Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2018 |
Operating activities: | | |
Net income | $ 49,780 | $ 87,244 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 128,664 | 114,262 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 868 | (960) |
Share-based compensation expense | 5,512 | 5,468 |
Credit losses on operating lease receivables | 8,144 | 192 |
Write-off of mortgages and notes receivable | 4,087 | 0 |
Accrued interest on mortgages and notes receivable | (118) | (225) |
Amortization of debt issuance costs | 1,455 | 1,408 |
Amortization of cash flow hedges | (875) | (621) |
Amortization of mortgages and notes payable fair value adjustments | 787 | 694 |
Impairments of real estate assets | 531 | 0 |
Losses on debt extinguishment | 375 | 0 |
Net gains on disposition of property | (6,703) | (16,972) |
Equity in earnings of unconsolidated affiliates | (1,429) | (1,068) |
Distributions of earnings from unconsolidated affiliates | 669 | 1,706 |
Settlement of cash flow hedges | (5,144) | 7,216 |
Changes in operating assets and liabilities: | | |
Accounts receivable | (5,507) | 4,469 |
Prepaid expenses and other assets | (3,305) | (5,232) |
Accrued straight-line rents receivable | (14,273) | (12,707) |
Accounts payable, accrued expenses and other liabilities | 9,771 | (916) |
Net cash provided by operating activities | 173,289 | 183,958 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (12,795) | (50,649) |
Investments in development in-process | (50,884) | (85,717) |
Investments in tenant improvements and deferred leasing costs | (78,449) | (61,990) |
Investments in building improvements | (24,113) | (34,652) |
Net proceeds from disposition of real estate assets | 31,510 | 33,453 |
Distributions of capital from unconsolidated affiliates | 29 | 105 |
Repayments of mortgages and notes receivable | 147 | 758 |
Changes in other investing activities | (4,272) | (3,147) |
Net cash used in investing activities | (138,827) | (201,839) |
Financing activities: | | |
Dividends on Common Stock | (98,425) | (95,579) |
Redemptions/repurchases of Preferred Stock | (18) | (5) |
Dividends on Preferred Stock | (1,244) | (1,246) |
Distributions to noncontrolling interests in the Operating Partnership | (2,598) | (2,599) |
Distributions to noncontrolling interests in consolidated affiliates | (784) | (543) |
Proceeds from the issuance of Common Stock | 1,049 | 2,052 |
Costs paid for the issuance of Common Stock | 0 | (28) |
Repurchase of shares related to tax withholdings | (1,780) | (1,609) |
Borrowings on revolving credit facility | 169,400 | 257,400 |
Repayments of revolving credit facility | (215,400) | (360,400) |
Borrowings on mortgages and notes payable | 349,010 | 345,863 |
Repayments of mortgages and notes payable | (225,929) | (200,892) |
Changes in debt issuance costs and other financing activities | (4,379) | (2,948) |
Net cash used in financing activities | (31,098) | (60,534) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 3,364 | (78,415) |
Cash and cash equivalents and restricted cash at beginning of the period | 10,143 | 88,333 |
Cash and cash equivalents and restricted cash at end of the period | 13,507 | 9,918 |
Reconciliation of cash and cash equivalents and restricted cash: | | |
Cash and cash equivalents at end of the period | 4,530 | 4,232 |
Restricted cash at end of the period | 8,977 | 5,686 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 33,378 | 33,273 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | (2,550) | 8,739 |
Conversions of Common Units to Common Stock | 353 | 1,084 |
Changes in accrued capital expenditures | 2,027 | (10,574) |
Write-off of fully depreciated real estate assets | 36,188 | 48,011 |
Write-off of fully amortized leasing costs | 19,900 | 19,717 |
Write-off of fully amortized debt issuance costs | 828 | 2,705 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 8,532 | (272) |
Contributions from noncontrolling interests in consolidated affiliates | 4,987 | 0 |
Initial recognition of lease liabilities related to right of use assets | 35,349 | 0 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 49,780 | 87,244 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 128,664 | 114,262 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 868 | (960) |
Share-based compensation expense | 5,512 | 5,468 |
Credit losses on operating lease receivables | 8,144 | 192 |
Write-off of mortgages and notes receivable | 4,087 | 0 |
Accrued interest on mortgages and notes receivable | (118) | (225) |
Amortization of debt issuance costs | 1,455 | 1,408 |
Amortization of cash flow hedges | (875) | (621) |
Amortization of mortgages and notes payable fair value adjustments | 787 | 694 |
Impairments of real estate assets | 531 | 0 |
Losses on debt extinguishment | 375 | 0 |
Net gains on disposition of property | (6,703) | (16,972) |
Equity in earnings of unconsolidated affiliates | (1,429) | (1,068) |
Distributions of earnings from unconsolidated affiliates | 669 | 1,706 |
Settlement of cash flow hedges | (5,144) | 7,216 |
Changes in operating assets and liabilities: | | |
Accounts receivable | (5,507) | 4,469 |
Prepaid expenses and other assets | (3,305) | (5,232) |
Accrued straight-line rents receivable | (14,273) | (12,707) |
Accounts payable, accrued expenses and other liabilities | 9,771 | (916) |
Net cash provided by operating activities | 173,289 | 183,958 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | (12,795) | (50,649) |
Investments in development in-process | (50,884) | (85,717) |
Investments in tenant improvements and deferred leasing costs | (78,449) | (61,990) |
Investments in building improvements | (24,113) | (34,652) |
Net proceeds from disposition of real estate assets | 31,510 | 33,453 |
Distributions of capital from unconsolidated affiliates | 29 | 105 |
Repayments of mortgages and notes receivable | 147 | 758 |
Changes in other investing activities | (4,272) | (3,147) |
Net cash used in investing activities | (138,827) | (201,839) |
Financing activities: | | |
Distributions on Common Units | (100,634) | (97,800) |
Redemptions/repurchases of Preferred Units | (18) | (5) |
Distributions on Preferred Units | (1,244) | (1,246) |
Distributions to noncontrolling interests in consolidated affiliates | (784) | (543) |
Proceeds from the issuance of Common Units | 1,049 | 2,052 |
Costs paid for the issuance of Common Units | 0 | (28) |
Repurchase of units related to tax withholdings | (1,780) | (1,609) |
Borrowings on revolving credit facility | 169,400 | 257,400 |
Repayments of revolving credit facility | (215,400) | (360,400) |
Borrowings on mortgages and notes payable | 349,010 | 345,863 |
Repayments of mortgages and notes payable | (225,929) | (200,892) |
Changes in debt issuance costs and other financing activities | (4,768) | (3,326) |
Net cash used in financing activities | (31,098) | (60,534) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 3,364 | (78,415) |
Cash and cash equivalents and restricted cash at beginning of the period | 10,143 | 88,333 |
Cash and cash equivalents and restricted cash at end of the period | 13,507 | 9,918 |
Reconciliation of cash and cash equivalents and restricted cash: | | |
Cash and cash equivalents at end of the period | 4,530 | 4,232 |
Restricted cash at end of the period | 8,977 | 5,686 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 33,378 | 33,273 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized gains/(losses) on cash flow hedges | (2,550) | 8,739 |
Changes in accrued capital expenditures | (2,027) | 10,574 |
Write-off of fully depreciated real estate assets | 36,188 | 48,011 |
Write-off of fully amortized leasing costs | 19,900 | 19,717 |
Write-off of fully amortized debt issuance costs | 828 | 2,705 |
Adjustment of Redeemable Common Units to fair value | 6,818 | (1,686) |
Contributions from noncontrolling interests in consolidated affiliates | 4,987 | 0 |
Initial recognition of lease liabilities related to right of use assets | $ 35,349 | $ 0 |