Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended |
Mar. 31, 2017 | Mar. 31, 2016 |
Operating activities: | | |
Net income | $ 33,485 | $ 446,735 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 56,145 | 53,494 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (10) | 108 |
Share-based compensation expense | 3,783 | 3,556 |
Allowance for losses on accounts and accrued straight-line rents receivable | 61 | 1,077 |
Accrued interest on mortgages and notes receivable | (132) | (42) |
Amortization of debt issuance costs | 840 | 990 |
Amortization of cash flow hedges | 484 | 795 |
Amortization of mortgages and notes payable fair value adjustments | (30) | (59) |
Net gains on disposition of property | (5,332) | (418,893) |
Equity in earnings of unconsolidated affiliates | (955) | (1,285) |
Distributions of earnings from unconsolidated affiliates | 2,431 | 717 |
Settlement of cash flow hedges | 7,322 | 0 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 3,922 | 601 |
Prepaid expenses and other assets | (5,959) | (6,577) |
Accrued straight-line rents receivable | (6,185) | (6,624) |
Accounts payable, accrued expenses and other liabilities | (20,951) | (26,358) |
Net cash provided by operating activities | 68,919 | 48,235 |
Investing activities: | | |
Investments in development in-process | (59,408) | (33,188) |
Investments in tenant improvements and deferred leasing costs | (24,649) | (23,513) |
Investments in building improvements | (17,194) | (16,479) |
Net proceeds from disposition of real estate assets | 11,532 | 661,390 |
Distributions of capital from unconsolidated affiliates | 6,512 | 2,118 |
Investments in mortgages and notes receivable | 0 | (7,602) |
Repayments of mortgages and notes receivable | 1,178 | 79 |
Investments in and advances to unconsolidated affiliates | 0 | (105) |
Changes in restricted cash and other investing activities | (1,696) | (248,865) |
Net cash provided by/(used in) investing activities | (83,725) | 333,835 |
Financing activities: | | |
Dividends on Common Stock | (44,917) | (40,881) |
Special dividend on Common Stock | (81,205) | 0 |
Redemptions/repurchases of Preferred Stock | (15) | (20) |
Dividends on Preferred Stock | (623) | (626) |
Distributions to noncontrolling interests in the Operating Partnership | (1,249) | (1,232) |
Special distribution to noncontrolling interests in the Operating Partnership | (2,271) | 0 |
Distributions to noncontrolling interests in consolidated affiliates | (466) | (320) |
Proceeds from the issuance of Common Stock | 13,191 | 54,915 |
Costs paid for the issuance of Common Stock | (250) | (788) |
Repurchase of shares related to tax withholdings | (3,807) | (3,229) |
Borrowings on revolving credit facility | 200,300 | 66,400 |
Repayments of revolving credit facility | (69,300) | (107,400) |
Borrowings on mortgages and notes payable | 346,001 | 0 |
Repayments of mortgages and notes payable | (380,261) | (350,535) |
Changes in debt issuance costs and other financing activities | (4,894) | (45) |
Net cash used in financing activities | (29,766) | (383,761) |
Net decrease in cash and cash equivalents | (44,572) | (1,691) |
Cash and cash equivalents at beginning of the period | 49,490 | 5,036 |
Cash and cash equivalents at end of the period | 4,918 | 3,345 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 18,909 | 20,951 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | 452 | (3,635) |
Conversions of Common Units to Common Stock | 102 | 0 |
Changes in accrued capital expenditures | (6,741) | (5,978) |
Write-off of fully depreciated real estate assets | 10,649 | 12,579 |
Write-off of fully amortized debt issuance and leasing costs | 13,252 | 5,282 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (4,972) | 429 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 33,485 | 446,735 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 56,145 | 53,494 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (10) | 108 |
Share-based compensation expense | 3,783 | 3,556 |
Allowance for losses on accounts and accrued straight-line rents receivable | 61 | 1,077 |
Accrued interest on mortgages and notes receivable | (132) | (42) |
Amortization of debt issuance costs | 840 | 990 |
Amortization of cash flow hedges | 484 | 795 |
Amortization of mortgages and notes payable fair value adjustments | (30) | (59) |
Net gains on disposition of property | (5,332) | (418,893) |
Equity in earnings of unconsolidated affiliates | (955) | (1,285) |
Distributions of earnings from unconsolidated affiliates | 2,431 | 717 |
Settlement of cash flow hedges | 7,322 | 0 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 3,922 | 601 |
Prepaid expenses and other assets | (5,959) | (6,577) |
Accrued straight-line rents receivable | (6,185) | (6,624) |
Accounts payable, accrued expenses and other liabilities | (20,951) | (26,358) |
Net cash provided by operating activities | 68,919 | 48,235 |
Investing activities: | | |
Investments in development in-process | (59,408) | (33,188) |
Investments in tenant improvements and deferred leasing costs | (24,649) | (23,513) |
Investments in building improvements | (17,194) | (16,479) |
Net proceeds from disposition of real estate assets | 11,532 | 661,390 |
Distributions of capital from unconsolidated affiliates | 6,512 | 2,118 |
Investments in mortgages and notes receivable | 0 | (7,602) |
Repayments of mortgages and notes receivable | 1,178 | 79 |
Investments in and advances to unconsolidated affiliates | 0 | (105) |
Changes in restricted cash and other investing activities | (1,696) | (248,865) |
Net cash provided by/(used in) investing activities | (83,725) | 333,835 |
Financing activities: | | |
Distributions on Common Units | (45,986) | (41,939) |
Special distribution on Common Units | (83,149) | 0 |
Redemptions/repurchases of Preferred Units | (15) | (20) |
Distributions on Preferred Units | (623) | (626) |
Distributions to noncontrolling interests in consolidated affiliates | (466) | (320) |
Proceeds from the issuance of Common Units | 13,191 | 54,915 |
Costs paid for the issuance of Common Units | (250) | (788) |
Repurchase of units related to tax withholdings | (3,807) | (3,229) |
Borrowings on revolving credit facility | 200,300 | 66,400 |
Repayments of revolving credit facility | (69,300) | (107,400) |
Borrowings on mortgages and notes payable | 346,001 | 0 |
Repayments of mortgages and notes payable | (380,261) | (350,535) |
Changes in debt issuance costs and other financing activities | (5,401) | (219) |
Net cash used in financing activities | (29,766) | (383,761) |
Net decrease in cash and cash equivalents | (44,572) | (1,691) |
Cash and cash equivalents at beginning of the period | 49,490 | 5,036 |
Cash and cash equivalents at end of the period | 4,918 | 3,345 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 18,909 | 20,951 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | 452 | (3,635) |
Changes in accrued capital expenditures | (6,741) | (5,978) |
Write-off of fully depreciated real estate assets | 10,649 | 12,579 |
Write-off of fully amortized debt issuance and leasing costs | 13,252 | 5,282 |
Adjustment of Redeemable Common Units to fair value | $ (5,435) | $ 12,208 |