Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2019 |
Operating activities: | | | |
Net income | | $ 230,296 | $ 49,780 |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | | 120,611 | 128,664 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | | (1,278) | 868 |
Share-based compensation expense | | 3,738 | 5,512 |
Credit losses on operating lease receivables | | 2,333 | 8,144 |
Write-off of mortgages and notes receivable | | 0 | 4,087 |
Accrued interest on mortgages and notes receivable | | (61) | (118) |
Amortization of debt issuance costs | | 1,533 | 1,455 |
Amortization of cash flow hedges | | 3 | (875) |
Amortization of mortgages and notes payable fair value adjustments | | 852 | 787 |
Impairments of real estate assets | | 1,778 | 531 |
Losses on debt extinguishment | | 0 | 375 |
Net gains on disposition of property | | (153,385) | (6,703) |
Equity in earnings of unconsolidated affiliates | | (2,142) | (1,429) |
Distributions of earnings from unconsolidated affiliates | | 407 | 669 |
Settlement of cash flow hedges | | 0 | (5,144) |
Changes in operating assets and liabilities: | | | |
Accounts receivable | | (1,031) | (5,507) |
Prepaid expenses and other assets | | (8,320) | (3,305) |
Accrued straight-line rents receivable | | (21,522) | (14,273) |
Accounts payable, accrued expenses and other liabilities | | 6,403 | 9,771 |
Net cash provided by operating activities | | 180,215 | 173,289 |
Investing activities: | | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | | (2,363) | (12,795) |
Investments in development in-process | | (83,071) | (50,884) |
Investments in tenant improvements and deferred leasing costs | | (85,544) | (78,449) |
Investments in building improvements | | (30,312) | (24,113) |
Net proceeds from disposition of real estate assets | | 334,366 | 31,510 |
Distributions of capital from unconsolidated affiliates | | 72 | 29 |
Investments in mortgages and notes receivable | | (32) | 0 |
Repayments of mortgages and notes receivable | | 154 | 147 |
Changes in other investing activities | | (3,541) | (4,272) |
Net cash provided by/(used in) investing activities | | 129,729 | (138,827) |
Financing activities: | | | |
Dividends on Common Stock | | (99,596) | (98,425) |
Redemptions/repurchases of Preferred Stock | | (16) | (18) |
Dividends on Preferred Stock | | (1,244) | (1,244) |
Distributions to noncontrolling interests in the Operating Partnership | | (2,728) | (2,598) |
Distributions to noncontrolling interests in consolidated affiliates | | (829) | (784) |
Proceeds from the issuance of Common Stock | | 2,753 | 1,049 |
Costs paid for the issuance of Common Stock | | (228) | 0 |
Repurchase of shares related to tax withholdings | | (1,124) | (1,780) |
Borrowings on revolving credit facility | | 129,000 | 169,400 |
Repayments of revolving credit facility | | (336,000) | (215,400) |
Borrowings on mortgages and notes payable | | 0 | 349,010 |
Repayments of mortgages and notes payable | | (967) | (225,929) |
Changes in debt issuance costs and other financing activities | | 0 | (4,379) |
Net cash used in financing activities | | (310,979) | (31,098) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | | (1,035) | 3,364 |
Cash and cash equivalents and restricted cash at beginning of the period | | 14,742 | 10,143 |
Cash and cash equivalents and restricted cash at end of the period | | 13,707 | 13,507 |
Reconciliation of cash and cash equivalents and restricted cash: | | | |
Cash and cash equivalents at end of the period | | 4,752 | 4,530 |
Restricted cash at end of the period | | 8,955 | 8,977 |
Supplemental disclosure of cash flow information: | | | |
Cash paid for interest, net of amounts capitalized | | 38,424 | 33,378 |
Supplemental disclosure of non-cash investing and financing activities: | | | |
Unrealized losses on cash flow hedges | | (1,236) | (2,550) |
Conversions of Common Units to Common Stock | | 0 | 353 |
Changes in accrued capital expenditures (1) | [1] | (18,819) | 2,027 |
Write-off of fully depreciated real estate assets | | 22,630 | 36,188 |
Write-off of fully amortized leasing costs | | 10,564 | 19,900 |
Write-off of fully amortized debt issuance costs | | 0 | 828 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | | (36,525) | 8,532 |
Contributions from noncontrolling interests in consolidated affiliates | | 0 | 4,987 |
Issuances of Common Units to acquire real estate assets | | 6,163 | 0 |
Contingent consideration in connection with the acquisition of land | | 1,500 | 0 |
Initial recognition of lease liabilities related to right of use assets | | 0 | 35,349 |
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities | | 49,100 | 64,300 |
Highwoods Realty Limited Partnership [Member] | | | |
Operating activities: | | | |
Net income | | 230,296 | 49,780 |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | | 120,611 | 128,664 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | | (1,278) | 868 |
Share-based compensation expense | | 3,738 | 5,512 |
Credit losses on operating lease receivables | | 2,333 | 8,144 |
Write-off of mortgages and notes receivable | | 0 | 4,087 |
Accrued interest on mortgages and notes receivable | | (61) | (118) |
Amortization of debt issuance costs | | 1,533 | 1,455 |
Amortization of cash flow hedges | | 3 | (875) |
Amortization of mortgages and notes payable fair value adjustments | | 852 | 787 |
Impairments of real estate assets | | 1,778 | 531 |
Losses on debt extinguishment | | 0 | 375 |
Net gains on disposition of property | | (153,385) | (6,703) |
Equity in earnings of unconsolidated affiliates | | (2,142) | (1,429) |
Distributions of earnings from unconsolidated affiliates | | 407 | 669 |
Settlement of cash flow hedges | | 0 | (5,144) |
Changes in operating assets and liabilities: | | | |
Accounts receivable | | (1,031) | (5,507) |
Prepaid expenses and other assets | | (8,320) | (3,305) |
Accrued straight-line rents receivable | | (21,522) | (14,273) |
Accounts payable, accrued expenses and other liabilities | | 6,403 | 9,771 |
Net cash provided by operating activities | | 180,215 | 173,289 |
Investing activities: | | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | | (2,363) | (12,795) |
Investments in development in-process | | (83,071) | (50,884) |
Investments in tenant improvements and deferred leasing costs | | (85,544) | (78,449) |
Investments in building improvements | | (30,312) | (24,113) |
Net proceeds from disposition of real estate assets | | 334,366 | 31,510 |
Distributions of capital from unconsolidated affiliates | | 72 | 29 |
Investments in mortgages and notes receivable | | (32) | 0 |
Repayments of mortgages and notes receivable | | 154 | 147 |
Changes in other investing activities | | (3,541) | (4,272) |
Net cash provided by/(used in) investing activities | | 129,729 | (138,827) |
Financing activities: | | | |
Distributions on Common Units | | (101,931) | (100,634) |
Redemptions/repurchases of Preferred Units | | (16) | (18) |
Distributions on Preferred Units | | (1,244) | (1,244) |
Distributions to noncontrolling interests in consolidated affiliates | | (829) | (784) |
Proceeds from the issuance of Common Units | | 2,753 | 1,049 |
Costs paid for the issuance of Common Units | | (228) | 0 |
Repurchase of units related to tax withholdings | | (1,124) | (1,780) |
Borrowings on revolving credit facility | | 129,000 | 169,400 |
Repayments of revolving credit facility | | (336,000) | (215,400) |
Borrowings on mortgages and notes payable | | 0 | 349,010 |
Repayments of mortgages and notes payable | | (967) | (225,929) |
Changes in debt issuance costs and other financing activities | | (393) | (4,768) |
Net cash used in financing activities | | (310,979) | (31,098) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | | (1,035) | 3,364 |
Cash and cash equivalents and restricted cash at beginning of the period | | 14,742 | 10,143 |
Cash and cash equivalents and restricted cash at end of the period | | 13,707 | 13,507 |
Reconciliation of cash and cash equivalents and restricted cash: | | | |
Cash and cash equivalents at end of the period | | 4,752 | 4,530 |
Restricted cash at end of the period | | 8,955 | 8,977 |
Supplemental disclosure of cash flow information: | | | |
Cash paid for interest, net of amounts capitalized | | 38,424 | 33,378 |
Supplemental disclosure of non-cash investing and financing activities: | | | |
Unrealized losses on cash flow hedges | | (1,236) | (2,550) |
Changes in accrued capital expenditures (1) | [1] | (18,819) | 2,027 |
Write-off of fully depreciated real estate assets | | 22,630 | 36,188 |
Write-off of fully amortized leasing costs | | 10,564 | 19,900 |
Write-off of fully amortized debt issuance costs | | 0 | 828 |
Adjustment of Redeemable Common Units to fair value | | (33,276) | 6,818 |
Contributions from noncontrolling interests in consolidated affiliates | | 0 | 4,987 |
Issuances of Common Units to acquire real estate assets | | 6,163 | 0 |
Contingent consideration in connection with the acquisition of land | | 1,500 | 0 |
Initial recognition of lease liabilities related to right of use assets | | 0 | 35,349 |
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities | | $ 49,100 | $ 64,300 |
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[1] | (1) Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities at June 30, 2020 and 2019 were $49.1 million and $64.3 million , respectively. | |