Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2017 |
Operating activities: | | |
Net income | $ 87,244 | $ 73,039 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 114,262 | 111,961 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (960) | (345) |
Share-based compensation expense | 5,468 | 4,837 |
Allowance for losses on accounts and accrued straight-line rents receivable | 192 | 110 |
Accrued interest on mortgages and notes receivable | (225) | (274) |
Amortization of debt issuance costs | 1,408 | 1,649 |
Amortization of cash flow hedges | (621) | 781 |
Amortization of mortgages and notes payable fair value adjustments | 694 | 139 |
Gains on debt extinguishment | 0 | (826) |
Net gains on disposition of property | (16,972) | (5,332) |
Equity in earnings of unconsolidated affiliates | (1,068) | (1,710) |
Distributions of earnings from unconsolidated affiliates | 1,706 | 2,907 |
Settlement of cash flow hedges | 7,216 | 7,322 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 4,469 | 4,358 |
Prepaid expenses and other assets | (5,232) | (1,455) |
Accrued straight-line rents receivable | (12,707) | (15,228) |
Accounts payable, accrued expenses and other liabilities | (916) | (9,818) |
Net cash provided by operating activities | 183,958 | 172,115 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (50,649) | 0 |
Investments in development in-process | (85,717) | (97,096) |
Investments in tenant improvements and deferred leasing costs | (61,990) | (54,119) |
Investments in building improvements | (34,652) | (31,070) |
Net proceeds from disposition of real estate assets | 33,453 | 11,532 |
Distributions of capital from unconsolidated affiliates | 105 | 7,445 |
Repayments of mortgages and notes receivable | 758 | 2,357 |
Investments in and advances to unconsolidated affiliates | 0 | (172) |
Changes in other investing activities | (3,147) | (4,033) |
Net cash used in investing activities | (201,839) | (165,156) |
Financing activities: | | |
Dividends on Common Stock | (95,579) | (89,952) |
Special dividend on Common Stock | 0 | (81,205) |
Redemptions/repurchases of Preferred Stock | (5) | (15) |
Dividends on Preferred Stock | (1,246) | (1,246) |
Distributions to noncontrolling interests in the Operating Partnership | (2,599) | (2,495) |
Special distribution to noncontrolling interests in the Operating Partnership | 0 | (2,271) |
Distributions to noncontrolling interests in consolidated affiliates | (543) | (858) |
Proceeds from the issuance of Common Stock | 2,052 | 74,987 |
Costs paid for the issuance of Common Stock | (28) | (1,199) |
Repurchase of shares related to tax withholdings | (1,609) | (3,955) |
Borrowings on revolving credit facility | 257,400 | 425,300 |
Repayments of revolving credit facility | (360,400) | (314,300) |
Borrowings on mortgages and notes payable | 345,863 | 456,001 |
Repayments of mortgages and notes payable | (200,892) | (506,679) |
Payments of debt extinguishment costs | 0 | (57) |
Changes in debt issuance costs and other financing activities | (2,948) | (3,688) |
Net cash used in financing activities | (60,534) | (51,632) |
Net decrease in cash and cash equivalents and restricted cash | (78,415) | (44,673) |
Cash and cash equivalents and restricted cash at beginning of the period | 88,333 | 78,631 |
Cash and cash equivalents and restricted cash at end of the period | 9,918 | 33,958 |
Reconciliation of cash and cash equivalents and restricted cash: | | |
Cash and cash equivalents at end of the period | 4,232 | 13,346 |
Restricted cash at end of the period | 5,686 | 20,612 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 33,273 | 34,930 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains on cash flow hedges | 8,739 | 316 |
Conversions of Common Units to Common Stock | 1,084 | 305 |
Changes in accrued capital expenditures | (10,574) | (21,961) |
Write-off of fully depreciated real estate assets | 48,011 | 28,449 |
Write-off of fully amortized leasing costs | 19,717 | 15,023 |
Write-off of fully amortized debt issuance costs | 2,705 | 4,324 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (272) | (287) |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 87,244 | 73,039 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 114,262 | 111,961 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (960) | (345) |
Share-based compensation expense | 5,468 | 4,837 |
Allowance for losses on accounts and accrued straight-line rents receivable | 192 | 110 |
Accrued interest on mortgages and notes receivable | (225) | (274) |
Amortization of debt issuance costs | 1,408 | 1,649 |
Amortization of cash flow hedges | (621) | 781 |
Amortization of mortgages and notes payable fair value adjustments | 694 | 139 |
Gains on debt extinguishment | 0 | (826) |
Net gains on disposition of property | (16,972) | (5,332) |
Equity in earnings of unconsolidated affiliates | (1,068) | (1,710) |
Distributions of earnings from unconsolidated affiliates | 1,706 | 2,907 |
Settlement of cash flow hedges | 7,216 | 7,322 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 4,469 | 4,358 |
Prepaid expenses and other assets | (5,232) | (1,455) |
Accrued straight-line rents receivable | (12,707) | (15,228) |
Accounts payable, accrued expenses and other liabilities | (916) | (9,818) |
Net cash provided by operating activities | 183,958 | 172,115 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (50,649) | 0 |
Investments in development in-process | (85,717) | (97,096) |
Investments in tenant improvements and deferred leasing costs | (61,990) | (54,119) |
Investments in building improvements | (34,652) | (31,070) |
Net proceeds from disposition of real estate assets | 33,453 | 11,532 |
Distributions of capital from unconsolidated affiliates | 105 | 7,445 |
Repayments of mortgages and notes receivable | 758 | 2,357 |
Investments in and advances to unconsolidated affiliates | 0 | (172) |
Changes in other investing activities | (3,147) | (4,033) |
Net cash used in investing activities | (201,839) | (165,156) |
Financing activities: | | |
Distributions on Common Units | (97,800) | (92,087) |
Special distribution on Common Units | 0 | (83,149) |
Redemptions/repurchases of Preferred Units | (5) | (15) |
Distributions on Preferred Units | (1,246) | (1,246) |
Distributions to noncontrolling interests in consolidated affiliates | (543) | (858) |
Proceeds from the issuance of Common Units | 2,052 | 74,987 |
Costs paid for the issuance of Common Units | (28) | (1,199) |
Repurchase of units related to tax withholdings | (1,609) | (3,955) |
Borrowings on revolving credit facility | 257,400 | 425,300 |
Repayments of revolving credit facility | (360,400) | (314,300) |
Borrowings on mortgages and notes payable | 345,863 | 456,001 |
Repayments of mortgages and notes payable | (200,892) | (506,679) |
Payments of debt extinguishment costs | 0 | (57) |
Changes in debt issuance costs and other financing activities | (3,326) | (4,375) |
Net cash used in financing activities | (60,534) | (51,632) |
Net decrease in cash and cash equivalents and restricted cash | (78,415) | (44,673) |
Cash and cash equivalents and restricted cash at beginning of the period | 88,333 | 78,631 |
Cash and cash equivalents and restricted cash at end of the period | 9,918 | 33,958 |
Reconciliation of cash and cash equivalents and restricted cash: | | |
Cash and cash equivalents at end of the period | 4,232 | 13,346 |
Restricted cash at end of the period | 5,686 | 20,612 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 33,273 | 34,930 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains on cash flow hedges | 8,739 | 316 |
Changes in accrued capital expenditures | (10,574) | (21,961) |
Write-off of fully depreciated real estate assets | 48,011 | 28,449 |
Write-off of fully amortized leasing costs | 19,717 | 15,023 |
Write-off of fully amortized debt issuance costs | 2,705 | 4,324 |
Adjustment of Redeemable Common Units to fair value | $ (1,686) | $ (1,156) |