HIGHWOODS PROPERTIES, INC., DEF 14A filed on 3/29/2024
Proxy Statement (definitive)
v3.24.1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name HIGHWOODS PROPERTIES, INC.
Entity Central Index Key 0000921082
v3.24.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Summary
Compensation
Table Total
for CEO		Compensation
Actually
Paid
to CEO		Average
Summary
Compensation
Table Total
for Non-CEO
NEOs		Average
Compensation
Actually
Paid to
Non-CEO
NEOs		Value of Initial Fixed $100
Investment Based On:		Net Income
(in thousands)		Core FFO
per Share (3)
YearCompany
Total
Stockholder
Return (1)		Peer Group
Total
Stockholder
Return (1) (2)
2023$4,702,879$3,043,369$1,702,484$1,240,696$59.74$57.33$151,330$3.75
2022$4,955,360$2,584,246$1,797,158$1,113,748$66.54$55.95$163,958$3.90
2021$4,082,600$4,686,212$1,536,521$1,741,687$100.18$89.75$323,310$3.77
2020$3,324,467$2,662,196$1,287,325$974,748$85.18$75.71$357,914$3.61
      
Company Selected Measure Name Core FFO per Share      
Peer Group Issuers, Footnote For 2022 and 2023, our peer group consisted of Brandywine Realty Trust, City Office REIT, Inc., Corporate Office Properties Trust (now known as COPT Defense Properties), Cousins Properties Incorporated, Hudson Pacific Properties, Inc., Kilroy Realty Corporation and Piedmont Office Realty Trust, Inc. For 2020 and 2021, our peer group consisted of Brandywine Realty Trust, Inc., Columbia Property Trust, Corporate Office Properties Trust (now known as COPT Defense Properties), Cousins Properties Incorporated, Hudson Pacific Properties, Inc., Kilroy Realty Corporation, Mack-Cali Realty Corporation (now known as Veris Residential, Inc.) and Piedmont Office Realty Trust, Inc. The returns of each REIT have been weighted based on each company's stock market capitalization as of December 31, 2019.      
PEO Total Compensation Amount $ 4,702,879 $ 4,955,360 $ 4,082,600 $ 3,324,467
PEO Actually Paid Compensation Amount $ 3,043,369 2,584,246 4,686,212 2,662,196
Adjustment To PEO Compensation, Footnote
The following table reconciles the information set forth in the "Compensation Actually Paid" columns in the table above to the "Summary Compensation Table Total" columns:
YearSummary
Compensation
Table Total		(-)
Stock Awards
from Summary
Compensation
Table		(+)
Fair value as of
End of Year of
All Awards
Granted During
the Year That
Are Outstanding
and Unvested as
of the End of the
Year		(+/-)
Change as of the
End of the Year
(From the End
of the Prior
Year) in Fair
Value of
Any Awards
Granted in Any
Prior Year That
Are Outstanding
and Unvested as
of the End of the
Year		(+/-)
Change as of the
Vesting Date
(From the End
of the Prior
Year) in
Fair Value of
Any Awards
Granted in Any
Prior Year That
Were Scheduled
to Vest During
the Year 		Compensation
Actually Paid
Theodore J. Klinck2023$4,702,879($2,540,103)$1,963,228($1,033,502)($49,133)$3,043,369
2022$4,955,360($2,596,634)$1,671,087($1,404,870)($40,697)$2,584,246
2021$4,082,600($1,892,549)$2,224,453$273,871($2,163)$4,686,212
2020$3,324,467($1,669,699)$1,538,355($409,653)($121,274)$2,662,196
Non-CEO NEO Average2023$1,702,484($755,819)$597,632($289,007)($14,594)$1,240,696
2022$1,797,158($776,761)$499,876($390,020)($16,505)$1,113,748
2021$1,536,521($587,527)$685,882$107,871($1,060)$1,741,687
2020$1,287,325($519,584)$471,862($207,675)($57,180)$974,748
      
Non-PEO NEO Average Total Compensation Amount $ 1,702,484 1,797,158 1,536,521 1,287,325
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,240,696 1,113,748 1,741,687 974,748
Adjustment to Non-PEO NEO Compensation Footnote
The following table reconciles the information set forth in the "Compensation Actually Paid" columns in the table above to the "Summary Compensation Table Total" columns:
YearSummary
Compensation
Table Total		(-)
Stock Awards
from Summary
Compensation
Table		(+)
Fair value as of
End of Year of
All Awards
Granted During
the Year That
Are Outstanding
and Unvested as
of the End of the
Year		(+/-)
Change as of the
End of the Year
(From the End
of the Prior
Year) in Fair
Value of
Any Awards
Granted in Any
Prior Year That
Are Outstanding
and Unvested as
of the End of the
Year		(+/-)
Change as of the
Vesting Date
(From the End
of the Prior
Year) in
Fair Value of
Any Awards
Granted in Any
Prior Year That
Were Scheduled
to Vest During
the Year 		Compensation
Actually Paid
Theodore J. Klinck2023$4,702,879($2,540,103)$1,963,228($1,033,502)($49,133)$3,043,369
2022$4,955,360($2,596,634)$1,671,087($1,404,870)($40,697)$2,584,246
2021$4,082,600($1,892,549)$2,224,453$273,871($2,163)$4,686,212
2020$3,324,467($1,669,699)$1,538,355($409,653)($121,274)$2,662,196
Non-CEO NEO Average2023$1,702,484($755,819)$597,632($289,007)($14,594)$1,240,696
2022$1,797,158($776,761)$499,876($390,020)($16,505)$1,113,748
2021$1,536,521($587,527)$685,882$107,871($1,060)$1,741,687
2020$1,287,325($519,584)$471,862($207,675)($57,180)$974,748
      
Compensation Actually Paid vs. Total Shareholder Return
Compensation vs Total Return 2024 Proxy.jpg
      
Compensation Actually Paid vs. Net Income
Compensation vs Net Income 2024 Proxy UPDATED.jpg
      
Compensation Actually Paid vs. Company Selected Measure
Compensation vs Core FFO 2024 Proxy UPDATED.jpg
      
Tabular List, Table
The compensation and governance committee considers the following to be the most important financial performance measures used to link compensation actually paid to company performance during the last fiscal year:
•Our company’s absolute total stockholder return;
•Our company’s total stockholder return relative to the total return of our peer group;
•Core FFO per share;
•FFO per share;
•Net operating income (on a market-by-market basis, inclusive of other income, general and administrative expense and a capital charge/credit applied to net operating income derived from investment activity and excluding unusual charges or credits); and
•Average occupancy (on a market-by-market basis).
      
Total Shareholder Return Amount $ 59.74 66.54 100.18 85.18
Peer Group Total Shareholder Return Amount 57.33 55.95 89.75 75.71
Net Income (Loss) $ 151,330,000 $ 163,958,000 $ 323,310,000 $ 357,914,000
Company Selected Measure Amount 3.75 3.90 3.77 3.61
PEO Name Theodore J. Klinck      
Additional 402(v) Disclosure The total stockholder return information assumes an investment on December 31, 2019 and further assumes the reinvestment of dividends. Total stockholder return performance is not necessarily indicative of future results.      
Measure:: 1        
Pay vs Performance Disclosure        
Name absolute total stockholder return      
Non-GAAP Measure Description "Core FFO per Share" is defined as FFO per share excluding one-time items such as land sale gains, impairments and debt extinguishment charges.      
Measure:: 2        
Pay vs Performance Disclosure        
Name total stockholder return relative to the total return of our peer group      
Measure:: 3        
Pay vs Performance Disclosure        
Name Core FFO per share      
Measure:: 4        
Pay vs Performance Disclosure        
Name FFO per share;      
Measure:: 5        
Pay vs Performance Disclosure        
Name Net operating income      
Measure:: 6        
Pay vs Performance Disclosure        
Name Average occupancy      
PEO | Adjustment, Equity Awards Reported Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (2,540,103) $ (2,596,634) $ (1,892,549) $ (1,669,699)
PEO | Equity Awards Granted During the Year, Outstanding and Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,963,228 1,671,087 2,224,453 1,538,355
PEO | Equity Awards Granted During the Prior Year, Outstanding and Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,033,502) (1,404,870) 273,871 (409,653)
PEO | Equity Awards Granted During the Prior Year, Expected to Vest [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (49,133) (40,697) (2,163) (121,274)
Non-PEO NEO | Adjustment, Equity Awards Reported Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (755,819) (776,761) (587,527) (519,584)
Non-PEO NEO | Equity Awards Granted During the Year, Outstanding and Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 597,632 499,876 685,882 471,862
Non-PEO NEO | Equity Awards Granted During the Prior Year, Outstanding and Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (289,007) (390,020) 107,871 (207,675)
Non-PEO NEO | Equity Awards Granted During the Prior Year, Expected to Vest [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (14,594) $ (16,505) $ (1,060) $ (57,180)