Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2016 |
Operating activities: | | |
Net income | $ 73,039 | $ 480,263 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 111,961 | 108,811 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (345) | (1,179) |
Share-based compensation expense | 4,837 | 4,550 |
Allowance for losses on accounts and accrued straight-line rents receivable | 110 | 1,218 |
Accrued interest on mortgages and notes receivable | (274) | (212) |
Amortization of debt issuance costs | 1,649 | 1,801 |
Amortization of cash flow hedges | 781 | 1,578 |
Amortization of mortgages and notes payable fair value adjustments | 139 | (116) |
Gains on debt extinguishment | (826) | 0 |
Net gains on disposition of property | (5,332) | (424,754) |
Equity in earnings of unconsolidated affiliates | (1,710) | (2,202) |
Distributions of earnings from unconsolidated affiliates | 2,907 | 1,095 |
Settlement of cash flow hedges | 7,322 | 0 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 4,358 | (181) |
Prepaid expenses and other assets | (1,455) | (5,297) |
Accrued straight-line rents receivable | (15,228) | (13,600) |
Accounts payable, accrued expenses and other liabilities | (9,818) | (13,970) |
Net cash provided by operating activities | 172,115 | 137,805 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | 0 | (9,058) |
Investments in development in-process | (97,096) | (74,668) |
Investments in tenant improvements and deferred leasing costs | (54,119) | (42,954) |
Investments in building improvements | (31,070) | (31,677) |
Net proceeds from disposition of real estate assets | 11,532 | 675,003 |
Distributions of capital from unconsolidated affiliates | 7,445 | 2,118 |
Investments in mortgages and notes receivable | 0 | (7,818) |
Repayments of mortgages and notes receivable | 2,357 | 155 |
Investments in and advances to unconsolidated affiliates | (172) | (105) |
Changes in restricted cash and other investing activities | 4,496 | (257,181) |
Net cash provided by/(used in) investing activities | (156,627) | 253,815 |
Financing activities: | | |
Dividends on Common Stock | (89,952) | (82,272) |
Special dividend on Common Stock | (81,205) | 0 |
Redemptions/repurchases of Preferred Stock | (15) | (115) |
Dividends on Preferred Stock | (1,246) | (1,253) |
Distributions to noncontrolling interests in the Operating Partnership | (2,495) | (2,463) |
Special distribution to noncontrolling interests in the Operating Partnership | (2,271) | 0 |
Distributions to noncontrolling interests in consolidated affiliates | (858) | (900) |
Proceeds from the issuance of Common Stock | 74,987 | 110,158 |
Costs paid for the issuance of Common Stock | (1,199) | (1,629) |
Repurchase of shares related to tax withholdings | (3,955) | (4,057) |
Borrowings on revolving credit facility | 425,300 | 153,800 |
Repayments of revolving credit facility | (314,300) | (169,800) |
Borrowings on mortgages and notes payable | 456,001 | 0 |
Repayments of mortgages and notes payable | (506,679) | (394,738) |
Payments of debt extinguishment costs | (57) | 0 |
Changes in debt issuance costs and other financing activities | (3,688) | (943) |
Net cash used in financing activities | (51,632) | (394,212) |
Net decrease in cash and cash equivalents | (36,144) | (2,592) |
Cash and cash equivalents at beginning of the period | 49,490 | 5,036 |
Cash and cash equivalents at end of the period | 13,346 | 2,444 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 34,930 | 38,222 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | 316 | (9,395) |
Conversions of Common Units to Common Stock | 305 | 1,558 |
Changes in accrued capital expenditures | (21,961) | 9,227 |
Write-off of fully depreciated real estate assets | 28,449 | 21,948 |
Write-off of fully amortized leasing costs | 15,023 | 11,690 |
Write-off of fully amortized debt issuance costs | 4,324 | 0 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (287) | 15,042 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 73,039 | 480,263 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 111,961 | 108,811 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (345) | (1,179) |
Share-based compensation expense | 4,837 | 4,550 |
Allowance for losses on accounts and accrued straight-line rents receivable | 110 | 1,218 |
Accrued interest on mortgages and notes receivable | (274) | (212) |
Amortization of debt issuance costs | 1,649 | 1,801 |
Amortization of cash flow hedges | 781 | 1,578 |
Amortization of mortgages and notes payable fair value adjustments | 139 | (116) |
Gains on debt extinguishment | (826) | 0 |
Net gains on disposition of property | (5,332) | (424,754) |
Equity in earnings of unconsolidated affiliates | (1,710) | (2,202) |
Distributions of earnings from unconsolidated affiliates | 2,907 | 1,095 |
Settlement of cash flow hedges | 7,322 | 0 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 4,358 | (181) |
Prepaid expenses and other assets | (1,455) | (5,297) |
Accrued straight-line rents receivable | (15,228) | (13,600) |
Accounts payable, accrued expenses and other liabilities | (9,818) | (13,970) |
Net cash provided by operating activities | 172,115 | 137,805 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | 0 | (9,058) |
Investments in development in-process | (97,096) | (74,668) |
Investments in tenant improvements and deferred leasing costs | (54,119) | (42,954) |
Investments in building improvements | (31,070) | (31,677) |
Net proceeds from disposition of real estate assets | 11,532 | 675,003 |
Distributions of capital from unconsolidated affiliates | 7,445 | 2,118 |
Investments in mortgages and notes receivable | 0 | (7,818) |
Repayments of mortgages and notes receivable | 2,357 | 155 |
Investments in and advances to unconsolidated affiliates | (172) | (105) |
Changes in restricted cash and other investing activities | 4,496 | (257,181) |
Net cash provided by/(used in) investing activities | (156,627) | 253,815 |
Financing activities: | | |
Distributions on Common Units | (92,087) | (84,387) |
Special distribution on Common Units | (83,149) | 0 |
Redemptions/repurchases of Preferred Units | (15) | (115) |
Distributions on Preferred Units | (1,246) | (1,253) |
Distributions to noncontrolling interests in consolidated affiliates | (858) | (900) |
Proceeds from the issuance of Common Units | 74,987 | 110,158 |
Costs paid for the issuance of Common Units | (1,199) | (1,629) |
Repurchase of units related to tax withholdings | (3,955) | (4,057) |
Borrowings on revolving credit facility | 425,300 | 153,800 |
Repayments of revolving credit facility | (314,300) | (169,800) |
Borrowings on mortgages and notes payable | 456,001 | 0 |
Repayments of mortgages and notes payable | (506,679) | (394,738) |
Payments of debt extinguishment costs | (57) | 0 |
Changes in debt issuance costs and other financing activities | (4,375) | (1,291) |
Net cash used in financing activities | (51,632) | (394,212) |
Net decrease in cash and cash equivalents | (36,144) | (2,592) |
Cash and cash equivalents at beginning of the period | 49,490 | 5,036 |
Cash and cash equivalents at end of the period | 13,346 | 2,444 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 34,930 | 38,222 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | 316 | (9,395) |
Changes in accrued capital expenditures | (21,961) | 9,227 |
Write-off of fully depreciated real estate assets | 28,449 | 21,948 |
Write-off of fully amortized leasing costs | 15,023 | 11,690 |
Write-off of fully amortized debt issuance costs | 4,324 | 0 |
Adjustment of Redeemable Common Units to fair value | $ (1,156) | $ 24,971 |