HIGHWOODS PROPERTIES, INC., 10-Q filed on 10/22/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 15, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
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 150 Fayetteville Street  
Entity Address, Address Line Two Suite 1400  
Entity Address, City or Town Raleigh  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 27601  
City Area Code 919  
Local Phone Number 872-4924  
Title of 12(b) Security Common Stock, $.01 par value, of Highwoods Properties, Inc.  
Trading Symbol HIW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   106,020,426
Entity Central Index Key 0000921082  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Highwoods Realty Limited Partnership    
Entity Information [Line Items]    
Entity Registrant Name HIGHWOODS REALTY LIMITED PARTNERSHIP  
Entity Incorporation, State or Country Code NC  
Entity File Number 000-21731  
Entity Tax Identification Number 56-1869557  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000941713  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
HPI - Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Real estate assets, at cost:    
Land $ 533,361 $ 540,050
Buildings and tenant improvements 5,939,774 5,960,895
Development in-process 0 8,918
Land held for development 221,548 227,058
Total real estate assets 6,694,683 6,736,921
Less-accumulated depreciation (1,823,875) (1,743,390)
Net real estate assets 4,870,808 4,993,531
Cash and cash equivalents 23,650 25,123
Restricted cash 10,283 6,446
Accounts receivable 26,088 28,094
Mortgages and notes receivable 11,084 4,795
Accrued straight-line rents receivable 315,068 310,649
Investments in and advances to unconsolidated affiliates 482,693 343,241
Deferred leasing costs, net of accumulated amortization of $172,702 and $175,697, respectively 213,409 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $19,596 and $22,142, respectively 74,827 65,125
Total Assets 6,027,910 6,002,928
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:    
Mortgages and notes payable, net 3,295,521 3,213,206
Accounts payable, accrued expenses and other liabilities 295,191 302,180
Total Liabilities 3,590,712 3,515,386
Commitments and contingencies
Noncontrolling interests in the Operating Partnership 72,094 49,520
Equity:    
Preferred Stock, $.01 par value, 50,000,000 authorized shares; 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,811 shares issued and outstanding 28,811 28,811
Common Stock, $.01 par value, 200,000,000 authorized shares; 106,020,426 and 105,710,315 shares issued and outstanding, respectively 1,060 1,057
Additional paid-in capital 3,086,411 3,103,446
Distributions in excess of net income available for common stockholders (753,404) (698,020)
Accumulated other comprehensive loss (2,184) (1,997)
Total Stockholders’ Equity 2,360,694 2,433,297
Noncontrolling interests in consolidated affiliates 4,410 4,725
Total Equity/Capital 2,365,104 2,438,022
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 6,027,910 $ 6,002,928
v3.24.3
HPI - Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Assets:      
Deferred leasing costs, accumulated amortization   $ 172,702 $ 175,697
Prepaid expenses and other assets, accumulated depreciation   $ 19,596 $ 22,142
Equity:      
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)   28,811 28,811
Series A Preferred Stock, shares outstanding (in shares)   28,811 28,811
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)   106,020,426 105,710,315
Common Stock, shares outstanding (in shares)   106,020,426 105,710,315
v3.24.3
HRLP - Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Real estate assets, at cost:    
Land $ 533,361 $ 540,050
Buildings and tenant improvements 5,939,774 5,960,895
Development in-process 0 8,918
Land held for development 221,548 227,058
Total real estate assets 6,694,683 6,736,921
Less-accumulated depreciation (1,823,875) (1,743,390)
Net real estate assets 4,870,808 4,993,531
Cash and cash equivalents 23,650 25,123
Restricted cash 10,283 6,446
Accounts receivable 26,088 28,094
Mortgages and notes receivable 11,084 4,795
Accrued straight-line rents receivable 315,068 310,649
Investments in and advances to unconsolidated affiliates 482,693 343,241
Deferred leasing costs, net of accumulated amortization of $172,702 and $175,697, respectively 213,409 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $19,596 and $22,142, respectively 74,827 65,125
Total Assets 6,027,910 6,002,928
Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 3,295,521 3,213,206
Accounts payable, accrued expenses and other liabilities 295,191 302,180
Total Liabilities 3,590,712 3,515,386
Commitments and contingencies
Capital:    
Accumulated other comprehensive loss (2,184) (1,997)
Noncontrolling interests in consolidated affiliates 4,410 4,725
Total Equity/Capital 2,365,104 2,438,022
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital 6,027,910 6,002,928
Highwoods Realty Limited Partnership    
Real estate assets, at cost:    
Land 533,361 540,050
Buildings and tenant improvements 5,939,774 5,960,895
Development in-process 0 8,918
Land held for development 221,548 227,058
Total real estate assets 6,694,683 6,736,921
Less-accumulated depreciation (1,823,875) (1,743,390)
Net real estate assets 4,870,808 4,993,531
Cash and cash equivalents 23,650 25,123
Restricted cash 10,283 6,446
Accounts receivable 26,088 28,094
Mortgages and notes receivable 11,084 4,795
Accrued straight-line rents receivable 315,068 310,649
Investments in and advances to unconsolidated affiliates 482,693 343,241
Deferred leasing costs, net of accumulated amortization of $172,702 and $175,697, respectively 213,409 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $19,596 and $22,142, respectively 74,827 65,125
Total Assets 6,027,910 6,002,928
Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 3,295,521 3,213,206
Accounts payable, accrued expenses and other liabilities 295,191 302,180
Total Liabilities 3,590,712 3,515,386
Commitments and contingencies
Redeemable Operating Partnership Units:    
Common Units, 2,151,423 and 2,156,808 outstanding, respectively 72,094 49,520
Series A Preferred Units (liquidation preference $1,000 per unit), 28,811 units issued and outstanding 28,811 28,811
Total Redeemable Operating Partnership Units 100,905 78,331
Capital:    
General partner Common Units, 1,077,630 and 1,074,583 outstanding, respectively 23,340 24,064
Limited partner Common Units, 104,533,987 and 104,226,923 outstanding, respectively 2,310,727 2,382,419
Accumulated other comprehensive loss (2,184) (1,997)
Noncontrolling interests in consolidated affiliates 4,410 4,725
Total Equity/Capital 2,336,293 2,409,211
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 6,027,910 $ 6,002,928
v3.24.3
HRLP - Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Deferred leasing costs, accumulated amortization $ 172,702 $ 175,697
Prepaid expenses and other assets, accumulated depreciation 19,596 22,142
Highwoods Realty Limited Partnership    
Assets:    
Deferred leasing costs, accumulated amortization 172,702 175,697
Prepaid expenses and other assets, accumulated depreciation $ 19,596 $ 22,142
Redeemable Operating Partnership Units: [Abstract]    
Redeemable Common Units outstanding (in shares) 2,151,423 2,156,808
Series A Preferred Units, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Series A Preferred Units, issued (in shares) 28,811 28,811
Series A Preferred Units, outstanding (in shares) 28,811 28,811
Common Units: [Abstract]    
General partners' capital account, units outstanding (in shares) 1,077,630 1,074,583
Limited partners' capital account, units outstanding (in shares) 104,533,987 104,226,923
v3.24.3
HPI - Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Rental and other revenues $ 204,323 $ 207,095 $ 620,336 $ 627,138
Operating expenses:        
Rental property and other expenses 65,706 67,193 200,700 199,231
Depreciation and amortization 79,116 74,765 226,532 220,416
General and administrative 9,898 8,873 31,754 30,668
Total operating expenses 154,720 150,831 458,986 450,315
Interest expense 37,472 34,247 109,928 101,408
Other income 1,872 754 10,559 3,082
Gains on disposition of property 350 0 42,581 19,818
Gain on deconsolidation of affiliate 0 0 0 11,778
Equity in earnings of unconsolidated affiliates 1,116 400 2,890 1,902
Net income 15,469 23,171 107,452 111,995
Net (income) attributable to noncontrolling interests in the Operating Partnership (297) (453) (2,111) (2,386)
Net loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488
Dividends on Preferred Stock (622) (622) (1,864) (1,864)
Net income available for common stockholders $ 14,558 $ 22,101 $ 103,492 $ 108,233
Earnings per Common Share – basic:        
Net income available for common stockholders (in dollars per share) $ 0.14 $ 0.21 $ 0.98 $ 1.03
Weighted average Common Shares outstanding - basic (in shares) 106,010 105,671 105,937 105,473
Earnings per Common Share - diluted:        
Net income available for common stockholders (in dollars per share) $ 0.14 $ 0.21 $ 0.98 $ 1.03
Weighted average Common Shares outstanding - diluted (in shares) 108,161 107,832 108,089 107,762
v3.24.3
HRLP - Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Rental and other revenues $ 204,323 $ 207,095 $ 620,336 $ 627,138
Operating expenses:        
Rental property and other expenses 65,706 67,193 200,700 199,231
Depreciation and amortization 79,116 74,765 226,532 220,416
General and administrative 9,898 8,873 31,754 30,668
Total operating expenses 154,720 150,831 458,986 450,315
Interest expense 37,472 34,247 109,928 101,408
Other income 1,872 754 10,559 3,082
Gains on disposition of property 350 0 42,581 19,818
Gain on deconsolidation of affiliate 0 0 0 11,778
Equity in earnings of unconsolidated affiliates 1,116 400 2,890 1,902
Net income 15,469 23,171 107,452 111,995
Net loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488
Highwoods Realty Limited Partnership        
Rental and other revenues 204,323 207,095 620,336 627,138
Operating expenses:        
Rental property and other expenses 65,706 67,193 200,700 199,231
Depreciation and amortization 79,116 74,765 226,532 220,416
General and administrative 9,898 8,873 31,754 30,668
Total operating expenses 154,720 150,831 458,986 450,315
Interest expense 37,472 34,247 109,928 101,408
Other income 1,872 754 10,559 3,082
Gains on disposition of property 350 0 42,581 19,818
Gain on deconsolidation of affiliate 0 0 0 11,778
Equity in earnings of unconsolidated affiliates 1,116 400 2,890 1,902
Net income 15,469 23,171 107,452 111,995
Net loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488
Distributions on Preferred Units (622) (622) (1,864) (1,864)
Net income available for common unitholders $ 14,855 $ 22,554 $ 105,603 $ 110,619
Earnings per Common Unit - basic:        
Net income available for common unitholders (in dollars per share) $ 0.14 $ 0.21 $ 0.98 $ 1.03
Weighted average Common Units outstanding - basic (in shares) 107,752 107,423 107,680 107,353
Earnings per Common Unit - diluted:        
Net income available for common unitholders (in dollars per share) $ 0.14 $ 0.21 $ 0.98 $ 1.03
Weighted average Common Units outstanding - diluted (in shares) 107,752 107,423 107,680 107,353
v3.24.3
HPI - Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Comprehensive income:        
Net income $ 15,469 $ 23,171 $ 107,452 $ 111,995
Other comprehensive loss:        
Amortization of cash flow hedges (63) (74) (187) (223)
Total other comprehensive loss (63) (74) (187) (223)
Total comprehensive income 15,406 23,097 107,265 111,772
Less-comprehensive (income) attributable to noncontrolling interests (289) (448) (2,096) (1,898)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 15,117 $ 22,649 $ 105,169 $ 109,874
v3.24.3
HRLP - Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Comprehensive income:        
Net income $ 15,469 $ 23,171 $ 107,452 $ 111,995
Other comprehensive loss:        
Amortization of cash flow hedges (63) (74) (187) (223)
Other comprehensive loss (63) (74) (187) (223)
Total comprehensive income 15,406 23,097 107,265 111,772
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates (289) (448) (2,096) (1,898)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders 15,117 22,649 105,169 109,874
Highwoods Realty Limited Partnership        
Comprehensive income:        
Net income 15,469 23,171 107,452 111,995
Other comprehensive loss:        
Amortization of cash flow hedges (63) (74) (187) (223)
Other comprehensive loss (63) (74) (187) (223)
Total comprehensive income 15,406 23,097 107,265 111,772
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 15,414 $ 23,102 $ 107,280 $ 112,260
v3.24.3
HPI - Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Highwoods Realty Limited Partnership
Highwoods Realty Limited Partnership
General Partners' Common Units [Member]
Highwoods Realty Limited Partnership
Limited Partners' Common Units [Member]
Highwoods Realty Limited Partnership
Accumulated Other Comprehensive Income (Loss) [Member]
Highwoods Realty Limited Partnership
Noncontrolling Interests in Consolidated Affiliates [Member]
Common Stock [Member]
Series A Cumulative Redeemable Preferred Shares [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interests in Consolidated Affiliates [Member]
Distributions in Excess of Net Income Available for Common Stockholders [Member]
Balance (in shares) at Dec. 31, 2022             105,210,858          
Balance at Dec. 31, 2022 $ 2,499,000 $ 2,470,179 $ 24,492 $ 2,424,663 $ (1,211) $ 22,235 $ 1,052 $ 28,821 $ 3,081,330 $ (1,211) $ 22,235 $ (633,227)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Stock, net of issuance costs and tax withholdings - shares             10,010          
Issuances of Common Stock, net of issuance costs and tax withholdings (202)           $ 2   (204)      
Conversions of Common Units to Common Stock - Shares             193,907          
Conversions of Common Units to Common Stock 4,795               4,795      
Dividends on Common Stock (158,177)                     (158,177)
Dividends on Preferred Stock (1,864)                     (1,864)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 15,521               15,521      
Issuances of restricted stock - shares             282,453          
Issuances of restricted stock 0                      
Redemptions/repurchases of Preferred Stock (10)             (10)        
Share-based compensation expense, net of forfeitures - shares             (3,967)          
Share-based compensation expense, net of forfeitures 6,154 6,154 62 6,092     $ 3   6,151      
Net (income) attributable to noncontrolling interests in the Operating Partnership (2,386)                     (2,386)
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 5 483   (488)         (488) 488
Deconsolidation of affiliate (17,281)         (17,281)         (17,281)  
Comprehensive income:                        
Net income 111,995 111,995 1,120 110,875               111,995
Other comprehensive loss (223) (223)     (223)         (223)    
Total comprehensive income 111,772 111,772                    
Balance (in shares) at Sep. 30, 2023             105,693,261          
Balance at Sep. 30, 2023 2,457,322 2,428,511 24,255 2,401,224 (1,434) 4,466 $ 1,057 28,811 3,107,593 (1,434) 4,466 (683,171)
Balance (in shares) at Dec. 31, 2022             105,210,858          
Balance at Dec. 31, 2022 $ 2,499,000 2,470,179 24,492 2,424,663 (1,211) 22,235 $ 1,052 28,821 3,081,330 (1,211) 22,235 (633,227)
Balance (in shares) at Dec. 31, 2023 105,710,315           105,710,315          
Balance at Dec. 31, 2023 $ 2,438,022 2,409,211 24,064 2,382,419 (1,997) 4,725 $ 1,057 28,811 3,103,446 (1,997) 4,725 (698,020)
Balance (in shares) at Jun. 30, 2023             105,472,213          
Balance at Jun. 30, 2023 2,475,813 2,447,002 24,439 2,419,452 (1,360) 4,471 $ 1,055 28,811 3,095,272 (1,360) 4,471 (652,436)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Stock, net of issuance costs and tax withholdings - shares             17,521          
Issuances of Common Stock, net of issuance costs and tax withholdings 361           $ 2   359      
Conversions of Common Units to Common Stock - Shares             193,907          
Conversions of Common Units to Common Stock 4,795               4,795      
Dividends on Common Stock (52,836)                     (52,836)
Dividends on Preferred Stock (622)                     (622)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 6,334               6,334      
Issuances of restricted stock - shares             9,620          
Issuances of restricted stock 0                      
Share-based compensation expense, net of forfeitures - shares             0          
Share-based compensation expense, net of forfeitures 833 833 9 824         833      
Net (income) attributable to noncontrolling interests in the Operating Partnership (453)                     (453)
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 5   (5)         (5) 5
Comprehensive income:                        
Net income 23,171 23,171 232 22,939               23,171
Other comprehensive loss (74) (74)     (74)         (74)    
Total comprehensive income 23,097 23,097                    
Balance (in shares) at Sep. 30, 2023             105,693,261          
Balance at Sep. 30, 2023 $ 2,457,322 2,428,511 24,255 2,401,224 (1,434) 4,466 $ 1,057 28,811 3,107,593 (1,434) 4,466 (683,171)
Balance (in shares) at Dec. 31, 2023 105,710,315           105,710,315          
Balance at Dec. 31, 2023 $ 2,438,022 2,409,211 24,064 2,382,419 (1,997) 4,725 $ 1,057 28,811 3,103,446 (1,997) 4,725 (698,020)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Stock, net of issuance costs and tax withholdings - shares             (19,806)          
Issuances of Common Stock, net of issuance costs and tax withholdings (343)           $ 0   (343)      
Conversions of Common Units to Common Stock - Shares             5,385          
Conversions of Common Units to Common Stock 132               132      
Dividends on Common Stock (158,876)                     (158,876)
Dividends on Preferred Stock (1,864)                     (1,864)
Adjustment of noncontrolling interests in the Operating Partnership to fair value (23,822)               (23,822)      
Distributions to noncontrolling interests in consolidated affiliates (300) (300)       (300)         (300)  
Issuances of restricted stock - shares             324,532          
Issuances of restricted stock 0                      
Share-based compensation expense, net of forfeitures - shares             0          
Share-based compensation expense, net of forfeitures 7,001 7,001 70 6,931     $ 3   6,998      
Net (income) attributable to noncontrolling interests in the Operating Partnership (2,111)                     (2,111)
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 15   (15)         (15) 15
Comprehensive income:                        
Net income 107,452 107,452 1,075 106,377               107,452
Other comprehensive loss (187) (187)     (187)         (187)    
Total comprehensive income $ 107,265 107,265                    
Balance (in shares) at Sep. 30, 2024 106,020,426           106,020,426          
Balance at Sep. 30, 2024 $ 2,365,104 2,336,293 23,340 2,310,727 (2,184) 4,410 $ 1,060 28,811 3,086,411 (2,184) 4,410 (753,404)
Balance (in shares) at Jun. 30, 2024             106,010,262          
Balance at Jun. 30, 2024 2,418,793 2,389,982 23,875 2,363,610 (2,121) 4,618 $ 1,060 28,811 3,101,381 (2,121) 4,618 (714,956)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Stock, net of issuance costs and tax withholdings - shares             10,164          
Issuances of Common Stock, net of issuance costs and tax withholdings 342           $ 0   342      
Dividends on Common Stock (53,006)                     (53,006)
Dividends on Preferred Stock (622)                     (622)
Adjustment of noncontrolling interests in the Operating Partnership to fair value (16,355)               (16,355)      
Distributions to noncontrolling interests in consolidated affiliates (200) (200)       (200)         (200)  
Share-based compensation expense, net of forfeitures - shares             0          
Share-based compensation expense, net of forfeitures 1,043 1,043 10 1,033     $ 0   1,043      
Net (income) attributable to noncontrolling interests in the Operating Partnership (297)                     (297)
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 8   (8)         (8) 8
Comprehensive income:                        
Net income 15,469 15,469 155 15,314               15,469
Other comprehensive loss (63) (63)     (63)         (63)    
Total comprehensive income $ 15,406 15,406                    
Balance (in shares) at Sep. 30, 2024 106,020,426           106,020,426          
Balance at Sep. 30, 2024 $ 2,365,104 $ 2,336,293 $ 23,340 $ 2,310,727 $ (2,184) $ 4,410 $ 1,060 $ 28,811 $ 3,086,411 $ (2,184) $ 4,410 $ (753,404)
v3.24.3
HPI - Consolidated Statements of Equity (Parentheticals) - Highwoods Properties, Inc. [Member] - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dividends on Common Stock (per share) $ 0.50 $ 0.50 $ 1.50 $ 1.50
Series A Cumulative Redeemable Preferred Shares [Member]        
Dividends on Preferred Stock (per share) $ 21.5625 $ 21.5625 $ 64.6875 $ 64.6875
v3.24.3
HRLP - Consolidated Statements of Capital - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance $ 2,418,793 $ 2,475,813 $ 2,438,022 $ 2,499,000
Share-based compensation expense, net of forfeitures 1,043 833 7,001 6,154
Distributions to noncontrolling interests in consolidated affiliates (200)   (300)  
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 0
Deconsolidation of affiliate       (17,281)
Comprehensive income:        
Net income 15,469 23,171 107,452 111,995
Other comprehensive loss (63) (74) (187) (223)
Total comprehensive income 15,406 23,097 107,265 111,772
Balance 2,365,104 2,457,322 2,365,104 2,457,322
Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 2,389,982 2,447,002 2,409,211 2,470,179
Issuances of Common Units, net of issuance costs and tax withholdings 342 361 (343) (202)
Redemption of Common Units       (163)
Distributions on Common Units (53,877) (53,709) (161,489) (160,995)
Distributions on Preferred Units (622) (622) (1,864) (1,864)
Share-based compensation expense, net of forfeitures 1,043 833 7,001 6,154
Distributions to noncontrolling interests in consolidated affiliates (200)   (300)  
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (15,781) 11,549 (23,188) 20,911
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 0
Comprehensive income:        
Net income 15,469 23,171 107,452 111,995
Other comprehensive loss (63) (74) (187) (223)
Total comprehensive income 15,406 23,097 107,265 111,772
Balance 2,336,293 2,428,511 2,336,293 2,428,511
General Partners' Common Units [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 23,875 24,439 24,064 24,492
Issuances of Common Units, net of issuance costs and tax withholdings 4 4 (3) (2)
Redemption of Common Units       (2)
Distributions on Common Units (539) (537) (1,615) (1,610)
Distributions on Preferred Units (7) (7) (19) (19)
Share-based compensation expense, net of forfeitures 10 9 70 62
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (158) 115 (232) 209
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 5
Comprehensive income:        
Net income 155 232 1,075 1,120
Balance 23,340 24,255 23,340 24,255
Limited Partners' Common Units [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 2,363,610 2,419,452 2,382,419 2,424,663
Issuances of Common Units, net of issuance costs and tax withholdings 338 357 (340) (200)
Redemption of Common Units       (161)
Distributions on Common Units (53,338) (53,172) (159,874) (159,385)
Distributions on Preferred Units (615) (615) (1,845) (1,845)
Share-based compensation expense, net of forfeitures 1,033 824 6,931 6,092
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (15,623) 11,434 (22,956) 20,702
Net loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 483
Comprehensive income:        
Net income 15,314 22,939 106,377 110,875
Balance 2,310,727 2,401,224 2,310,727 2,401,224
Accumulated Other Comprehensive Income (Loss) [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance (2,121) (1,360) (1,997) (1,211)
Comprehensive income:        
Other comprehensive loss (63) (74) (187) (223)
Balance (2,184) (1,434) (2,184) (1,434)
Noncontrolling Interests in Consolidated Affiliates [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 4,618 4,471 4,725 22,235
Distributions to noncontrolling interests in consolidated affiliates (200)   (300)  
Net loss attributable to noncontrolling interests in consolidated affiliates (8) (5) (15) (488)
Deconsolidation of affiliate       (17,281)
Comprehensive income:        
Balance $ 4,410 $ 4,466 $ 4,410 $ 4,466
v3.24.3
HRLP - Consolidated Statements of Capital (Parentheticals) - Highwoods Realty Limited Partnership - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Distributions on Common Units (per unit) $ 0.50 $ 0.50 $ 1.50 $ 1.50
Series A Cumulative Redeemable Preferred Shares [Member]        
Distributions on Preferred Units (per unit) $ 21.5625 $ 21.5625 $ 64.6875 $ 64.6875
v3.24.3
HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 107,452 $ 111,995
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 226,532 220,416
Amortization of lease incentives and acquisition-related intangible assets and liabilities 866 712
Share-based compensation expense 7,001 6,154
Net credit losses on operating lease receivables 1,831 1,850
Accrued interest on mortgages and notes receivable (321) (750)
Amortization of debt issuance costs 4,214 3,645
Amortization of cash flow hedges (187) (223)
Amortization of mortgages and notes payable fair value adjustments 84 (257)
Losses on debt extinguishment 173 0
Net gains on disposition of property (42,581) (19,818)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (2,890) (1,902)
Distributions of earnings from unconsolidated affiliates 4,282 1,153
Changes in operating assets and liabilities:    
Accounts receivable 1,162 1,182
Prepaid expenses and other assets (961) (4,376)
Accrued straight-line rents receivable (7,735) (20,196)
Accounts payable, accrued expenses and other liabilities 936 (3,636)
Net cash provided by operating activities 299,858 284,171
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired 0 (18,544)
Investments in development in-process (4,149) (26,179)
Investments in tenant improvements and deferred leasing costs (102,791) (68,625)
Investments in building improvements (27,827) (55,155)
Net proceeds from disposition of real estate assets 81,659 51,538
Distributions of capital from unconsolidated affiliates 6,254 3,864
Investments in mortgages and notes receivable (6,229) (9,763)
Repayments of mortgages and notes receivable 47 200
Investments in and advances to unconsolidated affiliates (147,452) (100,052)
Repayments of preferred equity from unconsolidated affiliates 0 80,000
Changes in earnest money deposits 0 15,500
Changes in other investing activities (4,475) (3,751)
Net cash used in investing activities (204,963) (130,967)
Financing activities:    
Dividends on Common Stock (158,876) (158,177)
Redemptions/repurchases of Preferred Stock 0 (10)
Redemptions of Common Units 0 (163)
Dividends on Preferred Stock (1,864) (1,864)
Distributions to noncontrolling interests in the Operating Partnership (3,227) (3,432)
Payments of Distributions to Affiliates (300) 0
Proceeds from the issuance of Common Stock 1,094 1,349
Costs paid for the issuance of Common Stock 0 (226)
Repurchase of shares related to tax withholdings (1,437) (1,325)
Borrowings on revolving credit facility 228,000 219,000
Repayments of revolving credit facility (143,000) (400,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (5,238) (5,018)
Payments for debt issuance costs and other financing activities (7,683) (2,347)
Net cash used in financing activities (92,531) (152,213)
Net increase in cash and cash equivalents and restricted cash 2,364 991
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105
Cash and cash equivalents and restricted cash at end of the period 33,933 20,710
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 23,650 16,901
Restricted cash at end of the period 10,283 3,809
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 112,667 105,342
Supplemental disclosure of non-cash investing and financing activities:    
Conversions of Common Units to Common Stock 132 4,795
Changes in accrued capital expenditures [1] (4,273) 17,275
Write-off of fully depreciated real estate assets 79,956 54,489
Write-off of fully amortized leasing costs 37,032 25,605
Write-off of fully amortized debt issuance costs 4,083 0
Adjustment of noncontrolling interests in the Operating Partnership to fair value 23,822 (15,521)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 51,300 $ 70,700
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of September 30, 2024 and 2023 were $51.3 million and $70.7 million, respectively.
v3.24.3
HRLP - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 107,452 $ 111,995
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 226,532 220,416
Amortization of lease incentives and acquisition-related intangible assets and liabilities 866 712
Share-based compensation expense 7,001 6,154
Net credit losses on operating lease receivables 1,831 1,850
Accrued interest on mortgages and notes receivable (321) (750)
Amortization of debt issuance costs 4,214 3,645
Amortization of cash flow hedges (187) (223)
Amortization of mortgages and notes payable fair value adjustments 84 (257)
Losses on debt extinguishment 173 0
Net gains on disposition of property (42,581) (19,818)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (2,890) (1,902)
Distributions of earnings from unconsolidated affiliates 4,282 1,153
Changes in operating assets and liabilities:    
Accounts receivable 1,162 1,182
Prepaid expenses and other assets (961) (4,376)
Accrued straight-line rents receivable (7,735) (20,196)
Accounts payable, accrued expenses and other liabilities 936 (3,636)
Net cash provided by operating activities 299,858 284,171
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired 0 (18,544)
Investments in development in-process (4,149) (26,179)
Investments in tenant improvements and deferred leasing costs (102,791) (68,625)
Investments in building improvements (27,827) (55,155)
Net proceeds from disposition of real estate assets 81,659 51,538
Distributions of capital from unconsolidated affiliates 6,254 3,864
Investments in mortgages and notes receivable (6,229) (9,763)
Repayments of mortgages and notes receivable 47 200
Investments in and advances to unconsolidated affiliates (147,452) (100,052)
Repayments of preferred equity from unconsolidated affiliates 0 80,000
Changes in earnest money deposits 0 15,500
Changes in other investing activities (4,475) (3,751)
Net cash used in investing activities (204,963) (130,967)
Financing activities:    
Redemptions of Common Units 0 (163)
Payments of Distributions to Affiliates (300) 0
Borrowings on revolving credit facility 228,000 219,000
Repayments of revolving credit facility (143,000) (400,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (5,238) (5,018)
Payments for debt issuance costs and other financing activities (7,683) (2,347)
Net cash used in financing activities (92,531) (152,213)
Net increase in cash and cash equivalents and restricted cash 2,364 991
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105
Cash and cash equivalents and restricted cash at end of the period 33,933 20,710
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 23,650 16,901
Restricted cash at end of the period 10,283 3,809
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 112,667 105,342
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] (4,273) 17,275
Write-off of fully depreciated real estate assets 79,956 54,489
Write-off of fully amortized leasing costs 37,032 25,605
Write-off of fully amortized debt issuance costs 4,083 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 51,300 70,700
Highwoods Realty Limited Partnership    
Operating activities:    
Net income 107,452 111,995
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 226,532 220,416
Amortization of lease incentives and acquisition-related intangible assets and liabilities 866 712
Share-based compensation expense 7,001 6,154
Net credit losses on operating lease receivables 1,831 1,850
Accrued interest on mortgages and notes receivable (321) (750)
Amortization of debt issuance costs 4,214 3,645
Amortization of cash flow hedges (187) (223)
Amortization of mortgages and notes payable fair value adjustments 84 (257)
Losses on debt extinguishment 173 0
Net gains on disposition of property (42,581) (19,818)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (2,890) (1,902)
Distributions of earnings from unconsolidated affiliates 4,282 1,153
Changes in operating assets and liabilities:    
Accounts receivable 1,162 1,182
Prepaid expenses and other assets (961) (4,376)
Accrued straight-line rents receivable (7,735) (20,196)
Accounts payable, accrued expenses and other liabilities 936 (3,636)
Net cash provided by operating activities 299,858 284,171
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired 0 (18,544)
Investments in development in-process (4,149) (26,179)
Investments in tenant improvements and deferred leasing costs (102,791) (68,625)
Investments in building improvements (27,827) (55,155)
Net proceeds from disposition of real estate assets 81,659 51,538
Distributions of capital from unconsolidated affiliates 6,254 3,864
Investments in mortgages and notes receivable (6,229) (9,763)
Repayments of mortgages and notes receivable 47 200
Investments in and advances to unconsolidated affiliates (147,452) (100,052)
Repayments of preferred equity from unconsolidated affiliates 0 80,000
Changes in earnest money deposits 0 15,500
Changes in other investing activities (4,475) (3,751)
Net cash used in investing activities (204,963) (130,967)
Financing activities:    
Distributions on Common Units (161,489) (160,995)
Redemptions/repurchases of Preferred Units 0 (10)
Redemptions of Common Units 0 (163)
Dividends on Preferred Units (1,864) (1,864)
Payments of Distributions to Affiliates (300) 0
Proceeds from the issuance of Common Units 1,094 1,349
Costs paid for the issuance of Common Units 0 (226)
Repurchase of units related to tax withholdings (1,437) (1,325)
Borrowings on revolving credit facility 228,000 219,000
Repayments of revolving credit facility (143,000) (400,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (5,238) (5,018)
Payments for debt issuance costs and other financing activities (8,297) (2,961)
Net cash used in financing activities (92,531) (152,213)
Net increase in cash and cash equivalents and restricted cash 2,364 991
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105
Cash and cash equivalents and restricted cash at end of the period 33,933 20,710
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 23,650 16,901
Restricted cash at end of the period 10,283 3,809
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 112,667 105,342
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] (4,273) 17,275
Write-off of fully depreciated real estate assets 79,956 54,489
Write-off of fully amortized leasing costs 37,032 25,605
Write-off of fully amortized debt issuance costs 4,083 0
Adjustment of Redeemable Common Units to fair value 22,574 (21,525)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 51,300 $ 70,700
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of September 30, 2024 and 2023 were $51.3 million and $70.7 million, respectively.
v3.24.3
Description of Business and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Significant Accounting Policies Description of Business and Significant Accounting Policies
Description of Business

Highwoods Properties, Inc. (the “Company”) is a fully integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”). As of September 30, 2024, we owned or had an interest in 28.0 million rentable square feet of in-service properties, 1.6 million rentable square feet of office properties under development and development land with approximately 5.2 million rentable square feet of potential office build out.

Capital Structure

The Company is the sole general partner of the Operating Partnership. As of September 30, 2024, the Company owned all of the Preferred Units and 105.6 million, or 98.0%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.2 million Common Units. During the nine months ended September 30, 2024, the Company redeemed 5,385 Common Units for a like number of shares of Common Stock.

During 2023, we entered into separate equity distribution agreements in which the Company may offer and sell up to $300.0 million in aggregate gross sales price of shares of Common Stock. During each of the three and nine months ended September 30, 2024, the Company issued no shares of Common Stock under its equity distribution agreements.

Basis of Presentation

Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The Company’s Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those entities in which the Company has the controlling interest. The Operating Partnership’s Consolidated Financial Statements include wholly owned subsidiaries and those entities in which the Operating Partnership has the controlling interest. We consolidate joint venture investments, such as interests in partnerships and limited liability companies, when we control the major operating and financial policies of the investment through majority ownership, in our capacity as a general partner or managing member or through some other contractual right. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary.

As of September 30, 2024, we are involved with six entities we determined to be variable interest entities, one of which we are the primary beneficiary and is consolidated and five of which we are not the primary beneficiary and are not consolidated.

All intercompany transactions and accounts have been eliminated.

In the opinion of management, the unaudited interim Consolidated Financial Statements and accompanying unaudited consolidated financial information 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 2023 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. To limit our exposure to significant claims, we have stop-loss coverage on a per claim and annual aggregate basis. We use all relevant information to determine our liabilities for claims, including actuarial estimates of claim liabilities. When determining our liabilities, we include claims for incurred losses, even if they are unreported. As of September 30, 2024, a reserve of $0.5 million was recorded to cover estimated reported and unreported claims.

Recently Issued Accounting Standards

The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that provides temporary optional expedients and exceptions to 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”). These optional expedients and exceptions provide guidance on contract modifications and hedge accounting. We have completed the transition to SOFR rates for our outstanding debt instruments with no material impact to our Consolidated Financial Statements.

The FASB issued an ASU that will require enhanced segment disclosures, primarily regarding significant segment expenses. The ASU is required to be adopted in our 2024 Annual Report and applied retrospectively to all prior periods presented in the financial statements. We do not expect such adoption to have a material effect on our Notes to Consolidated Financial Statements.
v3.24.3
Leases
 9 Months Ended
Sep. 30, 2024
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 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 $200.7 million and $203.8 million during the three months ended September 30, 2024 and 2023, respectively, and $609.5 million and $617.0 million during the nine months ended September 30, 2024 and 2023, respectively. Included in these amounts were variable lease payments of $17.0 million and $17.7 million during the three months ended September 30, 2024 and 2023, respectively, and $56.1 million and $54.6 million during the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Investments in and Advances to Affiliates
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in and Advances to Affiliates Investments in and Advances to Affiliates
Unconsolidated Affiliates

- Granite Park Six JV, LLC/ GPI 23 Springs JV, LLC (“Granite Park Six joint venture”/“23Springs joint venture”)

During 2022, we entered the Dallas market through the formation of two joint ventures with Granite Properties (“Granite”) to develop Granite Park Six and 23Springs. We own a 50.0% interest in each of these two joint ventures.

We determined that we have a variable interest in both the Granite Park Six and 23Springs joint ventures primarily because the entities were designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders. The joint ventures were further determined to be variable interest entities as they require additional subordinated financial support in the form of loans because the initial equity investments provided by us and Granite were not sufficient to finance the planned investments and operations. We concluded that we do not have the power to direct matters that most significantly impact the activities of either entity and therefore do not qualify as the primary beneficiary. Accordingly, the entities are not consolidated.

During the third quarter of 2024, the Granite Park Six joint venture paid down the outstanding $70.9 million balance with respect to a $115.0 million construction loan obtained in 2022. The loan, which matures in January 2026, has an interest rate of SOFR plus 394 basis points. In connection with this loan paydown, we and Granite each contributed $35.5 million to the joint venture. This reconsideration event did not change our initial conclusion that the Granite Park Six joint venture is a variable interest entity of which we are not the primary beneficiary. As such, the entity remains unconsolidated.

As of September 30, 2024, our risk of loss with respect to these arrangements was limited to the carrying value of each investment balance. Our investment balances were $76.9 million and $100.3 million as of September 30, 2024 for the Granite Park Six and 23Springs joint ventures, respectively. The assets of the Granite Park Six and 23Springs joint ventures can be used only to settle obligations of the respective joint venture, and their creditors have no recourse to our wholly owned assets.

- M+O JV, LLC (“McKinney & Olive joint venture”)

During 2022, we expanded our Dallas market presence by acquiring McKinney & Olive through the formation of another joint venture with Granite in which we own a 50.0% interest.

We determined that we have a variable interest in the McKinney & Olive joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders. The McKinney & Olive joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments by us and Granite, including the additional preferred equity provided by us that was subsequently redeemed in full during 2023, were not sufficient to finance its planned investments and operations. We concluded that we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated.

During the third quarter of 2024, the McKinney & Olive joint venture paid off at maturity the remaining $134.3 million balance on a secured mortgage loan with a stated interest rate of 4.5% and an effective interest rate of 5.3%. In connection with this loan payoff, we and Granite each contributed $62.1 million to the joint venture. This reconsideration event did not change our initial conclusion that the McKinney & Olive joint venture is a variable interest entity of which we are not the primary beneficiary. As such, the entity remains unconsolidated.

As of September 30, 2024, our risk of loss with respect to this arrangement was limited to the carrying value of our investment balance of $184.3 million. The assets of the McKinney & Olive joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.

- Midtown East Tampa, LLC (“Midtown East joint venture”)

During 2022, we formed the Midtown East joint venture in Tampa with The Bromley Companies (“Bromley”). We own a 50.0% interest in this joint venture.

We determined that we have a variable interest in the Midtown East joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and to Bromley as an
equity holder. The Midtown East joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley were not sufficient to finance its planned investments and operations. We concluded that we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated.

As of September 30, 2024, our risk of loss with respect to this arrangement was $31.9 million, which consists of the $14.0 million carrying value of our investment balance plus the $17.9 million outstanding balance of the loan we have provided to the joint venture. The outstanding balance on the loan is recorded in investments in and advances to unconsolidated affiliates on our Consolidated Balance Sheets. The assets of the Midtown East joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.

- Brand/HRLP 2827 Peachtree LLC (“2827 Peachtree joint venture”)

During 2021, we formed the 2827 Peachtree joint venture in Atlanta with Brand Properties, LLC (“Brand”). We own a 50.0% interest in this joint venture.

We determined that we have a variable interest in the 2827 Peachtree joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and to Brand as an equity holder. The 2827 Peachtree joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Brand were not sufficient to finance its planned investments and operations. We concluded that we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated.

As of September 30, 2024, our risk of loss with respect to this arrangement was $60.8 million, which consists of the $12.9 million carrying value of our investment balance plus the $47.9 million outstanding balance of the loan we have provided to the joint venture. The outstanding balance on the loan is recorded in investments in and advances to unconsolidated affiliates on our Consolidated Balance Sheets. The assets of the 2827 Peachtree joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.

Consolidated Affiliate

- HRLP MTW, LLC (“Midtown West joint venture”)

In 2019, we formed the Midtown West joint venture in Tampa with Bromley. We own an 80.0% interest in this joint venture.

We determined that we have a variable interest in the Midtown West joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us and Bromley as equity holders. The Midtown West joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley were not sufficient to finance its planned investments and operations. We, as the 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. As such, the Midtown West joint venture is consolidated and all intercompany transactions and accounts are eliminated.
The following table sets forth the assets and liabilities of the Midtown West joint venture included on our Consolidated Balance Sheets:
September 30,
2024		December 31,
2023
Net real estate assets$58,907 $60,410 
Cash and cash equivalents$1,935 $1,096 
Restricted cash$— $2,260 
Accrued straight-line rents receivable$5,192 $5,041 
Deferred leasing costs, net$2,532 $2,783 
Prepaid expenses and other assets, net$119 $124 
Mortgages and notes payable, net$44,318 $44,192 
Accounts payable, accrued expenses and other liabilities$1,453 $2,872 
The assets of the Midtown West joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.
v3.24.3
Real Estate Assets
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Real Estate Assets Real Estate Assets
Dispositions

During the third quarter of 2024, we completed our exit from the Greensboro market by selling our last remaining land parcel for a sales price of $4.5 million and recorded a gain on disposition of property of $0.4 million.

During the second quarter of 2024, we sold seven buildings in Raleigh for a sales price of $62.5 million and recorded a gain on disposition of property of $35.0 million.

During the first quarter of 2024, we sold two buildings in Raleigh for an aggregate sales price of $16.9 million and recorded aggregate gains on disposition of property of $7.2 million.
v3.24.3
Intangible Assets and Below Market Lease Liabilities
 9 Months Ended
Sep. 30, 2024
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,
2024		December 31,
2023
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$386,111 $401,621 
Less accumulated amortization(172,702)(175,697)
$213,409 $225,924 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$37,491 $50,842 
Less accumulated amortization(20,449)(30,416)
$17,042 $20,426 

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

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$11,370 $10,696 $30,999 $32,409 
Amortization of lease incentives (in rental and other revenues)$643 $655 $1,886 $1,983 
Amortization of acquisition-related intangible assets (in rental and other revenues)$768 $823 $2,364 $2,523 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,110)$(1,260)$(3,384)$(3,794)

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, 2024$9,864 $624 $702 $(856)
202534,339 2,194 2,210 (2,727)
202630,020 2,002 1,861 (2,431)
202726,277 1,768 1,520 (2,062)
202822,315 1,518 1,404 (1,648)
Thereafter65,764 4,840 4,187 (7,318)
$188,579 $12,946 $11,884 $(17,042)
Weighted average remaining amortization periods as of September 30, 2024 (in years)7.27.76.98.1
v3.24.3
Mortgages and Notes Payable
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Mortgages and Notes Payable Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

September 30,
2024		December 31,
2023
Secured indebtedness$714,383 $720,752 
Unsecured indebtedness2,596,409 2,510,193 
Less-unamortized debt issuance costs(15,271)(17,739)
Total mortgages and notes payable, net$3,295,521 $3,213,206 

As of September 30, 2024, our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,243.1 million.

Our $750.0 million unsecured revolving credit facility was modified during the first quarter of 2024 and is now scheduled to mature in January 2028 (but can be extended for two additional six-month periods at our option assuming no defaults have occurred). The interest rate on our revolving credit facility is SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 basis points, based on current credit ratings. The annual facility fee is 20 basis points. The interest rate and facility fee are based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services. We incurred $7.7 million of debt issuance costs during the first quarter of 2024, which will be amortized along with certain existing unamortized debt issuance costs over the remaining term of our new revolving credit facility, and recorded $0.2 million of loss on debt extinguishment. During the second quarter of 2024, we modified the revolving credit facility to provide that the interest rate may be adjusted upward or downward by 2.5 basis points depending upon whether or not we achieve certain pre-determined sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. There was $105.0 million and $98.0 million outstanding under our revolving credit facility as of September 30, 2024 and October 15, 2024, respectively. As of both September 30, 2024 and October 15, 2024, we had $0.1 million of outstanding letters of credit, which reduce the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility as of September 30, 2024 and October 15, 2024 was $644.9 million and $651.9 million, respectively.

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

We have considered our short-term liquidity needs within one year from October 22, 2024 (the date of issuance of the quarterly financial statements) and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. Importantly, we have no scheduled debt maturities during such one-year period. We have concluded it is probable we will meet these short-term liquidity requirements through a combination of the following:

•available cash and cash equivalents;

•cash flows from operating activities;

•issuance of debt securities by the Operating Partnership;

•issuance of secured debt;

•bank term loans;

•borrowings under our revolving credit facility;

•issuance of equity securities by the Company or the Operating Partnership; and

•the disposition of non-core assets.
v3.24.3
Noncontrolling Interests
 9 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling Interests in Consolidated Affiliates

As of September 30, 2024, our noncontrolling interest in consolidated affiliates relates to our joint venture partner's 20.0% interest in the Midtown West joint venture. Our joint venture partner is an unrelated third party.

Noncontrolling Interests in the Operating Partnership

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

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Beginning noncontrolling interests in the Operating Partnership$56,518 $56,206 $49,520 $65,977 
Adjustment of noncontrolling interests in the Operating Partnership to fair value16,355 (6,334)23,822 (15,521)
Conversions of Common Units to Common Stock— (4,795)(132)(4,795)
Redemptions of Common Units— — — (163)
Net income attributable to noncontrolling interests in the Operating Partnership297 453 2,111 2,386 
Distributions to noncontrolling interests in the Operating Partnership(1,076)(1,078)(3,227)(3,432)
Total noncontrolling interests in the Operating Partnership$72,094 $44,452 $72,094 $44,452 

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,
2024202320242023
Net income available for common stockholders$14,558 $22,101 $103,492 $108,233 
Increase in additional paid in capital from conversions of Common Units to Common Stock— 4,795 132 4,795 
Redemptions of Common Units— — — 163 
Change from net income available for common stockholders and transfers from noncontrolling interests$14,558 $26,896 $103,624 $113,191 
v3.24.3
Disclosure About Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Disclosure About Fair Value of Financial Instruments Disclosure About Fair Value of Financial Instruments
The following summarizes the levels of inputs that we use to measure fair value.

Level 1.  Quoted prices in active markets for identical assets or liabilities.

Our Level 1 asset is our investment in marketable securities that we use to pay benefits under our non-qualified deferred compensation plan. Our Level 1 liability is our non-qualified deferred compensation obligation. The Company’s Level 1 noncontrolling interests in the Operating Partnership relate to the ownership of Common Units by various individuals and entities other than the Company.

Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Our Level 2 assets include the fair value of our mortgages and notes receivable. Our Level 2 liabilities include the fair value of our mortgages and notes payable and any interest rate swaps.

The fair value of mortgages and notes receivable and mortgages and notes payable is estimated by the income approach, which uses contractual cash flows and market-based interest rates to approximate the price that would be paid in an orderly transaction between market participants. The fair value of any interest rate swaps is determined using the market standard
methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments of interest rate swaps are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, credit valuation adjustments are considered in the fair values to account for potential nonperformance risk, but were concluded to not be significant inputs to the calculation for the periods presented.

Level 3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Our Level 3 assets include any real estate assets recorded at fair value on a non-recurring basis as a result of our quarterly impairment analysis, which are valued using unobservable local and national industry market data such as comparable sales, appraisals, brokers’ opinions of value and/or the terms of definitive sales contracts. Significant increases or decreases in any valuation inputs in isolation would result in a significantly lower or higher fair value measurement.

The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed at fair value within the fair value hierarchy:

Level 1Level 2
TotalQuoted Prices
in Active
Markets for Identical Assets or Liabilities		Significant Observable Inputs
Fair Value as of September 30, 2024:
Assets:
Mortgages and notes receivable, at fair value (1)
$11,084 $— $11,084 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,403 2,403 — 
Total Assets$13,487 $2,403 $11,084 
Noncontrolling Interests in the Operating Partnership$72,094 $72,094 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$3,157,141 $— $3,157,141 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,403 2,403 — 
Total Liabilities
$3,159,544 $2,403 $3,157,141 
Fair Value as of December 31, 2023:
Assets:
Mortgages and notes receivable, at fair value (1)
$4,795 $— $4,795 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,294 2,294 — 
Total Assets$7,089 $2,294 $4,795 
Noncontrolling Interests in the Operating Partnership$49,520 $49,520 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,927,330 $— $2,927,330 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,294 2,294 — 
Total Liabilities
$2,929,624 $2,294 $2,927,330 
__________
(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023.
v3.24.3
Share-Based Payments
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based Payments
During the nine months ended September 30, 2024, the Company granted 181,540 shares of time-based restricted stock and 142,992 shares of total return-based restricted stock with weighted average grant date fair values per share of $24.45 and $25.22, respectively. We recorded share-based compensation expense of $1.0 million and $0.8 million during the three months ended September 30, 2024 and 2023, respectively, and $7.0 million and $6.2 million during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $5.1 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 2.1 years.
v3.24.3
Earnings Per Share and Per Unit
 9 Months Ended
Sep. 30, 2024
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,
2024202320242023
Earnings per Common Share - basic:
Numerator:
Net income$15,469 $23,171 $107,452 $111,995 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(297)(453)(2,111)(2,386)
Net loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488 
Dividends on Preferred Stock(622)(622)(1,864)(1,864)
Net income available for common stockholders$14,558 $22,101 $103,492 $108,233 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
106,010 105,671 105,937 105,473 
Net income available for common stockholders$0.14 $0.21 $0.98 $1.03 
Earnings per Common Share - diluted:
Numerator:
Net income$15,469 $23,171 $107,452 $111,995 
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Dividends on Preferred Stock(622)(622)(1,864)(1,864)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$14,855 $22,554 $105,603 $110,619 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
106,010 105,671 105,937 105,473 
Add:
Noncontrolling interests Common Units2,151 2,161 2,152 2,289 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
108,161 107,832 108,089 107,762 
Net income available for common stockholders$0.14 $0.21 $0.98 $1.03 
__________
(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,
2024202320242023
Earnings per Common Unit - basic:
Numerator:
Net income$15,469 $23,171 $107,452 $111,995 
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Distributions on Preferred Units(622)(622)(1,864)(1,864)
Net income available for common unitholders$14,855 $22,554 $105,603 $110,619 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,752 107,423 107,680 107,353 
Net income available for common unitholders$0.14 $0.21 $0.98 $1.03 
Earnings per Common Unit - diluted:
Numerator:
Net income$15,469 $23,171 $107,452 $111,995 
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Distributions on Preferred Units(622)(622)(1,864)(1,864)
Net income available for common unitholders$14,855 $22,554 $105,603 $110,619 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,752 107,423 107,680 107,353 
Net income available for common unitholders$0.14 $0.21 $0.98 $1.03 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable
.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The following tables summarize rental and other revenues and net operating income for our office properties. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses.

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Rental and Other Revenues:
Atlanta$36,742 $35,666 $109,799 $107,991 
Charlotte22,010 21,079 65,991 63,452 
Nashville40,903 42,884 126,458 130,084 
Orlando14,312 14,356 43,892 43,300 
Raleigh43,042 45,354 130,848 136,933 
Richmond8,754 8,746 26,816 27,103 
Tampa23,948 25,000 72,963 75,344 
Other14,612 14,010 43,569 42,931 
Total Rental and Other Revenues$204,323 $207,095 $620,336 $627,138 
Net Operating Income:
Atlanta$22,268 $21,796 $67,950 $68,289 
Charlotte15,936 16,388 47,974 47,719 
Nashville30,657 31,389 92,448 95,530 
Orlando8,850 8,734 26,840 26,358 
Raleigh31,692 32,523 95,537 99,799 
Richmond5,765 5,733 18,424 18,656 
Tampa15,309 15,574 46,131 47,614 
Other8,140 7,765 24,332 23,942 
Total Net Operating Income138,617 139,902 419,636 427,907 
Reconciliation to net income:
Depreciation and amortization(79,116)(74,765)(226,532)(220,416)
General and administrative expenses(9,898)(8,873)(31,754)(30,668)
Interest expense(37,472)(34,247)(109,928)(101,408)
Other income1,872 754 10,559 3,082 
Gains on disposition of property350 — 42,581 19,818 
Gain on deconsolidation of affiliate— — — 11,778 
Equity in earnings of unconsolidated affiliates1,116 400 2,890 1,902 
Net income$15,469 $23,171 $107,452 $111,995 
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 21, 2024, the Company declared a cash dividend of $0.50 per share of Common Stock, which is payable on December 10, 2024 to stockholders of record as of November 18, 2024.
v3.24.3
Description of Business and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The Company’s Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those entities in which the Company has the controlling interest. The Operating Partnership’s Consolidated Financial Statements include wholly owned subsidiaries and those entities in which the Operating Partnership has the controlling interest. We consolidate joint venture investments, such as interests in partnerships and limited liability companies, when we control the major operating and financial policies of the investment through majority ownership, in our capacity as a general partner or managing member or through some other contractual right. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary.

As of September 30, 2024, we are involved with six entities we determined to be variable interest entities, one of which we are the primary beneficiary and is consolidated and five of which we are not the primary beneficiary and are not consolidated.

All intercompany transactions and accounts have been eliminated.

In the opinion of management, the unaudited interim Consolidated Financial Statements and accompanying unaudited consolidated financial information 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 2023 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
Insurance
We are primarily self-insured for health care claims for participating employees. To limit our exposure to significant claims, we have stop-loss coverage on a per claim and annual aggregate basis. We use all relevant information to determine our liabilities for claims, including actuarial estimates of claim liabilities. When determining our liabilities, we include claims for incurred losses, even if they are unreported.
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 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”). These optional expedients and exceptions provide guidance on contract modifications and hedge accounting. We have completed the transition to SOFR rates for our outstanding debt instruments with no material impact to our Consolidated Financial Statements.

The FASB issued an ASU that will require enhanced segment disclosures, primarily regarding significant segment expenses. The ASU is required to be adopted in our 2024 Annual Report and applied retrospectively to all prior periods presented in the financial statements. We do not expect such adoption to have a material effect on our Notes to Consolidated Financial Statements.
v3.24.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2024
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities
The following table sets forth the assets and liabilities of the Midtown West joint venture included on our Consolidated Balance Sheets:
September 30,
2024		December 31,
2023
Net real estate assets$58,907 $60,410 
Cash and cash equivalents$1,935 $1,096 
Restricted cash$— $2,260 
Accrued straight-line rents receivable$5,192 $5,041 
Deferred leasing costs, net$2,532 $2,783 
Prepaid expenses and other assets, net$119 $124 
Mortgages and notes payable, net$44,318 $44,192 
Accounts payable, accrued expenses and other liabilities$1,453 $2,872 
v3.24.3
Intangible Assets and Below Market Lease Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
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,
2024		December 31,
2023
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$386,111 $401,621 
Less accumulated amortization(172,702)(175,697)
$213,409 $225,924 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$37,491 $50,842 
Less accumulated amortization(20,449)(30,416)
$17,042 $20,426 
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,
2024202320242023
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$11,370 $10,696 $30,999 $32,409 
Amortization of lease incentives (in rental and other revenues)$643 $655 $1,886 $1,983 
Amortization of acquisition-related intangible assets (in rental and other revenues)$768 $823 $2,364 $2,523 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,110)$(1,260)$(3,384)$(3,794)
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, 2024$9,864 $624 $702 $(856)
202534,339 2,194 2,210 (2,727)
202630,020 2,002 1,861 (2,431)
202726,277 1,768 1,520 (2,062)
202822,315 1,518 1,404 (1,648)
Thereafter65,764 4,840 4,187 (7,318)
$188,579 $12,946 $11,884 $(17,042)
Weighted average remaining amortization periods as of September 30, 2024 (in years)7.27.76.98.1
v3.24.3
Mortgages and Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

September 30,
2024		December 31,
2023
Secured indebtedness$714,383 $720,752 
Unsecured indebtedness2,596,409 2,510,193 
Less-unamortized debt issuance costs(15,271)(17,739)
Total mortgages and notes payable, net$3,295,521 $3,213,206 
v3.24.3
Noncontrolling Interests (Tables) - Highwoods Properties, Inc. [Member]
 9 Months Ended
Sep. 30, 2024
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,
2024202320242023
Beginning noncontrolling interests in the Operating Partnership$56,518 $56,206 $49,520 $65,977 
Adjustment of noncontrolling interests in the Operating Partnership to fair value16,355 (6,334)23,822 (15,521)
Conversions of Common Units to Common Stock— (4,795)(132)(4,795)
Redemptions of Common Units— — — (163)
Net income attributable to noncontrolling interests in the Operating Partnership297 453 2,111 2,386 
Distributions to noncontrolling interests in the Operating Partnership(1,076)(1,078)(3,227)(3,432)
Total noncontrolling interests in the Operating Partnership$72,094 $44,452 $72,094 $44,452 
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,
2024202320242023
Net income available for common stockholders$14,558 $22,101 $103,492 $108,233 
Increase in additional paid in capital from conversions of Common Units to Common Stock— 4,795 132 4,795 
Redemptions of Common Units— — — 163 
Change from net income available for common stockholders and transfers from noncontrolling interests$14,558 $26,896 $103,624 $113,191 
v3.24.3
Disclosure About Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
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 as of September 30, 2024:
Assets:
Mortgages and notes receivable, at fair value (1)
$11,084 $— $11,084 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,403 2,403 — 
Total Assets$13,487 $2,403 $11,084 
Noncontrolling Interests in the Operating Partnership$72,094 $72,094 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$3,157,141 $— $3,157,141 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,403 2,403 — 
Total Liabilities
$3,159,544 $2,403 $3,157,141 
Fair Value as of December 31, 2023:
Assets:
Mortgages and notes receivable, at fair value (1)
$4,795 $— $4,795 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,294 2,294 — 
Total Assets$7,089 $2,294 $4,795 
Noncontrolling Interests in the Operating Partnership$49,520 $49,520 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,927,330 $— $2,927,330 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,294 2,294 — 
Total Liabilities
$2,929,624 $2,294 $2,927,330 
__________
(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023.
v3.24.3
Earnings Per Share and Per Unit (Tables)
 9 Months Ended
Sep. 30, 2024
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,
2024202320242023
Earnings per Common Share - basic:
Numerator:
Net income$15,469 $23,171 $107,452 $111,995 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(297)(453)(2,111)(2,386)
Net loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488 
Dividends on Preferred Stock(622)(622)(1,864)(1,864)
Net income available for common stockholders$14,558 $22,101 $103,492 $108,233 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
106,010 105,671 105,937 105,473 
Net income available for common stockholders$0.14 $0.21 $0.98 $1.03 
Earnings per Common Share - diluted:
Numerator:
Net income$15,469 $23,171 $107,452 $111,995 
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Dividends on Preferred Stock(622)(622)(1,864)(1,864)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$14,855 $22,554 $105,603 $110,619 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
106,010 105,671 105,937 105,473 
Add:
Noncontrolling interests Common Units2,151 2,161 2,152 2,289 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
108,161 107,832 108,089 107,762 
Net income available for common stockholders$0.14 $0.21 $0.98 $1.03 
__________
(1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
Highwoods Realty Limited Partnership  
Earnings Per Share and Per Unit Basic and Diluted [Line Items]  
Earnings Per Unit
The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Earnings per Common Unit - basic:
Numerator:
Net income$15,469 $23,171 $107,452 $111,995 
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Distributions on Preferred Units(622)(622)(1,864)(1,864)
Net income available for common unitholders$14,855 $22,554 $105,603 $110,619 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,752 107,423 107,680 107,353 
Net income available for common unitholders$0.14 $0.21 $0.98 $1.03 
Earnings per Common Unit - diluted:
Numerator:
Net income$15,469 $23,171 $107,452 $111,995 
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Distributions on Preferred Units(622)(622)(1,864)(1,864)
Net income available for common unitholders$14,855 $22,554 $105,603 $110,619 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,752 107,423 107,680 107,353 
Net income available for common unitholders$0.14 $0.21 $0.98 $1.03 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable
.
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
The following tables summarize rental and other revenues and net operating income for our office properties. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses.

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Rental and Other Revenues:
Atlanta$36,742 $35,666 $109,799 $107,991 
Charlotte22,010 21,079 65,991 63,452 
Nashville40,903 42,884 126,458 130,084 
Orlando14,312 14,356 43,892 43,300 
Raleigh43,042 45,354 130,848 136,933 
Richmond8,754 8,746 26,816 27,103 
Tampa23,948 25,000 72,963 75,344 
Other14,612 14,010 43,569 42,931 
Total Rental and Other Revenues$204,323 $207,095 $620,336 $627,138 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net Operating Income:
Atlanta$22,268 $21,796 $67,950 $68,289 
Charlotte15,936 16,388 47,974 47,719 
Nashville30,657 31,389 92,448 95,530 
Orlando8,850 8,734 26,840 26,358 
Raleigh31,692 32,523 95,537 99,799 
Richmond5,765 5,733 18,424 18,656 
Tampa15,309 15,574 46,131 47,614 
Other8,140 7,765 24,332 23,942 
Total Net Operating Income138,617 139,902 419,636 427,907 
Reconciliation to net income:
Depreciation and amortization(79,116)(74,765)(226,532)(220,416)
General and administrative expenses(9,898)(8,873)(31,754)(30,668)
Interest expense(37,472)(34,247)(109,928)(101,408)
Other income1,872 754 10,559 3,082 
Gains on disposition of property350 — 42,581 19,818 
Gain on deconsolidation of affiliate— — — 11,778 
Equity in earnings of unconsolidated affiliates1,116 400 2,890 1,902 
Net income$15,469 $23,171 $107,452 $111,995 
v3.24.3
Description of Business and Significant Accounting Policies (Details)
$ in Thousands, ft² in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
ft²
numberOfEntities
shares
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
ft²
numberOfEntities
shares
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Description of Business [Abstract]          
Rentable square feet of commercial real estate properties (in sq feet) | ft² 28.0   28.0    
Rentable square feet of commercial real estate office properties under development (in sq feet) | ft² 1.6   1.6    
Rentable square feet of potential office build (in sq feet) | ft² 5.2   5.2    
Net proceeds of Common Stock sold during the period | $ $ 342 $ 361 $ (343) $ (202)  
Number of VIE entities | numberOfEntities 6   6    
Self insurance liability | $ $ 500   $ 500    
Highwoods Properties, Inc. [Member]          
Description of Business [Abstract]          
Common Units of partnership owned by the Company (in shares) 105,600,000   105,600,000    
Percentage of ownership of Common Units (in hundredths) 98.00%   98.00%    
Common Units redeemed for a like number of common shares of stock (in shares)     5,385    
Highwoods Properties, Inc. [Member] | ATM Equity Offering          
Description of Business [Abstract]          
Number of Common Stock sold during the period (in shares) 0   0    
Highwoods Properties, Inc. [Member] | ATM Equity Offering | Maximum [Member]          
Description of Business [Abstract]          
Net proceeds of Common Stock sold during the period | $         $ 300,000
Highwoods Realty Limited Partnership          
Description of Business [Abstract]          
Common Units of partnership not owned by the Company (in shares) 2,200,000   2,200,000    
Variable Interest Entity, Primary Beneficiary [Member]          
Description of Business [Abstract]          
Number of VIE entities | numberOfEntities 1   1    
Variable Interest Entity, Non Primary Beneficiary [Member]          
Description of Business [Abstract]          
Number of VIE entities | numberOfEntities 5   5    
v3.24.3
Leases ASC 842 (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Lessor Disclosure [Abstract]        
Rental and other revenues related to operating lease payments $ 200.7 $ 203.8 $ 609.5 $ 617.0
Variable lease income $ 17.0 $ 17.7 $ 56.1 $ 54.6
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  
v3.24.3
Investments in and Advances to Affiliates (Details)
$ in Millions
 3 Months Ended
Sep. 30, 2024
USD ($)
Rate
Dec. 31, 2022
numberOfJointVentures
Schedule of Equity Method Investments [Line Items]    
Number of joint ventures formed | numberOfJointVentures   2
Granite Park Six JV, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
Early repayment of debt $ 70.9  
Construction loan related to joint venture development 115.0  
Contribution of cash to joint venture entity $ 35.5  
Variable interest rate basis SOFR  
Interest rate, basis spread (in hundredths) | Rate 3.94%  
GPI23 Springs JV, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
M+O JV, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
Early repayment of debt $ 134.3  
Contribution of cash to joint venture entity $ 62.1  
Stated interest rate (in hundredths) | Rate 4.50%  
Effective interest rate (in hundredths) | Rate 5.30%  
Midtown East Tampa, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
Brand/HRLP 2827 Peachtree LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
v3.24.3
Variable Interest Entities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Variable Interest Entities [Line Items]      
Investments in and advances to unconsolidated affiliates $ 482,693 $ 343,241  
Assets and liabilities of consolidated variable interest entity [Abstract]      
Net real estate assets 4,870,808 4,993,531  
Cash and cash equivalents 23,650 25,123 $ 16,901
Restricted cash 10,283 6,446 $ 3,809
Accrued straight-line rents receivable 315,068 310,649  
Deferred leasing costs, net 213,409 225,924  
Prepaid expense and other assets, net 74,827 65,125  
Mortgages and notes payable 3,295,521 3,213,206  
Accounts payable, accrued expenses and other liabilities 295,191 302,180  
Granite Park Six JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 76,900    
GPI23 Springs JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 100,300    
M+O JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 184,300    
Midtown East Tampa, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 31,900    
Investments in and advances to unconsolidated affiliates 14,000    
Amount of loan funded to affiliate 17,900    
Brand/HRLP 2827 Peachtree LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 60,800    
Investments in and advances to unconsolidated affiliates 12,900    
Amount of loan funded to affiliate $ 47,900    
HRLP MTW, LLC [Member]      
Variable Interest Entities [Line Items]      
Interest in joint venture (in hundredths) 80.00%    
Assets and liabilities of consolidated variable interest entity [Abstract]      
Net real estate assets $ 58,907 60,410  
Cash and cash equivalents 1,935 1,096  
Restricted cash 0 2,260  
Accrued straight-line rents receivable 5,192 5,041  
Deferred leasing costs, net 2,532 2,783  
Prepaid expense and other assets, net 119 124  
Mortgages and notes payable 44,318 44,192  
Accounts payable, accrued expenses and other liabilities $ 1,453 $ 2,872  
v3.24.3
Real Estate Assets (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
numberOfBuildings
Mar. 31, 2024
USD ($)
numberOfBuildings
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dispositions [Abstract]            
Gains on disposition of property $ 350     $ 0 $ 42,581 $ 19,818
2024 Dispositions            
Dispositions [Abstract]            
Number of buildings sold | numberOfBuildings   7 2      
Sale price of real estate 4,500 $ 62,500 $ 16,900      
Gains on disposition of property $ 400 $ 35,000 $ 7,200      
v3.24.3
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Assets:          
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 386,111   $ 386,111   $ 401,621
Deferred leasing costs, accumulated amortization (172,702)   (172,702)   (175,697)
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 213,409   213,409   225,924
Liabilities (in accounts payable, accrued expenses and other liabilities):          
Acquisition-related below market lease liabilities, gross 37,491   37,491   50,842
Acquisition-related below market lease liabilities, accumulated amortization (20,449)   (20,449)   (30,416)
Acquisition-related below market lease liabilities, net 17,042   17,042   $ 20,426
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 188,579   188,579    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 11,370 $ 10,696 30,999 $ 32,409  
Lease Incentives (in Rental and Other Revenues) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 12,946   12,946    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 643 655 1,886 1,983  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 11,884   11,884    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 768 823 2,364 2,523  
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 17,042   17,042    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of acquisition-related below market lease liabilities $ (1,110) $ (1,260) $ (3,384) $ (3,794)  
v3.24.3
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Scheduled future amortization of intangible assets [Abstract]    
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 213,409 $ 225,924
Scheduled future amortization of below market lease liabilities [Abstract]    
Total scheduled future amortization of acquisition-related below market lease liabilities (17,042) $ (20,426)
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, 2024 9,864  
2025 34,339  
2026 30,020  
2027 26,277  
2028 22,315  
Thereafter 65,764  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 188,579  
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 2 months 12 days  
Lease Incentives (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
October 1 through December 31, 2024 $ 624  
2025 2,194  
2026 2,002  
2027 1,768  
2028 1,518  
Thereafter 4,840  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 12,946  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived intangible assets, average useful life (in years) 7 years 8 months 12 days  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
October 1 through December 31, 2024 $ 702  
2025 2,210  
2026 1,861  
2027 1,520  
2028 1,404  
Thereafter 4,187  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 11,884  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived intangible assets, average useful life (in years) 6 years 10 months 24 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, 2024 $ (856)  
2025 (2,727)  
2026 (2,431)  
2027 (2,062)  
2028 (1,648)  
Thereafter (7,318)  
Total scheduled future amortization of acquisition-related below market lease liabilities $ (17,042)  
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 1 month 6 days  
v3.24.3
Mortgages and Notes Payable (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Jun. 30, 2024
Mar. 31, 2024
USD ($)
extension
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Oct. 15, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]              
Mortgages and notes payable $ 3,295,521,000     $ 3,295,521,000     $ 3,213,206,000
Unamortized debt issuance costs $ (15,271,000)     (15,271,000)     (17,739,000)
Loss on debt extinguishment       (173,000) $ 0    
Maximum liquidity requirements 1 year            
Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Maximum borrowing capacity on credit facility     $ 750,000,000.0        
Number of additional extensions | extension     2        
Term of optional extension     6 months        
Debt issuance costs     $ 7,700,000        
Loss on debt extinguishment     $ 200,000        
Temporary reduction in interest rate due to sustainability goals (in hundredths)   0.025%          
Amount outstanding on revolving credit facility $ 105,000,000.0     105,000,000.0      
Outstanding letters of credit on revolving credit facility 100,000     100,000      
Unused borrowing capacity on revolving credit facility 644,900,000     644,900,000      
Secured indebtedness [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable 714,383,000     714,383,000     720,752,000
Aggregate undepreciated book value of secured real estate assets 1,243,100,000     1,243,100,000      
Unsecured indebtedness [Member]              
Debt Instrument [Line Items]              
Mortgages and notes payable $ 2,596,409,000     $ 2,596,409,000     $ 2,510,193,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Facility interest rate basis     SOFR        
Interest rate, basis spread (in hundredths)     0.85%        
Annual facility fee (in hundredths)     0.20%        
SOFR Related Spread Adjustment [Member] | Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Interest rate, basis spread (in hundredths)     0.10%        
Subsequent Event [Member] | Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Amount outstanding on revolving credit facility           $ 98,000,000.0  
Outstanding letters of credit on revolving credit facility           100,000  
Unused borrowing capacity on revolving credit facility           $ 651,900,000  
v3.24.3
Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Noncontrolling Interests in the Operating Partnership [Roll Forward]        
Beginning noncontrolling interests in the Operating Partnership     $ 49,520  
Adjustment of noncontrolling interests in the Operating Partnership to fair value $ 16,355 $ (6,334) 23,822 $ (15,521)
Conversions of Common Units to Common Stock   (4,795) (132) (4,795)
Redemptions of Common Units     0 (163)
Net income attributable to noncontrolling interests in the Operating Partnership 297 453 2,111 2,386
Distributions to noncontrolling interests in the Operating Partnership     (3,227) (3,432)
Total noncontrolling interests in the Operating Partnership 72,094   72,094  
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]        
Net income available for common stockholders 14,558 22,101 103,492 108,233
Highwoods Properties, Inc. [Member]        
Noncontrolling Interests in the Operating Partnership [Roll Forward]        
Beginning noncontrolling interests in the Operating Partnership 56,518 56,206 49,520 65,977
Adjustment of noncontrolling interests in the Operating Partnership to fair value 16,355 (6,334) 23,822 (15,521)
Conversions of Common Units to Common Stock 0 (4,795) (132) (4,795)
Redemptions of Common Units 0 0 0 (163)
Net income attributable to noncontrolling interests in the Operating Partnership 297 453 2,111 2,386
Distributions to noncontrolling interests in the Operating Partnership (1,076) (1,078) (3,227) (3,432)
Total noncontrolling interests in the Operating Partnership 72,094 44,452 72,094 44,452
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]        
Net income available for common stockholders 14,558 22,101 103,492 108,233
Increase in additional paid in capital from conversions of Common Units to Common Stock 0 4,795 132 4,795
Redemptions of Common Units 0 0 0 163
Change from net income available for common stockholders and transfers from noncontrolling interests $ 14,558 $ 26,896 $ 103,624 $ 113,191
Midtown West Joint Venture [Member]        
Noncontrolling Interests in Consolidated Affiliates [Abstract]        
Consolidated joint venture, partner's interest (in hundredths) 20.00%   20.00%  
v3.24.3
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Mortgages and notes receivable, at fair value $ 11,084 $ 4,795
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,403 2,294
Total Assets 13,487 7,089
Liabilities:    
Mortgages and notes payable, net, at fair value 3,157,141 2,927,330
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,403 2,294
Total Liabilities 3,159,544 2,929,624
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) 2,403 2,294
Total Assets 2,403 2,294
Liabilities:    
Mortgages and notes payable, net, at fair value 0 0
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,403 2,294
Total Liabilities 2,403 2,294
Level 2 [Member]    
Assets:    
Mortgages and notes receivable, at fair value 11,084 4,795
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 0 0
Total Assets 11,084 4,795
Liabilities:    
Mortgages and notes payable, net, at fair value 3,157,141 2,927,330
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 0 0
Total Liabilities 3,157,141 2,927,330
Highwoods Properties, Inc. [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 72,094 49,520
Highwoods Properties, Inc. [Member] | Level 1 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 72,094 49,520
Highwoods Properties, Inc. [Member] | Level 2 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership $ 0 $ 0
v3.24.3
Share-Based Payments (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 1,000 $ 800 $ 7,001 $ 6,154
Total unrecognized share-based compensation costs $ 5,100   $ 5,100  
Weighted average remaining contractual term for recognition of unrecognized share-based compensation costs (in years)     2 years 1 month 6 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)     181,540  
Weighted average grant date fair value of each restricted stock share granted (in dollars per share)     $ 24.45  
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)     142,992  
Weighted average grant date fair value of each restricted stock share granted (in dollars per share)     $ 25.22  
v3.24.3
Earnings Per Share and Per Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings per Common Share and Per Unit - basic: [Abstract]        
Net income $ 15,469 $ 23,171 $ 107,452 $ 111,995
Net (income) attributable to noncontrolling interests in the Operating Partnership (297) (453) (2,111) (2,386)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488
Dividends on Preferred Stock (622) (622) (1,864) (1,864)
Net income available for common stockholders $ 14,558 $ 22,101 $ 103,492 $ 108,233
Denominator:        
Denominator for basic earnings per Common Share - weighted average shares (in shares) 106,010 105,671 105,937 105,473
Earnings per Common Share - basic:        
Net income available for common stockholders (in dollars per share) $ 0.14 $ 0.21 $ 0.98 $ 1.03
Earnings per Common Share and Per Unit - diluted: [Abstract]        
Net income $ 15,469 $ 23,171 $ 107,452 $ 111,995
Net loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488
Dividends on Preferred Stock (622) (622) (1,864) (1,864)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 14,855 $ 22,554 $ 105,603 $ 110,619
Denominator:        
Denominator for basic earnings per Common Share - weighted average shares (in shares) 106,010 105,671 105,937 105,473
Noncontrolling interests Common Units (in shares) 2,151 2,161 2,152 2,289
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) 108,161 107,832 108,089 107,762
Earnings per Common Share - diluted:        
Net income available for common stockholders (in dollars per share) $ 0.14 $ 0.21 $ 0.98 $ 1.03
Highwoods Realty Limited Partnership        
Earnings per Common Share and Per Unit - basic: [Abstract]        
Net income $ 15,469 $ 23,171 $ 107,452 $ 111,995
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488
Distributions on Preferred Units (622) (622) (1,864) (1,864)
Net income available for common unitholders $ 14,855 $ 22,554 $ 105,603 $ 110,619
Denominator:        
Denominator for basic earnings per Common Unit - weighted average units (in shares) 107,752 107,423 107,680 107,353
Earnings per Common Unit - basic:        
Net income available for common unitholders (in dollars per share) $ 0.14 $ 0.21 $ 0.98 $ 1.03
Earnings per Common Share and Per Unit - diluted: [Abstract]        
Net income $ 15,469 $ 23,171 $ 107,452 $ 111,995
Net loss attributable to noncontrolling interests in consolidated affiliates 8 5 15 488
Distributions on Preferred Units (622) (622) (1,864) (1,864)
Net income available for common unitholders $ 14,855 $ 22,554 $ 105,603 $ 110,619
Denominator:        
Denominator for basic earnings per Common Unit - weighted average units (in shares) 107,752 107,423 107,680 107,353
Earnings per Common Unit - diluted:        
Net income available for common unitholders (in dollars per share) $ 0.14 $ 0.21 $ 0.98 $ 1.03
v3.24.3
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues $ 204,323 $ 207,095 $ 620,336 $ 627,138
Total Net Operating Income 138,617 139,902 419,636 427,907
Reconciliation to net income:        
Depreciation and amortization (79,116) (74,765) (226,532) (220,416)
General and administrative expenses (9,898) (8,873) (31,754) (30,668)
Interest expense (37,472) (34,247) (109,928) (101,408)
Other income 1,872 754 10,559 3,082
Gains on disposition of property 350 0 42,581 19,818
Gain on deconsolidation of affiliate 0 0 0 11,778
Equity in earnings of unconsolidated affiliates 1,116 400 2,890 1,902
Net income 15,469 23,171 107,452 111,995
Office Atlanta, GA [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 36,742 35,666 109,799 107,991
Total Net Operating Income 22,268 21,796 67,950 68,289
Office Charlotte, NC [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 22,010 21,079 65,991 63,452
Total Net Operating Income 15,936 16,388 47,974 47,719
Office Nashville, TN [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 40,903 42,884 126,458 130,084
Total Net Operating Income 30,657 31,389 92,448 95,530
Office Orlando, FL [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 14,312 14,356 43,892 43,300
Total Net Operating Income 8,850 8,734 26,840 26,358
Office Raleigh, NC [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 43,042 45,354 130,848 136,933
Total Net Operating Income 31,692 32,523 95,537 99,799
Office Richmond, VA [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 8,754 8,746 26,816 27,103
Total Net Operating Income 5,765 5,733 18,424 18,656
Office Tampa, FL [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 23,948 25,000 72,963 75,344
Total Net Operating Income 15,309 15,574 46,131 47,614
Other [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 14,612 14,010 43,569 42,931
Total Net Operating Income $ 8,140 $ 7,765 $ 24,332 $ 23,942
v3.24.3
Subsequent Events (Details) - Highwoods Properties, Inc. [Member] - $ / shares
 3 Months Ended 9 Months Ended
Oct. 21, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Subsequent Event [Line Items]          
Dividends declared per share of Common Stock (in dollars per share)   $ 0.50 $ 0.50 $ 1.50 $ 1.50
Subsequent Event [Member]          
Subsequent Event [Line Items]          
Dividends declared per share of Common Stock (in dollars per share) $ 0.50