HIGHWOODS PROPERTIES, INC., 10-Q filed on 10/26/2021
Quarterly Report
v3.21.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2021
Oct. 19, 2021
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2021  
Document Transition Report false  
Entity Registrant Name HIGHWOODS PROPERTIES, INC.  
Entity Incorporation, State or Country Code MD  
Entity File Number 001-13100  
Entity Tax Identification Number 56-1871668  
Entity Address, Address Line One 3100 Smoketree Court  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Raleigh  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 27604  
City Area Code 919  
Local Phone Number 872-4924  
Title of 12(b) Security Common Stock, $.01 par value, of Highwoods Properties, Inc.  
Trading Symbol HIW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   104,383,062
Entity Central Index Key 0000921082  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Highwoods Realty Limited Partnership [Member]    
Entity Information [Line Items]    
Entity Registrant Name HIGHWOODS REALTY LIMITED PARTNERSHIP  
Entity Incorporation, State or Country Code NC  
Entity File Number 000-21731  
Entity Tax Identification Number 56-1869557  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000941713  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.21.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Real estate assets, at cost:    
Land $ 552,314 $ 466,872
Buildings and tenant improvements 5,725,733 4,981,637
Development in-process 0 259,681
Land held for development 185,152 131,474
Total real estate assets 6,463,199 5,839,664
Less-accumulated depreciation (1,444,510) (1,418,379)
Net real estate assets 5,018,689 4,421,285
Real estate and other assets, net, held for sale 69,806 11,360
Cash and cash equivalents 27,871 109,322
Restricted cash 13,027 79,922
Accounts receivable 15,269 27,488
Mortgages and notes receivable 1,247 1,341
Accrued straight-line rents receivable 262,233 259,381
Investments in and advances to unconsolidated affiliates 1,071 27,104
Deferred leasing costs, net of accumulated amortization of $139,175 and $151,698, respectively 267,405 209,329
Prepaid expenses and other assets, net of accumulated depreciation of $20,891 and $21,154, respectively 77,454 62,885
Total Assets 5,754,072 5,209,417
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 2,942,902 2,470,021
Accounts payable, accrued expenses and other liabilities 284,952 268,727
Total Liabilities 3,227,854 2,738,748
Commitments and contingencies
Noncontrolling interests in the Operating Partnership 124,233 112,499
Equity/Capital:    
Preferred Stock, $.01 par value, 50,000,000 authorized shares; 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,821 and 28,826 shares issued and outstanding, respectively 28,821 28,826
Common Stock, $.01 par value, 200,000,000 authorized shares; 104,383,062 and 103,921,546 shares issued and outstanding, respectively 1,044 1,039
Additional paid-in capital 3,003,303 2,993,946
Distributions in excess of net income available for common stockholders (652,254) (686,225)
Accumulated other comprehensive loss (1,102) (1,462)
Total Stockholders’ Equity 2,379,812 2,336,124
Noncontrolling interests in consolidated affiliates 22,173 22,046
Total Equity/Capital 2,401,985 2,358,170
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital 5,754,072 5,209,417
Highwoods Realty Limited Partnership [Member]    
Real estate assets, at cost:    
Land 552,314 466,872
Buildings and tenant improvements 5,725,733 4,981,637
Development in-process 0 259,681
Land held for development 185,152 131,474
Total real estate assets 6,463,199 5,839,664
Less-accumulated depreciation (1,444,510) (1,418,379)
Net real estate assets 5,018,689 4,421,285
Real estate and other assets, net, held for sale 69,806 11,360
Cash and cash equivalents 27,871 109,322
Restricted cash 13,027 79,922
Accounts receivable 15,269 27,488
Mortgages and notes receivable 1,247 1,341
Accrued straight-line rents receivable 262,233 259,381
Investments in and advances to unconsolidated affiliates 1,071 27,104
Deferred leasing costs, net of accumulated amortization of $139,175 and $151,698, respectively 267,405 209,329
Prepaid expenses and other assets, net of accumulated depreciation of $20,891 and $21,154, respectively 77,454 62,885
Total Assets 5,754,072 5,209,417
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 2,942,902 2,470,021
Accounts payable, accrued expenses and other liabilities 284,952 268,727
Total Liabilities 3,227,854 2,738,748
Commitments and contingencies
Redeemable Operating Partnership Units:    
Common Units, 2,832,487 and 2,838,725 outstanding, respectively 124,233 112,499
Series A Preferred Units (liquidation preference $1,000 per unit), 28,821 and 28,826 units issued and outstanding, respectively 28,821 28,826
Total Redeemable Operating Partnership Units 153,054 141,325
Equity/Capital:    
General partner Common Units, 1,068,067 and 1,063,515 outstanding, respectively 23,521 23,087
Limited partner Common Units, 102,906,186 and 102,449,222 outstanding, respectively 2,328,572 2,285,673
Accumulated other comprehensive loss (1,102) (1,462)
Noncontrolling interests in consolidated affiliates 22,173 22,046
Total Equity/Capital 2,373,164 2,329,344
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 5,754,072 $ 5,209,417
v3.21.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Assets:    
Deferred leasing costs, accumulated amortization $ 139,175 $ 151,698
Prepaid Expenses And Other Assets Accumulated Depreciation $ 20,891 $ 21,154
Equity/Capital:    
Series A Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01
Series A Preferred Stock, authorized shares (in shares) 50,000,000 50,000,000
Series A Preferred Stock, dividend rate percentage (in hundredths) 8.625% 8.625%
Series A Preferred Stock, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Series A Preferred Stock, shares issued (in shares) 28,821 28,826
Series A Preferred Stock, shares outstanding (in shares) 28,821 28,826
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, authorized shares (in shares) 200,000,000 200,000,000
Common Stock, shares issued (in shares) 104,383,062 103,921,546
Common Stock, shares outstanding (in shares) 104,383,062 103,921,546
Highwoods Realty Limited Partnership [Member]    
Assets:    
Deferred leasing costs, accumulated amortization $ 139,175 $ 151,698
Prepaid Expenses And Other Assets Accumulated Depreciation $ 20,891 $ 21,154
Redeemable Operating Partnership Units: [Abstract]    
Redeemable Common Units outstanding (in shares) 2,832,487 2,838,725
Series A Preferred Units, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Series A Preferred Units, issued (in shares) 28,821 28,826
Series A Preferred Units, outstanding (in shares) 28,821 28,826
Common Units: [Abstract]    
General partners' capital account, units outstanding (in shares) 1,068,067 1,063,515
Limited partners' capital account, units outstanding (in shares) 102,906,186 102,449,222
v3.21.2
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Rental and other revenues $ 195,495 $ 181,043 $ 564,802 $ 556,996
Operating expenses:        
Rental property and other expenses 60,567 56,892 172,982 174,213
Depreciation and amortization 66,547 60,303 189,423 180,914
Impairments of real estate assets 0 0 0 1,778
General and administrative 10,350 9,155 30,409 30,169
Total operating expenses 137,464 126,350 392,814 387,074
Interest expense 21,986 19,886 60,755 61,003
Other income/(loss) 424 (3,311) 1,068 (2,654)
Gains on disposition of property 38,572 10,012 80,371 163,397
Equity in earnings of unconsolidated affiliates 546 823 1,614 2,965
Net income 75,587 42,331 194,286 272,627
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,967) (1,107) (5,084) (7,084)
Net (income) attributable to noncontrolling interests in consolidated affiliates (894) (298) (1,469) (872)
Dividends on Preferred Stock (621) (622) (1,864) (1,866)
Net income available for common stockholders $ 72,105 $ 40,304 $ 185,869 $ 262,805
Earnings per Common Share – basic:        
Net income available for common stockholders (in dollars per share) $ 0.69 $ 0.39 $ 1.79 $ 2.53
Weighted average Common Shares outstanding - basic (in shares) 104,277 103,896 104,117 103,865
Earnings per Common Share - diluted:        
Net income available for common stockholders (in dollars per share) $ 0.69 $ 0.39 $ 1.79 $ 2.53
Weighted average Common Shares outstanding - diluted (in shares) 107,139 106,740 106,972 106,702
Highwoods Realty Limited Partnership [Member]        
Rental and other revenues $ 195,495 $ 181,043 $ 564,802 $ 556,996
Operating expenses:        
Rental property and other expenses 60,567 56,892 172,982 174,213
Depreciation and amortization 66,547 60,303 189,423 180,914
Impairments of real estate assets 0 0 0 1,778
General and administrative 10,350 9,155 30,409 30,169
Total operating expenses 137,464 126,350 392,814 387,074
Interest expense 21,986 19,886 60,755 61,003
Other income/(loss) 424 (3,311) 1,068 (2,654)
Gains on disposition of property 38,572 10,012 80,371 163,397
Equity in earnings of unconsolidated affiliates 546 823 1,614 2,965
Net income 75,587 42,331 194,286 272,627
Net (income) attributable to noncontrolling interests in consolidated affiliates (894) (298) (1,469) (872)
Distributions on Preferred Units (621) (622) (1,864) (1,866)
Net income available for common unitholders $ 74,072 $ 41,411 $ 190,953 $ 269,889
Earnings per Common Unit - basic:        
Net income available for common unitholders (in dollars per share) $ 0.69 $ 0.39 $ 1.79 $ 2.54
Weighted average Common Units outstanding - basic (in shares) 106,705 106,329 106,546 106,283
Earnings per Common Unit - diluted:        
Net income available for common unitholders (in dollars per share) $ 0.69 $ 0.39 $ 1.79 $ 2.54
Weighted average Common Units outstanding - diluted (in shares) 106,730 106,331 106,563 106,293
v3.21.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Comprehensive income:        
Net income $ 75,587 $ 42,331 $ 194,286 $ 272,627
Other comprehensive income/(loss):        
Unrealized gains/(losses) on cash flow hedges (6) 5 (17) (1,231)
Amortization of cash flow hedges 129 122 377 125
Total other comprehensive income/(loss) 123 127 360 (1,106)
Total comprehensive income 75,710 42,458 194,646 271,521
Less-comprehensive (income) attributable to noncontrolling interests (2,861) (1,405) (6,553) (7,956)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders 72,849 41,053 188,093 263,565
Highwoods Realty Limited Partnership [Member]        
Comprehensive income:        
Net income 75,587 42,331 194,286 272,627
Other comprehensive income/(loss):        
Unrealized gains/(losses) on cash flow hedges (6) 5 (17) (1,231)
Amortization of cash flow hedges 129 122 377 125
Total other comprehensive income/(loss) 123 127 360 (1,106)
Total comprehensive income 75,710 42,458 194,646 271,521
Less-comprehensive (income) attributable to noncontrolling interests (894) (298) (1,469) (872)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 74,816 $ 42,160 $ 193,177 $ 270,649
v3.21.2
Consolidated Statements of Equity/Capital - USD ($)
$ in Thousands
Total
Highwoods Realty Limited Partnership [Member]
Common Stock [Member]
Series A Cumulative Redeemable Preferred Shares [Member]
General Partners' Common Units [Member]
Highwoods Realty Limited Partnership [Member]
Limited Partners' Common Units [Member]
Highwoods Realty Limited Partnership [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Highwoods Realty Limited Partnership [Member]
Noncontrolling Interests in Consolidated Affiliates [Member]
Noncontrolling Interests in Consolidated Affiliates [Member]
Highwoods Realty Limited Partnership [Member]
Distributions in Excess of Net Income Available for Common Stockholders [Member]
Balance (in shares) at Dec. 31, 2019     103,756,046                  
Balance at Dec. 31, 2019 $ 2,174,407 $ 2,145,548 $ 1,038 $ 28,859 $ 21,240 $ 2,102,769 $ 2,954,779 $ (471) $ (471) $ 22,010 $ 22,010 $ (831,808)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Units, net of issuance costs and tax withholdings   7,951     80 7,871            
Distributions on Common Units   (152,965)     (1,530) (151,435)            
Distributions on Preferred Units   (1,866)     (19) (1,847)            
Issuances of Common Stock, net of issuance costs and tax withholdings     9,045                  
Net proceeds of Common Stock sold during the period 1,788           1,788          
Conversions of Common Units to Common Stock 0                      
Dividends on Common Stock (149,462)                     (149,462)
Dividends on Preferred Stock (1,866)                     (1,866)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 46,955           46,955          
Distributions to noncontrolling interests in consolidated affiliates (1,124) (1,124)               (1,124) (1,124)  
Issuances of restricted stock - shares     149,304                  
Issuances of restricted stock 0                      
Redemptions/repurchases of Preferred Stock (33)     (33)                
Share-based compensation expense, net of forfeitures - shares     (6,166)                  
Share-based compensation expense, net of forfeitures 4,980 4,980 $ 1   50 4,930 4,979          
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner   37,211     372 36,839            
Net (income) attributable to noncontrolling interests in the Operating Partnership (7,084)                     (7,084)
Net (income) attributable to noncontrolling interests in consolidated affiliates 0 0     (9) (863)       872 872 (872)
Comprehensive income:                        
Net income 272,627 272,627     2,726 269,901           272,627
Other comprehensive income/(loss) (1,106) (1,106)           (1,106) (1,106)      
Total comprehensive income 271,521 271,521                    
Balance (in shares) at Sep. 30, 2020     103,908,229                  
Balance at Sep. 30, 2020 2,340,082 2,311,256 $ 1,039 28,826 22,910 2,268,165 3,008,501 (1,577) (1,577) 21,758 21,758 (718,465)
Balance (in shares) at Dec. 31, 2019     103,756,046                  
Balance at Dec. 31, 2019 $ 2,174,407 2,145,548 $ 1,038 28,859 21,240 2,102,769 2,954,779 (471) (471) 22,010 22,010 (831,808)
Balance (in shares) at Dec. 31, 2020 103,921,546   103,921,546                  
Balance at Dec. 31, 2020 $ 2,358,170 2,329,344 $ 1,039 28,826 23,087 2,285,673 2,993,946 (1,462) (1,462) 22,046 22,046 (686,225)
Balance (in shares) at Jun. 30, 2020     103,896,936                  
Balance at Jun. 30, 2020 2,337,472 2,308,629 $ 1,039 28,843 22,886 2,265,692 2,996,442 (1,704) (1,704) 21,755 21,755 (708,903)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Units, net of issuance costs and tax withholdings   387     4 383            
Distributions on Common Units   (51,034)     (511) (50,523)            
Distributions on Preferred Units   (622)     (7) (615)            
Issuances of Common Stock, net of issuance costs and tax withholdings     11,293                  
Net proceeds of Common Stock sold during the period 387           387          
Dividends on Common Stock (49,866)                     (49,866)
Dividends on Preferred Stock (622)                     (622)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 10,430           10,430          
Distributions to noncontrolling interests in consolidated affiliates (295) (295)               (295) (295)  
Redemptions/repurchases of Preferred Stock (17)     (17)                
Share-based compensation expense, net of forfeitures - shares     0                  
Share-based compensation expense, net of forfeitures 1,242 1,242 $ 0   13 1,229 1,242          
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner   10,491     105 10,386            
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,107)                     (1,107)
Net (income) attributable to noncontrolling interests in consolidated affiliates 0 0     (3) (295)       298 298 (298)
Comprehensive income:                        
Net income 42,331 42,331     423 41,908           42,331
Other comprehensive income/(loss) 127 127           127 127      
Total comprehensive income 42,458 42,458                    
Balance (in shares) at Sep. 30, 2020     103,908,229                  
Balance at Sep. 30, 2020 $ 2,340,082 2,311,256 $ 1,039 28,826 22,910 2,268,165 3,008,501 (1,577) (1,577) 21,758 21,758 (718,465)
Balance (in shares) at Dec. 31, 2020 103,921,546   103,921,546                  
Balance at Dec. 31, 2020 $ 2,358,170 2,329,344 $ 1,039 28,826 23,087 2,285,673 2,993,946 (1,462) (1,462) 22,046 22,046 (686,225)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Units, net of issuance costs and tax withholdings   13,405     134 13,271            
Distributions on Common Units   (155,445)     (1,554) (153,891)            
Distributions on Preferred Units   (1,864)     (19) (1,845)            
Issuances of Common Stock, net of issuance costs and tax withholdings     277,441                  
Net proceeds of Common Stock sold during the period 13,405   $ 3       13,402          
Conversions of Common Units to Common Stock - Shares     6,238                  
Conversions of Common Units to Common Stock 278           278          
Dividends on Common Stock (151,898)                     (151,898)
Dividends on Preferred Stock (1,864)                     (1,864)
Adjustment of noncontrolling interests in the Operating Partnership to fair value (11,072)           (11,072)          
Distributions to noncontrolling interests in consolidated affiliates (1,342) (1,342)               (1,342) (1,342)  
Issuances of restricted stock - shares     184,584                  
Issuances of restricted stock 0                      
Redemptions/repurchases of Preferred Stock (5)     (5)                
Share-based compensation expense, net of forfeitures - shares     (6,747)                  
Share-based compensation expense, net of forfeitures 6,751 6,751 $ 2   68 6,683 6,749          
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner   (12,331)     (123) (12,208)            
Net (income) attributable to noncontrolling interests in the Operating Partnership (5,084)                     (5,084)
Net (income) attributable to noncontrolling interests in consolidated affiliates 0 0     (15) (1,454)       1,469 1,469 (1,469)
Comprehensive income:                        
Net income 194,286 194,286     1,943 192,343           194,286
Other comprehensive income/(loss) 360 360           360 360      
Total comprehensive income $ 194,646 194,646                    
Balance (in shares) at Sep. 30, 2021 104,383,062   104,383,062                  
Balance at Sep. 30, 2021 $ 2,401,985 2,373,164 $ 1,044 28,821 23,521 2,328,572 3,003,303 (1,102) (1,102) 22,173 22,173 (652,254)
Balance (in shares) at Jun. 30, 2021     104,209,513                  
Balance at Jun. 30, 2021 2,367,643 2,338,822 $ 1,042 28,821 23,182 2,295,026 2,989,405 (1,225) (1,225) 21,839 21,839 (672,239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Units, net of issuance costs and tax withholdings   7,508     75 7,433            
Distributions on Common Units   (53,333)     (533) (52,800)            
Distributions on Preferred Units   (621)     (7) (614)            
Issuances of Common Stock, net of issuance costs and tax withholdings     168,311                  
Net proceeds of Common Stock sold during the period 7,508   $ 2       7,506          
Conversions of Common Units to Common Stock - Shares     5,238                  
Conversions of Common Units to Common Stock 234           234          
Dividends on Common Stock (52,120)                     (52,120)
Dividends on Preferred Stock (621)                     (621)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 4,262           4,262          
Distributions to noncontrolling interests in consolidated affiliates (560) (560)               (560) (560)  
Share-based compensation expense, net of forfeitures - shares     0                  
Share-based compensation expense, net of forfeitures 1,896 1,896 $ 0   19 1,877 1,896          
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner   3,742     38 3,704            
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,967)                     (1,967)
Net (income) attributable to noncontrolling interests in consolidated affiliates 0 0     (9) (885)       894 894 (894)
Comprehensive income:                        
Net income 75,587 75,587     756 74,831           75,587
Other comprehensive income/(loss) 123 123           123 123      
Total comprehensive income $ 75,710 75,710                    
Balance (in shares) at Sep. 30, 2021 104,383,062   104,383,062                  
Balance at Sep. 30, 2021 $ 2,401,985 $ 2,373,164 $ 1,044 $ 28,821 $ 23,521 $ 2,328,572 $ 3,003,303 $ (1,102) $ (1,102) $ 22,173 $ 22,173 $ (652,254)
v3.21.2
Consolidated Statements of Equity/Capital (Parentheticals) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Highwoods Properties, Inc. [Member]        
Dividends on Common Stock (per share) $ 0.50 $ 0.48 $ 1.46 $ 1.44
Highwoods Properties, Inc. [Member] | Series A Cumulative Redeemable Preferred Shares [Member]        
Dividends on Preferred Stock (per share)/Distributions on Preferred Units (per unit) 21.5625 21.5625 64.688 64.6875
Highwoods Realty Limited Partnership [Member]        
Distributions on Common Units (per unit) 0.50 0.48 1.46 1.44
Highwoods Realty Limited Partnership [Member] | Series A Cumulative Redeemable Preferred Shares [Member]        
Dividends on Preferred Stock (per share)/Distributions on Preferred Units (per unit) $ 21.5625 $ 21.5625 $ 64.688 $ 64.6875
v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 194,286 $ 272,627
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 189,423 180,914
Amortization of lease incentives and acquisition-related intangible assets and liabilities (1,770) (1,867)
Share-based compensation expense 6,751 4,980
Net credit losses/(reversals) on operating lease receivables (60) 4,387
Accrued interest on mortgages and notes receivable (79) (91)
Amortization of debt issuance costs 2,963 2,312
Amortization of cash flow hedges 377 125
Amortization of mortgages and notes payable fair value adjustments 882 1,270
Impairments of real estate assets 0 1,778
Losses on debt extinguishment 134 3,671
Net gains on disposition of property (80,371) (163,397)
Equity in earnings of unconsolidated affiliates (1,614) (2,965)
Distributions of earnings from unconsolidated affiliates 1,410 952
Changes in operating assets and liabilities:    
Accounts receivable 5,753 (206)
Prepaid expenses and other assets (1,210) (3,684)
Accrued straight-line rents receivable (13,734) (30,187)
Accounts payable, accrued expenses and other liabilities 6,077 4,840
Net cash provided by operating activities 309,218 275,459
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (270,160) (2,363)
Investments in development in-process (65,333) (116,839)
Investments in tenant improvements and deferred leasing costs (68,197) (106,843)
Investments in building improvements (34,452) (44,088)
Investment in acquired controlling interest in unconsolidated affiliate (127,339) 0
Net proceeds from disposition of real estate assets 187,964 356,644
Distributions of capital from unconsolidated affiliates 0 72
Investments in mortgages and notes receivable (56) (32)
Repayments of mortgages and notes receivable 229 234
Changes in other investing activities 4,119 (6,416)
Net cash provided by/(used in) investing activities (373,225) 80,369
Financing activities:    
Dividends on Common Stock (151,898) (149,462)
Redemptions/repurchases of Preferred Stock (5) (33)
Dividends on Preferred Stock (1,864) (1,866)
Distributions to noncontrolling interests in the Operating Partnership (4,144) (4,092)
Distributions to noncontrolling interests in consolidated affiliates (1,342) (1,124)
Proceeds from the issuance of Common Stock 15,453 3,163
Costs paid for the issuance of Common Stock (355) (215)
Repurchase of shares related to tax withholdings (1,693) (1,160)
Borrowings on revolving credit facility 310,000 129,000
Repayments of revolving credit facility (175,000) (350,000)
Borrowings on mortgages and notes payable 200,000 398,364
Repayments of mortgages and notes payable (264,212) (251,457)
Payments of debt extinguishment costs 0 (3,108)
Changes in debt issuance costs and other financing activities (9,279) (10,309)
Net cash used in financing activities (84,339) (242,299)
Net increase/(decrease) in cash and cash equivalents and restricted cash (148,346) 113,529
Cash and cash equivalents and restricted cash at beginning of the period 189,244 14,742
Cash and cash equivalents and restricted cash at end of the period 40,898 128,271
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 27,871 118,705
Restricted cash at end of the period 13,027 9,566
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 66,457 63,064
Supplemental disclosure of non-cash investing and financing activities:    
Unrealized losses on cash flow hedges (17) (1,231)
Conversions of Common Units to Common Stock 278 0
Changes in accrued capital expenditures [1] (20,150) 16,318
Write-off of fully depreciated real estate assets 52,158 31,526
Write-off of fully amortized leasing costs 37,045 15,184
Write-off of fully amortized debt issuance costs 4,158 1,438
Adjustment of noncontrolling interests in the Operating Partnership to fair value 11,072 (46,955)
Assumption of mortgages and notes payable related to acquisition activities 403,000 0
Issuances of Common Units to acquire real estate assets 0 6,163
Initial recognition of lease liabilities related to right of use assets 5,310 0
Future consideration in connection with the acquisition of land 16,000 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 45,800 84,300
Highwoods Realty Limited Partnership [Member]    
Operating activities:    
Net income 194,286 272,627
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 189,423 180,914
Amortization of lease incentives and acquisition-related intangible assets and liabilities (1,770) (1,867)
Share-based compensation expense 6,751 4,980
Net credit losses/(reversals) on operating lease receivables (60) 4,387
Accrued interest on mortgages and notes receivable (79) (91)
Amortization of debt issuance costs 2,963 2,312
Amortization of cash flow hedges 377 125
Amortization of mortgages and notes payable fair value adjustments 882 1,270
Impairments of real estate assets 0 1,778
Losses on debt extinguishment 134 3,671
Net gains on disposition of property (80,371) (163,397)
Equity in earnings of unconsolidated affiliates (1,614) (2,965)
Distributions of earnings from unconsolidated affiliates 1,410 952
Changes in operating assets and liabilities:    
Accounts receivable 5,753 (206)
Prepaid expenses and other assets (1,210) (3,684)
Accrued straight-line rents receivable (13,734) (30,187)
Accounts payable, accrued expenses and other liabilities 6,077 4,840
Net cash provided by operating activities 309,218 275,459
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (270,160) (2,363)
Investments in development in-process (65,333) (116,839)
Investments in tenant improvements and deferred leasing costs (68,197) (106,843)
Investments in building improvements (34,452) (44,088)
Investment in acquired controlling interest in unconsolidated affiliate (127,339) 0
Net proceeds from disposition of real estate assets 187,964 356,644
Distributions of capital from unconsolidated affiliates 0 72
Investments in mortgages and notes receivable (56) (32)
Repayments of mortgages and notes receivable 229 234
Changes in other investing activities 4,119 (6,416)
Net cash provided by/(used in) investing activities (373,225) 80,369
Financing activities:    
Distributions on Common Units (155,445) (152,965)
Redemptions/repurchases of Preferred Units (5) (33)
Distributions on Preferred Units (1,864) (1,866)
Distributions to noncontrolling interests in consolidated affiliates (1,342) (1,124)
Proceeds from the issuance of Common Units 15,453 3,163
Costs paid for the issuance of Common Units (355) (215)
Repurchase of units related to tax withholdings (1,693) (1,160)
Borrowings on revolving credit facility 310,000 129,000
Repayments of revolving credit facility (175,000) (350,000)
Borrowings on mortgages and notes payable 200,000 398,364
Repayments of mortgages and notes payable (264,212) (251,457)
Payments of debt extinguishment costs 0 (3,108)
Changes in debt issuance costs and other financing activities (9,876) (10,898)
Net cash used in financing activities (84,339) (242,299)
Net increase/(decrease) in cash and cash equivalents and restricted cash (148,346) 113,529
Cash and cash equivalents and restricted cash at beginning of the period 189,244 14,742
Cash and cash equivalents and restricted cash at end of the period 40,898 128,271
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 27,871 118,705
Restricted cash at end of the period 13,027 9,566
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 66,457 63,064
Supplemental disclosure of non-cash investing and financing activities:    
Unrealized losses on cash flow hedges (17) (1,231)
Changes in accrued capital expenditures [1] (20,150) 16,318
Write-off of fully depreciated real estate assets 52,158 31,526
Write-off of fully amortized leasing costs 37,045 15,184
Write-off of fully amortized debt issuance costs 4,158 1,438
Adjustment of Redeemable Common Units to fair value 11,734 (43,963)
Assumption of mortgages and notes payable related to acquisition activities 403,000 0
Issuances of Common Units to acquire real estate assets 0 6,163
Initial recognition of lease liabilities related to right of use assets 5,310 0
Future consideration in connection with the acquisition of land 16,000 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 45,800 $ 84,300
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities at September 30, 2021 and 2020 were $45.8 million and $84.3 million, respectively.
v3.21.2
Description of Business and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2021
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 real estate investment trust (“REIT”) that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”). At September 30, 2021, we owned or had an interest in 29.0 million rentable square feet of in-service properties and approximately 300 acres of development land.

Capital Structure

The Company is the sole general partner of the Operating Partnership. At September 30, 2021, the Company owned all of the Preferred Units and 104.0 million, or 97.4%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.8 million Common Units. During the nine months ended September 30, 2021, the Company redeemed 6,238 Common Units for a like number of shares of Common Stock.

During 2020, 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 nine months ended September 30, 2021, the Company issued 299,360 shares of Common Stock under its equity distribution agreements at an average gross sales price of $45.96 per share and received net proceeds, after sales commissions, of $13.6 million. As a result of this activity and the redemptions discussed above, the percentage of Common Units owned by the Company increased from 97.3% at December 31, 2020 to 97.4% at September 30, 2021.

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. During the third quarter of 2021, we acquired a portfolio of real estate assets from Preferred Apartment Communities, Inc. (NYSE:APTS) (“PAC”) using special purpose entities owned by a qualified intermediary to facilitate one or more potential Section 1031 reverse exchanges under the Internal Revenue Code. To realize the tax deferrals available under the Section 1031 exchanges, we must complete the Section 1031 exchanges, and take title to the to-be-exchanged buildings within 180 days of the acquisition date. We have determined that these entities are variable interest entities of which we are the primary beneficiary; and therefore, we consolidate these entities. At September 30, 2021, we also have involvement with, and are the primary beneficiary in, an entity that we concluded to be a variable interest entity. (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 2020 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. At September 30, 2021, a reserve of $0.5 million was recorded to cover estimated reported and unreported claims.

Investment Activities

During the third quarter of 2021, we closed the acquisition of a portfolio of real estate assets from PAC. The portfolio consists of the following assets:

AssetMarketSubmarket/BBDSquare Footage
150 FayettevilleRaleighCBD560,000
CAPTRUST TowersRaleighNorth Hills300,000
Capitol TowersCharlotteSouthPark479,000
Morrocroft CentreCharlotteSouthPark291,000
Galleria 75 Redevelopment SiteAtlantaCumberland/Galleria

Our total purchase price, net of closing credits and cash acquired, was $653.6 million, including $4.5 million of capitalized acquisition costs. The acquisition included the assumption of four secured loans recorded at fair value of $403 million in the aggregate, with a weighted average effective interest rate of 3.54% and a weighted average maturity of 10.7 years (see Note 6). We incurred $3.5 million of debt issuance costs related to these assumptions, which will be amortized over the remaining terms of the loans. The assets acquired and liabilities assumed were recorded at relative fair value as determined by management, with the assistance of third party specialists, based on information available at the acquisition date and on current assumptions as to future operations.

With respect to non-core assets we had previously agreed to acquire from PAC, the mezzanine loan related to a recently constructed office building in Atlanta was paid off in full by the third party borrower and PAC sold Armour Yards, a multi-building creative office project in Atlanta, to a third party.

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, 2022 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.

Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, we would have to determine, on a
lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows us, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected the practical expedient and will not apply lease modification accounting on a lease by lease basis where applicable. As a result, $1.2 million of deferred rent is included in accounts receivable on our Consolidated Balance Sheets at September 30, 2021.
v3.21.2
Leases
 9 Months Ended
Sep. 30, 2021
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 three to 10 years. We recognized rental and other revenues related to operating lease payments of $192.3 million and $178.9 million during the three months ended September 30, 2021 and 2020, respectively, and $554.6 million and $549.5 million during the nine months ended September 30, 2021 and 2020, respectively. Included in these amounts are variable lease payments of $13.7 million and $12.8 million during the three months ended September 30, 2021 and 2020, respectively, and $42.7 million during each of the nine months ended September 30, 2021 and 2020.

Acquired Finance Lease
In conjunction with the acquisition of real estate assets from PAC, we assumed the ground leasehold interest to land underneath a parking garage. Under the ground lease, we have an obligation to acquire fee simple title to the land at our discretion any time, but no later than October 31, 2029. We determined this lease to be a finance lease. As such, we recognized a lease liability (in accounts payable, accrued expenses and other liabilities) and a corresponding right of use asset (in prepaid expenses and other assets) of $5.3 million on our Consolidated Balance Sheet on the date of acquisition equal to the present value of the minimum lease payments required under the ground lease. Through October 31, 2029, the expected date at which we estimate we will satisfy the obligation and acquire fee simple title to the land, we will recognize interest expense equal to the lease liability times our incremental borrowing rate, which reflects the fixed rate at which we could borrow a similar amount for the same term and with similar collateral. We determined this rate to be approximately 2.6%. We also recorded an additional $3.1 million right of use asset (in prepaid expenses and other assets) to reflect favorable terms of the ground lease when compared with market terms. No amortization will be recorded for the right of use assets because they are comprised of land.
v3.21.2
Consolidated Variable Interest Entities
 9 Months Ended
Sep. 30, 2021
Variable Interest Entities [Abstract]  
Consolidated Variable Interest Entity Consolidated Variable Interest Entities
The acquisition of real estate assets from PAC was completed using special purpose entities owned by a qualified intermediary to facilitate one or more potential Section 1031 reverse exchanges under the Internal Revenue Code. As of September 30, 2021, these variable interest entities had total assets, liabilities and cash flows of $669.6 million, $418.1 million, and $5.1 million, respectively.

In 2019, we and The Bromley Companies formed a joint venture (the “Midtown One joint venture”) to construct Midtown West, a 150,000 square foot, multi-customer office building located in the mixed-use Midtown Tampa project in Tampa’s Westshore submarket. Midtown West has an anticipated total investment of $71.3 million. Construction of Midtown West began in the third quarter of 2019 and the building was placed in service in the second quarter of 2021. At closing, we agreed to contribute cash of $20.0 million, which has been fully funded, in exchange for an 80.0% interest in the Midtown One joint venture and The Bromley Companies contributed land valued at $5.0 million in exchange for the remaining 20.0% interest. We also committed to provide a $46.3 million interest-only secured construction loan to the Midtown One joint venture that is scheduled to mature on the second anniversary of completion. The loan bears interest at LIBOR plus 250 basis points. As of September 30, 2021, $25.9 million under the loan has been funded.

We determined that we have a variable interest in the Midtown One 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 The Bromley Companies as an equity holder. The Midtown One 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 The Bromley Companies 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 One joint venture is consolidated and all intercompany transactions and accounts are eliminated. The following table sets forth the assets and liabilities of the Midtown One joint venture included on our Consolidated Balance Sheets:
September 30,
2021
Net real estate assets$52,790 
Deferred leasing costs, net$1,934 
Prepaid expenses and other assets, net$170 
Accounts payable, accrued expenses and other liabilities$1,771 
The assets of the Midtown One joint venture can be used only to settle obligations of the joint venture and its creditors have no recourse to our wholly owned assets.
v3.21.2
Real Estate Assets
 9 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
Real Estate Assets Real Estate Assets
Acquisitions

As previously described, the acquisition of real estate assets from PAC was completed during the third quarter of 2021. The following table sets forth a summary of the relative fair value of the material assets acquired and liabilities assumed relating to this acquisition:

Amount Recorded at Acquisition
Real estate assets$593,039 
Acquisition-related intangible assets (in deferred financing and leasing costs)$61,126 
Right of use asset (in prepaid expenses and other assets)$8,440 
Mortgages and notes payable, net$(399,527)
Acquisition-related intangible liabilities (in accounts payable, accrued expenses and other liabilities)$(7,174)
Lease liability (in accounts payable, accrued expenses and other liabilities)$(5,310)

During the third quarter of 2021, we also acquired development land in Nashville for a purchase price, including capitalized acquisition costs, of $22.9 million.

During the second quarter of 2021, we acquired development land in Nashville for a purchase price, including capitalized acquisition costs, of $16.1 million, which is expected to be paid within two years.

During the first quarter of 2021, we acquired our joint venture partner’s 75.0% interest in our Highwoods DLF Forum, LLC joint venture (the “Forum”), which owned five buildings in Raleigh encompassing 636,000 rentable square feet, for a purchase price of $131.3 million. We previously accounted for our 25.0% interest in this joint venture using the equity method of accounting. The assets and liabilities of the joint venture are now wholly owned and we have determined the acquisition constitutes an asset purchase. As such, because the Forum is not a variable interest entity, we allocated our previously held equity interest at historical cost along with the consideration paid and acquisition costs to the assets acquired and liabilities assumed. The assets acquired and liabilities assumed were recorded at relative fair value as determined by management, with the assistance of third party specialists, based on information available at the acquisition date and on current assumptions as to future operations.

Dispositions

During the third quarter of 2021, we sold two office buildings in Richmond and Memphis for an aggregate sale price of $119.7 million (before closing credits to buyer of $4.4 million) and recorded aggregate gains on disposition of property of $37.3 million.

We have a 50.0% ownership interest in Highwoods-Markel Associates, LLC (“Markel”), a consolidated joint venture. During the third quarter of 2021, Markel sold land in Richmond for a sale price of $3.0 million and recorded gain on disposition of property of $1.3 million.

During the second quarter of 2021, we sold an office building in Tampa for a sale price of $43.0 million (before closing credits to buyer of $0.9 million) and recorded a gain on disposition of property of $22.9 million.

During the first quarter of 2021, we sold an office building in Atlanta for a sale price of $30.7 million and recorded a gain on disposition of property of $18.9 million.
v3.21.2
Intangible Assets and Below Market Lease Liabilities
 9 Months Ended
Sep. 30, 2021
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:

September 30,
2021		December 31,
2020
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$406,580 $361,027 
Less accumulated amortization(139,175)(151,698)
$267,405 $209,329 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$60,802 $63,748 
Less accumulated amortization(30,598)(37,838)
$30,204 $25,910 

The following table sets forth amortization of intangible assets and below market lease liabilities:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$10,070 $8,466 $27,267 $25,830 
Amortization of lease incentives (in rental and other revenues)$424 $477 $1,317 $1,396 
Amortization of acquisition-related intangible assets (in rental and other revenues)$636 $273 $1,154 $882 
Amortization of acquisition-related intangible assets (in rental property and other expenses)$— $140 $— $417 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,391)$(1,479)$(4,241)$(4,562)

The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:

Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization)Amortization of Lease Incentives (in Rental and Other Revenues)Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues)Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)
October 1 through December 31, 2021$11,669 $381 $777 $(1,420)
202242,867 1,484 2,986 (5,290)
202338,076 1,414 2,829 (4,868)
202433,874 1,269 2,573 (4,129)
202526,988 1,195 1,667 (2,594)
Thereafter86,170 5,056 6,130 (11,903)
$239,644 $10,799 $16,962 $(30,204)
Weighted average remaining amortization periods as of September 30, 2021 (in years)7.88.87.88.4
The following table sets forth the intangible assets acquired and below market lease liabilities assumed as a result of the acquisition of real estate assets from PAC and our joint venture partner's 75.0% interest in the Forum:

Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues)Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization)Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues)
Amount recorded at acquisition$13,824 $84,298 $(8,535)
Weighted average remaining amortization periods as of September 30, 2021 (in years)7.37.28.2
v3.21.2
Mortgages and Notes Payable
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Mortgages and Notes Payable Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

September 30,
2021		December 31,
2020
Secured indebtedness$493,887 $93,350 
Unsecured indebtedness2,464,823 2,390,652 
Less-unamortized debt issuance costs(15,808)(13,981)
Total mortgages and notes payable, net$2,942,902 $2,470,021 

At September 30, 2021, our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $721.0 million.

During the first quarter of 2021, we entered into a new $750.0 million unsecured revolving credit facility, which replaced our previously existing $600.0 million revolving credit facility and includes an accordion feature that allows for an additional $550.0 million of borrowing capacity subject to additional lender commitments. Our new revolving credit facility is scheduled to mature in March 2025. Assuming no defaults have occurred, we have an option to extend the maturity for two additional six-month periods. The current interest rate on the new facility at our existing credit ratings is LIBOR plus 90 basis points and 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. The financial and other covenants under the new facility are substantially similar to our previous credit facility. We incurred $4.8 million of debt issuance costs, which will be amortized along with certain existing unamortized debt issuance costs over the remaining term of our new revolving credit facility. We recorded $0.1 million of loss on debt extinguishment. There was $135.0 million and $155.0 million outstanding under our new revolving credit facility at September 30, 2021 and October 19, 2021, respectively. At both September 30, 2021 and October 19, 2021, we had $0.1 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 at September 30, 2021 and October 19, 2021 was $614.9 million and $594.9 million, respectively.

During the third quarter of 2021, in conjunction with the acquisition of real estate assets from PAC, we assumed four secured mortgage loans which were recorded at fair market value as of the acquisition date. The following table sets forth the balances of these assumed mortgages and related unamortized debt issuance costs included in mortgages and notes payable, net on our Consolidated Balance Sheets as of September 30, 2021:

Balance at September 30, 2021
4.27% (3.61% effective rate) mortgage loan due 08/2028
$116,374 
3.61% (3.19% effective rate) mortgage loan due 08/2029
85,049 
3.40% (3.50% effective rate) mortgage loan due 04/2033
69,409 
4.60% (3.73% effective rate) mortgage loan due 01/2037
131,221 
Less-unamortized debt issuance costs(3,410)
Total$398,643 
During the third quarter of 2021, we also obtained a $200.0 million, six-month unsecured bridge facility. The bridge facility is originally scheduled to mature in January 2022 and can be extended at our option for an additional six-month period. The bridge facility bears interest at LIBOR plus 85 basis points, has a commitment fee of 20 basis points and contains financial and other covenants that are similar to the covenants under our $750.0 million unsecured revolving credit facility. The interest rate is based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services. There was $88.0 million outstanding under our bridge facility at both September 30, 2021 and October 19, 2021. We incurred $1.0 million of debt issuance costs related to this bridge facility which are being amortized over the six-month term.

During the second quarter of 2021, we prepaid without penalty the remaining $150.0 million principal amount of 3.20% unsecured notes that was scheduled to mature in June 2021. We recorded $0.1 million of loss on debt extinguishment related to this prepayment.

We are currently in compliance with financial covenants with respect to our consolidated debt.

We have considered our short-term liquidity needs and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. We intend to 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.
v3.21.2
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The counterparties under our swaps are major financial institutions. The swap agreements contain a provision whereby if we default on certain of our indebtedness and which default results in repayment of such indebtedness being, or becoming capable of being, accelerated by the lender, then we could also be declared in default on our swaps.

Our interest rate swaps have been designated as and are being accounted for as cash flow hedges with changes in fair value recorded in other comprehensive income/(loss) each reporting period. We have no collateral requirements related to our interest rate swaps.

Amounts reported in accumulated other comprehensive income/(loss) related to derivatives will be reclassified to interest expense as interest payments are made on our debt. During the period from October 1, 2021 through September 30, 2022, we estimate that less than $0.1 million will be reclassified as a net decrease to interest expense.

The following table sets forth the fair value of our derivatives:

September 30,
2021		December 31,
2020
Derivatives:
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities:
Interest rate swaps$263 $846 

The following table sets forth the effect of our cash flow hedges on accumulated other comprehensive loss and interest expense:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Derivatives Designated as Cash Flow Hedges:
Amount of unrealized gains/(losses) recognized in accumulated other comprehensive loss on derivatives:
Interest rate swaps$(6)$5 $(17)$(1,231)
Amount of losses reclassified out of accumulated other comprehensive loss into interest expense:
Interest rate swaps$129 $122 $377 $125 
v3.21.2
Noncontrolling Interests
 9 Months Ended
Sep. 30, 2021
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling Interests in Consolidated Affiliates

At September 30, 2021, our noncontrolling interests in consolidated affiliates relate to our joint venture partners’ 50.0% interest in office properties in Richmond and 20.0% interest in the Midtown One joint venture. See Note 3. Our joint venture partners are unrelated third parties.

Noncontrolling Interests in the Operating Partnership

The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Beginning noncontrolling interests in the Operating Partnership$128,180 $106,103 $112,499 $133,216 
Adjustment of noncontrolling interests in the Operating Partnership to fair value(4,262)(10,430)11,072 (46,955)
Issuances of Common Units— — — 6,163 
Conversions of Common Units to Common Stock(234)— (278)— 
Net income attributable to noncontrolling interests in the Operating Partnership1,967 1,107 5,084 7,084 
Distributions to noncontrolling interests in the Operating Partnership(1,418)(1,364)(4,144)(4,092)
Total noncontrolling interests in the Operating Partnership$124,233 $95,416 $124,233 $95,416 

The following table sets forth net income available for common stockholders and transfers from the Company’s noncontrolling interests in the Operating Partnership:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Net income available for common stockholders$72,105 $40,304 $185,869 $262,805 
Increase in additional paid in capital from conversions of Common Units to Common Stock
234 — 278 — 
Issuances of Common Units— — — (6,163)
Change from net income available for common stockholders and transfers from noncontrolling interests
$72,339 $40,304 $186,147 $256,642 
v3.21.2
Disclosure About Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2021
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 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 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:

Level 1Level 2
TotalQuoted Prices
in Active
Markets for Identical Assets or Liabilities		Significant Observable Inputs
Fair Value at September 30, 2021:
Assets:
Mortgages and notes receivable, at fair value (1)
$1,247 $— $1,247 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,796 2,796 — 
Total Assets$4,043 $2,796 $1,247 
Noncontrolling Interests in the Operating Partnership$124,233 $124,233 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$3,089,765 $— $3,089,765 
Interest rate swaps (in accounts payable, accrued expenses and other liabilities)
263 — 263 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,796 2,796 — 
Total Liabilities
$3,092,824 $2,796 $3,090,028 
Fair Value at December 31, 2020:
Assets:
Mortgages and notes receivable, at fair value (1)
$1,341 $— $1,341 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,573 2,573 — 
Total Assets$3,914 $2,573 $1,341 
Noncontrolling Interests in the Operating Partnership$112,499 $112,499 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,639,163 $— $2,639,163 
Interest rate swaps (in accounts payable, accrued expenses and other liabilities)
846 — 846 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,573 2,573 — 
Total Liabilities
$2,642,582 $2,573 $2,640,009 
__________
(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets at September 30, 2021 and December 31, 2020.
v3.21.2
Share-Based Payments
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based PaymentsDuring the nine months ended September 30, 2021, the Company granted 103,120 shares of time-based restricted stock and 81,464 shares of total return-based restricted stock with weighted average grant date fair values per share of $39.99 and $36.41, respectively. We recorded share-based compensation expense of $1.9 million and $1.2 million during the three months ended September 30, 2021 and 2020, respectively, and $6.8 million and $5.0 million during the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, there was $5.3 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 1.9 years.
v3.21.2
Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
The following table sets forth the components of accumulated other comprehensive loss:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Cash flow hedges:
Beginning balance$(1,225)$(1,704)$(1,462)$(471)
Unrealized gains/(losses) on cash flow hedges(6)5 (17)(1,231)
Amortization of cash flow hedges (1)
129 122 377 125 
Total accumulated other comprehensive loss$(1,102)$(1,577)$(1,102)$(1,577)
__________
(1)    Amounts reclassified out of accumulated other comprehensive loss into interest expense.
v3.21.2
Real Estate and Other Assets Held For Sale
 9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Real Estate and Other Assets Held For Sale Real Estate and Other Assets Held For Sale
The following table sets forth the assets held for sale at September 30, 2021 and December 31, 2020, which are considered non-core:

September 30,
2021		December 31,
2020
Assets:
Land$6,723 $2,612 
Buildings and tenant improvements102,285 12,238 
Land held for development3,482 — 
Less-accumulated depreciation(53,121)(3,577)
Net real estate assets59,369 11,273 
Accrued straight-line rents receivable7,037 — 
Deferred leasing costs, net3,285 87 
Prepaid expenses and other assets, net115 — 
Real estate and other assets, net, held for sale$69,806 $11,360 
v3.21.2
Earnings Per Share and Per Unit
 9 Months Ended
Sep. 30, 2021
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:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Earnings per Common Share - basic:
Numerator:
Net income$75,587 $42,331 $194,286 $272,627 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(1,967)(1,107)(5,084)(7,084)
Net (income) attributable to noncontrolling interests in consolidated affiliates
(894)(298)(1,469)(872)
Dividends on Preferred Stock(621)(622)(1,864)(1,866)
Net income available for common stockholders$72,105 $40,304 $185,869 $262,805 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
104,277 103,896 104,117 103,865 
Net income available for common stockholders$0.69 $0.39 $1.79 $2.53 
Earnings per Common Share - diluted:
Numerator:
Net income$75,587 $42,331 $194,286 $272,627 
Net (income) attributable to noncontrolling interests in consolidated affiliates
(894)(298)(1,469)(872)
Dividends on Preferred Stock(621)(622)(1,864)(1,866)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$74,072 $41,411 $190,953 $269,889 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
104,277 103,896 104,117 103,865 
Add:
Stock options using the treasury method25 2 17 10 
Noncontrolling interests Common Units2,837 2,842 2,838 2,827 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
107,139 106,740 106,972 106,702 
Net income available for common stockholders$0.69 $0.39 $1.79 $2.53 
__________
(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:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Earnings per Common Unit - basic:
Numerator:
Net income$75,587 $42,331 $194,286 $272,627 
Net (income) attributable to noncontrolling interests in consolidated affiliates
(894)(298)(1,469)(872)
Distributions on Preferred Units(621)(622)(1,864)(1,866)
Net income available for common unitholders$74,072 $41,411 $190,953 $269,889 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
106,705 106,329 106,546 106,283 
Net income available for common unitholders$0.69 $0.39 $1.79 $2.54 
Earnings per Common Unit - diluted:
Numerator:
Net income$75,587 $42,331 $194,286 $272,627 
Net (income) attributable to noncontrolling interests in consolidated affiliates
(894)(298)(1,469)(872)
Distributions on Preferred Units(621)(622)(1,864)(1,866)
Net income available for common unitholders$74,072 $41,411 $190,953 $269,889 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
106,705 106,329 106,546 106,283 
Add:
Stock options using the treasury method25 2 17 10 
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions
106,730 106,331 106,563 106,293 
Net income available for common unitholders$0.69 $0.39 $1.79 $2.54 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable.
v3.21.2
Segment Information
 9 Months Ended
Sep. 30, 2021
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 each of our reportable segments.

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Rental and Other Revenues:
Office:
Atlanta$36,672 $36,022 $108,385 $110,518 
Charlotte14,313 8,858 32,364 26,801 
Nashville36,136 34,661 106,873 103,780 
Orlando12,852 11,518 38,141 36,844 
Pittsburgh14,220 14,430 42,787 44,054 
Raleigh42,471 32,037 117,168 95,792 
Richmond12,050 11,878 35,263 35,972 
Tampa23,856 24,575 74,166 75,177 
Total Office Segment192,570 173,979 555,147 528,938 
Other2,925 7,064 9,655 28,058 
Total Rental and Other Revenues$195,495 $181,043 $564,802 $556,996 
Net Operating Income:
Office:
Atlanta$24,157 $23,303 $71,779 $72,387 
Charlotte11,159 6,973 25,446 21,298 
Nashville27,355 25,022 78,172 74,907 
Orlando7,920 6,505 23,414 22,260 
Pittsburgh8,291 8,934 25,591 26,954 
Raleigh31,425 24,037 88,005 71,670 
Richmond7,805 8,204 24,092 25,403 
Tampa15,143 16,829 49,640 51,025 
Total Office Segment133,255 119,807 386,139 365,904 
Other1,673 4,344 5,681 16,879 
Total Net Operating Income134,928 124,151 391,820 382,783 
Reconciliation to net income:
Depreciation and amortization(66,547)(60,303)(189,423)(180,914)
Impairments of real estate assets— — — (1,778)
General and administrative expenses(10,350)(9,155)(30,409)(30,169)
Interest expense(21,986)(19,886)(60,755)(61,003)
Other income/(loss)424 (3,311)1,068 (2,654)
Gains on disposition of property38,572 10,012 80,371 163,397 
Equity in earnings of unconsolidated affiliates546 823 1,614 2,965 
Net income$75,587 $42,331 $194,286 $272,627 
September 30, 2021December 31, 2020
Total Assets:
Office:
Atlanta$999,319 $1,011,807 
Charlotte775,852 443,051 
Nashville1,264,025 1,191,219 
Orlando284,361 289,129 
Pittsburgh312,304 313,783 
Raleigh1,276,356 839,831 
Richmond211,263 240,976 
Tampa533,400 556,951 
Total Office Segment5,656,880 4,886,747 
Other97,192 322,670 
Total Assets$5,754,072 $5,209,417 
v3.21.2
Contingencies
 9 Months Ended
Sep. 30, 2021
Loss Contingency [Abstract]  
Contingencies ContingenciesSince early March 2020, efforts to slow the spread of the COVID-19 virus have had a significant impact on the U.S. economy. We continue to follow the policies described in Notes 1 and 2 to our Consolidated Financial Statements contained in our 2020 Annual Report on Form 10-K, including those related to impairments of real estate assets and investments in unconsolidated affiliates, leases and estimates of credit losses on operating lease receivables. While the results of our current analyses did not result in any material adjustments to amounts as of and during the three and nine months ended September 30, 2021, circumstances related to the COVID-19 pandemic may result in recording impairments, lease modifications and credit losses in future periods.
v3.21.2
Subsequent Events
 9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn October 4, 2021, we acquired development land in Nashville for a purchase price, including capitalized acquisition costs, of $35.1 million.
v3.21.2
Description of Business and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2021
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. During the third quarter of 2021, we acquired a portfolio of real estate assets from Preferred Apartment Communities, Inc. (NYSE:APTS) (“PAC”) using special purpose entities owned by a qualified intermediary to facilitate one or more potential Section 1031 reverse exchanges under the Internal Revenue Code. To realize the tax deferrals available under the Section 1031 exchanges, we must complete the Section 1031 exchanges, and take title to the to-be-exchanged buildings within 180 days of the acquisition date. We have determined that these entities are variable interest entities of which we are the primary beneficiary; and therefore, we consolidate these entities. At September 30, 2021, we also have involvement with, and are the primary beneficiary in, an entity that we concluded to be a variable interest entity. (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 2020 Annual Report on Form 10-K.
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.
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, 2022 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.

Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, we would have to determine, on a
lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows us, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected the practical expedient and will not apply lease modification accounting on a lease by lease basis where applicable.
v3.21.2
Description of Business and Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Investment Activities
During the third quarter of 2021, we closed the acquisition of a portfolio of real estate assets from PAC. The portfolio consists of the following assets:

AssetMarketSubmarket/BBDSquare Footage
150 FayettevilleRaleighCBD560,000
CAPTRUST TowersRaleighNorth Hills300,000
Capitol TowersCharlotteSouthPark479,000
Morrocroft CentreCharlotteSouthPark291,000
Galleria 75 Redevelopment SiteAtlantaCumberland/Galleria
v3.21.2
Consolidated Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2021
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities The following table sets forth the assets and liabilities of the Midtown One joint venture included on our Consolidated Balance Sheets:
September 30,
2021
Net real estate assets$52,790 
Deferred leasing costs, net$1,934 
Prepaid expenses and other assets, net$170 
Accounts payable, accrued expenses and other liabilities$1,771 
v3.21.2
Real Estate (Tables)
 9 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
Asset Acquisition The following table sets forth a summary of the relative fair value of the material assets acquired and liabilities assumed relating to this acquisition:
Amount Recorded at Acquisition
Real estate assets$593,039 
Acquisition-related intangible assets (in deferred financing and leasing costs)$61,126 
Right of use asset (in prepaid expenses and other assets)$8,440 
Mortgages and notes payable, net$(399,527)
Acquisition-related intangible liabilities (in accounts payable, accrued expenses and other liabilities)$(7,174)
Lease liability (in accounts payable, accrued expenses and other liabilities)$(5,310)
v3.21.2
Intangible Assets and Below Market Lease Liabilities (Tables)
 9 Months Ended
Sep. 30, 2021
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:

September 30,
2021		December 31,
2020
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$406,580 $361,027 
Less accumulated amortization(139,175)(151,698)
$267,405 $209,329 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$60,802 $63,748 
Less accumulated amortization(30,598)(37,838)
$30,204 $25,910 
Amortization of Intangible Assets and Below Market Lease Liabilities
The following table sets forth amortization of intangible assets and below market lease liabilities:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$10,070 $8,466 $27,267 $25,830 
Amortization of lease incentives (in rental and other revenues)$424 $477 $1,317 $1,396 
Amortization of acquisition-related intangible assets (in rental and other revenues)$636 $273 $1,154 $882 
Amortization of acquisition-related intangible assets (in rental property and other expenses)$— $140 $— $417 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,391)$(1,479)$(4,241)$(4,562)
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:

Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization)Amortization of Lease Incentives (in Rental and Other Revenues)Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues)Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)
October 1 through December 31, 2021$11,669 $381 $777 $(1,420)
202242,867 1,484 2,986 (5,290)
202338,076 1,414 2,829 (4,868)
202433,874 1,269 2,573 (4,129)
202526,988 1,195 1,667 (2,594)
Thereafter86,170 5,056 6,130 (11,903)
$239,644 $10,799 $16,962 $(30,204)
Weighted average remaining amortization periods as of September 30, 2021 (in years)7.88.87.88.4
Total Intangible Assets and Below Market Lease Liabilities from Acquisition Activity
The following table sets forth the intangible assets acquired and below market lease liabilities assumed as a result of the acquisition of real estate assets from PAC and our joint venture partner's 75.0% interest in the Forum:

Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues)Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization)Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues)
Amount recorded at acquisition$13,824 $84,298 $(8,535)
Weighted average remaining amortization periods as of September 30, 2021 (in years)7.37.28.2
v3.21.2
Mortgages and Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

September 30,
2021		December 31,
2020
Secured indebtedness$493,887 $93,350 
Unsecured indebtedness2,464,823 2,390,652 
Less-unamortized debt issuance costs(15,808)(13,981)
Total mortgages and notes payable, net$2,942,902 $2,470,021 
Schedule of Long-term Debt Instruments Assumed The following table sets forth the balances of these assumed mortgages and related unamortized debt issuance costs included in mortgages and notes payable, net on our Consolidated Balance Sheets as of September 30, 2021:
Balance at September 30, 2021
4.27% (3.61% effective rate) mortgage loan due 08/2028
$116,374 
3.61% (3.19% effective rate) mortgage loan due 08/2029
85,049 
3.40% (3.50% effective rate) mortgage loan due 04/2033
69,409 
4.60% (3.73% effective rate) mortgage loan due 01/2037
131,221 
Less-unamortized debt issuance costs(3,410)
Total$398,643 
v3.21.2
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Fair Value
The following table sets forth the fair value of our derivatives:

September 30,
2021		December 31,
2020
Derivatives:
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities:
Interest rate swaps$263 $846 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table sets forth the effect of our cash flow hedges on accumulated other comprehensive loss and interest expense:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Derivatives Designated as Cash Flow Hedges:
Amount of unrealized gains/(losses) recognized in accumulated other comprehensive loss on derivatives:
Interest rate swaps$(6)$5 $(17)$(1,231)
Amount of losses reclassified out of accumulated other comprehensive loss into interest expense:
Interest rate swaps$129 $122 $377 $125 
v3.21.2
Noncontrolling Interests (Tables) - Highwoods Properties, Inc. [Member]
 9 Months Ended
Sep. 30, 2021
Noncontrolling Interest [Line Items]  
Noncontrolling Interests in the Operating Partnership
The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Beginning noncontrolling interests in the Operating Partnership$128,180 $106,103 $112,499 $133,216 
Adjustment of noncontrolling interests in the Operating Partnership to fair value(4,262)(10,430)11,072 (46,955)
Issuances of Common Units— — — 6,163 
Conversions of Common Units to Common Stock(234)— (278)— 
Net income attributable to noncontrolling interests in the Operating Partnership1,967 1,107 5,084 7,084 
Distributions to noncontrolling interests in the Operating Partnership(1,418)(1,364)(4,144)(4,092)
Total noncontrolling interests in the Operating Partnership$124,233 $95,416 $124,233 $95,416 
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership
The following table sets forth net income available for common stockholders and transfers from the Company’s noncontrolling interests in the Operating Partnership:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Net income available for common stockholders$72,105 $40,304 $185,869 $262,805 
Increase in additional paid in capital from conversions of Common Units to Common Stock
234 — 278 — 
Issuances of Common Units— — — (6,163)
Change from net income available for common stockholders and transfers from noncontrolling interests
$72,339 $40,304 $186,147 $256,642 
v3.21.2
Disclosure About Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
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:

Level 1Level 2
TotalQuoted Prices
in Active
Markets for Identical Assets or Liabilities		Significant Observable Inputs
Fair Value at September 30, 2021:
Assets:
Mortgages and notes receivable, at fair value (1)
$1,247 $— $1,247 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,796 2,796 — 
Total Assets$4,043 $2,796 $1,247 
Noncontrolling Interests in the Operating Partnership$124,233 $124,233 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$3,089,765 $— $3,089,765 
Interest rate swaps (in accounts payable, accrued expenses and other liabilities)
263 — 263 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,796 2,796 — 
Total Liabilities
$3,092,824 $2,796 $3,090,028 
Fair Value at December 31, 2020:
Assets:
Mortgages and notes receivable, at fair value (1)
$1,341 $— $1,341 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,573 2,573 — 
Total Assets$3,914 $2,573 $1,341 
Noncontrolling Interests in the Operating Partnership$112,499 $112,499 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,639,163 $— $2,639,163 
Interest rate swaps (in accounts payable, accrued expenses and other liabilities)
846 — 846 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,573 2,573 — 
Total Liabilities
$2,642,582 $2,573 $2,640,009 
__________
(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets at September 30, 2021 and December 31, 2020.
v3.21.2
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components of Accumulated Other Comprehensive Loss
The following table sets forth the components of accumulated other comprehensive loss:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Cash flow hedges:
Beginning balance$(1,225)$(1,704)$(1,462)$(471)
Unrealized gains/(losses) on cash flow hedges(6)5 (17)(1,231)
Amortization of cash flow hedges (1)
129 122 377 125 
Total accumulated other comprehensive loss$(1,102)$(1,577)$(1,102)$(1,577)
__________
(1)    Amounts reclassified out of accumulated other comprehensive loss into interest expense.
v3.21.2
Real Estate and Other Assets Held For Sale (Tables)
 9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Real Estate and Other Assets of the Properties Classified As Held For Sale
The following table sets forth the assets held for sale at September 30, 2021 and December 31, 2020, which are considered non-core:

September 30,
2021		December 31,
2020
Assets:
Land$6,723 $2,612 
Buildings and tenant improvements102,285 12,238 
Land held for development3,482 — 
Less-accumulated depreciation(53,121)(3,577)
Net real estate assets59,369 11,273 
Accrued straight-line rents receivable7,037 — 
Deferred leasing costs, net3,285 87 
Prepaid expenses and other assets, net115 — 
Real estate and other assets, net, held for sale$69,806 $11,360 
v3.21.2
Earnings Per Share and Per Unit (Tables)
 9 Months Ended
Sep. 30, 2021
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:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Earnings per Common Share - basic:
Numerator:
Net income$75,587 $42,331 $194,286 $272,627 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(1,967)(1,107)(5,084)(7,084)
Net (income) attributable to noncontrolling interests in consolidated affiliates
(894)(298)(1,469)(872)
Dividends on Preferred Stock(621)(622)(1,864)(1,866)
Net income available for common stockholders$72,105 $40,304 $185,869 $262,805 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
104,277 103,896 104,117 103,865 
Net income available for common stockholders$0.69 $0.39 $1.79 $2.53 
Earnings per Common Share - diluted:
Numerator:
Net income$75,587 $42,331 $194,286 $272,627 
Net (income) attributable to noncontrolling interests in consolidated affiliates
(894)(298)(1,469)(872)
Dividends on Preferred Stock(621)(622)(1,864)(1,866)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$74,072 $41,411 $190,953 $269,889 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
104,277 103,896 104,117 103,865 
Add:
Stock options using the treasury method25 2 17 10 
Noncontrolling interests Common Units2,837 2,842 2,838 2,827 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
107,139 106,740 106,972 106,702 
Net income available for common stockholders$0.69 $0.39 $1.79 $2.53 
__________
(1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
Highwoods Realty Limited Partnership [Member]  
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:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Earnings per Common Unit - basic:
Numerator:
Net income$75,587 $42,331 $194,286 $272,627 
Net (income) attributable to noncontrolling interests in consolidated affiliates
(894)(298)(1,469)(872)
Distributions on Preferred Units(621)(622)(1,864)(1,866)
Net income available for common unitholders$74,072 $41,411 $190,953 $269,889 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
106,705 106,329 106,546 106,283 
Net income available for common unitholders$0.69 $0.39 $1.79 $2.54 
Earnings per Common Unit - diluted:
Numerator:
Net income$75,587 $42,331 $194,286 $272,627 
Net (income) attributable to noncontrolling interests in consolidated affiliates
(894)(298)(1,469)(872)
Distributions on Preferred Units(621)(622)(1,864)(1,866)
Net income available for common unitholders$74,072 $41,411 $190,953 $269,889 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
106,705 106,329 106,546 106,283 
Add:
Stock options using the treasury method25 2 17 10 
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions
106,730 106,331 106,563 106,293 
Net income available for common unitholders$0.69 $0.39 $1.79 $2.54 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable.
v3.21.2
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2021
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 each of our reportable segments.

Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Rental and Other Revenues:
Office:
Atlanta$36,672 $36,022 $108,385 $110,518 
Charlotte14,313 8,858 32,364 26,801 
Nashville36,136 34,661 106,873 103,780 
Orlando12,852 11,518 38,141 36,844 
Pittsburgh14,220 14,430 42,787 44,054 
Raleigh42,471 32,037 117,168 95,792 
Richmond12,050 11,878 35,263 35,972 
Tampa23,856 24,575 74,166 75,177 
Total Office Segment192,570 173,979 555,147 528,938 
Other2,925 7,064 9,655 28,058 
Total Rental and Other Revenues$195,495 $181,043 $564,802 $556,996 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net Operating Income:
Office:
Atlanta$24,157 $23,303 $71,779 $72,387 
Charlotte11,159 6,973 25,446 21,298 
Nashville27,355 25,022 78,172 74,907 
Orlando7,920 6,505 23,414 22,260 
Pittsburgh8,291 8,934 25,591 26,954 
Raleigh31,425 24,037 88,005 71,670 
Richmond7,805 8,204 24,092 25,403 
Tampa15,143 16,829 49,640 51,025 
Total Office Segment133,255 119,807 386,139 365,904 
Other1,673 4,344 5,681 16,879 
Total Net Operating Income134,928 124,151 391,820 382,783 
Reconciliation to net income:
Depreciation and amortization(66,547)(60,303)(189,423)(180,914)
Impairments of real estate assets— — — (1,778)
General and administrative expenses(10,350)(9,155)(30,409)(30,169)
Interest expense(21,986)(19,886)(60,755)(61,003)
Other income/(loss)424 (3,311)1,068 (2,654)
Gains on disposition of property38,572 10,012 80,371 163,397 
Equity in earnings of unconsolidated affiliates546 823 1,614 2,965 
Net income$75,587 $42,331 $194,286 $272,627 
Reconciliation of Assets from Segment to Consolidated
September 30, 2021December 31, 2020
Total Assets:
Office:
Atlanta$999,319 $1,011,807 
Charlotte775,852 443,051 
Nashville1,264,025 1,191,219 
Orlando284,361 289,129 
Pittsburgh312,304 313,783 
Raleigh1,276,356 839,831 
Richmond211,263 240,976 
Tampa533,400 556,951 
Total Office Segment5,656,880 4,886,747 
Other97,192 322,670 
Total Assets$5,754,072 $5,209,417 
v3.21.2
Description of Business and Significant Accounting Policies (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
ft²
a
numberOfBuildings
numberOfLoans
shares
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
ft²
a
numberOfBuildings
numberOfLoans
$ / shares
shares
Sep. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
Description of Business [Abstract]          
Rentable square feet of commercial real estate properties (in sq feet) | ft² 29,000,000   29,000,000    
Undeveloped land suitable for future development (in acres) | a 300   300    
Net proceeds of Common Stock sold during the period $ 7,508 $ 387 $ 13,405 $ 1,788  
Self insurance liability 500   500    
Deferred rents included in accounts receivable 1,200   1,200    
PAC Portfolio Acquisition [Member]          
Description of Business [Abstract]          
Acquisition purchase price 653,600        
Capitalized acquisition costs $ 4,500   $ 4,500    
Number of loans assumed in acquisition | numberOfLoans 4   4    
Fair value of debt assumed from the acquisition $ 403,000   $ 403,000    
Effective interest rate of secured debt assumed from the acquisition 3.54%   3.54%    
Term of debt instrument 10 years 8 months 12 days        
Deferred financing fees $ 3,500   $ 3,500    
150 Fayetteville Asset [Member]          
Description of Business [Abstract]          
Rentable square feet of commercial real estate properties (in sq feet) | ft² 560,000   560,000    
CAPTRUST Towers Asset [Member]          
Description of Business [Abstract]          
Rentable square feet of commercial real estate properties (in sq feet) | ft² 300,000   300,000    
Capitol Towers Asset [Member]          
Description of Business [Abstract]          
Rentable square feet of commercial real estate properties (in sq feet) | ft² 479,000   479,000    
Morrocroft Centre Asset [Member]          
Description of Business [Abstract]          
Rentable square feet of commercial real estate properties (in sq feet) | ft² 291,000   291,000    
Highwoods Properties, Inc. [Member]          
Description of Business [Abstract]          
Common Units of partnership owned by the Company (in shares) | shares 104,000,000   104,000,000    
Percentage of ownership of Common Units (in hundredths) 97.40%   97.40%   97.30%
Common Units redeemed for a like number of common shares of stock (in shares) | shares     6,238    
Highwoods Properties, Inc. [Member] | ATM Equity Offering          
Description of Business [Abstract]          
Net proceeds of Common Stock sold during the period     $ 13,600    
Number of Common Stock sold during the period (in shares) | shares     299,360    
Average price of Common Stock sold during the period (in dollars per share) | $ / shares     $ 45.96    
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 [Member]          
Description of Business [Abstract]          
Common Units of partnership not owned by the Company (in shares) | shares 2,800,000   2,800,000    
Variable Interest Entity, Primary Beneficiary [Member]          
Description of Business [Abstract]          
VIE like-kind exchange agreement (in days) 180 days        
Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member]          
Description of Business [Abstract]          
Number of 1031 transactions (minimum) | numberOfBuildings 1   1    
v3.21.2
Leases ASC 842 (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Lessor Disclosure [Abstract]        
Rental and other revenues related to operating lease payments $ 192.3 $ 178.9 $ 554.6 $ 549.5
Variable lease income 13.7 $ 12.8 42.7 $ 42.7
Lessee Disclosure [Abstract]        
Finance Lease, Liability $ 5.3   $ 5.3  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable and Accrued Liabilities   Accounts Payable and Accrued Liabilities  
Finance lease, right of use asset $ 5.3   $ 5.3  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other assets, net of accumulated depreciation of $20,891 and $21,154, respectively   Prepaid expenses and other assets, net of accumulated depreciation of $20,891 and $21,154, respectively  
Finance lease discount rate (in hundredths) 2.60%   2.60%  
Additional right of use asset $ 3.1   $ 3.1  
Minimum [Member]        
Lessor Disclosure [Abstract]        
Operating leases, term of leases (in years) 3 years   3 years  
Maximum [Member]        
Lessor Disclosure [Abstract]        
Operating leases, term of leases (in years) 10 years   10 years  
v3.21.2
Consolidated Variable Interest Entities (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Dec. 31, 2019
USD ($)
ft²
Dec. 31, 2020
USD ($)
Consolidated Variable Interest Entities [Abstract]      
Total VIE assets $ 5,754,072   $ 5,209,417
Total VIE liabilities 3,227,854   2,738,748
Assets and liabilities of consolidated variable interest entity [Abstract]      
Net real estate assets 5,018,689   4,421,285
Deferred leasing costs, net 267,405   209,329
Prepaid expense and other assets, net 77,454   62,885
Accounts payable, accrued expenses and other liabilities 284,952   $ 268,727
PAC Acquisition Variable Interest Entities [Member]      
Consolidated Variable Interest Entities [Abstract]      
Total VIE assets 669,600    
Total VIE liabilities 418,100    
Total VIE cash flows from operations 5,100    
Consolidated Variable Interest Entities [Member]      
Consolidated Variable Interest Entities [Abstract]      
Rentable square feet of office property under development (in sq feet) | ft²   150,000  
Total anticipated development costs   $ 71,300  
Contribution of cash to acquire interest in consolidated joint venture   $ 20,000  
Interest in consolidated joint venture (in hundredths)   80.00%  
Partner's contribution of property to acquire interest in consolidated joint venture   $ 5,000  
Advance to consolidated affiliate   $ 46,300  
Amount of loan funded to affiliate 25,900    
Assets and liabilities of consolidated variable interest entity [Abstract]      
Net real estate assets 52,790    
Deferred leasing costs, net 1,934    
Prepaid expense and other assets, net 170    
Accounts payable, accrued expenses and other liabilities $ 1,771    
Consolidated Variable Interest Entities [Member] | London Interbank Offered Rate (LIBOR) [Member]      
Consolidated Variable Interest Entities [Abstract]      
Variable interest rate basis   LIBOR  
Interest rate, basis spread (in hundredths)   2.50%  
Variable Interest Entity [Member]      
Consolidated Variable Interest Entities [Abstract]      
Partner's interest in consolidated joint venture (in hundredths) 20.00%    
Variable Interest Entity [Member] | Consolidated Variable Interest Entities [Member]      
Consolidated Variable Interest Entities [Abstract]      
Partner's interest in consolidated joint venture (in hundredths)   20.00%  
v3.21.2
Real Estate Asset Acquisition (Details)
$ in Thousands
Sep. 30, 2021
USD ($)
Asset Acquisition, Purchase Price Allocation [Abstract]  
Right of use asset (in prepaid expenses and other assets) $ 5,300
Lease liability (in accounts payable, accrued expenses and other liabilities) (5,300)
PAC Portfolio Acquisition [Member]  
Asset Acquisition, Purchase Price Allocation [Abstract]  
Real estate assets 593,039
Acquisition-related intangible assets (in deferred leasing costs) 61,126
Right of use asset (in prepaid expenses and other assets) 8,440
Mortgages and notes payable, net (399,527)
Acquisition-related intangible liabilities (in accounts payable, accrued expenses and other liabilities) (7,174)
Lease liability (in accounts payable, accrued expenses and other liabilities) $ (5,310)
v3.21.2
Real Estate Assets (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
ft²
numberOfOfficeBuildings
Jun. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
ft²
numberOfBuildings
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
ft²
numberOfOfficeBuildings
Sep. 30, 2020
USD ($)
Acquisitions [Abstract]            
Rentable square feet of commercial real estate properties (in sq feet) | ft² 29,000,000       29,000,000  
Dispositions [Abstract]            
Gains on disposition of property $ 38,572     $ 10,012 $ 80,371 $ 163,397
Nashville TN Land Acquisitions [Member]            
Acquisitions [Abstract]            
Acquisition purchase price $ 22,900 $ 16,100        
Expected term of purchase price payment (in years)   2 years        
Forum Buildings Acquisition [Member]            
Acquisitions [Abstract]            
Acquisition purchase price     $ 131,300      
Percentage of partner's interest in asset acquired (in hundredths)     75.00%      
Number of buildings acquired | numberOfBuildings     5      
Rentable square feet of commercial real estate properties (in sq feet) | ft²     636,000      
Dispositions [Abstract]            
Percentage of equity interest in joint venture (in hundredths)     25.00%      
2021 Dispositions            
Dispositions [Abstract]            
Number of buildings sold | numberOfOfficeBuildings 2       2  
Sale price of real estate $ 119,700 $ 43,000 $ 30,700      
Closing credits excluded for unfunded building and/or tenant improvements 4,400 900        
Gains on disposition of property $ 37,300 $ 22,900 $ 18,900      
Markel Land Disposition [Member]            
Dispositions [Abstract]            
Percentage of equity interest in joint venture (in hundredths) 50.00%       50.00%  
Joint venture sale price of real estate $ 3,000          
Joint venture gain on disposition of property $ 1,300          
v3.21.2
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Assets:          
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 406,580   $ 406,580   $ 361,027
Deferred leasing costs, accumulated amortization (139,175)   (139,175)   (151,698)
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 267,405   267,405   209,329
Liabilities (in accounts payable, accrued expenses and other liabilities):          
Acquisition-related below market lease liabilities, gross 60,802   60,802   63,748
Acquisition-related below market lease liabilities, accumulated amortization (30,598)   (30,598)   (37,838)
Acquisition-related below market lease liabilities, net 30,204   30,204   $ 25,910
Amortization of intangible assets and below market lease liabilities [Abstract]          
Acquired intangible assets (amortized in rental and other revenue) 13,824   13,824    
Acquired intangible assets (amortized in depreciation and amortization) 84,298   84,298    
Assumed below market lease liabilities (amortized in rental and other revenue) (8,535)   (8,535)    
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 239,644   239,644    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 10,070 $ 8,466 27,267 $ 25,830  
Lease Incentives (in Rental and Other Revenues) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 10,799   10,799    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 424 477 1,317 1,396  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 16,962   16,962    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 636 273 1,154 882  
Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) [Member]          
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 0 140 0 417  
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 30,204   30,204    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of acquisition-related below market lease liabilities $ (1,391) $ (1,479) $ (4,241) $ (4,562)  
v3.21.2
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Scheduled future amortization of intangible assets [Abstract]    
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 267,405 $ 209,329
Scheduled future amortization of below market lease liabilities [Abstract]    
Total scheduled future amortization of acquisition-related below market lease liabilities (30,204) $ (25,910)
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
October 1 through December 31, 2021 11,669  
2022 42,867  
2023 38,076  
2024 33,874  
2025 26,988  
Thereafter 86,170  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 239,644  
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 9 months 18 days  
Acquired intangible assets, weighted average useful life (in years) 7 years 2 months 12 days  
Lease Incentives (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
October 1 through December 31, 2021 $ 381  
2022 1,484  
2023 1,414  
2024 1,269  
2025 1,195  
Thereafter 5,056  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 10,799  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived intangible assets, average useful life (in years) 8 years 9 months 18 days  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
October 1 through December 31, 2021 $ 777  
2022 2,986  
2023 2,829  
2024 2,573  
2025 1,667  
Thereafter 6,130  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 16,962  
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 9 months 18 days  
Acquired intangible assets, weighted average useful life (in years) 7 years 3 months 18 days  
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member]    
Scheduled future amortization of below market lease liabilities [Abstract]    
October 1 through December 31, 2021 $ (1,420)  
2022 (5,290)  
2023 (4,868)  
2024 (4,129)  
2025 (2,594)  
Thereafter (11,903)  
Total scheduled future amortization of acquisition-related below market lease liabilities $ (30,204)  
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 4 months 24 days  
Assumed finite-lived below market lease liabilities, weighted average useful life (in years) 8 years 2 months 12 days  
v3.21.2
Mortgages and Notes Payable (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
numberOfLoans
Jun. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
extension
Sep. 30, 2021
USD ($)
numberOfLoans
Sep. 30, 2020
USD ($)
Oct. 19, 2021
USD ($)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]              
Mortgages and notes payable $ 2,942,902,000     $ 2,942,902,000     $ 2,470,021,000
Unamortized debt issuance costs (15,808,000)     (15,808,000)     (13,981,000)
Loss on debt extinguishment       (134,000) $ (3,671,000)    
Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Maximum borrowing capacity on credit facility     $ 750,000,000       600,000,000
Additional borrowing capacity on revolving credit facility     $ 550,000,000        
Number of additional extensions | extension     2        
Term of optional extension     6 months        
Deferred financing fees     $ 4,800,000        
Loss on debt extinguishment     $ (100,000)        
Amount outstanding on revolving credit facility 135,000,000     135,000,000      
Outstanding letters of credit on revolving credit facility 100,000     100,000      
Unused borrowing capacity on revolving credit facility 614,900,000     614,900,000      
PAC Portfolio Acquisition [Member]              
Debt Instrument [Line Items]              
Unamortized debt issuance costs $ (3,410,000)     $ (3,410,000)      
Number of loans assumed in acquisition | numberOfLoans 4     4      
Unsecured Bridge Facility Due 2022 [Member]              
Debt Instrument [Line Items]              
Maximum borrowing capacity on credit facility $ 200,000,000     $ 200,000,000      
Term of optional extension 6 months            
Deferred financing fees $ 1,000,000     1,000,000      
Amount outstanding on revolving credit facility $ 88,000,000     88,000,000      
Term of debt instrument 6 months            
3.20% (3.363% effective rate) Notes due 2021 [Member]              
Debt Instrument [Line Items]              
Loss on debt extinguishment   $ (100,000)          
Early repayment of debt   $ 150,000,000          
Stated interest rate (in hundredths)   3.20%          
Secured indebtedness [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable $ 493,887,000     493,887,000     93,350,000
Aggregate undepreciated book value of secured real estate assets 721,000,000     721,000,000      
Secured indebtedness [Member] | PAC Portfolio Acquisition [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable 398,643,000     398,643,000      
Secured indebtedness [Member] | 4.27% (3.61% effective rate) mortgage loan due 08/2028 [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable $ 116,374,000     $ 116,374,000      
Effective interest rate (in hundredths) 3.61%     3.61%      
Secured indebtedness [Member] | 3.61% (3.19% effective rate) mortgage loan due 08/2029 [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable $ 85,049,000     $ 85,049,000      
Effective interest rate (in hundredths) 3.19%     3.19%      
Secured indebtedness [Member] | 3.40% (3.50% effective rate) mortgage loan due 04/2033 [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable $ 69,409,000     $ 69,409,000      
Effective interest rate (in hundredths) 3.50%     3.50%      
Secured indebtedness [Member] | 4.60% (3.73% effective rate) mortgage loan due 01/2037 [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable $ 131,221,000     $ 131,221,000      
Effective interest rate (in hundredths) 3.73%     3.73%      
Unsecured indebtedness [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable $ 2,464,823,000     $ 2,464,823,000     $ 2,390,652,000
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Facility interest rate basis     LIBOR        
Interest rate, basis spread (in hundredths)     0.90%        
Annual facility fee (in hundredths)     0.20%        
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Bridge Facility Due 2022 [Member]              
Debt Instrument [Line Items]              
Facility interest rate basis LIBOR            
Interest rate, basis spread (in hundredths) 0.85%            
Annual facility fee (in hundredths) 0.20%            
Subsequent Event [Member] | Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Amount outstanding on revolving credit facility           $ 155,000,000  
Outstanding letters of credit on revolving credit facility           100,000  
Unused borrowing capacity on revolving credit facility           594,900,000  
Subsequent Event [Member] | Unsecured Bridge Facility Due 2022 [Member]              
Debt Instrument [Line Items]              
Amount outstanding on revolving credit facility           $ 88,000,000  
v3.21.2
Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]          
Expected net increase to interest expense $ 100   $ 100    
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities:          
Interest rate swaps 263   263   $ 846
Amount of unrealized gains/(losses) recognized in accumulated other comprehensive loss on derivatives:          
Interest rate swaps (6) $ 5 (17) $ (1,231)  
Amount of losses reclassified out of accumulated other comprehensive loss into interest expense:          
Interest rate swaps $ 129 $ 122 $ 377 $ 125  
v3.21.2
Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Noncontrolling Interests in the Operating Partnership [Roll Forward]        
Beginning noncontrolling interests in the Operating Partnership     $ 112,499  
Adjustment of noncontrolling interests in the Operating Partnership to fair value $ (4,262) $ (10,430) 11,072 $ (46,955)
Conversions of Common Units to Common Stock (234)   (278) 0
Net income attributable to noncontrolling interests in the Operating Partnership 1,967 1,107 5,084 7,084
Distributions to noncontrolling interests in the Operating Partnership     (4,144) (4,092)
Total noncontrolling interests in the Operating Partnership 124,233   124,233  
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]        
Net income available for common stockholders 72,105 40,304 185,869 262,805
Highwoods Properties, Inc. [Member]        
Noncontrolling Interests in the Operating Partnership [Roll Forward]        
Beginning noncontrolling interests in the Operating Partnership 128,180 106,103 112,499 133,216
Adjustment of noncontrolling interests in the Operating Partnership to fair value (4,262) (10,430) 11,072 (46,955)
Issuances of Common Units 0 0 0 6,163
Conversions of Common Units to Common Stock (234) 0 (278) 0
Net income attributable to noncontrolling interests in the Operating Partnership 1,967 1,107 5,084 7,084
Distributions to noncontrolling interests in the Operating Partnership (1,418) (1,364) (4,144) (4,092)
Total noncontrolling interests in the Operating Partnership 124,233 95,416 124,233 95,416
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]        
Net income available for common stockholders 72,105 40,304 185,869 262,805
Increase in additional paid in capital from conversions of Common Units to Common Stock 234 0 278 0
Issuances of Common Units 0 0 0 (6,163)
Change from net income available for common stockholders and transfers from noncontrolling interests $ 72,339 $ 40,304 $ 186,147 $ 256,642
Richmond Joint Venture [Member]        
Noncontrolling Interests in Consolidated Affiliates [Abstract]        
Consolidated joint venture, partner's interest (in hundredths) 50.00%   50.00%  
Midtown One Joint Venture [Member]        
Noncontrolling Interests in Consolidated Affiliates [Abstract]        
Consolidated joint venture, partner's interest (in hundredths) 20.00%   20.00%  
v3.21.2
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Assets:    
Mortgages and notes receivable, at fair value $ 1,247 $ 1,341
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,796 2,573
Total Assets 4,043 3,914
Liabilities:    
Mortgages and notes payable, net, at fair value 3,089,765 2,639,163
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 263 846
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,796 2,573
Total Liabilities 3,092,824 2,642,582
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) 2,796 2,573
Total Assets 2,796 2,573
Liabilities:    
Mortgages and notes payable, net, at fair value 0 0
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 0 0
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,796 2,573
Total Liabilities 2,796 2,573
Level 2 [Member]    
Assets:    
Mortgages and notes receivable, at fair value 1,247 1,341
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 0 0
Total Assets 1,247 1,341
Liabilities:    
Mortgages and notes payable, net, at fair value 3,089,765 2,639,163
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) 263 846
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 0 0
Total Liabilities 3,090,028 2,640,009
Highwoods Properties, Inc. [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 124,233 112,499
Highwoods Properties, Inc. [Member] | Level 1 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 124,233 112,499
Highwoods Properties, Inc. [Member] | Level 2 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership $ 0 $ 0
v3.21.2
Share-Based Payments (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 1,900 $ 1,200 $ 6,751 $ 4,980
Total unrecognized share-based compensation costs $ 5,300   $ 5,300  
Weighted average remaining contractual term for recognition of unrecognized share-based compensation costs (in years)     1 year 10 months 24 days  
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)     103,120  
Weighted average grant date fair value of each restricted stock share granted (in dollars per share)     $ 39.99  
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)     81,464  
Weighted average grant date fair value of each restricted stock share granted (in dollars per share)     $ 36.41  
v3.21.2
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Accumulated Other Comprehensive Loss Calculation [Roll Forward]        
Beginning balance $ (1,225) $ (1,704) $ (1,462) $ (471)
Unrealized gains/(losses) on cash flow hedges (6) 5 (17) (1,231)
Amortization of cash flow hedges 129 122 377 125
Total accumulated other comprehensive loss $ (1,102) $ (1,577) $ (1,102) $ (1,577)
v3.21.2
Real Estate and Other Assets Held For Sale (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Real Estate and Other Assets Held For Sale [Abstract]    
Land $ 6,723 $ 2,612
Buildings and tenant improvements 102,285 12,238
Land held for development 3,482 0
Less-accumulated depreciation (53,121) (3,577)
Net real estate assets 59,369 11,273
Accrued straight-line rents receivable 7,037 0
Deferred leasing costs, net 3,285 87
Prepaid expenses and other assets, net 115 0
Real estate and other assets, net, held for sale $ 69,806 $ 11,360
v3.21.2
Earnings Per Share and Per Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Earnings per Common Share and Per Unit - basic: [Abstract]        
Net income $ 75,587 $ 42,331 $ 194,286 $ 272,627
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,967) (1,107) (5,084) (7,084)
Net (income) attributable to noncontrolling interests in consolidated affiliates (894) (298) (1,469) (872)
Dividends on Preferred Stock (621) (622) (1,864) (1,866)
Net income available for common stockholders $ 72,105 $ 40,304 $ 185,869 $ 262,805
Denominator:        
Denominator for basic earnings per Common Share - weighted average shares (in shares) 104,277 103,896 104,117 103,865
Earnings per Common Share - basic:        
Net income available for common stockholders (in dollars per share) $ 0.69 $ 0.39 $ 1.79 $ 2.53
Earnings per Common Share and Per Unit - diluted: [Abstract]        
Net income $ 75,587 $ 42,331 $ 194,286 $ 272,627
Net (income) attributable to noncontrolling interests in consolidated affiliates (894) (298) (1,469) (872)
Dividends on Preferred Stock (621) (622) (1,864) (1,866)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 74,072 $ 41,411 $ 190,953 $ 269,889
Denominator:        
Denominator for basic earnings per Common Share - weighted average shares (in shares) 104,277 103,896 104,117 103,865
Stock options using the treasury method (in shares) 25 2 17 10
Noncontrolling interests Common Units (in shares) 2,837 2,842 2,838 2,827
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) 107,139 106,740 106,972 106,702
Earnings per Common Share - diluted:        
Net income available for common stockholders (in dollars per share) $ 0.69 $ 0.39 $ 1.79 $ 2.53
Highwoods Realty Limited Partnership [Member]        
Earnings per Common Share and Per Unit - basic: [Abstract]        
Net income $ 75,587 $ 42,331 $ 194,286 $ 272,627
Net (income) attributable to noncontrolling interests in consolidated affiliates (894) (298) (1,469) (872)
Distributions on Preferred Units (621) (622) (1,864) (1,866)
Net income available for common unitholders $ 74,072 $ 41,411 $ 190,953 $ 269,889
Denominator:        
Denominator for basic earnings per Common Unit - weighted average units (in shares) 106,705 106,329 106,546 106,283
Earnings per Common Unit - basic:        
Net income available for common unitholders (in dollars per share) $ 0.69 $ 0.39 $ 1.79 $ 2.54
Earnings per Common Share and Per Unit - diluted: [Abstract]        
Net income $ 75,587 $ 42,331 $ 194,286 $ 272,627
Net (income) attributable to noncontrolling interests in consolidated affiliates (894) (298) (1,469) (872)
Distributions on Preferred Units (621) (622) (1,864) (1,866)
Net income available for common unitholders $ 74,072 $ 41,411 $ 190,953 $ 269,889
Denominator:        
Denominator for basic earnings per Common Unit - weighted average units (in shares) 106,705 106,329 106,546 106,283
Stock options using the treasury method (in shares) 25 2 17 10
Denominator for diluted earnings per Common Unit - adjusted weighted average units and assumed conversions (in shares) 106,730 106,331 106,563 106,293
Earnings per Common Unit - diluted:        
Net income available for common unitholders (in dollars per share) $ 0.69 $ 0.39 $ 1.79 $ 2.54
v3.21.2
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues $ 195,495 $ 181,043 $ 564,802 $ 556,996  
Total Net Operating Income 134,928 124,151 391,820 382,783  
Total Assets 5,754,072   5,754,072   $ 5,209,417
Reconciliation to net income:          
Depreciation and amortization (66,547) (60,303) (189,423) (180,914)  
Impairments of real estate assets 0 0 0 (1,778)  
General and administrative expenses (10,350) (9,155) (30,409) (30,169)  
Interest expense (21,986) (19,886) (60,755) (61,003)  
Other income 424 (3,311) 1,068 (2,654)  
Gains on disposition of property 38,572 10,012 80,371 163,397  
Equity in earnings of unconsolidated affiliates 546 823 1,614 2,965  
Net income 75,587 42,331 194,286 272,627  
Total Office Segment [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 192,570 173,979 555,147 528,938  
Total Net Operating Income 133,255 119,807 386,139 365,904  
Total Assets 5,656,880   5,656,880   4,886,747
Office Atlanta, GA [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 36,672 36,022 108,385 110,518  
Total Net Operating Income 24,157 23,303 71,779 72,387  
Total Assets 999,319   999,319   1,011,807
Office Charlotte, NC [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 14,313 8,858 32,364 26,801  
Total Net Operating Income 11,159 6,973 25,446 21,298  
Total Assets 775,852   775,852   443,051
Office Nashville, TN [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 36,136 34,661 106,873 103,780  
Total Net Operating Income 27,355 25,022 78,172 74,907  
Total Assets 1,264,025   1,264,025   1,191,219
Office Orlando, FL [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 12,852 11,518 38,141 36,844  
Total Net Operating Income 7,920 6,505 23,414 22,260  
Total Assets 284,361   284,361   289,129
Office Pittsburgh, PA [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 14,220 14,430 42,787 44,054  
Total Net Operating Income 8,291 8,934 25,591 26,954  
Total Assets 312,304   312,304   313,783
Office Raleigh, NC [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 42,471 32,037 117,168 95,792  
Total Net Operating Income 31,425 24,037 88,005 71,670  
Total Assets 1,276,356   1,276,356   839,831
Office Richmond, VA [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 12,050 11,878 35,263 35,972  
Total Net Operating Income 7,805 8,204 24,092 25,403  
Total Assets 211,263   211,263   240,976
Office Tampa, FL [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 23,856 24,575 74,166 75,177  
Total Net Operating Income 15,143 16,829 49,640 51,025  
Total Assets 533,400   533,400   556,951
Other [Member]          
Segment Reporting Information [Line Items]          
Total Rental and Other Revenues 2,925 7,064 9,655 28,058  
Total Net Operating Income 1,673 $ 4,344 5,681 $ 16,879  
Total Assets $ 97,192   $ 97,192   $ 322,670
v3.21.2
Subsequent Events (Details) - Nashville TN Land Acquisitions [Member] - USD ($)
$ in Millions
 3 Months Ended
Oct. 04, 2021
Sep. 30, 2021
Jun. 30, 2021
Subsequent Event [Line Items]      
Acquisition purchase price   $ 22.9 $ 16.1
Subsequent Event [Member]      
Subsequent Event [Line Items]      
Acquisition purchase price $ 35.1