Cover Page Cover Page
Cover Page Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 21, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity Registrant Name | HIGHWOODS PROPERTIES, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity File Number | 001-13100 | |
Entity Tax Identification Number | 56-1871668 | |
Entity Address, Address Line One | 3100 Smoketree Court | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27604 | |
City Area Code | 919 | |
Local Phone Number | 872-4924 | |
Title of 12(b) Security | Common Stock, $.01 par value, of Highwoods Properties, Inc. | |
Trading Symbol | HIW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 103,896,238 | |
Entity Central Index Key | 0000921082 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Highwoods Realty Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | HIGHWOODS REALTY LIMITED PARTNERSHIP | |
Entity Incorporation, State or Country Code | NC | |
Entity File Number | 000-21731 | |
Entity Tax Identification Number | 56-1869557 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000941713 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Real estate assets, at cost: | ||
Land | $ 485,501 | $ 515,095 |
Buildings and tenant improvements | 5,010,086 | 5,128,150 |
Development in-process | 195,166 | 172,706 |
Land held for development | 131,522 | 99,163 |
Total real estate assets | 5,822,275 | 5,915,114 |
Less-accumulated depreciation | (1,376,817) | (1,388,566) |
Net real estate assets | 4,445,458 | 4,526,548 |
Real estate and other assets, net, held for sale | 0 | 20,790 |
Cash and cash equivalents | 4,752 | 9,505 |
Restricted cash | 8,955 | 5,237 |
Accounts receivable | 29,876 | 23,370 |
Mortgages and notes receivable | 1,440 | 1,501 |
Accrued straight-line rents receivable | 249,722 | 234,652 |
Investments in and advances to unconsolidated affiliates | 26,775 | 26,298 |
Deferred leasing costs, net of accumulated amortization of $151,170 and $146,125, respectively | 221,905 | 231,347 |
Prepaid expenses and other assets, net of accumulated depreciation of $20,532 and $20,017, respectively | 67,905 | 58,996 |
Total Assets | 5,056,788 | 5,138,244 |
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Liabilities, Redeemable Operating Partnership Units and Capital: | ||
Mortgages and notes payable, net | 2,337,662 | 2,543,710 |
Accounts payable, accrued expenses and other liabilities | 275,551 | 286,911 |
Total Liabilities | 2,613,213 | 2,830,621 |
Commitments and contingencies | ||
Noncontrolling interests in the Operating Partnership | 106,103 | 133,216 |
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), 28,843 and 28,859 shares issued and outstanding, respectively | 28,843 | 28,859 |
Common Stock, $.01 par value, 200,000,000 authorized shares; 103,896,936 and 103,756,046 shares issued and outstanding, respectively | 1,039 | 1,038 |
Additional paid-in capital | 2,996,442 | 2,954,779 |
Distributions in excess of net income available for common stockholders | (708,903) | (831,808) |
Accumulated other comprehensive loss | (1,704) | (471) |
Total Stockholders’ Equity | 2,315,717 | 2,152,397 |
Noncontrolling interests in consolidated affiliates | 21,755 | 22,010 |
Total Equity/Capital | 2,337,472 | 2,174,407 |
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital | 5,056,788 | 5,138,244 |
Highwoods Realty Limited Partnership [Member] | ||
Real estate assets, at cost: | ||
Land | 485,501 | 515,095 |
Buildings and tenant improvements | 5,010,086 | 5,128,150 |
Development in-process | 195,166 | 172,706 |
Land held for development | 131,522 | 99,163 |
Total real estate assets | 5,822,275 | 5,915,114 |
Less-accumulated depreciation | (1,376,817) | (1,388,566) |
Net real estate assets | 4,445,458 | 4,526,548 |
Real estate and other assets, net, held for sale | 0 | 20,790 |
Cash and cash equivalents | 4,752 | 9,505 |
Restricted cash | 8,955 | 5,237 |
Accounts receivable | 29,876 | 23,370 |
Mortgages and notes receivable | 1,440 | 1,501 |
Accrued straight-line rents receivable | 249,722 | 234,652 |
Investments in and advances to unconsolidated affiliates | 26,775 | 26,298 |
Deferred leasing costs, net of accumulated amortization of $151,170 and $146,125, respectively | 221,905 | 231,347 |
Prepaid expenses and other assets, net of accumulated depreciation of $20,532 and $20,017, respectively | 67,905 | 58,996 |
Total Assets | 5,056,788 | 5,138,244 |
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Liabilities, Redeemable Operating Partnership Units and Capital: | ||
Mortgages and notes payable, net | 2,337,662 | 2,543,710 |
Accounts payable, accrued expenses and other liabilities | 275,551 | 286,911 |
Total Liabilities | 2,613,213 | 2,830,621 |
Commitments and contingencies | ||
Redeemable Operating Partnership Units: | ||
Common Units, 2,842,295 and 2,723,703 outstanding, respectively | 106,103 | 133,216 |
Series A Preferred Units (liquidation preference $1,000 per unit), 28,843 and 28,859 units issued and outstanding, respectively | 28,843 | 28,859 |
Total Redeemable Operating Partnership Units | 134,946 | 162,075 |
Equity/Capital: | ||
General partner Common Units, 1,063,304 and 1,060,709 outstanding, respectively | 22,886 | 21,240 |
Limited partner Common Units, 102,424,823 and 102,286,528 outstanding, respectively | 2,265,692 | 2,102,769 |
Accumulated other comprehensive loss | (1,704) | (471) |
Noncontrolling interests in consolidated affiliates | 21,755 | 22,010 |
Total Equity/Capital | 2,308,629 | 2,145,548 |
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital | $ 5,056,788 | $ 5,138,244 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Assets: | ||
Deferred leasing costs, accumulated amortization | $ 151,170 | $ 146,125 |
Prepaid expenses and other assets, accumulated depreciation | $ 20,532 | $ 20,017 |
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) | 28,843 | 28,859 |
Series A Preferred Stock, shares outstanding (in shares) | 28,843 | 28,859 |
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) | 103,896,936 | 103,756,046 |
Common Stock, shares outstanding (in shares) | 103,896,936 | 103,756,046 |
Highwoods Realty Limited Partnership [Member] | ||
Assets: | ||
Deferred leasing costs, accumulated amortization | $ 151,170 | $ 146,125 |
Prepaid expenses and other assets, accumulated depreciation | $ 20,532 | $ 20,017 |
Redeemable Operating Partnership Units: [Abstract] | ||
Redeemable Common Units outstanding (in shares) | 2,842,295 | 2,723,703 |
Series A Preferred Units, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Series A Preferred Units, issued (in shares) | 28,843 | 28,859 |
Series A Preferred Units, outstanding (in shares) | 28,843 | 28,859 |
Common Units: [Abstract] | ||
General partners' capital account, units outstanding (in shares) | 1,063,304 | 1,060,709 |
Limited partners' capital account, units outstanding (in shares) | 102,434,823 | 102,286,528 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Rental and other revenues | $ 183,153 | $ 184,070 | $ 375,953 | $ 356,433 |
Operating expenses: | ||||
Rental property and other expenses | 55,119 | 60,558 | 117,321 | 121,109 |
Depreciation and amortization | 59,461 | 59,460 | 120,611 | 128,664 |
Impairments of real estate assets | 1,778 | 531 | 1,778 | 531 |
General and administrative | 10,084 | 9,560 | 21,014 | 21,941 |
Total operating expenses | 126,442 | 130,109 | 260,724 | 272,245 |
Interest expense | 19,840 | 20,356 | 41,117 | 39,095 |
Other income/(loss) | 588 | 321 | 657 | (3,445) |
Gains on disposition of property | 318 | 6,703 | 153,385 | 6,703 |
Equity in earnings of unconsolidated affiliates | 1,179 | 765 | 2,142 | 1,429 |
Net income | 38,956 | 41,394 | 230,296 | 49,780 |
Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,017) | (1,044) | (5,977) | (1,237) |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289) | (306) | (574) | (622) |
Dividends on Preferred Stock | (622) | (622) | (1,244) | (1,244) |
Net income available for common stockholders | $ 37,028 | $ 39,422 | $ 222,501 | $ 46,677 |
Earnings per Common Share – basic: | ||||
Net income available for common stockholders (in dollars per share) | $ 0.36 | $ 0.38 | $ 2.14 | $ 0.45 |
Weighted average Common Shares outstanding - basic (in shares) | 103,886 | 103,693 | 103,849 | 103,647 |
Earnings per Common Share - diluted: | ||||
Net income available for common stockholders (in dollars per share) | $ 0.36 | $ 0.38 | $ 2.14 | $ 0.45 |
Weighted average Common Shares outstanding - diluted (in shares) | 106,730 | 106,445 | 106,681 | 106,402 |
Highwoods Realty Limited Partnership [Member] | ||||
Rental and other revenues | $ 183,153 | $ 184,070 | $ 375,953 | $ 356,433 |
Operating expenses: | ||||
Rental property and other expenses | 55,119 | 60,558 | 117,321 | 121,109 |
Depreciation and amortization | 59,461 | 59,460 | 120,611 | 128,664 |
Impairments of real estate assets | 1,778 | 531 | 1,778 | 531 |
General and administrative | 10,084 | 9,560 | 21,014 | 21,941 |
Total operating expenses | 126,442 | 130,109 | 260,724 | 272,245 |
Interest expense | 19,840 | 20,356 | 41,117 | 39,095 |
Other income/(loss) | 588 | 321 | 657 | (3,445) |
Gains on disposition of property | 318 | 6,703 | 153,385 | 6,703 |
Equity in earnings of unconsolidated affiliates | 1,179 | 765 | 2,142 | 1,429 |
Net income | 38,956 | 41,394 | 230,296 | 49,780 |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289) | (306) | (574) | (622) |
Distributions on Preferred Units | (622) | (622) | (1,244) | (1,244) |
Net income available for common unitholders | $ 38,045 | $ 40,466 | $ 228,478 | $ 47,914 |
Earnings per Common Unit - basic: | ||||
Net income available for common unitholders (in dollars per share) | $ 0.36 | $ 0.38 | $ 2.15 | $ 0.45 |
Weighted average Common Units outstanding - basic (in shares) | 106,319 | 106,017 | 106,259 | 105,973 |
Earnings per Common Unit - diluted: | ||||
Net income available for common unitholders (in dollars per share) | $ 0.36 | $ 0.38 | $ 2.15 | $ 0.45 |
Weighted average Common Units outstanding - diluted (in shares) | 106,321 | 106,036 | 106,272 | 105,993 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive income: | ||||
Net income | $ 38,956 | $ 41,394 | $ 230,296 | $ 49,780 |
Other comprehensive loss: | ||||
Unrealized losses on cash flow hedges | (103) | (646) | (1,236) | (2,550) |
Amortization of cash flow hedges | 75 | (360) | 3 | (875) |
Total other comprehensive loss | (28) | (1,006) | (1,233) | (3,425) |
Total comprehensive income | 38,928 | 40,388 | 229,063 | 46,355 |
Less-comprehensive (income) attributable to noncontrolling interests | (1,306) | (1,350) | (6,551) | (1,859) |
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders | 37,622 | 39,038 | 222,512 | 44,496 |
Highwoods Realty Limited Partnership [Member] | ||||
Comprehensive income: | ||||
Net income | 38,956 | 41,394 | 230,296 | 49,780 |
Other comprehensive loss: | ||||
Unrealized losses on cash flow hedges | (103) | (646) | (1,236) | (2,550) |
Amortization of cash flow hedges | 75 | (360) | 3 | (875) |
Total other comprehensive loss | (28) | (1,006) | (1,233) | (3,425) |
Total comprehensive income | 38,928 | 40,388 | 229,063 | 46,355 |
Less-comprehensive (income) attributable to noncontrolling interests | (289) | (306) | (574) | (622) |
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders | $ 38,639 | $ 40,082 | $ 228,489 | $ 45,733 |
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, 2018 | 103,557,065 | |||||||||||
Balance at Dec. 31, 2018 | $ 2,264,296 | $ 2,235,419 | $ 1,036 | $ 28,877 | $ 22,078 | $ 2,185,852 | $ 2,976,197 | $ 9,913 | $ 9,913 | $ 17,576 | $ 17,576 | $ (769,303) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | (731) | (7) | (724) | |||||||||
Distributions on Common Units | (100,634) | (1,006) | (99,628) | |||||||||
Distributions on Preferred Units | (1,244) | (12) | (1,232) | |||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings - Shares | (23,705) | |||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | (731) | $ 0 | (731) | |||||||||
Conversions of Common Units to Common Stock - Shares | 8,000 | |||||||||||
Conversions of Common Units to Common Stock | 353 | 353 | ||||||||||
Dividends on Common Stock | (98,425) | (98,425) | ||||||||||
Dividends on Preferred Stock | (1,244) | (1,244) | ||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (8,532) | (8,532) | ||||||||||
Distributions to noncontrolling interests in consolidated affiliates | (784) | (784) | (784) | (784) | ||||||||
Contributions from noncontrolling interests in consolidate affiliates | 4,987 | 4,987 | 4,987 | 4,987 | ||||||||
Issuances of restricted stock - shares | 164,190 | |||||||||||
Issuances of restricted stock | 0 | |||||||||||
Redemptions/repurchases of Preferred Stock | (18) | (18) | ||||||||||
Share-based compensation expense, net of forfeitures - shares | (947) | |||||||||||
Share-based compensation expense, net of forfeitures | 5,512 | 5,512 | $ 1 | 55 | 5,457 | 5,511 | ||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (7,207) | (72) | (7,135) | |||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,237) | (1,237) | ||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | 0 | 0 | (6) | (616) | 622 | 622 | (622) | |||||
Comprehensive income: | ||||||||||||
Net income | 49,780 | 49,780 | 498 | 49,282 | 49,780 | |||||||
Other comprehensive loss | (3,425) | (3,425) | (3,425) | (3,425) | ||||||||
Total comprehensive income | 46,355 | 46,355 | ||||||||||
Balance (in shares) at Jun. 30, 2019 | 103,704,603 | |||||||||||
Balance at Jun. 30, 2019 | 2,210,532 | 2,181,673 | $ 1,037 | 28,859 | 21,528 | 2,131,256 | 2,972,798 | 6,488 | 6,488 | 22,401 | 22,401 | (821,051) |
Balance (in shares) at Mar. 31, 2019 | 103,690,619 | |||||||||||
Balance at Mar. 31, 2019 | 2,200,268 | 2,171,409 | $ 1,037 | 28,859 | 21,463 | 2,124,868 | 2,956,517 | 7,494 | 7,494 | 17,584 | 17,584 | (811,223) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 397 | 4 | 393 | |||||||||
Distributions on Common Units | (50,353) | (503) | (49,850) | |||||||||
Distributions on Preferred Units | (622) | (6) | (616) | |||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings - Shares | 9,672 | |||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 397 | $ 0 | 397 | |||||||||
Conversions of Common Units to Common Stock - Shares | 5,000 | |||||||||||
Conversions of Common Units to Common Stock | 222 | 222 | ||||||||||
Dividends on Common Stock | (49,250) | (49,250) | ||||||||||
Dividends on Preferred Stock | (622) | (622) | ||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 14,722 | 14,722 | ||||||||||
Distributions to noncontrolling interests in consolidated affiliates | (476) | (476) | (476) | (476) | ||||||||
Contributions from noncontrolling interests in consolidate affiliates | 4,987 | 4,987 | 4,987 | 4,987 | ||||||||
Share-based compensation expense, net of forfeitures - shares | (688) | |||||||||||
Share-based compensation expense, net of forfeitures | 940 | 940 | $ 0 | 9 | 931 | 940 | ||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 15,003 | 150 | 14,853 | |||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,044) | (1,044) | ||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | 0 | 0 | (3) | (303) | 306 | 306 | (306) | |||||
Comprehensive income: | ||||||||||||
Net income | 41,394 | 41,394 | 414 | 40,980 | 41,394 | |||||||
Other comprehensive loss | (1,006) | (1,006) | (1,006) | (1,006) | ||||||||
Total comprehensive income | 40,388 | 40,388 | ||||||||||
Balance (in shares) at Jun. 30, 2019 | 103,704,603 | |||||||||||
Balance at Jun. 30, 2019 | $ 2,210,532 | 2,181,673 | $ 1,037 | 28,859 | 21,528 | 2,131,256 | 2,972,798 | 6,488 | 6,488 | 22,401 | 22,401 | (821,051) |
Balance (in shares) at Dec. 31, 2019 | 103,756,046 | 103,756,046 | ||||||||||
Balance at Dec. 31, 2019 | $ 2,174,407 | 2,145,548 | $ 1,038 | 28,859 | 21,240 | 2,102,769 | 2,954,779 | (471) | (471) | 22,010 | 22,010 | (831,808) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 7,564 | 76 | 7,488 | |||||||||
Distributions on Common Units | (101,931) | (1,019) | (100,912) | |||||||||
Distributions on Preferred Units | (1,244) | (12) | (1,232) | |||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings - Shares | (2,248) | |||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 1,401 | $ 0 | 1,401 | |||||||||
Conversions of Common Units to Common Stock | 0 | |||||||||||
Dividends on Common Stock | (99,596) | (99,596) | ||||||||||
Dividends on Preferred Stock | (1,244) | (1,244) | ||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 36,525 | 36,525 | ||||||||||
Distributions to noncontrolling interests in consolidated affiliates | (829) | (829) | (829) | (829) | ||||||||
Issuances of restricted stock - shares | 149,304 | |||||||||||
Issuances of restricted stock | 0 | |||||||||||
Redemptions/repurchases of Preferred Stock | (16) | (16) | ||||||||||
Share-based compensation expense, net of forfeitures - shares | (6,166) | |||||||||||
Share-based compensation expense, net of forfeitures | 3,738 | 3,738 | $ 1 | 37 | 3,701 | 3,737 | ||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | 26,720 | 267 | 26,453 | |||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (5,977) | (5,977) | ||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | 0 | 0 | (6) | (568) | 574 | 574 | (574) | |||||
Comprehensive income: | ||||||||||||
Net income | 230,296 | 230,296 | 2,303 | 227,993 | 230,296 | |||||||
Other comprehensive loss | (1,233) | (1,233) | (1,233) | (1,233) | ||||||||
Total comprehensive income | $ 229,063 | 229,063 | ||||||||||
Balance (in shares) at Jun. 30, 2020 | 103,896,936 | 103,896,936 | ||||||||||
Balance at Jun. 30, 2020 | $ 2,337,472 | 2,308,629 | $ 1,039 | 28,843 | 22,886 | 2,265,692 | 2,996,442 | (1,704) | (1,704) | 21,755 | 21,755 | (708,903) |
Balance (in shares) at Mar. 31, 2020 | 103,885,918 | |||||||||||
Balance at Mar. 31, 2020 | 2,354,860 | 2,326,004 | $ 1,039 | 28,856 | 23,055 | 2,282,528 | 3,000,614 | (1,676) | (1,676) | 22,097 | 22,097 | (696,070) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | 362 | 4 | 358 | |||||||||
Distributions on Common Units | (51,028) | (510) | (50,518) | |||||||||
Distributions on Preferred Units | (622) | (6) | (616) | |||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings - Shares | 11,018 | |||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | 362 | $ 0 | 362 | |||||||||
Dividends on Common Stock | (49,861) | (49,861) | ||||||||||
Dividends on Preferred Stock | (622) | (622) | ||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (5,776) | (5,776) | ||||||||||
Distributions to noncontrolling interests in consolidated affiliates | (631) | (631) | (631) | (631) | ||||||||
Redemptions/repurchases of Preferred Stock | (13) | (13) | ||||||||||
Share-based compensation expense, net of forfeitures - shares | 0 | |||||||||||
Share-based compensation expense, net of forfeitures | 1,242 | 1,242 | $ 0 | 12 | 1,230 | 1,242 | ||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | (5,626) | (56) | (5,570) | |||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (1,017) | (1,017) | ||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | 0 | 0 | (3) | (286) | 289 | 289 | (289) | |||||
Comprehensive income: | ||||||||||||
Net income | 38,956 | 38,956 | 390 | 38,566 | 38,956 | |||||||
Other comprehensive loss | (28) | (28) | (28) | (28) | ||||||||
Total comprehensive income | $ 38,928 | 38,928 | ||||||||||
Balance (in shares) at Jun. 30, 2020 | 103,896,936 | 103,896,936 | ||||||||||
Balance at Jun. 30, 2020 | $ 2,337,472 | $ 2,308,629 | $ 1,039 | $ 28,843 | $ 22,886 | $ 2,265,692 | $ 2,996,442 | $ (1,704) | $ (1,704) | $ 21,755 | $ 21,755 | $ (708,903) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity/Capital (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Highwoods Properties, Inc. [Member] | ||||
Dividends on Common Stock (per share) | $ 0.48 | $ 0.475 | $ 0.96 | $ 0.95 |
Highwoods Properties, Inc. [Member] | Series A Cumulative Redeemable Preferred Shares [Member] | ||||
Dividends on Preferred Stock (per share)/Distributions on Preferred Units (per unit) | 21.5625 | 21.5625 | 43.125 | 43.125 |
Highwoods Realty Limited Partnership [Member] | ||||
Distributions on Common Units (per unit) | 0.48 | 0.475 | 0.96 | 0.95 |
Highwoods Realty Limited Partnership [Member] | Series A Cumulative Redeemable Preferred Shares [Member] | ||||
Dividends on Preferred Stock (per share)/Distributions on Preferred Units (per unit) | $ 21.5625 | $ 21.5625 | $ 43.125 | $ 43.125 |
Consolidated Statements of Cash
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 | |
[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. |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 , we owned or had an interest in 28.1 million rentable square feet of in-service properties, 1.2 million rentable square feet of office properties under development and approximately 225 acres of development land. The Company is the sole general partner of the Operating Partnership. At June 30, 2020 , the Company owned all of the Preferred Units and 103.5 million , or 97.3% , of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.8 million Common Units. During the six months ended June 30, 2020 , the Company issued 118,592 Common Units to acquire real estate assets. Basis of Presentation Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). 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. We consolidate joint venture investments, such as interests in partnerships and limited liability companies, when we control the major operating and financial policies of the investment through majority ownership, in our capacity as a general partner or managing member or through some other contractual right. We also consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. At June 30, 2020 , we have involvement with, and are the primary beneficiary in, an entity that we concluded to be a variable interest entity (see Note 3). 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 2019 Annual Report on Form 10-K. 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. Insurance We are primarily self-insured for health care claims for participating employees. We have stop-loss coverage to limit our exposure to significant claims on a per claim and annual aggregate basis. We determine our liabilities for claims, including incurred but not reported losses, based on all relevant information, including actuarial estimates of claim liabilities. At June 30, 2020 , a reserve of $0.5 million was recorded to cover estimated reported and unreported claims. Recently Issued Accounting Standards The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that changes certain disclosure requirements for fair value measurements. We adopted the ASU as of January 1, 2020 with no material effect on our Notes to Consolidated Financial Statements. The FASB issued an ASU that provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The ASU can be applied from March 12, 2020 through December 31, 2022. We are in the process of evaluating this ASU; however, we currently expect to avail ourselves of such optional expedients and exceptions should our modified contracts meet the required criteria. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, we would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows us, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected the practical expedient and will not apply lease modification accounting on a lease by lease basis where applicable. As a result, $5.0 million of deferred rent is included in accounts receivable on our Consolidated Balance Sheets at June 30, 2020 . |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases We generally lease our office properties to lessees in exchange for fixed monthly payments that cover rent, property taxes, insurance and certain cost recoveries, primarily common area maintenance. Office properties owned by us that are under lease are primarily located in Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa and are leased to a wide variety of lessees across many industries. Our leases are operating leases and mostly range from three to 10 years. We recognized rental and other revenues related to operating lease payments of $181.1 million and $180.7 million during the three months ended June 30, 2020 and 2019 , respectively, and $370.7 million and $350.1 million during the six months ended June 30, 2020 and 2019 , respectively. Included in these amounts are variable lease payments of $13.4 million and $16.4 million during the three months ended June 30, 2020 and 2019 , respectively, and $29.8 million and $31.9 million during the six months ended June 30, 2020 and 2019 , respectively. |
Consolidated Variable Interest
Consolidated Variable Interest Entity | 6 Months Ended |
Jun. 30, 2020 | |
Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entity | Consolidated Variable Interest Entity We and The Bromley Companies formed a joint venture (the “Midtown One joint venture”) to construct Midtown One, a 150,000 square foot, multi-customer office building located in the mixed-use Midtown Tampa project in Tampa’s Westshore submarket. Midtown One has an anticipated total investment of $71.3 million . Construction of Midtown One began in the third quarter of 2019 with a scheduled completion date in the second quarter of 2021. At closing, we agreed to contribute cash of $20.0 million , which has been fully funded, in exchange for an 80.0% interest in the Midtown One joint venture and The Bromley Companies contributed land valued at $5.0 million in exchange for the remaining 20.0% interest. We also committed to provide a $46.3 million interest-only secured construction loan to the Midtown One joint venture that is scheduled to mature on the second anniversary of completion. The loan bears interest at LIBOR plus 250 basis points . As of June 30, 2020 , $6.7 million under the loan has been funded. We determined that we have a variable interest in the Midtown One joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and an equity holder and The Bromley Companies as an equity holder. The Midtown One joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investment provided by us and The Bromley Companies is not sufficient to finance its planned investments and operations. We, as majority owner and managing member and through our control rights as set forth in the joint venture’s governance documents, were determined to be the primary beneficiary as we have both the power to direct the activities that most significantly affect the entity (primarily lease rates, property operations and capital expenditures) and significant economic exposure through our equity investment and loan commitment. As such, the Midtown One joint venture is consolidated and all intercompany transactions and accounts are eliminated. The following table sets forth the assets and liabilities of the Midtown One joint venture included on our Consolidated Balance Sheets: June 30, Development in-process $ 34,462 Accounts payable, accrued expenses and other liabilities $ 2,377 The assets of the Midtown One joint venture can be used only to settle obligations of the joint venture and its creditors have no recourse to our wholly owned assets. |
Real Estate Assets
Real Estate Assets | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate Assets | Real Estate Assets Acquisitions During the second quarter of 2020, we acquired development land in Raleigh for a purchase price, including capitalized acquisition costs, of $2.3 million . During the first quarter of 2020, we acquired development land in Nashville for a purchase price of $6.2 million , which consisted of the issuance of 118,592 Common Units and capitalized acquisition costs. Dispositions During the second quarter of 2020, we sold land in Atlanta for a sale price of $2.8 million and recorded a loss on disposition of property of $0.1 million . During the second quarter of 2020, we also recognized $0.4 million of gain related to the satisfaction of a performance obligation as part of a 2016 land sale. During the first quarter of 2020, we sold 41 buildings and land in Greensboro and Memphis for an aggregate sale price of $338.4 million (before closing credits to buyer of $3.8 million ) and recorded aggregate gains on disposition of property of $153.1 million . Impairments During the second quarter of 2020, we recorded an impairment of real estate assets of $1.8 million , which resulted from a change in market-based inputs and our assumptions about the use of the assets. |
Intangible Assets and Below Mar
Intangible Assets and Below Market Lease Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
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: June 30, December 31, Assets: Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 373,075 $ 377,472 Less accumulated amortization (151,170 ) (146,125 ) $ 221,905 $ 231,347 Liabilities (in accounts payable, accrued expenses and other liabilities): Acquisition-related below market lease liabilities $ 65,039 $ 65,971 Less accumulated amortization (36,164 ) (34,014 ) $ 28,875 $ 31,957 The following table sets forth amortization of intangible assets and below market lease liabilities: Three Months Ended Six Months Ended 2020 2019 2020 2019 Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) $ 8,566 $ 8,759 $ 17,364 $ 19,074 Amortization of lease incentives (in rental and other revenues) $ 429 $ 460 $ 919 $ 3,308 Amortization of acquisition-related intangible assets (in rental and other revenues) $ 321 $ 343 $ 609 $ 700 Amortization of acquisition-related intangible assets (in rental property and other expenses) $ 138 $ 139 $ 277 $ 276 Amortization of acquisition-related below market lease liabilities (in rental and other revenues) $ (1,517 ) $ (1,763 ) $ (3,083 ) $ (3,416 ) 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) July 1 through December 31, 2020 $ 18,951 $ 831 $ 529 $ 233 $ (2,874 ) 2021 33,989 1,415 767 — (5,013 ) 2022 29,787 1,204 601 — (3,982 ) 2023 26,329 1,121 447 — (3,607 ) 2024 23,306 975 373 — (2,939 ) Thereafter 74,561 4,325 2,161 — (10,460 ) $ 206,923 $ 9,871 $ 4,878 $ 233 $ (28,875 ) Weighted average remaining amortization periods as of June 30, 2020 (in years) 8.4 9.1 9.5 0.5 8.7 |
Mortgages and Notes Payable
Mortgages and Notes Payable | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Mortgages and Notes Payable | Mortgages and Notes Payable The following table sets forth our mortgages and notes payable: June 30, December 31, Secured indebtedness $ 94,336 $ 95,303 Unsecured indebtedness 2,255,277 2,461,425 Less-unamortized debt issuance costs (11,951 ) (13,018 ) Total mortgages and notes payable, net $ 2,337,662 $ 2,543,710 At June 30, 2020 , our secured mortgage loan was collateralized by real estate assets with an undepreciated book value of $ 147.4 million . Our $ 600.0 million unsecured revolving credit facility is scheduled to mature in January 2022 and includes an accordion feature that allows for an additional $400.0 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 100 basis points and the annual facility fee is 20 basis points. There was $14.0 million outstanding under our revolving credit facility at June 30, 2020 . There were no amounts outstanding under our revolving credit facility at July 21, 2020 . At both June 30, 2020 and July 21, 2020 , we had $ 0.1 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 June 30, 2020 and July 21, 2020 was $ 585.9 million and $599.9 million , respectively. We are currently in compliance with financial covenants with respect to our consolidated debt. We have considered our short-term liquidity needs within one year from July 28, 2020 (the date of issuance of the quarterly financial statements) and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. In particular, we have considered our scheduled debt maturities during such one-year period, including the $300.0 million principal amount of unsecured notes due June 15, 2021. We have concluded it is probable we will meet these short-term liquidity requirements through a combination of the following: • available cash and cash equivalents; • cash flows from operating activities; • issuance of debt securities by the Operating Partnership; • issuance of secured debt; • bank term loans; • borrowings under our revolving credit facility; • issuance of equity securities by the Company or the Operating Partnership; and • the disposition of non-core assets. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The counterparties under our swaps are major financial institutions. The swap agreements contain a provision whereby if we default on certain of our indebtedness and which default results in repayment of such indebtedness being, or becoming capable of being, accelerated by the lender, then we could also be declared in default on our swaps. 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. We have no collateral requirements related to our interest rate swaps. Amounts reported in accumulated other comprehensive income/(loss) related to derivatives will be reclassified to interest expense as interest payments are made on our debt. During the period from July 1, 2020 through June 30, 2021 , we estimate that $0.5 million will be reclassified as a net increase to interest expense. The following table sets forth the fair value of our derivatives: June 30, December 31, Derivatives: Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: Interest rate swaps $ 1,237 $ 154 The following table sets forth the effect of our cash flow hedges on accumulated other comprehensive income/(loss) and interest expense: Three Months Ended Six Months Ended 2020 2019 2020 2019 Derivatives Designated as Cash Flow Hedges: Amount of unrealized losses recognized in accumulated other comprehensive income/(loss) on derivatives: Interest rate swaps $ (103 ) $ (646 ) $ (1,236 ) $ (2,550 ) Amount of (gains)/losses reclassified out of accumulated other comprehensive income/(loss) into interest expense: Interest rate swaps $ 75 $ (360 ) $ 3 $ (875 ) |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling Interests in Consolidated Affiliates At June 30, 2020 , our noncontrolling interests in consolidated affiliates relate to our joint venture partners’ 50.0% interest in office properties in Richmond and 20.0% interest in an office development property in Tampa. Our joint venture partners are unrelated third parties. Noncontrolling Interests in the Operating Partnership The following table sets forth the Company’s noncontrolling interests in the Operating Partnership: Three Months Ended Six Months Ended 2020 2019 2020 2019 Beginning noncontrolling interests in the Operating Partnership $ 100,674 $ 127,976 $ 133,216 $ 105,960 Adjustment of noncontrolling interests in the Operating Partnership to fair value 5,776 (14,722 ) (36,525 ) 8,532 Issuances of Common Units — — 6,163 — Conversions of Common Units to Common Stock — (222 ) — (353 ) Net income attributable to noncontrolling interests in the Operating Partnership 1,017 1,044 5,977 1,237 Distributions to noncontrolling interests in the Operating Partnership (1,364 ) (1,298 ) (2,728 ) (2,598 ) Total noncontrolling interests in the Operating Partnership $ 106,103 $ 112,778 $ 106,103 $ 112,778 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 Six Months Ended 2020 2019 2020 2019 Net income available for common stockholders $ 37,028 $ 39,422 $ 222,501 $ 46,677 Increase in additional paid in capital from conversions of Common Units to Common Stock — 222 — 353 Issuances of Common Units — — (6,163 ) — Change from net income available for common stockholders and transfers from noncontrolling interests $ 37,028 $ 39,644 $ 216,338 $ 47,030 |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Value of Financial Instruments | Disclosure About Fair Value of Financial Instruments The following summarizes the 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 assets include 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 assets include any real estate assets recorded at fair value on a non-recurring basis as a result of our quarterly impairment analysis, which are valued using unobservable local and national industry market data such as comparable sales, appraisals, brokers’ opinions of value and/or the terms of definitive sales contracts. Significant increases or decreases in any valuation inputs in isolation would result in a significantly lower or higher fair value measurement. The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed 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 June 30, 2020: Assets: Mortgages and notes receivable, at fair value (1) $ 1,440 $ — $ 1,440 $ — Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,111 2,111 — — Impaired real estate assets 2,053 — — 2,053 Total Assets $ 5,604 $ 2,111 $ 1,440 $ 2,053 Noncontrolling Interests in the Operating Partnership $ 106,103 $ 106,103 $ — $ — Liabilities: Mortgages and notes payable, net, at fair value (1) $ 2,421,024 $ — $ 2,421,024 $ — Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 1,237 — 1,237 — Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,111 2,111 — — Total Liabilities $ 2,424,372 $ 2,111 $ 2,422,261 $ — Fair Value at December 31, 2019: Assets: Mortgages and notes receivable, at fair value (1) $ 1,501 $ — $ 1,501 $ — Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,345 2,345 — — Total Assets $ 3,846 $ 2,345 $ 1,501 $ — Noncontrolling Interests in the Operating Partnership $ 133,216 $ 133,216 $ — $ — Liabilities: Mortgages and notes payable, net, at fair value (1) $ 2,615,776 $ — $ 2,615,776 $ — Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 154 — 154 — Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,345 2,345 — — Total Liabilities $ 2,618,275 $ 2,345 $ 2,615,930 $ — __________ (1) Amounts are not recorded at fair value on our Consolidated Balance Sheets at June 30, 2020 and December 31, 2019 . The Level 3 impaired real estate assets measured at a fair value of $2.1 million in the second quarter of 2020 include a non-core office building. The impairment resulted from a change in our assumptions about the use of the assets and was calculated using brokers’ opinions of value, letters of intent and comparable sales as observable inputs were not available. |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | Share-Based Payments During the six months ended June 30, 2020 , the Company granted 83,116 shares of time-based restricted stock and 66,188 shares of total return-based restricted stock with weighted average grant date fair values per share of $ 44.88 and $ 38.31 , respectively. We recorded share-based compensation expense of $1.2 million and $0.9 million during the three months ended June 30, 2020 and 2019 , respectively, and $3.7 million and $5.5 million during the six months ended June 30, 2020 and 2019 , respectively. At June 30, 2020 , there was $7.7 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 2.2 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss) The following table sets forth the components of accumulated other comprehensive income/(loss): Three Months Ended Six Months Ended 2020 2019 2020 2019 Cash flow hedges: Beginning balance $ (1,676 ) $ 7,494 $ (471 ) $ 9,913 Unrealized losses on cash flow hedges (103 ) (646 ) (1,236 ) (2,550 ) Amortization of cash flow hedges (1) 75 (360 ) 3 (875 ) Total accumulated other comprehensive income/(loss) $ (1,704 ) $ 6,488 $ (1,704 ) $ 6,488 __________ (1) Amounts reclassified out of accumulated other comprehensive income/(loss) into interest expense. |
Real Estate and Other Assets He
Real Estate and Other Assets Held For Sale | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Real Estate and Other Assets Held For Sale | Real Estate and Other Assets Held For Sale The following table sets forth the assets held for sale at June 30, 2020 and December 31, 2019 , which are considered non-core: June 30, December 31, Assets: Land $ — $ 4,815 Buildings and tenant improvements — 29,581 Less-accumulated depreciation — (16,775 ) Net real estate assets — 17,621 Accrued straight-line rents receivable — 2,073 Deferred leasing costs, net — 1,096 Real estate and other assets, net, held for sale $ — $ 20,790 |
Earnings Per Share and Per Unit
Earnings Per Share and Per Unit | 6 Months Ended |
Jun. 30, 2020 | |
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 Six Months Ended 2020 2019 2020 2019 Earnings per Common Share - basic: Numerator: Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 Net (income) attributable to noncontrolling interests in the Operating Partnership (1,017 ) (1,044 ) (5,977 ) (1,237 ) Net (income) attributable to noncontrolling interests in consolidated affiliates (289 ) (306 ) (574 ) (622 ) Dividends on Preferred Stock (622 ) (622 ) (1,244 ) (1,244 ) Net income available for common stockholders $ 37,028 $ 39,422 $ 222,501 $ 46,677 Denominator: Denominator for basic earnings per Common Share – weighted average shares (1) 103,886 103,693 103,849 103,647 Net income available for common stockholders $ 0.36 $ 0.38 $ 2.14 $ 0.45 Earnings per Common Share - diluted: Numerator: Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 Net (income) attributable to noncontrolling interests in consolidated affiliates (289 ) (306 ) (574 ) (622 ) Dividends on Preferred Stock (622 ) (622 ) (1,244 ) (1,244 ) Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 38,045 $ 40,466 $ 228,478 $ 47,914 Denominator: Denominator for basic earnings per Common Share – weighted average shares (1) 103,886 103,693 103,849 103,647 Add: Stock options using the treasury method 2 19 13 20 Noncontrolling interests Common Units 2,842 2,733 2,819 2,735 Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions 106,730 106,445 106,681 106,402 Net income available for common stockholders $ 0.36 $ 0.38 $ 2.14 $ 0.45 __________ (1) Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended Six Months Ended 2020 2019 2020 2019 Earnings per Common Unit - basic: Numerator: Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 Net (income) attributable to noncontrolling interests in consolidated affiliates (289 ) (306 ) (574 ) (622 ) Distributions on Preferred Units (622 ) (622 ) (1,244 ) (1,244 ) Net income available for common unitholders $ 38,045 $ 40,466 $ 228,478 $ 47,914 Denominator: Denominator for basic earnings per Common Unit – weighted average units (1) 106,319 106,017 106,259 105,973 Net income available for common unitholders $ 0.36 $ 0.38 $ 2.15 $ 0.45 Earnings per Common Unit - diluted: Numerator: Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 Net (income) attributable to noncontrolling interests in consolidated affiliates (289 ) (306 ) (574 ) (622 ) Distributions on Preferred Units (622 ) (622 ) (1,244 ) (1,244 ) Net income available for common unitholders $ 38,045 $ 40,466 $ 228,478 $ 47,914 Denominator: Denominator for basic earnings per Common Unit – weighted average units (1) 106,319 106,017 106,259 105,973 Add: Stock options using the treasury method 2 19 13 20 Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions 106,321 106,036 106,272 105,993 Net income available for common unitholders $ 0.36 $ 0.38 $ 2.15 $ 0.45 __________ (1) Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
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 and 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 and six months ended June 30, 2019 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments as a result of recent dispositions. Three Months Ended Six Months Ended 2020 2019 2020 2019 Rental and Other Revenues: Office: Atlanta $ 36,537 $ 37,692 $ 74,496 $ 73,995 Charlotte 9,010 — 17,943 — Nashville 34,622 33,109 69,119 64,508 Orlando 12,304 12,995 25,326 26,927 Pittsburgh 14,676 14,994 29,624 30,309 Raleigh 31,202 30,673 63,755 59,770 Richmond 11,834 12,341 24,094 24,627 Tampa 25,358 23,497 50,602 39,068 Total Office Segment 175,543 165,301 354,959 319,204 Other 7,610 18,769 20,994 37,229 Total Rental and Other Revenues $ 183,153 $ 184,070 $ 375,953 $ 356,433 Net Operating Income: Office: Atlanta $ 23,901 $ 24,819 $ 49,084 $ 48,242 Charlotte 7,123 — 14,325 — Nashville 25,132 24,208 49,885 46,526 Orlando 7,750 8,007 15,755 16,563 Pittsburgh 9,350 8,895 18,020 18,029 Raleigh 23,997 22,438 47,633 43,297 Richmond 8,508 8,610 17,199 17,162 Tampa 17,663 14,291 34,196 21,376 Total Office Segment 123,424 111,268 246,097 211,195 Other 4,610 12,244 12,535 24,129 Total Net Operating Income 128,034 123,512 258,632 235,324 Reconciliation to net income: Depreciation and amortization (59,461 ) (59,460 ) (120,611 ) (128,664 ) Impairments of real estate assets (1,778 ) (531 ) (1,778 ) (531 ) General and administrative expenses (10,084 ) (9,560 ) (21,014 ) (21,941 ) Interest expense (19,840 ) (20,356 ) (41,117 ) (39,095 ) Other income/(loss) 588 321 657 (3,445 ) Gains on disposition of property 318 6,703 153,385 6,703 Equity in earnings of unconsolidated affiliates 1,179 765 2,142 1,429 Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Since early March 2020, efforts to slow the spread of the COVID-19 virus have had a significant impact on the U.S. economy. We continue to follow the policies described in Notes 1 and 2 to our Consolidated Financial Statements contained in our 2019 Annual Report on Form 10-K, including those related to impairments of real estate assets and investments in unconsolidated affiliates, leases and estimates of credit losses on operating lease receivables. While the results of our current analyses did not result in any material adjustments to amounts as of June 30, 2020 and during the three and six months ended June 30, 2020 , circumstances related to the COVID-19 pandemic may result in recording impairments, lease modifications and credit losses in future periods. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 1, 2020, we sold two buildings in Memphis for an aggregate sale price of $23.3 million and expect to record aggregate gains on disposition of property of $9.3 million . On July 28, 2020, the Company declared a cash dividend of $0.48 per share of Common Stock, which is payable on September 9, 2020 to stockholders of record as of August 17, 2020. See also Note 15 for information regarding the potential impact of the COVID-19 pandemic in future periods. The severity and duration of the COVID-19 pandemic and the resulting economic recession and the future demand for office space over the long-term are difficult to predict and could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance. |
Description of Business and S_2
Description of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). 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. We consolidate joint venture investments, such as interests in partnerships and limited liability companies, when we control the major operating and financial policies of the investment through majority ownership, in our capacity as a general partner or managing member or through some other contractual right. We also consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. At June 30, 2020 , we have involvement with, and are the primary beneficiary in, an entity that we concluded to be a variable interest entity (see Note 3). 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 2019 Annual Report on Form 10-K. |
Use of Estimates | 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. |
Insurance | Insurance |
Recently Issued Accounting Standards | Recently Issued Accounting Standards The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that changes certain disclosure requirements for fair value measurements. We adopted the ASU as of January 1, 2020 with no material effect on our Notes to Consolidated Financial Statements. The FASB issued an ASU that provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The ASU can be applied from March 12, 2020 through December 31, 2022. We are in the process of evaluating this ASU; however, we currently expect to avail ourselves of such optional expedients and exceptions should our modified contracts meet the required criteria. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, we would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows us, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected the practical expedient and will not apply lease modification accounting on a lease by lease basis where applicable. As a result, $5.0 million of deferred rent is included in accounts receivable on our Consolidated Balance Sheets at June 30, 2020 . |
Consolidated Variable Interes_2
Consolidated Variable Interest Entity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | The following table sets forth the assets and liabilities of the Midtown One joint venture included on our Consolidated Balance Sheets: June 30, Development in-process $ 34,462 Accounts payable, accrued expenses and other liabilities $ 2,377 |
Intangible Assets and Below M_2
Intangible Assets and Below Market Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Total 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: June 30, December 31, Assets: Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 373,075 $ 377,472 Less accumulated amortization (151,170 ) (146,125 ) $ 221,905 $ 231,347 Liabilities (in accounts payable, accrued expenses and other liabilities): Acquisition-related below market lease liabilities $ 65,039 $ 65,971 Less accumulated amortization (36,164 ) (34,014 ) $ 28,875 $ 31,957 |
Amortization of Intangible Assets and Below Market Lease Liabilities | The following table sets forth amortization of intangible assets and below market lease liabilities: Three Months Ended Six Months Ended 2020 2019 2020 2019 Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) $ 8,566 $ 8,759 $ 17,364 $ 19,074 Amortization of lease incentives (in rental and other revenues) $ 429 $ 460 $ 919 $ 3,308 Amortization of acquisition-related intangible assets (in rental and other revenues) $ 321 $ 343 $ 609 $ 700 Amortization of acquisition-related intangible assets (in rental property and other expenses) $ 138 $ 139 $ 277 $ 276 Amortization of acquisition-related below market lease liabilities (in rental and other revenues) $ (1,517 ) $ (1,763 ) $ (3,083 ) $ (3,416 ) |
Scheduled Future Amortization of Intangible Assets and Below Market Lease Liabilities | 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) July 1 through December 31, 2020 $ 18,951 $ 831 $ 529 $ 233 $ (2,874 ) 2021 33,989 1,415 767 — (5,013 ) 2022 29,787 1,204 601 — (3,982 ) 2023 26,329 1,121 447 — (3,607 ) 2024 23,306 975 373 — (2,939 ) Thereafter 74,561 4,325 2,161 — (10,460 ) $ 206,923 $ 9,871 $ 4,878 $ 233 $ (28,875 ) Weighted average remaining amortization periods as of June 30, 2020 (in years) 8.4 9.1 9.5 0.5 8.7 |
Mortgages and Notes Payable (Ta
Mortgages and Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Consolidated Mortgages and Notes Payable | The following table sets forth our mortgages and notes payable: June 30, December 31, Secured indebtedness $ 94,336 $ 95,303 Unsecured indebtedness 2,255,277 2,461,425 Less-unamortized debt issuance costs (11,951 ) (13,018 ) Total mortgages and notes payable, net $ 2,337,662 $ 2,543,710 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Fair Value | The following table sets forth the fair value of our derivatives: June 30, December 31, Derivatives: Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: Interest rate swaps $ 1,237 $ 154 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table sets forth the effect of our cash flow hedges on accumulated other comprehensive income/(loss) and interest expense: Three Months Ended Six Months Ended 2020 2019 2020 2019 Derivatives Designated as Cash Flow Hedges: Amount of unrealized losses recognized in accumulated other comprehensive income/(loss) on derivatives: Interest rate swaps $ (103 ) $ (646 ) $ (1,236 ) $ (2,550 ) Amount of (gains)/losses reclassified out of accumulated other comprehensive income/(loss) into interest expense: Interest rate swaps $ 75 $ (360 ) $ 3 $ (875 ) |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) - Highwoods Properties, Inc. [Member] | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests in the Operating Partnership | The following table sets forth the Company’s noncontrolling interests in the Operating Partnership: Three Months Ended Six Months Ended 2020 2019 2020 2019 Beginning noncontrolling interests in the Operating Partnership $ 100,674 $ 127,976 $ 133,216 $ 105,960 Adjustment of noncontrolling interests in the Operating Partnership to fair value 5,776 (14,722 ) (36,525 ) 8,532 Issuances of Common Units — — 6,163 — Conversions of Common Units to Common Stock — (222 ) — (353 ) Net income attributable to noncontrolling interests in the Operating Partnership 1,017 1,044 5,977 1,237 Distributions to noncontrolling interests in the Operating Partnership (1,364 ) (1,298 ) (2,728 ) (2,598 ) Total noncontrolling interests in the Operating Partnership $ 106,103 $ 112,778 $ 106,103 $ 112,778 |
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership | 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 Six Months Ended 2020 2019 2020 2019 Net income available for common stockholders $ 37,028 $ 39,422 $ 222,501 $ 46,677 Increase in additional paid in capital from conversions of Common Units to Common Stock — 222 — 353 Issuances of Common Units — — (6,163 ) — Change from net income available for common stockholders and transfers from noncontrolling interests $ 37,028 $ 39,644 $ 216,338 $ 47,030 |
Disclosure About Fair Value o_2
Disclosure About Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Assets, Liabilities and Noncontrolling Interests | The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed 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 June 30, 2020: Assets: Mortgages and notes receivable, at fair value (1) $ 1,440 $ — $ 1,440 $ — Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,111 2,111 — — Impaired real estate assets 2,053 — — 2,053 Total Assets $ 5,604 $ 2,111 $ 1,440 $ 2,053 Noncontrolling Interests in the Operating Partnership $ 106,103 $ 106,103 $ — $ — Liabilities: Mortgages and notes payable, net, at fair value (1) $ 2,421,024 $ — $ 2,421,024 $ — Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 1,237 — 1,237 — Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,111 2,111 — — Total Liabilities $ 2,424,372 $ 2,111 $ 2,422,261 $ — Fair Value at December 31, 2019: Assets: Mortgages and notes receivable, at fair value (1) $ 1,501 $ — $ 1,501 $ — Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,345 2,345 — — Total Assets $ 3,846 $ 2,345 $ 1,501 $ — Noncontrolling Interests in the Operating Partnership $ 133,216 $ 133,216 $ — $ — Liabilities: Mortgages and notes payable, net, at fair value (1) $ 2,615,776 $ — $ 2,615,776 $ — Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 154 — 154 — Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,345 2,345 — — Total Liabilities $ 2,618,275 $ 2,345 $ 2,615,930 $ — __________ (1) Amounts are not recorded at fair value on our Consolidated Balance Sheets at June 30, 2020 and December 31, 2019 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income/(Loss) | The following table sets forth the components of accumulated other comprehensive income/(loss): Three Months Ended Six Months Ended 2020 2019 2020 2019 Cash flow hedges: Beginning balance $ (1,676 ) $ 7,494 $ (471 ) $ 9,913 Unrealized losses on cash flow hedges (103 ) (646 ) (1,236 ) (2,550 ) Amortization of cash flow hedges (1) 75 (360 ) 3 (875 ) Total accumulated other comprehensive income/(loss) $ (1,704 ) $ 6,488 $ (1,704 ) $ 6,488 __________ (1) Amounts reclassified out of accumulated other comprehensive income/(loss) into interest expense. |
Real Estate and Other Assets _2
Real Estate and Other Assets Held For Sale (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Real Estate and Other Assets of the Properties Classified As Held For Sale | The following table sets forth the assets held for sale at June 30, 2020 and December 31, 2019 , which are considered non-core: June 30, December 31, Assets: Land $ — $ 4,815 Buildings and tenant improvements — 29,581 Less-accumulated depreciation — (16,775 ) Net real estate assets — 17,621 Accrued straight-line rents receivable — 2,073 Deferred leasing costs, net — 1,096 Real estate and other assets, net, held for sale $ — $ 20,790 |
Earnings Per Share and Per Un_2
Earnings Per Share and Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share and Per Unit Basic and Diluted [Line Items] | |
Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share of the Company: Three Months Ended Six Months Ended 2020 2019 2020 2019 Earnings per Common Share - basic: Numerator: Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 Net (income) attributable to noncontrolling interests in the Operating Partnership (1,017 ) (1,044 ) (5,977 ) (1,237 ) Net (income) attributable to noncontrolling interests in consolidated affiliates (289 ) (306 ) (574 ) (622 ) Dividends on Preferred Stock (622 ) (622 ) (1,244 ) (1,244 ) Net income available for common stockholders $ 37,028 $ 39,422 $ 222,501 $ 46,677 Denominator: Denominator for basic earnings per Common Share – weighted average shares (1) 103,886 103,693 103,849 103,647 Net income available for common stockholders $ 0.36 $ 0.38 $ 2.14 $ 0.45 Earnings per Common Share - diluted: Numerator: Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 Net (income) attributable to noncontrolling interests in consolidated affiliates (289 ) (306 ) (574 ) (622 ) Dividends on Preferred Stock (622 ) (622 ) (1,244 ) (1,244 ) Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 38,045 $ 40,466 $ 228,478 $ 47,914 Denominator: Denominator for basic earnings per Common Share – weighted average shares (1) 103,886 103,693 103,849 103,647 Add: Stock options using the treasury method 2 19 13 20 Noncontrolling interests Common Units 2,842 2,733 2,819 2,735 Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions 106,730 106,445 106,681 106,402 Net income available for common stockholders $ 0.36 $ 0.38 $ 2.14 $ 0.45 __________ (1) |
Highwoods Realty Limited Partnership [Member] | |
Earnings Per Share and Per Unit Basic and Diluted [Line Items] | |
Earnings Per Unit | The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership: Three Months Ended Six Months Ended 2020 2019 2020 2019 Earnings per Common Unit - basic: Numerator: Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 Net (income) attributable to noncontrolling interests in consolidated affiliates (289 ) (306 ) (574 ) (622 ) Distributions on Preferred Units (622 ) (622 ) (1,244 ) (1,244 ) Net income available for common unitholders $ 38,045 $ 40,466 $ 228,478 $ 47,914 Denominator: Denominator for basic earnings per Common Unit – weighted average units (1) 106,319 106,017 106,259 105,973 Net income available for common unitholders $ 0.36 $ 0.38 $ 2.15 $ 0.45 Earnings per Common Unit - diluted: Numerator: Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 Net (income) attributable to noncontrolling interests in consolidated affiliates (289 ) (306 ) (574 ) (622 ) Distributions on Preferred Units (622 ) (622 ) (1,244 ) (1,244 ) Net income available for common unitholders $ 38,045 $ 40,466 $ 228,478 $ 47,914 Denominator: Denominator for basic earnings per Common Unit – weighted average units (1) 106,319 106,017 106,259 105,973 Add: Stock options using the treasury method 2 19 13 20 Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions 106,321 106,036 106,272 105,993 Net income available for common unitholders $ 0.36 $ 0.38 $ 2.15 $ 0.45 __________ (1) Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | 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 and 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 and six months ended June 30, 2019 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments as a result of recent dispositions. Three Months Ended Six Months Ended 2020 2019 2020 2019 Rental and Other Revenues: Office: Atlanta $ 36,537 $ 37,692 $ 74,496 $ 73,995 Charlotte 9,010 — 17,943 — Nashville 34,622 33,109 69,119 64,508 Orlando 12,304 12,995 25,326 26,927 Pittsburgh 14,676 14,994 29,624 30,309 Raleigh 31,202 30,673 63,755 59,770 Richmond 11,834 12,341 24,094 24,627 Tampa 25,358 23,497 50,602 39,068 Total Office Segment 175,543 165,301 354,959 319,204 Other 7,610 18,769 20,994 37,229 Total Rental and Other Revenues $ 183,153 $ 184,070 $ 375,953 $ 356,433 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Net Operating Income: Office: Atlanta $ 23,901 $ 24,819 $ 49,084 $ 48,242 Charlotte 7,123 — 14,325 — Nashville 25,132 24,208 49,885 46,526 Orlando 7,750 8,007 15,755 16,563 Pittsburgh 9,350 8,895 18,020 18,029 Raleigh 23,997 22,438 47,633 43,297 Richmond 8,508 8,610 17,199 17,162 Tampa 17,663 14,291 34,196 21,376 Total Office Segment 123,424 111,268 246,097 211,195 Other 4,610 12,244 12,535 24,129 Total Net Operating Income 128,034 123,512 258,632 235,324 Reconciliation to net income: Depreciation and amortization (59,461 ) (59,460 ) (120,611 ) (128,664 ) Impairments of real estate assets (1,778 ) (531 ) (1,778 ) (531 ) General and administrative expenses (10,084 ) (9,560 ) (21,014 ) (21,941 ) Interest expense (19,840 ) (20,356 ) (41,117 ) (39,095 ) Other income/(loss) 588 321 657 (3,445 ) Gains on disposition of property 318 6,703 153,385 6,703 Equity in earnings of unconsolidated affiliates 1,179 765 2,142 1,429 Net income $ 38,956 $ 41,394 $ 230,296 $ 49,780 |
Description of Business and S_3
Description of Business and Significant Accounting Policies (Details) ft² in Millions, $ in Millions | Jun. 30, 2020USD ($)aft²shares |
Description of Business [Abstract] | |
Rentable square feet of commercial real estate properties (in sq feet) | ft² | 28.1 |
Rentable square feet of commercial real estate office properties under development (in sq feet) | ft² | 1.2 |
Undeveloped land suitable for future development (in acres) | a | 225 |
Self insurance liability | $ | $ 0.5 |
Deferred rents included in accounts receivable | $ | $ 5 |
Highwoods Properties, Inc. [Member] | |
Description of Business [Abstract] | |
Common Units of partnership owned by the Company (in shares) | 103,500,000 |
Percentage of ownership of Common Units (in hundredths) | 97.30% |
Issuance of Common Units in acquisition (in units) | 118,592 |
Highwoods Realty Limited Partnership [Member] | |
Description of Business [Abstract] | |
Common Units of partnership not owned by the Company (in shares) | 2,800,000 |
Leases ASC 842 (Details)
Leases ASC 842 (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lessor Disclosure [Abstract] | ||||
Rental and other revenues related to operating lease payments | $ 181.1 | $ 180.7 | $ 370.7 | $ 350.1 |
Variable lease income | $ 13.4 | $ 16.4 | $ 29.8 | $ 31.9 |
Minimum [Member] | ||||
Lessor Disclosure [Abstract] | ||||
Operating leases, term of leases (in years) | 3 years | 3 years | ||
Maximum [Member] | ||||
Lessor Disclosure [Abstract] | ||||
Operating leases, term of leases (in years) | 10 years | 10 years |
Consolidated Variable Interes_3
Consolidated Variable Interest Entity (Details) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020USD ($)ft² | Dec. 31, 2019USD ($) | |
Consolidated Variable Interest Entity [Abstract] | ||
Rentable square feet of office property under development (in sq feet) | ft² | 1,200,000 | |
Assets and liabilities of consolidated variable interest entity [Abstract] | ||
Development in-process | $ 195,166 | $ 172,706 |
Accounts payable, accrued expenses and other liabilities | $ 275,551 | $ 286,911 |
Consolidated Variable Interest Entity [Member] | ||
Consolidated Variable Interest Entity [Abstract] | ||
Rentable square feet of office property under development (in sq feet) | ft² | 150,000 | |
Total anticipated development costs | $ 71,300 | |
Contribution of cash to acquire interest in consolidated joint venture | $ 20,000 | |
Interest in consolidated joint venture (in hundredths) | 80.00% | |
Partner's contribution of property to acquire interest in consolidated joint venture | $ 5,000 | |
Advance to consolidated affiliate | 46,300 | |
Amount of loan funded to affiliate | 6,700 | |
Assets and liabilities of consolidated variable interest entity [Abstract] | ||
Development in-process | 34,462 | |
Accounts payable, accrued expenses and other liabilities | $ 2,377 | |
Consolidated Variable Interest Entity [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Consolidated Variable Interest Entity [Abstract] | ||
Variable interest rate basis | LIBOR plus 250 basis points | |
Interest rate, basis spread (in hundredths) | 2.50% | |
Variable Interest Entity [Member] | ||
Consolidated Variable Interest Entity [Abstract] | ||
Partner's interest in consolidated joint venture (in hundredths) | 20.00% | |
Variable Interest Entity [Member] | Consolidated Variable Interest Entity [Member] | ||
Consolidated Variable Interest Entity [Abstract] | ||
Partner's interest in consolidated joint venture (in hundredths) | 20.00% |
Real Estate Assets (Details)
Real Estate Assets (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)propertyUnitshares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
Dispositions [Abstract] | |||||
Gain/(loss) on disposition of property | $ 318 | $ 6,703 | $ 153,385 | $ 6,703 | |
Impairments [Abstract] | |||||
Impairments of real estate assets | 1,778 | $ 531 | $ 1,778 | $ 531 | |
Raleigh NC Land Acquisition [Member] | |||||
Acquisitions [Abstract] | |||||
Acquisition purchase price | 2,300 | ||||
Nashville TN Land Acquisition [Member] | |||||
Acquisitions [Abstract] | |||||
Acquisition purchase price | $ 6,200 | ||||
Issuance of Common Units in acquisition (in units) | shares | 118,592 | ||||
2020 Dispositions [Member] | |||||
Dispositions [Abstract] | |||||
Number of buildings sold | propertyUnit | 41 | ||||
Purchase price of real estate | 2,800 | $ 338,400 | |||
Closing credits excluded for unfunded building and/or tenant improvements | 3,800 | ||||
Gain/(loss) on disposition of property | (100) | $ 153,100 | |||
2016 Land Disposition [Member] | |||||
Dispositions [Abstract] | |||||
Gain/(loss) on disposition of property | 400 | ||||
2020 Impairments [Member] | |||||
Impairments [Abstract] | |||||
Impairments of real estate assets | $ 1,800 |
Intangible Assets and Below M_3
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Assets: | |||||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ 373,075 | $ 373,075 | $ 377,472 | ||
Deferred leasing costs, accumulated amortization | (151,170) | (151,170) | (146,125) | ||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 221,905 | 221,905 | 231,347 | ||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||
Acquisition-related below market lease liabilities, gross | 65,039 | 65,039 | 65,971 | ||
Acquisition-related below market lease liabilities, accumulated amortization | (36,164) | (36,164) | (34,014) | ||
Acquisition-related below market lease liabilities, net | 28,875 | 28,875 | $ 31,957 | ||
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member] | |||||
Assets: | |||||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 206,923 | 206,923 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of intangible assets | 8,566 | $ 8,759 | 17,364 | $ 19,074 | |
Lease Incentives (in Rental and Other Revenues) [Member] | |||||
Assets: | |||||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 9,871 | 9,871 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of intangible assets | 429 | 460 | 919 | 3,308 | |
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member] | |||||
Assets: | |||||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 4,878 | 4,878 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of intangible assets | 321 | 343 | 609 | 700 | |
Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) [Member] | |||||
Assets: | |||||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 233 | 233 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of intangible assets | 138 | 139 | 277 | 276 | |
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member] | |||||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||
Acquisition-related below market lease liabilities, net | 28,875 | 28,875 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of acquisition-related below market lease liabilities | $ (1,517) | $ (1,763) | $ (3,083) | $ (3,416) |
Intangible Assets and Below M_4
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Scheduled future amortization of intangible assets [Abstract] | ||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 221,905 | $ 231,347 |
Scheduled future amortization of below market lease liabilities [Abstract] | ||
Total scheduled future amortization of acquisition-related below market lease liabilities | (28,875) | $ (31,957) |
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
July 1 through December 31, 2020 | 18,951 | |
2021 | 33,989 | |
2022 | 29,787 | |
2023 | 26,329 | |
2024 | 23,306 | |
Thereafter | 74,561 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 206,923 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 8 years 4 months 24 days | |
Lease Incentives (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
July 1 through December 31, 2020 | $ 831 | |
2021 | 1,415 | |
2022 | 1,204 | |
2023 | 1,121 | |
2024 | 975 | |
Thereafter | 4,325 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 9,871 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 9 years 1 month 6 days | |
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
July 1 through December 31, 2020 | $ 529 | |
2021 | 767 | |
2022 | 601 | |
2023 | 447 | |
2024 | 373 | |
Thereafter | 2,161 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 4,878 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 9 years 6 months | |
Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
July 1 through December 31, 2020 | $ 233 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 233 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 6 months | |
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of below market lease liabilities [Abstract] | ||
July 1 through December 31, 2020 | $ (2,874) | |
2021 | (5,013) | |
2022 | (3,982) | |
2023 | (3,607) | |
2024 | (2,939) | |
Thereafter | (10,460) | |
Total scheduled future amortization of acquisition-related below market lease liabilities | $ (28,875) | |
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) | 8 years 8 months 12 days |
Mortgages and Notes Payable (De
Mortgages and Notes Payable (Details) | 6 Months Ended | ||
Jun. 30, 2020USD ($)extension | Jul. 21, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Mortgages and notes payable | $ 2,337,662,000 | $ 2,543,710,000 | |
Unamortized debt issuance costs | $ (11,951,000) | (13,018,000) | |
Maximum liquidity requirements (in years) | 1 year | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity on revolving credit facility | $ 600,000,000 | ||
Maturity date on revolving credit facility | Jan. 1, 2022 | ||
Additional borrowing capacity on revolving credit facility | $ 400,000,000 | ||
Number of additional extensions | extension | 2 | ||
Term of optional extension | 6 months | ||
Annual facility fee (in hundredths) | 0.20% | ||
Amount outstanding on revolving credit facility | $ 14,000,000 | ||
Outstanding letters of credit on revolving credit facility | 100,000 | ||
Unused borrowing capacity on revolving credit facility | 585,900,000 | ||
3.20% (3.363% effective rate) Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt | 300,000,000 | ||
Secured indebtedness [Member] | |||
Debt Instrument [Line Items] | |||
Mortgages and notes payable | 94,336,000 | 95,303,000 | |
Aggregate undepreciated book value of secured real estate assets | 147,400,000 | ||
Unsecured indebtedness [Member] | |||
Debt Instrument [Line Items] | |||
Mortgages and notes payable | $ 2,255,277,000 | $ 2,461,425,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Facility interest rate basis | LIBOR plus 100 basis points | ||
Interest rate, basis spread (in hundredths) | 1.00% | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Amount outstanding on revolving credit facility | $ 0 | ||
Outstanding letters of credit on revolving credit facility | 100,000 | ||
Unused borrowing capacity on revolving credit facility | $ 599,900,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Expected net increase to interest expense | $ 500 | $ 500 | |||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||
Interest rate swaps | 1,237 | 1,237 | $ 154 | ||
Amount of unrealized losses recognized in accumulated other comprehensive income/(loss) on derivatives: | |||||
Interest rate swaps | (103) | $ (646) | (1,236) | $ (2,550) | |
Amount of (gains)/losses reclassified out of accumulated other comprehensive income/(loss) into interest expense: | |||||
Interest rate swaps | $ 75 | $ (360) | $ 3 | $ (875) |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Noncontrolling Interests in the Operating Partnership [Roll Forward] | ||||
Beginning noncontrolling interests in the Operating Partnership | $ 133,216 | |||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | $ 5,776 | $ (14,722) | (36,525) | $ 8,532 |
Conversions of Common Units to Common Stock | (222) | 0 | (353) | |
Net income attributable to noncontrolling interests in the Operating Partnership | 1,017 | 1,044 | 5,977 | 1,237 |
Distributions to noncontrolling interests in the Operating Partnership | (2,728) | (2,598) | ||
Total noncontrolling interests in the Operating Partnership | 106,103 | 106,103 | ||
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract] | ||||
Net income available for common stockholders | 37,028 | 39,422 | 222,501 | 46,677 |
Highwoods Properties, Inc. [Member] | ||||
Noncontrolling Interests in the Operating Partnership [Roll Forward] | ||||
Beginning noncontrolling interests in the Operating Partnership | 100,674 | 127,976 | 133,216 | 105,960 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 5,776 | (14,722) | (36,525) | 8,532 |
Issuances of Common Units | 0 | 0 | 6,163 | 0 |
Conversions of Common Units to Common Stock | 0 | (222) | 0 | (353) |
Net income attributable to noncontrolling interests in the Operating Partnership | 1,017 | 1,044 | 5,977 | 1,237 |
Distributions to noncontrolling interests in the Operating Partnership | (1,364) | (1,298) | (2,728) | (2,598) |
Total noncontrolling interests in the Operating Partnership | 106,103 | 112,778 | 106,103 | 112,778 |
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract] | ||||
Net income available for common stockholders | 37,028 | 39,422 | 222,501 | 46,677 |
Increase in additional paid in capital from conversions of Common Units to Common Stock | 0 | 222 | 0 | 353 |
Issuances of Common Units | 0 | 0 | (6,163) | 0 |
Change from net income available for common stockholders and transfers from noncontrolling interests | $ 37,028 | $ 39,644 | $ 216,338 | $ 47,030 |
Richmond Joint Venture [Member] | ||||
Noncontrolling Interests in Consolidated Affiliates [Abstract] | ||||
Consolidated joint venture, partner's interest (in hundredths) | 50.00% | 50.00% | ||
Tampa Joint Venture [Member] | ||||
Noncontrolling Interests in Consolidated Affiliates [Abstract] | ||||
Consolidated joint venture, partner's interest (in hundredths) | 20.00% | 20.00% |
Disclosure About Fair Value o_3
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Mortgages and notes receivable, at fair value | $ 1,440 | $ 1,501 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,111 | 2,345 |
Impaired real estate assets | 2,053 | |
Total Assets | 5,604 | 3,846 |
Liabilities: | ||
Mortgages and notes payable, net, at fair value | 2,421,024 | 2,615,776 |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 1,237 | 154 |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,111 | 2,345 |
Total Liabilities | 2,424,372 | 2,618,275 |
Level 1 [Member] | ||
Assets: | ||
Mortgages and notes receivable, at fair value | 0 | 0 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,111 | 2,345 |
Impaired real estate assets | 0 | |
Total Assets | 2,111 | 2,345 |
Liabilities: | ||
Mortgages and notes payable, net, at fair value | 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) | 2,111 | 2,345 |
Total Liabilities | 2,111 | 2,345 |
Level 2 [Member] | ||
Assets: | ||
Mortgages and notes receivable, at fair value | 1,440 | 1,501 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 0 | 0 |
Impaired real estate assets | 0 | |
Total Assets | 1,440 | 1,501 |
Liabilities: | ||
Mortgages and notes payable, net, at fair value | 2,421,024 | 2,615,776 |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 1,237 | 154 |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 0 | 0 |
Total Liabilities | 2,422,261 | 2,615,930 |
Level 3 [Member] | ||
Assets: | ||
Mortgages and notes receivable, at fair value | 0 | 0 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 0 | 0 |
Impaired real estate assets | 2,053 | |
Total Assets | 2,053 | 0 |
Liabilities: | ||
Mortgages and notes payable, net, at fair value | 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 |
Total Liabilities | 0 | 0 |
Highwoods Properties, Inc. [Member] | ||
Assets: | ||
Noncontrolling Interests in the Operating Partnership | 106,103 | 133,216 |
Highwoods Properties, Inc. [Member] | Level 1 [Member] | ||
Assets: | ||
Noncontrolling Interests in the Operating Partnership | 106,103 | 133,216 |
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 |
Share-Based Payments (Details)
Share-Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,200 | $ 900 | $ 3,738 | $ 5,512 |
Total unrecognized share-based compensation costs | $ 7,700 | $ 7,700 | ||
Weighted average remaining contractual term for recognition of unrecognized share-based compensation costs (in years) | 2 years 2 months 12 days | |||
Highwoods Properties, Inc. [Member] | Time-Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock shares granted (in shares) | 83,116 | |||
Weighted average grant date fair value of each restricted stock share granted (in dollars per share) | $ 44.88 | |||
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 (in shares) | 66,188 | |||
Weighted average grant date fair value of each restricted stock share granted (in dollars per share) | $ 38.31 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income/(Loss) Calculation [Roll Forward] | ||||
Beginning balance | $ (1,676) | $ 7,494 | $ (471) | $ 9,913 |
Unrealized losses on cash flow hedges | (103) | (646) | (1,236) | (2,550) |
Amortization of cash flow hedges | 75 | (360) | 3 | (875) |
Total accumulated other comprehensive loss | $ (1,704) | $ 6,488 | $ (1,704) | $ 6,488 |
Real Estate and Other Assets _3
Real Estate and Other Assets Held For Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Real Estate and Other Assets Held For Sale [Abstract] | ||
Land | $ 0 | $ 4,815 |
Buildings and tenant improvements | 0 | 29,581 |
Less-accumulated depreciation | 0 | (16,775) |
Net real estate assets | 0 | 17,621 |
Accrued straight-line rents receivable | 0 | 2,073 |
Deferred leasing costs, net | 0 | 1,096 |
Real estate and other assets, net, held for sale | $ 0 | $ 20,790 |
Earnings Per Share and Per Un_3
Earnings Per Share and Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings per Common Share and Per Unit - basic: [Abstract] | ||||
Net income | $ 38,956 | $ 41,394 | $ 230,296 | $ 49,780 |
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (1,017) | (1,044) | (5,977) | (1,237) |
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (289) | (306) | (574) | (622) |
Dividends on Preferred Stock | (622) | (622) | (1,244) | (1,244) |
Net income available for common stockholders | $ 37,028 | $ 39,422 | $ 222,501 | $ 46,677 |
Denominator: | ||||
Denominator for basic earnings per Common Share - weighted average shares (in shares) | 103,886 | 103,693 | 103,849 | 103,647 |
Earnings per Common Share - basic: | ||||
Net income available for common stockholders (in dollars per share) | $ 0.36 | $ 0.38 | $ 2.14 | $ 0.45 |
Earnings per Common Share and Per Unit - diluted: [Abstract] | ||||
Net income | $ 38,956 | $ 41,394 | $ 230,296 | $ 49,780 |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289) | (306) | (574) | (622) |
Dividends on Preferred Stock | (622) | (622) | (1,244) | (1,244) |
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ 38,045 | $ 40,466 | $ 228,478 | $ 47,914 |
Denominator: | ||||
Denominator for basic earnings per Common Share - weighted average shares (in shares) | 103,886 | 103,693 | 103,849 | 103,647 |
Stock options using the treasury method (in shares) | 2 | 19 | 13 | 20 |
Noncontrolling interests Common Units (in shares) | 2,842 | 2,733 | 2,819 | 2,735 |
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) | 106,730 | 106,445 | 106,681 | 106,402 |
Earnings per Common Share - diluted: | ||||
Net income available for common stockholders (in dollars per share) | $ 0.36 | $ 0.38 | $ 2.14 | $ 0.45 |
Highwoods Realty Limited Partnership [Member] | ||||
Earnings per Common Share and Per Unit - basic: [Abstract] | ||||
Net income | $ 38,956 | $ 41,394 | $ 230,296 | $ 49,780 |
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (289) | (306) | (574) | (622) |
Distributions on Preferred Units | (622) | (622) | (1,244) | (1,244) |
Net income available for common unitholders | $ 38,045 | $ 40,466 | $ 228,478 | $ 47,914 |
Denominator: | ||||
Denominator for basic earnings per Common Unit - weighted average units (in shares) | 106,319 | 106,017 | 106,259 | 105,973 |
Earnings per Common Unit - basic: | ||||
Net income available for common unitholders (in dollars per share) | $ 0.36 | $ 0.38 | $ 2.15 | $ 0.45 |
Earnings per Common Share and Per Unit - diluted: [Abstract] | ||||
Net income | $ 38,956 | $ 41,394 | $ 230,296 | $ 49,780 |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (289) | (306) | (574) | (622) |
Distributions on Preferred Units | (622) | (622) | (1,244) | (1,244) |
Net income available for common unitholders | $ 38,045 | $ 40,466 | $ 228,478 | $ 47,914 |
Denominator: | ||||
Denominator for basic earnings per Common Unit - weighted average units (in shares) | 106,319 | 106,017 | 106,259 | 105,973 |
Stock options using the treasury method (in shares) | 2 | 19 | 13 | 20 |
Denominator for diluted earnings per Common Unit - adjusted weighted average units and assumed conversions (in shares) | 106,321 | 106,036 | 106,272 | 105,993 |
Earnings per Common Unit - diluted: | ||||
Net income available for common unitholders (in dollars per share) | $ 0.36 | $ 0.38 | $ 2.15 | $ 0.45 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | $ 183,153 | $ 184,070 | $ 375,953 | $ 356,433 |
Total Net Operating Income | 128,034 | 123,512 | 258,632 | 235,324 |
Reconciliation to net income: | ||||
Depreciation and amortization | (59,461) | (59,460) | (120,611) | (128,664) |
Impairments of real estate assets | (1,778) | (531) | (1,778) | (531) |
General and administrative expenses | (10,084) | (9,560) | (21,014) | (21,941) |
Interest expense | (19,840) | (20,356) | (41,117) | (39,095) |
Other income/(loss) | 588 | 321 | 657 | (3,445) |
Gains on disposition of property | 318 | 6,703 | 153,385 | 6,703 |
Equity in earnings of unconsolidated affiliates | 1,179 | 765 | 2,142 | 1,429 |
Net income | 38,956 | 41,394 | 230,296 | 49,780 |
Total Office Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 175,543 | 165,301 | 354,959 | 319,204 |
Total Net Operating Income | 123,424 | 111,268 | 246,097 | 211,195 |
Office Atlanta, GA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 36,537 | 37,692 | 74,496 | 73,995 |
Total Net Operating Income | 23,901 | 24,819 | 49,084 | 48,242 |
Office Charlotte, NC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 9,010 | 0 | 17,943 | 0 |
Total Net Operating Income | 7,123 | 0 | 14,325 | 0 |
Office Nashville, TN [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 34,622 | 33,109 | 69,119 | 64,508 |
Total Net Operating Income | 25,132 | 24,208 | 49,885 | 46,526 |
Office Orlando, FL [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 12,304 | 12,995 | 25,326 | 26,927 |
Total Net Operating Income | 7,750 | 8,007 | 15,755 | 16,563 |
Office Pittsburgh, PA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 14,676 | 14,994 | 29,624 | 30,309 |
Total Net Operating Income | 9,350 | 8,895 | 18,020 | 18,029 |
Office Raleigh, NC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 31,202 | 30,673 | 63,755 | 59,770 |
Total Net Operating Income | 23,997 | 22,438 | 47,633 | 43,297 |
Office Richmond, VA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 11,834 | 12,341 | 24,094 | 24,627 |
Total Net Operating Income | 8,508 | 8,610 | 17,199 | 17,162 |
Office Tampa, FL [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 25,358 | 23,497 | 50,602 | 39,068 |
Total Net Operating Income | 17,663 | 14,291 | 34,196 | 21,376 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 7,610 | 18,769 | 20,994 | 37,229 |
Total Net Operating Income | $ 4,610 | $ 12,244 | $ 12,535 | $ 24,129 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Jul. 28, 2020$ / shares | Jul. 01, 2020USD ($)propertyUnit | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2020USD ($)propertyUnit | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares |
Subsequent Event [Line Items] | |||||||
Gains on disposition of property | $ 318 | $ 6,703 | $ 153,385 | $ 6,703 | |||
2020 Dispositions [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of buildings sold | propertyUnit | 41 | ||||||
Purchase price of real estate | 2,800 | $ 338,400 | |||||
Gains on disposition of property | $ (100) | $ 153,100 | |||||
2020 Dispositions [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of buildings sold | propertyUnit | 2 | ||||||
Purchase price of real estate | $ 23,300 | ||||||
Gains on disposition of property | $ 9,300 | ||||||
Highwoods Properties, Inc. [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends on Common Stock (per share) | $ / shares | $ 0.48 | $ 0.475 | $ 0.96 | $ 0.95 | |||
Highwoods Properties, Inc. [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends on Common Stock (per share) | $ / shares | $ 0.48 |