HRLP - Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
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Assets: | ||
Deferred leasing costs, accumulated amortization | $ 164,202 | $ 163,751 |
Prepaid expenses and other assets, accumulated depreciation | 22,530 | 21,660 |
Highwoods Realty Limited Partnership | ||
Assets: | ||
Deferred leasing costs, accumulated amortization | 164,202 | 163,751 |
Prepaid expenses and other assets, accumulated depreciation | $ 22,530 | $ 21,660 |
Redeemable Operating Partnership Units: [Abstract] | ||
Redeemable Common Units outstanding (in shares) | 2,358,009 | 2,358,009 |
Series A Preferred Units, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Series A Preferred Units, issued (in shares) | 28,811 | 28,821 |
Series A Preferred Units, outstanding (in shares) | 28,811 | 28,821 |
Common Units: [Abstract] | ||
General partners' capital account, units outstanding (in shares) | 1,074,067 | 1,071,601 |
Limited partners' capital account, units outstanding (in shares) | 103,974,632 | 103,730,448 |
HPI - Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Comprehensive income: | ||
Net income | $ 44,954 | $ 42,103 |
Other comprehensive loss: | ||
Amortization of cash flow hedges | (75) | (15) |
Total other comprehensive loss | (75) | (15) |
Total comprehensive income | 44,879 | 42,088 |
Less-comprehensive (income) attributable to noncontrolling interests | (499) | (1,222) |
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders | $ 44,380 | $ 40,866 |
HPI - Consolidated Statements of Equity (Parentheticals) - Highwoods Properties, Inc. [Member] - $ / shares |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Dividends on Common Stock (per share) | $ 0.50 | $ 0.50 |
Series A Cumulative Redeemable Preferred Shares [Member] | ||
Dividends on Preferred Stock (per share) | $ 21.5625 | $ 21.5625 |
HRLP - Consolidated Statements of Capital (Parentheticals) - Highwoods Realty Limited Partnership - $ / shares |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Distributions on Common Units (per unit) | $ 0.50 | $ 0.50 |
Series A Cumulative Redeemable Preferred Shares [Member] | ||
Distributions on Preferred Units (per unit) | $ 21.5625 | $ 21.5625 |
HRLP - Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |||
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Operating activities: | ||||
Net income | $ 44,954 | $ 42,103 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 70,633 | 69,667 | ||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 291 | (87) | ||
Share-based compensation expense | 4,525 | 5,291 | ||
Net credit losses/(reversals) on operating lease receivables | (122) | 366 | ||
Accrued interest on mortgages and notes receivable | (19) | (24) | ||
Amortization of debt issuance costs | 1,161 | 942 | ||
Amortization of cash flow hedges | (75) | (15) | ||
Amortization of mortgages and notes payable fair value adjustments | (86) | (20) | ||
Net gains on disposition of property | (450) | (4,100) | ||
Gain on deconsolidation of affiliate | (11,778) | 0 | ||
Equity in earnings of unconsolidated affiliates | (704) | (300) | ||
Distributions of earnings from unconsolidated affiliates | 613 | 591 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 1,598 | (1,038) | ||
Prepaid expenses and other assets | (2,840) | (4,529) | ||
Accrued straight-line rents receivable | (8,678) | (7,224) | ||
Accounts payable, accrued expenses and other liabilities | (33,354) | (27,545) | ||
Net cash provided by operating activities | 65,669 | 74,078 | ||
Investing activities: | ||||
Investments in development in-process | (9,934) | (13,315) | ||
Investments in tenant improvements and deferred leasing costs | (21,296) | (30,273) | ||
Investments in building improvements | (25,815) | (15,413) | ||
Net proceeds from disposition of real estate assets | 1,862 | 9,469 | ||
Investments in mortgages and notes receivable | 0 | (24) | ||
Repayments of mortgages and notes receivable | 72 | 72 | ||
Investments in and advances to unconsolidated affiliates | (16,762) | (7,378) | ||
Payments of earnest money deposits | (500) | 0 | ||
Changes in other investing activities | (2,163) | (2,555) | ||
Net cash used in investing activities | (74,536) | (59,417) | ||
Financing activities: | ||||
Distributions to noncontrolling interests in consolidated affiliates | 0 | (1,411) | ||
Borrowings on revolving credit facility | 92,000 | 70,000 | ||
Repayments of revolving credit facility | (223,000) | (30,000) | ||
Borrowings on mortgages and notes payable | 200,000 | 0 | ||
Repayments of mortgages and notes payable | (1,654) | (1,585) | ||
Payments for debt issuance costs and other financing activities | (1,305) | 0 | ||
Net cash provided by/(used in) financing activities | 10,782 | (13,120) | ||
Net increase in cash and cash equivalents and restricted cash | 1,915 | 1,541 | ||
Cash decrease from deconsolidation of affiliate | (6,386) | 0 | ||
Cash and cash equivalents and restricted cash at beginning of the period | 26,105 | 31,198 | ||
Cash and cash equivalents and restricted cash at end of the period | 21,634 | 32,739 | ||
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents at end of the period | 15,733 | 18,669 | ||
Restricted cash at end of the period | 5,901 | 14,070 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest, net of amounts capitalized | 39,633 | 34,380 | ||
Supplemental disclosure of non-cash investing and financing activities: | ||||
Changes in accrued capital expenditures | [1] | 4,153 | 17,115 | |
Write-off of fully depreciated real estate assets | 24,625 | 12,183 | ||
Write-off of fully amortized leasing costs | 11,247 | 6,150 | ||
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities | 49,200 | 37,500 | ||
Highwoods Realty Limited Partnership | ||||
Operating activities: | ||||
Net income | 44,954 | 42,103 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 70,633 | 69,667 | ||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | 291 | (87) | ||
Share-based compensation expense | 4,525 | 5,291 | ||
Net credit losses/(reversals) on operating lease receivables | (122) | 366 | ||
Accrued interest on mortgages and notes receivable | (19) | (24) | ||
Amortization of debt issuance costs | 1,161 | 942 | ||
Amortization of cash flow hedges | (75) | (15) | ||
Amortization of mortgages and notes payable fair value adjustments | (86) | (20) | ||
Net gains on disposition of property | (450) | (4,100) | ||
Gain on deconsolidation of affiliate | (11,778) | 0 | ||
Equity in earnings of unconsolidated affiliates | (704) | (300) | ||
Distributions of earnings from unconsolidated affiliates | 613 | 591 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 1,598 | (1,038) | ||
Prepaid expenses and other assets | (2,840) | (4,529) | ||
Accrued straight-line rents receivable | (8,678) | (7,224) | ||
Accounts payable, accrued expenses and other liabilities | (33,354) | (27,545) | ||
Net cash provided by operating activities | 65,669 | 74,078 | ||
Investing activities: | ||||
Investments in development in-process | (9,934) | (13,315) | ||
Investments in tenant improvements and deferred leasing costs | (21,296) | (30,273) | ||
Investments in building improvements | (25,815) | (15,413) | ||
Net proceeds from disposition of real estate assets | 1,862 | 9,469 | ||
Investments in mortgages and notes receivable | 0 | (24) | ||
Repayments of mortgages and notes receivable | 72 | 72 | ||
Investments in and advances to unconsolidated affiliates | (16,762) | (7,378) | ||
Payments of earnest money deposits | (500) | 0 | ||
Changes in other investing activities | (2,163) | (2,555) | ||
Net cash used in investing activities | (74,536) | (59,417) | ||
Financing activities: | ||||
Distributions on Common Units | (53,595) | (53,471) | ||
Redemptions/repurchases of Preferred Units | (10) | 0 | ||
Distributions on Preferred Units | (621) | (621) | ||
Distributions to noncontrolling interests in consolidated affiliates | 0 | (1,411) | ||
Proceeds from the issuance of Common Units | 553 | 6,501 | ||
Costs paid for the issuance of Common Units | (56) | (183) | ||
Repurchase of units related to tax withholdings | (1,325) | (2,145) | ||
Borrowings on revolving credit facility | 92,000 | 70,000 | ||
Repayments of revolving credit facility | (223,000) | (30,000) | ||
Borrowings on mortgages and notes payable | 200,000 | 0 | ||
Repayments of mortgages and notes payable | (1,654) | (1,585) | ||
Payments for debt issuance costs and other financing activities | (1,510) | (205) | ||
Net cash provided by/(used in) financing activities | 10,782 | (13,120) | ||
Net increase in cash and cash equivalents and restricted cash | 1,915 | 1,541 | ||
Cash decrease from deconsolidation of affiliate | (6,386) | 0 | ||
Cash and cash equivalents and restricted cash at beginning of the period | 26,105 | 31,198 | ||
Cash and cash equivalents and restricted cash at end of the period | 21,634 | 32,739 | ||
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents at end of the period | 15,733 | 18,669 | ||
Restricted cash at end of the period | 5,901 | 14,070 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest, net of amounts capitalized | 39,633 | 34,380 | ||
Supplemental disclosure of non-cash investing and financing activities: | ||||
Changes in accrued capital expenditures | [1] | 4,153 | 17,115 | |
Write-off of fully depreciated real estate assets | 24,625 | 12,183 | ||
Write-off of fully amortized leasing costs | 11,247 | 6,150 | ||
Adjustment of Redeemable Common Units to fair value | 11,295 | (2,881) | ||
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities | $ 49,200 | $ 37,500 | ||
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Description of Business and Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Significant Accounting Policies | Description of Business and Significant Accounting Policies Description of Business Highwoods Properties, Inc. (the “Company”) is a fully integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”). As of March 31, 2023, we owned or had an interest in 28.8 million rentable square feet of in-service properties, 1.6 million rentable square feet of office properties under development and development land with approximately 5.2 million rentable square feet of potential office build out. Capital Structure The Company is the sole general partner of the Operating Partnership. As of March 31, 2023, the Company owned all of the Preferred Units and 105.0 million, or 97.8%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.4 million Common Units. During the first quarter of 2023, we entered into separate equity distribution agreements in which the Company may offer and sell up to 300.0 million in aggregate gross sales price of shares of Common Stock. During the three months ended March 31, 2023, the Company issued no shares of Common Stock under its equity distribution agreements. Basis of Presentation Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those entities in which the Company has the controlling interest. The Operating Partnership’s Consolidated Financial Statements include wholly owned subsidiaries and those entities in which the Operating Partnership has the controlling interest. We consolidate joint venture investments, such as interests in partnerships and limited liability companies, when we control the major operating and financial policies of the investment through majority ownership, in our capacity as a general partner or managing member or through some other contractual right. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. As of March 31, 2023, we have involvement with six entities we determined to be variable interest entities, one of which we are the primary beneficiary and is consolidated and five of which we are not the primary beneficiary and are not consolidated. We also own three properties through a joint venture investment that were deconsolidated effective January 1, 2023 (See Note 3). All intercompany transactions and accounts have been eliminated. The unaudited interim consolidated financial statements and accompanying unaudited consolidated financial information, in the opinion of management, contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have condensed or omitted certain notes and other information from the interim Consolidated Financial Statements presented in this Quarterly Report as permitted by SEC rules and regulations. These Consolidated Financial Statements should be read in conjunction with our 2022 Annual Report on Form 10-K. Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. Insurance We are primarily self-insured for health care claims for participating employees. We have stop-loss coverage to limit our exposure to significant claims on a per claim and annual aggregate basis. We determine our liabilities for claims, including incurred but not reported losses, based on all relevant information, including actuarial estimates of claim liabilities. As of March 31, 2023, a reserve of $0.5 million was recorded to cover estimated reported and unreported claims. Recently Issued Accounting Standards The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance in this ASU is optional and may be elected now through December 31, 2024 as reference rate reform activities occur. We will continue to evaluate the impact of this ASU; however, we currently expect to avail ourselves of such optional expedients and exceptions should our modified contracts meet the required criteria.
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Leases |
3 Months Ended |
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Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Operating Leases We generally lease our office properties to lessees in exchange for fixed monthly payments that cover rent, property taxes, insurance and certain cost recoveries, primarily common area maintenance. Office properties owned by us that are under lease are primarily located in Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa and are leased to a wide variety of lessees across many industries. Our leases are operating leases and mostly range from to 10 years. We recognized rental and other revenues related to operating lease payments of $209.4 million and $203.6 million during the three months ended March 31, 2023 and 2022, respectively. Included in these amounts are variable lease payments of $19.4 million and $17.4 million during the three months ended March 31, 2023 and 2022, respectively.
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Investments in and Advances to Affiliates |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates | Investments in and Advances to Affiliates Unconsolidated Affiliates - Highwoods-Markel Associates, LLC (“Markel”) Markel is a joint venture in which we own a 50.0% interest that was consolidated as of December 31, 2022 because we controlled the major operating and financial policies of the entity. Effective January 1, 2023, the agreement governing the joint venture was modified to require the consent of both partners for major operating and financial policies of the entity. As a result, Markel was deconsolidated effective January 1, 2023, and this joint venture is now accounted for using the equity method of accounting. We recognized a gain on deconsolidation of $11.8 million related to adjusting our retained interest in the joint venture to fair value. The assets of Markel can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets. - Granite Park Six JV, LLC/ GPI 23 Springs JV, LLC (“Granite Park Six joint venture”/“23Springs joint venture”) During 2022, we entered the Dallas market through the formation of two joint ventures with Granite Properties (“Granite”) to develop Granite Park Six and 23Springs. We own a 50.0% interest in each of these two joint ventures. We determined that we have a variable interest in both the Granite Park Six and 23Springs joint ventures primarily because the entities were designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders. The joint ventures were further determined to be variable interest entities as they require additional subordinated financial support in the form of loans because the initial equity investments provided by us and Granite are not sufficient to finance the planned investments and operations. We concluded we do not have the power to direct matters that most significantly impact the activities of either entity and therefore do not qualify as the primary beneficiary. Accordingly, the entities are not consolidated. As of March 31, 2023, our risk of loss with respect to these arrangements was limited to the carrying value of each investment balance. Our investment balances were $41.0 million and $46.9 million as of March 31, 2023 for Granite Park Six and 23Springs, respectively. The assets of the Granite Park Six and 23Springs joint ventures can be used only to settle obligations of the respective joint venture, and their creditors have no recourse to our wholly owned assets. - M+O JV, LLC (“McKinney & Olive joint venture”) During 2022, we expanded our Dallas market presence by acquiring McKinney & Olive through the formation of another joint venture with Granite. We own a 50.0% interest in this joint venture. We determined that we have a variable interest in the McKinney & Olive joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders. The McKinney & Olive joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments by us and Granite, including the additional preferred equity provided by us, are not sufficient to finance its planned investments and operations. We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated. As of March 31, 2023, our risk of loss with respect to this arrangement was $165.6 million, which represents the carrying value of our investment balance and includes $80.0 million of preferred equity that we funded to the joint venture. The assets of the McKinney & Olive joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets. - Midtown East Tampa, LLC (“Midtown East joint venture”) During 2022, we formed the Midtown East joint venture in Tampa with The Bromley Companies (“Bromley”). We own a 50.0% interest in this joint venture. We determined that we have a variable interest in the Midtown East joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and Bromley as an equity holder. The Midtown East joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley are not sufficient to finance its planned investments and operations. We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated. As of March 31, 2023, our risk of loss with respect to this arrangement was limited to the carrying value of the investment balance of $1.3 million as no amounts were outstanding under the loan we have provided to the joint venture. The assets of the Midtown East joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets. - Brand/HRLP 2827 Peachtree LLC (“2827 Peachtree joint venture”) During 2021, we formed the 2827 Peachtree joint venture in Atlanta with Brand Properties, LLC (“Brand”). We own a 50.0% interest in this joint venture. We determined that we have a variable interest in the 2827 Peachtree joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and Brand as an equity holder. The 2827 Peachtree joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Brand are not sufficient to finance its planned investments and operations. We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated. As of March 31, 2023, our risk of loss with respect to this arrangement was $44.6 million, which consists of the $29.3 million carrying value of our investment balance plus the $15.3 million outstanding balance of the loan we have provided to the joint venture. The assets of the 2827 Peachtree joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets. Consolidated Affiliate - HRLP MTW, LLC (“Midtown West joint venture”) In 2019, we formed the Midtown West joint Venture in Tampa with Bromley. We own an 80.0% interest in this joint venture. We determined that we have a variable interest in the Midtown West joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and an equity holder and Bromley as an equity holder. The Midtown West joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investment provided by us and Bromley is not sufficient to finance its planned investments and operations. We, as majority owner and managing member and through our control rights as set forth in the joint venture’s governance documents, were determined to be the primary beneficiary as we have both the power to direct the activities that most significantly affect the entity (primarily lease rates, property operations and capital expenditures) and significant economic exposure through our equity investment and loan commitment. As such, the Midtown West joint venture is consolidated and all intercompany transactions and accounts are eliminated. The following table sets forth the assets and liabilities of the Midtown West joint venture included on our Consolidated Balance Sheets:
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Intangible Assets and Below Market Lease Liabilities |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Below Market Lease Liabilities | Intangible Assets and Below Market Lease Liabilities The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization:
The following table sets forth amortization of intangible assets and below market lease liabilities:
The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:
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Mortgages and Notes Payable |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and Notes Payable | Mortgages and Notes Payable The following table sets forth our mortgages and notes payable:
As of March 31, 2023, our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,157.2 million. Our $750.0 million unsecured revolving credit facility is scheduled to mature in March 2025 and includes an accordion feature that currently allows for an additional $200.0 million of borrowing capacity subject to additional lender commitments. Assuming no defaults have occurred, we have an option to extend the maturity for two additional -month periods. The interest rate on our revolving credit facility is SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 basis points, based on current credit ratings. The annual facility fee is 20 basis points. The interest rate and facility fee are based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services. We may be entitled to a temporary reduction in the interest rate of one basis point provided we meet certain sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. There was $255.0 million and $257.0 million outstanding under our revolving credit facility as of March 31, 2023 and April 18, 2023, respectively. As of both March 31, 2023 and April 18, 2023, we had $0.9 million of outstanding letters of credit, which reduces the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility as of March 31, 2023 and April 18, 2023 was $494.1 million and $492.1 million, respectively. During the first quarter of 2023, we obtained a $200.0 million, -year secured mortgage loan from a third party lender, with an effective fixed interest rate of 5.69%. This loan is scheduled to mature in April 2028. We incurred $1.3 million of debt issuance costs, which will be amortized over the term of the loan. We are currently in compliance with financial covenants with respect to our consolidated debt. We have considered our short-term liquidity needs within one year from April 25, 2023 (the date of issuance of the quarterly financial statements) and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. We have concluded it is probable we will meet these short-term liquidity requirements through a combination of the following: •available cash and cash equivalents; •cash flows from operating activities; •issuance of debt securities by the Operating Partnership; •issuance of secured debt; •bank term loans; •borrowings under our revolving credit facility; •issuance of equity securities by the Company or the Operating Partnership; and •the disposition of non-core assets.
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Noncontrolling Interests |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Noncontrolling Interests Noncontrolling Interests in Consolidated Affiliates As of March 31, 2023, our noncontrolling interest in consolidated affiliates relates to our joint venture partner's 20.0% interest in the Midtown West joint venture. Our joint venture partner is an unrelated third party. Noncontrolling Interests in the Operating Partnership The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:
There were no transfers from noncontrolling interests during the three months ended March 31, 2023 and 2022.
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Disclosure About Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure About Fair Value of Financial Instruments | Disclosure About Fair Value of Financial Instruments The following summarizes the levels of inputs that we use to measure fair value. Level 1. Quoted prices in active markets for identical assets or liabilities. Our Level 1 asset is our investment in marketable securities that we use to pay benefits under our non-qualified deferred compensation plan. Our Level 1 liability is our non-qualified deferred compensation obligation. The Company’s Level 1 noncontrolling interests in the Operating Partnership relate to the ownership of Common Units by various individuals and entities other than the Company. Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Our Level 2 assets include the fair value of our mortgages and notes receivable. Our Level 2 liabilities include the fair value of our mortgages and notes payable and any interest rate swaps. The fair value of mortgages and notes receivable and mortgages and notes payable is estimated by the income approach utilizing contractual cash flows and market-based interest rates to approximate the price that would be paid in an orderly transaction between market participants. The fair value of any interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments of interest rate swaps are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, credit valuation adjustments are considered in the fair values to account for potential nonperformance risk, but were concluded to not be significant inputs to the calculation for the periods presented. Level 3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our Level 3 assets include any real estate assets recorded at fair value on a non-recurring basis as a result of our quarterly impairment analysis, which are valued using unobservable local and national industry market data such as comparable sales, appraisals, brokers’ opinions of value and/or the terms of definitive sales contracts. Significant increases or decreases in any valuation inputs in isolation would result in a significantly lower or higher fair value measurement. The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed at fair value within the fair value hierarchy:
__________ (1) Amounts are not recorded at fair value on our Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022. As of January 1, 2023, there was a level 3 investment in an unconsolidated affiliate that was measured at a fair value of $57.1 million upon deconsolidation. The estimated fair value was calculated using a broker opinion of value, which incorporates an income approach, as observable inputs were not available. Key assumptions used in the fair value calculation for the operating buildings were an estimated discount rate of 10.8% and an estimated terminal capitalization rate of 8.8%. The estimated fair value of the surrounding land currently used for parking was calculated based on its multifamily development potential, which was determined to be the highest and best use of the land.
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Share-Based Payments |
3 Months Ended |
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Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payments | Share-Based PaymentsDuring the three months ended March 31, 2023, the Company granted 150,249 shares of time-based restricted stock and 122,484 shares of total return-based restricted stock with weighted average grant date fair values per share of $26.50 and $27.13, respectively. We recorded share-based compensation expense of $4.5 million and $5.3 million during the three months ended March 31, 2023 and 2022. As of March 31, 2023, there was $6.4 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 2.5 years. |
Earnings Per Share and Per Unit |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Per Unit | Earnings Per Share and Per Unit The following table sets forth the computation of basic and diluted earnings per share of the Company:
__________ (1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable. The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:
__________ (1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable .
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The following tables summarize the rental and other revenues and net operating income, the primary industry property-level performance metric used by our chief operating decision maker and which is defined as rental and other revenues less rental property and other expenses, for our office properties. Our segment information for the three months ended March 31, 2022 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments as a result of our plan to exit the Pittsburgh market.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 21, 2023, we received $40.0 million of net proceeds upon the full redemption of our $80.0 million short-term preferred equity investment in the McKinney & Olive joint venture. Such net proceeds were used to repay amounts outstanding under our $750.0 million revolving credit facility. Prior to the redemption, the preferred equity received monthly distributions at a rate of SOFR plus 350 basis points. On April 19, 2023, the Company declared a cash dividend of $0.50 per share of Common Stock, which is payable on June 13, 2023 to stockholders of record as of May 22, 2023.
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Description of Business and Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those entities in which the Company has the controlling interest. The Operating Partnership’s Consolidated Financial Statements include wholly owned subsidiaries and those entities in which the Operating Partnership has the controlling interest. We consolidate joint venture investments, such as interests in partnerships and limited liability companies, when we control the major operating and financial policies of the investment through majority ownership, in our capacity as a general partner or managing member or through some other contractual right. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. As of March 31, 2023, we have involvement with six entities we determined to be variable interest entities, one of which we are the primary beneficiary and is consolidated and five of which we are not the primary beneficiary and are not consolidated. We also own three properties through a joint venture investment that were deconsolidated effective January 1, 2023 (See Note 3). All intercompany transactions and accounts have been eliminated. The unaudited interim consolidated financial statements and accompanying unaudited consolidated financial information, in the opinion of management, contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have condensed or omitted certain notes and other information from the interim Consolidated Financial Statements presented in this Quarterly Report as permitted by SEC rules and regulations. These Consolidated Financial Statements should be read in conjunction with our 2022 Annual Report on Form 10-K.
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Use of Estimates | Use of Estimates The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
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Insurance | InsuranceWe are primarily self-insured for health care claims for participating employees. We have stop-loss coverage to limit our exposure to significant claims on a per claim and annual aggregate basis. We determine our liabilities for claims, including incurred but not reported losses, based on all relevant information, including actuarial estimates of claim liabilities. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance in this ASU is optional and may be elected now through December 31, 2024 as reference rate reform activities occur. We will continue to evaluate the impact of this ASU; however, we currently expect to avail ourselves of such optional expedients and exceptions should our modified contracts meet the required criteria.
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Variable Interest Entities (Tables) |
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table sets forth the assets and liabilities of the Midtown West joint venture included on our Consolidated Balance Sheets:
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Intangible Assets and Below Market Lease Liabilities (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Intangible Assets and Below Market Lease Liabilities | The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization:
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Amortization of Intangible Assets and Below Market Lease Liabilities | The following table sets forth amortization of intangible assets and below market lease liabilities:
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Scheduled Future Amortization of Intangible Assets and Below Market Lease Liabilities | The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:
|
Mortgages and Notes Payable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Mortgages and Notes Payable | The following table sets forth our mortgages and notes payable:
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Noncontrolling Interests (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwoods Properties, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests in the Operating Partnership | The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:
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Disclosure About Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Assets, Liabilities and Noncontrolling Interests | The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed at fair value within the fair value hierarchy:
__________ (1) Amounts are not recorded at fair value on our Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022.
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Earnings Per Share and Per Unit (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Per Unit Basic and Diluted [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share of the Company:
__________ (1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
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Highwoods Realty Limited Partnership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Per Unit Basic and Diluted [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit | The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:
__________ (1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable .
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following tables summarize the rental and other revenues and net operating income, the primary industry property-level performance metric used by our chief operating decision maker and which is defined as rental and other revenues less rental property and other expenses, for our office properties. Our segment information for the three months ended March 31, 2022 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments as a result of our plan to exit the Pittsburgh market.
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
|
Description of Business and Significant Accounting Policies (Details) $ in Thousands, ft² in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
ft²
numberOfEntities
shares
|
Mar. 31, 2022
USD ($)
|
Jan. 01, 2023
numberOfProperties
|
|
Description of Business [Abstract] | |||
Rentable square feet of commercial real estate properties (in sq feet) | ft² | 28.8 | ||
Rentable square feet of commercial real estate office properties under development (in sq feet) | ft² | 1.6 | ||
Rentable square feet of potential office build (in sq feet) | ft² | 5.2 | ||
Net proceeds of Common Stock sold during the period | $ | $ (828) | $ 4,173 | |
Number of VIE entities | numberOfEntities | 6 | ||
Number of deconsolidated joint venture properties | numberOfProperties | 3 | ||
Self insurance liability | $ | $ 500 | ||
Highwoods Properties, Inc. [Member] | |||
Description of Business [Abstract] | |||
Common Units of partnership owned by the Company (in shares) | shares | 105,000,000 | ||
Percentage of ownership of Common Units (in hundredths) | 97.80% | ||
Highwoods Properties, Inc. [Member] | ATM Equity Offering | |||
Description of Business [Abstract] | |||
Number of Common Stock sold during the period (in shares) | shares | 0 | ||
Highwoods Properties, Inc. [Member] | ATM Equity Offering | Maximum [Member] | |||
Description of Business [Abstract] | |||
Net proceeds of Common Stock sold during the period | $ | $ 300,000 | ||
Highwoods Realty Limited Partnership | |||
Description of Business [Abstract] | |||
Common Units of partnership not owned by the Company (in shares) | shares | 2,400,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||
Description of Business [Abstract] | |||
Number of VIE entities | numberOfEntities | 1 | ||
Variable Interest Entity, Non Primary Beneficiary [Member] | |||
Description of Business [Abstract] | |||
Number of VIE entities | numberOfEntities | 5 |
Leases ASC 842 (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Lessor Disclosure [Abstract] | ||
Rental and other revenues related to operating lease payments | $ 209.4 | $ 203.6 |
Variable lease income | $ 19.4 | $ 17.4 |
Minimum [Member] | ||
Lessor Disclosure [Abstract] | ||
Operating leases, term of leases (in years) | 3 years | |
Maximum [Member] | ||
Lessor Disclosure [Abstract] | ||
Operating leases, term of leases (in years) | 10 years |
Investments in and Advances to Affiliates (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
numberOfJointVentures
|
|
Schedule of Equity Method Investments [Line Items] | |||
Gain on deconsolidation of affiliate | $ 11,778 | $ 0 | |
Number of joint ventures formed | numberOfJointVentures | 2 | ||
Highwoods-Markel Associates, LLC Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in joint venture (in hundredths) | 50.00% | ||
Gain on deconsolidation of affiliate | $ 11,800 | ||
Granite Park Six JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in joint venture (in hundredths) | 50.00% | ||
GPI23 Springs JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in joint venture (in hundredths) | 50.00% | ||
M+O JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in joint venture (in hundredths) | 50.00% | ||
Midtown East Tampa, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in joint venture (in hundredths) | 50.00% | ||
Brand/HRLP 2827 Peachtree LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity interest in joint venture (in hundredths) | 50.00% |
Variable Interest Entities (Details) - USD ($) |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
---|---|---|---|
Variable Interest Entities [Line Items] | |||
Investments in and advances to unconsolidated affiliates | $ 314,149,000 | $ 269,221,000 | |
Assets and liabilities of consolidated variable interest entity [Abstract] | |||
Net real estate assets | 5,089,639,000 | 5,126,925,000 | |
Cash and cash equivalents | 15,733,000 | 21,357,000 | $ 18,669,000 |
Accounts receivable | 24,561,000 | 25,481,000 | |
Accrued straight-line rents receivable | 302,080,000 | 293,674,000 | |
Deferred leasing costs, net | 246,382,000 | 252,828,000 | |
Prepaid expense and other assets, net | 70,570,000 | 68,091,000 | |
Accounts payable, accrued expenses and other liabilities | 264,203,000 | 301,184,000 | |
Granite Park Six JV, LLC | |||
Variable Interest Entities [Line Items] | |||
Risk of loss limited to carrying value | 41,000,000 | ||
GPI23 Springs JV, LLC | |||
Variable Interest Entities [Line Items] | |||
Risk of loss limited to carrying value | 46,900,000 | ||
M+O JV, LLC | |||
Variable Interest Entities [Line Items] | |||
Risk of loss limited to carrying value | 165,600,000 | ||
Short-term Preferred Equity contributed to joint venture | 80,000,000 | ||
Midtown East Tampa, LLC | |||
Variable Interest Entities [Line Items] | |||
Risk of loss limited to carrying value | 1,300,000 | ||
Amount of loan funded to affiliate | 0 | ||
Brand/HRLP 2827 Peachtree LLC | |||
Variable Interest Entities [Line Items] | |||
Risk of loss limited to carrying value | 44,600,000 | ||
Amount of loan funded to affiliate | 15,300,000 | ||
Investments in and advances to unconsolidated affiliates | $ 29,300,000 | ||
HRLP MTW, LLC [Member] | |||
Variable Interest Entities [Line Items] | |||
Interest in joint venture (in hundredths) | 80.00% | ||
Assets and liabilities of consolidated variable interest entity [Abstract] | |||
Net real estate assets | $ 59,967,000 | 59,854,000 | |
Cash and cash equivalents | 1,919,000 | 1,009,000 | |
Accounts receivable | 992,000 | 1,490,000 | |
Accrued straight-line rents receivable | 3,130,000 | 1,921,000 | |
Deferred leasing costs, net | 2,641,000 | 2,677,000 | |
Prepaid expense and other assets, net | 142,000 | 153,000 | |
Accounts payable, accrued expenses and other liabilities | $ 1,759,000 | $ 1,212,000 |
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Assets: | |||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ 410,584 | $ 416,579 | |
Deferred leasing costs, accumulated amortization | (164,202) | (163,751) | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 246,382 | 252,828 | |
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||
Acquisition-related below market lease liabilities, gross | 54,962 | 55,304 | |
Acquisition-related below market lease liabilities, accumulated amortization | (30,771) | (29,859) | |
Acquisition-related below market lease liabilities, net | 24,191 | $ 25,445 | |
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member] | |||
Assets: | |||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 217,716 | ||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of intangible assets | 10,232 | $ 11,245 | |
Lease Incentives (in Rental and Other Revenues) [Member] | |||
Assets: | |||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 11,911 | ||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of intangible assets | 714 | 450 | |
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member] | |||
Assets: | |||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 16,755 | ||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of intangible assets | 831 | 830 | |
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member] | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||
Acquisition-related below market lease liabilities, net | 24,191 | ||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||
Amortization of acquisition-related below market lease liabilities | $ (1,254) | $ (1,367) |
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Scheduled future amortization of intangible assets [Abstract] | ||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 246,382 | $ 252,828 |
Scheduled future amortization of below market lease liabilities [Abstract] | ||
Total scheduled future amortization of acquisition-related below market lease liabilities | (24,191) | $ (25,445) |
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
April1 through December 31, 2023 | 32,014 | |
2024 | 37,543 | |
2025 | 30,506 | |
2026 | 26,179 | |
2027 | 22,386 | |
Thereafter | 69,088 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 217,716 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 7 years 8 months 12 days | |
Lease Incentives (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
April1 through December 31, 2023 | $ 1,687 | |
2024 | 1,825 | |
2025 | 1,733 | |
2026 | 1,527 | |
2027 | 1,325 | |
Thereafter | 3,814 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 11,911 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 7 years 6 months | |
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
April1 through December 31, 2023 | $ 2,471 | |
2024 | 3,088 | |
2025 | 2,220 | |
2026 | 1,860 | |
2027 | 1,518 | |
Thereafter | 5,598 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 16,755 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 7 years 4 months 24 days | |
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of below market lease liabilities [Abstract] | ||
April 1 through December 31, 2023 | $ (3,634) | |
2024 | (4,219) | |
2025 | (2,729) | |
2026 | (2,514) | |
2027 | (2,112) | |
Thereafter | (8,983) | |
Total scheduled future amortization of acquisition-related below market lease liabilities | $ (24,191) | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived below market lease liabilities, average useful life (in years) | 8 years 3 months 18 days |
Mortgages and Notes Payable (Details) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023
USD ($)
extension
|
Apr. 21, 2023
USD ($)
|
Apr. 18, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Mortgages and notes payable | $ 3,263,969,000 | $ 3,197,215,000 | ||
Unamortized debt issuance costs | $ (16,899,000) | (16,393,000) | ||
Maximum liquidity requirements | 1 year | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Additional borrowing capacity on revolving credit facility | $ 200,000,000 | |||
Number of additional extensions | extension | 2 | |||
Term of optional extension | 6 months | |||
Temporary reduction in interest rate due to sustainability goals (in hundredths) | 0.01% | |||
Amount outstanding on revolving credit facility | $ 255,000,000 | |||
Outstanding letters of credit on revolving credit facility | 900,000 | |||
Unused borrowing capacity on revolving credit facility | 494,100,000 | |||
5.69% Mortgage Loan Due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount of debt | $ 200,000,000 | |||
Term of debt instrument | 5 years | |||
Effective interest rate (in hundredths) | 5.69% | |||
Debt issuance costs | $ 1,300,000 | |||
Secured indebtedness [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgages and notes payable | 681,956,000 | 483,988,000 | ||
Aggregate undepreciated book value of secured real estate assets | 1,157,200,000 | |||
Unsecured indebtedness [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgages and notes payable | $ 2,598,912,000 | $ 2,729,620,000 | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Facility interest rate basis | SOFR | |||
Interest rate, basis spread (in hundredths) | 0.85% | |||
Annual facility fee (in hundredths) | 0.20% | |||
SOFR Related Spread Adjustment [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread (in hundredths) | 0.10% | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity on credit facility | $ 750,000,000 | |||
Amount outstanding on revolving credit facility | $ 257,000,000 | |||
Outstanding letters of credit on revolving credit facility | 900,000 | |||
Unused borrowing capacity on revolving credit facility | $ 492,100,000 |
Noncontrolling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Noncontrolling Interests in the Operating Partnership [Roll Forward] | ||
Beginning noncontrolling interests in the Operating Partnership | $ 65,977 | |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (11,102) | $ 3,168 |
Net income attributable to noncontrolling interests in the Operating Partnership | 986 | 965 |
Distributions to noncontrolling interests in the Operating Partnership | (1,179) | (1,252) |
Total noncontrolling interests in the Operating Partnership | 54,682 | |
Highwoods Properties, Inc. [Member] | ||
Noncontrolling Interests in the Operating Partnership [Roll Forward] | ||
Beginning noncontrolling interests in the Operating Partnership | 65,977 | 111,689 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (11,102) | 3,168 |
Net income attributable to noncontrolling interests in the Operating Partnership | 986 | 965 |
Distributions to noncontrolling interests in the Operating Partnership | (1,179) | (1,252) |
Total noncontrolling interests in the Operating Partnership | $ 54,682 | $ 114,570 |
Midtown West Joint Venture [Member] | ||
Noncontrolling Interests in Consolidated Affiliates [Abstract] | ||
Consolidated joint venture, partner's interest (in hundredths) | 20.00% |
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets: | ||
Mortgages and notes receivable, at fair value | $ 998 | $ 1,051 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,085 | 2,564 |
Total Assets | 3,083 | 3,615 |
Liabilities: | ||
Mortgages and notes payable, net, at fair value | 2,876,619 | 2,832,973 |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,085 | 2,564 |
Total Liabilities | 2,878,704 | 2,835,537 |
Level 1 [Member] | ||
Assets: | ||
Mortgages and notes receivable, at fair value | 0 | 0 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,085 | 2,564 |
Total Assets | 2,085 | 2,564 |
Liabilities: | ||
Mortgages and notes payable, net, at fair value | 0 | 0 |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,085 | 2,564 |
Total Liabilities | 2,085 | 2,564 |
Level 2 [Member] | ||
Assets: | ||
Mortgages and notes receivable, at fair value | 998 | 1,051 |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 0 | 0 |
Total Assets | 998 | 1,051 |
Liabilities: | ||
Mortgages and notes payable, net, at fair value | 2,876,619 | 2,832,973 |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 0 | 0 |
Total Liabilities | 2,876,619 | 2,832,973 |
Highwoods Properties, Inc. [Member] | ||
Assets: | ||
Noncontrolling Interests in the Operating Partnership | 54,682 | 65,977 |
Highwoods Properties, Inc. [Member] | Level 1 [Member] | ||
Assets: | ||
Noncontrolling Interests in the Operating Partnership | 54,682 | 65,977 |
Highwoods Properties, Inc. [Member] | Level 2 [Member] | ||
Assets: | ||
Noncontrolling Interests in the Operating Partnership | $ 0 | $ 0 |
Fair Value Measures and Disclosures - Fair Value Measurement Inputs and Valuation Techniques (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Jan. 01, 2023 |
---|---|---|
Valuation Technique and Input [Abstract] | ||
Fair value of Level 3 investment | $ 57.1 | |
Measurement Input, Discount Rate [Member] | ||
Valuation Technique and Input [Abstract] | ||
Investment key assumptions (in hundredths) | 10.80% | |
Measurement Input, Cap Rate [Member] | ||
Valuation Technique and Input [Abstract] | ||
Investment key assumptions (in hundredths) | 8.80% |
Share-Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 4,525 | $ 5,291 |
Total unrecognized share-based compensation costs | $ 6,400 | |
Weighted average remaining contractual term for recognition of unrecognized share-based compensation costs (in years) | 2 years 6 months | |
Highwoods Properties, Inc. [Member] | Time-Based Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted (in shares) | 150,249 | |
Weighted average grant date fair value of each restricted stock share granted (in dollars per share) | $ 26.50 | |
Highwoods Properties, Inc. [Member] | Total Return-Based Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted (in shares) | 122,484 | |
Weighted average grant date fair value of each restricted stock share granted (in dollars per share) | $ 27.13 |
Earnings Per Share and Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings per Common Share and Per Unit - basic: [Abstract] | ||
Net income | $ 44,954 | $ 42,103 |
Net (income) attributable to noncontrolling interests in the Operating Partnership | (986) | (965) |
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 487 | (257) |
Dividends on Preferred Stock | (621) | (621) |
Net income available for common stockholders | $ 43,834 | $ 40,260 |
Denominator: | ||
Denominator for basic earnings per Common Share - weighted average shares (in shares) | 105,288 | 104,933 |
Earnings per Common Share - basic: | ||
Net income available for common stockholders (in dollars per share) | $ 0.42 | $ 0.38 |
Earnings per Common Share and Per Unit - diluted: [Abstract] | ||
Net income | $ 44,954 | $ 42,103 |
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 487 | (257) |
Dividends on Preferred Stock | (621) | (621) |
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ 44,820 | $ 41,225 |
Denominator: | ||
Denominator for basic earnings per Common Share - weighted average shares (in shares) | 105,288 | 104,933 |
Stock options using the treasury method (in shares) | 0 | 15 |
Noncontrolling interests Common Units (in shares) | 2,358 | 2,505 |
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) | 107,646 | 107,453 |
Earnings per Common Share - diluted: | ||
Net income available for common stockholders (in dollars per share) | $ 0.42 | $ 0.38 |
Highwoods Realty Limited Partnership | ||
Earnings per Common Share and Per Unit - basic: [Abstract] | ||
Net income | $ 44,954 | $ 42,103 |
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 487 | (257) |
Distributions on Preferred Units | (621) | (621) |
Net income available for common unitholders | $ 44,820 | $ 41,225 |
Denominator: | ||
Denominator for basic earnings per Common Unit - weighted average units (in shares) | 107,237 | 107,029 |
Earnings per Common Unit - basic: | ||
Net income available for common unitholders (in dollars per share) | $ 0.42 | $ 0.39 |
Earnings per Common Share and Per Unit - diluted: [Abstract] | ||
Net income | $ 44,954 | $ 42,103 |
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates | 487 | (257) |
Distributions on Preferred Units | (621) | (621) |
Net income available for common unitholders | $ 44,820 | $ 41,225 |
Denominator: | ||
Denominator for basic earnings per Common Unit - weighted average units (in shares) | 107,237 | 107,029 |
Stock options using the treasury method (in shares) | 0 | 15 |
Denominator for diluted earnings per Common Unit - adjusted weighted average units and assumed conversions (in shares) | 107,237 | 107,044 |
Earnings per Common Unit - diluted: | ||
Net income available for common unitholders (in dollars per share) | $ 0.42 | $ 0.39 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | $ 212,752 | $ 206,378 |
Total Net Operating Income | 147,021 | 144,956 |
Reconciliation to net income: | ||
Depreciation and amortization | (70,633) | (69,667) |
General and administrative expenses | (12,415) | (13,556) |
Interest expense | (33,098) | (24,393) |
Other income | 1,147 | 363 |
Gains on disposition of property | 450 | 4,100 |
Gain on deconsolidation of affiliate | 11,778 | 0 |
Equity in earnings of unconsolidated affiliates | 704 | 300 |
Net income | 44,954 | 42,103 |
Total Office Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 197,986 | 190,109 |
Total Net Operating Income | 138,712 | 135,276 |
Office Atlanta, GA [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 36,870 | 35,554 |
Total Net Operating Income | 24,225 | 23,681 |
Office Charlotte, NC [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 21,580 | 16,944 |
Total Net Operating Income | 16,110 | 13,050 |
Office Nashville, TN [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 44,564 | 43,447 |
Total Net Operating Income | 33,025 | 32,522 |
Office Orlando, FL [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 14,394 | 13,312 |
Total Net Operating Income | 8,772 | 8,137 |
Office Raleigh, NC [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 45,878 | 46,296 |
Total Net Operating Income | 33,606 | 34,715 |
Office Richmond, VA [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 9,309 | 10,533 |
Total Net Operating Income | 6,570 | 7,225 |
Office Tampa, FL [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 25,391 | 24,023 |
Total Net Operating Income | 16,404 | 15,946 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Rental and Other Revenues | 14,766 | 16,269 |
Total Net Operating Income | $ 8,309 | $ 9,680 |
Subsequent Events (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Apr. 21, 2023 |
Apr. 19, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Subsequent Event [Line Items] | ||||
Interest rate, basis spread (in hundredths) | 0.85% | |||
Highwoods Properties, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share of Common Stock (in dollars per share) | $ 0.50 | $ 0.50 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Net proceeds from redemption of short-term Preferred Equity | $ 40,000,000 | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity on credit facility | 750,000,000 | |||
Subsequent Event [Member] | M+O JV, LLC | ||||
Subsequent Event [Line Items] | ||||
Short-term Preferred Equity contributed to joint venture | $ 80,000,000 | |||
Interest rate, basis spread (in hundredths) | 3.50% | |||
Subsequent Event [Member] | M+O JV, LLC | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Subsequent Event [Line Items] | ||||
Variable interest rate basis | SOFR | |||
Subsequent Event [Member] | Highwoods Properties, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share of Common Stock (in dollars per share) | $ 0.50 |