HIGHWOODS PROPERTIES, INC., 10-Q filed on 10/24/2023
Quarterly Report
v3.23.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2023
Oct. 17, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
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, $.01 par value, of Highwoods Properties, Inc.  
Trading Symbol HIW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   105,693,261
Entity Central Index Key 0000921082  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Highwoods Realty Limited Partnership    
Entity Information [Line Items]    
Entity Registrant Name HIGHWOODS REALTY LIMITED PARTNERSHIP  
Entity Incorporation, State or Country Code NC  
Entity File Number 000-21731  
Entity Tax Identification Number 56-1869557  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000941713  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.23.3
HPI - Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Real estate assets, at cost:    
Land $ 542,418 $ 548,720
Buildings and tenant improvements 5,970,163 5,909,754
Development in-process 6,203 46,735
Land held for development 227,817 231,218
Total real estate assets 6,746,601 6,736,427
Less-accumulated depreciation (1,711,023) (1,609,502)
Net real estate assets 5,035,578 5,126,925
Real estate and other assets, net, held for sale 4,706 0
Cash and cash equivalents 16,901 21,357
Restricted cash 3,809 4,748
Accounts receivable 25,583 25,481
Mortgages and notes receivable 9,783 1,051
Accrued straight-line rents receivable 308,277 293,674
Investments in and advances to unconsolidated affiliates 314,475 269,221
Deferred leasing costs, net of accumulated amortization of $173,926 and $163,751, respectively 233,079 252,828
Prepaid expenses and other assets, net of accumulated depreciation of $23,008 and $21,660, respectively 72,177 68,091
Total Assets 6,024,368 6,063,376
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:    
Mortgages and notes payable, net 3,212,185 3,197,215
Accounts payable, accrued expenses and other liabilities 310,409 301,184
Total Liabilities 3,522,594 3,498,399
Commitments and contingencies
Noncontrolling interests in the Operating Partnership 44,452 65,977
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 and 28,821 shares issued and outstanding, respectively 28,811 28,821
Common Stock, $.01 par value, 200,000,000 authorized shares; 105,693,261 and 105,210,858 shares issued and outstanding, respectively 1,057 1,052
Additional paid-in capital 3,107,593 3,081,330
Distributions in excess of net income available for common stockholders (683,171) (633,227)
Accumulated other comprehensive loss (1,434) (1,211)
Total Stockholders’ Equity 2,452,856 2,476,765
Noncontrolling interests in consolidated affiliates 4,466 22,235
Total Equity/Capital 2,457,322 2,499,000
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 6,024,368 $ 6,063,376
v3.23.3
HPI - Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Deferred leasing costs, accumulated amortization $ 173,926 $ 163,751
Prepaid expenses and other assets, accumulated depreciation $ 23,008 $ 21,660
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 28,821
Series A Preferred Stock, shares outstanding (in shares) 28,811 28,821
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) 105,693,261 105,210,858
Common Stock, shares outstanding (in shares) 105,693,261 105,210,858
v3.23.3
HRLP - Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Real estate assets, at cost:    
Land $ 542,418 $ 548,720
Buildings and tenant improvements 5,970,163 5,909,754
Development in-process 6,203 46,735
Land held for development 227,817 231,218
Total real estate assets 6,746,601 6,736,427
Less-accumulated depreciation (1,711,023) (1,609,502)
Net real estate assets 5,035,578 5,126,925
Real estate and other assets, net, held for sale 4,706 0
Cash and cash equivalents 16,901 21,357
Restricted cash 3,809 4,748
Accounts receivable 25,583 25,481
Mortgages and notes receivable 9,783 1,051
Accrued straight-line rents receivable 308,277 293,674
Investments in and advances to unconsolidated affiliates 314,475 269,221
Deferred leasing costs, net of accumulated amortization of $173,926 and $163,751, respectively 233,079 252,828
Prepaid expenses and other assets, net of accumulated depreciation of $23,008 and $21,660, respectively 72,177 68,091
Total Assets 6,024,368 6,063,376
Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 3,212,185 3,197,215
Accounts payable, accrued expenses and other liabilities 310,409 301,184
Total Liabilities 3,522,594 3,498,399
Commitments and contingencies
Capital:    
Accumulated other comprehensive loss (1,434) (1,211)
Noncontrolling interests in consolidated affiliates 4,466 22,235
Total Equity/Capital 2,457,322 2,499,000
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital 6,024,368 6,063,376
Highwoods Realty Limited Partnership    
Real estate assets, at cost:    
Land 542,418 548,720
Buildings and tenant improvements 5,970,163 5,909,754
Development in-process 6,203 46,735
Land held for development 227,817 231,218
Total real estate assets 6,746,601 6,736,427
Less-accumulated depreciation (1,711,023) (1,609,502)
Net real estate assets 5,035,578 5,126,925
Real estate and other assets, net, held for sale 4,706 0
Cash and cash equivalents 16,901 21,357
Restricted cash 3,809 4,748
Accounts receivable 25,583 25,481
Mortgages and notes receivable 9,783 1,051
Accrued straight-line rents receivable 308,277 293,674
Investments in and advances to unconsolidated affiliates 314,475 269,221
Deferred leasing costs, net of accumulated amortization of $173,926 and $163,751, respectively 233,079 252,828
Prepaid expenses and other assets, net of accumulated depreciation of $23,008 and $21,660, respectively 72,177 68,091
Total Assets 6,024,368 6,063,376
Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 3,212,185 3,197,215
Accounts payable, accrued expenses and other liabilities 310,409 301,184
Total Liabilities 3,522,594 3,498,399
Commitments and contingencies
Redeemable Operating Partnership Units:    
Common Units, 2,156,808 and 2,358,009 outstanding, respectively 44,452 65,977
Series A Preferred Units (liquidation preference $1,000 per unit), 28,811 and 28,821 units issued and outstanding, respectively 28,811 28,821
Total Redeemable Operating Partnership Units 73,263 94,798
Capital:    
General partner Common Units, 1,074,413 and 1,071,601 outstanding, respectively 24,255 24,492
Limited partner Common Units, 104,210,039 and 103,730,448 outstanding, respectively 2,401,224 2,424,663
Accumulated other comprehensive loss (1,434) (1,211)
Noncontrolling interests in consolidated affiliates 4,466 22,235
Total Equity/Capital 2,428,511 2,470,179
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 6,024,368 $ 6,063,376
v3.23.3
HRLP - Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Deferred leasing costs, accumulated amortization $ 173,926 $ 163,751
Prepaid expenses and other assets, accumulated depreciation 23,008 21,660
Highwoods Realty Limited Partnership    
Assets:    
Deferred leasing costs, accumulated amortization 173,926 163,751
Prepaid expenses and other assets, accumulated depreciation $ 23,008 $ 21,660
Redeemable Operating Partnership Units: [Abstract]    
Redeemable Common Units outstanding (in shares) 2,156,808 2,358,009
Series A Preferred Units, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Series A Preferred Units, issued (in shares) 28,811 28,821
Series A Preferred Units, outstanding (in shares) 28,811 28,821
Common Units: [Abstract]    
General partners' capital account, units outstanding (in shares) 1,074,413 1,071,601
Limited partners' capital account, units outstanding (in shares) 104,210,039 103,730,448
v3.23.3
HPI - Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Rental and other revenues $ 207,095 $ 206,997 $ 627,138 $ 617,216
Operating expenses:        
Rental property and other expenses 67,193 66,334 199,231 190,125
Depreciation and amortization 74,765 73,057 220,416 212,466
Impairments of real estate assets 0 1,515 0 36,515
General and administrative 8,873 9,586 30,668 32,733
Total operating expenses 150,831 150,492 450,315 471,839
Interest expense 34,247 26,392 101,408 75,812
Other income 754 138 3,082 621
Gains on disposition of property 0 9,402 19,818 63,546
Gain on deconsolidation of affiliate 0 0 11,778 0
Equity in earnings of unconsolidated affiliates 400 457 1,902 1,083
Net income 23,171 40,110 111,995 134,815
Net (income) attributable to noncontrolling interests in the Operating Partnership (453) (881) (2,386) (3,049)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357) 488 (880)
Dividends on Preferred Stock (622) (621) (1,864) (1,864)
Net income available for common stockholders $ 22,101 $ 38,251 $ 108,233 $ 129,022
Earnings per Common Share – basic:        
Net income available for common stockholders (in dollars per share) $ 0.21 $ 0.36 $ 1.03 $ 1.23
Weighted average Common Shares outstanding - basic (in shares) 105,671 105,184 105,473 105,094
Earnings per Common Share - diluted:        
Net income available for common stockholders (in dollars per share) $ 0.21 $ 0.36 $ 1.03 $ 1.23
Weighted average Common Shares outstanding - diluted (in shares) 107,832 107,601 107,762 107,570
v3.23.3
HRLP - Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Rental and other revenues $ 207,095 $ 206,997 $ 627,138 $ 617,216
Operating expenses:        
Rental property and other expenses 67,193 66,334 199,231 190,125
Depreciation and amortization 74,765 73,057 220,416 212,466
Impairments of real estate assets 0 1,515 0 36,515
General and administrative 8,873 9,586 30,668 32,733
Total operating expenses 150,831 150,492 450,315 471,839
Interest expense 34,247 26,392 101,408 75,812
Other income 754 138 3,082 621
Gains on disposition of property 0 9,402 19,818 63,546
Gain on deconsolidation of affiliate 0 0 11,778 0
Equity in earnings of unconsolidated affiliates 400 457 1,902 1,083
Net income 23,171 40,110 111,995 134,815
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357) 488 (880)
Highwoods Realty Limited Partnership        
Rental and other revenues 207,095 206,997 627,138 617,216
Operating expenses:        
Rental property and other expenses 67,193 66,334 199,231 190,125
Depreciation and amortization 74,765 73,057 220,416 212,466
Impairments of real estate assets 0 1,515 0 36,515
General and administrative 8,873 9,586 30,668 32,733
Total operating expenses 150,831 150,492 450,315 471,839
Interest expense 34,247 26,392 101,408 75,812
Other income 754 138 3,082 621
Gains on disposition of property 0 9,402 19,818 63,546
Gain on deconsolidation of affiliate 0 0 11,778 0
Equity in earnings of unconsolidated affiliates 400 457 1,902 1,083
Net income 23,171 40,110 111,995 134,815
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357) 488 (880)
Distributions on Preferred Units (622) (621) (1,864) (1,864)
Net income available for common unitholders $ 22,554 $ 39,132 $ 110,619 $ 132,071
Earnings per Common Unit - basic:        
Net income available for common unitholders (in dollars per share) $ 0.21 $ 0.37 $ 1.03 $ 1.23
Weighted average Common Units outstanding - basic (in shares) 107,423 107,192 107,353 107,154
Earnings per Common Unit - diluted:        
Net income available for common unitholders (in dollars per share) $ 0.21 $ 0.37 $ 1.03 $ 1.23
Weighted average Common Units outstanding - diluted (in shares) 107,423 107,192 107,353 107,161
v3.23.3
HPI - Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Comprehensive income:        
Net income $ 23,171 $ 40,110 $ 111,995 $ 134,815
Other comprehensive loss:        
Amortization of cash flow hedges (74) (75) (223) (164)
Total other comprehensive loss (74) (75) (223) (164)
Total comprehensive income 23,097 40,035 111,772 134,651
Less-comprehensive (income) attributable to noncontrolling interests (448) (1,238) (1,898) (3,929)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 22,649 $ 38,797 $ 109,874 $ 130,722
v3.23.3
HRLP - Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Comprehensive income:        
Net income $ 23,171 $ 40,110 $ 111,995 $ 134,815
Other comprehensive loss:        
Amortization of cash flow hedges (74) (75) (223) (164)
Other comprehensive loss (74) (75) (223) (164)
Total comprehensive income 23,097 40,035 111,772 134,651
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates (448) (1,238) (1,898) (3,929)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders 22,649 38,797 109,874 130,722
Highwoods Realty Limited Partnership        
Comprehensive income:        
Net income 23,171 40,110 111,995 134,815
Other comprehensive loss:        
Amortization of cash flow hedges (74) (75) (223) (164)
Other comprehensive loss (74) (75) (223) (164)
Total comprehensive income 23,097 40,035 111,772 134,651
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357) 488 (880)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 23,102 $ 39,678 $ 112,260 $ 133,771
v3.23.3
HPI - Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
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, 2021   104,892,780          
Balance at Dec. 31, 2021 $ 2,499,558 $ 1,049 $ 28,821 $ 3,027,861 $ (973) $ 22,416 $ (579,616)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances of Common Stock, net of issuance costs and tax withholdings - shares   92,941          
Issuances of Common Stock, net of issuance costs and tax withholdings 4,797 $ 1   4,796      
Conversions of Common Units to Common Stock - Shares   30,909          
Conversions of Common Units to Common Stock 1,251     1,251      
Dividends on Common Stock (157,587)           (157,587)
Dividends on Preferred Stock (1,864)           (1,864)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 42,480     42,480      
Distributions to noncontrolling interests in consolidated affiliates (1,411)         (1,411)  
Issuances of restricted stock - shares   181,807          
Issuances of restricted stock 0            
Share-based compensation expense, net of forfeitures - shares   (779)          
Share-based compensation expense, net of forfeitures 6,843 $ 2   6,841      
Net (income) attributable to noncontrolling interests in the Operating Partnership (3,049)           (3,049)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 0         880 (880)
Comprehensive income:              
Net income 134,815           134,815
Other comprehensive loss (164)       (164)    
Total comprehensive income 134,651            
Balance (in shares) at Sep. 30, 2022   105,197,658          
Balance at Sep. 30, 2022 2,525,669 $ 1,052 28,821 3,083,229 (1,137) 21,885 (608,181)
Balance (in shares) at Jun. 30, 2022   105,184,854          
Balance at Jun. 30, 2022 2,521,701 $ 1,052 28,821 3,065,208 (1,062) 21,528 (593,846)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances of Common Stock, net of issuance costs and tax withholdings - shares   13,583          
Issuances of Common Stock, net of issuance costs and tax withholdings 362     362      
Dividends on Common Stock (52,586)           (52,586)
Dividends on Preferred Stock (621)           (621)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 16,952     16,952      
Share-based compensation expense, net of forfeitures - shares   (779)          
Share-based compensation expense, net of forfeitures 707     707      
Net (income) attributable to noncontrolling interests in the Operating Partnership (881)           (881)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 0         357 (357)
Comprehensive income:              
Net income 40,110           40,110
Other comprehensive loss (75)       (75)    
Total comprehensive income 40,035            
Balance (in shares) at Sep. 30, 2022   105,197,658          
Balance at Sep. 30, 2022 $ 2,525,669 $ 1,052 28,821 3,083,229 (1,137) 21,885 (608,181)
Balance (in shares) at Dec. 31, 2022 105,210,858 105,210,858          
Balance at Dec. 31, 2022 $ 2,499,000 $ 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 0 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 $ 3   6,151      
Net (income) attributable to noncontrolling interests in the Operating Partnership (2,386)           (2,386)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 0         (488) 488
Deconsolidation of affiliate (17,281)         (17,281)  
Comprehensive income:              
Net income 111,995           111,995
Other comprehensive loss (223)       (223)    
Total comprehensive income $ 111,772            
Balance (in shares) at Sep. 30, 2023 105,693,261 105,693,261          
Balance at Sep. 30, 2023 $ 2,457,322 $ 1,057 28,811 3,107,593 (1,434) 4,466 (683,171)
Balance (in shares) at Jun. 30, 2023   105,472,213          
Balance at Jun. 30, 2023 $ 2,475,813 $ 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 0 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 $ 0   833      
Net (income) attributable to noncontrolling interests in the Operating Partnership (453)           (453)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 0         (5) 5
Comprehensive income:              
Net income 23,171           23,171
Other comprehensive loss (74)       (74)    
Total comprehensive income $ 23,097            
Balance (in shares) at Sep. 30, 2023 105,693,261 105,693,261          
Balance at Sep. 30, 2023 $ 2,457,322 $ 1,057 $ 28,811 $ 3,107,593 $ (1,434) $ 4,466 $ (683,171)
v3.23.3
HPI - Consolidated Statements of Equity (Parentheticals) - Highwoods Properties, Inc. [Member] - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
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
v3.23.3
HRLP - Consolidated Statements of Capital - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance $ 2,475,813 $ 2,521,701 $ 2,499,000 $ 2,499,558
Share-based compensation expense, net of forfeitures 833 707 6,154 6,843
Distributions to noncontrolling interests in consolidated affiliates       (1,411)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 0
Deconsolidation of affiliate     (17,281)  
Comprehensive income:        
Net income 23,171 40,110 111,995 134,815
Other comprehensive loss (74) (75) (223) (164)
Total comprehensive income 23,097 40,035 111,772 134,651
Balance 2,457,322 2,525,669 2,457,322 2,525,669
Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 2,447,002 2,492,880 2,470,179 2,470,737
Issuances of Common Units, net of issuance costs and tax withholdings 361 362 (202) 4,797
Redemption of Common Units   (3,101) (163) (3,101)
Distributions on Common Units (53,709) (53,573) (160,995) (160,660)
Distributions on Preferred Units (622) (621) (1,864) (1,864)
Share-based compensation expense, net of forfeitures 833 707 6,154 6,843
Distributions to noncontrolling interests in consolidated affiliates       (1,411)
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner 11,549 20,159 20,911 46,856
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 0
Deconsolidation of affiliate     (17,281)  
Comprehensive income:        
Net income 23,171 40,110 111,995 134,815
Other comprehensive loss (74) (75) (223) (164)
Total comprehensive income 23,097 40,035 111,772 134,651
Balance 2,428,511 2,496,848 2,428,511 2,496,848
General Partners' Common Units [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 24,439 24,723 24,492 24,492
Issuances of Common Units, net of issuance costs and tax withholdings 4 4 (2) 48
Redemption of Common Units   (31) (2) (31)
Distributions on Common Units (537) (536) (1,610) (1,607)
Distributions on Preferred Units (7) (7) (19) (19)
Share-based compensation expense, net of forfeitures 9 7 62 68
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner 115 202 209 469
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 0 (4) 5 (9)
Comprehensive income:        
Net income 232 401 1,120 1,348
Balance 24,255 24,759 24,255 24,759
Limited Partners' Common Units [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 2,419,452 2,447,691 2,424,663 2,424,802
Issuances of Common Units, net of issuance costs and tax withholdings 357 358 (200) 4,749
Redemption of Common Units   (3,070) (161) (3,070)
Distributions on Common Units (53,172) (53,037) (159,385) (159,053)
Distributions on Preferred Units (615) (614) (1,845) (1,845)
Share-based compensation expense, net of forfeitures 824 700 6,092 6,775
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner 11,434 19,957 20,702 46,387
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (353) 483 (871)
Comprehensive income:        
Net income 22,939 39,709 110,875 133,467
Balance 2,401,224 2,451,341 2,401,224 2,451,341
Accumulated Other Comprehensive Income (Loss) [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance (1,360) (1,062) (1,211) (973)
Comprehensive income:        
Other comprehensive loss (74) (75) (223) (164)
Balance (1,434) (1,137) (1,434) (1,137)
Noncontrolling Interests in Consolidated Affiliates [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 4,471 21,528 22,235 22,416
Distributions to noncontrolling interests in consolidated affiliates       (1,411)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates (5) 357 (488) 880
Deconsolidation of affiliate     (17,281)  
Comprehensive income:        
Balance $ 4,466 $ 21,885 $ 4,466 $ 21,885
v3.23.3
HRLP - Consolidated Statements of Capital (Parentheticals) - Highwoods Realty Limited Partnership - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
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 $ 64.688
v3.23.3
HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 111,995 $ 134,815
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 220,416 212,466
Amortization of lease incentives and acquisition-related intangible assets and liabilities 712 (342)
Share-based compensation expense 6,154 6,843
Net credit losses on operating lease receivables 1,850 3,167
Accrued interest on mortgages and notes receivable (750) (67)
Amortization of debt issuance costs 3,645 3,096
Amortization of cash flow hedges (223) (164)
Amortization of mortgages and notes payable fair value adjustments (257) (60)
Impairments of real estate assets 0 36,515
Net gains on disposition of property (19,818) (63,546)
Gain on deconsolidation of controlling interest in affiliate (11,778) 0
Equity in earnings of unconsolidated affiliates (1,902) (1,083)
Distributions of earnings from unconsolidated affiliates 1,153 606
Changes in operating assets and liabilities:    
Accounts receivable 1,182 (11,454)
Prepaid expenses and other assets (4,376) (2,150)
Accrued straight-line rents receivable (20,196) (20,558)
Accounts payable, accrued expenses and other liabilities (3,636) 21,795
Net cash provided by operating activities 284,171 319,879
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (18,544) (224,934)
Investments in development in-process (26,179) (26,220)
Investments in tenant improvements and deferred leasing costs (68,625) (90,910)
Investments in building improvements (55,155) (45,289)
Net proceeds from disposition of real estate assets 51,538 130,038
Distributions of capital from unconsolidated affiliates 3,864 0
Investments in mortgages and notes receivable (9,763) (24)
Repayments of mortgages and notes receivable 200 215
Investments in and advances to unconsolidated affiliates (100,052) (81,693)
Repayments of preferred equity from unconsolidated affiliates 80,000 0
Changes in earnest money deposits 15,500 (3,000)
Changes in other investing activities (3,751) 224
Net cash used in investing activities (130,967) (341,593)
Financing activities:    
Dividends on Common Stock (158,177) (157,587)
Redemptions/repurchases of Preferred Stock (10) 0
Redemptions of Common Units (163) (3,101)
Dividends on Preferred Stock (1,864) (1,864)
Distributions to noncontrolling interests in the Operating Partnership (3,432) (3,687)
Distributions to noncontrolling interests in consolidated affiliates 0 (1,411)
Proceeds from the issuance of Common Stock 1,349 7,200
Costs paid for the issuance of Common Stock (226) (247)
Repurchase of shares related to tax withholdings (1,325) (2,156)
Borrowings on revolving credit facility 219,000 275,000
Repayments of revolving credit facility (400,000) (235,000)
Borrowings on mortgages and notes payable 200,000 350,000
Repayments of mortgages and notes payable (5,018) (204,807)
Payments for debt issuance costs and other financing activities (2,347) (2,731)
Net cash provided by/(used in) financing activities (152,213) 19,609
Net increase/(decrease) in cash and cash equivalents and restricted cash 991 (2,105)
Cash from deconsolidation of controlling interest in affiliate (6,386) 0
Cash and cash equivalents and restricted cash at beginning of the period 26,105 31,198
Cash and cash equivalents and restricted cash at end of the period 20,710 29,093
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 16,901 23,055
Restricted cash at end of the period 3,809 6,038
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 105,342 82,908
Supplemental disclosure of non-cash investing and financing activities:    
Conversions of Common Units to Common Stock 4,795 1,251
Changes in accrued capital expenditures [1] 17,275 (10,180)
Write-off of fully depreciated real estate assets 54,489 42,817
Write-off of fully amortized leasing costs 25,605 22,739
Write-off of fully amortized debt issuance costs 0 1,216
Adjustment of noncontrolling interests in the Operating Partnership to fair value (15,521) (42,480)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 70,700 $ 44,400
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of September 30, 2023 and 2022 were $70.7 million and $44.4 million, respectively.
v3.23.3
HRLP - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 111,995 $ 134,815
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 220,416 212,466
Amortization of lease incentives and acquisition-related intangible assets and liabilities 712 (342)
Share-based compensation expense 6,154 6,843
Net credit losses on operating lease receivables 1,850 3,167
Accrued interest on mortgages and notes receivable (750) (67)
Amortization of debt issuance costs 3,645 3,096
Amortization of cash flow hedges (223) (164)
Amortization of mortgages and notes payable fair value adjustments (257) (60)
Impairments of real estate assets 0 36,515
Net gains on disposition of property (19,818) (63,546)
Gain on deconsolidation of controlling interest in affiliate (11,778) 0
Equity in earnings of unconsolidated affiliates (1,902) (1,083)
Distributions of earnings from unconsolidated affiliates 1,153 606
Changes in operating assets and liabilities:    
Accounts receivable 1,182 (11,454)
Prepaid expenses and other assets (4,376) (2,150)
Accrued straight-line rents receivable (20,196) (20,558)
Accounts payable, accrued expenses and other liabilities (3,636) 21,795
Net cash provided by operating activities 284,171 319,879
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (18,544) (224,934)
Investments in development in-process (26,179) (26,220)
Investments in tenant improvements and deferred leasing costs (68,625) (90,910)
Investments in building improvements (55,155) (45,289)
Net proceeds from disposition of real estate assets 51,538 130,038
Distributions of capital from unconsolidated affiliates 3,864 0
Investments in mortgages and notes receivable (9,763) (24)
Repayments of mortgages and notes receivable 200 215
Investments in and advances to unconsolidated affiliates (100,052) (81,693)
Repayments of preferred equity from unconsolidated affiliates 80,000 0
Changes in earnest money deposits 15,500 (3,000)
Changes in other investing activities (3,751) 224
Net cash used in investing activities (130,967) (341,593)
Financing activities:    
Redemptions of Common Units (163) (3,101)
Distributions to noncontrolling interests in consolidated affiliates 0 (1,411)
Borrowings on revolving credit facility 219,000 275,000
Repayments of revolving credit facility (400,000) (235,000)
Borrowings on mortgages and notes payable 200,000 350,000
Repayments of mortgages and notes payable (5,018) (204,807)
Payments for debt issuance costs and other financing activities (2,347) (2,731)
Net cash provided by/(used in) financing activities (152,213) 19,609
Net increase/(decrease) in cash and cash equivalents and restricted cash 991 (2,105)
Cash from deconsolidation of controlling interest in affiliate (6,386) 0
Cash and cash equivalents and restricted cash at beginning of the period 26,105 31,198
Cash and cash equivalents and restricted cash at end of the period 20,710 29,093
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 16,901 23,055
Restricted cash at end of the period 3,809 6,038
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 105,342 82,908
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] 17,275 (10,180)
Write-off of fully depreciated real estate assets 54,489 42,817
Write-off of fully amortized leasing costs 25,605 22,739
Write-off of fully amortized debt issuance costs 0 1,216
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 70,700 44,400
Highwoods Realty Limited Partnership    
Operating activities:    
Net income 111,995 134,815
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 220,416 212,466
Amortization of lease incentives and acquisition-related intangible assets and liabilities 712 (342)
Share-based compensation expense 6,154 6,843
Net credit losses on operating lease receivables 1,850 3,167
Accrued interest on mortgages and notes receivable (750) (67)
Amortization of debt issuance costs 3,645 3,096
Amortization of cash flow hedges (223) (164)
Amortization of mortgages and notes payable fair value adjustments (257) (60)
Impairments of real estate assets 0 36,515
Net gains on disposition of property (19,818) (63,546)
Gain on deconsolidation of controlling interest in affiliate (11,778) 0
Equity in earnings of unconsolidated affiliates (1,902) (1,083)
Distributions of earnings from unconsolidated affiliates 1,153 606
Changes in operating assets and liabilities:    
Accounts receivable 1,182 (11,454)
Prepaid expenses and other assets (4,376) (2,150)
Accrued straight-line rents receivable (20,196) (20,558)
Accounts payable, accrued expenses and other liabilities (3,636) 21,795
Net cash provided by operating activities 284,171 319,879
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (18,544) (224,934)
Investments in development in-process (26,179) (26,220)
Investments in tenant improvements and deferred leasing costs (68,625) (90,910)
Investments in building improvements (55,155) (45,289)
Net proceeds from disposition of real estate assets 51,538 130,038
Distributions of capital from unconsolidated affiliates 3,864 0
Investments in mortgages and notes receivable (9,763) (24)
Repayments of mortgages and notes receivable 200 215
Investments in and advances to unconsolidated affiliates (100,052) (81,693)
Repayments of preferred equity from unconsolidated affiliates 80,000 0
Changes in earnest money deposits 15,500 (3,000)
Changes in other investing activities (3,751) 224
Net cash used in investing activities (130,967) (341,593)
Financing activities:    
Distributions on Common Units (160,995) (160,660)
Redemptions/repurchases of Preferred Units (10) 0
Redemptions of Common Units (163) (3,101)
Dividends on Preferred Units (1,864) (1,864)
Distributions to noncontrolling interests in consolidated affiliates 0 (1,411)
Proceeds from the issuance of Common Units 1,349 7,200
Costs paid for the issuance of Common Units (226) (247)
Repurchase of units related to tax withholdings (1,325) (2,156)
Borrowings on revolving credit facility 219,000 275,000
Repayments of revolving credit facility (400,000) (235,000)
Borrowings on mortgages and notes payable 200,000 350,000
Repayments of mortgages and notes payable (5,018) (204,807)
Payments for debt issuance costs and other financing activities (2,961) (3,345)
Net cash provided by/(used in) financing activities (152,213) 19,609
Net increase/(decrease) in cash and cash equivalents and restricted cash 991 (2,105)
Cash from deconsolidation of controlling interest in affiliate (6,386) 0
Cash and cash equivalents and restricted cash at beginning of the period 26,105 31,198
Cash and cash equivalents and restricted cash at end of the period 20,710 29,093
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 16,901 23,055
Restricted cash at end of the period 3,809 6,038
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 105,342 82,908
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] 17,275 (10,180)
Write-off of fully depreciated real estate assets 54,489 42,817
Write-off of fully amortized leasing costs 25,605 22,739
Write-off of fully amortized debt issuance costs 0 1,216
Adjustment of Redeemable Common Units to fair value (21,525) (47,470)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 70,700 $ 44,400
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of September 30, 2023 and 2022 were $70.7 million and $44.4 million, respectively.
v3.23.3
Description of Business and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Significant Accounting Policies Description of Business and Significant Accounting Policies
Description of Business

Highwoods Properties, Inc. (the “Company”) is a fully integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”). As of September 30, 2023, we owned or had an interest in 28.5 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, 2023, the Company owned all of the Preferred Units and 105.3 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, 2023, the Company redeemed 193,907 Common Units for a like number of shares of Common Stock and 7,294 Common Units for cash. As a result of this activity, the percentage of Common Units owned by the Company increased from 97.8% as of December 31, 2022 to 98.0% as of September 30, 2023.

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

Basis of Presentation

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

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

As of September 30, 2023, 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. We also own three properties through a joint venture investment that were deconsolidated effective January 1, 2023 (see Note 3).

All intercompany transactions and accounts have been eliminated.

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 2022 Annual Report on Form 10-K.
Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.

Insurance

We are primarily self-insured for health care claims for participating employees. 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, 2023, a reserve of $0.6 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.
v3.23.3
Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
Operating Leases

We generally lease our office properties to lessees in exchange for fixed monthly payments that cover rent, property taxes, insurance and certain cost recoveries, primarily common area maintenance. Office properties owned by us that are under lease are primarily located in Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa and are leased to a wide variety of lessees across many industries. Our leases are operating leases and mostly range from three to 10 years. We recognized rental and other revenues related to operating lease payments of $203.8 million and $203.9 million during the three months ended September 30, 2023 and 2022, respectively, and $617.0 million and $608.1 million during the nine months ended September 30, 2023 and 2022, respectively. Included in these amounts are variable lease payments of $17.7 million and $16.9 million during the three months ended September 30, 2023 and 2022, respectively, and $54.6 million and $51.9 million during the nine months ended September 30, 2023 and 2022, respectively.
v3.23.3
Investments in and Advances to Affiliates
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments in and Advances to Affiliates Investments in and Advances to Affiliates
Unconsolidated Affiliates

- Highwoods-Markel Associates, LLC (“Markel”)

Markel is a joint venture in which we own a 50.0% interest that was consolidated as of December 31, 2022 because we controlled the major operating and financial policies of the entity. Effective January 1, 2023, the agreement governing the joint venture was modified to require the consent of both partners for major operating and financial policies of the entity. As a result, Markel was deconsolidated effective January 1, 2023, and this joint venture is now accounted for using the equity method of accounting. We recognized a gain on deconsolidation of $11.8 million related to adjusting our retained interest in the joint venture to fair value. The assets of Markel can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.

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

During 2022, we entered the Dallas market through the formation of two joint ventures with Granite Properties (“Granite”) to develop Granite Park Six and 23Springs. We own a 50.0% interest in each of these two joint ventures. We determined that we have a variable interest in both the Granite Park Six and 23Springs joint ventures primarily because the entities were designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders. The joint ventures were further determined to be variable interest entities as they require additional subordinated financial support in the form of loans because the initial equity investments provided by us and Granite were not sufficient to finance the planned investments and operations. We concluded we do not have the power to direct matters that most significantly impact the activities of either entity and therefore do not qualify as the primary beneficiary. Accordingly, the entities are not consolidated. As of September 30, 2023, our risk of loss with respect to these arrangements was limited to the carrying value of each investment balance. Our investment balances were $41.7 million and $63.6 million as of September 30, 2023 for Granite Park Six and 23Springs, respectively. The assets of the Granite Park Six and 23Springs joint ventures can be used only to settle obligations of the respective joint venture, and their creditors have no recourse to our wholly owned assets.

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

During 2022, we expanded our Dallas market presence by acquiring McKinney & Olive through the formation of another joint venture with Granite. We own a 50.0% interest in this joint venture. Upon formation, we determined that we had 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, were not sufficient to finance its planned investments and operations. We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated.

During the second quarter of 2023, we and Granite each contributed an additional $40.0 million of common equity to the McKinney & Olive joint venture. Such proceeds were then used by the joint venture to redeem our $80.0 million short-term preferred equity investment in full. The $40.0 million of net proceeds were used to repay amounts outstanding under our $750.0 million revolving credit facility. Prior to the redemption, the preferred equity received monthly distributions at a rate of SOFR plus 350 basis points. 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, 2023, our risk of loss with respect to this arrangement was $121.4 million, which represents the carrying value of our investment balance. The assets of the McKinney & Olive joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.

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

During 2022, we formed the Midtown East joint venture in Tampa with The Bromley Companies (“Bromley”). We own a 50.0% interest in this joint venture. We determined that we have a variable interest in the Midtown East joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and Bromley as an equity holder. The Midtown East joint venture was further determined to be a variable interest
entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley were not sufficient to finance its planned investments and operations. We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated. As of September 30, 2023, our risk of loss with respect to this arrangement was limited to the carrying value of our investment balance of $7.8 million as no amounts were outstanding under the loan we have provided to the joint venture. The assets of the Midtown East joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.

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

During 2021, we formed the 2827 Peachtree joint venture in Atlanta with Brand Properties, LLC (“Brand”). We own a 50.0% interest in this joint venture. We determined that we have a variable interest in the 2827 Peachtree joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and Brand as an equity holder. The 2827 Peachtree joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Brand were not sufficient to finance its planned investments and operations. We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated. As of September 30, 2023, our risk of loss with respect to this arrangement was $49.1 million, which consists of the $13.6 million carrying value of our investment balance plus the $35.5 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 as both a debt and an equity holder and Bromley as an equity holder. The Midtown West joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley were not sufficient to finance its planned investments and operations. We, as majority owner and managing member and through our control rights as set forth in the joint venture’s governance documents, were determined to be the primary beneficiary as we have both the power to direct the activities that most significantly affect the entity (primarily lease rates, property operations and capital expenditures) and significant economic exposure through our equity investment and loan commitment. As such, the Midtown West joint venture is consolidated and all intercompany transactions and accounts are eliminated. The following table sets forth the assets and liabilities of the Midtown West joint venture included on our Consolidated Balance Sheets:

September 30,
2023		December 31,
2022
Net real estate assets$60,588 $59,854 
Cash and cash equivalents$1,375 $1,009 
Accounts receivable$420 $1,490 
Accrued straight-line rents receivable$4,666 $1,921 
Deferred leasing costs, net$2,826 $2,677 
Prepaid expenses and other assets, net$1,036 $153 
Accounts payable, accrued expenses and other liabilities$2,756 $1,212 
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.
v3.23.3
Real Estate Assets
 9 Months Ended
Sep. 30, 2023
Real Estate [Abstract]  
Real Estate Assets Real Estate Assets
Acquisitions

During 2021, we acquired development land in Nashville for a purchase price, including capitalized acquisition costs, of $16.0 million, which was fully paid in or prior to the second quarter of 2023.

During the second quarter of 2023, we acquired land in Raleigh for a purchase price, including capitalized acquisition costs, of $2.7 million.

Dispositions

During the second quarter of 2023, we sold three buildings in Tampa and Raleigh for an aggregate sales price of $51.3 million and recorded aggregate gains on disposition of property of $19.4 million.
v3.23.3
Intangible Assets and Below Market Lease Liabilities
 9 Months Ended
Sep. 30, 2023
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,
2023		December 31,
2022
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$407,005 $416,579 
Less accumulated amortization(173,926)(163,751)
$233,079 $252,828 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$52,271 $55,304 
Less accumulated amortization(30,620)(29,859)
$21,651 $25,445 

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

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$10,696 $11,425 $32,409 $33,603 
Amortization of lease incentives (in rental and other revenues)$655 $500 $1,983 $1,369 
Amortization of acquisition-related intangible assets (in rental and other revenues)$823 $797 $2,523 $2,448 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,260)$(1,473)$(3,794)$(4,159)

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, 2023$10,963 $609 $779 $(1,225)
202438,910 1,984 3,088 (4,240)
202531,262 1,879 2,220 (2,727)
202626,969 1,677 1,860 (2,431)
202723,248 1,476 1,518 (2,062)
Thereafter74,830 4,209 5,598 (8,966)
$206,182 $11,834 $15,063 $(21,651)
Weighted average remaining amortization periods as of September 30, 2023 (in years)7.57.37.28.2
v3.23.3
Mortgages and Notes Payable
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Mortgages and Notes Payable Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

September 30,
2023		December 31,
2022
Secured indebtedness$677,839 $483,988 
Unsecured indebtedness2,549,495 2,729,620 
Less-unamortized debt issuance costs(15,149)(16,393)
Total mortgages and notes payable, net$3,212,185 $3,197,215 

As of September 30, 2023, our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,170.7 million.

Our $750.0 million unsecured revolving credit facility is scheduled to mature in March 2025 and includes an accordion feature that currently allows for an additional $200.0 million of borrowing capacity subject to additional lender commitments. Assuming no defaults have occurred, we have an option to extend the maturity for two additional six-month periods. The interest rate on our revolving credit facility is SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 basis points, based on current credit ratings. The annual facility fee is 20 basis points. The interest rate and facility fee are based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services. We may be entitled to a temporary reduction in the interest rate of one basis point provided we meet certain sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. There was $205.0 million outstanding under our revolving credit facility as of both September 30, 2023 and October 17, 2023. As of both September 30, 2023 and October 17, 2023, we had $0.9 million of outstanding letters of credit, which reduces the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility as of both September 30, 2023 and October 17, 2023 was $544.1 million.

During the first quarter of 2023, we obtained a $200.0 million, five-year secured mortgage loan from a third party lender, with an effective fixed interest rate of 5.69%. This loan is scheduled to mature in April 2028. We incurred $1.3 million of debt issuance costs, which will be amortized over the term of the loan.

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

We have considered our short-term liquidity needs within one year from October 24, 2023 (the date of issuance of the quarterly financial statements) and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. In particular, we have considered our scheduled debt maturities during such one-year period, including the $200.0 million unsecured bank term loan that is scheduled to mature in October 2024 (but which can be extended for one additional year at our option). 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.
v3.23.3
Noncontrolling Interests
 9 Months Ended
Sep. 30, 2023
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling Interests in Consolidated Affiliates

As of September 30, 2023, our noncontrolling interest in consolidated affiliates relates to our joint venture partner's 20.0% interest in the Midtown West joint venture. Our joint venture partner is an unrelated third party.

Noncontrolling Interests in the Operating Partnership

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

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Beginning noncontrolling interests in the Operating Partnership$56,206 $84,583 $65,977 $111,689 
Adjustment of noncontrolling interests in the Operating Partnership to fair value(6,334)(16,952)(15,521)(42,480)
Conversions of Common Units to Common Stock(4,795)— (4,795)(1,251)
Redemptions of Common Units— (3,101)(163)(3,101)
Net income attributable to noncontrolling interests in the Operating Partnership453 881 2,386 3,049 
Distributions to noncontrolling interests in the Operating Partnership(1,078)(1,192)(3,432)(3,687)
Total noncontrolling interests in the Operating Partnership$44,452 $64,219 $44,452 $64,219 

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,
2023202220232022
Net income available for common stockholders$22,101 $38,251 $108,233 $129,022 
Increase in additional paid in capital from conversions of Common Units to Common Stock4,795 — 4,795 1,251 
Redemptions of Common Units— 3,101 163 3,101 
Change from net income available for common stockholders and transfers from noncontrolling interests$26,896 $41,352 $113,191 $133,374 
v3.23.3
Disclosure About Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Disclosure About Fair Value of Financial Instruments Disclosure About Fair Value of Financial Instruments
The following summarizes the levels of inputs that we use to measure fair value.

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

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

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

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

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

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

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

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

Level 1Level 2
TotalQuoted Prices
in Active
Markets for Identical Assets or Liabilities		Significant Observable Inputs
Fair Value as of September 30, 2023:
Assets:
Mortgages and notes receivable, at fair value (1)
$9,783 $— $9,783 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,056 2,056 — 
Total Assets$11,839 $2,056 $9,783 
Noncontrolling Interests in the Operating Partnership$44,452 $44,452 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,794,265 $— $2,794,265 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,056 2,056 — 
Total Liabilities
$2,796,321 $2,056 $2,794,265 
Fair Value as of December 31, 2022:
Assets:
Mortgages and notes receivable, at fair value (1)
$1,051 $— $1,051 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,564 2,564 — 
Total Assets$3,615 $2,564 $1,051 
Noncontrolling Interests in the Operating Partnership$65,977 $65,977 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,832,973 $— $2,832,973 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,564 2,564 — 
Total Liabilities
$2,835,537 $2,564 $2,832,973 
__________
(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022.

As of January 1, 2023, there was a level 3 investment in Markel that was measured at a fair value of $57.1 million upon deconsolidation. The estimated fair value was calculated using a broker opinion of value, which incorporates an income approach, as observable inputs were not available. Key assumptions used in the fair value calculation for the operating buildings were an estimated discount rate of 10.8% and an estimated terminal capitalization rate of 8.8%. The estimated fair value of the surrounding land currently used for parking was calculated based on its multifamily development potential, which was determined to be the highest and best use of the land.
v3.23.3
Share-Based Payments
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based PaymentsDuring the nine months ended September 30, 2023, the Company granted 155,717 shares of time-based restricted stock and 126,736 shares of total return-based restricted stock with weighted average grant date fair values per share of $26.42 and $27.06, respectively. We recorded share-based compensation expense of $0.8 million and $0.7 million during the three months ended September 30, 2023 and 2022, respectively, and $6.2 million and $6.8 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there was $4.9 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 2.2 years.
v3.23.3
Real Estate and Other Assets Held For Sale
 9 Months Ended
Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Real Estate and Other Assets Held For Sale Real Estate and Other Assets Held For Sale
The following table sets forth the assets held for sale as of September 30, 2023 and December 31, 2022, which are considered non-core:

September 30,
2023		December 31,
2022
Assets:
Land$513 $— 
Buildings and tenant improvements846 — 
Land held for development3,294 — 
Less-accumulated depreciation(131)— 
Net real estate assets4,522 — 
Prepaid expenses and other assets, net184 — 
Real estate and other assets, net, held for sale$4,706 $— 
v3.23.3
Earnings Per Share and Per Unit
 9 Months Ended
Sep. 30, 2023
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,
2023202220232022
Earnings per Common Share - basic:
Numerator:
Net income$23,171 $40,110 $111,995 $134,815 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(453)(881)(2,386)(3,049)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357)488 (880)
Dividends on Preferred Stock(622)(621)(1,864)(1,864)
Net income available for common stockholders$22,101 $38,251 $108,233 $129,022 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,671 105,184 105,473 105,094 
Net income available for common stockholders$0.21 $0.36 $1.03 $1.23 
Earnings per Common Share - diluted:
Numerator:
Net income$23,171 $40,110 $111,995 $134,815 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates5 (357)488 (880)
Dividends on Preferred Stock(622)(621)(1,864)(1,864)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$22,554 $39,132 $110,619 $132,071 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,671 105,184 105,473 105,094 
Add:
Stock options using the treasury method— — — 7 
Noncontrolling interests Common Units2,161 2,417 2,289 2,469 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
107,832 107,601 107,762 107,570 
Net income available for common stockholders$0.21 $0.36 $1.03 $1.23 
__________
(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,
2023202220232022
Earnings per Common Unit - basic:
Numerator:
Net income$23,171 $40,110 $111,995 $134,815 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates5 (357)488 (880)
Distributions on Preferred Units(622)(621)(1,864)(1,864)
Net income available for common unitholders$22,554 $39,132 $110,619 $132,071 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,423 107,192 107,353 107,154 
Net income available for common unitholders$0.21 $0.37 $1.03 $1.23 
Earnings per Common Unit - diluted:
Numerator:
Net income$23,171 $40,110 $111,995 $134,815 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates5 (357)488 (880)
Distributions on Preferred Units(622)(621)(1,864)(1,864)
Net income available for common unitholders$22,554 $39,132 $110,619 $132,071 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,423 107,192 107,353 107,154 
Add:
Stock options using the treasury method— — — 7 
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions
107,423 107,192 107,353 107,161 
Net income available for common unitholders$0.21 $0.37 $1.03 $1.23 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable
.
v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
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,
2023202220232022
Rental and Other Revenues:
Atlanta$35,666 $35,804 $107,991 $106,805 
Charlotte21,079 18,825 63,452 52,643 
Nashville42,884 44,587 130,084 130,640 
Orlando14,356 13,634 43,300 40,298 
Raleigh45,354 45,220 136,933 137,051 
Richmond8,746 10,872 27,103 31,837 
Tampa25,000 23,590 75,344 71,169 
Total Office Segment193,085 192,532 584,207 570,443 
Other14,010 14,465 42,931 46,773 
Total Rental and Other Revenues$207,095 $206,997 $627,138 $617,216 
Net Operating Income:
Atlanta$21,796 $22,524 $68,289 $69,472 
Charlotte16,388 14,275 47,719 40,132 
Nashville31,389 33,154 95,530 97,093 
Orlando8,734 7,865 26,358 24,264 
Raleigh32,523 32,822 99,799 101,557 
Richmond5,733 7,112 18,656 21,700 
Tampa15,574 14,351 47,614 44,912 
Total Office Segment132,137 132,103 403,965 399,130 
Other7,765 8,560 23,942 27,961 
Total Net Operating Income139,902 140,663 427,907 427,091 
Reconciliation to net income:
Depreciation and amortization(74,765)(73,057)(220,416)(212,466)
Impairments of real estate assets— (1,515)— (36,515)
General and administrative expenses(8,873)(9,586)(30,668)(32,733)
Interest expense(34,247)(26,392)(101,408)(75,812)
Other income754 138 3,082 621 
Gains on disposition of property— 9,402 19,818 63,546 
Gain on deconsolidation of affiliate— — 11,778 — 
Equity in earnings of unconsolidated affiliates400 457 1,902 1,083 
Net income$23,171 $40,110 $111,995 $134,815 
v3.23.3
Subsequent Events
 9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
We own an 80.0% interest in the Midtown West joint venture, which is consolidated. On October 23, 2023, the joint venture obtained a $45.0 million, five-year secured mortgage loan from a third party lender, with an effective fixed rate of 7.29%. This loan is scheduled to mature in November 2028. The joint venture is expected to incur $0.8 million of debt issuance costs, which will be amortized over the term of the loan.

On October 18, 2023, the Company declared a cash dividend of $0.50 per share of Common Stock, which is payable on December 12, 2023 to stockholders of record as of November 20, 2023.
v3.23.3
Description of Business and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

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

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

As of September 30, 2023, 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. We also own three properties through a joint venture investment that were deconsolidated effective January 1, 2023 (see Note 3).

All intercompany transactions and accounts have been eliminated.
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 2022 Annual Report on Form 10-K.
Use of Estimates
Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
Insurance InsuranceWe are primarily self-insured for health care claims for participating employees. 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.
v3.23.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2023
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,
2023		December 31,
2022
Net real estate assets$60,588 $59,854 
Cash and cash equivalents$1,375 $1,009 
Accounts receivable$420 $1,490 
Accrued straight-line rents receivable$4,666 $1,921 
Deferred leasing costs, net$2,826 $2,677 
Prepaid expenses and other assets, net$1,036 $153 
Accounts payable, accrued expenses and other liabilities$2,756 $1,212 
v3.23.3
Intangible Assets and Below Market Lease Liabilities (Tables)
 9 Months Ended
Sep. 30, 2023
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,
2023		December 31,
2022
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$407,005 $416,579 
Less accumulated amortization(173,926)(163,751)
$233,079 $252,828 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$52,271 $55,304 
Less accumulated amortization(30,620)(29,859)
$21,651 $25,445 
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,
2023202220232022
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$10,696 $11,425 $32,409 $33,603 
Amortization of lease incentives (in rental and other revenues)$655 $500 $1,983 $1,369 
Amortization of acquisition-related intangible assets (in rental and other revenues)$823 $797 $2,523 $2,448 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,260)$(1,473)$(3,794)$(4,159)
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, 2023$10,963 $609 $779 $(1,225)
202438,910 1,984 3,088 (4,240)
202531,262 1,879 2,220 (2,727)
202626,969 1,677 1,860 (2,431)
202723,248 1,476 1,518 (2,062)
Thereafter74,830 4,209 5,598 (8,966)
$206,182 $11,834 $15,063 $(21,651)
Weighted average remaining amortization periods as of September 30, 2023 (in years)7.57.37.28.2
v3.23.3
Mortgages and Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

September 30,
2023		December 31,
2022
Secured indebtedness$677,839 $483,988 
Unsecured indebtedness2,549,495 2,729,620 
Less-unamortized debt issuance costs(15,149)(16,393)
Total mortgages and notes payable, net$3,212,185 $3,197,215 
v3.23.3
Noncontrolling Interests (Tables) - Highwoods Properties, Inc. [Member]
 9 Months Ended
Sep. 30, 2023
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,
2023202220232022
Beginning noncontrolling interests in the Operating Partnership$56,206 $84,583 $65,977 $111,689 
Adjustment of noncontrolling interests in the Operating Partnership to fair value(6,334)(16,952)(15,521)(42,480)
Conversions of Common Units to Common Stock(4,795)— (4,795)(1,251)
Redemptions of Common Units— (3,101)(163)(3,101)
Net income attributable to noncontrolling interests in the Operating Partnership453 881 2,386 3,049 
Distributions to noncontrolling interests in the Operating Partnership(1,078)(1,192)(3,432)(3,687)
Total noncontrolling interests in the Operating Partnership$44,452 $64,219 $44,452 $64,219 
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,
2023202220232022
Net income available for common stockholders$22,101 $38,251 $108,233 $129,022 
Increase in additional paid in capital from conversions of Common Units to Common Stock4,795 — 4,795 1,251 
Redemptions of Common Units— 3,101 163 3,101 
Change from net income available for common stockholders and transfers from noncontrolling interests$26,896 $41,352 $113,191 $133,374 
v3.23.3
Disclosure About Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Assets, Liabilities and Noncontrolling Interests
The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed at fair value within the fair value hierarchy:

Level 1Level 2
TotalQuoted Prices
in Active
Markets for Identical Assets or Liabilities		Significant Observable Inputs
Fair Value as of September 30, 2023:
Assets:
Mortgages and notes receivable, at fair value (1)
$9,783 $— $9,783 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,056 2,056 — 
Total Assets$11,839 $2,056 $9,783 
Noncontrolling Interests in the Operating Partnership$44,452 $44,452 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,794,265 $— $2,794,265 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,056 2,056 — 
Total Liabilities
$2,796,321 $2,056 $2,794,265 
Fair Value as of December 31, 2022:
Assets:
Mortgages and notes receivable, at fair value (1)
$1,051 $— $1,051 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,564 2,564 — 
Total Assets$3,615 $2,564 $1,051 
Noncontrolling Interests in the Operating Partnership$65,977 $65,977 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,832,973 $— $2,832,973 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,564 2,564 — 
Total Liabilities
$2,835,537 $2,564 $2,832,973 
__________
(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022.
v3.23.3
Real Estate and Other Assets Held For Sale (Tables)
 9 Months Ended
Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Real Estate and Other Assets of the Properties Classified As Held For Sale
The following table sets forth the assets held for sale as of September 30, 2023 and December 31, 2022, which are considered non-core:

September 30,
2023		December 31,
2022
Assets:
Land$513 $— 
Buildings and tenant improvements846 — 
Land held for development3,294 — 
Less-accumulated depreciation(131)— 
Net real estate assets4,522 — 
Prepaid expenses and other assets, net184 — 
Real estate and other assets, net, held for sale$4,706 $— 
v3.23.3
Earnings Per Share and Per Unit (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share and Per Unit Basic and Diluted [Line Items]  
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share of the Company:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Earnings per Common Share - basic:
Numerator:
Net income$23,171 $40,110 $111,995 $134,815 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(453)(881)(2,386)(3,049)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357)488 (880)
Dividends on Preferred Stock(622)(621)(1,864)(1,864)
Net income available for common stockholders$22,101 $38,251 $108,233 $129,022 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,671 105,184 105,473 105,094 
Net income available for common stockholders$0.21 $0.36 $1.03 $1.23 
Earnings per Common Share - diluted:
Numerator:
Net income$23,171 $40,110 $111,995 $134,815 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates5 (357)488 (880)
Dividends on Preferred Stock(622)(621)(1,864)(1,864)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$22,554 $39,132 $110,619 $132,071 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,671 105,184 105,473 105,094 
Add:
Stock options using the treasury method— — — 7 
Noncontrolling interests Common Units2,161 2,417 2,289 2,469 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
107,832 107,601 107,762 107,570 
Net income available for common stockholders$0.21 $0.36 $1.03 $1.23 
__________
(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,
2023202220232022
Earnings per Common Unit - basic:
Numerator:
Net income$23,171 $40,110 $111,995 $134,815 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates5 (357)488 (880)
Distributions on Preferred Units(622)(621)(1,864)(1,864)
Net income available for common unitholders$22,554 $39,132 $110,619 $132,071 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,423 107,192 107,353 107,154 
Net income available for common unitholders$0.21 $0.37 $1.03 $1.23 
Earnings per Common Unit - diluted:
Numerator:
Net income$23,171 $40,110 $111,995 $134,815 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates5 (357)488 (880)
Distributions on Preferred Units(622)(621)(1,864)(1,864)
Net income available for common unitholders$22,554 $39,132 $110,619 $132,071 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,423 107,192 107,353 107,154 
Add:
Stock options using the treasury method— — — 7 
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions
107,423 107,192 107,353 107,161 
Net income available for common unitholders$0.21 $0.37 $1.03 $1.23 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable
.
v3.23.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2023
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,
2023202220232022
Rental and Other Revenues:
Atlanta$35,666 $35,804 $107,991 $106,805 
Charlotte21,079 18,825 63,452 52,643 
Nashville42,884 44,587 130,084 130,640 
Orlando14,356 13,634 43,300 40,298 
Raleigh45,354 45,220 136,933 137,051 
Richmond8,746 10,872 27,103 31,837 
Tampa25,000 23,590 75,344 71,169 
Total Office Segment193,085 192,532 584,207 570,443 
Other14,010 14,465 42,931 46,773 
Total Rental and Other Revenues$207,095 $206,997 $627,138 $617,216 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net Operating Income:
Atlanta$21,796 $22,524 $68,289 $69,472 
Charlotte16,388 14,275 47,719 40,132 
Nashville31,389 33,154 95,530 97,093 
Orlando8,734 7,865 26,358 24,264 
Raleigh32,523 32,822 99,799 101,557 
Richmond5,733 7,112 18,656 21,700 
Tampa15,574 14,351 47,614 44,912 
Total Office Segment132,137 132,103 403,965 399,130 
Other7,765 8,560 23,942 27,961 
Total Net Operating Income139,902 140,663 427,907 427,091 
Reconciliation to net income:
Depreciation and amortization(74,765)(73,057)(220,416)(212,466)
Impairments of real estate assets— (1,515)— (36,515)
General and administrative expenses(8,873)(9,586)(30,668)(32,733)
Interest expense(34,247)(26,392)(101,408)(75,812)
Other income754 138 3,082 621 
Gains on disposition of property— 9,402 19,818 63,546 
Gain on deconsolidation of affiliate— — 11,778 — 
Equity in earnings of unconsolidated affiliates400 457 1,902 1,083 
Net income$23,171 $40,110 $111,995 $134,815 
v3.23.3
Description of Business and Significant Accounting Policies (Details)
$ in Thousands, ft² in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
ft²
numberOfEntities
shares
Mar. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
ft²
numberOfEntities
shares
Sep. 30, 2022
USD ($)
Jan. 01, 2023
numberOfProperties
Dec. 31, 2022
Description of Business [Abstract]              
Rentable square feet of commercial real estate properties (in sq feet) | ft² 28.5     28.5      
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 | $ $ 361   $ 362 $ (202) $ 4,797    
Number of Common Stock sold during the period (in shares) 0     0      
Number of VIE entities | numberOfEntities 6     6      
Number of deconsolidated joint venture properties | numberOfProperties           3  
Self insurance liability | $ $ 600     $ 600      
Highwoods Properties, Inc. [Member]              
Description of Business [Abstract]              
Common Units of partnership owned by the Company (in shares) 105,300,000     105,300,000      
Percentage of ownership of Common Units (in hundredths) 98.00%     98.00%     97.80%
Common Units redeemed for a like number of common shares of stock (in shares)       193,907      
Common Units redeemed for cash (in shares)       7,294      
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      
v3.23.3
Leases ASC 842 (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Lessor Disclosure [Abstract]        
Rental and other revenues related to operating lease payments $ 203.8 $ 203.9 $ 617.0 $ 608.1
Variable lease income $ 17.7 $ 16.9 $ 54.6 $ 51.9
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  
v3.23.3
Investments in and Advances to Affiliates (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2022
numberOfJointVentures
Schedule of Equity Method Investments [Line Items]            
Gain on deconsolidation of affiliate $ 0   $ 0 $ 11,778 $ 0  
Number of joint ventures formed | numberOfJointVentures           2
Highwoods-Markel Associates, LLC Joint Venture            
Schedule of Equity Method Investments [Line Items]            
Percentage of equity interest in joint venture (in hundredths) 50.00%     50.00%    
Gain on deconsolidation of affiliate   $ 11,800        
Granite Park Six JV, LLC            
Schedule of Equity Method Investments [Line Items]            
Percentage of equity interest in joint venture (in hundredths) 50.00%     50.00%    
GPI23 Springs JV, LLC            
Schedule of Equity Method Investments [Line Items]            
Percentage of equity interest in joint venture (in hundredths) 50.00%     50.00%    
M+O JV, LLC            
Schedule of Equity Method Investments [Line Items]            
Percentage of equity interest in joint venture (in hundredths) 50.00%     50.00%    
Midtown East Tampa, LLC            
Schedule of Equity Method Investments [Line Items]            
Percentage of equity interest in joint venture (in hundredths) 50.00%     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%     50.00%    
v3.23.3
Variable Interest Entities (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2023
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Variable Interest Entities [Line Items]        
Additional common equity contribution   $ 100,052,000 $ 81,693,000  
Repayments of preferred equity from unconsolidated affiliates   80,000,000 0  
Investments in and advances to unconsolidated affiliates   314,475,000   $ 269,221,000
Assets and liabilities of consolidated variable interest entity [Abstract]        
Net real estate assets   5,035,578,000   5,126,925,000
Cash and cash equivalents   16,901,000 $ 23,055,000 21,357,000
Accounts receivable   25,583,000   25,481,000
Accrued straight-line rents receivable   308,277,000   293,674,000
Deferred leasing costs, net   233,079,000   252,828,000
Prepaid expense and other assets, net   72,177,000   68,091,000
Accounts payable, accrued expenses and other liabilities   $ 310,409,000   301,184,000
Revolving Credit Facility [Member]        
Variable Interest Entities [Line Items]        
Maximum borrowing capacity on credit facility $ 750,000,000      
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility [Member]        
Variable Interest Entities [Line Items]        
Facility interest rate basis   SOFR    
Interest rate, basis spread (in hundredths)   0.85%    
Granite Park Six JV, LLC        
Variable Interest Entities [Line Items]        
Risk of loss limited to carrying value   $ 41,700,000    
GPI23 Springs JV, LLC        
Variable Interest Entities [Line Items]        
Risk of loss limited to carrying value   63,600,000    
M+O JV, LLC        
Variable Interest Entities [Line Items]        
Risk of loss limited to carrying value   121,400,000    
Additional common equity contribution 40,000,000      
Repayments of preferred equity from unconsolidated affiliates 80,000,000      
Net proceeds from redemption of preferred equity $ 40,000,000      
M+O JV, LLC | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate        
Variable Interest Entities [Line Items]        
Facility interest rate basis SOFR      
Interest rate, basis spread (in hundredths) 3.50%      
Midtown East Tampa, LLC        
Variable Interest Entities [Line Items]        
Risk of loss limited to carrying value   7,800,000    
Amount of loan funded to affiliate   0    
Brand/HRLP 2827 Peachtree LLC        
Variable Interest Entities [Line Items]        
Risk of loss limited to carrying value   49,100,000    
Amount of loan funded to affiliate   35,500,000    
Investments in and advances to unconsolidated affiliates   $ 13,600,000    
HRLP MTW, LLC [Member]        
Variable Interest Entities [Line Items]        
Interest in joint venture (in hundredths)   80.00%    
Assets and liabilities of consolidated variable interest entity [Abstract]        
Net real estate assets   $ 60,588,000   59,854,000
Cash and cash equivalents   1,375,000   1,009,000
Accounts receivable   420,000   1,490,000
Accrued straight-line rents receivable   4,666,000   1,921,000
Deferred leasing costs, net   2,826,000   2,677,000
Prepaid expense and other assets, net   1,036,000   153,000
Accounts payable, accrued expenses and other liabilities   $ 2,756,000   $ 1,212,000
v3.23.3
Real Estate Assets (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
numberOfBuildings
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dispositions [Abstract]            
Gains on disposition of property $ 0   $ 9,402 $ 19,818 $ 63,546  
Nashville TN Land Acquisitions            
Acquisitions [Abstract]            
Acquisition purchase price           $ 16,000
Raleigh NC Land Acquisition [Member]            
Acquisitions [Abstract]            
Acquisition purchase price   $ 2,700        
2023 Dispositions [Member]            
Dispositions [Abstract]            
Number of buildings sold | numberOfBuildings   3        
Sale price of real estate   $ 51,300        
Gains on disposition of property   $ 19,400        
v3.23.3
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Assets:          
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 407,005   $ 407,005   $ 416,579
Deferred leasing costs, accumulated amortization (173,926)   (173,926)   (163,751)
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 233,079   233,079   252,828
Liabilities (in accounts payable, accrued expenses and other liabilities):          
Acquisition-related below market lease liabilities, gross 52,271   52,271   55,304
Acquisition-related below market lease liabilities, accumulated amortization (30,620)   (30,620)   (29,859)
Acquisition-related below market lease liabilities, net 21,651   21,651   $ 25,445
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 206,182   206,182    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 10,696 $ 11,425 32,409 $ 33,603  
Lease Incentives (in Rental and Other Revenues) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 11,834   11,834    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 655 500 1,983 1,369  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 15,063   15,063    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 823 797 2,523 2,448  
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 21,651   21,651    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of acquisition-related below market lease liabilities $ (1,260) $ (1,473) $ (3,794) $ (4,159)  
v3.23.3
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Scheduled future amortization of intangible assets [Abstract]    
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 233,079 $ 252,828
Scheduled future amortization of below market lease liabilities [Abstract]    
Total scheduled future amortization of acquisition-related below market lease liabilities (21,651) $ (25,445)
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, 2023 10,963  
2024 38,910  
2025 31,262  
2026 26,969  
2027 23,248  
Thereafter 74,830  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 206,182  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived intangible assets, average useful life (in years) 7 years 6 months  
Lease Incentives (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
October 1 through December 31, 2023 $ 609  
2024 1,984  
2025 1,879  
2026 1,677  
2027 1,476  
Thereafter 4,209  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 11,834  
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 3 months 18 days  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
October 1 through December 31, 2023 $ 779  
2024 3,088  
2025 2,220  
2026 1,860  
2027 1,518  
Thereafter 5,598  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 15,063  
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  
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, 2023 $ (1,225)  
2024 (4,240)  
2025 (2,727)  
2026 (2,431)  
2027 (2,062)  
Thereafter (8,966)  
Total scheduled future amortization of acquisition-related below market lease liabilities $ (21,651)  
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 2 months 12 days  
v3.23.3
Mortgages and Notes Payable (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
extension
Oct. 17, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]            
Mortgages and notes payable $ 3,212,185,000   $ 3,212,185,000     $ 3,197,215,000
Unamortized debt issuance costs $ (15,149,000)   (15,149,000)     (16,393,000)
Maximum liquidity requirements 1 year          
Revolving Credit Facility [Member]            
Debt Instrument [Line Items]            
Maximum borrowing capacity on credit facility         $ 750,000,000  
Additional borrowing capacity on revolving credit facility $ 200,000,000   $ 200,000,000      
Number of additional extensions | extension     2      
Term of optional extension     6 months      
Temporary reduction in interest rate due to sustainability goals (in hundredths)     0.01%      
Amount outstanding on revolving credit facility 205,000,000   $ 205,000,000      
Outstanding letters of credit on revolving credit facility 900,000   900,000      
Unused borrowing capacity on revolving credit facility 544,100,000   $ 544,100,000      
5.69% Mortgage Loan Due 2028 [Member]            
Debt Instrument [Line Items]            
Principal amount of debt   $ 200,000,000        
Term of debt instrument   5 years        
Effective interest rate (in hundredths)   5.69%        
Debt issuance costs   $ 1,300,000        
Variable Rate Term Loan Due 2024            
Debt Instrument [Line Items]            
Term of optional extension     1 year      
Principal amount of debt 200,000,000   $ 200,000,000      
Secured indebtedness [Member]            
Debt Instrument [Line Items]            
Mortgages and notes payable 677,839,000   677,839,000     483,988,000
Aggregate undepreciated book value of secured real estate assets 1,170,700,000   1,170,700,000      
Unsecured indebtedness [Member]            
Debt Instrument [Line Items]            
Mortgages and notes payable $ 2,549,495,000   $ 2,549,495,000     $ 2,729,620,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility [Member]            
Debt Instrument [Line Items]            
Facility interest rate basis     SOFR      
Interest rate, basis spread (in hundredths)     0.85%      
Annual facility fee (in hundredths)     0.20%      
SOFR Related Spread Adjustment [Member] | Revolving Credit Facility [Member]            
Debt Instrument [Line Items]            
Interest rate, basis spread (in hundredths)     0.10%      
Subsequent Event [Member] | Revolving Credit Facility [Member]            
Debt Instrument [Line Items]            
Amount outstanding on revolving credit facility       $ 205,000,000    
Outstanding letters of credit on revolving credit facility       900,000    
Unused borrowing capacity on revolving credit facility       $ 544,100,000    
v3.23.3
Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Noncontrolling Interests in the Operating Partnership [Roll Forward]        
Beginning noncontrolling interests in the Operating Partnership     $ 65,977  
Adjustment of noncontrolling interests in the Operating Partnership to fair value $ (6,334) $ (16,952) (15,521) $ (42,480)
Conversions of Common Units to Common Stock (4,795)   (4,795) (1,251)
Redemptions of Common Units     (163) (3,101)
Net income attributable to noncontrolling interests in the Operating Partnership 453 881 2,386 3,049
Distributions to noncontrolling interests in the Operating Partnership     (3,432) (3,687)
Total noncontrolling interests in the Operating Partnership 44,452   44,452  
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]        
Net income available for common stockholders 22,101 38,251 108,233 129,022
Highwoods Properties, Inc. [Member]        
Noncontrolling Interests in the Operating Partnership [Roll Forward]        
Beginning noncontrolling interests in the Operating Partnership 56,206 84,583 65,977 111,689
Adjustment of noncontrolling interests in the Operating Partnership to fair value (6,334) (16,952) (15,521) (42,480)
Conversions of Common Units to Common Stock (4,795) 0 (4,795) (1,251)
Redemptions of Common Units 0 (3,101) (163) (3,101)
Net income attributable to noncontrolling interests in the Operating Partnership 453 881 2,386 3,049
Distributions to noncontrolling interests in the Operating Partnership (1,078) (1,192) (3,432) (3,687)
Total noncontrolling interests in the Operating Partnership 44,452 64,219 44,452 64,219
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]        
Net income available for common stockholders 22,101 38,251 108,233 129,022
Increase in additional paid in capital from conversions of Common Units to Common Stock 4,795 0 4,795 1,251
Redemptions of Common Units 0 3,101 163 3,101
Change from net income available for common stockholders and transfers from noncontrolling interests $ 26,896 $ 41,352 $ 113,191 $ 133,374
Midtown West Joint Venture [Member]        
Noncontrolling Interests in Consolidated Affiliates [Abstract]        
Consolidated joint venture, partner's interest (in hundredths) 20.00%   20.00%  
v3.23.3
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Mortgages and notes receivable, at fair value $ 9,783 $ 1,051
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,056 2,564
Total Assets 11,839 3,615
Liabilities:    
Mortgages and notes payable, net, at fair value 2,794,265 2,832,973
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,056 2,564
Total Liabilities 2,796,321 2,835,537
Level 1 [Member]    
Assets:    
Mortgages and notes receivable, at fair value 0 0
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 2,056 2,564
Total Assets 2,056 2,564
Liabilities:    
Mortgages and notes payable, net, at fair value 0 0
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 2,056 2,564
Total Liabilities 2,056 2,564
Level 2 [Member]    
Assets:    
Mortgages and notes receivable, at fair value 9,783 1,051
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 0 0
Total Assets 9,783 1,051
Liabilities:    
Mortgages and notes payable, net, at fair value 2,794,265 2,832,973
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 0 0
Total Liabilities 2,794,265 2,832,973
Highwoods Properties, Inc. [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 44,452 65,977
Highwoods Properties, Inc. [Member] | Level 1 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 44,452 65,977
Highwoods Properties, Inc. [Member] | Level 2 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership $ 0 $ 0
v3.23.3
Fair Value Measures and Disclosures - Fair Value Measurement Inputs and Valuation Techniques (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Jan. 01, 2023
Valuation Technique and Input [Abstract]    
Fair value of Level 3 investment   $ 57.1
Measurement Input, Discount Rate [Member]    
Valuation Technique and Input [Abstract]    
Investment key assumptions (in hundredths) 10.80%  
Measurement Input, Cap Rate [Member]    
Valuation Technique and Input [Abstract]    
Investment key assumptions (in hundredths) 8.80%  
v3.23.3
Share-Based Payments (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 800 $ 700 $ 6,154 $ 6,843
Total unrecognized share-based compensation costs $ 4,900   $ 4,900  
Weighted average remaining contractual term for recognition of unrecognized share-based compensation costs (in years)     2 years 2 months 12 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)     155,717  
Weighted average grant date fair value of each restricted stock share granted (in dollars per share)     $ 26.42  
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)     126,736  
Weighted average grant date fair value of each restricted stock share granted (in dollars per share)     $ 27.06  
v3.23.3
Real Estate and Other Assets Held For Sale (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Real Estate and Other Assets Held For Sale [Abstract]    
Land $ 513 $ 0
Buildings and tenant improvements 846 0
Land held for development 3,294 0
Less-accumulated depreciation (131) 0
Net real estate assets 4,522 0
Prepaid expenses and other assets, net 184 0
Real estate and other assets, net, held for sale $ 4,706 $ 0
v3.23.3
Earnings Per Share and Per Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings per Common Share and Per Unit - basic: [Abstract]        
Net income $ 23,171 $ 40,110 $ 111,995 $ 134,815
Net (income) attributable to noncontrolling interests in the Operating Partnership (453) (881) (2,386) (3,049)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357) 488 (880)
Dividends on Preferred Stock (622) (621) (1,864) (1,864)
Net income available for common stockholders $ 22,101 $ 38,251 $ 108,233 $ 129,022
Denominator:        
Denominator for basic earnings per Common Share - weighted average shares (in shares) 105,671 105,184 105,473 105,094
Earnings per Common Share - basic:        
Net income available for common stockholders (in dollars per share) $ 0.21 $ 0.36 $ 1.03 $ 1.23
Earnings per Common Share and Per Unit - diluted: [Abstract]        
Net income $ 23,171 $ 40,110 $ 111,995 $ 134,815
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357) 488 (880)
Dividends on Preferred Stock (622) (621) (1,864) (1,864)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 22,554 $ 39,132 $ 110,619 $ 132,071
Denominator:        
Denominator for basic earnings per Common Share - weighted average shares (in shares) 105,671 105,184 105,473 105,094
Stock options using the treasury method (in shares) 0 0 0 7
Noncontrolling interests Common Units (in shares) 2,161 2,417 2,289 2,469
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) 107,832 107,601 107,762 107,570
Earnings per Common Share - diluted:        
Net income available for common stockholders (in dollars per share) $ 0.21 $ 0.36 $ 1.03 $ 1.23
Highwoods Realty Limited Partnership        
Earnings per Common Share and Per Unit - basic: [Abstract]        
Net income $ 23,171 $ 40,110 $ 111,995 $ 134,815
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357) 488 (880)
Distributions on Preferred Units (622) (621) (1,864) (1,864)
Net income available for common unitholders $ 22,554 $ 39,132 $ 110,619 $ 132,071
Denominator:        
Denominator for basic earnings per Common Unit - weighted average units (in shares) 107,423 107,192 107,353 107,154
Earnings per Common Unit - basic:        
Net income available for common unitholders (in dollars per share) $ 0.21 $ 0.37 $ 1.03 $ 1.23
Earnings per Common Share and Per Unit - diluted: [Abstract]        
Net income $ 23,171 $ 40,110 $ 111,995 $ 134,815
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 (357) 488 (880)
Distributions on Preferred Units (622) (621) (1,864) (1,864)
Net income available for common unitholders $ 22,554 $ 39,132 $ 110,619 $ 132,071
Denominator:        
Denominator for basic earnings per Common Unit - weighted average units (in shares) 107,423 107,192 107,353 107,154
Stock options using the treasury method (in shares) 0 0 0 7
Denominator for diluted earnings per Common Unit - adjusted weighted average units and assumed conversions (in shares) 107,423 107,192 107,353 107,161
Earnings per Common Unit - diluted:        
Net income available for common unitholders (in dollars per share) $ 0.21 $ 0.37 $ 1.03 $ 1.23
v3.23.3
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues $ 207,095 $ 206,997 $ 627,138 $ 617,216
Total Net Operating Income 139,902 140,663 427,907 427,091
Reconciliation to net income:        
Depreciation and amortization (74,765) (73,057) (220,416) (212,466)
Impairments of real estate assets 0 (1,515) 0 (36,515)
General and administrative expenses (8,873) (9,586) (30,668) (32,733)
Interest expense (34,247) (26,392) (101,408) (75,812)
Other income 754 138 3,082 621
Gains on disposition of property 0 9,402 19,818 63,546
Gain on deconsolidation of affiliate 0 0 11,778 0
Equity in earnings of unconsolidated affiliates 400 457 1,902 1,083
Net income 23,171 40,110 111,995 134,815
Total Office Segment [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 193,085 192,532 584,207 570,443
Total Net Operating Income 132,137 132,103 403,965 399,130
Office Atlanta, GA [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 35,666 35,804 107,991 106,805
Total Net Operating Income 21,796 22,524 68,289 69,472
Office Charlotte, NC [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 21,079 18,825 63,452 52,643
Total Net Operating Income 16,388 14,275 47,719 40,132
Office Nashville, TN [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 42,884 44,587 130,084 130,640
Total Net Operating Income 31,389 33,154 95,530 97,093
Office Orlando, FL [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 14,356 13,634 43,300 40,298
Total Net Operating Income 8,734 7,865 26,358 24,264
Office Raleigh, NC [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 45,354 45,220 136,933 137,051
Total Net Operating Income 32,523 32,822 99,799 101,557
Office Richmond, VA [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 8,746 10,872 27,103 31,837
Total Net Operating Income 5,733 7,112 18,656 21,700
Office Tampa, FL [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 25,000 23,590 75,344 71,169
Total Net Operating Income 15,574 14,351 47,614 44,912
Other [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 14,010 14,465 42,931 46,773
Total Net Operating Income $ 7,765 $ 8,560 $ 23,942 $ 27,961
v3.23.3
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 23, 2023
Oct. 18, 2023
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Highwoods Properties, Inc. [Member]            
Subsequent Event [Line Items]            
Dividends declared per share of Common Stock (in dollars per share)     $ 0.50 $ 0.50 $ 1.50 $ 1.50
Variable Interest Entity, Primary Beneficiary [Member]            
Subsequent Event [Line Items]            
Interest in joint venture (in hundredths)     80.00%   80.00%  
Subsequent Event [Member] | Highwoods Properties, Inc. [Member]            
Subsequent Event [Line Items]            
Dividends declared per share of Common Stock (in dollars per share)   $ 0.50        
Subsequent Event [Member] | Variable Interest Entity, Primary Beneficiary [Member]            
Subsequent Event [Line Items]            
Interest in joint venture (in hundredths) 80.00%          
Principal amount of debt $ 45.0          
Term of debt instrument 5 years          
Effective interest rate (in hundredths) 7.29%          
Debt issuance costs $ 0.8