Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended |
Mar. 31, 2019 | Mar. 31, 2018 |
Operating activities: | | |
Net income | $ 8,386 | $ 34,246 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 69,204 | 57,568 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 1,689 | (509) |
Share-based compensation expense | 4,572 | 4,295 |
Credit losses on operating lease receivables | 7,315 | 227 |
Write-off of mortgages and notes receivable | 4,087 | 0 |
Accrued interest on mortgages and notes receivable | (85) | (112) |
Amortization of debt issuance costs | 736 | 686 |
Amortization of cash flow hedges | (515) | (106) |
Amortization of mortgages and notes payable fair value adjustments | 385 | 317 |
Losses on debt extinguishment | 375 | 0 |
Equity in earnings of unconsolidated affiliates | (664) | (522) |
Distributions of earnings from unconsolidated affiliates | 609 | 881 |
Settlement of cash flow hedges | (5,144) | 7,216 |
Changes in operating assets and liabilities: | | |
Accounts receivable | (2,583) | 3,288 |
Prepaid expenses and other assets | (6,953) | (7,692) |
Accrued straight-line rents receivable | (6,903) | (6,619) |
Accounts payable, accrued expenses and other liabilities | (11,798) | (14,636) |
Net cash provided by operating activities | 62,713 | 78,528 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | 0 | (50,649) |
Investments in development in-process | (28,555) | (42,438) |
Investments in tenant improvements and deferred leasing costs | (38,544) | (33,071) |
Investments in building improvements | (12,517) | (19,293) |
Distributions of capital from unconsolidated affiliates | 29 | 105 |
Repayments of mortgages and notes receivable | 74 | 379 |
Changes in other investing activities | (1,989) | (586) |
Net cash used in investing activities | (81,502) | (145,553) |
Financing activities: | | |
Dividends on Common Stock | (49,175) | (47,747) |
Redemptions/repurchases of Preferred Stock | (18) | (5) |
Dividends on Preferred Stock | (622) | (623) |
Distributions to noncontrolling interests in the Operating Partnership | (1,300) | (1,300) |
Distributions to noncontrolling interests in consolidated affiliates | (308) | (238) |
Proceeds from the issuance of Common Stock | 652 | 561 |
Costs paid for the issuance of Common Stock | 0 | (46) |
Repurchase of shares related to tax withholdings | (1,780) | (1,544) |
Borrowings on revolving credit facility | 98,300 | 32,000 |
Repayments of revolving credit facility | (145,300) | (277,000) |
Borrowings on mortgages and notes payable | 349,010 | 345,863 |
Repayments of mortgages and notes payable | (225,462) | (444) |
Changes in debt issuance costs and other financing activities | (2,884) | (2,903) |
Net cash provided by financing activities | 21,113 | 46,574 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 2,324 | (20,451) |
Cash and cash equivalents and restricted cash at beginning of the period | 10,143 | 88,333 |
Cash and cash equivalents and restricted cash at end of the period | 12,467 | 67,882 |
Reconciliation of cash and cash equivalents and restricted cash: | | |
Cash and cash equivalents at end of the period | 4,827 | 31,034 |
Restricted cash at end of the period | 7,640 | 36,848 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 23,924 | 15,986 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | (1,904) | 7,877 |
Conversions of Common Units to Common Stock | 131 | 902 |
Changes in accrued capital expenditures | (119) | (7,333) |
Write-off of fully depreciated real estate assets | 23,880 | 10,511 |
Write-off of fully amortized leasing costs | 12,671 | 7,112 |
Write-off of fully amortized debt issuance costs | 828 | 0 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 23,254 | (19,582) |
Initial recognition of lease liabilities related to right of use assets | 35,349 | 0 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 8,386 | 34,246 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 69,204 | 57,568 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 1,689 | (509) |
Share-based compensation expense | 4,572 | 4,295 |
Credit losses on operating lease receivables | 7,315 | 227 |
Write-off of mortgages and notes receivable | 4,087 | 0 |
Accrued interest on mortgages and notes receivable | (85) | (112) |
Amortization of debt issuance costs | 736 | 686 |
Amortization of cash flow hedges | (515) | (106) |
Amortization of mortgages and notes payable fair value adjustments | 385 | 317 |
Losses on debt extinguishment | 375 | 0 |
Equity in earnings of unconsolidated affiliates | (664) | (522) |
Distributions of earnings from unconsolidated affiliates | 609 | 881 |
Settlement of cash flow hedges | (5,144) | 7,216 |
Changes in operating assets and liabilities: | | |
Accounts receivable | (2,583) | 3,288 |
Prepaid expenses and other assets | (6,953) | (7,692) |
Accrued straight-line rents receivable | (6,903) | (6,619) |
Accounts payable, accrued expenses and other liabilities | (11,798) | (14,636) |
Net cash provided by operating activities | 62,713 | 78,528 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | 0 | (50,649) |
Investments in development in-process | (28,555) | (42,438) |
Investments in tenant improvements and deferred leasing costs | (38,544) | (33,071) |
Investments in building improvements | (12,517) | (19,293) |
Distributions of capital from unconsolidated affiliates | 29 | 105 |
Repayments of mortgages and notes receivable | 74 | 379 |
Changes in other investing activities | (1,989) | (586) |
Net cash used in investing activities | (81,502) | (145,553) |
Financing activities: | | |
Distributions on Common Units | (50,281) | (48,858) |
Redemptions/repurchases of Preferred Units | (18) | (5) |
Distributions on Preferred Units | (622) | (623) |
Distributions to noncontrolling interests in consolidated affiliates | (308) | (238) |
Proceeds from the issuance of Common Units | 652 | 561 |
Costs paid for the issuance of Common Units | 0 | (46) |
Repurchase of units related to tax withholdings | (1,780) | (1,544) |
Borrowings on revolving credit facility | 98,300 | 32,000 |
Repayments of revolving credit facility | (145,300) | (277,000) |
Borrowings on mortgages and notes payable | 349,010 | 345,863 |
Repayments of mortgages and notes payable | (225,462) | (444) |
Changes in debt issuance costs and other financing activities | (3,078) | (3,092) |
Net cash provided by financing activities | 21,113 | 46,574 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 2,324 | (20,451) |
Cash and cash equivalents and restricted cash at beginning of the period | 10,143 | 88,333 |
Cash and cash equivalents and restricted cash at end of the period | 12,467 | 67,882 |
Reconciliation of cash and cash equivalents and restricted cash: | | |
Cash and cash equivalents at end of the period | 4,827 | 31,034 |
Restricted cash at end of the period | 7,640 | 36,848 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 23,924 | 15,986 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | (1,904) | 7,877 |
Changes in accrued capital expenditures | (119) | (7,333) |
Write-off of fully depreciated real estate assets | 23,880 | 10,511 |
Write-off of fully amortized leasing costs | 12,671 | 7,112 |
Write-off of fully amortized debt issuance costs | 828 | 0 |
Adjustment of Redeemable Common Units to fair value | 22,016 | 20,896 |
Initial recognition of lease liabilities related to right of use assets | $ 35,349 | $ 0 |