Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2015 |
Operating activities: | | |
Net income | $ 514,103 | $ 79,343 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 161,734 | 156,200 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (1,599) | 214 |
Share-based compensation expense | 5,412 | 5,996 |
Allowance for losses on accounts and accrued straight-line rents receivable | 1,846 | 1,851 |
Accrued interest on mortgages and notes receivable | (364) | (313) |
Amortization of debt issuance costs | 2,645 | 2,501 |
Amortization of cash flow hedges | 2,336 | 2,781 |
Amortization of mortgages and notes payable fair value adjustments | (175) | 7 |
Losses on debt extinguishment | 0 | 220 |
Net gains on disposition of property | (428,656) | (10,581) |
Gain on disposition of investment in unconsolidated affiliate | 0 | (4,155) |
Equity in earnings of unconsolidated affiliates | (5,010) | (4,367) |
Changes in financing obligation | 0 | 162 |
Distributions of earnings from unconsolidated affiliates | 3,936 | 4,099 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 4,798 | 1,716 |
Prepaid expenses and other assets | (2,243) | (3,475) |
Accrued straight-line rents receivable | (18,931) | (16,955) |
Accounts payable, accrued expenses and other liabilities | (7,447) | (5,834) |
Net cash provided by operating activities | 232,385 | 209,410 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (110,249) | (408,634) |
Investments in development in-process | (122,839) | (87,222) |
Investments in tenant improvements and deferred leasing costs | (63,715) | (85,234) |
Investments in building improvements | (51,714) | (38,295) |
Net proceeds from disposition of real estate assets | 680,994 | 22,781 |
Net proceeds from disposition of investment in unconsolidated affiliate | 0 | 6,919 |
Distributions of capital from unconsolidated affiliates | 2,639 | 10,227 |
Investments in mortgages and notes receivable | (7,934) | (1,772) |
Repayments of mortgages and notes receivable | 869 | 9,301 |
Investments in and advances to unconsolidated affiliates | (105) | (384) |
Repayments from unconsolidated affiliates | 448 | 20,800 |
Changes in restricted cash and other investing activities | (23,310) | (12,582) |
Net cash provided by/(used in) investing activities | 305,084 | (564,095) |
Financing activities: | | |
Dividends on Common Stock | (124,228) | (119,729) |
Redemptions/repurchases of Preferred Stock | (130) | (10) |
Dividends on Preferred Stock | (1,877) | (1,879) |
Distributions to noncontrolling interests in the Operating Partnership | (3,684) | (3,721) |
Distributions to noncontrolling interests in consolidated affiliates | (966) | (1,070) |
Proceeds from the issuance of Common Stock | 194,518 | 98,485 |
Costs paid for the issuance of Common Stock | (2,888) | (1,518) |
Repurchase of shares related to tax withholdings | (4,416) | (3,751) |
Borrowings on revolving credit facility | 257,800 | 393,900 |
Repayments of revolving credit facility | (528,800) | (337,900) |
Borrowings on mortgages and notes payable | 75,000 | 375,000 |
Repayments of mortgages and notes payable | (395,455) | (43,076) |
Payments on financing obligation | 0 | (1,722) |
Changes in debt issuance costs and other financing activities | (992) | (1,972) |
Net cash provided by/(used in) financing activities | (536,118) | 351,037 |
Net increase/(decrease) in cash and cash equivalents | 1,351 | (3,648) |
Cash and cash equivalents at beginning of the period | 5,036 | 8,832 |
Cash and cash equivalents at end of the period | 6,387 | 5,184 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 58,138 | 62,661 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | (7,785) | (5,666) |
Conversions of Common Units to Common Stock | 3,006 | 1,206 |
Changes in accrued capital expenditures | 25,037 | 1,759 |
Write-off of fully depreciated real estate assets | 28,783 | 44,742 |
Write-off of fully amortized debt issuance and leasing costs | 16,991 | 27,658 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 13,390 | (14,649) |
Unrealized gains on tax increment financing bond | 0 | 187 |
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 | 514,103 | 79,343 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 161,734 | 156,200 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (1,599) | 214 |
Share-based compensation expense | 5,412 | 5,996 |
Allowance for losses on accounts and accrued straight-line rents receivable | 1,846 | 1,851 |
Accrued interest on mortgages and notes receivable | (364) | (313) |
Amortization of debt issuance costs | 2,645 | 2,501 |
Amortization of cash flow hedges | 2,336 | 2,781 |
Amortization of mortgages and notes payable fair value adjustments | (175) | 7 |
Losses on debt extinguishment | 0 | 220 |
Net gains on disposition of property | (428,656) | (10,581) |
Gain on disposition of investment in unconsolidated affiliate | 0 | (4,155) |
Equity in earnings of unconsolidated affiliates | (5,010) | (4,367) |
Changes in financing obligation | 0 | 162 |
Distributions of earnings from unconsolidated affiliates | 3,523 | 4,099 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 4,798 | 1,716 |
Prepaid expenses and other assets | (2,243) | (3,475) |
Accrued straight-line rents receivable | (18,931) | (16,955) |
Accounts payable, accrued expenses and other liabilities | (7,447) | (5,748) |
Net cash provided by operating activities | 231,972 | 209,496 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (110,249) | (408,634) |
Investments in development in-process | (122,839) | (87,222) |
Investments in tenant improvements and deferred leasing costs | (63,715) | (85,234) |
Investments in building improvements | (51,714) | (38,295) |
Net proceeds from disposition of real estate assets | 680,994 | 22,781 |
Net proceeds from disposition of investment in unconsolidated affiliate | 0 | 6,919 |
Distributions of capital from unconsolidated affiliates | 3,052 | 10,227 |
Investments in mortgages and notes receivable | (7,934) | (1,772) |
Repayments of mortgages and notes receivable | 869 | 9,301 |
Investments in and advances to unconsolidated affiliates | (105) | (384) |
Repayments from unconsolidated affiliates | 448 | 20,800 |
Changes in restricted cash and other investing activities | (23,310) | (12,582) |
Net cash provided by/(used in) investing activities | 305,497 | (564,095) |
Financing activities: | | |
Distributions on Common Units | (127,391) | (122,929) |
Redemptions/repurchases of Preferred Units | (130) | (10) |
Distributions on Preferred Units | (1,877) | (1,879) |
Distributions to noncontrolling interests in consolidated affiliates | (966) | (1,070) |
Proceeds from the issuance of Common Units | 194,518 | 98,485 |
Costs paid for the issuance of Common Units | (2,888) | (1,518) |
Repurchase of units related to tax withholdings | (4,416) | (3,751) |
Borrowings on revolving credit facility | 257,800 | 393,900 |
Repayments of revolving credit facility | (528,800) | (337,900) |
Borrowings on mortgages and notes payable | 75,000 | 375,000 |
Repayments of mortgages and notes payable | (395,455) | (43,076) |
Payments on financing obligation | 0 | (1,722) |
Changes in debt issuance costs and other financing activities | (1,513) | (2,685) |
Net cash provided by/(used in) financing activities | (536,118) | 350,845 |
Net increase/(decrease) in cash and cash equivalents | 1,351 | (3,754) |
Cash and cash equivalents at beginning of the period | 5,036 | 8,938 |
Cash and cash equivalents at end of the period | 6,387 | 5,184 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 58,138 | 62,661 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | (7,785) | (5,666) |
Changes in accrued capital expenditures | 25,037 | 1,759 |
Write-off of fully depreciated real estate assets | 28,783 | 44,742 |
Write-off of fully amortized debt issuance and leasing costs | 16,991 | 27,658 |
Adjustment of Redeemable Common Units to fair value | 21,576 | (17,280) |
Unrealized gains on tax increment financing bond | 0 | 187 |
Assumption of mortgages and notes payable related to acquisition activities | 0 | 19,277 |
Contingent consideration in connection with the acquisition of land | $ 0 | $ 900 |