Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2018 |
Operating activities: | | |
Net income | $ 79,337 | $ 122,253 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 189,514 | 171,923 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 197 | (1,488) |
Share-based compensation expense | 6,180 | 6,609 |
Credit losses on operating lease receivables | 8,711 | 791 |
Write-off of mortgages and notes receivable | 4,087 | 0 |
Accrued interest on mortgages and notes receivable | (151) | (336) |
Amortization of debt issuance costs | 2,194 | 2,126 |
Amortization of cash flow hedges | (1,158) | (1,275) |
Amortization of mortgages and notes payable fair value adjustments | 1,193 | 1,071 |
Impairments of real estate assets | 5,849 | 0 |
Losses on debt extinguishment | 640 | 0 |
Net gains on disposition of property | (10,218) | (16,975) |
Equity in earnings of unconsolidated affiliates | (2,369) | (1,641) |
Distributions of earnings from unconsolidated affiliates | 730 | 1,943 |
Settlement of cash flow hedges | (11,749) | 7,216 |
Changes in operating assets and liabilities: | | |
Accounts receivable | (3,611) | 4,778 |
Prepaid expenses and other assets | 458 | (1,487) |
Accrued straight-line rents receivable | (20,955) | (17,945) |
Accounts payable, accrued expenses and other liabilities | 37,382 | 15,395 |
Net cash provided by operating activities | 286,261 | 292,958 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (19,365) | (50,649) |
Investments in development in-process | (77,854) | (130,241) |
Investments in tenant improvements and deferred leasing costs | (105,879) | (89,875) |
Investments in building improvements | (36,383) | (52,151) |
Net proceeds from disposition of real estate assets | 45,250 | 35,441 |
Distributions of capital from unconsolidated affiliates | 29 | 105 |
Repayments of mortgages and notes receivable | 221 | 1,137 |
Payments of earnest money deposits | (50,000) | 0 |
Changes in other investing activities | (6,279) | (4,671) |
Net cash used in investing activities | (250,260) | (290,904) |
Financing activities: | | |
Dividends on Common Stock | (147,662) | (143,435) |
Redemptions/repurchases of Preferred Stock | (18) | (5) |
Dividends on Preferred Stock | (1,866) | (1,869) |
Distributions to noncontrolling interests in the Operating Partnership | (3,894) | (3,895) |
Distributions to noncontrolling interests in consolidated affiliates | (1,227) | (950) |
Proceeds from the issuance of Common Stock | 1,541 | 3,242 |
Costs paid for the issuance of Common Stock | 0 | (95) |
Repurchase of shares related to tax withholdings | (1,784) | (1,671) |
Borrowings on revolving credit facility | 278,600 | 336,400 |
Repayments of revolving credit facility | (460,600) | (397,400) |
Borrowings on mortgages and notes payable | 747,990 | 345,863 |
Repayments of mortgages and notes payable | (326,400) | (211,345) |
Changes in debt issuance costs and other financing activities | (7,800) | (2,948) |
Net cash provided by/(used in) financing activities | 76,880 | (78,108) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 112,881 | (76,054) |
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 | 123,024 | 12,279 |
Reconciliation of cash and cash equivalents and restricted cash: | | |
Cash and cash equivalents at end of the period | 116,724 | 5,324 |
Restricted cash at end of the period | 6,300 | 6,955 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 55,608 | 56,771 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | (9,282) | 10,926 |
Conversions of Common Units to Common Stock | 572 | 1,231 |
Changes in accrued capital expenditures | (7,407) | (10,396) |
Write-off of fully depreciated real estate assets | 59,428 | 63,820 |
Write-off of fully amortized leasing costs | 34,203 | 26,660 |
Write-off of fully amortized debt issuance costs | 1,791 | 2,733 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 19,025 | (9,607) |
Contributions from noncontrolling interests in consolidated affiliates | 4,987 | 0 |
Initial recognition of lease liabilities related to right of use assets | 35,349 | 0 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 79,337 | 122,253 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 189,514 | 171,923 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 197 | (1,488) |
Share-based compensation expense | 6,180 | 6,609 |
Credit losses on operating lease receivables | 8,711 | 791 |
Write-off of mortgages and notes receivable | 4,087 | 0 |
Accrued interest on mortgages and notes receivable | (151) | (336) |
Amortization of debt issuance costs | 2,194 | 2,126 |
Amortization of cash flow hedges | (1,158) | (1,275) |
Amortization of mortgages and notes payable fair value adjustments | 1,193 | 1,071 |
Impairments of real estate assets | 5,849 | 0 |
Losses on debt extinguishment | 640 | 0 |
Net gains on disposition of property | (10,218) | (16,975) |
Equity in earnings of unconsolidated affiliates | (2,369) | (1,641) |
Distributions of earnings from unconsolidated affiliates | 730 | 1,943 |
Settlement of cash flow hedges | (11,749) | 7,216 |
Changes in operating assets and liabilities: | | |
Accounts receivable | (3,611) | 4,778 |
Prepaid expenses and other assets | 458 | (1,487) |
Accrued straight-line rents receivable | (20,955) | (17,945) |
Accounts payable, accrued expenses and other liabilities | 37,382 | 15,395 |
Net cash provided by operating activities | 286,261 | 292,958 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (19,365) | (50,649) |
Investments in development in-process | (77,854) | (130,241) |
Investments in tenant improvements and deferred leasing costs | (105,879) | (89,875) |
Investments in building improvements | (36,383) | (52,151) |
Net proceeds from disposition of real estate assets | 45,250 | 35,441 |
Distributions of capital from unconsolidated affiliates | 29 | 105 |
Repayments of mortgages and notes receivable | 221 | 1,137 |
Payments of earnest money deposits | (50,000) | 0 |
Changes in other investing activities | (6,279) | (4,671) |
Net cash used in investing activities | (250,260) | (290,904) |
Financing activities: | | |
Distributions on Common Units | (150,973) | (146,763) |
Redemptions/repurchases of Preferred Units | (18) | (5) |
Distributions on Preferred Units | (1,866) | (1,869) |
Distributions to noncontrolling interests in consolidated affiliates | (1,227) | (950) |
Proceeds from the issuance of Common Units | 1,541 | 3,242 |
Costs paid for the issuance of Common Units | 0 | (95) |
Repurchase of units related to tax withholdings | (1,784) | (1,671) |
Borrowings on revolving credit facility | 278,600 | 336,400 |
Repayments of revolving credit facility | (460,600) | (397,400) |
Borrowings on mortgages and notes payable | 747,990 | 345,863 |
Repayments of mortgages and notes payable | (326,400) | (211,345) |
Changes in debt issuance costs and other financing activities | (8,383) | (3,515) |
Net cash provided by/(used in) financing activities | 76,880 | (78,108) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 112,881 | (76,054) |
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 | 123,024 | 12,279 |
Reconciliation of cash and cash equivalents and restricted cash: | | |
Cash and cash equivalents at end of the period | 116,724 | 5,324 |
Restricted cash at end of the period | 6,300 | 6,955 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 55,608 | 56,771 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | (9,282) | 10,926 |
Changes in accrued capital expenditures | (7,407) | (10,396) |
Write-off of fully depreciated real estate assets | 59,428 | 63,820 |
Write-off of fully amortized leasing costs | 34,203 | 26,660 |
Write-off of fully amortized debt issuance costs | 1,791 | 2,733 |
Adjustment of Redeemable Common Units to fair value | 16,533 | (11,562) |
Contributions from noncontrolling interests in consolidated affiliates | 4,987 | 0 |
Initial recognition of lease liabilities related to right of use assets | $ 35,349 | $ 0 |