,651) | (3,811) |
Noncontrolling interests in consolidated affiliates | 17,963 | 17,975 |
Total Equity/Capital | 2,033,314 | 1,590,232 |
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital | $ 4,514,024 | $ 4,485,631 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Assets: | ||
Accounts receivable allowance | $ 1,003 | $ 928 |
Mortgages and notes receivable allowance | 282 | 287 |
Accrued straight-line rents receivable allowance | 468 | 257 |
Deferred leasing costs, accumulated amortization | 122,630 | 115,172 |
Prepaid expenses and other assets, accumulated amortization | $ 18,590 | $ 17,830 |
Equity/Capital: | ||
Series A Preferred Stock, dividend rate percentage (in hundredths) | 8.625% | 8.625% |
Series A Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Series A Preferred Stock, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Series A Preferred Stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Series A Preferred Stock, shares issued (in shares) | 29,030 | 29,050 |
Series A Preferred Stock, shares outstanding (in shares) | 29,030 | 29,050 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized shares (in shares) | 200,000,000 | 200,000,000 |
Common Stock, shares issued (in shares) | 97,392,301 | 96,091,932 |
Common Stock, shares outstanding (in shares) | 97,392,301 | 96,091,932 |
Highwoods Realty Limited Partnership [Member] | ||
Assets: | ||
Accounts receivable allowance | $ 1,003 | $ 928 |
Mortgages and notes receivable allowance | 282 | 287 |
Accrued straight-line rents receivable allowance | 468 | 257 |
Deferred leasing costs, accumulated amortization | 122,630 | 115,172 |
Prepaid expenses and other assets, accumulated amortization | $ 18,590 | $ 17,830 |
Redeemable Operating Partnership Units: [Abstract] | ||
Redeemable Common Units outstanding (in shares) | 2,899,752 | 2,899,752 |
Series A Preferred Units, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Series A Preferred Units, issued (in shares) | 29,030 | 29,050 |
Series A Preferred Units, outstanding (in shares) | 29,030 | 29,050 |
Common Units: [Abstract] | ||
General partners' capital account, units outstanding (in shares) | 998,832 | 985,829 |
Limited partners' capital account, units outstanding (in shares) | 95,984,660 | 94,697,294 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Rental and other revenues | $ 164,859 | $ 145,236 | |
Operating expenses: | |||
Rental property and other expenses | 57,580 | 52,514 | |
Depreciation and amortization | 53,494 | 46,867 | |
General and administrative | 11,137 | 11,243 | |
Total operating expenses | 122,211 | 110,624 | |
Interest expense: | |||
Contractual | 19,715 | 20,442 | |
Amortization of debt issuance costs | 990 | 800 | |
Total interest expense | 20,705 | 21,242 | |
Other income: | |||
Interest and other income | 517 | 582 | |
Total other income | 517 | 582 | |
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates | 22,460 | 13,952 | |
Gains on disposition of property | 4,397 | 1,157 | |
Equity in earnings of unconsolidated affiliates | 1,285 | 1,811 | |
Income from continuing operations | 28,142 | 16,920 | |
Discontinued operations: | |||
Income from discontinued operations | 4,097 | 3,915 | |
Net gains on disposition of discontinued operations | 414,496 | 0 | |
Total income from discontinued operations | 418,593 | 3,915 | |
Net income | 446,735 | 20,835 | |
Net (income) attributable to noncontrolling interests in the Operating Partnership | (13,011) | (596) | |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (308) | (296) | |
Dividends on Preferred Stock | (626) | (627) | |
Net income available for common stockholders | $ 432,790 | $ 19,316 | |
Earnings per Common Share – basic: | |||
Income from continuing operations available for common stockholders (in dollars per share) | $ 0.27 | $ 0.17 | |
Income from discontinued operations available for common stockholders (in dollars per share) | 4.22 | 0.04 | |
Net income available for common stockholders (in dollars per share) | $ 4.49 | $ 0.21 | |
Weighted average Common Shares outstanding - basic (in shares) | 96,373 | 93,222 | |
Earnings per Common Share - diluted: | |||
Income from continuing operations available for common stockholders (in dollars per share) | $ 0.27 | $ 0.17 | |
Income from discontinued operations available for common stockholders (in dollars per share) | 4.22 | 0.04 | |
Net income available for common stockholders (in dollars per share) | $ 4.49 | $ 0.21 | |
Weighted average Common Shares outstanding - diluted (in shares) | [1],[2] | 99,357 | 96,279 |
Dividends declared per Common Share (in dollars per share) | $ 0.425 | $ 0.425 | |
Net income available for common stockholders: | |||
Income from continuing operations available for common stockholders | $ 26,462 | $ 15,521 | |
Income from discontinued operations available for common stockholders | 406,328 | 3,795 | |
Net income available for common stockholders | 432,790 | 19,316 | |
Highwoods Realty Limited Partnership [Member] | |||
Rental and other revenues | 164,859 | 145,236 | |
Operating expenses: | |||
Rental property and other expenses | 57,580 | 52,514 | |
Depreciation and amortization | 53,494 | 46,867 | |
General and administrative | 11,137 | 11,243 | |
Total operating expenses | 122,211 | 110,624 | |
Interest expense: | |||
Contractual | 19,715 | 20,442 | |
Amortization of debt issuance costs | 990 | 800 | |
Total interest expense | 20,705 | 21,242 | |
Other income: | |||
Interest and other income | 517 | 582 | |
Total other income | 517 | 582 | |
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates | 22,460 | 13,952 | |
Gains on disposition of property | 4,397 | 1,157 | |
Equity in earnings of unconsolidated affiliates | 1,285 | 1,811 | |
Income from continuing operations | 28,142 | 16,920 | |
Discontinued operations: | |||
Income from discontinued operations | 4,097 | 3,915 | |
Net gains on disposition of discontinued operations | 414,496 | 0 | |
Total income from discontinued operations | 418,593 | 3,915 | |
Net income | 446,735 | 20,835 | |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (308) | (296) | |
Distributions on Preferred Units | (626) | (627) | |
Net income available for common unitholders | $ 445,801 | $ 19,912 | |
Earnings per Common Unit - basic: | |||
Income from continuing operations available for common unitholders (in dollars per share) | $ 0.28 | $ 0.17 | |
Income from discontinued operations available for common unitholders (in dollars per share) | 4.23 | 0.04 | |
Net income available for common unitholders (in dollars per share) | $ 4.51 | $ 0.21 | |
Weighted average Common Units outstanding - basic (in shares) | 98,864 | 95,746 | |
Earnings per Common Unit - diluted: | |||
Income from continuing operations available for common unitholders (in dollars per share) | $ 0.28 | $ 0.17 | |
Income from discontinued operations available for common unitholders (in dollars per share) | 4.23 | 0.04 | |
Net income available for common unitholders (in dollars per share) | $ 4.51 | $ 0.21 | |
Weighted average Common Units outstanding - diluted (in shares) | [3],[4] | 98,948 | 95,870 |
Distributions declared per Common Unit (in dollars per unit) | $ 0.425 | $ 0.425 | |
Net income available for common unitholders: | |||
Income from continuing operations available for common unitholders | $ 27,208 | $ 15,997 | |
Income from discontinued operations available for common unitholders | 418,593 | 3,915 | |
Net income available for common unitholders | $ 445,801 | $ 19,912 | |
[1] | Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. | ||
[2] | There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015, respectively, that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive. | ||
[3] | Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. | ||
[4] | There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015, respectively, that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Comprehensive income: | ||
Net income | $ 446,735 | $ 20,835 |
Other comprehensive income/(loss): | ||
Unrealized gains on tax increment financing bond | 0 | 193 |
Unrealized losses on cash flow hedges | (3,635) | (2,914) |
Amortization of cash flow hedges | 795 | 924 |
Total other comprehensive loss | (2,840) | (1,797) |
Total comprehensive income | 443,895 | 19,038 |
Less-comprehensive (income) attributable to noncontrolling interests | (13,319) | (892) |
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders | 430,576 | 18,146 |
Highwoods Realty Limited Partnership [Member] | ||
Comprehensive income: | ||
Net income | 446,735 | 20,835 |
Other comprehensive income/(loss): | ||
Unrealized gains on tax increment financing bond | 0 | 193 |
Unrealized losses on cash flow hedges | (3,635) | (2,914) |
Amortization of cash flow hedges | 795 | 924 |
Total other comprehensive loss | (2,840) | (1,797) |
Total comprehensive income | 443,895 | 19,038 |
Less-comprehensive (income) attributable to noncontrolling interests | (308) | (296) |
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders | $ 443,587 | $ 18,742 |
Consolidated Statements of Equi
Consolidated Statements of Equity/Capital - USD ($) $ in Thousands | Total | Highwoods Realty Limited Partnership [Member] | Common Stock [Member] | Series A Cumulative Redeemable Preferred Shares [Member] | General Partners' Common Units [Member]Highwoods Realty Limited Partnership [Member] | Limited Partners' Common Units [Member]Highwoods Realty Limited Partnership [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Highwoods Realty Limited Partnership [Member] | Noncontrolling Interests in Consolidated Affiliates [Member] | Noncontrolling Interests in Consolidated Affiliates [Member]Highwoods Realty Limited Partnership [Member] | Distributions in Excess of Net Income Available for Common Stockholders [Member] |
Balance (in shares) at Dec. 31, 2014 | 92,907,310 | |||||||||||
Balance at Dec. 31, 2014 | $ 1,551,091 | $ 1,522,223 | $ 929 | $ 29,060 | $ 15,078 | $ 1,492,948 | $ 2,464,275 | $ (3,912) | $ (3,912) | $ 18,109 | $ 18,109 | $ (957,370) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 40,567 | 406 | 40,161 | 0 | 0 | |||||||
Distributions paid on Common Units | (40,637) | (406) | (40,231) | 0 | 0 | |||||||
Distributions paid on Preferred Units | (627) | (6) | (621) | 0 | 0 | |||||||
Issuances of Common Stock, net of issuance costs and tax withholdings - Shares | 989,417 | |||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 40,567 | $ 10 | 0 | 40,557 | 0 | 0 | 0 | |||||
Conversions of Common Units to Common Stock - Shares | 26,820 | |||||||||||
Conversions of Common Units to Common Stock | 1,206 | $ 0 | 0 | 1,206 | 0 | 0 | 0 | |||||
Dividends on Common Stock | (39,563) | 0 | 0 | 0 | 0 | 0 | (39,563) | |||||
Dividends on Preferred Stock | (627) | 0 | 0 | 0 | 0 | 0 | (627) | |||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (5,036) | 0 | 0 | (5,036) | 0 | 0 | 0 | |||||
Distributions to noncontrolling interests in consolidated affiliates | (321) | (321) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | (321) | (321) | 0 |
Issuances of restricted stock - shares | 123,571 | |||||||||||
Issuances of restricted stock | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||
Redemptions/repurchases of Preferred Stock | (10) | 0 | (10) | 0 | 0 | 0 | 0 | |||||
Share-based compensation expense, net of forfeitures | 3,866 | 3,866 | 1 | 0 | 39 | 3,827 | 3,865 | 0 | 0 | 0 | 0 | 0 |
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (3,544) | (36) | (3,508) | 0 | 0 | |||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (596) | 0 | 0 | 0 | 0 | 0 | (596) | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | 0 | 0 | 0 | 0 | (3) | (293) | 0 | 0 | 0 | 296 | 296 | (296) |
Comprehensive income: | ||||||||||||
Net income | 20,835 | 20,835 | 0 | 0 | 208 | 20,627 | 0 | 0 | 0 | 0 | 0 | 20,835 |
Other comprehensive loss | (1,797) | (1,797) | $ 0 | 0 | 0 | 0 | 0 | (1,797) | (1,797) | 0 | 0 | 0 |
Total comprehensive income | 19,038 | 19,038 | ||||||||||
Balance (in shares) at Mar. 31, 2015 | 94,047,118 | |||||||||||
Balance at Mar. 31, 2015 | $ 1,569,615 | 1,540,565 | $ 940 | 29,050 | 15,280 | 1,512,910 | 2,504,867 | (5,709) | (5,709) | 18,084 | 18,084 | (977,617) |
Balance (in shares) at Dec. 31, 2015 | 96,091,932 | 96,091,932 | ||||||||||
Balance at Dec. 31, 2015 | $ 1,619,282 | 1,590,232 | $ 961 | 29,050 | 15,759 | 1,560,309 | 2,598,242 | (3,811) | (3,811) | 17,975 | 17,975 | (1,023,135) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 50,898 | 509 | 50,389 | 0 | 0 | |||||||
Distributions paid on Common Units | (41,939) | (419) | (41,520) | 0 | 0 | |||||||
Distributions paid on Preferred Units | (626) | (6) | (620) | 0 | 0 | |||||||
Issuances of Common Stock, net of issuance costs and tax withholdings - Shares | 1,177,885 | |||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 50,898 | $ 12 | 0 | 50,886 | 0 | 0 | 0 | |||||
Conversions of Common Units to Common Stock | 0 | |||||||||||
Dividends on Common Stock | (40,881) | 0 | 0 | 0 | 0 | 0 | (40,881) | |||||
Dividends on Preferred Stock | (626) | 0 | 0 | 0 | 0 | 0 | (626) | |||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (429) | 0 | 0 | (429) | 0 | 0 | 0 | |||||
Distributions to noncontrolling interests in consolidated affiliates | (320) | (320) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | (320) | (320) | 0 |
Issuances of restricted stock - shares | 122,832 | |||||||||||
Issuances of restricted stock | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||
Redemptions/repurchases of Preferred Stock | (20) | $ 0 | (20) | 0 | 0 | 0 | 0 | |||||
Share-based compensation expense, net of forfeitures - shares | (348) | |||||||||||
Share-based compensation expense, net of forfeitures | 3,556 | 3,556 | $ 1 | 0 | 36 | 3,520 | 3,555 | 0 | 0 | 0 | 0 | 0 |
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (12,382) | (124) | (12,258) | 0 | 0 | |||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (13,011) | 0 | 0 | 0 | 0 | 0 | (13,011) | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | 0 | 0 | 0 | 0 | (3) | (305) | 0 | 0 | 0 | 308 | 308 | (308) |
Comprehensive income: | ||||||||||||
Net income | 446,735 | 446,735 | 0 | 0 | 4,467 | 442,268 | 0 | 0 | 0 | 0 | 0 | 446,735 |
Other comprehensive loss | (2,840) | (2,840) | $ 0 | 0 | 0 | 0 | 0 | (2,840) | (2,840) | 0 | 0 | 0 |
Total comprehensive income | $ 443,895 | 443,895 | ||||||||||
Balance (in shares) at Mar. 31, 2016 | 97,392,301 | 97,392,301 | ||||||||||
Balance at Mar. 31, 2016 | $ 2,062,344 | $ 2,033,314 | $ 974 | $ 29,030 | $ 20,219 | $ 2,001,783 | $ 2,652,254 | $ (6,651) | $ (6,651) | $ 17,963 | $ 17,963 | $ (631,226) |
Consolidated Statements of Cash
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 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Significant Accounting Policies | Description of Business and Significant Accounting Policies Description of Business Highwoods Properties, Inc. (the “Company”) is a fully integrated real estate investment trust (“REIT”) that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”). At March 31, 2016 , we owned or had an interest in 31.2 million rentable square feet of in-service properties, 1.3 million rentable square feet of properties under development and approximately 500 acres of development land. The Company is the sole general partner of the Operating Partnership. At March 31, 2016 , the Company owned all of the Preferred Units and 97.0 million , or 97.1% , of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.9 million Common Units. Common Stock Offerings During the three months ended March 31, 2016 , the Company issued 1,054,496 shares of Common Stock under its equity distribution agreements at an average gross sales price of $45.86 per share and received net proceeds, after sales commissions, of $47.6 million . Basis of Presentation Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our Consolidated Statements of Income for the three months ended March 31, 2015 were retrospectively revised from previously reported amounts to reclassify the operations for those properties classified as discontinued operations. The Company's Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those entities in which the Company has the controlling interest. The Operating Partnership's Consolidated Financial Statements include wholly owned subsidiaries and those entities in which the Operating Partnership has the controlling interest. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. At March 31, 2016 , we had involvement with, but are not the primary beneficiary in, an entity that we concluded to be a variable interest entity. All intercompany transactions and accounts have been eliminated. The unaudited interim consolidated financial statements and accompanying unaudited consolidated financial information, in the opinion of management, contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have condensed or omitted certain notes and other information from the interim Consolidated Financial Statements presented in this Quarterly Report as permitted by SEC rules and regulations. These Consolidated Financial Statements should be read in conjunction with our 2015 Annual Report on Form 10-K. During 2015 , as a result of our partner’s irrevocable exercise of a buy-sell provision in our SF-HIW Harborview Plaza, LP joint venture agreement, our partner’s right to put its 80.0% equity interest back to us became no longer exercisable. As a result, we recorded the original contribution transaction as a partial sale. Our investment in this joint venture then qualified for the equity method of accounting, which resulted in the retrospective revision of our Consolidated Balance Sheets and Consolidated Statements of Equity and Capital for prior periods. Such retrospective revision is denoted using "as revised" on our Consolidated Statements of Equity and Capital as of March 31, 2015 . 1. Description of Business and Significant Accounting Policies – Continued Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. Recently Issued Accounting Standards The Financial Accounting Standards Board ("FASB") recently issued an accounting standards update that requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that we identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when we satisfy the performance obligations. We will also be required to disclose information regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The accounting standards update is required to be adopted in 2018. Retrospective application is required either to all periods presented or with the cumulative effect of initial adoption recognized in the period of adoption. We are in the process of evaluating this accounting standards update. The FASB recently issued an accounting standards update that amended consolidation requirements. The amendments significantly change the consolidation analysis required under GAAP and require companies to reevaluate all previous consolidation conclusions. We adopted the accounting standards update as of January 1, 2016 and there was no impact to consolidated entities included in our Consolidated Financial Statements. However, in reevaluating our previous consolidation conclusions upon adoption of the accounting standards update, we determined our 12.5% equity interest in an unconsolidated affiliate to be an interest in a variable interest entity because certain of its limited partners do not have substantive kick-out or participating rights. We do not qualify as the primary beneficiary since our obligation to absorb losses and receive benefits of the variable interest entity is less than that of the other general partner. Accordingly, the entity is not consolidated. Our maximum exposure to loss with respect to this arrangement is limited to the $1.6 million carrying value of our 12.5% investment in the unconsolidated affiliate. The FASB recently issued an accounting standards update that requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. For debt issuance costs related to revolving credit facilities, the FASB allows the presentation of debt issuance costs as an asset. We adopted the accounting standards update as of January 1, 2016 with retrospective application to our December 31, 2015 Consolidated Balance Sheets. The effect of the adoption was to reclassify debt issuance costs from deferred financing and leasing costs, net of accumulated amortization, as follows: $7.8 million to a contra account as a deduction from the related mortgages and notes payable and $2.1 million to prepaid expenses and other assets. There was no effect on our Consolidated Statements of Income. The FASB recently issued an accounting standards update which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The accounting standards update requires lessors to account for leases using an approach that is substantially equivalent to the existing guidance and is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. We are in the process of evaluating this accounting standards update. |
Real Estate Assets
Real Estate Assets | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Assets | Real Estate Assets Dispositions During the first quarter of 2016, we sold: • substantially all of our wholly-owned Country Club Plaza assets in Kansas City (which we refer to as the “Plaza assets”) for a sale price of $660.0 million (before closing credits to buyer of $4.8 million ). We recorded gains on disposition of discontinued operations of $414.5 million and a gain on disposition of property of $1.3 million related to the land; 2. Real Estate Assets - Continued • a 32,000 square foot building for a sale price of $4.7 million (before closing credits to buyer of $0.1 million ) and recorded a gain on disposition of property of $1.1 million . The buyer, which leased 79% of the building, is a family business controlled by a director of the Company. The sale price exceeded the value set forth in an appraisal performed by a reputable independent commercial real estate services firm that has no relationship with the director or any of his affiliates; and • a building for a sale price of $6.4 million (before closing credits to buyer of $0.5 million ) and recorded a gain on disposition of property of $2.0 million . |
Mortgages and Notes Receivable
Mortgages and Notes Receivable | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Mortgages and Notes Receivable | Mortgages and Notes Receivable Mortgages and notes receivable were $9.7 million and $2.1 million at March 31, 2016 and December 31, 2015 , respectively. We evaluate the ability to collect our mortgages and notes receivable by monitoring the leasing statistics and/or market fundamentals of these assets. As of March 31, 2016 , our mortgages and notes receivable were not in default and there were no other indicators of impairment. |
Investments In and Advances To
Investments In and Advances To Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments In and Advances To Unconsolidated Affiliates | Investments in and Advances to Unconsolidated Affiliates We have equity interests of up to 50.0% in various joint ventures with unrelated third parties that are accounted for using the equity method of accounting because we have the ability to exercise significant influence over their operating and financial policies. The following table sets forth the summarized income statements of our unconsolidated affiliates: Three Months Ended 2016 2015 Income Statements: Rental and other revenues $ 10,772 $ 12,231 Expenses: Rental property and other expenses 4,715 5,667 Depreciation and amortization 2,747 3,115 Interest expense 1,377 2,149 Total expenses 8,839 10,931 Income before disposition of property 1,933 1,300 Gains on disposition of property 902 2,127 Net income $ 2,835 $ 3,427 During the first quarter of 2016, Concourse Center Associates, LLC sold two buildings and land to an unrelated third party for an aggregate sale price of $11.0 million and recorded losses on disposition of property of $0.1 million . As our cost basis was different from the basis reflected at the joint venture level, we recorded $0.4 million of gains through equity in earnings of unconsolidated affiliates. Simultaneously with the sale, the joint venture repaid all $6.6 million of its secured debt. During the first quarter of 2016, 4600 Madison Associates, LP sold land to an unrelated third party for a sale price of $3.4 million and recorded a gain on disposition of property of $1.0 million . We recorded $0.1 million as our share of this gain through equity in earnings of unconsolidated affiliates. Simultaneously with the sale, the joint venture used all of the proceeds to pay down $3.4 million on its secured mortgage loan with an effective interest rate of 6.85% . |
Intangible Assets and Below Mar
Intangible Assets and Below Market Lease Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Below Market Lease Liabilities | Intangible Assets and Below Market Lease Liabilities The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization: March 31, December 31, Assets: Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 347,089 $ 346,937 Less accumulated amortization (122,630 ) (115,172 ) $ 224,459 $ 231,765 Liabilities (in accounts payable, accrued expenses and other liabilities): Acquisition-related below market lease liabilities $ 63,628 $ 63,830 Less accumulated amortization (19,497 ) (17,927 ) $ 44,131 $ 45,903 The following table sets forth amortization of intangible assets and below market lease liabilities: Three Months Ended 2016 2015 Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) $ 11,335 $ 10,001 Amortization of lease incentives (in rental and other revenues) $ 711 $ 351 Amortization of acquisition-related intangible assets (in rental and other revenues) $ 1,031 $ 1,166 Amortization of acquisition-related intangible assets (in rental property and other expenses) $ 138 $ 137 Amortization of acquisition-related below market lease liabilities (in rental and other revenues) $ (1,772 ) $ (1,732 ) The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities: 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) April 1 through December 31, 2016 $ 34,295 $ 1,011 $ 2,805 $ 415 $ (5,225 ) 2017 38,954 1,275 2,650 553 (6,619 ) 2018 32,108 1,171 1,706 553 (6,228 ) 2019 26,469 961 1,305 553 (5,737 ) 2020 21,882 725 988 525 (5,408 ) Thereafter 48,940 2,056 2,559 — (14,914 ) $ 202,648 $ 7,199 $ 12,013 $ 2,599 $ (44,131 ) Weighted average remaining amortization periods as of March 31, 2016 (in years) 6.7 7.2 6.1 4.7 7.7 |
Mortgages and Notes Payable
Mortgages and Notes Payable | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgages and Notes Payable | Mortgages and Notes Payable The following table sets forth our mortgages and notes payable: March 31, December 31, Secured indebtedness $ 174,475 $ 175,281 Unsecured indebtedness 1,933,536 2,324,333 Less-unamortized debt issuance costs (7,074 ) (7,801 ) Total mortgages and notes payable, net $ 2,100,937 $ 2,491,813 At March 31, 2016 , our secured mortgage loans were collateralized by real estate assets with an aggregate undepreciated book value of $ 315.8 million . Our $ 475.0 million unsecured revolving credit facility is scheduled to mature in January 2018 and includes an accordion feature that allows for an additional $ 75.0 million of borrowing capacity subject to additional lender commitments. Assuming no defaults have occurred, we have an option to extend the maturity for two additional six-month periods. The interest rate at our current credit ratings is LIBOR plus 110 basis points and the annual facility fee is 20 basis points. There was $ 258.0 million and $ 257.0 million outstanding under our revolving credit facility at March 31, 2016 and April 19, 2016 , respectively. At both March 31, 2016 and April 19, 2016 , we had $ 0.2 million of outstanding letters of credit, which reduces the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility at March 31, 2016 and April 19, 2016 was $ 216.8 million and $ 217.8 million , respectively. During the first quarter of 2016, we prepaid without penalty the $350.0 million balance on our unsecured bridge facility that was originally scheduled to mature in March 2016 . We are currently in compliance with financial covenants and other requirements with respect to our consolidated debt. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments During the first quarter of 2016, we obtained $150.0 million notional amount of forward-starting swaps that effectively lock the underlying treasury rate at 1.90% with respect to a forecasted debt issuance expected to occur between June 15, 2016 and March 15, 2017. The counterparties under the swaps are major financial institutions. Our interest rate swaps have been designated as and are being accounted for as cash flow hedges with changes in fair value recorded in other comprehensive income/(loss) each reporting period. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedges during the three months ended March 31, 2016 and 2015 . We have no collateral requirements related to our interest rate swaps. Amounts reported in accumulated other comprehensive loss ("AOCL") related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the period from April 1, 2016 through March 31, 2017 , we estimate that $3.3 million will be reclassified to interest expense. The following table sets forth the fair value of our derivatives: March 31, December 31, Derivatives: Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: Interest rate swaps $ 5,992 $ 3,073 7. Derivative Financial Instruments - Continued The following table sets forth the effect of our cash flow hedges on AOCL and interest expense: Three Months Ended 2016 2015 Derivatives Designated as Cash Flow Hedges: Amount of unrealized losses recognized in AOCL on derivatives (effective portion): Interest rate swaps $ (3,635 ) $ (2,914 ) Amount of losses reclassified out of AOCL into contractual interest expense (effective portion): Interest rate swaps $ 795 $ 924 |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling Interests in Consolidated Affiliates At March 31, 2016 , our noncontrolling interests in consolidated affiliates relate to our joint venture partner's 50.0% interest in office properties in Richmond, VA. Our joint venture partner is an unrelated third party. Noncontrolling Interests in the Operating Partnership The following table sets forth the Company's noncontrolling interests in the Operating Partnership: Three Months Ended 2016 2015 Beginning noncontrolling interests in the Operating Partnership $ 126,429 $ 130,048 Adjustment of noncontrolling interests in the Operating Partnership to fair value 429 5,036 Conversions of Common Units to Common Stock — (1,206 ) Net income attributable to noncontrolling interests in the Operating Partnership 13,011 596 Distributions to noncontrolling interests in the Operating Partnership (1,232 ) (1,248 ) Total noncontrolling interests in the Operating Partnership $ 138,637 $ 133,226 The following table sets forth net income available for common stockholders and transfers from the Company's noncontrolling interests in the Operating Partnership: Three Months Ended 2016 2015 Net income available for common stockholders $ 432,790 $ 19,316 Increase in additional paid in capital from conversions of Common Units — 1,206 Change from net income available for common stockholders and transfers from noncontrolling interests $ 432,790 $ 20,522 |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Value of Financial Instruments | Disclosure About Fair Value of Financial Instruments The following summarizes the three levels of inputs that we use to measure fair value. Level 1. Quoted prices in active markets for identical assets or liabilities. Our Level 1 asset is our investment in marketable securities that we use to pay benefits under our non-qualified deferred compensation plan. Our Level 1 liability is our non-qualified deferred compensation obligation. The Company's Level 1 noncontrolling interests in the Operating Partnership relate to the ownership of Common Units by various individuals and entities other than the Company. Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Our Level 2 asset is the fair value of our mortgages and notes receivable. Our Level 2 liabilities include the fair value of our mortgages and notes payable and interest rate swaps. The fair value of mortgages and notes receivable and mortgages and notes payable is estimated by the income approach utilizing contractual cash flows and market-based interest rates to approximate the price that would be paid in an orderly transaction between market participants. The fair value of interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments of interest rate swaps are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, credit valuation adjustments are considered in the fair values to account for potential nonperformance risk, but were concluded to not be significant inputs to the calculation for the periods presented. Level 3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our Level 3 asset included our tax increment financing bond, which was not routinely traded but whose fair value was determined by the income approach utilizing contractual cash flows and market-based interest rates to estimate the projected redemption value based on quoted bid/ask prices for similar unrated municipal bonds. Our Level 3 liability was the fair value of our financing obligation, which was estimated by the income approach to approximate the price that would be paid in an orderly transaction between market participants, utilizing: (1) contractual cash flows; (2) market-based interest rates; and (3) a number of other assumptions including demand for space, competition for customers, changes in market rental rates, costs of operation and expected ownership periods. 9. Disclosure About Fair Value of Financial Instruments - Continued The following table sets forth our assets and liabilities and the Company's noncontrolling interests in the Operating Partnership that are measured at fair value within the fair value hierarchy. 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 March 31, 2016: Assets: Mortgages and notes receivable, at fair value (1) $ 9,661 $ — $ 9,661 $ — Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,521 2,521 — — Total Assets $ 12,182 $ 2,521 $ 9,661 $ — Noncontrolling Interests in the Operating Partnership $ 138,637 $ 138,637 $ — $ — Liabilities: Mortgages and notes payable, net, at fair value (1) $ 2,131,771 $ — $ 2,131,771 $ — Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 5,992 — 5,992 — Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,521 2,521 — — Total Liabilities $ 2,140,284 $ 2,521 $ 2,137,763 $ — Fair Value at December 31, 2015: Assets: Mortgages and notes receivable, at fair value (1) $ 2,096 $ — $ 2,096 $ — Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,736 2,736 — — Tax increment financing bond (in real estate and other assets, net, held for sale) (2) 11,197 — — 11,197 Total Assets $ 16,029 $ 2,736 $ 2,096 $ 11,197 Noncontrolling Interests in the Operating Partnership $ 126,429 $ 126,429 $ — $ — Liabilities: Mortgages and notes payable, net, at fair value (1) $ 2,517,589 $ — $ 2,517,589 $ — Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 3,073 — 3,073 — Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,736 2,736 — — Financing obligation, at fair value (in liabilities held for sale) (1) (2) 7,402 — — 7,402 Total Liabilities $ 2,530,800 $ 2,736 $ 2,520,662 $ 7,402 __________ (1) Amounts recorded at historical cost on our Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 . (2) Sold during the first quarter of 2016 in conjunction with the sale of the Plaza assets. 9. Disclosure About Fair Value of Financial Instruments - Continued The following table sets forth the changes in our Level 3 asset, which was recorded at fair value on our Consolidated Balance Sheets: Three Months Ended 2016 2015 Asset: Tax Increment Financing Bond: Beginning balance $ 11,197 $ 12,447 Assigned to the buyer of the Plaza assets (11,197 ) — Unrealized gains (in AOCL) — 193 Ending balance $ — $ 12,640 During 2007, we acquired a tax increment financing bond associated with a parking garage developed by us, which was assigned to the buyer of the Plaza assets in the first quarter of 2016. The estimated fair value at the date of sale was equal to the outstanding principal amount due on the bond. The following table sets forth quantitative information about the unobservable input of our Level 3 asset, which was recorded at fair value on our Consolidated Balance Sheets: Valuation Technique Unobservable Input Rate as of December 31, Asset: Tax increment financing bond Income approach Discount rate 6.93% |
Share-Based Payments
Share-Based Payments | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Share-Based Payments During the three months ended March 31, 2016 , the Company granted 244,664 stock options with an exercise price equal to the closing market price of a share of Common Stock on the date of grant. The fair value of each option is estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted average grant date fair value per share of $ 4.61 . During the three months ended March 31, 2016 , the Company also granted 66,486 shares of time-based restricted stock and 56,346 shares of total return-based restricted stock with weighted average grant date fair values per share of $ 43.19 and $ 41.25 , respectively. We recorded share-based compensation expense of $ 3.6 million and $ 3.9 million during the three months ended March 31, 2016 and 2015 , respectively. At March 31, 2016 , there was $7.8 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 2.7 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table sets forth the components of AOCL: Three Months Ended 2016 2015 Tax increment financing bond: Beginning balance $ — $ (445 ) Unrealized gains on tax increment financing bond — 193 Ending balance — (252 ) Cash flow hedges: Beginning balance (3,811 ) (3,467 ) Unrealized losses on cash flow hedges (3,635 ) (2,914 ) Amortization of cash flow hedges (1) 795 924 Ending balance (6,651 ) (5,457 ) Total accumulated other comprehensive loss $ (6,651 ) $ (5,709 ) __________ (1) Amounts reclassified out of AOCL into contractual interest expense. |
Real Estate, Other Assets and L
Real Estate, Other Assets and Liabilities Held For Sale and Discontinued Operations | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Real Estate and Other Assets Held For Sale and Discontinued Operations | Real Estate, Other Assets and Liabilities Held For Sale and Discontinued Operations The following tables set forth the assets and liabilities related to discontinued operations at March 31, 2016 and December 31, 2015 and the results of operations and cash flows for the three months ended March 31, 2016 and 2015 : March 31, December 31, Assets: Land $ — $ 16,681 Buildings and tenant improvements — 322,811 Land held for development — 1,089 Less-accumulated depreciation — (131,274 ) Net real estate assets — 209,307 Accrued straight-line rents receivable, net — 11,730 Deferred leasing costs, net — 6,690 Prepaid expenses and other assets, net — 13,221 Real estate and other assets, net, held for sale $ — $ 240,948 Liabilities: Accounts payable, accrued expenses and other liabilities $ — $ (6,717 ) Financing obligation — (7,402 ) Liabilities held for sale $ — $ (14,119 ) Three Months Ended 2016 2015 Rental and other revenues $ 8,484 $ 12,074 Operating expenses: Rental property and other expenses 3,334 4,999 Depreciation and amortization — 3,441 General and administrative 1,388 194 Total operating expenses 4,722 8,634 Interest expense 85 181 Other income 420 656 Income from discontinued operations 4,097 3,915 Net gains on disposition of discontinued operations 414,496 — Total income from discontinued operations $ 418,593 $ 3,915 Three Months Ended 2016 2015 Cash flows from operating activities $ 2,040 $ 6,773 Cash flows from investing activities $ 417,097 $ (2,268 ) |
Earnings Per Share and Per Unit
Earnings Per Share and Per Unit | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Per Unit | Earnings Per Share and Per Unit The following table sets forth the computation of basic and diluted earnings per share of the Company: Three Months Ended 2016 2015 Earnings per Common Share - basic: Numerator: Income from continuing operations $ 28,142 $ 16,920 Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations (746 ) (476 ) Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations (308 ) (296 ) Dividends on Preferred Stock (626 ) (627 ) Income from continuing operations available for common stockholders 26,462 15,521 Income from discontinued operations 418,593 3,915 Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations (12,265 ) (120 ) Income from discontinued operations available for common stockholders 406,328 3,795 Net income available for common stockholders $ 432,790 $ 19,316 Denominator: Denominator for basic earnings per Common Share – weighted average shares 96,373 93,222 Earnings per Common Share - basic: Income from continuing operations available for common stockholders $ 0.27 $ 0.17 Income from discontinued operations available for common stockholders 4.22 0.04 Net income available for common stockholders $ 4.49 $ 0.21 Earnings per Common Share - diluted: Numerator: Income from continuing operations $ 28,142 $ 16,920 Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations (308 ) (296 ) Dividends on Preferred Stock (626 ) (627 ) Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership 27,208 15,997 Income from discontinued operations available for common stockholders 418,593 3,915 Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 445,801 $ 19,912 Denominator: Denominator for basic earnings per Common Share – weighted average shares 96,373 93,222 Add: Stock options using the treasury method 84 124 Noncontrolling interests Common Units 2,900 2,933 Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) (2) 99,357 96,279 Earnings per Common Share - diluted: Income from continuing operations available for common stockholders $ 0.27 $ 0.17 Income from discontinued operations available for common stockholders 4.22 0.04 Net income available for common stockholders $ 4.49 $ 0.21 __________ (1) There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015 , respectively, that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive. (2) Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. 13. Earnings Per Share and Per Unit - Continued The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended 2016 2015 Earnings per Common Unit - basic: Numerator: Income from continuing operations $ 28,142 $ 16,920 Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations (308 ) (296 ) Distributions on Preferred Units (626 ) (627 ) Income from continuing operations available for common unitholders 27,208 15,997 Income from discontinued operations available for common unitholders 418,593 3,915 Net income available for common unitholders $ 445,801 $ 19,912 Denominator: Denominator for basic earnings per Common Unit – weighted average units 98,864 95,746 Earnings per Common Unit - basic: Income from continuing operations available for common unitholders $ 0.28 $ 0.17 Income from discontinued operations available for common unitholders 4.23 0.04 Net income available for common unitholders $ 4.51 $ 0.21 Earnings per Common Unit - diluted: Numerator: Income from continuing operations $ 28,142 $ 16,920 Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations (308 ) (296 ) Distributions on Preferred Units (626 ) (627 ) Income from continuing operations available for common unitholders 27,208 15,997 Income from discontinued operations available for common unitholders 418,593 3,915 Net income available for common unitholders $ 445,801 $ 19,912 Denominator: Denominator for basic earnings per Common Unit – weighted average units 98,864 95,746 Add: Stock options using the treasury method 84 124 Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) (2) 98,948 95,870 Earnings per Common Unit - diluted: Income from continuing operations available for common unitholders $ 0.28 $ 0.17 Income from discontinued operations available for common unitholders 4.23 0.04 Net income available for common unitholders $ 4.51 $ 0.21 __________ (1) There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015 , respectively, that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive. (2) Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The following tables summarize the rental and other revenues and net operating income, the primary industry property-level performance metric used by our chief operating decision maker which is defined as rental and other revenues less rental property and other expenses, for each of our reportable segments. Our segment information for the three months ended March 31, 2015 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments. Three Months Ended 2016 2015 Rental and Other Revenues: Office: Atlanta, GA $ 33,196 $ 24,782 Greensboro, NC 5,147 5,440 Memphis, TN 12,014 11,734 Nashville, TN 23,366 21,816 Orlando, FL 11,485 10,834 Pittsburgh, PA 15,140 14,549 Raleigh, NC 28,222 23,441 Richmond, VA 11,069 10,584 Tampa, FL 21,438 18,427 Total Office Segment 161,077 141,607 Other 3,782 3,629 Total Rental and Other Revenues $ 164,859 $ 145,236 14. Segment Information - Continued Three Months Ended 2016 2015 Net Operating Income: Office: Atlanta, GA $ 21,052 $ 15,367 Greensboro, NC 3,148 3,426 Memphis, TN 7,415 7,389 Nashville, TN 16,815 15,232 Orlando, FL 6,685 6,483 Pittsburgh, PA 8,603 7,962 Raleigh, NC 20,254 16,271 Richmond, VA 7,429 6,880 Tampa, FL 13,327 11,220 Total Office Segment 104,728 90,230 Other 2,551 2,492 Total Net Operating Income 107,279 92,722 Reconciliation to income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates: Depreciation and amortization (53,494 ) (46,867 ) General and administrative expenses (11,137 ) (11,243 ) Interest expense (20,705 ) (21,242 ) Other income 517 582 Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates $ 22,460 $ 13,952 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 4, 2016 , we acquired 14 acres of development land in Nashville, TN for a purchase price of $9.0 million . |
Description of Business and S23
Description of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our Consolidated Statements of Income for the three months ended March 31, 2015 were retrospectively revised from previously reported amounts to reclassify the operations for those properties classified as discontinued operations. The Company's Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those entities in which the Company has the controlling interest. The Operating Partnership's Consolidated Financial Statements include wholly owned subsidiaries and those entities in which the Operating Partnership has the controlling interest. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. At March 31, 2016 , we had involvement with, but are not the primary beneficiary in, an entity that we concluded to be a variable interest entity. All intercompany transactions and accounts have been eliminated. The unaudited interim consolidated financial statements and accompanying unaudited consolidated financial information, in the opinion of management, contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have condensed or omitted certain notes and other information from the interim Consolidated Financial Statements presented in this Quarterly Report as permitted by SEC rules and regulations. These Consolidated Financial Statements should be read in conjunction with our 2015 Annual Report on Form 10-K. During 2015 , as a result of our partner’s irrevocable exercise of a buy-sell provision in our SF-HIW Harborview Plaza, LP joint venture agreement, our partner’s right to put its 80.0% equity interest back to us became no longer exercisable. As a result, we recorded the original contribution transaction as a partial sale. Our investment in this joint venture then qualified for the equity method of accounting, which resulted in the retrospective revision of our Consolidated Balance Sheets and Consolidated Statements of Equity and Capital for prior periods. Such retrospective revision is denoted using "as revised" on our Consolidated Statements of Equity and Capital as of March 31, 2015 . |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. |
Recently Issued Accounting Standards, Policy [Policy Text Block] | Recently Issued Accounting Standards The Financial Accounting Standards Board ("FASB") recently issued an accounting standards update that requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that we identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when we satisfy the performance obligations. We will also be required to disclose information regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The accounting standards update is required to be adopted in 2018. Retrospective application is required either to all periods presented or with the cumulative effect of initial adoption recognized in the period of adoption. We are in the process of evaluating this accounting standards update. The FASB recently issued an accounting standards update that amended consolidation requirements. The amendments significantly change the consolidation analysis required under GAAP and require companies to reevaluate all previous consolidation conclusions. We adopted the accounting standards update as of January 1, 2016 and there was no impact to consolidated entities included in our Consolidated Financial Statements. However, in reevaluating our previous consolidation conclusions upon adoption of the accounting standards update, we determined our 12.5% equity interest in an unconsolidated affiliate to be an interest in a variable interest entity because certain of its limited partners do not have substantive kick-out or participating rights. We do not qualify as the primary beneficiary since our obligation to absorb losses and receive benefits of the variable interest entity is less than that of the other general partner. Accordingly, the entity is not consolidated. Our maximum exposure to loss with respect to this arrangement is limited to the $1.6 million carrying value of our 12.5% investment in the unconsolidated affiliate. The FASB recently issued an accounting standards update that requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. For debt issuance costs related to revolving credit facilities, the FASB allows the presentation of debt issuance costs as an asset. We adopted the accounting standards update as of January 1, 2016 with retrospective application to our December 31, 2015 Consolidated Balance Sheets. The effect of the adoption was to reclassify debt issuance costs from deferred financing and leasing costs, net of accumulated amortization, as follows: $7.8 million to a contra account as a deduction from the related mortgages and notes payable and $2.1 million to prepaid expenses and other assets. There was no effect on our Consolidated Statements of Income. The FASB recently issued an accounting standards update which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The accounting standards update requires lessors to account for leases using an approach that is substantially equivalent to the existing guidance and is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. We are in the process of evaluating this accounting standards update. |
Investments In and Advances T24
Investments In and Advances To Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments Summarized Income Statement Information [Table Text Block] | The following table sets forth the summarized income statements of our unconsolidated affiliates: Three Months Ended 2016 2015 Income Statements: Rental and other revenues $ 10,772 $ 12,231 Expenses: Rental property and other expenses 4,715 5,667 Depreciation and amortization 2,747 3,115 Interest expense 1,377 2,149 Total expenses 8,839 10,931 Income before disposition of property 1,933 1,300 Gains on disposition of property 902 2,127 Net income $ 2,835 $ 3,427 |
Intangible Assets and Below M25
Intangible Assets and Below Market Lease Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Total intangible assets and below market lease liabilities [Table Text Block] | The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization: March 31, December 31, Assets: Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 347,089 $ 346,937 Less accumulated amortization (122,630 ) (115,172 ) $ 224,459 $ 231,765 Liabilities (in accounts payable, accrued expenses and other liabilities): Acquisition-related below market lease liabilities $ 63,628 $ 63,830 Less accumulated amortization (19,497 ) (17,927 ) $ 44,131 $ 45,903 |
Amortization of intangible assets and below market lease liabilities [Table Text Block] | The following table sets forth amortization of intangible assets and below market lease liabilities: Three Months Ended 2016 2015 Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) $ 11,335 $ 10,001 Amortization of lease incentives (in rental and other revenues) $ 711 $ 351 Amortization of acquisition-related intangible assets (in rental and other revenues) $ 1,031 $ 1,166 Amortization of acquisition-related intangible assets (in rental property and other expenses) $ 138 $ 137 Amortization of acquisition-related below market lease liabilities (in rental and other revenues) $ (1,772 ) $ (1,732 ) |
Scheduled future amortization of intangible assets and below market lease liabilities [Table Text Block] | The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities: 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) April 1 through December 31, 2016 $ 34,295 $ 1,011 $ 2,805 $ 415 $ (5,225 ) 2017 38,954 1,275 2,650 553 (6,619 ) 2018 32,108 1,171 1,706 553 (6,228 ) 2019 26,469 961 1,305 553 (5,737 ) 2020 21,882 725 988 525 (5,408 ) Thereafter 48,940 2,056 2,559 — (14,914 ) $ 202,648 $ 7,199 $ 12,013 $ 2,599 $ (44,131 ) Weighted average remaining amortization periods as of March 31, 2016 (in years) 6.7 7.2 6.1 4.7 7.7 |
Mortgages and Notes Payable (Ta
Mortgages and Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Consolidated Mortgages and Notes Payable [Table Text Block] | The following table sets forth our mortgages and notes payable: March 31, December 31, Secured indebtedness $ 174,475 $ 175,281 Unsecured indebtedness 1,933,536 2,324,333 Less-unamortized debt issuance costs (7,074 ) (7,801 ) Total mortgages and notes payable, net $ 2,100,937 $ 2,491,813 |
Derivative Financial Instrume27
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Fair Value [Table Text Block] | The following table sets forth the fair value of our derivatives: March 31, December 31, Derivatives: Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: Interest rate swaps $ 5,992 $ 3,073 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table sets forth the effect of our cash flow hedges on AOCL and interest expense: Three Months Ended 2016 2015 Derivatives Designated as Cash Flow Hedges: Amount of unrealized losses recognized in AOCL on derivatives (effective portion): Interest rate swaps $ (3,635 ) $ (2,914 ) Amount of losses reclassified out of AOCL into contractual interest expense (effective portion): Interest rate swaps $ 795 $ 924 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) - Highwoods Properties, Inc. [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests in the Operating Partnership [Table Text Block] | The following table sets forth the Company's noncontrolling interests in the Operating Partnership: Three Months Ended 2016 2015 Beginning noncontrolling interests in the Operating Partnership $ 126,429 $ 130,048 Adjustment of noncontrolling interests in the Operating Partnership to fair value 429 5,036 Conversions of Common Units to Common Stock — (1,206 ) Net income attributable to noncontrolling interests in the Operating Partnership 13,011 596 Distributions to noncontrolling interests in the Operating Partnership (1,232 ) (1,248 ) Total noncontrolling interests in the Operating Partnership $ 138,637 $ 133,226 |
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Table Text Block] | The following table sets forth net income available for common stockholders and transfers from the Company's noncontrolling interests in the Operating Partnership: Three Months Ended 2016 2015 Net income available for common stockholders $ 432,790 $ 19,316 Increase in additional paid in capital from conversions of Common Units — 1,206 Change from net income available for common stockholders and transfers from noncontrolling interests $ 432,790 $ 20,522 |
Disclosure About Fair Value o29
Disclosure About Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Assets, Liabilities and Noncontrolling Interests [Table Text Block] | The following table sets forth our assets and liabilities and the Company's noncontrolling interests in the Operating Partnership that are measured at fair value within the fair value hierarchy. 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 March 31, 2016: Assets: Mortgages and notes receivable, at fair value (1) $ 9,661 $ — $ 9,661 $ — Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,521 2,521 — — Total Assets $ 12,182 $ 2,521 $ 9,661 $ — Noncontrolling Interests in the Operating Partnership $ 138,637 $ 138,637 $ — $ — Liabilities: Mortgages and notes payable, net, at fair value (1) $ 2,131,771 $ — $ 2,131,771 $ — Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 5,992 — 5,992 — Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,521 2,521 — — Total Liabilities $ 2,140,284 $ 2,521 $ 2,137,763 $ — Fair Value at December 31, 2015: Assets: Mortgages and notes receivable, at fair value (1) $ 2,096 $ — $ 2,096 $ — Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,736 2,736 — — Tax increment financing bond (in real estate and other assets, net, held for sale) (2) 11,197 — — 11,197 Total Assets $ 16,029 $ 2,736 $ 2,096 $ 11,197 Noncontrolling Interests in the Operating Partnership $ 126,429 $ 126,429 $ — $ — Liabilities: Mortgages and notes payable, net, at fair value (1) $ 2,517,589 $ — $ 2,517,589 $ — Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 3,073 — 3,073 — Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,736 2,736 — — Financing obligation, at fair value (in liabilities held for sale) (1) (2) 7,402 — — 7,402 Total Liabilities $ 2,530,800 $ 2,736 $ 2,520,662 $ 7,402 __________ (1) Amounts recorded at historical cost on our Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 . (2) Sold during the first quarter of 2016 in conjunction with the sale of the Plaza assets. |
Fair Value Measurements, Unobservable Inputs Reconciliation [Table Text Block] | The following table sets forth the changes in our Level 3 asset, which was recorded at fair value on our Consolidated Balance Sheets: Three Months Ended 2016 2015 Asset: Tax Increment Financing Bond: Beginning balance $ 11,197 $ 12,447 Assigned to the buyer of the Plaza assets (11,197 ) — Unrealized gains (in AOCL) — 193 Ending balance $ — $ 12,640 |
Fair Value Measurements, Valuation Techniques [Table Text Block] | The following table sets forth quantitative information about the unobservable input of our Level 3 asset, which was recorded at fair value on our Consolidated Balance Sheets: Valuation Technique Unobservable Input Rate as of December 31, Asset: Tax increment financing bond Income approach Discount rate 6.93% |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Loss [Table Text Block] | The following table sets forth the components of AOCL: Three Months Ended 2016 2015 Tax increment financing bond: Beginning balance $ — $ (445 ) Unrealized gains on tax increment financing bond — 193 Ending balance — (252 ) Cash flow hedges: Beginning balance (3,811 ) (3,467 ) Unrealized losses on cash flow hedges (3,635 ) (2,914 ) Amortization of cash flow hedges (1) 795 924 Ending balance (6,651 ) (5,457 ) Total accumulated other comprehensive loss $ (6,651 ) $ (5,709 ) __________ (1) Amounts reclassified out of AOCL into contractual interest expense. |
Real Estate, Other Assets and31
Real Estate, Other Assets and Liabilities Held For Sale and Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Real Estate and Other Assets of the Properties Classified As Held For Sale [Table Text Block] | The following tables set forth the assets and liabilities related to discontinued operations at March 31, 2016 and December 31, 2015 and the results of operations and cash flows for the three months ended March 31, 2016 and 2015 : March 31, December 31, Assets: Land $ — $ 16,681 Buildings and tenant improvements — 322,811 Land held for development — 1,089 Less-accumulated depreciation — (131,274 ) Net real estate assets — 209,307 Accrued straight-line rents receivable, net — 11,730 Deferred leasing costs, net — 6,690 Prepaid expenses and other assets, net — 13,221 Real estate and other assets, net, held for sale $ — $ 240,948 Liabilities: Accounts payable, accrued expenses and other liabilities $ — $ (6,717 ) Financing obligation — (7,402 ) Liabilities held for sale $ — $ (14,119 ) |
Operations Classified as Discontinued Operations [Table Text Block] | Three Months Ended 2016 2015 Rental and other revenues $ 8,484 $ 12,074 Operating expenses: Rental property and other expenses 3,334 4,999 Depreciation and amortization — 3,441 General and administrative 1,388 194 Total operating expenses 4,722 8,634 Interest expense 85 181 Other income 420 656 Income from discontinued operations 4,097 3,915 Net gains on disposition of discontinued operations 414,496 — Total income from discontinued operations $ 418,593 $ 3,915 Three Months Ended 2016 2015 Cash flows from operating activities $ 2,040 $ 6,773 Cash flows from investing activities $ 417,097 $ (2,268 ) |
Earnings Per Share and Per Un32
Earnings Per Share and Per Unit (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share and Per Unit Basic and Diluted [Line Items] | |
Earnings Per Share [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share of the Company: Three Months Ended 2016 2015 Earnings per Common Share - basic: Numerator: Income from continuing operations $ 28,142 $ 16,920 Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations (746 ) (476 ) Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations (308 ) (296 ) Dividends on Preferred Stock (626 ) (627 ) Income from continuing operations available for common stockholders 26,462 15,521 Income from discontinued operations 418,593 3,915 Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations (12,265 ) (120 ) Income from discontinued operations available for common stockholders 406,328 3,795 Net income available for common stockholders $ 432,790 $ 19,316 Denominator: Denominator for basic earnings per Common Share – weighted average shares 96,373 93,222 Earnings per Common Share - basic: Income from continuing operations available for common stockholders $ 0.27 $ 0.17 Income from discontinued operations available for common stockholders 4.22 0.04 Net income available for common stockholders $ 4.49 $ 0.21 Earnings per Common Share - diluted: Numerator: Income from continuing operations $ 28,142 $ 16,920 Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations (308 ) (296 ) Dividends on Preferred Stock (626 ) (627 ) Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership 27,208 15,997 Income from discontinued operations available for common stockholders 418,593 3,915 Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 445,801 $ 19,912 Denominator: Denominator for basic earnings per Common Share – weighted average shares 96,373 93,222 Add: Stock options using the treasury method 84 124 Noncontrolling interests Common Units 2,900 2,933 Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) (2) 99,357 96,279 Earnings per Common Share - diluted: Income from continuing operations available for common stockholders $ 0.27 $ 0.17 Income from discontinued operations available for common stockholders 4.22 0.04 Net income available for common stockholders $ 4.49 $ 0.21 __________ (1) There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015 , respectively, that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive. (2) Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. |
Highwoods Realty Limited Partnership [Member] | |
Earnings Per Share and Per Unit Basic and Diluted [Line Items] | |
Earnings Per Unit [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended 2016 2015 Earnings per Common Unit - basic: Numerator: Income from continuing operations $ 28,142 $ 16,920 Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations (308 ) (296 ) Distributions on Preferred Units (626 ) (627 ) Income from continuing operations available for common unitholders 27,208 15,997 Income from discontinued operations available for common unitholders 418,593 3,915 Net income available for common unitholders $ 445,801 $ 19,912 Denominator: Denominator for basic earnings per Common Unit – weighted average units 98,864 95,746 Earnings per Common Unit - basic: Income from continuing operations available for common unitholders $ 0.28 $ 0.17 Income from discontinued operations available for common unitholders 4.23 0.04 Net income available for common unitholders $ 4.51 $ 0.21 Earnings per Common Unit - diluted: Numerator: Income from continuing operations $ 28,142 $ 16,920 Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations (308 ) (296 ) Distributions on Preferred Units (626 ) (627 ) Income from continuing operations available for common unitholders 27,208 15,997 Income from discontinued operations available for common unitholders 418,593 3,915 Net income available for common unitholders $ 445,801 $ 19,912 Denominator: Denominator for basic earnings per Common Unit – weighted average units 98,864 95,746 Add: Stock options using the treasury method 84 124 Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) (2) 98,948 95,870 Earnings per Common Unit - diluted: Income from continuing operations available for common unitholders $ 0.28 $ 0.17 Income from discontinued operations available for common unitholders 4.23 0.04 Net income available for common unitholders $ 4.51 $ 0.21 __________ (1) There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015 , respectively, that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive. (2) Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information [Table Text Block] | The following tables summarize the rental and other revenues and net operating income, the primary industry property-level performance metric used by our chief operating decision maker which is defined as rental and other revenues less rental property and other expenses, for each of our reportable segments. Our segment information for the three months ended March 31, 2015 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments. Three Months Ended 2016 2015 Rental and Other Revenues: Office: Atlanta, GA $ 33,196 $ 24,782 Greensboro, NC 5,147 5,440 Memphis, TN 12,014 11,734 Nashville, TN 23,366 21,816 Orlando, FL 11,485 10,834 Pittsburgh, PA 15,140 14,549 Raleigh, NC 28,222 23,441 Richmond, VA 11,069 10,584 Tampa, FL 21,438 18,427 Total Office Segment 161,077 141,607 Other 3,782 3,629 Total Rental and Other Revenues $ 164,859 $ 145,236 14. Segment Information - Continued Three Months Ended 2016 2015 Net Operating Income: Office: Atlanta, GA $ 21,052 $ 15,367 Greensboro, NC 3,148 3,426 Memphis, TN 7,415 7,389 Nashville, TN 16,815 15,232 Orlando, FL 6,685 6,483 Pittsburgh, PA 8,603 7,962 Raleigh, NC 20,254 16,271 Richmond, VA 7,429 6,880 Tampa, FL 13,327 11,220 Total Office Segment 104,728 90,230 Other 2,551 2,492 Total Net Operating Income 107,279 92,722 Reconciliation to income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates: Depreciation and amortization (53,494 ) (46,867 ) General and administrative expenses (11,137 ) (11,243 ) Interest expense (20,705 ) (21,242 ) Other income 517 582 Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates $ 22,460 $ 13,952 |
Description of Business and S34
Description of Business and Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands, ft² in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($)aft²$ / sharesshares | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Description of Business and Significant Accounting Policies [Line Items] | |||
Rentable square feet of commercial real estate properties (in sq feet) | ft² | 31.2 | ||
Rentable square feet of commercial real estate properties under development (in sq feet) | ft² | 1.3 | ||
Undeveloped land suitable for development (in acres) | a | 500 | ||
Net proceeds of Common Stock sold during the period | $ 50,898 | $ 40,567 | |
Percentage of equity interest in joint ventures, maximum (in hundredths) | 50.00% | ||
Carrying value of investment in unconsolidated affiliate | $ 19,225 | $ 20,676 | |
Debt issuance costs reclassified to contra liability account | 2,100,937 | 2,491,813 | |
Debt issuance costs reclassified to prepaid expenses and other assets | 39,681 | $ 26,649 | |
Reclassified Debt Issuance Costs Member | |||
Description of Business and Significant Accounting Policies [Line Items] | |||
Debt issuance costs reclassified to contra liability account | 7,800 | ||
Debt issuance costs reclassified to prepaid expenses and other assets | $ 2,100 | ||
Highwoods Properties, Inc. [Member] | |||
Description of Business and Significant Accounting Policies [Line Items] | |||
Common Units of partnership owned by the Company (in shares) | shares | 97,000,000 | ||
Percentage of ownership of Common Units (in hundredths) | 97.10% | 97.10% | |
Joint venture partner's interest in unconsolidated affiliate (in hundredths) | 80.00% | ||
Highwoods Properties, Inc. [Member] | ATM Equity Offering [Member] | |||
Description of Business and Significant Accounting Policies [Line Items] | |||
Number of Common Stock sold during the period (in shares) | shares | 1,054,496 | ||
Average price of Common Stock sold during the period (in dollars per share) | $ / shares | $ 45.86 | ||
Net proceeds of Common Stock sold during the period | $ 47,600 | ||
Highwoods Realty Limited Partnership [Member] | |||
Description of Business and Significant Accounting Policies [Line Items] | |||
Common Units of partnership not owned by the Company (in shares) | shares | 2,900,000 | ||
Carrying value of investment in unconsolidated affiliate | $ 19,225 | $ 20,676 | |
Debt issuance costs reclassified to contra liability account | 2,100,937 | 2,491,813 | |
Debt issuance costs reclassified to prepaid expenses and other assets | $ 39,681 | $ 26,649 | |
Unconsolidated Affiliate VIE Member | |||
Description of Business and Significant Accounting Policies [Line Items] | |||
Percentage of equity interest in joint ventures, maximum (in hundredths) | 12.50% | ||
Carrying value of investment in unconsolidated affiliate | $ 1,600 |
Real Estate Assets (Details)
Real Estate Assets (Details) ft² in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)ft² | Mar. 31, 2015USD ($) | |
Dispositions [Abstract] | ||
Gains on disposition of discontinued operations | $ 414,496 | $ 0 |
Gains on disposition of property | $ 4,397 | $ 1,157 |
Rentable square feet of building (in sq feet) | ft² | 31,200 | |
Division Exit [Member] | ||
Dispositions [Abstract] | ||
Purchase price of real estate | $ 660,000 | |
Gains on disposition of discontinued operations | 414,500 | |
Gains on disposition of property | 1,300 | |
Disposition closing credits excluded | 4,800 | |
Related Party Office Building Disposition [Member] | ||
Dispositions [Abstract] | ||
Purchase price of real estate | 4,700 | |
Gains on disposition of property | $ 1,100 | |
Rentable square feet of building (in sq feet) | ft² | 32 | |
Buyer occupancy percentage (in hundredths) | 79.00% | |
Disposition closing credits excluded | $ 100 | |
Building Dispositions [Member] | ||
Dispositions [Abstract] | ||
Purchase price of real estate | 6,400 | |
Gains on disposition of property | 2,000 | |
Disposition closing credits excluded | $ 500 |
Mortgages and Notes Receivable
Mortgages and Notes Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Mortgages and notes receivable [Abstract] | ||
Mortgages and notes receivable, net | $ 9,661 | $ 2,096 |
Investments In and Advances T37
Investments In and Advances To Unconsolidated Affiliates (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)property | Mar. 31, 2015USD ($) | |
Income Statements: | ||
Rental and other revenues | $ 10,772 | $ 12,231 |
Expenses: | ||
Rental property and other expenses | 4,715 | 5,667 |
Depreciation and amortization | 2,747 | 3,115 |
Interest expense | 1,377 | 2,149 |
Total expenses | 8,839 | 10,931 |
Income before disposition of property | 1,933 | 1,300 |
Gains/(losses) on disposition of property | 902 | 2,127 |
Net income | $ 2,835 | $ 3,427 |
Percentage of equity interest in joint ventures, maximum (in hundredths) | 50.00% | |
Concourse Center Associates, LLC Joint Venture [Member] | ||
Expenses: | ||
Gains/(losses) on disposition of property | $ (100) | |
Number of buildings sold | property | 2 | |
Proceeds received from disposition of property | $ 11,000 | |
Our share of gains on disposition of property | 400 | |
Repayment of debt | 6,600 | |
4600 Madison Associates, LLC Joint Venture [Member] | ||
Expenses: | ||
Gains/(losses) on disposition of property | 1,000 | |
Proceeds received from disposition of property | 3,400 | |
Our share of gains on disposition of property | 100 | |
Repayment of debt | $ 3,400 | |
Fixed current interest rate (in hundredths) | 6.85% |
Intangible Assets and Below M38
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Intangible assets and below market lease liabilities, net [Abstract] | |||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ 347,089 | $ 346,937 | |
Deferred leasing costs, accumulated amortization | (122,630) | (115,172) | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 224,459 | 231,765 | |
Deferred Leasing Costs and Acquisition-Related Intangible Assets [Member] | |||
Intangible assets and below market lease liabilities, net [Abstract] | |||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 202,648 | ||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of intangible assets | 11,335 | $ 10,001 | |
Lease Incentives [Member] | |||
Intangible assets and below market lease liabilities, net [Abstract] | |||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 7,199 | ||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of intangible assets | 711 | 351 | |
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member] | |||
Intangible assets and below market lease liabilities, net [Abstract] | |||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 12,013 | ||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of intangible assets | 1,031 | 1,166 | |
Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) [Member] | |||
Intangible assets and below market lease liabilities, net [Abstract] | |||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 2,599 | ||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of intangible assets | 138 | 137 | |
Acquisition-Related Below Market Lease Liabilities [Member] | |||
Intangible assets and below market lease liabilities, net [Abstract] | |||
Acquisition-related below market lease liabilities, gross | 63,628 | 63,830 | |
Acquisition-related below market lease liabilities, accumulated amortization | (19,497) | (17,927) | |
Acquisition-related below market lease liabilities, net | 44,131 | $ 45,903 | |
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of acquisition-related below market lease liabilities | $ (1,772) | $ (1,732) |
Intangible Assets and Below M39
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Scheduled future amortization of intangible assets [Abstract] | ||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 224,459 | $ 231,765 |
Deferred Leasing Costs and Acquisition-Related Intangible Assets [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
April 1 through December 31, 2016 | 34,295 | |
2,017 | 38,954 | |
2,018 | 32,108 | |
2,019 | 26,469 | |
2,020 | 21,882 | |
Thereafter | 48,940 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 202,648 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 6 years 8 months 12 days | |
Lease Incentives [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
April 1 through December 31, 2016 | $ 1,011 | |
2,017 | 1,275 | |
2,018 | 1,171 | |
2,019 | 961 | |
2,020 | 725 | |
Thereafter | 2,056 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 7,199 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 7 years 2 months 12 days | |
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
April 1 through December 31, 2016 | $ 2,805 | |
2,017 | 2,650 | |
2,018 | 1,706 | |
2,019 | 1,305 | |
2,020 | 988 | |
Thereafter | 2,559 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 12,013 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 6 years 1 month 6 days | |
Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
April 1 through December 31, 2016 | $ 415 | |
2,017 | 553 | |
2,018 | 553 | |
2,019 | 553 | |
2,020 | 525 | |
Thereafter | 0 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 2,599 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 4 years 8 months 12 days | |
Acquisition-Related Below Market Lease Liabilities [Member] | ||
Scheduled future amortization of below market lease liabilities [Abstract] | ||
April 1 through December 31, 2016 | $ (5,225) | |
2,017 | (6,619) | |
2,018 | (6,228) | |
2,019 | (5,737) | |
2,020 | (5,408) | |
Thereafter | (14,914) | |
Total scheduled future amortization of acquisition-related below market lease liabilities | $ (44,131) | $ (45,903) |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived below market lease liabilities, average useful life (in years) | 7 years 8 months 12 days |
Mortgages and Notes Payable (De
Mortgages and Notes Payable (Details) | 3 Months Ended | |||
Mar. 31, 2016USD ($)extensions | Mar. 31, 2015USD ($) | Apr. 19, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Mortgages and notes payable, net | $ 2,100,937,000 | $ 2,491,813,000 | ||
Unamortized debt issuance costs | (7,074,000) | (7,801,000) | ||
Repayment of bridge credit facility | 107,400,000 | $ 91,900,000 | ||
Revolving Credit Facility due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity on revolving credit facility | $ 475,000,000 | |||
Maturity date on revolving credit facility | Jan. 1, 2018 | |||
Additional borrowing capacity on revolving credit facility | $ 75,000,000 | |||
Number of additional maturity extensions | extensions | 2 | |||
Term of optional extension | 6 months | |||
Facility interest rate basis | LIBOR plus 110 basis points | |||
Interest rate spread (in hundredths) | 1.10% | |||
Annual facility fee (in hundredths) | 0.20% | |||
Amount outstanding on revolving credit facility | $ 258,000,000 | |||
Outstanding letters of credit on revolving credit facility | 200,000 | |||
Unused borrowing capacity on revolving credit facility | $ 216,800,000 | |||
Bridge Term Loan Facility due 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date on revolving credit facility | Mar. 28, 2016 | |||
Repayment of bridge credit facility | $ 350,000,000 | |||
Secured indebtedness [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgages and notes payable, net | 174,475,000 | 175,281,000 | ||
Aggregate undepreciated book value of secured real estate assets | 315,800,000 | |||
Unsecured indebtedness [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgages and notes payable, net | $ 1,933,536,000 | $ 2,324,333,000 | ||
Subsequent Event [Member] | Revolving Credit Facility due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount outstanding on revolving credit facility | $ 257,000,000 | |||
Outstanding letters of credit on revolving credit facility | 200,000 | |||
Unused borrowing capacity on revolving credit facility | $ 217,800,000 |
Derivative Financial Instrume41
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Amount of borrowings, subject to swaps | $ 150,000 | ||
Underlying treasury rate locked by forward-starting swaps (in hundredths) | 1.90% | ||
Expected increase to interest expense | $ 3,300 | ||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities [Abstract] | |||
Interest rate swaps | 5,992 | $ 3,073 | |
Amount of unrealized gains/(losses) recognized in AOCL on derivatives (effective portion) [Abstract] | |||
Interest rate swaps | (3,635) | $ (2,914) | |
Amount of losses reclassified out of AOCL into contractual interest expense (effective portion) [Abstract] | |||
Interest rate swaps | $ 795 | $ 924 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Noncontrolling Interests in Consolidated Affiliates [Abstract] | ||
Consolidated joint venture, partner's interest (in hundredths) | 50.00% | |
Noncontrolling Interests in the Operating Partnership [Roll Forward] | ||
Beginning noncontrolling interests in the Operating Partnership | $ 126,429 | |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 429 | $ 5,036 |
Conversions of Common Units to Common Stock | 0 | (1,206) |
Net income attributable to noncontrolling interests in the Operating Partnership | 13,011 | 596 |
Distributions to noncontrolling interests in the Operating Partnership | (1,232) | (1,248) |
Total noncontrolling interests in the Operating Partnership | 138,637 | |
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract] | ||
Net income available for common stockholders | 432,790 | 19,316 |
Highwoods Properties, Inc. [Member] | ||
Noncontrolling Interests in the Operating Partnership [Roll Forward] | ||
Beginning noncontrolling interests in the Operating Partnership | 126,429 | 130,048 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 429 | 5,036 |
Conversions of Common Units to Common Stock | 0 | (1,206) |
Net income attributable to noncontrolling interests in the Operating Partnership | 13,011 | 596 |
Distributions to noncontrolling interests in the Operating Partnership | (1,232) | (1,248) |
Total noncontrolling interests in the Operating Partnership | 138,637 | 133,226 |
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract] | ||
Net income available for common stockholders | 432,790 | 19,316 |
Increase in additional paid in capital from conversions of Common Units to Common Stock | 0 | 1,206 |
Change from net income available for common stockholders and transfers from noncontrolling interests | $ 432,790 | $ 20,522 |
Disclosure About Fair Value o43
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets: | |||
Mortgages and notes receivable, at fair value | [1] | $ 9,661 | $ 2,096 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,521 | 2,736 | |
Tax increment financing bond (in real estate and other assets, net, held for sale) | [2] | 11,197 | |
Total Assets | 12,182 | 16,029 | |
Liabilities: | |||
Mortgages and notes payable, net, at fair value | [1] | 2,131,771 | 2,517,589 |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 5,992 | 3,073 | |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,521 | 2,736 | |
Financing obligation, at fair value (in liabilities held for sale) | [1],[2] | 7,402 | |
Total Liabilities | 2,140,284 | 2,530,800 | |
Level 1 [Member] | |||
Assets: | |||
Mortgages and notes receivable, at fair value | [1] | 0 | 0 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,521 | 2,736 | |
Tax increment financing bond (in real estate and other assets, net, held for sale) | [2] | 0 | |
Total Assets | 2,521 | 2,736 | |
Liabilities: | |||
Mortgages and notes payable, net, at fair value | [1] | 0 | 0 |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 0 | 0 | |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,521 | 2,736 | |
Financing obligation, at fair value (in liabilities held for sale) | [1],[2] | 0 | |
Total Liabilities | 2,521 | 2,736 | |
Level 2 [Member] | |||
Assets: | |||
Mortgages and notes receivable, at fair value | [1] | 9,661 | 2,096 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 0 | 0 | |
Tax increment financing bond (in real estate and other assets, net, held for sale) | [2] | 0 | |
Total Assets | 9,661 | 2,096 | |
Liabilities: | |||
Mortgages and notes payable, net, at fair value | [1] | 2,131,771 | 2,517,589 |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 5,992 | 3,073 | |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 0 | 0 | |
Financing obligation, at fair value (in liabilities held for sale) | [1],[2] | 0 | |
Total Liabilities | 2,137,763 | 2,520,662 | |
Level 3 [Member] | |||
Assets: | |||
Mortgages and notes receivable, at fair value | [1] | 0 | 0 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 0 | 0 | |
Tax increment financing bond (in real estate and other assets, net, held for sale) | [2] | 11,197 | |
Total Assets | 0 | 11,197 | |
Liabilities: | |||
Mortgages and notes payable, net, at fair value | [1] | 0 | 0 |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 0 | 0 | |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 0 | 0 | |
Financing obligation, at fair value (in liabilities held for sale) | [1],[2] | 7,402 | |
Total Liabilities | 0 | 7,402 | |
Highwoods Properties, Inc. [Member] | |||
Assets: | |||
Noncontrolling Interests in the Operating Partnership | 138,637 | 126,429 | |
Highwoods Properties, Inc. [Member] | Level 1 [Member] | |||
Assets: | |||
Noncontrolling Interests in the Operating Partnership | 138,637 | 126,429 | |
Highwoods Properties, Inc. [Member] | Level 2 [Member] | |||
Assets: | |||
Noncontrolling Interests in the Operating Partnership | 0 | 0 | |
Highwoods Properties, Inc. [Member] | Level 3 [Member] | |||
Assets: | |||
Noncontrolling Interests in the Operating Partnership | $ 0 | $ 0 | |
[1] | Amounts recorded at historical cost on our Consolidated Balance Sheets at March 31, 2016 and December 31, 2015. | ||
[2] | Sold during the first quarter of 2016 in conjunction with the sale of the Plaza assets. |
Disclosure About Fair Value o44
Disclosure About Fair Value of Financial Instruments - Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Unrealized gains (in AOCL) | $ 0 | $ 193 | |
Tax Increment Financing Bond [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 11,197 | 12,447 | $ 12,447 |
Assigned to the buyer of the Plaza assets | (11,197) | 0 | |
Unrealized gains (in AOCL) | 0 | 193 | |
Ending balance | $ 0 | $ 12,640 | $ 11,197 |
Discount rate (in hundredths) | 6.93% |
Share-Based Payments (Details)
Share-Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 3,556 | $ 3,866 |
Total unrecognized stock-based compensation costs | $ 7,800 | |
Weighted average remaining contractual term for recognition of unrecognized stock-based compensation costs (in years) | 2 years 8 months 12 days | |
Highwoods Properties, Inc. [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 244,664 | |
Weighted average grant date fair value of each stock option granted (in dollars per option) | $ 4.61 | |
Highwoods Properties, Inc. [Member] | Time-Based Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | 66,486 | |
Weighted average grant date fair value of each restricted stock granted (in dollars per share) | $ 43.19 | |
Highwoods Properties, Inc. [Member] | Total Return-Based Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | 56,346 | |
Weighted average grant date fair value of each restricted stock granted (in dollars per share) | $ 41.25 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss) Calculation [Roll Forward] | |||
Beginning balance | $ (3,811) | ||
Ending balance | (6,651) | $ (5,709) | |
Tax Increment Financing Bond [Member] | |||
Accumulated Other Comprehensive Income (Loss) Calculation [Roll Forward] | |||
Beginning balance | 0 | (445) | |
Unrealized gains/(losses) | 0 | 193 | |
Ending balance | 0 | (252) | |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) Calculation [Roll Forward] | |||
Beginning balance | (3,811) | (3,467) | |
Unrealized gains/(losses) | (3,635) | (2,914) | |
Amortization reclassified out of AOCL | [1] | 795 | 924 |
Ending balance | $ (6,651) | $ (5,457) | |
[1] | Amounts reclassified out of AOCL into contractual interest expense. |
Real Estate, Other Assets and47
Real Estate, Other Assets and Liabilities Held For Sale and Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Assets [Abstract] | |||
Land | $ 0 | $ 16,681 | |
Buildings and tenant improvements | 0 | 322,811 | |
Land held for development | 0 | 1,089 | |
Less - accumulated depreciation | 0 | (131,274) | |
Net real estate assets | 0 | 209,307 | |
Accrued straight-line rents receivable, net | 0 | 11,730 | |
Deferred leasing costs, net | 0 | 6,690 | |
Prepaid expenses and other assets, net | 0 | 13,221 | |
Real estate and other assets, net, held for sale | 0 | 240,948 | |
Liabilities [Abstract] | |||
Accounts payable, accrued expenses and other liabilities | 0 | (6,717) | |
Financing obligation | 0 | (7,402) | |
Liabilities held for sale | 0 | $ (14,119) | |
Discontinued Operations [Abstract] | |||
Rental and other revenues | 8,484 | $ 12,074 | |
Operating expenses: | |||
Rental property and other expenses | 3,334 | 4,999 | |
Depreciation and amortization | 0 | 3,441 | |
General and administrative | 1,388 | 194 | |
Total operating expenses | 4,722 | 8,634 | |
Interest expense | 85 | 181 | |
Other income | 420 | 656 | |
Income from discontinued operations | 4,097 | 3,915 | |
Net gains on disposition of discontinued operations | 414,496 | 0 | |
Total income from discontinued operations | 418,593 | 3,915 | |
Net Cash Provided by/(Used in) Discontinued Operations [Abstract] | |||
Cash flows from operating activities | 2,040 | 6,773 | |
Cash flows from investing activities | $ 417,097 | $ (2,268) |
Earnings Per Share and Per Un48
Earnings Per Share and Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Numerator: | |||
Income from continuing operations | $ 28,142 | $ 16,920 | |
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (746) | (476) | |
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (308) | (296) | |
Dividends on Preferred Stock | (626) | (627) | |
Income from continuing operations available for common stockholders | 26,462 | 15,521 | |
Income from discontinued operations | 418,593 | 3,915 | |
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations | (12,265) | (120) | |
Income from discontinued operations available for common stockholders | 406,328 | 3,795 | |
Net income available for common stockholders | $ 432,790 | $ 19,316 | |
Denominator: | |||
Denominator for basic earnings per Common Share - weighted average shares (in shares) | 96,373 | 93,222 | |
Earnings per Common Share - basic: | |||
Income from continuing operations available for common stockholders (in dollars per share) | $ 0.27 | $ 0.17 | |
Income from discontinued operations available for common stockholders (in dollars per share) | 4.22 | 0.04 | |
Net income available for common stockholders (in dollars per share) | $ 4.49 | $ 0.21 | |
Numerator: | |||
Income from continuing operations | $ 28,142 | $ 16,920 | |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (308) | (296) | |
Dividends on Preferred Stock | (626) | (627) | |
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | 27,208 | 15,997 | |
Income from discontinued operations available for common stockholders | 418,593 | 3,915 | |
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ 445,801 | $ 19,912 | |
Denominator: | |||
Denominator for basic earnings per Common Share - weighted average shares (in shares) | 96,373 | 93,222 | |
Stock options using the treasury method | 84 | 124 | |
Noncontrolling interests Common Units | 2,900 | 2,933 | |
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) | [1],[2] | 99,357 | 96,279 |
Earnings per Common Share - diluted: | |||
Income from continuing operations available for common stockholders (in dollars per share) | $ 0.27 | $ 0.17 | |
Income from discontinued operations available for common stockholders (in dollars per share) | 4.22 | 0.04 | |
Net income available for common stockholders (in dollars per share) | $ 4.49 | $ 0.21 | |
Earnings Per Share and Per Unit, Basic and Diluted, Other Disclosures [Abstract] | |||
Number of anti-dilutive options and warrants not included in earnings per share (in shares) | 400 | 200 | |
Highwoods Realty Limited Partnership [Member] | |||
Numerator: | |||
Income from continuing operations | $ 28,142 | $ 16,920 | |
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (308) | (296) | |
Distributions on Preferred Units | (626) | (627) | |
Income from continuing operations available for common unitholders | 27,208 | 15,997 | |
Income from discontinued operations available for common unitholders | 418,593 | 3,915 | |
Net income available for common unitholders | $ 445,801 | $ 19,912 | |
Denominator: | |||
Denominator for basic earnings per Common Unit - weighted average units (in shares) | 98,864 | 95,746 | |
Earnings per Common Unit - basic: | |||
Income from continuing operations available for common unitholders (in dollars per share) | $ 0.28 | $ 0.17 | |
Income from discontinued operations available for common unitholders (in dollars per share) | 4.23 | 0.04 | |
Net income available for common unitholders (in dollars per share) | $ 4.51 | $ 0.21 | |
Numerator: | |||
Income from continuing operations | $ 28,142 | $ 16,920 | |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (308) | (296) | |
Distributions on Preferred Units | (626) | (627) | |
Income from continuing operations available for common unitholders | 27,208 | 15,997 | |
Income from discontinued operations available for common unitholders | 418,593 | 3,915 | |
Net income available for common unitholders | $ 445,801 | $ 19,912 | |
Denominator: | |||
Denominator for basic earnings per Common Unit - weighted average units (in shares) | 98,864 | 95,746 | |
Stock options using the treasury method | 84 | 124 | |
Denominator for diluted earnings per Common Unit - adjusted weighted average units and assumed conversions (in shares) | [3],[4] | 98,948 | 95,870 |
Earnings per Common Unit - diluted: | |||
Income from continuing operations available for common unitholders (in dollars per share) | $ 0.28 | $ 0.17 | |
Income from discontinued operations available for common unitholders (in dollars per share) | 4.23 | 0.04 | |
Net income available for common unitholders (in dollars per share) | $ 4.51 | $ 0.21 | |
Earnings Per Share and Per Unit, Basic and Diluted, Other Disclosures [Abstract] | |||
Number of anti-dilutive options and warrants not included in earnings per share (in shares) | 400 | 200 | |
[1] | Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. | ||
[2] | There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015, respectively, that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive. | ||
[3] | Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. | ||
[4] | There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015, respectively, that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | $ 164,859 | $ 145,236 |
Total Net Operating Income | 107,279 | 92,722 |
Reconciliation to income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates: | ||
Depreciation and amortization | (53,494) | (46,867) |
General and administrative expenses | (11,137) | (11,243) |
Interest expense | (20,705) | (21,242) |
Other income | 517 | 582 |
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates | 22,460 | 13,952 |
Total Office Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 161,077 | 141,607 |
Total Net Operating Income | 104,728 | 90,230 |
Office Atlanta, GA [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 33,196 | 24,782 |
Total Net Operating Income | 21,052 | 15,367 |
Office Greensboro, NC [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 5,147 | 5,440 |
Total Net Operating Income | 3,148 | 3,426 |
Office Memphis, TN [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 12,014 | 11,734 |
Total Net Operating Income | 7,415 | 7,389 |
Office Nashville, TN [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 23,366 | 21,816 |
Total Net Operating Income | 16,815 | 15,232 |
Office Orlando, FL [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 11,485 | 10,834 |
Total Net Operating Income | 6,685 | 6,483 |
Office Pittsburgh, PA [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 15,140 | 14,549 |
Total Net Operating Income | 8,603 | 7,962 |
Office Raleigh, NC [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 28,222 | 23,441 |
Total Net Operating Income | 20,254 | 16,271 |
Office Richmond, VA [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 11,069 | 10,584 |
Total Net Operating Income | 7,429 | 6,880 |
Office Tampa, FL [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 21,438 | 18,427 |
Total Net Operating Income | 13,327 | 11,220 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 3,782 | 3,629 |
Total Net Operating Income | $ 2,551 | $ 2,492 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Apr. 04, 2016USD ($)a | Mar. 31, 2016a |
Subsequent Event [Line Items] | ||
Acquisition of development land (in acres) | 500 | |
Nashville TN Land Acquisition (04/2016) [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition of development land (in acres) | 14 | |
Acquisition purchase price | $ | $ 9 |