Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2019 |
Operating activities: | | | |
Net income | | $ 272,627 | $ 79,337 |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | | 180,914 | 189,514 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | | (1,867) | 197 |
Share-based compensation expense | | 4,980 | 6,180 |
Credit losses on operating lease receivables | | 4,387 | 8,711 |
Write-off of mortgages and notes receivable | | 0 | 4,087 |
Accrued interest on mortgages and notes receivable | | (91) | (151) |
Amortization of debt issuance costs | | 2,312 | 2,194 |
Amortization of cash flow hedges | | 125 | (1,158) |
Amortization of mortgages and notes payable fair value adjustments | | 1,270 | 1,193 |
Impairments of real estate assets | | 1,778 | 5,849 |
Losses on debt extinguishment | | 3,671 | 640 |
Net gains on disposition of property | | (163,397) | (10,218) |
Equity in earnings of unconsolidated affiliates | | (2,965) | (2,369) |
Distributions of earnings from unconsolidated affiliates | | 952 | 730 |
Settlement of cash flow hedges | | 0 | (11,749) |
Changes in operating assets and liabilities: | | | |
Accounts receivable | | (206) | (3,611) |
Prepaid expenses and other assets | | (3,684) | 458 |
Accrued straight-line rents receivable | | (30,187) | (20,955) |
Accounts payable, accrued expenses and other liabilities | | 4,840 | 37,382 |
Net cash provided by operating activities | | 275,459 | 286,261 |
Investing activities: | | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | | (2,363) | (19,365) |
Investments in development in-process | | (116,839) | (77,854) |
Investments in tenant improvements and deferred leasing costs | | (106,843) | (105,879) |
Investments in building improvements | | (44,088) | (36,383) |
Net proceeds from disposition of real estate assets | | 356,644 | 45,250 |
Distributions of capital from unconsolidated affiliates | | 72 | 29 |
Investments in mortgages and notes receivable | | (32) | 0 |
Repayments of mortgages and notes receivable | | 234 | 221 |
Payments of earnest money deposits | | 0 | (50,000) |
Changes in other investing activities | | (6,416) | (6,279) |
Net cash provided by/(used in) investing activities | | 80,369 | (250,260) |
Financing activities: | | | |
Dividends on Common Stock | | (149,462) | (147,662) |
Redemptions/repurchases of Preferred Stock | | (33) | (18) |
Dividends on Preferred Stock | | (1,866) | (1,866) |
Distributions to noncontrolling interests in the Operating Partnership | | (4,092) | (3,894) |
Distributions to noncontrolling interests in consolidated affiliates | | (1,124) | (1,227) |
Proceeds from the issuance of Common Stock | | 3,163 | 1,541 |
Costs paid for the issuance of Common Stock | | (215) | 0 |
Repurchase of shares related to tax withholdings | | (1,160) | (1,784) |
Borrowings on revolving credit facility | | 129,000 | 278,600 |
Repayments of revolving credit facility | | (350,000) | (460,600) |
Borrowings on mortgages and notes payable | | 398,364 | 747,990 |
Repayments of mortgages and notes payable | | (251,457) | (326,400) |
Payments of debt extinguishment costs | | (3,108) | 0 |
Changes in debt issuance costs and other financing activities | | (10,309) | (7,800) |
Net cash provided by/(used in) financing activities | | (242,299) | 76,880 |
Net increase in cash and cash equivalents and restricted cash | | 113,529 | 112,881 |
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 | | 128,271 | 123,024 |
Reconciliation of cash and cash equivalents and restricted cash: | | | |
Cash and cash equivalents at end of the period | | 118,705 | 116,724 |
Restricted cash at end of the period | | 9,566 | 6,300 |
Supplemental disclosure of cash flow information: | | | |
Cash paid for interest, net of amounts capitalized | | 63,064 | 55,608 |
Supplemental disclosure of non-cash investing and financing activities: | | | |
Unrealized losses on cash flow hedges | | (1,231) | (9,282) |
Conversions of Common Units to Common Stock | | 0 | 572 |
Changes in accrued capital expenditures (1) | [1] | 16,318 | (7,407) |
Write-off of fully depreciated real estate assets | | 31,526 | 59,428 |
Write-off of fully amortized leasing costs | | 15,184 | 34,203 |
Write-off of fully amortized debt issuance costs | | 1,438 | 1,791 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | | (46,955) | 19,025 |
Contributions from noncontrolling interests in consolidated affiliates | | 0 | 4,987 |
Issuances of Common Units to acquire real estate assets | | 6,163 | 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 | | 84,300 | 54,900 |
Highwoods Realty Limited Partnership [Member] | | | |
Operating activities: | | | |
Net income | | 272,627 | 79,337 |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | | 180,914 | 189,514 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | | (1,867) | 197 |
Share-based compensation expense | | 4,980 | 6,180 |
Credit losses on operating lease receivables | | 4,387 | 8,711 |
Write-off of mortgages and notes receivable | | 0 | 4,087 |
Accrued interest on mortgages and notes receivable | | (91) | (151) |
Amortization of debt issuance costs | | 2,312 | 2,194 |
Amortization of cash flow hedges | | 125 | (1,158) |
Amortization of mortgages and notes payable fair value adjustments | | 1,270 | 1,193 |
Impairments of real estate assets | | 1,778 | 5,849 |
Losses on debt extinguishment | | 3,671 | 640 |
Net gains on disposition of property | | (163,397) | (10,218) |
Equity in earnings of unconsolidated affiliates | | (2,965) | (2,369) |
Distributions of earnings from unconsolidated affiliates | | 952 | 730 |
Settlement of cash flow hedges | | 0 | (11,749) |
Changes in operating assets and liabilities: | | | |
Accounts receivable | | (206) | (3,611) |
Prepaid expenses and other assets | | (3,684) | 458 |
Accrued straight-line rents receivable | | (30,187) | (20,955) |
Accounts payable, accrued expenses and other liabilities | | 4,840 | 37,382 |
Net cash provided by operating activities | | 275,459 | 286,261 |
Investing activities: | | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | | (2,363) | (19,365) |
Investments in development in-process | | (116,839) | (77,854) |
Investments in tenant improvements and deferred leasing costs | | (106,843) | (105,879) |
Investments in building improvements | | (44,088) | (36,383) |
Net proceeds from disposition of real estate assets | | 356,644 | 45,250 |
Distributions of capital from unconsolidated affiliates | | 72 | 29 |
Investments in mortgages and notes receivable | | (32) | 0 |
Repayments of mortgages and notes receivable | | 234 | 221 |
Payments of earnest money deposits | | 0 | (50,000) |
Changes in other investing activities | | (6,416) | (6,279) |
Net cash provided by/(used in) investing activities | | 80,369 | (250,260) |
Financing activities: | | | |
Distributions on Common Units | | (152,965) | (150,973) |
Redemptions/repurchases of Preferred Units | | (33) | (18) |
Distributions on Preferred Units | | (1,866) | (1,866) |
Distributions to noncontrolling interests in consolidated affiliates | | (1,124) | (1,227) |
Proceeds from the issuance of Common Units | | 3,163 | 1,541 |
Costs paid for the issuance of Common Units | | (215) | 0 |
Repurchase of units related to tax withholdings | | (1,160) | (1,784) |
Borrowings on revolving credit facility | | 129,000 | 278,600 |
Repayments of revolving credit facility | | (350,000) | (460,600) |
Borrowings on mortgages and notes payable | | 398,364 | 747,990 |
Repayments of mortgages and notes payable | | (251,457) | (326,400) |
Payments of debt extinguishment costs | | (3,108) | 0 |
Changes in debt issuance costs and other financing activities | | (10,898) | (8,383) |
Net cash provided by/(used in) financing activities | | (242,299) | 76,880 |
Net increase in cash and cash equivalents and restricted cash | | 113,529 | 112,881 |
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 | | 128,271 | 123,024 |
Reconciliation of cash and cash equivalents and restricted cash: | | | |
Cash and cash equivalents at end of the period | | 118,705 | 116,724 |
Restricted cash at end of the period | | 9,566 | 6,300 |
Supplemental disclosure of cash flow information: | | | |
Cash paid for interest, net of amounts capitalized | | 63,064 | 55,608 |
Supplemental disclosure of non-cash investing and financing activities: | | | |
Unrealized losses on cash flow hedges | | (1,231) | (9,282) |
Changes in accrued capital expenditures (1) | [1] | 16,318 | (7,407) |
Write-off of fully depreciated real estate assets | | 31,526 | 59,428 |
Write-off of fully amortized leasing costs | | 15,184 | 34,203 |
Write-off of fully amortized debt issuance costs | | 1,438 | 1,791 |
Adjustment of Redeemable Common Units to fair value | | (43,963) | 16,533 |
Contributions from noncontrolling interests in consolidated affiliates | | 0 | 4,987 |
Issuances of Common Units to acquire real estate assets | | 6,163 | 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 | | $ 84,300 | $ 54,900 |
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[1] | Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities at September 30, 2020 and 2019 were $84.3 million and $54.9 million, respectively. | |