Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2015 |
Operating activities: | | |
Net income | $ 480,263 | $ 47,726 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 108,811 | 101,548 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (1,179) | 9 |
Share-based compensation expense | 4,550 | 5,067 |
Allowance for losses on accounts and accrued straight-line rents receivable | 1,218 | 1,174 |
Accrued interest on mortgages and notes receivable | (212) | (268) |
Amortization of debt issuance costs | 1,801 | 1,628 |
Amortization of cash flow hedges | 1,578 | 1,849 |
Amortization of mortgages and notes payable fair value adjustments | (116) | 84 |
Losses on debt extinguishment | 0 | 220 |
Net gains on disposition of property | (424,754) | (3,569) |
Equity in earnings of unconsolidated affiliates | (2,202) | (3,587) |
Changes in financing obligation | 0 | 162 |
Distributions of earnings from unconsolidated affiliates | 1,095 | 3,438 |
Changes in operating assets and liabilities: | | |
Accounts receivable | (181) | 1,723 |
Prepaid expenses and other assets | (5,297) | (4,365) |
Accrued straight-line rents receivable | (13,600) | (11,417) |
Accounts payable, accrued expenses and other liabilities | (13,970) | (19,127) |
Net cash provided by operating activities | 137,805 | 122,295 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (9,058) | (4,277) |
Investments in development in-process | (74,668) | (44,601) |
Investments in tenant improvements and deferred leasing costs | (42,954) | (61,282) |
Investments in building improvements | (31,677) | (23,513) |
Net proceeds from disposition of real estate assets | 675,003 | 6,070 |
Distributions of capital from unconsolidated affiliates | 2,118 | 10,077 |
Investments in mortgages and notes receivable | (7,818) | (1,772) |
Repayments of mortgages and notes receivable | 155 | 9,221 |
Investments in and advances to unconsolidated affiliates | (105) | 0 |
Changes in restricted cash and other investing activities | (257,181) | (6,741) |
Net cash provided by/(used in) investing activities | 253,815 | (116,818) |
Financing activities: | | |
Dividends on Common Stock | (82,272) | (79,526) |
Redemptions/repurchases of Preferred Stock | (115) | (10) |
Dividends on Preferred Stock | (1,253) | (1,253) |
Distributions to noncontrolling interests in the Operating Partnership | (2,463) | (2,485) |
Distributions to noncontrolling interests in consolidated affiliates | (900) | (751) |
Proceeds from the issuance of Common Stock | 110,158 | 47,678 |
Costs paid for the issuance of Common Stock | (1,629) | (735) |
Repurchase of shares related to tax withholdings | (4,057) | (3,727) |
Borrowings on revolving credit facility | 153,800 | 183,900 |
Repayments of revolving credit facility | (169,800) | (233,900) |
Borrowings on mortgages and notes payable | 0 | 125,000 |
Repayments of mortgages and notes payable | (394,738) | (41,887) |
Payments on financing obligation | 0 | (162) |
Changes in debt issuance costs and other financing activities | (943) | (1,512) |
Net cash used in financing activities | (394,212) | (9,370) |
Net decrease in cash and cash equivalents | (2,592) | (3,893) |
Cash and cash equivalents at beginning of the period | 5,036 | 8,832 |
Cash and cash equivalents at end of the period | 2,444 | 4,939 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 38,222 | 40,540 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | (9,395) | (2,645) |
Conversions of Common Units to Common Stock | 1,558 | 1,206 |
Changes in accrued capital expenditures | 9,227 | (3,250) |
Write-off of fully depreciated real estate assets | 21,948 | 31,011 |
Write-off of fully amortized debt issuance and leasing costs | 11,690 | 17,812 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 15,042 | (11,475) |
Unrealized gains on tax increment financing bond | 0 | 194 |
Assumption of mortgages and notes payable related to acquisition activities | 0 | 19,277 |
Contingent consideration in connection with the acquisition of land | 0 | 900 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 480,263 | 47,726 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 108,811 | 101,548 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (1,179) | 9 |
Share-based compensation expense | 4,550 | 5,067 |
Allowance for losses on accounts and accrued straight-line rents receivable | 1,218 | 1,174 |
Accrued interest on mortgages and notes receivable | (212) | (268) |
Amortization of debt issuance costs | 1,801 | 1,628 |
Amortization of cash flow hedges | 1,578 | 1,849 |
Amortization of mortgages and notes payable fair value adjustments | (116) | 84 |
Losses on debt extinguishment | 0 | 220 |
Net gains on disposition of property | (424,754) | (3,569) |
Equity in earnings of unconsolidated affiliates | (2,202) | (3,587) |
Changes in financing obligation | 0 | 162 |
Distributions of earnings from unconsolidated affiliates | 1,095 | 3,438 |
Changes in operating assets and liabilities: | | |
Accounts receivable | (181) | 1,723 |
Prepaid expenses and other assets | (5,297) | (4,365) |
Accrued straight-line rents receivable | (13,600) | (11,417) |
Accounts payable, accrued expenses and other liabilities | (13,970) | (19,041) |
Net cash provided by operating activities | 137,805 | 122,381 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (9,058) | (4,277) |
Investments in development in-process | (74,668) | (44,601) |
Investments in tenant improvements and deferred leasing costs | (42,954) | (61,282) |
Investments in building improvements | (31,677) | (23,513) |
Net proceeds from disposition of real estate assets | 675,003 | 6,070 |
Distributions of capital from unconsolidated affiliates | 2,118 | 10,077 |
Investments in mortgages and notes receivable | (7,818) | (1,772) |
Repayments of mortgages and notes receivable | 155 | 9,221 |
Investments in and advances to unconsolidated affiliates | (105) | 0 |
Changes in restricted cash and other investing activities | (257,181) | (6,741) |
Net cash provided by/(used in) investing activities | 253,815 | (116,818) |
Financing activities: | | |
Distributions on Common Units | (84,387) | (81,663) |
Redemptions/repurchases of Preferred Units | (115) | (10) |
Distributions on Preferred Units | (1,253) | (1,253) |
Distributions to noncontrolling interests in consolidated affiliates | (900) | (751) |
Proceeds from the issuance of Common Units | 110,158 | 47,678 |
Costs paid for the issuance of Common Units | (1,629) | (735) |
Repurchase of units related to tax withholdings | (4,057) | (3,727) |
Borrowings on revolving credit facility | 153,800 | 183,900 |
Repayments of revolving credit facility | (169,800) | (233,900) |
Borrowings on mortgages and notes payable | 0 | 125,000 |
Repayments of mortgages and notes payable | (394,738) | (41,887) |
Payments on financing obligation | 0 | (162) |
Changes in debt issuance costs and other financing activities | (1,291) | (2,052) |
Net cash used in financing activities | (394,212) | (9,562) |
Net decrease in cash and cash equivalents | (2,592) | (3,999) |
Cash and cash equivalents at beginning of the period | 5,036 | 8,938 |
Cash and cash equivalents at end of the period | 2,444 | 4,939 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 38,222 | 40,540 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | (9,395) | (2,645) |
Changes in accrued capital expenditures | 9,227 | (3,250) |
Write-off of fully depreciated real estate assets | 21,948 | 31,011 |
Write-off of fully amortized debt issuance and leasing costs | 11,690 | 17,812 |
Adjustment of Redeemable Common Units to fair value | 24,971 | (13,788) |
Unrealized gains on tax increment financing bond | 0 | 194 |
Assumption of mortgages and notes payable related to acquisition activities | 0 | 19,277 |
Contingent consideration in connection with the acquisition of land | $ 0 | $ 900 |